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

          Monday, August 5, 2019, Vol. 20, No. 155

                           Headlines



B O L I V I A

TRILOGY INTERNATIONAL: Fitch Affirms B- LT IDR, Outlook Stable


B R A Z I L

AGENCIA DE FOMENTO: Fitch Affirms LT IDR at 'C'
BANCO DE BRASILIA: Fitch Keeps Rating Watch Neg. on 'BB-' LT IDR
BANCO DO ESTADO: Fitch Ups LT IDRs to 'BB-'; Outlook Stable
BANCO REGIONAL: Fitch Affirms BB- LT IDRs, Outlook Stable
BANESTES SA: Fitch Affirms BB- LT IDR; Stable Outlook

BR MALLS: Sells Seven of its Units for R$696 Million
BRAZIL: Factory Closings in Sao Paulo Highest in a Decade
ZIM CORPORATION: MNP LLP Raises Going Concern Doubt


E C U A D O R

GUAYAQUIL MERCHANT: Fitch to Rate $175MM 2019-1 Notes 'BB-(EXP)'


E L   S A L V A D O R

EL SALVADOR: Fitch Rates US$1,097MM Notes 'B-'


J A M A I C A

JAMAICA: Ready to Exit IMF Arrangement


V E N E Z U E L A

VENEZUELA: Gov't. Holds Talks with Opposition in Barbados
VENEZUELA: U.S. Pres. Trump Losing Patience With Maduro


X X X X X X X X

[*] BOND PRICING: For the Week July 29 to August 2, 2019

                           - - - - -


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B O L I V I A
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TRILOGY INTERNATIONAL: Fitch Affirms B- LT IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed all of Trilogy International Partners,
LLC's ratings, including the 'B-' Issuer Default Rating. The Rating
Outlook is Stable.

Trilogy's rating reflects its small scale, challenger brand
strategy, low profitability and limited financial flexibility with
material exposure to the higher risk operational environment in
Bolivia (BB-/Negative). Fitch expects NuevaTel PCS de Bolivia, S.A
operations will remain challenged as profitability has materially
deteriorated due to an intense competitive environment that
increased churn and repriced the base. Subscriber growth and
operating momentum is expected to continue for Two Degrees Mobile
Limited (2degrees) in New Zealand (AA/Stable) that should support
revenue and EBITDA expansion over the rating horizon.

Fitch views the Bolivian tower monetization and subsequent
sale-leaseback as positive to Trilogy's credit profile with net
proceeds bolstering overall liquidity position. Consequently, the
added liquidity along with Trilogy's intercompany loan structure
should enable the company to have sufficient liquidity for holding
company (HoldCo) debt servicing costs over the rating horizon.

KEY RATING DRIVERS

Continued NZ Growth Expected: Further traction on improving
operational momentum has continued during the past several quarters
for 2degrees and resulted in postpaid churn declining close to
historical levels, increased postpaid subscribers and expanded
EBITDA margins. Slight ARPU pressure is expected from family plans
that have gained acceptance and should drive long-term churn
benefits. Improved execution around sales strategy with bundling
broadband packages which is a lower cost acquisition channel
combined with cost efficiency initiatives should help support solid
EBITDA growth prospects.

Bolivian Operations Challenged: The intense competitive environment
in Bolivia, which was further affected by the introduction of
mobile number portability in the latter half of 2018, has resulted
in material erosion to NuevaTel's EBITDA. Expectations for EBITDA
in 2019 are for roughly USD40 million, which compares to USD66
million in 2018 and USD92 million in 2015. Various strategic
alternatives for NuevaTel remain under consideration following the
appointment of a new CEO and the tower sale in February 2019. An
advisory firm was also brought in to assist the evaluation of
revenue enhancement and operating efficiency initiatives. Fitch
believes these actions should help support stabilization of EBITDA
going forward.

Operating Company Reliance: Trilogy is dependent upon
distributions, including dividends, inter-company debt servicing
payments and management fees from its two operating companies
(OpCos) to service notes at the HoldCo level. Cash leakage on
upstreaming dividends occurs due to taxes and minority interests at
both OpCos. Distributions are subject to foreign exchange risk,
given the U.S. dollar-denominated HoldCo debt structure and local
currency EBITDA generation.

Fitch expects growing cash distributions from 2degrees over the
rating horizon to support cash requirements at the HoldCo level. A
shareholder loan of USD24 million provides a shorter-term path
during the next 12 months to upstream cash with no cash leakage.
While 2degrees has not paid dividends to Trilogy in the past, Fitch
expects dividend payments to Trilogy will begin in 2020 given the
growing cash flows within the New Zealand operations.

Fitch expects Trilogy will upstream a portion of excess cash
created from the Bolivian tower sale-leaseback transaction.
Additional dividends are not expected from NuevaTel for the
foreseeable future given the deterioration in operating cash flow.
NuevaTel was historically a dividend contributor and paid
approximately USD278 million in dividends since 2008.

Capital Structure Stable: Both 2degrees and NuevaTel executed on
financing initiatives during 2018 that when combined with the
proceeds of the tower sale-leaseback have improved financial
flexibility and provided stability within the capital structure.
Fitch expects 2degrees will take steps during the next year before
the senior facilities agreement becomes current (July 2021
maturity) to negotiate a longer dated debt agreement. In Bolivia,
Fitch expects debt levels will remain relatively constant to
potentially increasing despite amortization requirements in the
USD6 million to USD10 million range during the next three years.

Low 5x Leverage Expected: Trilogy had core telecommunications
leverage (adjusted debt/EBITDAR) of approximately 4.1x at the end
of the first quarter 2019, adjusted for handset-related financial
services operations and minority dividend distributions. Fitch
expects leverage will increase to the low 5x range due to increased
rental expense and the deterioration in NuevaTel's EBITDA. To
determine core telecom leverage, Fitch applied a 1:1 debt/equity
ratio to the company's equipment installment plan device
receivables.

Recovery: The recovery analysis assumes Trilogy would be considered
a going concern in a bankruptcy and the company would be
reorganized rather than liquidated. Fitch assumed a 10%
administrative claim.

The Recovery Rating (RR) considers the structural subordination to
the local operating subsidiaries' debt. Fitch believes the recovery
analysis for Trilogy is best performed using a "sum of the parts"
approach, where a waterfall analysis for recovery is performed
individually for each operating subsidiary and rolled up to the
parent level. Consequently, Fitch determined a going-concern EBITDA
for each operating subsidiary. The recovery also takes into account
the minority stakes at each operating subsidiary and assigns a
proportionate EBITDA to Trilogy. Fitch's recovery analysis includes
an additional discount related to the withholding tax the company
is subject to in Bolivia of 12.5% and New Zealand of 7.5%.

The going concern EBITDA, which assumes both depletion of the
current position to reflect the distress that provoked a default
and a level of corrective action Fitch assumes either would have
occurred during restructuring, or would be priced into a purchase
price by potential bidders. The recovery analysis reflects a
scenario, in which EBITDA declines as a result of a continued
erosion of the subscriber base in both Bolivia and New Zealand.
This is due to aggressive price discounting by the larger,
financially stronger competitors that causes a repricing of the
subscriber bases and additional challenges for Bolivia, which could
be due to a combination of country risk factors including
political, social, economic and legal.

