TCRLA_Public/190826.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, August 26, 2019, Vol. 20, No. 170





BRAZIL: Senate Passes Deregulation Package

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Medina Receives Report on Agroforestry Impact


EMPRESA PUBLICA: Fitch Affirms B- Sr. Unsec. Notes Rating


MEXICO: Bilateral Deal Reached on Tomato Exports to United States


AVIANCA HOLDINGS: Notifies Authorities of Foreign Bribery Probe

P U E R T O   R I C O

PLAYA HERMOSA: Case Summary & 2 Unsecured Creditors
PUERTO RICO: US Judge Refuses to Dismiss Lawsuit Over Pension Law

T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Not Bound to Follow IMF Dictates


CONSIS INTERNATIONAL: Discloses Update on Dispute With Bolivians


[*] BOND PRICING: For the Week August 19 to August 23, 2019

                           - - - - -


Fitch Ratings has reviewed the ratings of seven Argentine Financial
institutions and two Uruguayan branches of Argentine financial
institutions following the downgrade of Argentina's sovereign
ratings to 'CCC' from 'B' on Aug. 16, 2019.

The reviewed entities include:

  -- Banco Santander Rio S.A. (Santander Rio);

  -- BBVA Banco Frances S.A. (BBVA Frances);

  -- Banco Macro S.A. (Macro);

  -- Banco Supervielle S.A. (Supervielle);

  -- Tarjeta Naranja S.A. (TN);

  -- Banco de la Ciudad de Buenos Aires (Banco Ciudad);

  -- Banco Hipotecario S.A. (Hipotecario);

  -- Banco de la Nacion Argentina (Sucursal Uruguay) (BNAUY);

  -- Provincia Casa Financiera (Branch of Banco de la Provincia de
Buenos Aires).

These entities are among the largest financial institutions in the
country. While the IDRs of Santander Rio, BBVA Frances and Banco
Ciudad are driven by parent support, the IDRs of Macro, Hipotecario
and Supervielle are driven by their Viability Ratings (VRs), and in
the case of TN, its standalone intrinsic financial profile.

In Fitch's view, although the entities' financial ratios remain
commensurate with B category guidelines, their ratings are
constrained by Argentina's 'CCC' sovereign rating given the
influence of the operating environment. The downgrade of
Argentina's sovereign ratings reflects elevated policy uncertainty
following the August 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. In Fitch's
opinion, these conditions are likely to adversely impact the FI's
financial performance through declining loan portfolios (in real
terms), rising non-performing loans, higher funding costs and
rising administrative expenses due to rising inflation.

The IDRs and support rating of Banco Ciudad were placed on Rating
Watch Negative to reflect that they will likely be downgraded if
the City of Buenos Aires (IDR 'B'/Outlook Negative) is downgraded
because of the recent sovereign downgrade.



The IDRs of Santander Rio and BBVA Frances are driven by support
from their parents, Banco Santander, S.A. (SAN;
A-/Stable) and Banco Bilbao Vizcaya Argentaria, S.A. (BBVA;
A-/Stable), given that they are viewed as strategically important
subsidiaries. Both banks are at Argentina's country ceiling, as
Fitch believes that under the current policy framework, and
following a potential sovereign default, that (i) these banks would
probably retain the capacity to service their obligations, and (ii)
the sovereign would probably not restrict these banks' ability to
service their local currency obligations.

In spite of Santander Rio and BBVA Frances' strong company profiles
and adequate financial profiles, their VRs are highly influenced by
the operating environment.


Macro's VR and IDRs are highly influenced by the operating
environment. The ratings also reflect its higher risk appetite and
growth strategy relative to international and domestic peers, which
is balanced by its ample capital cushion, as well as its diverse
funding and comfortable liquidity metrics.


Supervielle's VR and IDRs are highly influenced by the operating
environment. The ratings also reflect its adequate capitalization,
funding and liquidity profile, and gradually strengthening


TN's IDRs are highly influenced by the operating environment. They
also consider its higher risk appetite relative to bank peers and
its business concentration in credit cards targeting low- and
middle-income segments. TN's ratings also factor in its robust
niche franchise as the largest credit card issuer in Argentina and
one of the top credit card issuers in the region.


