TCRLA_Public/190719.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

          Friday, July 19, 2019, Vol. 20, No. 144

                           Headlines



A N T I G U A   A N D   B A R B U D A

LIAT: Antigua Rejects Barbados' Proposal of US$44M for Shares


A R G E N T I N A

ARCOR SAIC: Moody's Affirms Ba3 CFR, Alters Outlook to Negative
BANCO MACRO: Moody's Affirms (P)B2 Sr. Debt Rating, Outlook Now Neg
BUENOS AIRES: Moody's Affirms B2 Issuer Rating, Outlook Now Neg.
BUENOS AIRES: Moody's Affirms B2 Sr. Debt Rating, Outlook Now Neg.
CAMUZZI GAS: Moody's Affirms B1 CFR, Alters Outlook to Negative

EMPRESA DISTRIBUIDORA: Moody's Affirms B1 CFR, Outlook Now Negative
HOLCIM ARGENTINA: Moody's Affirms B1 CFR, Alters Outlook to Neg.
LA SEGUNDA: Moody's Affirms B1 IFS Rating, Alters Outlook to Neg.


B R A Z I L

CORNERSTONE VALVE: Cameron Objects to Disclosure Statement


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Push to Amend Constitution Bad for Investment


J A M A I C A

JAMAICA: Consumer Prices Dip in June


M E X I C O

PETROLEOS MEXICANOS: Mexico Plans Cut in Tax Rate to Bolster Firm


P U E R T O   R I C O

EMPRESAS CARRION: Oriental Bank Objects to Disclosure Statement
PUERTO RICO: Governor Vows to Remain in Office After Protests
SOLUTIONS BY DESIGN: Aug. 14 Plan Confirmation Hearing Set


V E N E Z U E L A

VENEZUELA: Debts to China, Russia to Be Restructured, Says Advisor


X X X X X X X X

LATAM: US-China Trade War Threatens Economic Growth in Region

                           - - - - -


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

LIAT: Antigua Rejects Barbados' Proposal of US$44M for Shares
-------------------------------------------------------------
Dominican News Online reports that Antigua's Prime Minister Gaston
Browne has broken his silence about the ongoing discussion on the
sale of LIAT Ltd., formerly known as Leeward Islands Air Transport
or LIAT, between his country and Barbados.

Media reports from Bridgetown indicated that discussions were not
going favorably because Mia Mottley is insisting that Antigua and
Barbuda take up Barbados' almost $100 million loan commitments,
according to Dominican News Online.

But Browne said that Antigua and Barbuda will not settle at the
US$44 million proposal made by the Barbadian government, the report
notes.

"I understand mathematics, and I understand percentages, and I also
understand value for money.  So, if we were to settle at US$44
million, that would be a steal for Barbados; and we are not in the
process of giving away money.  We are in the process of creating
value and to get fair value for the people of Antigua and Barbuda.
So, as far as I am concerned and I have said this to the Prime
Minister of Barbados, because she knows my thinking, that
discussions cannot start at US$44 million.  She knows my position
and has since come down," he said, the report relays.

Browne, while speaking on his radio show, was not shy in airing his
disappointment with the government's negotiating team in even
considering the said proposal, the report notes.

The two countries have been holding discussions on the acquisition
of the shares and last week, Browne said the talks were still
ongoing despite media reports that they had broken down, the report
says.

Prime Minister Mia Mottley in a ministerial statement delivered
last month in the House of Assembly, said Barbados was reducing its
financial involvement in LIAT, 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.



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

ARCOR SAIC: Moody's Affirms Ba3 CFR, Alters Outlook to Negative
---------------------------------------------------------------
Moody's Investors Service changed to negative from stable the
outlook for several companies operating in Argentina, while all
ratings were affirmed. The companies' outlook change follows the
revision of the Argentine government's B2 rating outlook to
negative from stable on July 12, 2019.

RATINGS AFFIRMED -- OUTLOOK CHANGED TO NEGATIVE

Arcor S.A.I.C.'s CFR and senior unsecured global notes' ratings
were affirmed at Ba3. The company's outlook was changed to negative
from stable.

Pampa Energia S.A.'s CFR and senior unsecured notes' ratings were
affirmed at B2. The rating of the senior unsecured notes originally
issued by Petrobras Argentina S.A. now assumed by Pampa Energia
S.A. was also affirmed at B2. The outlook was changed to negative
from stable.

Pan American Energy, S.L.'s CFR was affirmed at Ba3. The outlook
was changed to negative from stable.

Pan American Energy, S.L., Argentine Branch's backed senior
unsecured global medium-term notes program rating was affirmed at
(P)Ba3 and the rating of the backed senior unsecured global
medium-term notes was affirmed at Ba3. The outlook was changed to
negative from stable.

Raghsa S.A.'s CFR and senior unsecured notes ratings were affirmed
at B2. The outlook was changed to negative from stable.

Tecpetrol Internacional S.L.U.'s CFR was affirmed at Ba3. The
outlook was changed to negative from stable.

TECPETROL S.A.'s backed senior unsecured note's rating was affirmed
at Ba3. The outlook was changed to negative from stable.

Telecom Argentina S.A.'s senior unsecured note's rating was
affirmed at B1. The outlook was changed to negative from stable.

YPF Sociedad Anonima's senior unsecured notes ratings were affirmed
at B2. The rating of the medium-term notes program was affirmed at
(P)B2. The outlook was changed to negative from stable.

RATINGS RATIONALE

The change in ratings' outlook to negative from stable for these
companies follows the change in outlook to negative from stable of
the Government of Argentina's B2 ratings on July 12th, 2019.
Moody's decision to change the outlook to negative for Argentina's
B2 ratings reflected mainly (1) increased uncertainty regarding
continued fiscal consolidation needed to restore reliable access to
international capital markets and reduce the potential for currency
shocks; and (2) the risk of policy shifts triggering strong market
volatility, either before or after the upcoming national elections,
causing exchange rate pressures that would further stress
Argentina's credit metrics. In addition, the B2 Government rating
affirmation balanced a rising debt burden and a history of economic
volatility with comparatively high economic development and support
from the International Monetary Fund.

The negative outlook for the affected companies reflect Moody's
view that the creditworthiness of these companies cannot be
completely de-linked from the credit quality of the Argentine
government, and thus their ratings need to closely reflect the risk
that they share with the sovereign. Moody's believes that a weaker
sovereign has the potential to create a ratings drag on companies
operating within its borders, and therefore it is appropriate to
limit the extent to which these issuers can be rated higher than
the sovereign.

The principal methodology used in rating Pampa Energia S.A.,
TECPETROL S.A. and Tecpetrol Internacional S.L.U. was Independent
Exploration and Production Industry published in May 2017. The
principal methodology used in rating Pan American Energy, S.L. and
Pan American Energy, S.L., Argentine Branch was Global Integrated
Oil & Gas Industry published in October 2016. The principal
methodology used in rating Arcor S.A.I.C. was Global Packaged Goods
published in January 2017. The principal methodology used in rating
Telecom Argentina S.A. was Telecommunications Service Providers
published in January 2017. The principal methodology used in rating
Raghsa S.A was REITs and Other Commercial Real Estate Firms
published in September 2018. The methodologies used in rating YPF
Sociedad Anonima were Global Integrated Oil & Gas Industry
published in October 2016, and Government-Related Issuers published
in June 2018.

BANCO MACRO: Moody's Affirms (P)B2 Sr. Debt Rating, Outlook Now Neg
-------------------------------------------------------------------
Moody's Investors Service affirmed the senior unsecured debt
ratings of Banco Macro S.A., Banco Hipotecario S.A., Banco
Supervielle S.A., Banco de la Ciudad de Buenos Aires and Tarjeta
Naranja S.A., as well as Tarjeta Naranja's corporate family rating,
and Banco de Galicia y Buenos Aires S.A.U. and Banco Macro's senior
unsecured MTN program. Moody's also affirmed the B3 foreign
currency subordinated debt ratings assigned to Banco Macro and
Banco de Galicia y Buenos Aires.