In the Bolivian operations, the going concern EBITDA of
approximately USD40 million assumes an approximate 37% decline to
NuevaTel's LTM EBITDA as of March 31, 2019. This is in-line with
expectations for 2019 of roughly USD40 million, which Fitch views
as a trough level EBITDA. For the New Zealand operations, the going
concern EBITDA of USD73 million for 2degrees is an increase from
the previous analysis and represents an approximate 25% decline to
the LTM EBITDA. The increase in going concern EBITDA reflects
2degrees current position in the New Zealand wireless market,
improved operating momentum and the level of required sustainable
cash flow to support required investments for network
infrastructure and the expected spectrum payments to maintain its
competitive position.

Fitch assigned a multiple of 5.0x to NuevaTel based on a range of
multiples used for similar companies using near-proxy sectors in
the Latin American region. New Zealand's multiple of 6.5x reflects
the better overall operating fundamentals than Bolivia. This
includes market position, growth prospects and the country's better
ranking, in creditor friendly policies, and general enforceability.
The multiples compare with the 5.5x median Technology, Media and
Telecommunications (TMT) emergence enterprise value (EV)/forward
EBITDA multiple and the median 6.1x cross-sector multiple.

Fitch uses a recovery cap based on an analysis weighted by the
economic value realized from Trilogy's existing markets of
operation in Bolivia and New Zealand per Fitch's Country-Specific
Treatment of Recovery Ratings Criteria. The criteria limits the
upward notching of issue ratings from Issuer Default Ratings to
reflect recovery expectations for entities based on the effect of
country-specific factors. The criterion provides a cap of 'RR4' on
Bolivia and 'RR2' on New Zealand based on country groupings leading
to a combined weighted cap of 'RR3', thus constraining the RR for
the senior secured notes to 'RR3'.

The assumptions result in a recovery rate for the senior secured
notes at Trilogy within the 'RR3' range to generate a one-notch
uplift to the debt rating from the IDR.

DERIVATION SUMMARY

Trilogy International Partners LLC's rating reflects its small
scale, material exposure to the higher risk operational environment
in Bolivia, challenger brand strategy, low profitability and
limited financial flexibility. Two Degrees Mobile Limited
(2degrees) in New Zealand and NuevaTel PCS de Bolivia, S.A. in
Bolivia compete against much larger peers in three-competitor
markets. The companies maintain approximately 24% and 23% market
share respectively with substantial exposure in both markets to
lower-valued prepaid subscribers.

In New Zealand, 2degrees competes against a former operating
subsidiary of Vodafone Group Plc (BBB+/Stable), with a much more
expansive scale, geographic scope and financial resources. Vodafone
recently concluded its agreement to sell the operations to a New
Zealand infrastructure company and Canadian asset management firm.
Fitch does not expect the sale to negatively affect the competitive
environment.

In Bolivia, NuevaTel competes against Tigo, S.A., an operating
subsidiary of Millicom International Cellular S.A (MIC; BB+/Stable)
with a much stronger business and financial profile. MIC's ratings
reflect the company's geographic diversification, strong brand
recognition and network quality. These factors contributed to MIC's
leading positions in its key markets, strong subscriber base and
solid operating cash flow generation.

Trilogy's ratings are similar to Oi S.A. (B-/Stable). Oi's ratings
reflect its restructured financial profile and uncertain outlook
for its turnaround strategy. Oi S.A. has a weaker competitive
market position in South America. Both Trilogy and Oi S.A. have
weak financial profiles with limited financial flexibility and low
profitability that constrains capital investment.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case in 2019 for the
Issuer

  -- Consolidated EBITDA of approximately $130 million;

  -- Capital expenditures modestly higher than 2018;

  -- Bolivia spectrum payment of approximately $25 million;

  -- Reported consolidated ending cash greater than $70
     million;

  -- Core telecom leverage (adjusted debt to EBITDAR) in
     the low 5x range;

  -- Annual operating cash costs of approximately $40 million
     required for Trilogy at the holdco level with intercompany
     loan repayment from New Zealand and a dividend
     distribution from Bolivia utilizing excess cash.

RATING SENSITIVITIES

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

  -- A material increase in EBITDA generation from the New
     Zealand operations due to sustained improvement in the
     operating profile that includes postpaid churn in low 1%
     range, stable ARPUs, postpaid net addition growth, and a
     stable-to-improving operating trajectory in the Bolivian
     subsidiary while maintaining core telecom leverage
     (adjusted debt/EBITDAR) less than 5x;

  -- Sustained FCF on a consolidated basis;

  -- FFO fixed charge coverage sustained above 2x;

  -- A sale of the NuevaTel subsidiary.

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

  -- Insufficient liquidity due to an inability, or any material
     limitations, with upstreaming cash from the operating
     subsidiaries. This could include any unforeseen impediment,
     regulatory or of another nature, in upstreaming cash to
     the parent level;

  -- Deterioration in the operating profile of 2degrees,
     including an increase in subscriber churn, ARPU pressure,
     loss of market share and declines in operating margins;

  -- FFO fixed charge coverage sustained less than 1.5x;

  -- A material change in the Bolivian country risk including
     regulatory, political, economic, foreign currency or the
     operating environment that further affects NuevaTel's
     operating cash flows.

LIQUIDITY AND DEBT STRUCTURE

Liquidity Satisfactory: Fitch views Trilogy's improved liquidity as
satisfactory with consolidated cash, cash equivalents and
short-term investments of approximately USD102 million for
first-quarter 2019, an increase from YE 2018 of USD46 million due
to cash proceeds of USD64 million from the initial closing of the
tower sale-leaseback transaction in Bolivia. Cash and cash
equivalents include USD87 million and USD2 million held by NuevaTel
and 2degrees, respectively, leaving approximately USD13 million of
cash, cash equivalents and short-term investments at corporate
headquarters. Subsequent closings are expected to be completed over
the remainder of the year that should generate an approximate $35
million in additional net proceeds.

Trilogy does not have a revolving bank facility at the HoldCo level
and is subject to foreign currency fluctuations that could
negatively affect debt servicing costs at the HoldCo. Fitch does
not expect the dividend of CAD0.02 per common share at Trilogy
International Partners Inc. will increase for the foreseeable
future with cash dividend requirements, on an annualized basis,
expected at less than CAD1 million.

The consolidated leverage debt incurrence covenant, less than or
equal to 4.0x, in the HoldCo secured notes, limits additional debt
within Trilogy's capital structure. However, carve-outs within the
indentures offer some additional debt flexibility. Carve-outs
include debt at the Bolivian subsidiary of USD50 million, permitted
receivables financing not to exceed NZD50 million, indebtedness at
2degrees not to exceed the greater of an aggregate total debt of
NZD245 million, or on a pro forma basis, consolidated leverage of
2.0x, after incurrence of additional debt.

Both 2degrees and NuevaTel operations have local facilities
agreements to provide local debt capacity for operational support.
In July 2018, 2degrees completed a bank syndication for a NZD250
million (USD170 million based on exchange rate at March 31, 2019)
senior facilities agreement maturing 2021. The agreement consisting
of a NZD195 million (USD133 million) facility that is fully drawn
with no amortization requirements, a NZD35 million investment
facility with NZD10 million (USD7 million) drawn and a NZD20
million working capital facility with NZD8 million (USD 5 million)
drawn. The senior facilities agreement also provides for an
uncommitted NZD35 million accordion facility that can be utilized
to fund capital expenditures. 2degrees has substantial cushion
under its main covenants, including a senior leverage ratio of less
than 2.75x. An additional covenant requires a leverage ratio of
2.0x, immediately following a permitted dividend distribution.

