TCRLA_Public/190627.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

          Thursday, June 27, 2019, Vol. 20, No. 128

                           Headlines



A N T I G U A   A N D   B A R B U D A

LIAT: Barbados Hopes to Start Talks Over Shares Soon


B O L I V I A

BANCO UNION: S&P Gives BB-/B Issuer Credit Ratings, Outlook Stable


B R A Z I L

COSAN LIMITED: Fitch Affirms BB LongTerm IDRs, Outlook Stable
COSAN SA: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
ODEBRECHT SA: Itau Questions Bankruptcy Judge Decision on Braskem


J A M A I C A

JAMAICA: NCB Warns Finc'l Market Could be at Risk Due to Liquidity


P A N A M A

ENA ESTE: Fitch Upgrades Rating on Notes to 'BB', Outlook Stable


T R I N I D A D   A N D   T O B A G O

PETROLEUM CO: TPHL Discloses Final Results of Exchange Offers
TRINIDAD & TOBAGO: $4.72BB Budget Wish List Presented


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Board Sues in U.S. for Control of Citgo
VENEZUELA: UN Calls for Release of People Detained for Protesting


X X X X X X X X

LATAM: Sustainable Tourism & Renewable Energy Are Keys for Growth

                           - - - - -


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

LIAT: Barbados Hopes to Start Talks Over Shares Soon
----------------------------------------------------
WIC News reports that the negotiation talks regarding the sale of
shares of LIAT Ltd., formerly known as Leeward Islands Air
Transport or LIAT, between Barbados and Antigua and Barbuda are yet
to start.  However, Barbados is hoping to start talks soon with the
twin-island nation within next two weeks, according to WIC News.

The Barbados officials have revealed that the government is
presently waiting for a reply from the LIAT authorities regarding
the schedule of the negotiation talk, the report notes.

An announcement was made earlier this month by the Barbados Prime
Minister Mia Mottley in Parliament the majority ownership of LIAT
Barbados hold would be transferred to Antigua and Barbuda, the
report relays.  However, the Prime Minister has not disclosed how
much shares it would sell out. Barbados holds 49.4% shares of LIAT,
the report discloses.

After Barbados, the twin Island Antigua and Barbuda hold the
largest shares of the regional airline with 34% ownership in its
kitty, the report says.

With almost 500 flights, LIAT provides air services in 15 Caribbean
destinations across the region, the report notes.

Barbados' lead negotiator Attorney General Dale Marshall said that
both the countries have not started the negotiations so far, the
report relays.  He said they had conveyed to LIAT regarding the
dates that were convenient for them a few weeks ago, but there has
been no reply from the regional airline officials, the report
notes.

Now, Barbados is trying to get the negotiations regarding sale of
LIAT shares to be started by next week. "A fresh communication has
been sent to LIAT telling them that we are available next week and
next weekend and we are once more waiting for their respond
regarding this matter," the report quoted Mr. Marshall as saying.

Marshal said that they are hoping that negotiations would start
before the Heads' conference (July 3 to 6), 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 O L I V I A
=============

BANCO UNION: S&P Gives BB-/B Issuer Credit Ratings, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long- and 'B' short-term
issuer credit ratings on Banco Union S.A. The outlook on the
long-term rating is stable.

S&P said, "We've assigned a 'bb-' stand-alone credit profile (SACP)
to Banco Union. Additionally, we believe there's a very high
likelihood that the government would provide extraordinary support
to bank in case of financial distress. However, the issuer credit
ratings don't incorporate support from the government because the
SACP of the entity is at the same level as the sovereign rating."

The ratings on Banco Union reflect its good business position in
the Bolivian financial system and its diversified revenue, which
result in a stable income generation. Moreover, S&P expect Banco
Union to maintain satisfactory profitability as result of a stable
non-performing loan (NPL) ratio of about 2.0% and low credit
losses, both of which are lower than the industry average. Banco
Union also benefits from diversified funding sources and a
contingent liquidity source due to the government-related funds the
bank manages.

S&P said, "However, we believe Banco Union's capitalization levels
have a limited capacity to withstand a stressed scenario of credit
losses, according to our risk-based capital model. In addition, the
inherent likelihood of political influence from the shareholder
because of its potential interference in the bank's operations,
partially restrains Banco Union's business position, in our view.
Finally, our Bolivia BICRA, which evaluates the economic and
operating environment where the bank bases its operations, also
constrains Banco Union's SACP."




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

COSAN LIMITED: Fitch Affirms BB LongTerm IDRs, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign Currency and Local
Currency Issuer Default Ratings of Cosan Limited at 'BB'. The
Rating Outlook for the corporate ratings is Stable. In addition,
Fitch has affirmed Cosan Limited's senior unsecured notes due 2024
at 'BB'.

Cosan Limited's ratings reflect its robust liquidity position on a
stand-alone basis as well as the expected comfortable debt service
coverage through dividends coming from its main subsidiary, Cosan
S.A. (Cosan; FC and LC IDRs BB/BB+, Long-Term National Scale Rating
AAA(bra)). Cosan and its investment grade subsidiaries accounted
for around 91% of Cosan Limited's consolidated pro forma revenues,
60% of pro forma EBITDAR and 100% of dividends received in the LTM
ended March 31, 2019. The one-notch difference between Cosan's LC
IDR reflects the structural subordination of Cosan Limited's debt
to dividends received from Cosan.

Cosan Limited's credit profile is also supported by the business
strength and product diversification of its indirect subsidiaries.
The company's investments include operations in sugar and ethanol
(S&E), fuel and lubricants, distribution of natural gas, and
logistics. The fuel and lubricants, and distribution of natural gas
businesses enjoy predictable cash flow that partly softens the
inherent volatilities of its S&E business. The company also
operates in the logistic industry, through Rumo S.A. (FC and LC
IDRs BB/BB+, Long-Term National Scale Rating AAA(bra)), that
presents strong growth potential and is expected to become a more
meaningful source of dividends to Cosan Limited starting in 2022.

KEY RATING DRIVERS

Robust Asset Portfolio: Cosan Limited is a non-operating holding
company that carries a robust and diversified asset portfolio that
reduces sector concentration risks. The company holds a 60%
interest in Cosan, the holding company engaged in S&E and energy
production, as well as distribution of natural gas, lubricants and
fuel, and 72.5% interest in Cosan Logistica S.A.

Raizen Combustiveis S.A. (FC and LC IDRs BBB/Stable, National Scale
Rating AAA(bra)/Stable) is the second largest fuel distributor in
Brazil, with predictable operational cash generation. Despite its
more volatile results, Raizen Energia S.A. (rated the same as
Raizen Combustiveis) is the largest S&E company in Brazil and, as
such, it benefits from large business scale, which somewhat
mitigates the current challenging scenario for the sector.
Companhia de Gas de Sao Paulo (Comgas; FC IDR BB/Stable, LC IDR
BBB-/Stable, National Scale Rating AAA(bra)/Stable) is the largest
natural gas distributor in Brazil, with high growth potential.