At the same time, Moody's changed to negative, from stable, the
outlook on these ratings, following the announcement by Moody's
Latin America A.C.R. S.A. that it has taken a similar action on the
banks' local currency deposit ratings. Both rating actions follow
Moody's decision on July 12 to change to negative, from stable, the
outlook on Argentina's B2 government bond rating.

In addition, Moody's has withdrawn the outlooks on Tarjeta Naranja
S.A.'s existing debt instrument and corporate family ratings for
its own business reasons.

This has no impact on the outlook on Tarjeta Naranja's rating,
which has been changed to negative from stable.

The following debt ratings of Banco Macro S.A. were affirmed:

Global Local Currency Senior Unsecured MTN Rating of (P)B2

Global Foreign Currency Senior Unsecured MTN Rating of (P)B2

Global Foreign Currency Subordinated Debt Rating of B3

Global Foreign Currency Senior Unsecured Debt Rating of B2; outlook
changed to negative from stable

Outlook, Changed To Negative from Stable

The following debt ratings of Banco de Galicia y Buenos Aires
S.A.U. were affirmed:

Global Local Currency Senior Unsecured MTN Rating of (P)B2

Global Foreign Currency Senior Unsecured MTN Rating of (P)B2

Global Foreign Currency Subordinated Debt Rating of B3

Outlook, Changed To Negative from Stable

The following debt ratings of Banco Hipotecario S.A. were
affirmed:

Global Foreign Currency Senior Unsecured Debt Rating of B2;
negative outlook

Outlook, Negative

The following debt ratings of Banco Supervielle S.A. were
affirmed:

Global Foreign Currency Senior Unsecured Debt Rating of B2; outlook
changed to negative from stable

Outlook, Changed To Negative from Stable

The following debt ratings of Banco de la Ciudad de Buenos Aires
were affirmed:

Global Foreign Currency Senior Unsecured Debt Rating of B2; outlook
changed to negative from stable

Outlook, Changed To Negative from Stable

The following ratings of Tarjeta Naranja S.A. were affirmed:

Global Local Currency Senior Unsecured Debt Rating of B2;

Long-Term Corporate Family Rating of B2;

Outlook, Changed To Negative from Stable

RATINGS RATIONALE

The rating actions were prompted by the change in outlook to
negative, from stable, on Argentina's B2 bond rating, which
reflects the increased uncertainty regarding continued fiscal
consolidation needed to restore access to international capital
markets and reduce the potential for currency shocks, and the risk
of policy shifts which would trigger strong market volatility,
either before or after the upcoming elections, causing exchange
rate pressures that would further stress Argentina's credit
metrics.

The exchange rate shocks have pushed inflation close to 60%, while
interest rates have spiked, and will result in two consecutive
years of falling economic output. Another sudden depreciation would
impact credit metrics, push inflation higher and potentially affect
economic recovery prospects, which would in turn continue to weaken
the banks' asset quality, profitability, capitalization and
business prospects.

In line with the affirmation and negative outlook on the sovereign
ratings, Moody's has changed to negative, from stable, the outlook
on debt ratings of above-listed banks, following the affirmation of
these ratings. Banco Hipotecario S.A.'s debt ratings already
carried a negative outlook. The rating actions take into account
the high underlying inter-linkages between the banks' standalone
credit risk profiles and that of the sovereign, in light of their
direct and indirect exposure to the sovereign through sizable
government and central bank securities holdings, and the fact that
they remain highly exposed to a challenging operating environment.

Current economic conditions, including recession, high inflation
and extraordinarily high interest rates are significantly reducing
banks' business prospects, affecting their asset quality,
increasing their funding costs and reducing their
inflation-adjusted profitability, while subdued loan growth has
prevented a larger drop on their capital metrics.

Partially offsetting these weaknesses and supporting the ratings
affirmations, are the banks' ample liquidity buffers and a funding
profile based on relatively stable, predominantly domestic currency
core deposits. Additionally, capital buffers of most rated banks
will likely be enough to withstand projected loan losses till
year-end 2019 despite adverse market conditions. Also, large banks
with well-established businesses have the advantages of more
creditworthy customers and large retail core deposit balances that
will help keep their funding comparatively affordable. However,
potential adverse macroeconomic developments, which underpin the
negative outlook on the sovereign and include potential continued
economic recession, high inflation and pressure on the sovereign's
funding profile, would in turn negatively affect banks' operating
environment and therefore their credit profile.

FACTORS THAT COULD LEAD TO AN UPGRADE/DOWNGRADE

An upgrade is unlikely for most of the banks in Argentina, given
the current negative outlook. However, the outlook could be changed
to stable following a similar stabilization of Argentina's
sovereign ratings outlook.

A downgrade could be driven by a downgrade of the Argentine
sovereign rating, further deterioration in the country's operating
environment, and/or a higher-than-expected deterioration of the
entities' asset quality, that could lead to material decline in
profitability levels, and thus, capital ratios, reducing their
loss-absorption capacity during a negative credit cycle.

The principal methodology used in rating Banco de Galicia y Buenos
Aires S.A.U., Banco Hipotecario S.A., Banco Macro S.A., Banco de la
Ciudad de Buenos Aires and Banco Supervielle S.A. was Banks
published in August 2018. The principal methodology used in rating
Tarjeta Naranja S.A. was Finance Companies published in December
2018.

BUENOS AIRES: Moody's Affirms B2 Issuer Rating, Outlook Now Neg.
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo affirmed the
issuer and debt ratings on both Global/National scales and in
Foreign and Local currencies of Argentine provinces and
municipalities and changed their outlooks to negative from stable.
Moody's maintained baseline credit assessments on all affected
issuers that are in each case the same as their issuer rating.

This portfolio-wide rating action on the Argentine sub-sovereigns
follows Moody's recently announced outlook change to negative, from
stable, of Argentina's local-currency and foreign-currency B2
sovereign bond ratings on July 12, 2019.

RATINGS RATIONALE

The ratings affirmation coupled with the outlook change to negative
from stable on both Global/National scales and in Foreign and Local
currencies of the following provinces and municipalities in
Argentina follows a similar rating action on Argentina's sovereign
bonds ratings --both in local and foreign currency- and reflects
the very close economic and financial linkages that exist between
Argentina's government and Argentine sub-sovereigns. Moody's
considers that the increased uncertainty regarding continued fiscal
consolidation needed to restore access to funding for the sovereign
and the risk of policy shifts on a federal level, that could
trigger strong market volatility and exchange rate pressures, may
pose material systemic risks for sub-sovereigns. Moreover, Moody's
negative view for the sector incorporates its expectation that for
the remainder of 2019 and 2020, sub-sovereigns will be negatively
impacted by the sovereign's economic performance, fiscal
consolidation efforts and tight monetary policy.

ISSUERS AND RATINGS AFFECTED

The outlook of the following issuers was changed to negative from
stable while affirming their current ratings:

  - Province of Buenos Aires: Foreign and local currency issuer
ratings and foreign and local currency senior unsecured and senior
secured debt ratings affirmed at B2/A3.ar (on Global/Argentina's
national scales, respectively).

  - Province of Cordoba: Foreign and local currency issuer ratings
affirmed at A1.ar and foreign currency senior secured debt ratings
affirmed at B2/A1.ar (on Global/Argentina's national scales,
respectively).

  - Province of Chaco: Local currency issuer ratings and local
currency senior secured debt ratings affirmed at B2/A3.ar (on
Global/Argentina's national scales, respectively).

  - Province of Chubut: Local currency issuer ratings and foreign
and local currency senior unsecured debt ratings affirmed at
B3/Baa3.ar (on Global/Argentina's national scales, respectively).
Local currency senior secured debt ratings affirmed at B2/A2.ar (on
Global/Argentina's national scales, respectively).