In Bolivia, NuevaTel has a USD25 million syndicated loan with USD13
million outstanding maturing in December 2021. The facility
amortizes by 26.7% annually during the remaining term. NuevaTel
also has two bank loans, $7 million and $8 million at the time of
the initial draw with amortization requirements that mature in 2022
and 2023 respectively. The 2021 loan agreement contains a financial
covenant requiring NuevaTel to maintain an indebtedness ratio of
less than 2.15x. The 2022 and 2023 bank loan agreements contain no
financial covenants. NuevaTel is subject to a profits test for
dividend distributions.

2degrees and NuevaTel have spectrum related payments over the
rating horizon. 2degrees has approximately USD7 million in 2019
related to a long-term payable to the government of New Zealand for
the acquisition of its 700MHz license. NuevaTel's expects to renew
the 30MHz license in the 1900MHz band that expires in November 2019
with an estimated expected payment of approximately $25 million.
Additionally New Zealand will have an expected future payment
required for the 1800 MHz and 2100 MHz license renewal of
approximately NZD50 million with installment terms beginning in
2020.

SUMMARY OF FINANCIAL ADJUSTMENTS

  -- Adjustments for factoring and outstanding handset
     receivables related to FS operations that Fitch brought
     back on balance sheet (assessed using a debt-to-equity
     ratio of 1x).

  -- In calculating its leverage metrics, EBITDA is reduced
     to reflect any dividends to minorities.

  -- Removed the tower financing obligation from debt as the
     accounting treatment does not accurately reflect the
     obligation. Fitch has included the operating lease
     expense within adjusted debt metrics.

  -- Cash in Bolivia is considered restricted given frictional
     costs of accessing. Fitch expects a portion of excess cash
     from the tower asset sales will be upstreamed to Trilogy.



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B R A Z I L
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AGENCIA DE FOMENTO: Fitch Affirms LT IDR at 'C'
-----------------------------------------------
Fitch Ratings has affirmed Agencia de Fomento do Estado do Rio de
Janeiro S.A.'s Long-Term Local- and Foreign-Currency Issuer Default
Ratings at 'C' and Long-Term National Rating at 'C(bra)'.

KEY RATING DRIVERS - IDRS, NATIONAL RATINGS AND SUPPORT RATING

AgeRio's IDRs and National Ratings are aligned with those of its
parent, the State of Rio de Janeiro (ERio; Long-Term Local and
Foreign Currency IDRs C). AgeRio's Support Rating (SR) of '5'
reflects that there is a possibility of parental support, although
it cannot be relied on given ERio's very weak financial ability to
do so. However, AgeRio's small size increases the relative ability
of ERio to provide support in case of need. Fitch does not assign a
Viability Rating to AgeRio, as it is a development agency and
therefore cannot be assessed on a standalone basis.

Fitch believes that ERio's willingness to support AgeRio remains
high, even though its capacity to support is very low. AgeRio is
strategically important for ERio, as it acts as the state's
development arm and implements its economic development policies
both as a lender and a financial agent. A track record of frequent
capital injections by ERio, most recently in the second half of
2015, reinforces Fitch's view. Furthermore, ERio controls 99.99% of
AgeRio, and, according to a state law, ERio's stake in AgeRio's
voting shares cannot fall below 51%.

AgeRio's asset quality indicators have been under pressure since
2015 primarily due to the deterioration in the operating
environment. At the end of 2018, the agency's impaired loans,
classified in the D-H risk category in the central bank's risk
scale, remained high, despite a decline to 20.8% from 25.7% in
2017. The impaired loans are related to a few exposures reflecting
the still high concentration of the loan book, although there has
been a gradual improvement. At June 2019, top 20 loans corresponded
to 62% of gross loans down from 76% at June 2018. AgeRio's loan
book is adequately provisioned, with loan loss allowances covering
95% of impaired loans as of December 2018.

AgeRio's earnings have fallen in 2018, with the operating profit to
RWAs declining to 0.84% from 5.11% in 2017 as a result of a decline
in interest income driven mainly by interest rate cuts, which, in
turn, significantly reduced income from the securities portfolio.
The agency's largest source of earnings remains its securities
portfolio, followed by lending and service fees received from the
funds it manages.

As of December 2018, funding consisted of lines from Banco Nacional
de Desenvolvimento Economico Social (BNDES; Long-Term Local and
Foreign Currency IDRs BB-/Stable) and FINEP (Long-Term Local and
Foreign Currency IDRs BB-/Stable), a public entity subordinate to
the Ministry of Science, Technology and Innovation, which accounted
for 35% and 65% of total funding, respectively. In July of 2016,
BNDES suspended its funding lines to AgeRio following ERio's
nonpayment of its obligations to the federal government. Existing
BNDES operations were not affected by this suspension, but future
new funding from BNDES is conditional on ERio honoring its debt to
the federal government. Consequently, funding from BNDES has been
declining since 2016.

AgeRio is very highly capitalized and has significant room for
growth. As of December 2018, its total regulatory capital ratio was
approximately 72%. AgeRio's regulatory capital ratios are expected
to increase significantly as of June 2019, as the agency has
aligned the risk weights of its exclusively managed investment
funds with those used by financial conglomerates, leading to a
significant reduction in its risk weighted assets.

In the same period, AgeRio's liquidity also remained very high,
whereby liquid assets (government securities and investment funds
consisting entirely of government securities and reverse repos)
corresponded to 4.4 times its total liabilities, compared with the
10% minimum limit required by the regulator.

RATING SENSITIVITIES

IDRs, NATIONAL RATINGS AND SUPPORT RATING

Changes in Parental Support: AgeRio's ratings are linked to those
of ERio. Any changes in ERio's ratings or willingness to support
AgeRio would lead to a review of its ratings.

Fitch has affirmed the following ratings of Agencia de Fomento do
Estado do Rio de Janeiro S.A.:

  -- Long-Term Foreign- and Local-Currency IDRs at 'C';

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

  -- Long-term National Rating at 'C(bra)';

  -- Short-term National Rating at 'C(bra)';

  -- Support Rating at '5'.

BANCO DE BRASILIA: Fitch Keeps Rating Watch Neg. on 'BB-' LT IDR
----------------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative on BRB -
Banco de Brasilia S.A.'s Issuer Default Ratings, National Ratings
and Viability Rating. At the same time, Fitch affirmed BRB's
Support Rating at '4'.

KEY RATING DRIVERS

IDRS, NATIONAL RATINGS AND VR

BRB's IDRs, National Ratings and VR have been on Rating Watch
Negative since May 21, 2019, reflecting the fact that the bank's
latest available audited financial statements are from September
2018. The continued delay in publication of audited financial
statements constrains Fitch's full assessment of the bank's
financial metrics and overall credit profile. The Negative Watch
also reflects uncertainties stemming from the ongoing forensic
audit started in April 2019 by PricewaterhouseCoopers (PwC).

The forensic audit's objective is to investigate potential
irregularities that could have taken place in the legal, financial,
procedural, and information systems and technology areas of the
bank in the past six years. The new management team, which is made
up of individuals with long track records in the banking sector,
has taken measures to enhance BRB's corporate governance, risk
management and internal controls. The forensic audit is part of
these initiatives.

