/raid1/www/Hosts/bankrupt/TCRLA_Public/190820.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, August 20, 2019, Vol. 20, No. 166

                           Headlines



A R G E N T I N A

ARGENTINA: Fitch Downgrades LT FC Issuer Default Rating to CCC
ARGENTINA: Must Renegogiate IMF Loan Payment Terms, Says Fernandez
ARGENTINA: President Unveils Measures to Help Middle Class
ARGENTINA: S&P Cuts LT Sovereign Credit Ratings to B-, Outlook Neg


B R A Z I L

BRAZIL: Sao Paulo Industry Loses 3,500 Jobs in July
OI SA: Anatel Defends Market Solution for Firm


C H I L E

ENJOY S.A.: S&P Alters Outlook to Negative & Affirms 'B' Ratings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Taxes, Middlemen Pocket Over 50% of Pump Prices


E C U A D O R

ECUADOR: Egan-Jones Lowers Senior Unsec. Debt Ratings to B-


J A M A I C A

JAMAICA: Jamaica Producers CEO Hits Out Against Protectionism


M E X I C O

GRUPO ELEKTRA: Moody's Withdraws Ba3 CFR for Business Reasons
PERKINS & MARIE: U.S. Trustee Forms 5-Member Committee


P E R U

CAMPOSOL HOLDING: Moody's Upgrades CFR to B1, Outlook Stable
ORAZUL ENERGY: Fitch Affirms 'BB' IDR, Outlook Stable


P U E R T O   R I C O

YORAVI INVESTMENT: To Pay Treasury's Claim in Full in 60 Months

                           - - - - -


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

ARGENTINA: Fitch Downgrades LT FC Issuer Default Rating to CCC
--------------------------------------------------------------
Fitch Ratings has downgraded the sovereign ratings of Argentina,
including its Long-Term Foreign-Currency Issuer Default Rating to
'CCC' from 'B'.

KEY RATING DRIVERS

The downgrade of Argentina's ratings reflects elevated policy
uncertainty following the Aug. 11 primary elections, a severe
tightening of financing conditions, and an expected deterioration
in the macroeconomic environment that increase the likelihood of a
sovereign default or restructuring of some kind. The primary
election results point to heightened risks of policy discontinuity
following the October 2019 general elections. This has prompted a
collapse in market sentiment, including a sharp depreciation in the
peso and widening of sovereign debt spreads, which poses a major
setback to macroeconomic stabilization efforts and sovereign
financing conditions. These adverse developments could impair the
sovereign's liquidity position in the near term and amplify debt
sustainability risks.

The primary election results point to increased chances for a
change in government and victory by the opposition ticket of
Alberto Fernandez and former president Cristina Fernandez de
Kirchner in the October elections. In Fitch's view, such a scenario
increases risks of a break from the policy strategy of the current
administration of Mauricio Macri guided by a program with the IMF.
In the campaign so far, Fernandez has questioned key elements of
the current policy strategy and advocated for some form of
renegotiation of the IMF program, while Kirchner's track record as
president in 2007-2015 indicates a similar inclination. Fitch does
not rule out a shift in the opposition ticket's policy orientation
or other developments that reduce risks of policy discontinuity but
believes policy credibility and market access could still be
severely tested amid weak economic conditions, high public debt and
inflation.

In Fitch's view, both sovereign financing and solvency risks have
increased. Despite sizeable disbursements under the IMF SBA program
in 2019 and other borrowing so far in the year, a financing gap
could re-emerge should the sovereign be unable to roll over most of
its large stock of short-term Letes notes (currently around USD24
billion, of which half are in USD and three-fourths due by
yearend). The sovereign cancelled auctions of Letes expiring beyond
November this week amid the market turmoil, a negative signal about
its ability to roll these over and a trend that could result in
drawdown of liquidity buffers.

Financing pressures could intensify beginning in 2020 when the
sovereign will need to turn to market sources to finance a fiscal
deficit and debt maturities as IMF disbursements run out. Almost
all of USD20 billion in bond maturities due next year are in the
local market, and a sizeable share (around 40%) is held within the
public sector, but the sovereign must still roll over a sizeable
stock of market-held local debt and raise fresh financing under its
current policy plans. Foreign bond repayments will increase
starting in 2021. Slippage from fiscal targets would add to
financing needs and further complicate the ability to fund them.
Both roll-over and fresh financing could be difficult if local and
external borrowing conditions do not improve markedly from current
stressed levels after a surge in risk premiums to around 1700 basis
points from below 900 in the past week.

Debt sustainability risks have also increased with the recent sharp
FX depreciation (nearly 80% of debt is foreign-currency
denominated) and greater scope for deterioration in economic
activity and fiscal slippage. Fiscal targets under the SBA have
been met so far, but the composition of the adjustment highlights
risks of slippage that were rising even before the recent
macroeconomic shock. Most of the deficit reduction so far has been
achieved via real erosion of spending due to high inflation (which
will become harder and could even revert due to backward-looking
indexation) and one-off capital revenues. Export taxes have fallen
short of budget projections, while federal non-export tax and
social security collections have continued falling sharply in real
terms in the latest data for July (-8% yoy), and this trend could
intensify amid further deterioration in the growth outlook.

Fitch projects a primary deficit of 1% of GDP in 2019, above the 0%
target (0.5% with the adjustors allowed in the SBA), and a 4.3%
total deficit. For 2020, Fitch projects the primary deficit to
remain at 1% of GDP rather than reach the 1% surplus target, absent
the strong recovery the authorities expected to help close the
fiscal gap and/or additional adjustment measures, and reflecting
spending pressures from indexation and potential new policy plans.
It is uncertain whether the new government will have the political
willingness and capacity to enact structural fiscal measures to
boost the credibility of the medium-term consolidation path set in
the SBA, which could be even more politically difficult (e.g.
pension reform) than those enacted already.

Under these baseline assumptions, Fitch projects federal government
debt will rise to around 95% of GDP in 2019. This assumes the peso
does not depreciate much further beyond its current level around
60/USD, but this is a clear risk that could lift debt ratios much
higher. At the broader general government level (also incorporating
provincial debt and consolidating social security fund holdings),
Fitch projects debt will also rise to around 95% of GDP, a high
level even when excluding the large portion (20pp) held by the
central bank (BCRA). The IMF has thus far deemed Argentina's
sovereign debt to be sustainable, albeit not with a high
probability, but any downgrading of this assessment could
complicate its ability to keep disbursing SBA funds without
requiring some form of restructuring of debt with commercial
creditors.

Fitch projects the economy to contract 2.5% in 2019, down from a
prior forecast of 1.7%, given an increased likelihood that the
moderate recovery previously expected for the second half of the
year no longer materializes. Fitch projects growth to be flat in
2020 but sees a high degree of uncertainty given lack of clarity
around key economic policies post-election. Real growth in wages
and pensions remain in deeply negative territory as of mid-2019 and
will not meaningfully recover as inflation accelerates again.
Domestic confidence could hinge greatly around the election result
and policy plans laid out by the next government.