Cosan Logistica owns 28% of Rumo. Rumo has a robust financial
profile and benefits from a solid business position as one of the
largest railroad operators in Brazil. The presence of Rumo
contributes to broader Cosan Limited's business diversification and
helps the group to further lessen the cash flow volatility derived
from the S&E business.

Adequate Interest Coverage Expected to Remain: Fitch expects Cosan
Limited to receive sufficient dividends from Cosan to cover coupon
payments on the USD500 million notes and adequate dividends to its
shareholders. Cosan Limited is still very dependent on dividends
from Cosan, as dividends from Cosan Logistica is still low and is
expected to become a more meaningful only in 2022. Fitch projects
Cosan Limited to receive average annual dividends inflow of BRL345
million in 2019 and BRL359 million in 2020, sufficient to cover the
annual coupon payments of BRL120 million. Dividends received
amounted to BRL262 million in the LTM ended March 31, 2019. Fitch
expects Cosan Limited's EBITDA plus dividends received to interest
paid ratio to average 3.0x over the next three years, compared with
1.95x in the LTM ended March 31, 2019, and allow the company to
keep satisfactory repayment capacity and reduce net debt by about
BRL280 million in the next three years.

Higher Leverage Is not a Concern: Cosan Limited's higher leverage
on a stand-alone basis is not a concern due to its comfortable debt
maturity profile and adequate financial flexibility. At the holding
company level, Cosan Limited's leverage, measured as net debt to
EBITDA plus dividends received, temporarily increased to 7.6x as of
March 31, 2019, as per Fitch's calculations, comparing with 5.1x in
2018 and 2017. This increase was due to a share buyback program of
BRL500 million during the year. Fitch projects this ratio to reduce
to 5.3x in 2019 and 4.7x in 2020, benefiting from stronger
dividends received. Cosan Limited's debt consisted of a USD500
million bond due 2024.

On a consolidated basis, Cosan Limited's leverage is adequate for
the rating category. The net adjusted debt-to-EBITDAR was at 2.6x
in the LTM ended March 31, 2019, considering dividends received
from non-consolidated subsidiaries in EBITDAR. This compares
unfavorably with 2.0x reported 2018. Fitch expects the group's
deleveraging process to slow down due to Rumo's new cycle of
important investments largely financed with debt.

DERIVATION SUMMARY

Cosan Limited's credit profile is supported by a diversified asset
portfolio. The company's investments include operations in energy
generation from biomass, distribution of natural gas, fuel and
lubricants as well as logistics. These businesses enjoy predictable
cash flow that partly softens the inherent volatilities of its S&E
business. Fitch expects Raizen and Comgas to pay robust dividends
over the next four years, while strong growth potential in
logistics is expected to lead Rumo to keep reporting scale gains
and improving operating profitability. The one-notch difference
between Cosan Limited's LC IDR and Cosan's continues to reflect the
inherent structural subordination of Cosan Limited's debt to
dividends received from Cosan, whereas their FC IDR are the same
due to the cap imposed by Brazil's country ceiling on Cosan's
rating.

Cosan Limited's ratings compare unfavorably with Votorantim S.A's.
(VSA, LT FC/LC IDR BBB- and National Scale Rating AAA(bra)/Stable),
one of Latin America's largest industrial conglomerates. VSA has a
diversified business portfolio, strong market position in the
industries it participates in, and geographic diversification with
strong operations in the Americas, while Cosan Limited's assets are
primarily located in Brazil and with a representative share of its
cash flow generation capacity in the more volatile S&E business.
Also, the two-notch difference from VSA's IDR reflect the inherent
subordination of Cosan Limited's dividends inflow which ultimately
depend on the dividends paid out by Raizen, whose shareholding
control is shared with Shell (AA-/Stable), and Comgas, a concession
that limits Cosan Limited's access to its cash.

Cosan Limited is well positioned in terms of leverage and cash flow
generation compared to Grupo KUO, S.A.B. de C.V.'s (KUO, LT FC/LC
IDR BB/Stable), a Mexican Group with diversified business portfolio
in the consumer, automotive and chemical industries.

KEY ASSUMPTIONS

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

  -- Robust flow of dividends coming from Comgas, Raizen
Combustiveis and Raizen Energia to Cosan over the next two years,
reaching BRL3.4 billion in 2019 and over BRL2.7 billion from 2020
onwards.

  -- Rumo starts paying dividends in 2019, though a more
significant payout is expected only for 2022.

  -- No additional investments coming from Cosan Limited.

  -- Additional debt may be raised by Cosan Limited to finance its
shares buyback program and for liability management.

  -- Flexibility of Cosan Limited to reduce payouts to its
shareholders, if necessary.

RATING SENSITIVITIES

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

  -- An upgrade is unlikely and will be linked to an improvement in
the credit profile of Cosan;

  -- A higher representativeness of Rumo and a material increase in
the dividends inflow coming from the logistics segment could lead
to an upgrade of Cosan Limited's rating over the medium to long
term.

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

  -- Expectation of debt service coverage ratio at Cosan Limited
level below 0.5x based on reduced dividends to be received;

  -- Cosan Limited entrance in new investments financed by debt;

  -- Deterioration of the credit profile of either Cosan or Cosan
Logistica.

LIQUIDITY

Strong Liquidity: Cosan Limited's debt maturity profile is evenly
spread out and is not expected to pressure the company's cash flows
until 2024, when the USD500 million notes are due. As of March 31,
2019, the holding company had BRL214 million of cash and marketable
securities and accrued interest on its 2024 notes of only BRL3
million.

The group's strong financial flexibility relative to its access to
the debt and capital markets, in combination with dividends
received from Cosan ensures strong refinancing capacity for Cosan
Limited. Fitch expects Cosan Limited to receive average dividends
of BRL345 million in 2019 and BRL359 million in 2020 that should
provide adequate repayment capacity for upcoming interest and
payout to its shareholders, even with the company's share buyback
program. Fitch also expects Cosan Limited to receive a more
meaningful dividends inflow from Cosan Logistica, of about BRL83
million, only in 2022. Dividends received amounted to BRL262
million in the LTM ended March 31, 2019. Fitch believes Cosan
Limited has the flexibility to reduce the payouts to its
shareholders if necessary.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Cosan Limited

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

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

  -- Senior unsecured notes due 2024 at 'BB'.


COSAN SA: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Cosan S.A. Industria e Comercio's
Long-Term Foreign Currency Issuer Default Rating at 'BB', Local
Currency IDR at 'BB+' and National Long-Term rating at 'AAA(bra)'.
The Rating Outlook for the corporate ratings is Stable. The ratings
on all related cross border debts were affirmed at 'BB', as they
are unconditionally and irrevocably guaranteed by Cosan. Fitch has
also affirmed the National Scale Rating on the unsecured and
non-guaranteed debentures issuance in the amount of BRL1.7 billion
due 2021 at 'AAA(bra)'.