SUPPORT RATING

Fitch affirmed BRB's SR at '4'. The bank's SR reflects the limited
probability of support from its majority shareholder, the
Government of the Federal District (GDF). Fitch believes the GDF
would have a high willingness but relatively limited capacity to
support BRB, should the need arise. BRB is strategically important
for the GDF, as it is the local government's main financial agent,
and it has a meaningful market share in the state's loans and time
deposits. In addition to its commercial operations, BRB performs a
policy role for the region through lending operations that aim to
promote development and growth.

RATING SENSITIVITIES

IDRS, NATIONAL RATINGS AND VR

Fitch will resolve the Rating Watch Negative status as soon as
feasible after BRB publishes audited financial statements for the
periods starting from December 2018. Fitch could downgrade BRB's VR
if recent audited financial statements indicate a significant
deterioration in the bank's credit profile. BRB's VR would also be
negatively affected if the forensic audit concludes that
significant irregularities took place in the bank in the recent
past, leading to a material worsening of Fitch's assessment of the
bank's overall business and risk profile.

BRB's IDRs and National Ratings could be downgraded in the event of
a downgrade of the bank's VR. However, downside potential on the
bank's IDRs and National Ratings would be limited, due to the
expected support from GDF, unless Fitch materially changes its
assessment of GDF's propensity or ability to support BRB.

Fitch could affirm and remove BRB's ratings from Ratings Watch
Negative if recent audited financial statements show that the
bank's credit metrics are still commensurate with its ratings and
if the forensic audit's conclusions are not material from a credit
point of view. In this scenario, the resulting Rating Outlook would
depend on Fitch's assessment of the medium-term prospects for the
bank's business and financial profile.

SUPPORT RATING

The SR is potentially sensitive to any change in assumptions around
the propensity or ability of GDF to provide timely support to the
bank, which is not Fitch's current base-case scenario.

The rating actions are as follows:

Fitch affirmed BRB's SR at '4' and maintained Rating Watch Negative
on the following ratings:

  -- Long-Term Foreign- and Local-Currency IDRs 'BB-';

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

  -- Long-Term National Rating 'A+(bra)';

  -- Short-Term National Rating 'F1(bra)';

  -- Viability Rating 'bb-'.

BANCO DO ESTADO: Fitch Ups LT IDRs to 'BB-'; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has upgraded Banco do Estado do Rio Grande do Sul
S.A.'s Long-Term Foreign and Local Currency Issuer Default Ratings
to 'BB-' from 'B+'. The Rating Outlook is Stable. Banrisul's
Viability Rating has also been upgraded to 'bb-' from 'b+'.

At the same time, Fitch upgraded Banrisul's Long-Term National
Ratings to 'A+(bra)' from 'A(bra)' and revised its Outlook to
Positive from Stable.

KEY RATING DRIVERS

IDRs, VRs AND NATIONAL RATINGS

The upgrade of Banrisul's ratings reflects a greater influence of
the bank's company profile assessment on the institution's VR. The
bank's company profile, underpinned by its business model and
franchise, has been tested in recent years and proved resilient to
the continuous challenges in the bank's operating environment in
the State of Rio Grande do Sul. In Fitch's view, contagion risks
from the State of Rio Grande do Sul on the bank's risk appetite and
key credit metrics have declined as illustrated by the stable to
improving trend in Fitch's core financial metrics. Banrisul's IDRs
remain driven by its VR, which, in turn still remains influenced by
its operating environment, albeit to a lesser extent.

The ratings also reflect the bank's key financial profile metrics,
risk appetite, management quality and strategy objectives, which
are in line with similarly rated entities. Fitch points out that,
like other public entities, Banrisul is potentially subject to
political influence, given its control structure, despite its solid
corporate governance structure.

Banrisul operates as a commercial bank, aiming for both companies
and individuals. The bank has a strong presence (and concentration)
in Rio Grande do Sul, with a 20% market share in credit and 48% in
term deposits as of March 2019. Banrisul has a stable business
model and offers a wide range of financial products and services.

Underwriting standards are in line with the practices of the major
banks. Risk management is consolidated, which makes different areas
consistent with each other. Loans to individuals increased and
corresponded to 77% of the total portfolio in March of 2019
(60%-70% historically), with a predominance of payroll loans. The
top 10 borrowers accounted for only 4.3% of credit in March 2019,
and historically the indicator is low. The bank has regional
concentration with 97% of the credit realized in the Southern
region of the country, mainly in the State of Rio Grande do Sul.

Asset quality metrics are in line with the bank's rating category.
The 90-day non-performing loan (NPL) ratio totaled 2.6% of the
portfolio in March 2019 (2.6% in 2018 and 3.6% in 2017). Loans in
the "D-H" risk range, in accordance with Central Bank Resolution
2.682, totaled 12.5% in March 2019, compared with 12.9% in 2018 and
12.2% in 2017. The written-off loans ratio was 2.7% in March 2019
and December 2018.

Banrisul's profitability ratios showed a recovery trend and remain
at satisfactory levels (the return on risk weighted assets was 4.3%
in the end of March 2019; 4.1% in 2018 and 3.8% in 2017).
Banrisul's profits benefited from lower loan impairment charges.

In March 2019 and throughout 2018 and 2017, Banrisul reported
better capitalization metrics compared with 2016. The Fitch Core
Capital (FCC) ratio was 15.5% in March 2019, 15.2% in December 2018
and 13.3% in December 2016. The bank has distributed approximately
40% of dividends and interest on shareholders' equity of its
results in recent years.

Banrisul's funding base is stable and diversified, with clients
related to savings accounts and time deposits. Time deposits
represented 70% of these deposits and remained diversified and
growing. In Fitch's opinion, Banrisul's liquidity is adequate and
its policy of minimum cash is conservative. In March 2019, the bank
operated with liquid assets of around BRL20 billion, 2.7x above the
minimum limit and with a Liquidity Coverage Ratio (LCR) at 273%
(262% in December 2018).

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating (SR) of '4' and the Support Rating Floor of 'B'
reflect the limited likelihood of support from the federal
government in a crisis scenario due to the relative moderate
systemic importance of the bank. In March of 2019, Banrisul was the
10th largest financial institution in the country in terms of
assets and the ninth in volume of deposits. However, there are no
explicit guarantees of support from the federal government.

SUBORDINATED DEBT

Subordinated Tier 2 USD Notes: The rating of the Tier II Capital
Subordinated Notes due February 2022 has been upgraded to 'B' from
'B-'/RR6', two notches below the VR, which has been upgraded to
'bb-' from 'b+'. The notching includes a one notch deduction for
loss severity features and its subordinated status and a one-notch
deduction due to moderate non-performance risk.

RATING SENSITIVITIES

IDRs AND VR

Banrisul's IDRs and VR are influenced by the sovereign ratings and
local operating environment. A downgrade of the sovereign or a
revision of the Outlook to Negative would result in a similar
action on the bank's Long-Term IDRs, while an upgrade or a revision
of the Outlook to Positive may lead to a change in these ratings.