Capital outflows and portfolio dollarization have driven a sharp
sell-off of the peso in the past week (-20%), and these pressures
remain a risk. These factors have overwhelmed an improvement in FX
supply/demand from a large reduction in the current account
deficit. The BCRA has validated a rise in rates on its Leliq
instruments to 75% (over 100% compounded) to incentivize their
rollover and thus restrict peso liquidity that could otherwise add
to exchange rate pressures.

The BCRA has engaged in limited direct FX market intervention so
far, largely allowing the XR to adjust. This has avoided a major
erosion of its relatively modest reserve position (currently USD64
billion in gross terms but USD19 billion net of reserves with
corresponding FX liabilities) thus preserving FX liquidity
available for near-term sovereign debt service. Nevertheless, the
recent currency run and risks of further pressure and volatility
are detrimental for sovereign debt sustainability, which had
previously been predicated on expectations of a real peso
appreciation. It could also derail the incipient economic recovery
and fuel a new round of inflationary pressures after some
moderation in past few months.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

In accordance with its rating criteria, for ratings of 'CCC+' and
below, Fitch's sovereign rating committee has not utilized the SRM
and QO to explain the ratings, which are instead guided by the
ratings definitions.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centered
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

RATING SENSITIVITIES

The main factors that could, individually, or collectively, lead to
positive rating action include:

  - Easing of financing constraints, such as a marked improvement
in market borrowing conditions, that supports the sovereign's
ability to meet its financing needs;

  - Economic recovery and progress on fiscal consolidation that
mitigate risks to debt sustainability.

The main factors that could, individually, or collectively, lead to
negative rating action include:

  - Increased signs of probable default; signals that further
financial support from the IMF would entail some form of
restructuring of debt owed to commercial creditors.

KEY ASSUMPTIONS

  - Fitch expects growth of the global economy, and that of key
trading partner Brazil, in line with the projections outlined in
the latest Global Economic Outlook (GEO).

ARGENTINA: Must Renegogiate IMF Loan Payment Terms, Says Fernandez
------------------------------------------------------------------
Eliana Raszewski at Reuters reports that the Argentine opposition
candidate, Alberto Fernandez, said that the country would struggle
under present conditions to repay a loan to the International
Monetary Fund and he would seek to renegotiate the repayment terms,
according to an interview published by the newspaper Clarin.

"I would say that there is only one incontrovertible reality and
that is that Argentina in these conditions is not able to repay the
debts it took on," said Fernandez, the favorite to win the October
elections, according to Reuters.

"I have no problem helping the president (Mauricio Macri) to
renegotiate in the way that I propose but do have a lot of trouble
with is having to explain to the Fund the failings of the
president. That the president will have to do," he added, the
report notes.

Argentina under Macri signed a stand-by agreement with the IMF in
mid-2018 for $57 billion, pledging in return to implement a
significant fiscal adjustment, a pact Fernandez described as
"harmful," the report relays.

Fernandez, who drubbed Macri in primary elections, said that
without the IMF deal the country would have defaulted on its
repayments, but added that the relationship with the financial
institution had to be one of "respect" not "submission," the report
notes.

"We have to understand that we are virtually in default conditions
now and that is why Argentine bonds are worth what they are worth,
because the world knows that they cannot be paid," he told Clarin,
the report discloses. "We must act sensibly, and it is sensible
that Argentina must fulfill its obligations."

Argentine markets collapsed in the week after Fernandez, who has
former center-left ex-president Cristina Fernandez de Kirchner as
his running mate, came in around 15 points ahead of Macri in the
primaries, a result that leaves him in a strong position to win the
October election without a second round, the report says.

Argentina, Latin America's third-largest economy, is struggling
with economic turmoil that saw the peso currency tumble against the
dollar and annual inflation climb above 50%, the report relates.

Fernandez, who during the campaign said that the dollar was being
held at a "fictitious" value, urged Macri in the Clarin interview
to heed the call of the central bank to safeguard its international
reserves, the report notes.

"Even if they had laid down all of the country's reserves, they
still would not have held back the price of the dollar," he added.

Fernandez, a former cabinet chief during the administration of
former President Nestor Kirchner (2003-2007), said he believed that
with the dollar at ARS57, inflation would close the year up more
than 50 percent, the report relays.

"If I finish my term and have inflation down to a single digit, I
will be very happy. That's four years of hard work," he added.

Reuters relays that Fernandez said his aim, if he wins the
election, will be to reboot Argentina's economy and bolster exports
to earn dollars to pay back its debts. He said he would also seek
to negotiate with those holding Argentine bonds.

"I will do everything necessary to ensure we can export because
that way Argentina will produce dollars," he said, the report
notes.  "There is no other way. Meanwhile I will speak to our
creditors to see if we can come to an arrangement. We must sit down
and speak, one to one, as we did with the debt at one time," he
said, referring to the debt restructuring he negotiated when he
served as cabinet chief in 2005, the report notes.

Reuters discloses that Fernandez rejected a suggestion by Brazilian
President Jair Bolsonaro that, if elected, he would shut down the
economy. Bolsonaro said Brazil would consider leaving the Mercosur
economic bloc if problems arise with Argentina in the event of an
opposition victory.

"Bolsonaro must relax, I do not plan to shut down the economy. It's
silly," Fernandez told La Nacion newspaper, the report adds.

                       About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires.  Mauricio Macri is the
incumbent president of Argentina.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank.  Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and--in the recent decades--increasing poverty.

As reported in the Troubled Company Reporter-Latin America on Aug.
7, 2019  S&P Global Ratings affirmed its long-term foreign
and local currency ratings on Argentina at 'B' as well as its
short-term foreign and local currency ratings of 'B'. The outlook
on the long-term ratings remains stable.

At the same time, S&P affirmed its national scale ratings of
'raAA-' and its transfer and convertibility assessment at 'B+'.


July 16, 2019, Moody's Investors Service changed the outlook for
the Government of Argentina to negative from stable. Concurrently,
Moody's has affirmed the B2 foreign-currency and local-currency
long-term issuer and senior unsecured ratings. The senior unsecured
ratings for shelf registrations were also affirmed at (P)B2.  At
the same time Argentina's short-term rating was affirmed at Not
Prime (NP). The senior unsecured ratings for unrestructured debt
were affirmed at Ca and the unrestructured senior unsecured shelf
affirmed at (P)Ca.

ARGENTINA: President Unveils Measures to Help Middle Class
----------------------------------------------------------
EFE News reports that President Mauricio Macri disclosed a series
of measures before the opening of the financial markets aimed at
helping Argentina's middle class through the end of the year and
took responsibility for his poor performance in last weekend's
primary elections.

"Regarding the results of the elections, understand that I heard
you. It's my and my governing team's full and exclusive
responsibility that this happened," the president said, according
to EFE News.

Macri said the measures would help "17 million workers and their
families," the report notes.

EFE News says that the president acknowledged that he had made
implementing structural reforms a priority to lay a solid
foundation for the economy.

Macri said primaries showed that voters wanted action on the social
front and he would "do more than ever to continue being with" the
people "in this change," the report relays.

Among the measures disclosed by the president was a hike in the
minimum wage to an unspecified level, a move that will benefit
about 2 million workers, EFE News relates.