Cosan's ratings are supported by the company's strong and
diversified asset portfolio of investment grade companies. Fitch
expects this portfolio to continue providing a robust flow of
dividends, which would cover its negative EBITDA and interest
expenses by over 9.0x and pay enough dividends to support its main
shareholder's (Cosan Limited, Long-Term LC and FC IDRs BB/Stable)
cash flow needs.

Cosan's LC IDR is constrained by the structural subordination of
its debt to dividends received from Raizen Combustiveis S.A. (FC
and LC IDRs BBB/Stable and Long-Term National Scale Rating
AAA(bra)/Stable), Raizen Energia S.A. (LC and FC IDRs BBB/Stable
and Long-Term National Scale Rating AAA(bra)/Stable) and Companhia
de Gas de Sao Paulo (Comgas; FC IDR BB, LC IDR BBB-, National Scale
Rating AAA(bra)/Stable). Cosan's FC IDR is capped by Brazil's 'BB'
Country Ceiling.

Cosan's portfolio benefits from the resilience of activities such
as distribution of natural gas and the sale of fuels and
lubricants. The ratings also incorporate the representative share
of the more volatile sugar and ethanol (S&E) business over Cosan's
pro forma consolidated EBITDAR. This business's EBITDAR declined to
35% of Cosan's pro forma consolidated results in the LTM period
ended March 31, 2019, from 43% in the same period last year, due to
weaker sugar prices and lower crushed volumes reported by Raizen
Energia. Weaker result in the S&E business was partially offset by
the more stable cash flow generation of Raizen Combustiveis and
Comgas in the period.

Fitch expects net leverage, measured by net adjusted debt to
EBITDAR ratio, to fall to below 1.5x in 2019 due to higher
dividends received from Cosan's investees. Base case projections
incorporate around BRL3.3 billion of dividends received in 2019, of
which 60% will come from Comgas, including a capital reduction of
BRL1.5 billion recently announced by the company, and 40% from
Raizen. Fitch estimates that Cosan will maintain a strong liquidity
profile over the next three years, in addition to an extended debt
maturity schedule. The company's liquidity also benefits from
undrawn committed standby facilities.

KEY RATING DRIVERS

Robust Asset Portfolio: Cosan's three main assets and sources of
dividends are companies with robust credit quality. Raizen
Combustiveis is the second largest fuel distributor in Brazil, with
predictable operating cash generation. Despite its more volatile
results, Raizen Energia is the largest S&E production company in
Brazil and, as such, benefits from its large business scale, which
partially mitigates the effect of the currently challenging
industry scenario. Comgas is Brazil's largest natural gas
distributor and has high growth potential.

Raizen's investment grade ratings are based on the combined
financial strength of its two operating companies, as well as their
mutual financial support and cross-guarantees. Raizen is a joint
venture (JV) and represents an important investment for its two
shareholders, Cosan and Royal Dutch Shell plc (Shell, IDRs
AA-/Stable). The ratings benefit from Raizen's strong financial
profile, underpinned by conservative capital structure and robust
liquidity. Fitch's expectation that the company will maintain
strong FCF in the coming years was factored into the analysis.

Comgas' ratings reflect the solid fundamentals of its natural gas
distribution business and historically robust financial profile,
supported by reduced leverage, adequate financial flexibility and
significant cash flow from operations (CFFO). Comgas' business
profile benefits from its operations in the State of Sao Paulo, and
from a long-term concession agreement, which comprises clauses with
non-manageable costs pass through protecting the company's cash
flow generation. Comgas' growth prospects are favorable over the
medium and long term given the expectation of expansion of its gas
distribution network and customer base.

High Interest Coverage to Remain: Cosan has a long track record of
robust cash inflow from dividends from its investees and Fitch
expects dividends flow to remain strong over the next few years. In
2019, dividends are expected to amount around BRL3.3 billion, of
which 60% will come from Comgas, including an extraordinary
dividend related to a capital reduction of BRL1.5 billion recently
announced by the company, and 40% from Raizen. For the following
years, Fitch projects dividends around BRL2.7 billion. Interest
coverage ratios should remain strong, with Cosan's EBITDA plus cash
proceeds from investess to interest coverage ratio above 9x on a
sustainable basis, compared with 6x in the LTM period ended March
2019. This will allow the company to gradually reduce its gross
debt by about BRL1.5 billion by 2021. Cosan's access to its main
investees is limited to dividends, as the control of Raizen
Combustiveis and Raizen Energia are jointly controlled by Cosan and
Shell. Comgas is a regulated concession, and any intercompany loan
to shareholders must be approved by regulators.

Lower Leverage Expected: Fitch projects Cosan's net adjusted debt
to EBITDAR ratio to decline to 1.5x in 2019 and remain below 1.0x
in the next few years due to the increased dividend inflow.
Adjusted net debt was BRL6.3 billion and total dividend flow was
BRL1.6 billion in the LTM ended March 31 2019, resulting in a
temporary increase in net adjusted debt-to-EBITDA plus dividends
received ratio to 4.4x. Net debt increased from BRL4.6 billion in
December 2018 due to the BRL1.7 billion debentures issuance for the
acquisition of Comgas' shares.

As of March 31, 2019, total debt at the holding level consisted of
intercompany loans of BRL4.7 billion, which represent bond
issuances by Cosan's fully owned subsidiaries, BRL1.7 billion of
local debentures due 2021 and non-voting preferred shares of BRL1.1
billion also due 2021. Although issued by Cosan Luxembourg S.A. and
Cosan Overseas Ltd. , the associated debt at both entities is
guaranteed by Cosan, which is ultimately responsible for the
payment. Fitch also incorporates into the debt net FX derivative
balances and Cosan Lubrificantes e Especialidades S.A's BRL800
million debt fully guaranteed by Cosan.

DERIVATION SUMMARY

Cosan's ratings are supported by its strong and diversified asset
portfolio of investment grade companies, with activities in
distribution of natural gas, S&E, and the sale of fuels and
lubricants. Cosan benefits from the robust credit quality of its
investees and their ability to pay robust dividend over the next
few years. The ratings incorporate the subordination of Cosan's
debt to the obligations of its main investments, as the access to
their cash is limited to dividends received.

Cosan's ratings compare unfavorably with Votorantim S.A's. (VSA, LT
FC/LC IDR BBB- and National Scale Rating AAA(bra)/Stable), one of
Latin America's largest industrial conglomerates. VSA has a
diversified business portfolio, strong market position in the
industries it participates in, and geographic diversification with
strong operations in the Americas, while Cosan's assets are
primarily located in Brazil and with a representative share of its
cash flow generation capacity in the more volatile S&E business.