A sustained deterioration in Banrisul's operating profits/RWA ratio
below 2.5% and FCC ratio less than 13% could also result in a
downgrade. In addition, the bank's ratings may be affected by any
change in Fitch's opinion on the state of Rio Grande do Sul's
operating and economic situation, given the bank's strong presence
and concentration in this state.

SUPPORT RATING AND SUPPORT RATING FLOOR

The SR is potentially sensitive to any change in Fitch's view of
the sovereign's propensity or ability to provide support to the
bank should the need arise.

NATIONAL RATING

Banrisul's National ratings may be upgraded if the bank maintains
consistent financial ratios, with profitability, asset quality,
capitalization and funding indicators at current levels.

On the other hand, if profitability, capitalization and asset
quality indicators weaken significantly in 2019 and 2020 compared
with the ratios reported in 2018, the Outlook would be revised to
Stable.

FULL LIST OF RATING ACTIONS

Fitch has taken the following rating actions on Banco do Estado do
Rio Grande do Sul:

  -- Long-Term Foreign and Local Currency IDRs upgraded to 'BB-'
from 'B+'; Outlook Stable;

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

  -- Viability Rating upgraded to 'bb-' from 'b+';

  -- Support Rating affirmed at '4';

  -- Support Rating Floor affirmed at 'B';

  -- National Long-Term Rating upgraded to 'A+(bra)' from
'A(bra)'; Outlook revised to Positive from Stable;

  -- National Short-Term Rating affirmed at 'F1(bra)';

  -- Tier II Capital Subordinated Notes due February 2022 upgraded
to 'B' from 'B-'/RR6'.

BANCO REGIONAL: Fitch Affirms BB- LT IDRs, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Banco Regional de Desenvolvimento do
Extremo Sul's Long-Term Foreign and Local Currency IDRs at 'BB-',
its Support Rating at '3' and its National Long-Term Rating at
'AA(bra)'. Fitch has not assigned a Viability Rating to the
institution as it is a development bank. The Rating Outlook for the
IDRs and for the National Long-Term Rating remains Stable.

KEY RATING DRIVERS

IDRs, NATIONAL RATINGS

BRDE's IDRs are driven by the support of its shareholders, the
states of Parana, Santa Catarina and Rio Grande do Sul. The IDRs
are equalized to those of the first two, which account for
two-thirds of its capital. Fitch assigns public ratings for Parana
(BB-/Stable) and Santa Catarina (BB-/Stable). The analysis of Rio
Grande do Sul is done internally. The creditworthiness, mainly of
the first two states, strongly influences BRDE's ratings.

The bank is relatively small when considering the financial
flexibility of its controllers, which increases the likelihood of
support, and for which Fitch believes the regulators would not
impose impediments. BRDE's ratings also reflect its importance and
strategic role as a development bank in the South of Brazil.

BRDE mainly operates in the financing of private companies and
cooperatives and also operates, to a lesser extent, in
municipalities, always with a development bias. The bank has a
stable business model and focuses its operations on its controlling
and bordering states.

The institution is highly integrated and operates in line with the
economic policies of its controllers. Fitch believes that, like in
other public banks, strategies and goals could be influenced by the
political guidelines of its shareholders. On the other hand,
strategic decisions must be unanimously approved by the three
states, which reduces the possibility of conflicts among
controllers.

The bank's financial profile has no direct rating implications.
BRDE's profitability improved throughout 2019 due to lower
provisioning expenses. The bank has also maintained adequate
capitalization levels (Fitch Core Capital was about 18% in March
2019). Default indicators continued at low, controlled and better
levels than their peers'.

The bank's main source of funding is funds from Banco Nacional de
Desenvolvimento e Social (BNDES/FINAME), which has been reducing
its representativeness (approximately 72% of funding throughout
2019 (up to May)). The bank has been looking for alternatives to
increase its funding through new sources of complementary national
resources and international development entities, which Fitch
considers positive for the expansion of its financing capacity,
mainly because of the reduction of BNDES' limits.

In 2018, BRDE signed an agreement with the French Development
Agency (AFD) for a credit line of EUR50 million, which helps reduce
the concentration on BNDES' resources. In addition, the bank
continues to seek new resources from multilateral institutions. In
terms of liquidity, BRDE does not have major pressures and
short-term obligations. Its liquidity has been historically high.

SUPPORT RATING

The Support Rating of '3' reflects the moderate probability of
support from the controllers, especially Parana and Santa Catarina.
Fitch believes that the likelihood of BRDE receiving shareholder
support is not limited by the currently weak financial profile of
Rio Grande do Sul, as the state has capital reserves in the bank.
In addition, in Fitch's opinion, since BRDE does not distribute
dividends and obligatorily reinvests all its profits, a capital
withdrawal is very unlikely.

RATING SENSITIVITIES

IDRS, NATIONAL RATINGS AND SUPPORT RATING

As BRDE's ratings are driven by support, they can be downgraded if
one or more of its shareholders are also downgraded and/or if Fitch
observes changes in the bank control and in the dividend
distribution policies. There may also be a downgrade if there are
changes in the ability or propensity of the controlling states
(especially Parana and Santa Catarina) to support BRDE. The
potential for an upgrade is limited and would only materialize in
case of positive rating actions regarding its shareholders

Fitch has affirmed the following ratings:

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

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

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

  -- National Short-Term Rating at 'F1+(bra);

  -- Support Rating at '3'.

BANESTES SA: Fitch Affirms BB- LT IDR; Stable Outlook
-----------------------------------------------------
Fitch Ratings has affirmed Banestes S.A. - Banco do Estado do
Espirito Santo's Long-Term Local Currency and Foreign Currency IDRs
at 'BB-'/Outlook Stable. In addition, Fitch has affirmed the
ratings on the National Long-Term Rating at 'A+(bra)'. The Rating
Outlook has been revised to Positive from Stable.

KEY RATING DRIVERS

VR, IDRs AND NATIONAL RATINGS

The revision of Banestes' Long-Term National Rating Outlook to
Positive from Stable reflects an improvement in Fitch's core
metrics for profitability, capitalization and liquidity through a
more challenging economic cycle relative to similarly rated peers
on the national scale.

Banestes' IDRs are driven by its Viability Rating (VR), which
mainly reflects the strong influence of the operating environment
on its performance due to the concentration of activities in the
State of Espirito Santo. Banestes' strong business model also
highly influences its ratings, due to its solid regional franchise,
despite a limited market share in the Brazilian National Financial
System.

The ratings also consider the bank's moderate risk appetite,
management quality, and financial profile. Like other public
entities, Banestes is potentially subject to political influence,
given its control structure, despite its solid corporate governance
structure.

Banestes is a leader in the state in terms of retail loan
operations, with a 34% share, and is number one in volume of time
and demand deposits, with reported shares of 46% and 35%,
respectively, in December 2018. As a state-owned bank, a relevant
part of its strategy includes providing services and granting
credit to state and municipal public employees, as well as to
companies that intend to invest in the state.
The bank's underwriting standards are in line with the practices of
the leading players in the banking industry. Credit risk is the
most capital consuming. In March 2019, the credit risk-weighted
assets accounted for 77%. Banestes' loan portfolio consisted of
loans to individuals (60.4%) and companies (49.6%). The 10 largest
borrowers accounted for only 7.8% of total credit in March 2019.