The amount of the increase will be determined by the National
Employment, Productivity and Minimum Wage Council, which includes
representatives from the government, labor and business, EFE News
notes.

The report relays that Macri said the measures were also aimed at
helping small- and mid-sized businesses.

"We want to help them because we recognize their value and know
about the debts they have taken on," the president said, adding
that his administration would implement "a plan that will allow
them to pay tax debts over 10 years," the report relays.

Macri said the government would increase funding for the Progresar
scholarship program by 40 percent and freeze fuel prices for 90
days, the report notes.

Public sector employees, armed forces members and security forces
personnel will get a bonus of 5,000 pesos per month, the president
added, the report discloses.

"In the past 48 hours, it was made clear that political uncertainty
does a lot of damage and forces us to be responsible," Macri said,
referring to the sell-off in the stock market and the plunge in the
value of the peso since the primaries, the report relays.

The policy shift failed to calm the financial markets, with the
Argentine peso opening lower for the third consecutive trading
session, EFE News notes.

Election officials began the final tally of the votes from the
primary elections, a process that should take about 10 to 15 days,
the report says.

In the primaries, Peronist presidential candidate Alberto
Fernandez, according to provisional election results, finished 15
percentage points ahead of Macri, the report notes.

Fernandez and vice presidential running mate Sen. Cristina
Fernandez, who governed Argentina from 2007 to 2015, got 47.65
percent of the vote on the ticket of the Peronist Frente de Todos,
the report relates.

The 60-year-old Macri, who headed the ticket of the Juntos por el
Cambio party, received just 32.08 percent of the vote, suffering a
serious blow to his re-election chances, the report notes.

Argentina will hold a general election on Oct. 27, with the next
president being sworn in on Dec. 10 for a four-year term, the
report adds.

                       About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires.  Mauricio Macri is the
incumbent president of Argentina.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank.  Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and--in the recent decades--increasing poverty.

As reported in the Troubled Company Reporter-Latin America on Aug.
7, 2019  S&P Global Ratings affirmed its long-term foreign
and local currency ratings on Argentina at 'B' as well as its
short-term foreign and local currency ratings of 'B'. The outlook
on the long-term ratings remains stable.

At the same time, S&P affirmed its national scale ratings of
'raAA-' and its transfer and convertibility assessment at 'B+'.


July 16, 2019, Moody's Investors Service changed the outlook for
the Government of Argentina to negative from stable. Concurrently,
Moody's has affirmed the B2 foreign-currency and local-currency
long-term issuer and senior unsecured ratings. The senior unsecured
ratings for shelf registrations were also affirmed at (P)B2.  At
the same time Argentina's short-term rating was affirmed at Not
Prime (NP). The senior unsecured ratings for unrestructured debt
were affirmed at Ca and the unrestructured senior unsecured shelf
affirmed at (P)Ca.

ARGENTINA: S&P Cuts LT Sovereign Credit Ratings to B-, Outlook Neg
------------------------------------------------------------------
On Aug. 16, 2019, S&P Global Ratings lowered its long-term foreign
and local currency sovereign credit ratings on Argentina to 'B-'
from 'B'. The outlook is negative. S&P said, "We also affirmed our
'B' short-term foreign and local currency sovereign credit ratings.
At the same time, we placed our 'raAA-' national scale rating on
Argentina on CreditWatch with negative implications and lowered our
transfer and convertibility assessment to 'B' from 'B+'."

OUTLOOK

S&P said, "The negative outlook on our 'B-' rating reflects a
greater than one-in-three chance of a downgrade over the coming
year amid very complex economic and financial market dynamics
exacerbated by the timing of the electoral calendar. In our view,
the increased vulnerabilities of Argentina's credit profile stem
from the depreciating exchange rate, a likely acceleration in
inflation, and a deepening economic recession." These factors will
increasingly challenge the ability of both the current
administration and the leading presidential candidate to contain
market volatility and restore financial and economic stability.

According to the preset electoral calendar, primary elections
(known as the PASO) occurred more than two months before the
presidential election and four months before the elected government
takes office. Ongoing volatility amid this lengthy period
complicates the current administration's authority and legitimacy
to contain the financial shock given that the PASO results shifted
more electoral power to the opposition. Recovering private-sector
market confidence that has taken a hit following the PASO is
difficult during the ensuing electoral period. Initial rounds of
communications between presidential candidates and moderate
statements from representatives of the Peronist party constitute
positive policy signals. However, the depth of the recent market
deterioration exacerbates the economic and financial challenges
ahead for whoever wins the election.

In addition, the pressures on the government's financing profile
are significant in the local market--with about US$12 billion in
peso or dollar short-term treasury notes (LETEs) coming due over
the remainder of 2019. Policy decisions will be complicated by an
electorate looking for economic recovery as recession and inflation
will worsen.

S&P said, "We could lower the ratings over the next 12-18 months if
economic and financial stresses continue to mount, implying
persistent difficulties to place or roll over government debt in
the local markets with private-sector participants. We also could
lower the ratings if access to International Monetary Fund (IMF)
funding appears at risk depending on the future negotiations
between the IMF and whoever is elected, or following unexpected
negative political developments or policy signaling on commitment
to fiscal prudence or timely debt service.

"We could revise the outlook to stable over the coming months or
year if proactive policy signals and execution--be it by the
current or next government--successfully turn around or stabilize
private-sector confidence. That could facilitate local and external
market access for government financing, greater currency stability,
demand for peso assets, and a reversal of the spike in interest
rates, implying some stabilization of the economy and inflation. To
that end, signs of ongoing commitment from the current or next
government to implement economic measures that mitigate the
additional deterioration in Argentina's external and fiscal debt
profiles would support the current rating."

RATIONALE

S&P said, "The downgrade to 'B-' follows our affirmation of the
rating on Argentina at 'B' before the PASO. At that time, the 'B'
rating and stable outlook were predicated on the assumption that
the current and next government would maintain the broad contours
of current fiscal and monetary policies aimed at stabilizing macro
imbalances and that there would be no significant deterioration of
Argentina's financial profile. We noted at the time that any
pressure on external indicators stemming from more pronounced
capital outflows and limited access to liquidity to roll over
maturing debt could lead to a lower rating. This downside scenario
has occurred, and the magnitude of the market sell-off and likely
long duration during the entire electoral period has weakened key
rating indicators and has pushed policy execution to crisis
management mode.

"Our base-case scenario has included policy pragmatism from leading
presidential candidates as they sought to widen their appeal beyond
their core base of support." However, heightened turbulence in
financial markets about policy initiatives and execution under a
potential Peronist Administration has followed the resounding lead
by Peronist candidate Alberto Fernandez in the PASO. The extreme
market dynamics and volatility have exacerbated the sovereign's
underlying fiscal and external financing vulnerabilities given
dependence on dollar financing and lack of confidence in the peso
as a store of value.

Amid this pronounced market turmoil, Argentina's economic growth
trajectory, inflation dynamics, debt profile, and external position
have all deteriorated, weakening its flexibility and performance
profile. S&P said, "We expect that GDP will contract 2.3% this
year, worse than our prior expectations of a 1.6% decline. We have
cut our forecast for growth in 2020 to 0.5%, from 2.2% previously,
given a significant negative carry-over effect and policy
uncertainty for 2020."