  - Province of Rio Negro: Local currency issuer ratings and local
currency senior unsecured debt ratings affirmed at B2/A3.ar (on
Global/Argentina's national scales, respectively).

  - Municipality of Cordoba: Local currency issuer ratings and
local currency senior unsecured debt ratings affirmed at B2/A2.ar
(on Global/Argentina's national scales, respectively). Local
currency senior secured debt ratings affirmed at B2/A2.ar (on
Global/Argentina's national scales, respectively).

  - City of Buenos Aires: Foreign and local currency senior
unsecured debt ratings affirmed at B2/A1.ar (on Global/Argentina's
national scales, respectively).

  - Province of Formosa: Local currency issuer ratings and local
currency senior secured debt ratings affirmed at B3/Baa3.ar (on
Global/Argentina's national scales, respectively).

  - Province of Misiones: Local currency issuer ratings and local
currency senior unsecured debt ratings affirmed at B2/A3.ar (on
Global/Argentina's national scales, respectively).

  - Province of Tucuman: Local currency issuer ratings affirmed at
B2/A3.ar (on Global/Argentina's national scales, respectively).

WHAT COULD CHANGE THE RATING UP/DOWN

Given the strong macroeconomic and financial linkages between the
Government of Argentina and Sub-sovereigns, a downgrade in
Argentina's bond ratings and/or further systemic deterioration or
idiosyncratic risks arising in the rated issuers could continue to
exert downward pressure on the ratings and could translate in to a
downgrade.

In light of the negative outlook and the challenging systemic
environment an upgrade of the ratings is unlikely. However, the
ratings could be upgraded if Argentina's bond rating is upgraded,
along with lower idiosyncratic risks from the rated issuers.

The principal methodology used in these ratings was Procedures
Manual for Risk Rating of Sub-Sovereign Governments published in
January 2017.

BUENOS AIRES: Moody's Affirms B2 Sr. Debt Rating, Outlook Now Neg.
------------------------------------------------------------------
Moody's Investors Service affirmed the issuer and debt ratings on
Global Scale--local and foreign currency--of eight Argentine
provinces and of two municipalities and changed their outlooks to
negative from stable. Moody's maintained baseline credit
assessments on all affected issuers that are in each case the same
as their issuer rating.

This portfolio-wide rating action on the Argentine sub-sovereigns
follows Moody's recently announced outlook change to negative, from
stable, of Argentina's local-currency and foreign-currency B2
sovereign bond ratings on July 12, 2019.

RATINGS RATIONALE

The ratings affirmation coupled with the outlook change to negative
from stable on the Global Scale local and foreign currency ratings
of the following eight provinces and two municipalities in
Argentina follows a similar rating action on Argentina's sovereign
bonds ratings --both in local and foreign currency- and reflects
the very close economic and financial linkages that exist between
Argentina's government and Argentine sub-sovereigns. Moody's
considers that the increased uncertainty regarding continued fiscal
consolidation needed to restore access to funding for the sovereign
and the risk of policy shifts on a federal level, that could
trigger strong market volatility and exchange rate pressures, may
pose material systemic risks for sub-sovereigns. Moreover, Moody's
negative view for the sector incorporates its expectation that for
the remainder of 2019 and 2020, sub-sovereigns will be negatively
impacted by the sovereign's economic performance, fiscal
consolidation efforts and tight monetary policy.

ISSUERS AND RATINGS AFFECTED

The outlook of the following issuers was changed to negative from
stable while affirming their current ratings:

  - Province of Buenos Aires: foreign currency senior unsecured
debt ratings affirmed at B2 (on Global Scale).

  - Province of Cordoba: foreign and local currency issuer and
foreign currency senior unsecured debt ratings affirmed at B2 (on
Global Scale).

  - Province of Mendoza: foreign and local currency issuer and
foreign currency senior unsecured debt ratings affirmed at B2 (on
Global Scale).

  - Province of Santa Fe: foreign currency issuer and foreign
currency senior unsecured debt ratings affirmed at B2 (on Global
Scale).

  - Province of Chaco: foreign currency issuer and foreign currency
senior unsecured debt ratings affirmed at B2 (on Global Scale).

  - Province of Chubut: foreign currency issuer affirmed at B3 (on
Global Scale) and foreign currency senior secured debt ratings
affirmed at B2 (on Global Scale).

  - Province of Rio Negro: foreign currency issuer and foreign
currency senior unsecured debt ratings affirmed at B2 (on Global
Scale).

  - Province of Tierra del Fuego: foreign currency issuer affirmed
at B3 (on Global Scale) and foreign currency senior secured debt
ratings affirmed at B2 (on Global Scale).

  - Municipality of Cordoba: foreign currency issuer and senior
unsecured debt ratings affirmed at B2 (on Global Scale).

  - City of Buenos Aires: foreign currency senior unsecured MTN
ratings affirmed at B2 (on Global Scale)

WHAT COULD CHANGE THE RATING UP/DOWN

Given the strong macroeconomic and financial linkages between the
Government of Argentina and Sub-sovereigns, a downgrade in
Argentina's bond ratings and/or further systemic deterioration or
idiosyncratic risks arising in the rated issuers could continue to
exert downward pressure on the ratings and could translate in to a
downgrade.

In light of the negative outlook and the challenging systemic
environment an upgrade of the ratings is unlikely. However, the
ratings could be upgraded if Argentina's bond rating is upgraded,
along with lower idiosyncratic risks from the rated issuers.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2018.

CAMUZZI GAS: Moody's Affirms B1 CFR, Alters Outlook to Negative
---------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo changed the
rating outlooks to negative and affirmed the current ratings on 10
utilities and infrastructure companies operating in Argentina. The
outlook change for the affected companies follows the revision of
Argentine government's B2 rating outlook to negative from stable on
July 12, 2019 and reflects the exposure that these companies have
to Argentina's regulations and operating environment.

Issuers and ratings included in this action are as follows:

1) Camuzzi Gas Pampeana S.A.

B1/Aa3.ar Corporate Family Rating affirmed

Outlook changed to negative from stable

2) Distribuidora De Gas Cuyana S.A.

B1/Aa3.ar Corporate Family Rating affirmed

Outlook changed to negative from stable

3) NATURGY BAN S.A.

B1/Aa3.ar Corporate Family Rating affirmed

Outlook changed to negative from stable

4) MetroGas S.A.

B1/Aa3.ar Corporate Family Rating affirmed

B1/Aa3.ar $600m Senior Unsecured EURO MTN NOTES ratings affirmed

B1/Aa3.ar Senior Unsecured MEDIUM TERM NOTES ratings affirmed

Outlook changed to negative from stable

5) Empresa Distribuidora de Electricidad Salta

B1/Aa3.ar $65m Senior Unsecured EURO MEDIUM TERM NOTES due 2021
ratings affirmed

Outlook changed to negative from stable

6) Empresa Distribuidora Norte S.A.

B1/Aa3.ar Corporate Family Rating affirmed

B1/Aa3.ar $176m Senior Unsecured GLOBAL NOTES due 2022 ratings
affirmed

Outlook changed to negative from stable

7) Empresa Provincial de Energia de Cordoba

B2/A1.ar Corporate Family Rating affirmed

B2/A1.ar $565m Senior Secured ARGENTINE BONDS and B2/A1.ar $100m
Senior Secured NOTES ratings affirmed

Outlook changed to negative from stable

8) Albanesi S.A. / Generacion Mediterranea S.A.

B2/A3.ar $336m Backed Senior Unsecured GTD GLOBAL NOTES due 2023
ratings affirmed

Outlook changed to negative from stable

9) Transportadora de Gas del Sur S.A.

B1/Aa2.ar Corporate Family Rating affirmed

Outlook changed to negative from stable

10) YPF Energia Electrica S.A.

B2/A1.ar Corporate Family Rating affirmed

B2/A1.ar $100m Senior Unsecured NOTES ratings affirmed

Outlook changed to negative from stable

RATINGS RATIONALE

The outlook revision to negative for the issuers listed mainly
reflects the negative outlook of the sovereign because all of these
companies remain subject to government regulations and local
operating environment.