VSA has stronger liquidity and lower leverage than Cosan, and
benefited from the IPO of Nexa and the sale of non-core assets.
Cosan is well positioned in terms of leverage and cash flow
generation compared to Grupo KUO, S.A.B. de C.V.'s (KUO, LT FC/LC
IDR BB/Stable), a Mexican Group with diversified business portfolio
in the consumer, automotive and chemical industries.

KEY ASSUMPTIONS

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

  -- Cash inflow from subsidiaries of BRL3.3 billion in 2019,
including a capital reduction of BRL1.5 billion from Comgas. For
the next years, annual dividends from investees of about BRL2.7
billion.

  -- Dividends paid to shareholders of BRL550 million and about
BRL190 million of shares repurchases.

  -- Potential new issuances will only be used to refinance
existing debt.

  -- bsence of major new acquisitions and significant capital
injections in subsidiaries.

RATING SENSITIVITIES

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

  -- Upgrade is unlikely and will be very linked to an improvement
in the credit profile of Raizen Combustiveis, Raizen Energia and/or
Comgas.

  -- An upgrade of Brazil's Sovereign Rating and the Country
Ceiling would trigger an upgrade of Cosan's FC IDR and ratings for
the associated bond issuances.

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

  -- Deterioration of the credit profiles of Raizen Combustiveis,
Raizen Energia and/or Comgas, and Cosan's interest coverage by
dividends received falling below 2.0x on a sustainable basis.

  -- A downgrade of the sovereign rating may also trigger a
downgrade of Cosan's Foreign Currency IDR and ratings for the
associated bond issuances.

LIQUIDITY

Strong Liquidity: In Fitch's opinion, Cosan will maintain robust
liquidity position over the next four years, benefiting from the
expected robust dividend flow, in addition to a well-laddered debt
maturity schedule. According to the agency's projections, the
company will report a cash position of over BRL750 million and no
short-term debt in 2019. As of March 31, 2019, the holding company
reported cash and marketable securities of BRL1.0 billion and
BRL631 million of short-term debt, which includes about BRL571
million of the first instalment of the BRL1.7 billion debentures
issued in February 2019. Cosan's liquidity is reinforced by an
undrawn standby credit facility of BRL501 million.

Fitch expects Cosan to receive a robust inflow of dividends plus a
capital reduction from Comgas in the total amount of BRL3.3 billion
in 2019 that should provide adequate repayment ability for upcoming
principal and interest payments, and will allow the company to
preserve a healthy cash position to support estimated dividends of
about BRL550 million to shareholders, even with the company's share
buyback program. The expected cash inflow of dividends of about
BRL5.4 billion during 2020 and 2021 should comfortably cover the
annual cash burn of around BRL1.1 billion with the holding
company's expenses, interest expenses and dividends to
shareholders.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Cosan S.A.

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

  -- Long-Term Local Currency IDR at 'BB+'; Outlook Stable;

  -- National Long-Term rating at 'AAA(bra)'; Outlook Stable.

  -- Long-Term National Scale Rating at 'AAA(bra)' to the BRL1.7
billion unsecured debentures due 2021.

Cosan Overseas Limited

  -- USD500 million perpetual notes at 'BB'.

Cosan Luxembourg S.A.

  -- Senior unsecured notes due 2023 and 2027 at 'BB'.


ODEBRECHT SA: Itau Questions Bankruptcy Judge Decision on Braskem
-----------------------------------------------------------------
Tatiana Bautzer at Reuters, citing Brazilian newspaper Valor
Economico, reports that Brazilian bank Itau Unibanco Holding SA is
questioning a decision by the judge in charge of Odebrecht
bankruptcy related to a stake owned by the conglomerate in
petrochemical producer Braskem SA.

Itau has not formally challenged the judge decision, but just asked
the judge to reconsider it, Valor said, citing people with
knowledge of the matter, according to Reuters.

The report relays that the judge in the case agreed last week with
a request by Odebrecht to include the Braskem shares as assets in
the bankruptcy.

But Itau and other Odebrecht creditors disagree with the decision
because the Braskem stake had been pledged as collateral to loans
through a lien, that according to Brazilian bankruptcy law should
be excluded from the bankruptcy proceedings, the report relays.

But the judge agreed to an Odebrecht argument that the Braskem
stake is one of the few valuable assets that could help pay
creditors in the 98.5 billion-real bankruptcy protection case, the
report notes.

The stake has been pledged as collateral in 2016, when the banks
agreed to extend new loans to Odebrecht with the condition of
improving their collateral, 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 June
20, 2019, Aluisio Alves at Reuters reports that Brazilian
conglomerate Odebrecht SA filed for bankruptcy protection, aiming
to restructure BRL51 billion (US$13 billion) of debt in what would
be one of Latin America's largest-ever in-court debt
restructurings.

The bankruptcy filing comes after years of struggles for Odebrecht,
the biggest of the Brazilian engineering groups caught in a
sweeping political corruption investigation that has rippled across
Latin America, according to Reuters.




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

JAMAICA: NCB Warns Finc'l Market Could be at Risk Due to Liquidity
------------------------------------------------------------------
RJR News reports that Steven Gooden, Chief Executive Officer of NCB
Capital Markets, is warning that the increasing liquidity in the
economy might result in heightened risk to the financial market if
left unchecked.

This, he said, is against the background of the local
administration seeking to reduce the debt to GDP to 60% by the end
of the 2025/26 fiscal year, which will see Government repaying more
than J$600 billion which will get back into the system, according
to RJR News.

Mr. Gooden said it is expected that there will be a significant
injection of direct foreign investment as Jamaica is becoming
increasingly attractive to international investors, the report
notes.

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




===========
P A N A M A
===========

ENA ESTE: Fitch Upgrades Rating on Notes to 'BB', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has taken the following rating actions on ENA Sur,
ENA Norte and ENA Este Trusts' notes:

-- ENA Sur Trust affirmed at 'BBB' and 'AAA(pan)'; Outlook Stable;

-- ENA Norte Trust upgraded to 'BBB-' from 'BB+' and to 'AA(pan)'
   from 'AA-(pan)'; Outlook Stable;

-- ENA Este, S.A. upgraded to 'BB' from 'BB-' and to 'A+(pan)'from
   'A(pan)'; Outlook Stable.

The rating actions reflect the application of Fitch's
Government-Related Entities (GRE) Rating Criteria, and factor the
likelihood of government support by assessing the strength of the
linkage between the three issuers and the Panamanian government.
The assessment of support was deemed moderate, justifying a
bottom-up approach to incorporate the likelihood of exceptional
support in the case of financial difficulties at the GRE. Thus, the
primary driver of ENA Sur's, ENA Norte's and ENA Este's ratings
continues to be their Standalone Credit Profile (SCP).