S&P assumed inflation had peaked, but amid this week's 30% peso
depreciation, it expects further acceleration and it to end 2019 at
55%. This puts annual average inflation projections also at about
55% this year and 35% in 2020. Given the lagged effect on pension
and payroll spending, higher inflation should help fiscal execution
in 2019, offsetting some of the renewed hit to the real economy.
However, it renders fiscal adjustment in 2020 even harder.

The additional depreciation of the Argentine peso against the
dollar--now forecast at 63 pesos/dollar for year-end
2019--contributes to an increase in the net government debt (as
about 75% of the sovereign's debt is denominated in foreign
currency) to 84% of GDP this year from 76% in 2018. It underpins a
significant jump in the change in net general government debt--much
larger than the government deficit--for the second year in a row.
Projected real appreciation of the peso is a key factor in a
decline in net general government debt to 70% of GDP in 2020, still
higher than 50% in 2017. The jump in the Leliq policy interest rate
to 75% (from about 60% before the PASO) and likelihood of rates
remaining very high during the ensuing electoral period weigh on
the government interest burden, with interest payments averaging
about 12% of revenues in 2019-2020.

About one-third of Argentina's debt is held by creditors in its
public sector, which mitigates rollover risk somewhat. And, in this
week's LETEs auction, it appears that only government agencies
participated in rolling over maturities due this year. The Treasury
canceled the auction of a tranche due in March 2020. Given the
magnitude of the financing needs, reliance solely on public or
official financing is challenging. Indeed, under the IMF program's
fourth and most recent review of the $57 billion Stand-By
Arrangement, it assumed rollovers of 75% of remaining maturities in
the local market during the remainder of the year--with
private-sector participation. Inability to place paper with the
private sector puts additional pressure on the government's cash
balances, international reserves, and official entities.

S&P said, "We also factor into our ratings that, in our view,
Argentina's external metrics have worsened despite ongoing
improvement in the current account deficit. Amid likely capital
outflows and some additional pressure on international reserves, we
expect narrow net external debt to average about 210% of current
account receipts in 2019-2020, weaker than before.

"The intense market turmoil underscores a weakness in our
institutional assessment on Argentina--a history of major changes
in economic policy following shifts in political leadership." This
history of political polarization has limited policy predictability
and the government's ability to implement its economic agenda. The
heightened current economic crisis reflects and contributes to the
polarized political landscape ahead of this year's national
elections.

Irrespective of who wins the presidency, it will be key for the
government to build alliances for passage of legislation--be it
across party lines or within a heterogeneous Peronist Party–-and
confront a very tough economic outlook. The viability of any
economic adjustment program depends on:

-- Firm commitment to reducing the fiscal deficit by running a
primary (noninterest) surplus, given the already high level of
debt;

-- Successful monetary and exchange-rate policy execution to
reestablish credible prospects for lower inflation;

-- Willingness to hold peso assets; and

-- Secure market access for government and private-sector
financing.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  RATINGS LIST

  Downgraded; CreditWatch/Outlook Action; Ratings Affirmed  
                                          To From
  Argentina

  Sovereign Credit Rating B-/Negative/B B/Stable/B
  Downgraded  
                                          To From
  Argentina

  Transfer & Convertibility Assessment   B B+
  Senior Unsecured                   B- B




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

BRAZIL: Sao Paulo Industry Loses 3,500 Jobs in July
---------------------------------------------------
Rio Times Online reports that in July, Sao Paulo industry had a net
loss of 3,500 jobs.  

This is in comparison with the month of June, without seasonal
adjustment, according to Rio Times Online.  In the year so far, the
balance is also negative (1,000 fewer openings), the report
relays.

The data were released August 6, by the Federation and by the
Center of Industries of the State of Sao Paulo (FIESP and CIESP),
the report notes.

"This reduction was already expected for the month of July, as had
been signaled by Sensor research," the data said, the report
notes.

               Household Debts Grow

In a separate report, Lise Alves at Rio Times Online reports that
as Brazil's economy moves sideways, household debts continue to
grow.

According to the report, although most families owe less than
BRL1000, the percentage of Brazilian households with debts in July
reached 64.1 percent.

The year 2019 has been frustrating the expectations that there
would be a consolidation in the process of economic recovery with
positive reflection in the daily lives of consumers, the report
notes.

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.

OI SA: Anatel Defends Market Solution for Firm
----------------------------------------------
Gabriela Mello and Carolina Mandl at Reuters report that Brazilian
telecoms regulator Anatel said it prefers a market solution for
carrier Oi SA , which has been struggling to turn around its
business since filing for bankruptcy protection in June 2016.

In a statement, Anatel denied a report by newspaper O Estado de S.
Paulo saying the Brazilian government was considering an imminent
intervention in the carrier, as it fears the interruption of Oi
services next year, according to Reuters.

Oi declined to comment.

Brazil's largest fixed-line carrier posted a second-quarter net
loss of BRL1.5 billion ($390 million), 24% more than a year
earlier, as debt servicing costs rose and the real weakened against
the dollar. Still, the company raised capital expenditures by 50%
in the second quarter to BRL2 billion, the report relays.

In July, Oi disclosed a strategic plan aiming to divest up to $2
billion in non-core assets and invest in fiber-to-home (FTTH)
broadband service, considered the heart of the company's strategy,
the report adds.

As reported on the Troubled Company Reporter-Latin America on Sept.
27, 2018, S&P Global Ratings assigned its 'B' issue-level rating to
Oi S.A.'s (global scale: B/Stable/--; national scale:
brA/Stable/--) existing $1.6 billion senior unsecured notes due
2025. S&P also assigned a '4' recovery rating to the notes, which
indicates average recovery expectation of 30%-50% (rounded estimate
40%) in the event of payment default.

Oi filed for bankruptcy protection in June 2016 to restructure
approximately BRL65 billion of debt.



=========
C H I L E
=========

ENJOY S.A.: S&P Alters Outlook to Negative & Affirms 'B' Ratings
----------------------------------------------------------------
On Aug. 16, 2019, S&P Global Ratings revised its outlook on Enjoy
S.A. to negative from stable and affirmed its 'B' ratings on Enjoy
and on its senior secured notes.

Enjoy's results since the third quarter of 2018 have been
considerably weaker than expected because of a combination of
weaker economic conditions, misguided commercial decisions, and
inherent business impact (lower hold; the percentage the casino
gains), and we believe the impact will last throughout most of this
year. Furthermore, the company continues to face the challenges of
successfully implementing its revised commercial strategies, the
uncertain economy in Argentina, and sluggish recovery in Brazil.
Argentina and Brazil's economies directly affect Enjoy's Uruguayan
operations, which are responsible for about 25% of the company's
EBITDA, and Argentina also indirectly affects some of Enjoy's
operations in Chile.