Furthermore, the negative outlook for regulated concessions also
incorporates uncertainties on the future consistency of the
regulatory frameworks and the sufficiency of rates going forward.
Increased consumers' criticism, political opposition and the
upcoming elections pressured the federal government to postpone a
tariff adjustment expected for example for Edenor and TGS during
the second half of this year; therefore the negative outlook for
regulated concession reflects Moody's expectation on potential
adverse policy changes in upcoming years.

Even though the tariff increase from the RTI (integral tariff
review) for these companies was completed in early 2018 and that
the initial rise of tariffs was after that followed by semi-annual
inflation adjustments, increased consumers' criticism, political
opposition and the upcoming elections made the government to
postpone 2019's second half tariff adjustment to next year. The
negative outlook for utilities reflects Moody's view on the
potential adverse policy changes in upcoming years.

The negative outlook for power companies, including Empresa
Provincial de Energia de Cordoba (EPEC), incorporates their
exposure and reliance on the government controlled Cammesa as their
key off-taker. Its negative view on the power companies also
incorporates liquidity pressures and the challenges they face in
order to fund their expansion plans in a more difficult economic
environment.

The ratings affirmation of most of Argentina's regulated companies
at B1 reflect their relatively strong credit profiles, low or very
low leverage and adequate liquidity combined with comfortable debt
profiles.

The B2 rating affirmation in the case of power companies, including
EPEC, reflect the exposure of these companies to Cammesa (Compania
Administradora del Mercado Electrico Argentino, the Argentine
government's agency overseeing the wholesale electricity market) in
Argentina CAMMESA. Power companies also exhibit weaker credit
profiles and tighter liquidity because their high leverage and
financing needs arising from their investment programs. EPEC's
ratings also reflect the application of Moody's Joint Default
Analysis framework for Government-Related Issuers (GRI), which
takes into account the rating of the Province of Cordoba (B2/A1.ar
negative).

What Could Change the rating up/down

A further downgrade of the sovereign or evidence of a significant
negative shift in policies or regulations will likely result in
negative rating actions for Argentine infrastructure companies.
Liquidity deterioration in a more challenging operating environment
could also create negative pressure on ratings, in particular for
those companies in the power sector that show higher leverage and
face significant investment needs in the next 12 to 18 months.

Given the negative outlook, a rating upgrade is unlikely at this
time. However, a rating upgrade or outlook stabilization for
Argentina's infrastructure companies would require the
stabilization of the sovereign rating outlook.

Furthermore, any upgrade consideration for regulated utilities
would require evidence of tariff policy continuity, allowing a
timely and regular recovery of utilities' increased costs. For
power companies an upgrade of ratings would also require improved
liquidity and lower leverage. Quantitatively, Moody's would expect
debt to Ebitda ratios in the range of 2 to 3 times and ratios of
CFO to debt consistently over 15%.

The principal methodology used in these ratings was Procedures
Manual to Rate Companies and/or Securities Issued published in
January 2017.

EMPRESA DISTRIBUIDORA: Moody's Affirms B1 CFR, Outlook Now Negative
-------------------------------------------------------------------
Moody's Investors Service changed the rating outlooks to negative
from stable and affirmed the current ratings on 7 utilities and
infrastructure companies operating in Argentina. The outlook change
for the affected companies follows the revision of the Government
of Argentina's (B2 senior unsecured) outlook to negative from
stable on July 12, 2019 and reflects the exposure that these
companies have to Argentina's regulations and operating
environment.

At the same time, Moody's has downgraded Agua y Saneamientos
Argentinos S.A.'s baseline credit assessment to b3 from b2, while
affirming its B2 rating and changing the outlook to negative.

Issuers and ratings included in this action are as follows:

1) Empresa Distribuidora de Electricidad Salta

B1 Corporate Family Rating affirmed

B1 $65m Senior Unsecured EURO MEDIUM TERM NOTES due 2021 rating
affirmed

Outlook changed to negative from stable

2) Empresa Distribuidora Norte S.A.

B1 Corporate Family Rating affirmed

B1 $176m Senior Unsecured GLOBAL NOTES due 2022 rating affirmed

Outlook changed to negative from stable

3) Albanesi S.A. / Generacion Mediterranea S.A, respectively

B2 Corporate Family Rating affirmed

B2 $336m Backed Senior Unsecured GLOBAL NOTES due 2023 rating
affirmed

Outlook changed to negative from stable

4) Transportadora de Gas del Sur S.A.

B1 Corporate Family Rating affirmed

B1 $500m Senior Unsecured Notes due 2025 rating affirmed

Outlook changed to negative from stable

5) Aeropuertos Argentina 2000 S.A.

B1 Corporate Family Rating affirmed

B1 $400m Senior Secured GLOBAL NOTES due 2027 rating affirmed

Outlook changed to negative from stable

6) Agua y Saneamientos Argentinos S.A.

B2 Corporate Family Rating affirmed

B2 $500m Senior Unsecured EURONOTES due 2023 rating affirmed

Outlook changed to negative from stable

7) Genneia S.A.

B2 Corporate Family Rating affirmed

B2 $500m Senior Unsecured GLOBAL NOTES due 2022 rating affirmed

Outlook changed to negative from stable

RATINGS RATIONALE

The outlook revision to negative for the issuers listed mainly
reflects the negative outlook of the sovereign because all of these
companies remain subject to government regulations and local
operating environment.

Furthermore, the negative outlook for regulated concessions also
incorporates uncertainties on the future consistency of the
regulatory frameworks and the sufficiency of rates going forward.
Increased consumers' criticism, political opposition and the
upcoming elections pressured the federal government to postpone a
tariff adjustment expected for example for Edenor and TGS during
the second half of this year; therefore the negative outlook for
regulated concession reflects Moody's expectation on potential
adverse policy changes in upcoming years.

The negative outlook for power companies on the other hand reflects
their exposure and reliance on the government controlled Cammesa
(Compania Administradora del Mercado Electrico Argentino, the
Argentine government's agency overseeing the wholesale electricity
market) as their key off-taker. Its negative view for this sector
also incorporates liquidity pressures and the challenges these
companies face in order to fund their expansion plans in a more
difficult economic environment.

The ratings affirmation of Argentina's regulated companies at B1
reflect their relatively strong credit metrics, low leverage and
adequate liquidity combined with comfortable debt maturities'
profiles.

The B2 rating affirmation and negative outlook in the case of power
companies reflect their exposure to Cammesa. Power companies also
exhibit weaker credit profiles due to high leverage and tighter
liquidity because of the financing needs arising from their
investment programs.

The downgrade of AYSA's BCA to b3 from b2 reflects the challenges
for future tariff adjustments and the deterioration in the
company's standalone cash flows, which are insufficient to carry
out its demanding investment plan and service debt, relying instead
on its support provider, the Government of Argentina. ). AYSA's B2
rating reflects the application of Moody's joint default analysis
(JDA) framework for Government Related Issuer (GRI) , which
incorporates the following factors: i) a BCA of b3 as a measure for
the rated entity's standalone creditworthiness, ii) the B2 rating
of the Government of Argentina as the support provider, as well as
iii) Moody's estimates of a high degree of implied government
support in the case of financial distress and iv) a very high
default dependence between AYSA and the Government of Argentina.

What Could Change the rating up/down

A further downgrade of the sovereign or evidence of a significant
negative shift in policies or regulations will likely result in
negative rating actions for Argentine infrastructure companies.
Liquidity deterioration in a more challenging operating environment
could also create negative pressure on ratings, in particular for
those companies in the power sector that show higher leverage and
face significant investment needs in the next 12 to 18 months.

Given the negative outlook, a rating upgrade is unlikely at this
time. However, a rating upgrade or outlook stabilization for
Argentina's infrastructure companies would require the
stabilization of the sovereign rating outlook.