Despite a slight deterioration in 2018, credit quality is in line
with the bank's business model and similarly rated peers (emerging
market commercial banks in 'bb' category). Banestes' 90-day
non-performing loan (NPL) ratio increased to 2.8% in March 2019
from 2.7% in 2018, 2.5% in 2017, and 3.6% in 2016. In March 2019,
loans in the "D-H" risk range, in accordance with Central Bank
Resolution 2.682, totaled 11.4% of the portfolio, compared to 10.7%
in 2018 and 13.6% in December 2017. Loan loss allowances covered
60% of impaired loans (D-H risks) in the period (60.7% in 2018 and
56% in 2017).

In recent periods, Banestes has shown good and growing
profitability, with an operating profit/average risk-weighted
assets ratio of 4.4% in March 2019, compared to 3.4% in 2018 and
2.7% in 2017.

The bank's capitalization levels have remained solid and
comfortable since 2017. In March 2019, the Fitch Core Capital ratio
was 16.4% (15.8% in December 2018, 12.6% in December 2017 and 16.6%
in December 2016). The decline in 2017 was due to increased
exposure to NTN-Fs (National Treasury Notes - Series F), which
consumed a larger share of risk-weighted assets.

With a loans to customer deposits ratio of 36.8% at end-March 2019,
Banestes' funding was commensurate with other 'bb' rated peers Its
broad customer base, with clients related to savings accounts and
term deposits, allows for a stable portfolio with low
concentration. Banestes' liquidity position is adequate. In March
2019, the most liquid assets accounted for about 53% of total
deposits and financial bills and were comprised mainly of federal
public securities. In addition, the bank follows a conservative
minimum cash policy.

SUPPORT RATING

The Support Rating (SR) of '4' reflects the limited probability of
support from its controlling shareholder, the State of Espirito
Santo. Fitch believes the state would have a high willingness but
limited capacity to support the bank, should the need arise. In
Fitch's opinion, Banestes is strategically important for the state,
acting as its main tax-collecting agent, carrying out transfers to
municipalities, and is responsible for the state's cash management.
In addition, state public entities, to which the bank provides
services and grants credit to suppliers, as well as payroll
deductible loans to public employees, make up an important part of
the bank's business.

RATING SENSITIVITIES

IDRs AND VR

Banestes' VR is sensitive to any change in Fitch's assumptions
regarding the exposure to regional risk, capitalization and credit
quality. The VR may be downgraded if the 90-day non-performing loan
ratio exceeds 4.0%. A sustained deterioration in operating
profit/RWA ratio or the Fitch Core Capital ratio below 13% would be
negative for creditworthiness.

An upgrade in Banestes' VR would be conditional on a sovereign
rating upgrade and on a sustained and material improvement of its
operating profit/RWA ratio and its FCC ratio.

Fitch's internal analysis of the State of Espirito Santo may affect
the bank's ratings. Thus, their ratings could be affected by any
change in the financial profile of the state.

SUPPORT RATING

Banestes' SR is sensitive to any change in the strategic importance
of the bank or to potential changes in the ability or propensity of
the State of Espirito Santo to provide support to the bank.

NATIONAL RATINGS

Banestes' National Ratings could be upgraded if the bank maintains
the recent improvement in core financial metrics.

However, if these indicators weaken significantly in 2019 and 2020
compared to the ratios reported in 2018 the Outlook will be revised
to Stable.

Rating actions on Banestes' IDRs could also lead to changes in the
bank's national ratings.

FULL LIST OF RATING ACTIONS:

Fitch has affirmed the following ratings:

Banestes S.A. - Banco do Estado do Espirito Santo:

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

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

  -- National Long-Term Rating at 'A+(bra)'; Outlook revised to
Positive;

  -- National Short-Term Rating at 'F1(bra)';

  -- Support Rating at '4';

  -- Viability Rating at 'bb-'.

BR MALLS: Sells Seven of its Units for R$696 Million
----------------------------------------------------
Richard Mann at Rio Times Online discloses that BR Malls reported
that it has completed the sale of seven shopping malls to a real
estate fund managed by BTG Pactual for R$696 million (US$174
million).

According to the company, the sale is part of a reorganization plan
intended to eliminate assets which are not essential to the
business, Rio Times Online relates.

"The assets sold are solid shopping malls, but inside a larger
portfolio, they were less privileged and may get more investments
and attention by the new buyer," said BR Malls in a statement,
stressing that the whole amount collected will be distributed to
shareholders as dividends and over-capital interests, the report
relays.

The company further stated that it intends to sell two more
shopping malls in the coming quarters--Sao Luis (in the capital of
Maranhao State) and Via Brasil (in Rio de Janeiro), the report
relays.  The sold malls are Ilha Plaza, Casa & Gourmet, Shopping
Plaza Macae, Londrina Norte Shopping, Osasco Plaza Shopping,
Shopping Contagem, and Capim Dourado, located in the cities of Rio
de Janeiro, Macae (Rio de Janeiro), Londrina (Parana), Osasco (Sao
Paulo), Contagem (Minas Gerais), and Palmas (Tocantins),
respectively, the report discloses.

The company said that it would keep a total of 29 malls after this
restructuring phase, the report notes.  "We will maintain our share
scale and liquidity, given that the sold shopping malls account for
less than ten percent of the company's revenue."

BR Malls stated that it intends to undertake a program to redesign
the projects in its portfolio, the report notes.  The company also
said it plans to add new services to these shopping malls, the
report relays.

The sale proceeds may be increased by an additional payment based
on asset performance, the report notes.  The amount will be
determined by December, the report says.  Should the targets be
met, the company estimates that it will earn up to R$22.4 million,
adds the report.

As reported in the Troubled Company Reporter-Latin America on April
13, 2018,  Moody's America Latina affirmed BR Malls Participacoes,
S.A.'s global scale corporate family and senior unsecured ratings
at Ba2 as well as affirmed its national scale, corporate family
rating and senior unsecured ratings at Aa1.br. In the same rating
action, Moody's revised the credit outlook to stable from negative.

BRAZIL: Factory Closings in Sao Paulo Highest in a Decade
---------------------------------------------------------
Xiu Ying at Rio Times Online reports that the State of Sao Paulo,
the country's largest industrial hub, has registered the shutdown
of 2,325 processing and extractive industries in the first five
months of the year.  The number of closings is the highest for the
period in the last decade and is 12 percent greater than last year,
according to the Trade Board, says Rio Times Online.

The data indicates that the weal recovery of the Brazilian economy
after the recession from 2014 to 2016 continues to lead to the
shrinking of the productive sector, leaving a trail of deactivated
factories, the report relates.

Between 2014 and 2018, the Brazilian Gross Domestic Product (GDP)
accumulated a drop of 4.2 percent, while that of the manufacturing
industry throughout the country fell 14.4 percent, the report
notes.  "It means that production fell a lot and had an impact on
companies, with factory shutdowns and layoffs," says economist Jose
Roberto Mendonca de Barros, of MB Associados, the report
discloses.

In parallel, 4,491 industries were opened from January to May in
Sao Paulo, the report relays.  Traditionally, more factories are
open than shut down, but this is not always a positive indicator,
the report notes.  For Mendonaa de Barros, regardless of the number
of new industries, the drop in industrial GDP shows that there was
a shrinkage in production and, probably, large and medium-sized
companies were closed, while smaller units were opened, the report
says.