As part of a cost control strategy, Enjoy revised and somewhat
limited its food and beverage (FF&BB) and entertainment offers at
most of its casinos. While this effectively allowed Enjoy to reduce
expenses, it had an unexpected significantly negative effect on its
core gaming business revenues. For instance, the total number of
visitors to Enjoy's casinos between January and June 2019 fell
about 10% year-on-year. Management is in the process of reverting
this business strategy by improving the value proposition to its
visitors again, and providing a full entertainment experience in
order to recover the previous level of visits and revenues. In this
sense, S&P expects Enjoy to somewhat increase operating expenses in
the next year, to make some minor investments, and to gradually
recover earnings in the next 12 months.

Additionally, the rapid worsening of economic conditions in
Argentina, including the sharp peso depreciation since May 2018,
directly affected Enjoy's Uruguayan operations, where revenues fell
9.7% in the first quarter of 2019, and indirectly affected some of
the Chilean operations such as Vina del Mar and Coquimbo. Brazil's
sluggish economy has also slowed business in Uruguay. Enjoy is
increasingly working on attracting high-net-worth customers from
other markets, mostly the U.S., to offset the weaker inflow from
these two countries in its Uruguayan operation. However,
considering the very uncertain scenario in Argentina, we don't
expect revenues to recover to 2017 levels in the next two years.

The above situations translated into an EBITDA 20.5% lower than
expected in 2018 and a revision of more than 30% downwards for our
2019 forecast and about 15% for our 2020 forecast.

To this complex scenario, the company adds relatively high capital
expenditures (capex) committed to under its municipal renewal
process. In June 2018, Enjoy was awarded the renewal of the
licenses of Vina del Mar, Pucon, and Coquimbo casinos and a new
casino in Puerto Varas, where the company already has a hotel. S&P
said, "While we consider this positive from a business perspective,
ensuring the continuance and adding new operations, in the shorter
term it further pressures the company's cash flow. We now expect
Enjoy to run free cash flow deficits the next two years, with
leverage increasing this year to levels similar to those previous
to the Advent (main shareholder) capitalization. We expect debt to
EBITDA slightly above 6.0x in 2019 and between 5.0x and 5.5x in
2020."

On the positive side, and counterbalancing the abovementioned
risks, the company completed several liability management steps in
the last two years, including issuing an international bond,
capitalization from Advent and consequent debt prepayment, and
issuing two domestic bonds in November 2018 and April 2019, which
have improved the company's capital structure and financial
flexibility. Enjoy only has CLP17 billion in amortizations for the
rest of the year (and the bulk of it is revolving bank facilities)
and CLP27 billion in 2020, which we believe is manageable. In S&P's
view, the comfortable amortization schedule gives Enjoy some leeway
to revise its strategy and recover earnings and margins in the next
12 months. This, in turn, should allow it to boost cash flow from
operations generation so it can complete committed capex and
gradually start reducing leverage.

S&P said, "The negative outlook reflects that we could downgrade
Enjoy if it does not manage to revert performance deterioration in
the next 12 months. Management faces the challenge of implementing
successful strategic initiatives to grow revenue and EBITDA in
order to improve cash flow from operations, reduce leverage, and
improve interest coverage.

"We could lower the ratings in the next nine to 12 months if
commercial strategies don't translate into higher revenues and
improved margins, and debt-to-EBITDA remains consistently at about
6.0x and interest coverage below 2.0x. Additionally, if the company
doesn't improve EBITDA generation, it could struggle to generate
comfortable cash flow to keep up committed capex under license
renewal.

"We could revise the outlook to stable in the next nine to 12
months if Enjoy's cash flow improves, resulting in debt to EBITDA
close to 5.0x and interest coverage persistently above 2.0x. For
such a scenario to occur, we would expect adjusted EBITDA margins
to be persistently above 21.0%, which would be more than 250 basis
points higher than our base case for 2019."

Enjoy is the largest Chilean gaming operator with 38.8% of market
share as of June 2019. It owns and operates casinos and related
hospitality and entertainment facilities including hotels,
restaurants, bars, convention centers, and spas, among others.
Enjoy owns and operates 12 casinos and 12 hotels in Chile,
Argentina, and Uruguay.

-- GDP growth in Chile of 2.6% in 2019 and about 3.0% in 2020 and
2021.

-- Chile's inflation of 2.4% in 2019 and about 3.0% in 2020 and
2021.

-- Inflation in Uruguay of about 7.5% in 2019, 7.1% in 2020, and
6.9% in 2021 and relevant weakening of the Uruguayan peso
(UYU)--about 13% depreciation--with UYU35 per $1 in 2019. The UYU
should become somewhat more stable after that, at UYU37 per $1 in
2020 and UYU38 per $1 in 2021.

-- Uruguay's lower inflation than the currency slide could
somewhat improve margins this year, because costs are largely in
UYU while revenues are dollar-denominated.

-- S&P expects revenues to continue decreasing by about 3.5% in
2019, mainly driven by lower revenues in casinos in the northern
and southern Chile due to poor management decisions, and by lower
revenues in Uruguay. However, S&P expects revenues to recover by
about 7% in 2020 and 5% in 2021 due to full-year operations under
the Enjoy brand of two recently acquired casinos in Chile (San
Antonio and Los Angeles), coupled with improvements in the value
proposition program that would increase visits to the casino.
Additionally, the return to historical hold levels in Uruguay and
Santiago would also boost revenue growth.

-- A decrease in EBITDA margin in 2019 because of several
strategic initiatives to stop visitor numbers from falling.

-- Higher margins starting in 2020, reflecting better top-line
growth while maintaining part of the cost efficiency initiatives
implemented in the past year. In 2021, S&P expects certain margin
deterioration amid higher taxes following the license renewals.

-- S&P assumes capex for the license renewals of about $120
million through early 2022 and maintenance capex of about 3.5% of
revenues annually.

Based on these assumptions, S&P arrives at the following credit
measures:

-- Adjusted EBITDA margin close to 18.5% in 2019 and about 21% in
2020, compared with 18.2% in 2018;

-- Funds from operations (FFO) to debt between 6% and 8% in 2019
and about 10% in 2020, compared with 7.2% in 2018;

-- Debt to EBITDA between 5.9x and 6.2x in 2019 and between 5.0x
and 5.5x in 2020, compared with 5.3x in 2018; and

-- EBITDA interest coverage between 1.6x and 2.0x in 2019 and
between 2.0x and 2.4x in 2020, compared to 1.8x in 2018.

S&P said, "We assess Enjoy's liquidity as less than adequate,
because we expect sources of liquidity to roughly cover uses in the
next 12 months. Our liquidity analysis incorporates the recent
local bond issuance and Enjoy's use of proceeds to refinance
short-term debt and pay for recent acquisitions. On the positive
side, Enjoy has no relevant amortization until 2022 when its
international bond comes due. On the other hand, the cushion to
absorb high-impact, low-probability events is tight, considering
committed capex under license renewal. Additionally, we forecast a
cushion of less than 10% under revised acceleration covenants in
2019 and the breach of restriction covenants under the
international bond. The latter could hinder execution of committed
capex under license renewal if operational cash flow falls beyond
our expectation and the company has restrictions on raising new
debt."