Hipotecario's VR and IDRs are highly influenced by the operating
environment. The ratings also consider the bank's adequate
capitalization metrics, pressured asset quality and profitability,
and its funding and liquidity profile.


Fitch believes Banco Ciudad's parent, the City of Buenos Aires
(CBA) (B/Outlook Negative) demonstrates adequate capacity and
propensity to provide extraordinary support to the bank, if needed.
Argentina's sovereign rating represents a constraint on the ratings
of Banco Ciudad's sole shareholder, the City of Buenos Aires.
Equalization of the bank's IDRs with those of its parent is
supported by CBA's legal guarantee of the bank's operations
(including deposits, debt securities and wholesale funding), its
full ownership stake, and the bank's integral role in government
operations such as tax collection and payment of city employee

Banco Ciudad's VR is highly influenced by the operating
environment. The rating also considers its adequate capitalization
metrics, its low cost and stable funding base and its track record
of decent asset quality and profitability.


BNAUY is a fully integrated branch of Banco de la Nacion Argentina
(BNA) and, as such, part of the same legal entity. BNA's
creditworthiness is intrinsically aligned with that of the
sovereign, not only because of the existing explicit guarantee
provided by the government, but also given BNA's systemic
importance as the largest bank in Argentina. BNA's liabilities,
including its branches abroad, are fully guaranteed by the


This is a branch of Banco de la Provincia de Buenos Aires (BAPRO)
and part of the same legal entity. Therefore, its IDRs reflect
Fitch's opinion of BAPRO's financial and business profile, which
are highly influenced by the volatile operating environment in
Argentina and its leading franchise and systemic importance as the
third largest bank in terms of deposits and the fourth in loans in
Argentina. In addition, BAPRO and Provincia are wholly-owned by the
government of the Province of Buenos Aires.



The IDRS of these banks are sensitive to any changes in Argentina's
sovereign ratings. In addition, Santander Rio and BBVA Frances'
IDRs are sensitive to a change in Fitch's views on their parents'
ability and propensity to provide support. Santander Rio and BBVA
Frances' VRs would likely move in line with any change to
Argentina's sovereign rating.


The IDRS and VR of these financial institutions are sensitive to
any further changes in Argentina's sovereign ratings, or material
deterioration on the local operating environment that leads to a
material deterioration in their financial profiles. Upside
potential in the ratings is contingent upon an upgrade of the
sovereign rating.


BNAUY's ratings are sensitive to the sovereign rating of Argentina
and its capacity and willingness to provide support to BNA and its


Provincia's IDRs are sensitive to the sovereign rating of Argentina
and changes in BAPRO's financial and business profile.

Fitch has taken the following rating actions:

Santander Rio

  -- Long-Term Foreign Currency IDR downgraded to 'B-' from 'B';
Outlook remains Negative.

  -- Long-Term Local Currency IDR downgraded to 'B-' from 'B+';
Outlook remains Negative.

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

  -- Viability rating downgraded to 'ccc' from 'b';

  -- Support Rating downgraded to '5' from '4';

BBVA Frances

  -- Long-Term Foreign Currency IDR downgraded to 'B-' from 'B';
Outlook remains Negative.

  -- Long-Term Local Currency IDR downgraded to 'B-' from 'B+';
Outlook remains Negative.

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

  -- Viability rating downgraded to 'ccc' from 'b';

  -- Support Rating downgraded to '5' from '4';


  -- Long-Term Foreign and Local Currency IDRs downgraded to 'CCC'
from 'B';

  -- Short-Term Foreign and Local Currency IDR downgraded to 'C'
from 'B';

  -- Senior unsecured notes downgraded to 'CCC/RR4' from

  -- Tier II Subordinated debt downgraded to 'CCC-'/'RR6' from

  -- Viability rating downgraded to 'ccc' from 'b';

  -- Support Rating affirmed at '5';

  -- Support Rating Floor affirmed at 'NF';

  -- Long-Term Foreign and Local Currency IDRs downgraded to 'CCC'
from 'B';

  -- Short-Term Foreign and Local Currency IDR downgraded to 'C'
from 'B';

  -- Senior unsecured notes downgraded to 'CCC'/'RR4' from

  -- Viability rating downgraded to 'ccc' from 'b';

  -- Support Rating affirmed at '5';

  -- Support Rating Floor affirmed at 'NF';


  -- Long-Term Foreign and Local Currency IDRs downgraded to 'CCC'
from 'B';.