Furthermore, any upgrade consideration for regulated utilities
would require evidence of tariff policy continuity, allowing a
timely and regular recovery of utilities' increased costs. For
power companies an upgrade of ratings would also require improved
liquidity and lower leverage. Quantitatively, Moody's would expect
debt to Ebitda ratios in the range of 2 to 3 times and ratios of
CFO to debt consistently over 15%.

The principal methodology used in rating Aeropuertos Argentina 2000
S.A. was Privately Managed Airports and Related Issuers published
in September 2017. The principal methodologies used in rating Agua
y Saneamientos Argentinos S.A. were Regulated Water Utilities
published in June 2018, and Government-Related Issuers published in
June 2018. The principal methodology used in rating Albanesi S.A.,
Genneia S.A, and Generacion Mediterranea S.A was Unregulated
Utilities and Unregulated Power Companies published in May 2017.
The principal methodology used in rating Transportadora de Gas del
Sur S.A. was Natural Gas Pipelines published in July 2018. The
principal methodology used in rating Empresa Distribuidora de
Electricidad Salta and Empresa Distribuidora Norte S.A. was
Regulated Electric and Gas Utilities published in June 2017.

HOLCIM ARGENTINA: Moody's Affirms B1 CFR, Alters Outlook to Neg.
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. changed
to negative from stable the outlook for several companies operating
in Argentina. The global scale and national scale ratings were
affirmed for these companies, with the exception of Arcor S.A.I.C.,
whose national scale rating was downgraded to Aa1.ar from Aaa.ar.
The companies' outlook change follows the revision of the Argentine
government's B2 rating outlook to negative from stable on July 12,
2019.

RATINGS AFFIRMED -- OUTLOOK CHANGED TO NEGATIVE

Arcor S.A.I.C.'s global scale senior unsecured note's rating was
affirmed at Ba3.

Asociacion de Cooperativas Argentinas Coop.'s Corporate Family
Rating (CFR) and senior unsecured bank credit facility ratings were
affirmed at B1/Aa2.ar. The outlook was changed to negative from
stable.

Holcim (Argentina) S.A.'s CFR was affirmed at B1/Aa2.ar. The
outlook was changed to negative from stable.

Mirgor S.A.C.I.F.I.A.'s CFR was affirmed at B2/A2.ar. The outlook
was changed to negative from stable.

Raghsa S.A.'s national scale CFR and senior unsecured note ratings
were affirmed at A3.ar. At the same time, Moody's Investors Service
has affirmed at B2 Raghsa S.A.'s global scale CFR and senior
unsecured note's rating. The outlook was changed to negative from
stable.

Sullair Argentina S.A.'s CFR was affirmed at B2/A2.ar. The outlook
was changed to negative from stable.

Telecom Argentina S.A.'s CFR was affirmed at B1/Aa2.ar and the
senior unsecured note national scale rating was affirmed at Aa2.ar.
At the same time, Moody's Investors Service has affirmed at B1
Telecom Argentina S.A.'s global scale senior unsecured note's
rating. The outlook was changed to negative from stable.

YPF Sociedad Anonima's issuer rating and senior unsecured bank
credit facility ratings were affirmed at B2/A1.ar. At the same
time, Moody's Investors Service has affirmed at B2 the company's
global scale senior unsecured note's rating and at (P)B2 the rating
of the medium-term notes program and changed the outlook to
negative from stable.

RATINGS DOWNGRADED -- OUTLOOK CHANGED TO NEGATIVE

Arcor S.A.I.C.'s national scale senior unsecured notes' were
downgraded to Aa1.ar from Aaa.ar. At the same time, Moody's
Investors Service has affirmed the company's CFR and senior
unsecured global bonds' ratings at Ba3 in the global scale. The
outlook was changed to negative from stable.

RATINGS RATIONALE

The change in ratings' outlook to negative from stable for these
companies follows the change in outlook to negative from stable of
the Government of Argentina's B2 ratings on July 12th, 2019.
Moody's Investors Service's decision to change the outlook to
negative for Argentina's B2 ratings reflected mainly (1) increased
uncertainty regarding continued fiscal consolidation needed to
restore reliable access to international capital markets and reduce
the potential for currency shocks; and (2) the risk of policy
shifts triggering strong market volatility, either before or after
the upcoming national elections, causing exchange rate pressures
that would further stress Argentina's credit metrics. In addition,
the B2 Government rating affirmation balanced a rising debt burden
and a history of economic volatility with comparatively high
economic development and support from the International Monetary
Fund.

The downgrade of Arcor S.A.I.C.'s national scale ratings to Aa1.ar
from Aaa.ar is based on the deterioration of the company's overall
credit profile. In particular, leverage metrics rose to 4.2x
adjusted debt to Ebitda as of fiscal-year ended December 2018, from
3.7x as in fiscal-year 2017, as a result of the restatement of
financial statements for 2018 and 2017 in accordance with the
accounting rule IAS 29 for hyperinflationary economies, the sharp
Argentine peso depreciation in 2018 and the company's high portion
of US dollar denominated debt. In addition, the company's liquidity
profile was also negatively affected by currency depreciation, with
cash to short term debt lowering to 44% as of December 2018, from
63% in 2017.

The negative outlook for the affected companies reflect Moody's
view that the creditworthiness of these companies cannot be
completely de-linked from the credit quality of the Argentine
government, and thus their ratings need to closely reflect the risk
that they share with the sovereign. Moody's believes that a weaker
sovereign has the potential to create a ratings drag on companies
operating within its borders, and therefore it is appropriate to
limit the extent to which these issuers can be rated higher than
the sovereign.

The principal methodology used in these ratings was Procedures
Manual to Rate Companies and/or Securities Issued published in
January 2019.

LA SEGUNDA: Moody's Affirms B1 IFS Rating, Alters Outlook to Neg.
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.,
affirmed the global local currency and national scale insurance
financial strength ratings of 13 insurers and 6 financial
guarantors in Argentina. The outlook of the 19 entities' GLC IFS
ratings was changed to negative from stable, whereas the outlook of
their corresponding NS IFS ratings remains stable.

This portfolio-wide rating action on the Argentine insurers follows
Moody's Investors Service's outlook change to negative from stable
on Argentina's B2 sovereign bond ratings.

RATINGS RATIONALE

Moody's said that the negative outlook on the 19 entities' GLC IFS
ratings considers that a potential downgrade of the Argentine
sovereign rating would exert downward pressure on the companies'
credit profiles -and consequently rating downgrades- reflecting
Moody's assessment of a high correlation between their credit
profiles and that of the sovereign. Such correlation takes into
account the degree to which the companies' businesses depend on the
domestic macroeconomic and financial environment -exacerbated by
their lack of cross border diversification-; and their direct and
indirect exposures to the sovereign, which weighs on their asset
quality, capital adequacy and financial flexibility profiles.

Moody's went on to say that all the companies' NS IFS rating
outlooks remain stable, because their creditworthiness relative to
other Argentine issuers will likely remain unchanged in the event
of a sovereign bond rating downgrade.