Caetano Bianco Neto, president of the Jau Footwear Industry
Syndicate, states that, in the last years, several companies
considered of significant size for the activity, with 300 to 400
employees, closed their operations, the report notes.  "When a big
one closes, often another three or four micro and small
manufacturers appear, some even opened by former employees, but
with little labor," the report quoted Mr. Bianco Neto as saying.

The footwear pole of Jau, a national leader in the production of
women's footwear, had once employed 12,000 workers in the
mid-2000s, the report relays.  Today, it has 5,000 employees, says
Bianco Neto.  Recently, Neto and leaders of the footwear industry
of neighboring cities Franca and Birigui submitted a recovery plan
to governor Joao Doria, the report notes.

Among those that have closed their doors are domestic and
multinational industries, the report relates.  Some have
transferred branches to other units of the same company to cut
costs and others have ended production, leaving a contingent of
unemployed people, some of them without receiving wages and
compensation, the report adds.

The Indebras auto parts industry, in the western zone of Sao Paulo,
stopped operating in April and put 150 employees on the street, the
report relays.  With unpaid salaries and no severance pay, workers
were camped out in front of the factory for 48 days. After an
agreement in the Labor Court, the company proposed to make payment
in 18 monthly installments, the report discloses.

"The fear is that the company will pay the initial installments and
then suspend payment, as already occurred in previous agreements
closed by other companies," said the director of the Metalworkers
Union of Sao Paulo, Erlon Souza, the report relays.

The situation in Sao Paulo industry is repeated all over the
country, Rio Times Online notes.  In addition to the closure of the
activities of small companies, large groups closed units considered
less productive and concentrated production in other more modern
ones, almost always without transferring the labor force, the
report says.

Tire manufacturer Pirelli disclosed in May the closing of its plant
in Gravatai (Rio Grande do Sul) and the dismissal of its 900
employees, the report notes.  The production of motorcycle tires
will be unified with that of tires for cars in Campinas (Sao Paulo)
where 300 jobs will be generated over three years, the report says.
The company claims the need for restructuring, "given the
difficult economic scenario in Brazil," adds the report.

Among the companies that closed plants this year are PepsiCo/Quaker
(Rio Grande do Sul), PepsiCo/Mabel (Mato Grosso do Sul),
Kimberly-Clark (Rio Grande do Sul), Nestle (Rio Grande do Sul),
Malwee (Santa Catarina), Britania (Bahia) and Paqueta (Bahia), the
report adds.

As reported in the Troubled Company Reporter-Latin America on May
27, 2019, Fitch Ratings has affirmed Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a Stable
Outlook.

ZIM CORPORATION: MNP LLP Raises Going Concern Doubt
---------------------------------------------------
ZIM Corporation filed with the U.S. Securities and Exchange
Commission its annual report on Form 20-F, disclosing a net income
of $703,516 on $700,049 of total revenue for the year ended March
31, 2019, compared to a net loss of $42,902 on $503,242 of total
revenue for the year ended in 2018.

The audit report of MNP LLP states that the Company has an
accumulated deficit at March 31, 2019 of $20,622,106 and has a
history of operating losses prior to the year ended March 31, 2019,
which raise substantial doubt about the Company's ability to
continue as a going concern.

The Company's balance sheet at March 31, 2019, showed total assets
of $1,530,467, total liabilities of $148,133, and $1,382,334 in
total shareholders' equity.

A copy of the Form 20-F is available at:

                       https://is.gd/cxzkxD

ZIM Corporation provides software products and services for the
database and mobile markets in the United States, Brazil, Canada,
Singapore, and internationally. The company operates through two
segments, Mobile and Enterprise Software. It develops and sells ZIM
integrated development environment (IDE) software, an enterprise
software for use in the design, development, and management of
information databases and mission critical applications. The
company's ZIM IDE software provides an IDE for Microsoft Windows,
UNIX, and Linux computer operating systems. Its products are used
to develop database applications in various industries, including
finance, insurance, marketing, human resource, information, and
records management. The company also provides migration services
and management products; and short message services. ZIM
Corporation was founded in 1997 and is based in Ottawa, Canada.



=============
E C U A D O R
=============

GUAYAQUIL MERCHANT: Fitch to Rate $175MM 2019-1 Notes 'BB-(EXP)'
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB-(EXP)' issue-specific expected
rating to the $175 million proposed series 2019-1 notes to be
issued by Guayaquil Merchant Voucher Receivables Limited. The
Rating Outlook is Negative.

The transaction is backed by future flows due from American Express
(AmEx), Visa International Service Association (Visa) and
MasterCard International Incorporated (Mastercard) related to
international merchant vouchers acquired by Banco Guayaquil S.A.
(BG) in Ecuador. Fitch's ratings reflect timely payment of interest
and principal on a quarterly basis.

KEY RATING DRIVERS

Originator's Credit Quality: The rating of this future flow
transaction is tied to the credit quality of the originator, Banco
Guayaquil S.A. (BG). The bank's ratings are highly influenced by
its operating environment. The sovereign's Issuer Default Rating
(IDR) was affirmed on January 10, 2019 at 'B-' and the Rating
Outlook revised to Negative from Stable.

Going Concern Assessment Score: Fitch uses a GCA score to gauge the
likelihood that the originator of a future flow transaction will
stay in operation throughout the transaction's life. Fitch assigns
a going concern assessment (GCA) score of 'GC2' to BG based on the
bank's systemic importance. The score allows for a maximum of four
notches above the LC IDR of the originator; however, additional
factors limit the maximum uplift.

Notching Uplift from IDR: The 'GC2' allows for a maximum four
notch-rating uplift from the bank's Long-Term IDR pursuant to
Fitch's future flow methodology. However, the agency currently
limits the rating uplift for the future flow program to three
notches from BG's IDR, due to factors mentioned, including
Ecuador's lack of last resort lender, the exposure to
de-dollarization risk when it comes to flow volumes and Fitch
reserving the maximum notching uplift for originator's rated on the
lower end of the rating scale.

Potential Volatility of the Future Receivables: While international
AmEx, Mastercard, and Visa acquiring flows benefit from BG's
longstanding credit card business, the transaction is exposed to a
potential drop in tourism caused by natural events, an economic
downturn and/or potential political or social unrest. Additionally,
the transaction includes ATM acquired vouchers, which Fitch
considers could potentially exhibit more volatility or be subject
to an ATM freeze.

However, flows still support a projected quarterly debt service
coverage ratio (DSCR) of more than 4.0x the maximum quarterly debt
service payment and 2.5x utilizing point-of-sale flows only, which
would remain in line with the proposed rating level. International
merchant voucher volumes have been relatively stable. Flow levels
observed from January 2019 to May 2019 are trending higher when
compared to the first five months of the past two years.

No Lender of Last Resort: Ecuador is a dollarized economy without a
true lender of last resort. While certain mechanisms are in place
to help fend off a banking system crisis, this weakness limits the
transaction rating.

De-Dollarization Risk: While the dollarization regime anchors
macroeconomic stability, the risk of de-dollarization exists. It
would only occur in an extreme scenario but would be a major shock
to the Ecuadorean system.

Future Flow Debt Size: The proposed future flow issuance is
expected to represent approximately 4.1% of BG's total liabilities
and approximately 26.7% of BG's non-deposit funding utilizing
financials as of June 2019. Fitch considers the ratio of future
flow debt to overall liabilities small enough to allow the
financial future flow ratings up to the maximum uplift indicated by
the GCA score.