  -- Short-Term Foreign and Local Currency IDR downgraded to 'C'
from 'B';

  -- Senior unsecured notes downgraded to 'CCC'/'RR4' from

Banco Ciudad

  -- 'B' Long-Term Foreign and Local Currency IDRs placed on Rating
Watch Negative;

  -- 'B' Short-Term Foreign and Local Currency IDR placed on Rating
Watch Negative;

  -- Viability rating downgraded to 'ccc' from 'b';

  -- Support Rating of '4' placed on Rating Watch Negative

Banco Hipotecario

  -- Long-Term Foreign and Local Currency IDRs downgraded to 'CCC'
from 'B';

  -- Short-Term Foreign and Local Currency IDR downgraded to 'C'
from 'B';

  -- Senior unsecured notes downgraded to 'CCC'/'RR4' from

  -- Viability rating downgraded to 'ccc' from 'b';

  -- Support Rating affirmed at '5';

  -- Support Rating Floor affirmed at 'NF';


  -- Long-Term Foreign and Local Currency IDRs downgraded to 'CCC'
from 'B';

Provincia Casa Financiera

  -- Long-Term Foreign and Local Currency IDRs downgraded to 'CCC'
from 'B';


BRAZIL: Senate Passes Deregulation Package
Paulo Trevisani at The Wall Street Journal reports that Brazil's
Senate approved measures meant to boost a sluggish economy by
simplifying business in a country known for its crippling

The changes include a fast-track process to open new firms, waivers
for some permit requirements and broader acceptance of digital
documents, among other things, according to The Wall Street
Journal.  The package faced opposition from groups fearing a
reduction of labor rights and environmental protections, but was
saluted by businesses, the report notes.

"It is an attempt to level Brazil's regulatory environment with
that of global economic powerhouses by reducing the state's
interference in business," said Andre Marques, a lawyer with the
firm Guerra Batista, the report relays.  "They will let money
circulate more freely," he added.

The WSJ notes that the World Bank's Ease of Doing Business index
ranks Brazil 109 out of 190 nations, lower than 10 other Latin
American nations, including Mexico, Chile and Colombia.

The new rules allow small business such as hair salons and cafes to
begin operations before getting all necessary permits, the report
relays.  The firms remain subject to inspection and could face
penalties in the event of irregularities, but they will no longer
need to wait as long as several months before starting business,
experts said, the report discloses.

Another change will protect business owners from getting their
personal assets seized to cover business debt, the report notes.

One of the most significant changes is the adoption of a digital
version of Brazil's "carteira de trabalho," or work booklet, a
passport-like document that employers must fill out by hand with
salary changes, vacation taken and other information for every
worker during employment, the report relates.

The expected increased use of digital documents will facilitate
links with foreign companies, said Adriana Piraino, an expert in
mergers and acquisitions at law firm Velloza Advogados, the report

"If it all works as expected, it will become easier for foreigners
to navigate Brazil's bureaucracy," she said, the report relates.

The WSJ notes that the deregulation package was written by the
executive branch earlier this year and modified by lawmakers.
Conservative President Jair Bolsonaro is now expected to quickly
sign it into law.

The package's approval comes after the lower house of Congress
passed in July a pension overhaul meant to reduce fiscal
instability in Latin America's largest economy, the report relates.
The Senate is expected to approve the overhaul in the next few
months, the report discloses.

Policy makers are also pursuing a deep overhaul of Brazil's complex
tax code to reduce the cost of filing tax forms, which in Brazil
takes longer than in most other countries, according to some
studies, the report says.