The following 19 entities' GLC/NSR IFS ratings have been affirmed.
The outlooks of their GLC IFS ratings were changed to negative from
stable, whereas the outlooks of their NS IFS ratings remain
stable:

Insurers:

  - Allianz Argentina Compania de Seguros S.A.: Ba2/Aaa.ar

  - BBVA Consolidar Seguros: Ba2/Aaa.ar

  - Caja de Seguros S.A.: Ba3/Aaa.ar

  - Chubb Seguros Argentina S.A.: Ba2/Aaa.ar

  - Fianzas y Credito S.A. Cia. de Seguros: B2/A2.ar

  - La Segunda ART: B1/Aa2.ar

  - La Segunda Compania de Personas S.A.: B1/Aa2.ar

  - La Segunda Coop. Ltda Seguros: B1/Aa2.ar

  - Origenes Seguros S.A.: B1/Aa3.ar

  - Provincia Seguros: B2/A1.ar

  - QBE Seguros La Buenos Aires S.A.: Ba2/Aaa.ar

  - San Cristobal Seguros Generales: B1/Aa2.ar

  - Seguros Sura S.A. (Argentina): Ba3/Aa1.ar

Financial guarantors:

  - Affidavit S.G.R.: B2/A2.ar

  - Aval Rural S.G.R.: B1/Aa3.ar

  - Fondo de Garantias del Chaco (FOGACH): B2/A3.ar

  - Garantias BIND SGR: B1/Aa3.ar

  - Integra Pymes S.G.R.: B2/A3.ar

  - Vinculos SGR: B2/A3.ar

Among the factors that could lead to a rating downgrade for the 13
insurers and 6 financial guarantors with negative outlooks are: 1)
a downgrade of the Argentine sovereign bond rating, 2)
deterioration in the country's operating environment, and 3)
deterioration in companies' asset quality, profitability or in
their capital adequacy. Given the negative outlook on the
companies' GLC IFS ratings, a rating upgrade is unlikely. That
said, the following factors may prompt an outlook change back to
stable: 1) a change of Argentina's sovereign outlook back to stable
from negative, 2) an improvement in the country's insurance
operating environment, and 3) an improvement in companies' asset
quality, profitability or in their capital adequacy.

The principal methodology used in rating ALLIANZ Argentina Compania
de Seguros S.A., BBVA Consolidar Seguros, Caja de Seguros S.A.,
Chubb Seguros Argentina S.A., Fianzas y Credito S.A. Cia. de
Seguros, La Segunda ART, La Segunda Coop. Ltda Seguros, Provincia
Seguros, QBE Seguros La Buenos Aires S.A., San Cristobal Seguros
Generales, Seguros Sura S.A. (Argentina), La Segunda Compania de
Personas S.A. and Origenes Seguros S.A. was Procedures Manual for
Insurance Companies published in January 2017. The principal
methodology used in rating Affidavit S.G.R., Aval Rural S.G.R.,
Fondo de Garantias del Chaco (FOGACH), Garantias BIND SGR, Integra
Pymes S.G.R., and Vinculos SGR was Procedures Manual for the Rating
of Guarantor Entities published in January 2017.



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

CORNERSTONE VALVE: Cameron Objects to Disclosure Statement
----------------------------------------------------------
Cameron International Corporation, A Schlumberger Company, objects
to the Combined Plan and Disclosure Statement of Cornerstone Valve
LLC.

Cameron points out that the Disclosure Statement fails to contain
certain information which is relevant to a decision by creditors of
the Debtor in determining whether to vote for acceptance or
rejection of the Debtor's Combined Plan and Disclosure Statement
and therefore fails to comply with the provisions of 11 U.S.C.
Section 1125.

Cameron asserts that the Disclosure Statement does not provide
information as to whether the sale of the unnamed property by Gupta
Management will provide payment to Bancorp South for any amount of
the over secured creditor in Class 1 of the Plan.

According to Cameron, the Disclosure Statement does not contemplate
avoidable transactions and causes of action against insider Nitesh
Gupta for withdrawals and distributions from the Debtors.

Cameron complains that the Disclosure Statement does not contain
sufficient information regarding the upcoming orders that the
Debtors anticipate to be produced and the projection of the income
from such orders to fund the plan for the next five years.

A full-text copy of the Plan is available at
https://tinyurl.com/y2qxnpve from Pacermonitor.com at no charge.

Attorneys for Cameron:

     Maria M. Bartlett, Esq.
     Carl Dore, Jr., Esq.
     DORE LAW GROUP, P.C.
     17171 Park Row, Suite 160
     Houston, TX 77084
     Tel: (281) 829-1555
     Fax: (281) 200-0751
     Email: mbartlett@dorelawgroup.net
            carl@dorelawgroup.net

                    About Cornerstone Valve and
                        Well Head Component

Cornerstone Valve LLC -- http://www.cornerstonevalue.com/-- is a
manufacturer of fabricated metal products.  Well Head Component,
Inc., which conducts business under the name Avsco, provides supply
chain and project management services.  It offers engineering,
designing, and manufacturing services, as well as modification and
logistics services.  Well Head is an international OEM
representative and distributor of industrial products for the most
requested brands used by energy markets.  

Headquartered in Houston, Texas, Well Head has an in-country
presence in Nigeria, Libya, UAE and most recently in Brazil and
Italy.

Cornerstone Valve and Well Head sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Tex. Case Nos. 19-30869 and
19-30870) on Feb. 15, 2019.  At the time of the filing, Cornerstone
Valve estimated assets and liabilities of between $1 million and
$10 million.  Well Head estimated assets of between $1 million and
$10 million and liabilities of less than $1 million.  The cases are
assigned to Judge Marvin Isgur.  Sartaj Bal, PC, is the Debtors'
bankruptcy counsel.



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

DOMINICAN REPUBLIC: Push to Amend Constitution Bad for Investment
-----------------------------------------------------------------
Dominican Today reports that analysts believe that moving forward
with the constitutional amendment could have negative consequences
for investments, especially after US Secretary of State, Mike
Pompeo's phone call to president Danilo Medina in which he urged to
preserve the institutionalism and the Rule of Law.

International relations expert, Giovanni Baez, affirms that the
possible constitutional reform--which would open the possibility to
Medina's third consecutive term--so close to the elections stokes
the infighting in the ruling party (PLD), which has drawn attention
not only in the country, but also among foreign investors,
according to Dominican Today.

"The outcome of these conjunctures will focus attention on the
electoral process and, as a consequence, will keep the potential
foreign investments low until the end of the electoral process,"
said Baez, the report notes.

The economist Henri Hebrard goes further: while acknowledging that
the decision belongs only to the Dominican Republic, believes that
moving forward with the constitutional amendment could lead the
United States to include the country in the list of troubled
nations for investors, "and that, eventually, may affect new
investments. You have to view it carefully," says the report.

                          About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.

The Troubled Company Reporter-Latin America reported on April 4,
2019 that the Dominican Today related that Juan Del Rosario of the
UASD Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB- with
stable outlook (2016).



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

JAMAICA: Consumer Prices Dip in June
------------------------------------
RJR News reports that consumer prices dipped in June as increases
in food prices were offset by lower costs for gas and electricity.

It was the first decline in prices since January, according to RJR
News.

June's inflation outturn was -0.01 per cent, the report notes.

The report relays that it brought inflation for the last 12 months
to 4.2 per cent.

                          About Jamaica

Jamaica is an island country situated in the Caribbean Sea. It is
the fourth largest country in the Caribbean.

Standard & Poor's credit rating for Jamaica stands at B with
positive outlook. Moody's credit rating for Jamaica was last set at
B3 with positive outlook. Fitch's credit rating for Jamaica was
last reported at B+ with stable outlook.

As reported in the Troubled Company Reporter-Latin America on June
27, 2019, RJR News said that Steven Gooden, Chief Executive Officer
of NCB Capital Markets, is warning that the increasing liquidity in
the Jamaican 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.



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

PETROLEOS MEXICANOS: Mexico Plans Cut in Tax Rate to Bolster Firm
-----------------------------------------------------------------
The Latin American Herald reports that the federal government
presented a new business plan for Petroleos Mexicanos (Pemex) that
calls for an 11 percent cut in the state-owned company's tax rate
and huge investments to bolster the energy giant, which has been
plagued by a decline in oil production and refining, and has a
debt-laden balance sheet.

"The company is dealing with three structural problems--a high tax
rate, debt and low investment. This trapped Pemex in a vicious
cycle," Pemex Chief Executive Officer Octavio Romero said,
according to The Latin American Herald.

Romero discussed the 2019-2023 Business Plan, which was approved by
the Pemex board of directors, the report notes.

Pemex's board includes representatives of the Finance Secretariat,
Economy Secretariat, Energy Secretariat, Environment and Natural
Resources Secretariat and independent directors, Romero said, the
report relays.