The affirmation of ENA Sur's ratings reflects a SCP profile
constrained by the linkage with the Panamanian government. The one
notch upgrades of ENA Norte's and ENA Este's ratings consider
moderate assessments for both the strength of the link between the
Panamanian government and the ENAs, and the perceived incentive of
government support when needed. ENA Norte's and ENA Este's SCP
remain assessed as 'BB+'/'AA-(pan)'and 'BB-'/'A(pan)',
respectively.

KEY RATING DRIVERS

Summary: ENA Sur's and ENA Norte's ratings reflect stronger and
mature assets with significant track records. Despite the project's
contractual ability to adjust tolls according to inflation, tolls
have not been increased since the issuance of the notes; therefore,
Fitch continues to assume that tolls will remain unchanged over the
life of the notes.

ENA Sur's debt structure is robust and has allowed it to benefit
from past positive performance, and to deleverage to a point where
it is no longer dependent on future traffic growth. ENA Sur's
rating case Loan Life Coverage Ratio (LLCR) is 1.8x, strong for the
rating category, according to the applicable criteria. Current LLCR
is lower than previous expectations, as a result of revised traffic
assumptions, which accounts for the competition from Domingo Diaz
Avenues, and could aggravate the negative impact on its cash
flows.

ENA Norte's improving traffic performance has resulted in higher
than expected prepayments thanks to its flow zero debt structure.
Under Fitch's Rating Case, the LLCR is 1.2x, in line with ENA
Norte's SCP rating, according to Fitch's applicable criteria.

ENA Este's rating reflects a young asset that is still going
through a ramp-up phase that started two years later than initially
expected. Traffic, however, has demonstrated an improved
performance by catching up with Fitch's previous expectations.
Nonetheless, ENA Este remains highly dependent on ENA Sur's
distribution of excess cash. ENA Este's rating case LLCR is 0.9x
and is still weak for the rating category, according to Fitch's
sector criteria. The government's ability to implement adjustments
to toll rates to enhance credit protection measures partially
mitigates this weakness, which supports the current rating.

Limited Volume Risk (Revenue Risk-Volume: Stronger for ENA Sur and
ENA Norte; Midrange for ENA Este): The corridors represent a
critical link for commuters and commercial traffic in the city of
Panama. Given the recent infrastructure changes in the city, the
assets have limited but increasing competition from free
alternatives and other transportation modes. While the Sur and
Norte traffic corridors have a long track record, the Este corridor
has recently started operations and traffic is currently in the
ramp-up phase.

Fixed Toll Rates (Revenue Risk-Price: Weaker): Although the
concessionaire is entitled to annually adjust toll rates at
inflationary levels, toll rates have not been increased by
inflation and are not expected to be updated in the medium term.
Toll rates are structurally protected with a covenant that
prohibits toll rate reductions if debt service coverage ratio
(DSCR) does not meet a minimum threshold.

Suitable Infrastructure Plan (Infra Development & Renewal:
Midrange): Sound contractual requirements to fund capital
expenditure costs are in place for the three corridors. According
to the independent engineer, the physical condition of Corridors
Sur and Norte is not at its best and requires immediate major
maintenance. The concessionaire already has short- and medium-term
maintenance plans in place to perform the works required in certain
sections of the corridors. The capital investment program is
internally funded. Given that the Este corridor was recently built
and is in good condition, it is not expected to require large major
maintenance in the medium term.

Conservative Debt Structure (Debt Structure: Stronger for ENA Sur
and ENA Norte; Midrange for ENA Este): ENA Sur's debt carries fixed
interest rates and a fully amortizing profile. The class A notes
have scheduled principal payments while the class B notes feature a
pass-through amortization scheme (flow zero). While ENA Norte
Trust's debt structure is flow zero, ENA Este Trust's debt is
structurally subordinated to ENA Sur as debt repayment is highly
dependent on ENA Sur's distributions. There is a six-month debt
service reserve account for ENA Sur and ENA Norte, while ENA Este
maintains approximately USD28.3 million as debt reserve.

Financial Profile: Under Fitch's rating case, ENA Sur generates
sufficient revenues to maintain LLCR at 1.8x, despite the traffic
assumption of a 3.5% decrease in 2019, with Class B notes still
expected to be paid in 2020.

ENA Norte's LLCR in the rating case is at 1.2x, with traffic
assumption of no-growth in 2019, and is in line with the applicable
criteria for the SCP rating. Debt is expected to be fully amortized
in 2026, almost two years before debt maturity, and requires low
traffic growth to fully repay debt.

Under the rating case, ENA Este's LLCR is 0.9x, which is weak for
the current rating level according to the applicable criteria, and
debt is not repaid at its maturity in 2024. The transaction's debt
structure (flow zero) and the view that the road is a public asset
provide a considerable timeframe for actions to be taken by the
Panamanian government to address a potential economic imbalance.

PEER GROUP

ENA Sur compares with Red de Carreteras de Occidente (RCO), also
rated 'BBB'/Stable. ENA Sur's and RCO's LLCR at 1.8x and 1.7x,
respectively, are strong for the rating category. Both projects
have Stronger assessment for Volume Risk and Midrange assessment
for Infrastructure Development and Renewal. ENA Sur's Weaker
assessment on Price Risk is to some extent offset by a more robust
Debt Structure, which has been assessed as Stronger.
ENA Norte and ENA Este are comparable with Autopistas del Sol's
(AdS) rated 'B+'/Negative. The projects provide critical
connectivity within their respective areas and are subject to
increasing competition from free alternatives. Apart from Price
Risk, which is assessed Weaker for ENA Norte and ENA Este, the
three projects share Midrange assessments for the rest of the Key
Rating Drivers. As ENA Norte, AdS's LLCR is 1.2x; however, its
rating is currently limited by the sovereign rating of Costa Rica.


RATING SENSITIVITIES

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

  -- Positive actions taken by the government to support bond
holder's interests;

  -- Sustained traffic performance above base case expectations;

  -- A positive rating action on Panama's sovereign rating.

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

  -- Traffic underperformance that is not offset by toll
adjustments;

  -- O&M and major maintenance expenses materially above
expectations that cause financial flexibility to be reduced and
result in a materially lower observed DSCR for a sustained period
of time.

  -- A negative rating action on the Panama's sovereign rating.

CREDIT UPDATE

During 2018, ENA Sur's average annual daily traffic (AADT) reached
178,498 vehicles, representing an increase of 2.7% from previous
year. Actual traffic performance was below Fitch's base and rating
case expectations of 180,759 vehicles and a 4.0% growth and 179,021
vehicles and a 3.0% growth, respectively. Toll revenues grew 1.8%
to reach USD73.3 million, underperforming Fitch's expectation of
USD74.6 million in its base case and USD73.8 million in its rating
case.