The revisions are aimed at jolting Brazil out of a long soft patch,
the report notes.  The country's output contracted in 2015 and 2016
and has since grown less than 1% a year, the report discloses.
There are fears another recession is already under way, the report
adds.  Unemployment has been around 13% for years.

Some lawmakers, however, fear a reduction of long-established labor

"This is very harmful," opposition Sen. Humberto Costa from the
Workers' Party, or PT, said, notes the report.  "Reducing
bureaucracy won't create jobs," he added.

His party removed from the final bill a provision allowing
employers to increase Sunday shifts, the report relays.

Environmentalists also fear some regulatory changes could make it
easier to cut down Brazil's vast rain forests, the report notes.

The package rolls back environmental protections by allowing some
businesses to operate even before getting environmental permits,
said Mauricio Guetta, a law consultant with the Socio-Environmental
Institute, the report adds.

"We will need to battle this package in the courts," he added,
notes WSJ.

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

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Medina Receives Report on Agroforestry Impact
Dominican Today reports that President Danilo Medina was informed
of the impact from agroforestry development projects, including the
greening of the hills and the economic benefit for workers who
protect forests and water sources.

During a meeting in the National Palace, Medina received a detailed
report from presidency chief of staff Jose Ramon Peralta;
agriculture minister, Osmar Benitez and of Environment, Angel
Estevez, among other, according to Dominican Today.

"Agroforestry development projects, in which the greening of our
hills and the economic benefit of men and women have been achieved,
today meet their goal of encouraging the protection of our forests
and water sources," the reports says.

It adds that 9,081 families benefited from the implementation of
"the most ambitious Caribbean reforestation plan" and paid more
than 9,000 people a total of RD$32 million, the report notes.

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).


EMPRESA PUBLICA: Fitch Affirms B- Sr. Unsec. Notes Rating
Fitch Ratings has affirmed the senior unsecured notes issued by
Empresa Publica de Exploracion y Explotacion de Hidrocarburos
Petroamazonas EP due in February and November 2020 at 'B-'/'RR4'.
The notes have a total amount of approximately USD615 million
outstanding. The rating action follows Fitch's recent affirmation
of the Republic of Ecuador at 'B-'/Outlook Stable.

PetroAmazonas' senior unsecured notes rating reflect those of
Republic of Ecuador as a guarantor. The notes are fully covered by
a sovereign guarantee, which constitutes a general, direct,
unsecured, unsubordinated and unconditional obligation of the
sovereign. The guarantee is backed by the full faith and credit of
the Republic of Ecuador and ranks equally in terms of priority with
other sovereign debt. This linkage reflects PetroAmazonas'
importance to the government of Ecuador as the main supplier of the
country's energy supply and a large contributor of U.S.
dollar-linked revenues.


Sovereign Guarantee: The recent stabilization of Ecuador's Outlook
reflects developments that have helped mitigate near-term sovereign
financing risks. An IMF program signed in February has eased
financing constraints both by expanding financing sources and
facilitating a successful liability management operation in June to
reduce external market debt maturities in 2020 and has also
provided an anchor for fiscal consolidation and structural reforms.

Ecuador's 'B-' rating captures financing risks that could re-emerge
should policy slippage or other shocks either increase funding
needs or undermine financing access. The ratings are further
constrained by high commodity dependence and weak economic growth
and future prospects. The ratings are supported by macroeconomic
stability in the context of dollarization, and a public debt burden
that remains moderate relative to peers despite recent increases
and that lacks exchange rate mismatches. Per-capita income and
social indicators are high but offer limited uplift to the credit
profile as evidenced by a weak debt repayment record.

Importance to the Government: PetroAmazonas is fully owned by the
government of Ecuador. The republic has absolute control over
business strategies and the company's revenue generation.
PetroAmazonas is strategically important for the country as it
provides the majority of the country's hydrocarbon supply.
Government support is further evidenced by the Minister of
Finance's annual contribution to fund the company's operations.