Principal Liquidity Sources

-- Total cash and equivalents for CLP79.9 billion as of March
2019;

-- Expected FFO generation of about CLP19.3 billion in the
following 12 months as of March 2019;

-- Assets sales for about CLP2.3 billion for the next 12 months;
and

-- Issuance of a domestic bond for CLP57 billion.

Principal Liquidity Uses

-- Short-term maturities for CLP74.9 billion as of March 2019;

-- Working capital needs for about CLP3.6 billion in the next 12
months;

-- Capex of about CLP 37.9 billion for the next 12 months;

-- Acquisition for CLP 7.7 billion for the next 12 months; and

-- CLP21 billion of 2020 debt prepayment.

Enjoy's international and domestic bonds are subject to financial
covenants. Following a waiver obtained at a domestic bondholders
meeting held in June 2019, covenants under the international bond
are now the strictest, but these are incurrence covenants, while
domestic bonds' covenants are acceleration.

International bonds

-- Enjoy's consolidated fixed-charge coverage ratio must be
greater than 2.0x; and

-- Net debt to EBITDA of below 4.5x.

Domestic bonds

Following the recent amendment in a bondholder's meeting in June:

-- Net debt to equity of below 5.50x between June 2019 and
December 2020; and

-- Net debt to EBITDA of below 4.5x as of March 31, 2021.
Compliance

S&P expects Enjoy to breach international bond covenants in 2019
and 2020, and to maintain a tight cushion of less than 10% under
domestic bond covenants in 2019 and slightly above 15% in 2020.




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

DOMINICAN REPUBLIC: Taxes, Middlemen Pocket Over 50% of Pump Prices
-------------------------------------------------------------------
Dominican Today reports that over 50 percent of the final price of
both types of gasolines stems from taxes and intermediaries, which
means that at the end of the chain, consumers pay more than double
the price at which they're imported.

The situation is similar in the two types of diesel, where taxes
and intermediaries account for as much as 43 percent of their final
price to the consumer, according to Dominican Today.

The figures are derived from explanations by the Industry and
Commerce Ministry on how they set the weekly fuel prices for the
public, the report notes.

"The prices set not only respond to weekly updates of crude oil
costs, but also to the costs of derivative products in the
international market, to variations in the dollar exchange rate and
to other elements that represent local costs in Dominican pesos,"
it said, the report relays.

It adds that "everything is reflected in the fuel price calculation
formula, which is the sum of import costs, taxes and markups," the
report relates.

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).



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

ECUADOR: Egan-Jones Lowers Senior Unsec. Debt Ratings to B-
-----------------------------------------------------------
Egan-Jones Ratings Company, on August 5, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by the Republic of Ecuador to B- from B.

Ecuador is a country straddling the equator on South America's west
coast. Its diverse landscape encompasses the Amazon jungle, Andean
highlands, and the wildlife-rich Galapagos Islands. In the Andean
foothills at an elevation of 2,850m, Quito, the capital, is known
for its largely intact Spanish colonial center, with decorated
16th- and 17th-century palaces and religious sites, like the ornate
Compania de Jesus Church.




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

JAMAICA: Jamaica Producers CEO Hits Out Against Protectionism
-------------------------------------------------------------
RJR News reports that Jeffrey Hall, CEO of Jamaica Producers, is
speaking out against protectionist measures in the Caribbean.

He said protectionism today is likely to do more harm than good,
according to RJR News.

"I don't believe that Jamaica will get ahead by putting a wall
around the sugar industry, for example, and saying that we're going
to become the world leader in sugar by creating certain
protectionist rules.  I believe that we have the advantage of being
at the centre of North America and South America and we can be a
place in which, despite the geopolitical arguments that are
happening internationally, you can invest here because we have good
relationships and you can add value to goods here and export them
across the region," he said, the report notes.  

Mr. Hall said some small players are likely to be affected but
noted that strategies can be implemented to ease the impact, the
report relays.

Goods imported from countries outside CARICOM are subject to common
external tariffs ranging between 10 to 20 per cent, the report
says.

It is a part of the regional policy which allows for preferential
treatment towards goods originating from CARICOM member states, the
report adds.

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.



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

GRUPO ELEKTRA: Moody's Withdraws Ba3 CFR for Business Reasons
-------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba3 corporate family
rating and stable outlook of Grupo Elektra, S.A.B. de C.V. due to
business reasons. There were no ratings assigned to specific debt
instruments.

RATINGS RATIONALE

Moody's has withdrawn the rating for business reasons.

Moody's last rating action on Grupo Elektra, S.A.B. de C.V. was on
June 24, 2013 when the agency assigned the Ba3 corporate family
rating to Grupo Elektra, S.A.B. de C.V.

Grupo Elektra, S.A.B. de C.V. is a holding company of several
retail and financial services companies that operate in Mexico,
Central and South America, and the US. The company owns and
controls Banco Azteca, S.A. (Deposits rating of Baa3 stable). Grupo
Elektra, S.A.B. de C.V. reported revenues of MXN110,253 million
over the twelve months ended June 30, 2019.

PERKINS & MARIE: U.S. Trustee Forms 5-Member Committee
------------------------------------------------------
Andrew Vara, acting U.S. trustee for Region 3, on Aug. 14 appointed
five creditors to serve on the official committee of unsecured
creditors in the Chapter 11 cases of Perkins & Marie Callender's
LLC and its affiliates.

The committee members are:

     (1) SCF RC Funding L, LLC
         Attn: AJ Peil, Senior Vice President
         902 Carnegie Center, Suite 520
         Princeton, NJ 08540
         Phone: 609-436-0625   

     (2) WF PP Realty, LLC
         Attn: Robert G. Friedman, Owner & Manager
         510 East 80th Street
         New York, NY 10075
         Phone: 212-744-9675
         Fax: 212-744-2126   

     (3) Bono Burns Distr. Inc.
         Attn: J. Gerard Burns, President
         3616 S. Big Bend Blvd.
         St. Louis, MO 63143
         Phone: 314-650-5685

     (4) Departure
         Attn: Emily Rex, CEO & Co-Founder
         427 C. Street, Suite 406
         San Diego, CA 92101
         Phone: 619-607-1001

     (5) DJ-9, Inc.
         Attn: David M. D'Onofrio, President
         2011 W. Cleveland Street, Suite E
         Tampa, FL 33606
         Phone: 813-220-4488

Proposed counsel to the Committee:

     Bradford J. Sandler, Esq.
     Colin R. Robinson, Esq.
     Pachulski Stang Ziehl & Jones LLP
     919 N. Market Street, 17th Floor
     Wilmington, DE 19801
     Telephone: (302) 652-4100
     Facsimile: (302) 652-4400
     E-mail: bsandler@pszjlaw.com
             crobinson@pszjlaw.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                About Perkins & Marie Callender's

Perkins & Marie Callender's, LLC, --
http://www.perkinsrestaurants.com/and
http://www.mariecallenders.com/-- are operators and franchisors of
family-dining and casual-dining restaurants, under their two
highly-recognized brands: (i) their full-service family dining
restaurants located primarily in Minnesota, Iowa, Wisconsin, Ohio,
Pennsylvania and Florida under the name "Perkins Restaurant and
Bakery" and (ii) their mid-priced, full-service casual-dining
restaurants, specializing in the sale of pies and other bakery
items, located primarily in California and Nevada under the name
"Marie Callender's Restaurant and Bakery".  The Company was formed
in 2006 following the combination of the Perkins Restaurant &
Bakery chain with Marie Callender's.