As per the concessionaire, the slowdown in corridor Sur traffic
during 2018 is attributed to lower motorization rates growth of
light vehicles and a decrease in heavy vehicles traffic due to
efforts by the government to reduce the traffic of illegal buses in
Panama City and the completion of construction works led by the
former government.

ENA Norte actual AADT reached 172,452 vehicles in 2018, which
represented an increase of 4.9% from 2017. Actual traffic level was
slightly higher than Fitch's base case expectations of 171,848
vehicles with a growth of 4.5%. Toll revenues grew 5.3%, reaching
USD86.2 million, above Fitch's base case expected USD84.8 million.


For its part, ENA Este had an AADT of 30,361 vehicles during 2018,
which was significantly higher than Fitch's base case expectation
of 25,660 vehicles given that traffic was still in its ramp-up
phase. Revenues from toll collections were USD20.7 million, while
Fitch expected USD18.6 million in its base case.

As of May 2019, the AADT and toll revenues of the three corridors
have experienced a decrease in comparison to the same period in
2018. According to the concessionaire, the decline is been caused
by traffic diverting to the re-opened competing route, Domingo Diaz
Avenue, which was partially closed during the last years due to the
construction works of Panama's Metro Line II.

Traffic and toll revenues as for May 2019 in ENA Sur have decreased
2.6% and 2.3%, respectively; ENA Norte's traffic has had a minor
growth of 0.8%, while its toll revenues have decreased 0.6%; and
traffic in ENA Este shows a decrease of 2.9% with toll revenues
decreasing 3.1%

Derived from this situation, the agency has revised its traffic
assumptions for ENA Sur and ENA Norte. For ENA Sur, Fitch has
updated the starting point of its projections with the actual
traffic level of 2018 and assumed a decrease 3.5% in traffic during
2019; for ENA Norte, Fitch has assumed no-growth in 2019. Growth
rates in both projects from 2020 onwards remain the same as
previously assumed, as traffic is expected to gradually recover in
the short-term given the assets' time savings benefits.

Regarding ENA Este, even when traffic has decreased to an AADT of
28,856 vehicles as of May 2019 this is still higher than Fitch's
base case expectation of 28,354 vehicles for the entire year, as
traffic in 2018 had a stronger-than-expected performance altogether
with Fitch's expectation of a slowdown in the ramp-up phase. As
actual traffic is converging to base case expected traffic levels,
Fitch deems adequate to not perform adjustments to ENA Este traffic
assumptions for 2019.

Total outflows for the three projects were below Fitch's base case
expectations during 2018, mainly because the concessionaire decided
to defer major maintenance works for later years. ENA Sur had
outflows for USD22.6 million in 2018, below Fitch's expected
outflows of USD31.3 million; ENA Norte incurred in USD22.4 million
and the agency expected USD29.0; ENA Este outflows were USD3.8
million and Fitch expected USD5.9 million. As per the
concessionaire, new major maintenance budgets will be estimated in
the coming months to address the deferral of the infrastructure
needs for the corridors.

Actual debt service coverage ratio (DSCR) for ENA Sur, which
considers principal payments of class A notes and interest payments
of class A and B notes, was 2.4x, higher than Fitch's base case
DSCR of 2.0x. ENA Norte and ENA Este DSCRs, that only consider
interest payments, were 3.1x and 1.3x, while Fitch expected a 2.5x
and 1.0x, respectively.

Principal prepayments of ENA Sur's Class B notes were USD24.8
million, slightly lower than Fitch's base case expectations of
USD25.5 million. Debt prepayments for ENA Norte were USD45.0
million and Fitch expected USD33.8 million.

Even when prepayments are allowed to ENA Este's debt since March
2019 and there are reserves to fund the payment, the concessionaire
does not plan to make one in the short-term. Therefore, Fitch has
ceased to assume a voluntary debt prepayment of at least USD22.8
million in 2019.

Fitch Cases

Fitch's base case assumes inflation levels of 1.3% in 2019, 1.5% in
2020 and 1.0% afterward. O&M and major maintenance expenses were
increased by inflation plus 5.0% for every year from the
concessionaire's budget. Toll rates are assumed to remain fixed for
the term of the three issuances. Assumed traffic compound annual
growth rate (CAGR) for ENA Sur, ENA Norte and ENA Este at 2.3%,
3.0% and 5.9%, respectively.

Fitch's rating case assumes the same levels of inflation and toll
rate assumptions as the base case. O&M and major maintenance
expenses were increased by inflation plus 7.5% for every year from
concessionaire's budget. Traffic CAGR of 2.0%, 2.4% and 3.45% were
assumed for ENA Sur, Norte and Este, respectively.

ENA Sur's base case LLCR was 1.9x with a Net debt to CFADS ratio at
2.1x, while rating case metrics were 1.8x and 2.1x for LLCR and Net
debt to CFADS, respectively.

ENA Norte's base case LLCR was 1.3x with a Net debt to CFADS ratio
at 5.9x and debt is fully paid 2 years before legal maturity, while
rating case metrics were 1.2x and 6.1x for LLCR and Net debt to
CFADS, respectively, with debt also being fully paid two years
before legal maturity.

ENA Este's base case LLCR is 1.0x with a Net debt to CFADS ratio at
11.6x and debt is not paid at maturity, with a remaining 9% balance
in 2024. Under the rating case LLCR is 0.9x, Net debt to CFADS is
12.4x and 17% of debt is not paid.

The macroeconomic health of the country is supported by Fitch's
view of the Panamanian sovereign. Fitch last affirmed the country's
rating at 'BBB' with a Country Ceiling of 'A' in February 2019.

Asset Description

Corridor Sur extends over 19.8 kilometers (approximately 12.3
miles) connecting Panama City's international airport (in the East)
to the CBD (in the West). ENA Sur operates the toll road concession
of corridor Sur, and has no other significant commercial
activities. Empresa Nacional de Autopistas holds 100% of ENA Sur's
shares. The Panama-Madden Segment (corridor Norte) is a
13.5-kilometer (8.4-mile) toll road that intersects Phase I on the
eastern end and runs northwest, connecting to the Interstate Colon
Highway. Phase IIB (corridor Este) is an extension of corridor
Norte and is part of Phase II, connecting the eastern end of Phase
IIA with the Pan-American highway in the Tocumen at the
international airport.




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

PETROLEUM CO: TPHL Discloses Final Results of Exchange Offers
-------------------------------------------------------------
Trinidad Petroleum Holdings Limited disclosed the expiration and
final results of its previously announced offers to exchange any
and all of its outstanding notes, originally issued by Petroleum
Company of Trinidad and Tobago Limited ("Petrotrin"), for newly
issued debt securities of TPHL (the "Exchange Offers"), upon the
terms and subject to the conditions described in the Offering
Memorandum, dated April 15, 2019 and amended by the related press
releases dated April 29, 2019, May 6, 2019, May 13, 2019, May 24,
2019, May 31, 2019, June 6, 2019 and June 20, 2019 (as may be
further amended or supplemented from time to time, the "Offering
Memorandum"), and the related letter of transmittal (as may be
amended or supplemented from time to time, the "Letter of
Transmittal"), and to its solicitation of consents to certain
proposed amendments to the existing indentures (the "Consent
Solicitations").  The Exchange Offers and Consent Solicitations
expired at 5:00 p.m., New York City time, on June 21, 2019 (the
"Extended Expiration Date").