Ecuador relies on exports and tourism for generating hard currency
revenues. Crude oil represented 39% of exports in 2018. While lower
than historical levels, the revenues are still the largest single
source of U.S. dollar inflows. The percentage should climb toward
historical levels in the future as oil prices rebound.

Significant Contributor to Government Revenue: Ecuador is highly
dependent on oil. Oil receipts represented 22% of public sector
revenues in 2018 compared to 17% in 2017. This increase was due to
rising oil prices and should stabilize along with prices.
PetroAmazonas has a competitive cost structure and could withstand
depressed prices if its revenue generation was based on market
price, which it is not. Due to a lack of a defined revenue
structure, the company is reliant upon government transfers to
cover its ongoing operations and capital investments.


The rating of PetroAmazonas' notes linkage to the sovereign is
similar in nature to its peers YPF S.A. (B/Negative), Petroleo
Brasileiro S.A. (Petrobras, BB-/Stable), Ecopetrol S.A.
(BBB/Negative), Petroleos Mexicanos (BB+/Negative), Petroleos del
Peru - Petroperu S.A. (BBB+/Stable) and Empresa Nacional del
Petroleo (ENAP, A/Stable). These companies all have strong linkage
to their respective sovereigns given their strategic importance to
each country and the potentially significant negative
sociopolitical and financial implications their financial distress
would have for their countries.

The 'B-'/'RR4' rating on PetroAmazonas's notes reflects its close
linkage with the sovereign rating of Ecuador due to its strategic
importance to the country as one of the largest suppliers of crude
oil. Ecuador depends on oil exports as a significant source of hard
currency for the country, which historically has represented 50% of
the country's exports. The sovereign linkage is further evidenced
by the sovereign guarantee provided to PetroAmazonas to cover its
debt obligations under the notes.

PetroAmazonas is well positioned relative to its peers in terms of
reserves, reserve life, and debt/1P reserves. Despite adequate
production levels and reserve life, political risk remains high for
the company as its revenue generation totally depends on fund
transfers from the government and timing for receiving them.


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

  -- Senior unsecured notes fully guaranteed and paid by the
Republic of Ecuador in 2020;

  -- Approved budget and consequent government transfers will be
enough to cover operating expenses, capex investments and debt
service payments.


  -- The recovery analysis assumes that the value of PetroAmazonas
would be assessed under a going concern approach;

  -- Fitch has assumed a 10% administrative claim.

PetroAmazonas' notes recovery ratings are capped at an average
Recovery Rating of 'RR4' since Ecuador is categorized within Group
D with a soft cap of 'RR4'. This assumes a recovery in the range of
31% to 50% for creditors.


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

  -- An upgrade of the sovereign.

The main factors that could lead to a positive rating action on

  -- Progress on fiscal consolidation that reduces financing needs
and improves the trajectory of public debt-to-GDP;

  -- Improvements in the country's external liquidity position that
provide a more ample buffer to external shocks;

  -- Stronger growth prospects reflecting signs of improving

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

  -- A downgrade of the sovereign.

The main factors that could lead to a negative rating action on

  -- Re-emerging of financing constraints, either due to failure to
reduce the fiscal deficit or developments that jeopardize financing
access and the IMF program;

  -- Economic weakness or instability that heightens public debt
sustainability concerns;

  -- Political instability that undermines the government's
policymaking capacity and willingness to service debt.


Weak Liquidity: PetroAmazonas' liquidity profile is heavily reliant
on the sovereign's access to external borrowing. The government's
support is evidenced by the annual contribution to fund operations
from the Ministry of Finance in an amount equal to the general
budget approved by the company's board of directors.

Ecuador's 'B-' rating captures financing risks that could re-emerge
should policy slippage or other shocks either increase funding
needs or undermine financing access. The Extended Fund Facility
(EFF) with the IMF launched in February offers USD4.2 billion in
financial support to Ecuador over the next three years, in addition
to USD6 billion in pledged funds from other multilateral banks. The
EFF entails a large fiscal adjustment, build-up in central bank
(BCE) reserves to fortify the dollarization regime, and
competitiveness-enhancing reforms.