"The plan outlines a new strategic vision for the company. In both
the energy and economic areas," the Pemex CEO said, the report
notes.

The report discloses that Romero noted that Pemex's oil production
dropped from 3.37 million barrels per day (bpd) to 1.82 million bpd
over the past 14 years.

In the refining area, the Pemex CEO said, "limited maintenance" and
investment caused refining volume to drop from 1.29 million bpd in
2012 to 507,000 bpd, the report relays.

This situation, combined with a high tax burden, caused Pemex's
debt to balloon to MXN2.1 trillion (about $110.7 billion), the
report notes.

The report says that Romero said the new business strategy was
aimed at turning around the struggling oil company.

As a first step, Romero said the government approved a lower
royalty rate, putting MXN30 billion (some $1.58 billion) into the
company's coffers, the report discloses.

Starting in 2020, Pemex's "elevated" tax burden would be reduced
under a proposal included in the Hydrocarbons Revenue Law, Romero
said, the report says.

The state-owned company's tax rate would drop from 65 percent to 58
percent in 2020, and to 54 percent the following year if the
proposal goes through, the report relays.

The federal government also plans to increase Pemex's capital
investment appropriations, the CEO said, adding that the funds
would be used to a large extent to build the Dos Bocas refinery in
the southeastern state of Tabasco, the report notes.

In 2020, for example, Pemex will have a capital investment budget
of MXN347 billion (about $18.29 billion), the report says.

Some MXN66 billion (about $3.48 billion) will come from federal
government appropriations, while MXN45 billion (some $2.37 billion)
will be generated by the lower tax rate, the report relays.

Pemex is also projected to generate some MXN14 billion (about $734
million) from private investors under the CSIEEs program, the
report notes.

"All of the above will allow Pemex to have the resources to invest
in petroleum production and in recovering refinery capacity,"
Romero said, the report says.

The government will be assisting the state-owned oil company during
the first three years of the current administration so that "in the
second half (of President Andres Manuel Lopez Obrador's six-year
term), Pemex will be the one supporting the federal government,
financing development," Romero said, the report adds.

Mexico's state oil company Pemex is engaged in the exploration,
production, transportation, refining, storage and sale of
hydrocarbons and derivatives.

As reported in the Troubled Company Reporter-Latin America on
June 13, 2019, Petroleos Mexicanos filed with the U.S. Securities
and Exchange Commission its annual report on Form 20-F, disclosing
a net loss of MXN180,419,837,000 on MXN1,681,119,150,000 of total
sales for the year ended Dec. 31, 2018, compared to a net loss of
MXN280,850,619,000 on MXN1,397,029,719,000 of total sales for the
year ended in 2017.



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

EMPRESAS CARRION: Oriental Bank Objects to Disclosure Statement
---------------------------------------------------------------
Oriental Bank objects to the confirmation of the Plan of
Reorganization and adequacy of the Disclosure Statement filed by
Empresas Carrion Allende, Inc.

Oriental complains that the proposed amount to be paid does not
cover the amount that was lent to the Debtor and it constitutes a
considerable reduction of the debt without a base for
justification.

Oriental points out that the Debtor does not have the necessary use
permits to operate the commercial properties.

According to Oriental, the Debtor then attempts to restructure the
repayment of the secured loan, but fails to reaffirm the mortgages
and collateral, attempting to release the properties after it
complies with the plan provisions.

Oriental asserts that the Disclosure Statement does not provide any
information whatsoever as to the Debtor's liquidity or financial
capacity to make the required capital contributions and investments
within the time frame contemplated in the Plan.

Counsel for Oriental Bank:

     Cristina A. Fernandez Rodriguez, Esq.
     MCD LAW LLC
     PO BOX 191732
     SAN JUAN PR 00919-1732
     Tel: (787) 200-7876
     Email: caf@mcdlawllc.com

                About Empresas Carrion Allende

Empresas Carrion Allende, Inc., operates a grocery store in
Arecibo, Puerto, Rico.

Empresas Carrion Allende filed its petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 18-07111)
on Dec. 6, 2018.  In the petition was signed by Sandra I. Carrion
Montalvo, president, the Debtor estimated $1 million to $10 million
in both assets and liabilities.  The case is assigned to the Hon.
Mildred Caban Flores.  Francisco J. Ramos Gonzalez, Esq. at
Francisco J. Ramos & Asociados CSP, led by Francisco J. Ramos
Gonzalez, is the Debtor's counsel.

PUERTO RICO: Governor Vows to Remain in Office After Protests
-------------------------------------------------------------
Reuters reports that Puerto Rico Governor Ricardo Rossello said he
will stay in office despite protests calling for his resignation
that turned violent overnight.

A peaceful demonstration that drew thousands to the streets of San
Juan turned hostile in the evening when protesters and police
clashed, injuring 21 law enforcement agents, officials said,
according to Reuters.  The unrest was cited by a cruise ship
company for its decision to cancel a scheduled stop by one of its
vessels in the island's capital city, the report notes.

The political turmoil comes at a critical stage in the U.S.
commonwealth's historic bankruptcy and as its officials seek
billions of dollars in funding from the federal government for
healthcare and for recovery efforts following devastating
hurricanes in 2017, the report relays.

Reuters notes that protests against Rossello were sparked by leaked
controversial and vulgar text messages between the governor and his
closest allies and by a federal probe into government corruption on
the island.

The Trump administration, which has tangled with Rossello in the
past, said the events "prove the president's concerns about
mismanagement, politicization, and corruption have been valid,"
according to a statement by White House spokesman Judd Deere, the
report relays.

The report recalls that Rossello, who took office in 2017, said he
respected the right to protest peacefully and vowed to bring
greater transparency and accountability to his government.

"My commitment is to keep on working and to make sure that services
and the transformations that we've embarked in Puerto Rico
continue," the governor told a news conference, the report notes.

He added he is in the process of replacing Christian Sobrino, the
island's chief financial officer and Rossello's representative on
Puerto Rico's federally created financial oversight board, and
Secretary of State Luis Rivera Martin, the government's second in
command, the report says.

The two men, who had participated in the governor's group chat,
resigned following the release by Puerto Rico journalist group
Centro de Periodismo Investigativo of 889 pages of text messages,
showing how Rossello and his closest advisers exchanged memes,
comments that were derogatory, misogynistic and homophobic, as well
as privileged information in a Telegram group chat, the report
relays.

Rossello said he did not commit anything that could be considered
illegal or unethical in the chat, but rather "improper" acts, the
report notes.

The protests were also sparked by U.S. authorities' announcement of
a federal indictment involving six people, including two former
high-ranking Puerto Rico government officials, charged with
conspiracy and other crimes in connection with millions of dollars
in federal Medicaid and education funds, the report relays.

Rossello said he welcomed greater federal oversight tied to federal
dollars as long as it does not slow down the process, the report
notes.

"That should not be a cover for delaying federal funding," he said,
notes the report.

Meanwhile, a spokesman for Royal Caribbean Cruises Ltd said its
Empress of the Seas ship was rerouted to Tortola in the British
Virgin Islands "in light of current unrest in San Juan," the report
relays.

Puerto Rico filed a form of bankruptcy in 2017 to restructure about
$120 billion of debt and pension obligations, the report recalls.
Its oversight board is expected to soon unveil a proposed plan of
adjustment for the island's core government debt, the report adds.

                      About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70 billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of the
last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets Inc.
is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                    Bondholders' Attorneys

Kramer Levin Naftalis & Frankel LLP and Toro, Colon, Mullet, Rivera
& Sifre, P.S.C. and serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc., and
the First Puerto Rico Family of Funds, which collectively hold over
$4.4 billion of GO Bonds, COFINA Bonds, and other bonds issued by
Puerto Rico and other instrumentalities.

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP, Autonomy
Capital (Jersey) LP, FCO Advisors LP, and Monarch Alternative
Capital LP.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ Management
II LP (the QTCB Noteholder Group).