As of the Petition Date, the Debtors own 111 Perkins restaurants
located in 11 states, and franchise 255 Perkins restaurants located
in 30 states and four Canadian provinces.  Similarly, as of the
Petition Date, the Debtors own and/or operate 28 Marie Callender's
restaurants located in three states, and franchise 21 Marie
Callender's restaurants located in two states and Mexico.  Thus,
the Debtors own, operate or franchise over 400 restaurants
throughout the United States, Canada and Mexico.  

On Aug. 5, 2019, Perkins & Marie Callender's, LLC, and 9 affiliates
sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case
No. 19-11743).

Perkins & Marie estimated $50 million to $100 million in assets and
$100 million to $500 million in liabilities.

The Hon. Kevin Gross oversees the jointly administered cases.

The Debtors tapped Akin Gump Strauss Hauer & Feld LLP as bankruptcy
counsel; Richards, Layton & Finger, P.A. as local counsel; Houlihan
Lokey, INnc. as investment banker; and FTI Consulting as financial
advisor.  Kurtzman Carson Consultants LLC is the claims agent.



=======
P E R U
=======

CAMPOSOL HOLDING: Moody's Upgrades CFR to B1, Outlook Stable
------------------------------------------------------------
Moody's Investors Service upgraded to B1 from B2 the Corporate
Family Rating of CAMPOSOL Holding Plc. The outlook is stable.

The ratings are as follows:

Issuer: CAMPOSOL Holding Plc.

  - Corporate Family Rating: upgraded to B1 from B2 (global scale)

Outlook: Remains Stable

RATINGS RATIONALE

The rating upgrade to B1 from B2 reflects the improvements in
Camposol's liquidity and operating performance over the last
several quarters through mid-2019. Accordingly, the company
increased the focus on profitability and cost reduction while
investing in expanding its blueberry and avocado businesses.
Camposol's leverage metrics have significantly improved, with an
adjusted Debt/EBITDA ratio reaching 2.2x as of December 2018, down
from 3.6x as of December 2016. At the same time, Camposol's
EBITA/interest expense ratio rose to 3.1x from 1.8x, while adjusted
EBITDA jumped to USD138 million from USD 76 million over the same
period.

Camposol's B1 rating incorporates its position as the largest fully
integrated agribusiness corporation in Peru (with 6,974 hectares
planted as of December 2018, compared to 6,173 has in 2015),
including production, packaging and distribution of agricultural
products. The rating also considers Camposol's large holdings of
arable land with a diversified product mix in Peru and the recently
acquired land in Colombia and Uruguay that includes a varied range
of fruits and vegetables, which will drive growth through expansion
and product-mix shifts without requiring substantial additional
capital investment after 2020.

The rating continues to be constrained by the company's relative
modest scale (revenues of USD455 million as December 2018) compared
to its global peers. Camposol also remains exposed to international
commodity prices dynamics and vulnerable to weather conditions
derived from "El Nino", which have led to volatile operating
results in the last years.

Camposol's liquidity is adequate. As of December 31, 2018, Camposol
had a cash balance of $41 million compared to $26 million in
short-term debt, mainly composed of working capital-related bank
loans. In December 2018, Camposol signed an agreement for a new
7-year $250 million syndicated loan which was used to redeem its
10.5% $147.5 million notes due 2021. The new issuance proceeds were
also directed to repaying a small portion of short term debt and
will finance about $108 million in negative free cash flow that it
expects in 2019. The new syndicated loan helped reduce interest
expenses and will increase interest coverage to 7.7x in 2019 from
3.1x for the fiscal year that ended December 2018.

Its stable outlook for Camposol's rating reflects its view that the
company will maintain its liquidity, operating margins and internal
cash flow generation while remaining disciplined in its costs,
capital spending and dividend distributions. The stable outlook
also assumes that the management will implement a timely financing
strategy in anticipation of debt maturities.

An upward rating movement would require Camposol to increase its
size and scale without jeopardizing its credit metrics. A positive
rating action would require the maintenance of sustainable strong
liquidity and positive cash flow metrics to help protect Camposol
against the inherent volatility of its operations. Quantitatively,
an upgrade would require the maintenance of total adjusted
debt/EBITDA ratio below 2.0x and adjusted EBITA/interest expense
ratio above 6.5x.

Camposol's rating could be downgraded if its liquidity and cash
flow from operations weaken. Moody's would also consider
downgrading the company if it is unable to maintain a conservative
financial policy and manage dividends prudently, particularly
during periods of expansion. Quantitatively, adjusted debt / EBITDA
above 4x and EBITA to interest expense below 3.0 times would place
the rating under negative pressure.

Camposol is an agribusiness company in Peru, which started
operations in 1997 and has been owned and operated by Generacion
del Pacifico Grupo SL, formerly Dyer Coriat Holding SL, since 2007.
The company has the world's largest Hass avocado plantation, and
will soon be the world's largest blueberry producer. As a
vertically integrated company, Camposol is involved in the harvest,
processing and marketing of high-quality agricultural and marine
products, including avocadoes, blueberries, grapes, mangoes,
tangerines and shrimp, among others, which it exports to Europe,
the US and Asia. As of December 31, 2018, Camposol posted annual
revenues of USD455 million. Camposol owns 27,096 of arable
agricultural hectares across Peru, of which it has planted 6,974
hectares, and 1,264 hectares of ponds, 109 intensive and 1,155
semi-intensive.

The principal methodology used in this rating was Protein and
Agriculture published in May 2019.

ORAZUL ENERGY: Fitch Affirms 'BB' IDR, Outlook Stable
-----------------------------------------------------
Fitch Ratings has affirmed Orazul Energy Peru S.A.'s Long-Term
Foreign and Local Currency Issuer Default Ratings at 'BB'. The
affirmation applies to Orazul's USD550 million senior unsecured
notes. The Rating Outlook is Stable.

Orazul's ratings reflect the company's predictable cash flow from
the generation electricity segment supported by an adequate
contractual position, diversified and complementary generation
assets and its cost structure flexibility sustained by vertical
integrated operations. Combined, these factors partially mitigate
the negative pressure from the leverage metrics that are expected
to remain high in the medium term for the rating level.

KEY RATING DRIVERS

Gradual Deleveraging Trajectory: Orazul's ratings reflect Fitch's
expectations of leverage exceeding 4.5x during the rating horizon,
which is the guideline for the 'BB' rating category. Fitch expects
Orazul's capital structure to slowly improve leading to leverage
closer to 5.0x after 2021. Consolidated EBITDA is expected to
improve in the medium term mainly as a result of a gradual increase
in power purchase agreements (PPA's), energy demand and slightly
improved prices on recently negotiated contracts. During 2018,
Fitch adjusted total debt to EBITDA ratio was high at 5.9x. Fitch
adjusted EBITDA declined by almost 10% yoy to USD91 million due to
lower PPA's volumes, higher thermal generation and spot purchases.