As of the Extended Expiration Date, the aggregate principal amount
of Existing Notes validly tendered was US$570,295,500. The valid
tender, without subsequent withdrawal, of at least US$150 million
aggregate principal amount of Existing Notes (the "Amended Minimum
Tender Condition") has been met.  The breakdown of the principal
amount of validly tendered 2019 Notes and 2022 Notes is as set
forth in the table:  https://is.gd/Ay2biE

In connection with the Exchange Offers, TPHL also announced that it
has modified the Financing Condition to, instead of requiring the
receipt of the proceeds from the Term Loan Facility (as defined in
the Offering Memorandum), now require the execution (without the
actual receipt of proceeds at or prior to settlement of the
Exchange Offers) of a credit agreement in an amount up to
US$720,000,000 with Credit Suisse AG, Cayman Islands Branch, Banco
Latinoamericano de Comercio Exterior, S.A., First Citizens Bank
Limited and The Bank Of Nova Scotia, as joint lead arrangers. As of
the Extended Expiration Date, the modified Financing Condition has
been met.

The settlement of the Exchange Offers is expected to occur on June
28, 2019.  Eligible holders of Existing Notes who validly tendered
and did not validly withdraw such notes at or prior to the Extended
Expiration Date are eligible to receive the Total Consideration or
Exchange Consideration (as defined in the Offering Memorandum), as
applicable. The aggregate principal amount of TPHL's 9.75% Senior
Secured Notes due 2026 to be issued as consideration for the
Exchange Offers payable on the Settlement Date is US$570,265,000,
which reflects the rounding down to the nearest integral multiple
of US$1,000. No additional consideration will be paid in lieu of
fractional New Notes not received as a result of such rounding
down.  Because the amount of 2019 Notes tendered is less than the
2019 New Notes Cap, the Total Consideration or Exchange
Consideration will include only New Notes and will not include
cash, other than as payment for the Consent Fee or Additional Early
Tender Consideration, if applicable.

Eligible Holders who validly tendered Existing Notes at or prior to
the Early Tender Deadline will receive the Additional Early Tender
Consideration (an additional US$10 of cash for each US$1,000
principal amount of Existing Notes accepted for exchange) because
the Amended Minimum Tender Condition of at least US$350 million in
aggregate principal amount of 2019 Notes tendered was met. As
previously stated, Supporting Existing Notes Holders and any
additional Eligible Holders whose Existing Notes were validly
tendered and accepted after May 10, 2019 will receive a Consent Fee
of US$10 per US$1,000 or one percent (1%) of Existing Notes and,
because Eligible Holders of Existing Notes validly tendered and did
not withdraw US$150 million or more in aggregate principal amount
of Existing Notes on or after June 5, 2019, a portion of their
Consent Fee will be deducted and used to pay the reasonable and
documented fees and costs of the advisors of the Supporting
Existing Notes Holders in an amount up to US$2.85 million (the
"Fees and Expenses Deduction").  The Consent Fee payable will be
US$6.80 per US$1,000 for Existing Notes tendered after May 10, 2019
after taking into account the Fees and Expenses Deduction for the
applicable tendering Eligible Holders.

As discussed in the Offering Memorandum, Existing Noteholders who
tendered their Existing Notes in the Exchange Offers were deemed to
have delivered their consent to the Proposed Amendments to the 2019
Notes Indenture or the 2022 Notes Indenture, as applicable. As of
the Extended Expiration Date, the requisite consents for the 2019
Notes Indenture and the 2022 Notes Indenture were obtained. As
such, supplemental indentures to the 2019 Notes Indenture and the
2022 Notes Indenture effecting the Proposed Amendments (the
"Supplemental Indentures") will be executed on or before June 28,
2019.  The Supplemental Indentures will be valid and enforceable
upon execution but will only become operative upon the settlement
of the Exchange Offers and Consent Solicitations.

                                General

The issuance of the New Notes will not be registered under the
Securities Act of 1933, as amended (the "Securities Act"), the
Securities Act Chapter 83:02 of the laws of Trinidad and Tobago
(the "Trinidad Securities Act") or any state securities laws. The
New Notes are being offered and issued only (1) in the United
States to holders of Existing Notes that are (a) "Accredited
Investors" as defined in Rule 501 under Regulation D or (b)
"qualified institutional buyers" as defined in Rule 144A under the
Securities Act and (2) outside the United States to holders of
Existing Notes that are not U.S. persons in reliance upon
Regulation S under the Securities Act (each, an "Eligible Holder"
and together, the "Eligible Holders") . Accordingly, the New Notes
will be subject to restrictions on transferability and resale and
may not be transferred or resold except as permitted under the
Securities Act, the Trinidad Securities Act and other applicable
securities laws, pursuant to registration or exemption therefrom.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any security and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offering, solicitation or sale would be unlawful.  The
offering documents will be distributed only to holders of Existing
Notes that complete and return a letter of eligibility confirming
that they are "Eligible Holders" for the purposes of the Exchange
Offers.  The website to complete the Eligibility Form is
www.dfking.com/ttph. D.F. King & Co., Inc. is acting as the
Information Agent and the Exchange Agent for the Exchange Offers.
Requests for the offering documents from "Eligible Holders" may be
directed to D.F. King & Co., Inc. at (212) 269-5550 (for brokers
and banks), (800) 581-3783 (for all others) or email
ttph@dfking.com.

Neither TPHL, its board nor any other person makes any
recommendation as to whether the holders of the Existing Notes
should exchange their notes, and no one has been authorized to make
such a recommendation. Holders of the Existing Notes must make
their own decisions as to whether to exchange their notes, and if
they decide to do so, the principal amount of the notes to
exchange.

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.


TRINIDAD & TOBAGO: $4.72BB Budget Wish List Presented
-----------------------------------------------------
Trinidad Express reports that a $4.72 billion budget wish list for
Tobago was presented by Tobago House of Assembly Finance Secretary
Joel Jack, and according to him, the budget was excellent,
detailed, forward thinking and all embracing.

The budget was presented under the theme "Advancing Our Development
Agenda" at the Tobago House of Assembly chamber, Jerningham Street,
Scarborough, Tobago, according to Trinidad Express.

The recurrent estimates for fiscal 2020 total $3.26 billion, the
report notes.