Reduced Redirection and Diversion Risk: The structure mitigates
certain sovereign risks by collecting cash flows offshore until
investors are paid. Fitch believes diversion risk is mitigated by
notice, consent and agreements (C&As) obligating American Express,
Visa and Mastercard to remit payments to the collection accounts
controlled by the trustee.



=====================
E L   S A L V A D O R
=====================

EL SALVADOR: Fitch Rates US$1,097MM Notes 'B-'
----------------------------------------------
Fitch Ratings has assigned a 'B-' rating to El Salvador's USD1,097
million in notes maturing in January 2050. The notes have a coupon
of 7.1246%.

Proceeds from the issuance will be used in accordance with local
laws for general budgetary purposes including the amortization of
bonds due this year.

KEY RATING DRIVERS

The bond rating is aligned with El Salvador's Long-Term Foreign
Currency Issuer Default Rating (IDR) of 'B-' with a Stable
Outlook.

RATING SENSITIVITIES

The bond rating would be sensitive to any changes in El Salvador's
Long-Term Foreign Currency IDR. Fitch affirmed the rating at
'B-'/Stable Outlook on June 11, 2019.



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

JAMAICA: Ready to Exit IMF Arrangement
--------------------------------------
Caribbean360.com reports that International Monetary Fund (IMF)
Resident Representative, Dr. Constant Lonkeng Ngouana, says Jamaica
has made tremendous progress over the last six years and is now
ready to exit its current arrangement with the Washington-based
financial institution.

"Jamaica has reached a place where we don't need to be here all the
time.  We are taking the back seat and Jamaica is in the driver's
seat . . . With what Jamaica has achieved over the past six years,
we believe Jamaica is ready to exit the IMF and run its own
business," he said, according to Caribbean360.com.

Jamaica's current program with the IMF is scheduled to officially
end in November, the report relays.  The country will, however,
continue to benefit from technical assistance, the report notes.

"When Jamaica exits the financial support of the IMF, there will
still be that consultation, which we do for the United States,
United Kingdom, all our member countries.  But it is not going to
be the same [arrangement] of setting the targets and monitoring,"
Dr. Ngouana said, the report relates.

"We will offer our advice through technical assistance and so on,
but not the heavy monitoring," he continued, adding that this is "a
sign of maturity" and confidence in Jamaica's ability to manage its
own affairs, the report notes.

In the meantime, Dr. Ngouana praised the efforts of successive
administrations, since 2013, in turning the Jamaican economy
around, and noted the seamless continuity of the IMF programme
across Administrations, the report discloses.

"Up to 2011, Jamaica was in and out of IMF program . . . [and]
there wasn't a steady process. Since 2013, which is believed to be
the turning point . . . Jamaica acknowledged the problem and said,
'we need to fix this'," he noted, the report relays.

Dr. Ngouana noted that the turnaround is "huge", citing the
reduction in public debt and unemployment, increase in the foreign
reserve, rise in business and consumer confidence, and the success
of the stock market, which is the "best performing on earth," the
report relays.

He commended the Government for the measures being put in place to
ensure that the gains achieved under the economic reform program
(ERP) are preserved, the report discloses.

These include work to establish the proposed independent fiscal
council to monitor the Government's economic program and fiscal
rule framework; modernizing the Bank of Jamaica; and putting in
place a policy framework for disaster-risk financing and
macro-fiscal capacity, the report notes.

Jamaica's latest relationship with the IMF started in 2013 when the
country entered into a four-year US$932 million Extended Fund
Facility (EFF), the report relays.  That ended in 2016 when it was
replaced by a US$1.6-billion Precautionary Stand-By Arrangement,
the report adds.

                       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 a
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.



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

VENEZUELA: Gov't. Holds Talks with Opposition in Barbados
---------------------------------------------------------
Lefteris Karagiannopoulos and Luc Cohen at Reuters reports that the
government of Venezuelan President Nicolas Maduro and the
opposition are continuing to hold talks in Barbados in an effort to
find ways to resolve the Latin American country's political crisis,
the Foreign Ministry of mediator Norway said.

The statement came a day after U.S. President Donald Trump said he
was considering a quarantine or blockade of Venezuela and ahead of
a summit in Peru on the Venezuelan crisis, which U.S. Commerce
Secretary Wilbur Ross will attend, according to Reuters.

"The representatives of the main political actors in Venezuela are
continuing the negotiations . . . The parties have reiterated their
willingness to advance in the search for an agreed upon and
constitutional solution," Norway's Foreign Ministry said, the
report notes.

Maduro, who after saying the dialogue was progressing and that he
would "meet even with the devil," alleged that the United States is
timing new sanctions on Venezuelan officials to coincide with the
new rounds of talks, the report relays.

The Trump administration slapped sanctions on two security
officials for alleged human rights violations, the report says.

"Every time there has been a dialogue session, the U.S. government
makes bad, perverse decisions like it took," Maduro said in a
evening state television broadcast, the report notes.  "Illegal,
spurious decisions. Stupid decisions about supposed sanctions," the
report relays.

The opposition's main negotiator, Stalin Gonzalez, thanked the
government of Norway in a tweet shortly after the ministry's
statement, ratifying his party's proposal for a constitutional
solution, the report adds.

Juan Guaido, leader of the opposition-controlled National Assembly,
invoked the constitution in January to assume a rival interim
presidency after declaring Maduro's 2018 re-election a fraud.
Maduro calls Guaido a puppet of the United States and blames
Venezuela's severe economic problems on U.S. sanctions meant to
force him from office, the report relays.

                       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.

VENEZUELA: U.S. Pres. Trump Losing Patience With Maduro
-------------------------------------------------------
Dan Eberhart at Forbes reports that it looks like the Trump
administration will take a harder line on Venezuela after its
initial hopes of a quick ouster of President Nicolas Maduro faded.

The report says Trump may use policy levers as frustration with
Maduro's stubborn hold on power in crisis-ridden Venezuela boils
over.

Regime change is rarely quick and easy, the report relays.  Forbes
pointed to a likely stalemate in Venezuela earlier this year after
the United States backed opposition leader Juan Guaido imposed
tough sanctions on Maduro.  Those sanctions were supposed to cut
Maduro off from Venezuela's critical oil revenues, the report
discloses.

The sanctions have been useful but have still come up short, the
report relays.  Venezuela's oil production plunged from 1 million
barrels a day at the start of the year to around 700,000 barrels a
day. But sanctions haven't been enough to bounce Maduro, who still
enjoys the support of Venezuela's military, the report notes.

A U.S. embargo on Venezuelan oil prompted Caracas to shift oil
sales to Asia, primarily China and India, with significant help
from Russia's state-controlled Rosneft, the report discloses.

Trump must go further to cut off Maduro's oil revenues and push for
an even bigger collapse of the OPEC member's oil sector, the report
notes.  The president looks like he is ready to do just that, the
report notes.

By extending Chevron's special license to operate in Venezuela by
only 90 days, Trump is signaling to the oil major that it should be
ready to wind down operations, adds the report.

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

[*] BOND PRICING: For the Week July 29 to August 2, 2019
--------------------------------------------------------
  Issuer Name              Cpn     Price   Maturity  Country  Curr
  -----------              ---     -----   --------  -------   ---

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


                           *********


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 * * *