Predictable Cash Flow Generation: Orazul's ratings reflect its
predictable cash flow supported by its generation capacity
contracted under U.S. dollar denominated PPAs with full cost
pass-through provisions. As of year-end 2018, the company's
generation capacity was 100% contracted under PPA's through 2022
with strong credit quality off-takers. In 2018, approximately 88%
of Orazul's energy sales were under PPAs of medium-term duration.
Revenues derived from contracted energy and capacity sales are 100%
U.S. dollar linked, mitigating foreign exchange volatility. At the
end of 2018, the company reached an agreement to extend its PPA's
with regulated customers at relatively similar prices, yet, with a
compensation for distribution companies of USD 28.4 million, to be
paid in four years.

Adequate Business Position: Orazul's ratings reflect the strength
of the company's business, which is comprised of a diversified
portfolio of hydro and thermal power generation assets as well as
the company's vertically integrated thermal generation business,
which provides operational and financial flexibility. These
characteristics bode well for cash flow stability and support the
assigned rating amid a forecast of moderately high leverage levels.
During 2018, most of the company's cash flow came from the
generation segment, and the balance divided between transmission
and hydrocarbons segment. The company owns a natural gas field and
a processing facility, operates the concession of transmission
lines and owns generation assets. Orazul's total generation
capacity of 557 MW comprised of one natural gas fired open cycle
plant (192 MW) and two hydro power plants (365 MW). During 2018,
its generation represented 5% of total generation in Peru.

Relative Flexible Cost Structure: Orazul's vertically integrated
assets provide a unique and flexible cost structure in the Peruvian
electric generation market. This feature offers Orazul a
competitive advantage while other generators' cost structure
usually include fixed take or pay agreements for the supply and
transportation of natural gas, forcing the dispatch on low spot
prices circumstances to offset costs. Aguaytia Energy del Peru
S.R.L., Orazul's subsidiary, provides natural gas to its 192 MW
thermal generation plant, and the main cost is royalty payments on
a per usage basis, affording great operational flexibility to
position itself strategically in the end of the dispatch curve
during low spot price environment.

Spot Prices to Remain Pressured: Fitch forecasts that spot prices
in Peru (BBB+/Stable) will continue to recover at a slow pace after
reaching an average bottom of $9.53/MWh in 2017. Spot prices should
begin to reflect actual natural gas plants' generation costs after
2022, when continuous growth in demand absorbs the excessive
oversupply in the system. Fitch expects capacity additions of 500MW
and annual growth in demand of around 4.2% through YE 2022,
resulting in prices above $20/MWh.

DERIVATION SUMMARY

Orazul closest peers are generation companies in the region such as
Kallpa Generacion S.A. (BBB-/Stable), Fenix Power Peru S.A.
(BBB-/Stable) and AES Gener (BBB-/Stable). The ratings for these
companies reflect stable, diversified asset base and predictable
cash flow supported by solid contractual positions embodied in
medium-to-long-term PPA's with financially strong counterparties
and manageable volume exposure or strong shareholder support.

Orazul is rated two notches below Kallpa. Both companies benefit
from a diversified generation mix; however, Kallpa has a stronger
market position as the largest private generator in Peru and
reports lower leverage over the rating horizon with Fitch expected
leverage falling below 4.0x after completion of Las Flores
expansion. Orazul is expected to maintain gross leverage above 5.0x
in the medium term. Orazul is rated two notches below Fenix as a
result of Fenix's strong shareholder support from Colbun S.A.
(BBB/Positive) despite its higher leverage at 9.8x in 2018.

Orazul is rated two notches below AES Gener as a result of AES
Gener diversified asset base and deleveraging expectations to
around 4.0x over the medium term.

KEY ASSUMPTIONS

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

  -- Spot price rising to around USD20/MWh in 2022;

  -- Fully contracted capacity until 2022;

  -- Average PPA prices at USD43/MWh during the next four years;

  -- Annual dividend distribution at around USD60 million during
the next four years;

  -- Capex and option on PPA's extension averaging USD16 million
during the next four years.

RATING SENSITIVITIES

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

  -- If gross leverage as measured by total debt to EBITDA were to
fall below 4.0x on a sustained basis.

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

  -- Gross leverage as measured by total debt to EBITDA
substantially exceed 5.5x on a sustained basis. Additionally, a
material rebalancing of the contractual base resulting in
significant cash flow volatility and failure to renew the
exploitation license on Block 31-C could be viewed as negative for
the credit.

LIQUIDITY

Adequate Liquidity: Orazul's liquidity is adequate and supported by
sufficient cash flow generation, comfortable debt amortization
profile, adequate cash position and USD25 million of undrawn
committed credit lines. As of March 31, 2019, Orazul cash position
was USD66 million while it had no short-term debt. Fitch expects
the company to maintain a nominal cash balance through the medium
term, distributing excess cash to shareholder.

Orazul total debt of USD550 million is solely composed of its
senior unsecured notes due in 2027.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Orazul Energy Peru S.A.

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

  -- Senior unsecured notes at 'BB'.

The Rating Outlook is Stable.



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

YORAVI INVESTMENT: To Pay Treasury's Claim in Full in 60 Months
---------------------------------------------------------------
Yoravi Investments, Inc., filed supplements to their Third Amended
Chapter 11 Plan.  On February 22, 2019, the Debtor filed its Third
Amended Plan of Reorganization.  The Plan contemplated the
objection to the Proof of Claim filed by the Puerto Rico Treasury
Department.  The Treasury's claim was in the amount of $13,838.03.
The Debtor objected to POC #6 on February 7, 2019.  The Treasury
flied an amended claim in the amount of $10,727.67 on June 12,
2019.

Although the Debtor does not recognize that this is a valid claim,
it will no longer contest the same since it is not cost effective
to do so.

On August 9, 2019, the Debtor supplemented its Third Amended Plan
to include the payment amount to Treasury Department.  A copy of
that Supplement is available at https://tinyurl.com/yyyghoxu from
PacerMonitor.com at no charge.

There was an error in the calculation of the monthly payment which
the Debtor corrected by filing an Amended Supplement, a copy of
which is available at https://tinyurl.com/y6stxxag from
PacerMonitor.com at no charge.

Consequently, the Debtor supplemented its Third Plan of
Reorganization as follows:

The Debtor will pay Treasury's claim at POC #6-2 in full in sixty
(60) monthly installments of $178.79.

                   About Yoravi Investment

Yoravi Investments, Inc., owns a real estate property at Centro
Comercial Turabo Gardens valued at $1.10 million. Yoravi
Investments sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Case No. 17-05446) on Aug. 1, 2017. In the
petition signed by Rafael E. Acosta Santiago, vice-president and
treasurer, the Debtor disclosed $1.15 million in assets and
$714,000 in liabilities. Judge Edward A. Godoy presides over the
case. The Debtor tapped Godreau & Gonzalez Law, LLC, as its
bankruptcy counsel, and Enrique Peral Soler, Esq., as special
counsel.


                           *********


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

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