This represents an increase of just under $24.7 million from last
year's request, the report relays.

The report cites that Mr. Jack said Capital Expenditure/Development
Program for fiscal 2020 is $1.45 billion, an increase of $71.1
million from the fiscal 2019 request to the Central Government.

The recurrent estimates for the Divisions for fiscal 2020 include:
Education, Innovation and Energy ($512 million); Infrastructure,
Quarries and the Environment ($524.7 million); and Health, Wellness
and Family Development ($778.3 million), the report adds.




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

PETROLEOS DE VENEZUELA: Board Sues in U.S. for Control of Citgo
---------------------------------------------------------------
Bloomberg News reports that the the board appointed by Venezuela's
president, Nicolas Maduro, to oversee state-owned oil company
Petroleos de Venezuela SA (PDVSA) sued in Delaware to gain control
of U.S.-based refiner Citgo Petroleum Corp.

The suit was filed by the directors of PDVSA asking the Delaware
Chancery Court to confirm that they control Citgo and two related
companies, according to Bloomberg News.  Citgo is PDVSA's largest
asset and a potential source of revenue for a country in the midst
of a humanitarian crisis and with more than $150 billion of debt,
Bloomberg News says.

As reported in Troubled Company Reporter-Latin America on June 3,
2019,  Moody's Investors Service has withdrawn all the ratings of
Petroleos de Venezuela, S.A. including the senior unsecured and
senior secured ratings due to insufficient information. At the time
of withdrawal, the ratings were C and the outlook was stable.


VENEZUELA: UN Calls for Release of People Detained for Protesting
-----------------------------------------------------------------
Caribbean360.com reports that the High Commissioner for Human
Rights Michelle Bachelet has called on the Venezuela Government to
release all those detained for peacefully protesting and announced
that a team from her office would remain in Caracas to monitor the
human rights situation.

Speaking at the end of the first-ever official mission to Venezuela
by a UN human rights chief, which came at the invitation of the
embattled Nicolas Maduro administration, Bachelet -- a former
two-term president of Chile -- said the Government had agreed the
new Office of the United Nations High Commissioner for Human Rights
(OHCHR) team would provide technical help and advice and "continue
to monitor the human rights situation in Venezuela," according to
Caribbean360.com.

"In my meetings with victims and their families, their deep
yearning for justice for grave human rights violations was made
painfully clear," she said, the report notes.  "I sincerely hope
that our assessment, advice and assistance will help strengthen
torture prevention and access to justice in Venezuela.  The
Government has also agreed that my team will be guaranteed full
access to detention centres to be able to monitor conditions and
speak to detainees," she added.

The report relays that Bachelet met President Maduro and other
senior ministers, as well as the opposition leader, Juan Guaido,
who declared himself interim president in January, sparking a
deepening political crisis in the deeply divided country, which has
now seen more than four million Venezuelans flee across the
border.

All had testified to "how astonishingly the humanitarian situation
in Venezuela has deteriorated, including with regards to the rights
to food, water, healthcare, education and other economic and social
rights," the report discloses/

Around 75 per cent of the national budget is now going on social
programmes for all, she said, "however, we have heard from
Venezuelans who are fully employed -- many in the public sector --
who have difficulty affording medicine and adequate food," the
report relays.

The human rights chief said the health situation "continues to be
extremely critical", citing rising costs, lack of availability of
medicines, and a rise now in teenage pregnancies, with maternal and
newborn mortality rates also ticking up, the report notes.

Highlighting a recent strengthening of UN agencies on the ground,
she said she had discussed the need to address the causes of the
multiple crises, while also expressing concern at the crippling
effect of sanctions imposed by the United States on oil exports,
and gold trading, which "are exacerbating and aggravating the
pre-existing economic crisis," the report relays.

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




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

LATAM: Sustainable Tourism & Renewable Energy Are Keys for Growth
-----------------------------------------------------------------
Alfonso Fernandez at Latinx Today reports that Costa Rica has hit
the milestone of generating 300 consecutive days' worth of
electricity from renewable energy, and Barbados is talking about
the effect of global warming on its economy and on the rapid growth
of sustainable adventure tourism.

Examples of such issues to be dealt with in the near future in
Latin America dominated the second day of Sustainability Week in
Panama City, a key regional forum organized by IDB Invest and
running through this coming June 28, according to Latinx Today.

The need to adapt to -- and mitigate -- climate change, as well as
achieving development that includes all social strata are central
elements in the discussions among the hundreds of participants at
the conclave, the report notes.

Costa Rica, which recently broke its own 300-day record for
consecutive days using electricity generated from renewable
sources, is a global reference point for other nations looking to
diversify their energy production, the report relays.

"We've had a law for 70 years that laid the groundwork, stipulating
that electricity in Costa Rica must be generated from our country's
natural sources and resources.  A very visionary law because it
also talked about inclusiveness, bringing electricity to the whole
country and was responsible regarding the environment," Irene
Canas, with the Costa Rican Electricity Institute, told EFE.

"As a consequence, nowadays almost the entire population has access
to electricity and all from renewable sources: hydroelectric,
geo-thermal, wind power, biomass and solar," she added, the report
relays.

The effects of global warming are already being felt throughout the
region, and the Caribbean is one of the most vulnerable areas, the
report notes.

The report discloses that Loretto Duffy, with the Caribbean Cooling
Initiative, an organization focusing on increasing the efficiency
of air conditioning systems, warned that in Barbados, for example,
in the past there had been "rainy and dry seasons, (but) now there
is the hot season. In the Caribbean. Imagine."

"And for a sector like tourism, which in the Caribbean is the main
source of income, it's fundamental to develop sustainable and
renewable energy," he added.

IDB Invest is focused on involving the private sector in all these
questions and is aware that the size of the challenge sometimes is
insurmountable for governments in the region and can only be met
with the support of private firms, the report relays.

He noted, in addition, how the scenario has changed recently, given
that earlier no environmental or social analyses were done but now
it's the companies themselves that are carrying them out, the
report relays.

Another interesting element is the growing demand for sustainable
tourism focused more on individual and adventure experiences, and
it is in this area that Latin America can be a heavy hitter, the
report discloses.

"All the big tourist zones began with backpackers. Our idea is to
maintain that spirit.  We don't want to offer leisure.  We want to
give something more, to nourish the soul," said Moshe Levi, the CEO
of Casi Cielo, a tourism project in Bocas del Toro, Panama, the
report says.

The report notes that Levi said that the aim "is to join technology
and nature, to create an ecosystem that will be economically
viable," emphasizing that "global adventure tourism moves more than
$700 billion (yearly) worldwide, with a growth rate in double
digits."

IDB Invest, a member of the Inter-American Development Group, is a
multilateral development bank committed to promoting the economic
development of its member countries and with a portfolio of more
than $12.1 billion currently under management, the report adds.



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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
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Chapman, Editors.

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