                          Committees

The U.S. Trustee formed an official committee of retirees and an
official committee of unsecured creditors of the Commonwealth.  The
Retiree Committee tapped Jenner & Block LLP and Bennazar, Garcia &
Milian, C.S.P., as its attorneys.  The Creditors Committee tapped
Paul Hastings LLP and O'Neill & Gilmore LLC as counsel.

SOLUTIONS BY DESIGN: Aug. 14 Plan Confirmation Hearing Set
----------------------------------------------------------
The Disclosure Statement explaining the Chapter 11 small business
plan of reorganization of Solutions By Design Inc., is
conditionally approved.  A hearing for the consideration of the
final approval of the Disclosure Statement and the confirmation of
the Plan and of such objections as may be made to either will be
held on August 14, 2019 at 2:00 PM at the U.S. Bankruptcy Court,
U.S. Post Office and Courthouse Building, 300 Recinto Sur,
Courtroom No. 1, Second Floor, San Juan, Puerto Rico.

Any objection to the final approval of the Disclosure Statement
and/or the confirmation of the Plan will be filed and served on/or
before ten (10) days prior to the date of the hearing on
confirmation of the Plan.

A full-text copy of the Disclosure Statement is available at
https://tinyurl.com/yxtv86js from PacerMonitor.com at no charge.

                 About Solutions By Design

Solutions By Design Inc., filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 18-06886) on Nov. 28, 2018, disclosing
under $1 million in assets and liabilities.  The case has been
assigned to Judge Brian K. Tester.  The Debtor is represented by
Nilda M. Gonzalez Cordero, Esq., at Gonzalez Cordero Law Offices.



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

VENEZUELA: Debts to China, Russia to Be Restructured, Says Advisor
------------------------------------------------------------------
Luc Cohen at Reuters reports that loans to Venezuela from President
Nicolas Maduro's allies Russia and China would be renegotiated
though the Paris Club if Maduro leaves power, an advisor to the
opposition said, responding to concerns about favorable treatment
for the two countries.

Ricardo Hausmann, who represents opposition leader Juan Guaido at
the Inter-American Development Bank (IADB), said Guaido's team has
not determined how loans might be restructured under its governance
because bilateral debt talks typically take place under the
auspices of the Paris Club creditor group, according to Reuters.

"It is not as if the chapter on bilateral debt says we are going to
treat it differently.  It is treated differently in international
practice through the Paris Club," said Mr. Hausmann, a Harvard
economics professor and former planning minister, at the IADB's
annual meeting in Guayaquil, Ecuador, the report notes. "We have
not come out with any specific guidelines on the treatment of
bilateral debt for that reason."

Earlier this month, Guaido's advisers published a plan pledging
equal treatment for creditors during an eventual restructuring
process of Venezuela's $200 billion in debt if Maduro leaves power,
the report says.  Maduro has overseen a collapse in the OPEC
nation's economy, the report relays.

Reuters relates that the document carved out some exceptions,
including for the billions of dollars in loans from Russia and
China, which drew criticism from a group of bondholders known as
the Venezuela Creditors Committee, who said the "burden" should be
shared equally between public and private creditors.

Guaido, who heads the opposition-controlled National Assembly, in
January invoked the constitution to assume an interim presidency
and challenge Maduro to step down, arguing his 2018 re-election was
illegitimate, the report relays.

Most Western countries and some multilateral organizations,
including the IADB, recognize him as Venezuela's rightful leader,
the report notes.

But Maduro, who calls Guaido a U.S.-backed puppet seeking to oust
him in a coup, has retained control of the military and state
institutions. China, Russia and Cuba continue to recognize him as
president, the report discloses.

An internal document obtained by Reuters showed that U.S. President
Donald Trump's administration plans to divert more than $40 million
originally intended as humanitarian aid for Central America to
support the opposition in Venezuela, the report relates.

Hausmann said he had no knowledge of the reported plans, the report
notes.

"It would surprise me if it were true," Hausmann said, the report
adds.

                        About Venezuela

Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South America, consisting of a
continental landmass and a large number of small islands and islets
in the Caribbean sea.  The capital is the city of Caracas.

Hugo Chavez was president to Venezuela from 1999 to 2013.  The
Chavez presidency was plagued with challenges, which included a
2002 coup d'etat, a 2002 national strike and a 2004 recall
referendum.  Nicolas Maduro was elected president in 2013 after the
death of Chavez.  Maduro won a second term at the May 2018
Venezuela elections, but this result has been challenged by
countries including Argentina, Chile, Colombia, Brazil, Canada,
Germany, France and the United States who deemed it fraudulent and
moved to recognize Juan Guaido as president.

The presidencies of Chavez and Maduro have challenged Venezuela
with a socioeconomic and political crisis.  It is marked by
hyperinflation, climbing hunger, poverty, disease, crime and death
rates, social unrest, corruption and emigration from the country.

Standard and Poor's long- and short-term foreign currency sovereign
credit ratings for Venezuela stands at 'SD/D' (November 2017).
S&P's local currency sovereign credit ratings on the other hand are
'CCC-/C'. The May 2018 outlook on the long-term local currency
sovereign credit rating is negative, reflecting S&P's view that the
sovereign could miss a payment on its outstanding local currency
debt obligations or advance a distressed debt exchange operation,
equivalent to default.

Moody's credit rating (long term foreign and domestic issuer
ratings) for Venezuela was last set at C with stable outlook (March
2018).

Fitch's long term issuer default rating for Venezuela was last set
at RD (2017) and country ceiling was CC. Fitch, on June 27, 2019,
affirmed then withdrew the ratings due to the imposition of U.S.
sanctions on Venezuela.



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

LATAM: US-China Trade War Threatens Economic Growth in Region
-------------------------------------------------------------
The Latin America Herald reports that the already flagging
economies of Latin America could be hurt by the ongoing trade war
between the United States and China, the chief economist of the
Inter-American Development Bank (IDB) said.

Eric Parrado told a press conference in Guayaquil that the IDB has
reduced its forecast for growth in the region this year from 1.4
percent to 1.1 percent, due mainly to signs of weakness in the
largest Latin American economies: Brazil and Mexico, according to
The Latin America Herald.

But "external shocks," such as the US-China dispute, "could (also)
have a significant impact of reducing growth in Latin America and
the Caribbean," he said during the 2019 Annual Meeting of the IDB
Board of Governors, the report notes.

Because production chains are no longer contained within individual
nations, bilateral trade conflicts can spill over onto third
countries, Mr. Parrado said, the report relays.

"There are value chains in many countries in which each country
contributes in some way, and growth can be hurt," the IDB economist
said, the report notes.

Another potential source of trouble is a global fall in asset
prices that could push regional growth rates into negative
territory in 2020, he said, the report discloses.

The report relays that regarding Latin America's ability to
withstand a major external shock, he described the current
situation as a "little weaker" than that ahead of the 2008
international financial crisis, as the region's governments have
less room to adjust fiscal and monetary policies.

"We don't have all the resiliency we should have to face these
kinds of vulnerabilities," the report quoted Mr. Parrado as
saying.

The "only positive aspect" is that Latin American and Caribbean
central banks are "in a better position" in terms of the liquidity
of their international reserves than they were before the 2008
crash, he said, the report notes.

"Obviously, that is good news, but it does not suffice to
compensate for the other macroeconomic variables, above all, those
related with the fiscal ambit," the economist said, the report
relays.

In trying to explain the difference between growth rates in Latin
America with those of the most dynamic Asian economies, the IDB
emphasizes higher levels of investment and productivity in Asia,
the report notes.

On average, annual investment in Asian nations is roughly equal to
25 percent of gross domestic product (GDP), compared with around 12
percent of GDP in Latin America, which Parrado said falls far short
of meeting the region's "development needs," the report says.

The IDB urges Latin American governments to establish national
infrastructure funds that are focused on long-term goals and
insulated from changes in administration, the report adds.


                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2019.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


                  * * * End of Transmission * * *