In 2017, the company issued approximately USD615 million of
international notes which are guaranteed by the Republic of
Ecuador. The company's access to the markets will be driven by the
sovereign's ability to continue tapping the local and international


Fitch has affirmed the following notes issued by Empresa Publica de
Exploracion y Explotacion de Hidrocarburos Petroamazonas EP:

  -- Senior unsecured notes guaranteed by the government of Ecuador
due February and November 2020 at 'B-'/'RR4'.


MEXICO: Bilateral Deal Reached on Tomato Exports to United States
EFE News reports that a bilateral agreement has been reached on
Mexican tomato exports that will bring a halt to a United States
anti-dumping investigation, the Mexican government said.

"In the last minutes of Aug. 20, Mexican tomato producers reached
an agreement with the US Department of Commerce that will allow for
the suspension of the (latter's) 'anti-dumping' investigation,"
Mexican Economy Secretary Graciela Marquez wrote on Twitter,
according to EFE News.

She added that this agreement is good news because it will keep the
US market open for Mexican tomato exporters, the report notes.

For his part, the Foreign Relations Secretariat's undersecretary
for North America, Jesus Seade, congratulated Mexican tomato
growers on the accord and acknowledged their "infinite
determination" to reach an agreement in such an important sector of
Mexico-US trade, the report relays.

He also highlighted the pivotal work carried out by the
presidential chief of staff, Alfonso Romo; Agriculture Secretary
Victor Villalobos; and Mexico's ambassador to the US, Martha
Barcena, the report discloses.

EFE News says that the Economy Secretariat expressed its
satisfaction with the agreement, saying in a bulletin that a 30-day
period for public comments has now been opened.

The new agreement will enter into force on Sept. 19, the date that
the US Commerce Department had set for a final determination on its
now-suspended anti-dumping investigation, it said, adding that at
that time, Mexican exporters also will be able to recover cash
deposits made since May 7, the report relays.

The secretariat, however, did not indicate whether the agreement
suspends the tariffs that the US had imposed in recent months on
Mexican tomatoes, EFE News notes.

The trade dispute began on May 7 when Washington, acting at the
request of Florida tomato growers, withdrew from the so-called
Suspension Agreement on Fresh Tomatoes from Mexico, a pact whose
origins date back to 1996 and that most recently had been renewed
in 2013, the report recalls. That move was accompanied by a
resumption of a long-suspended anti-dumping investigation and the
imposition of a 17.5 percent tariff on Mexican tomato imports, EFE
News notes.

The suspension agreement had allowed tariff-free Mexican tomato
exports to the US for decades on condition that Mexican growers not
sell their product below a floor price established by the US, the
report relays.

Although the agreement was reached between US authorities and
Mexican producers, the Mexican government also was active in the
negotiations, the report notes.

Marquez was in contact on different occasions with US Commerce
Secretary Wilbur Ross and pressed him to reach an agreement with
the Mexican producers, the report discloses.

In late May, the Mexican government complained that the US was
wanting to impose "extreme conditions" on Mexican tomatoes,
particularly objecting to its plan for strict border inspections
that Mexico City said would cause export delays of up to three
days, the report notes.

According to figures from Mexico's National Agricultural Council,
Mexican tomato exports to the US were valued at roughly $2 billion
in 2018, the report adds.


AVIANCA HOLDINGS: Notifies Authorities of Foreign Bribery Probe
Dylan Tokar at The Wall Street Journal reports that Latin American
airline group Avianca Holdings SA is investigating whether it
violated U.S. foreign bribery law by giving free tickets and
upgrades to government officials.

Avianca Holdings, which is based in Panama, said in a securities
filing that it notified the U.S. Justice Department and the
Securities and Exchange Commission about the probe and was
cooperating with the agencies, according to The Wall Street
Journal.  It also notified Colombia's financial superintendent
through the country's securities exchange, where the airline group
also is listed, the report notes.

The report relays that the group said the travel benefits were
given to officials by employees that may have included senior
management, as well as certain members of its board.

A spokeswoman for Avianca Holdings said the company had implemented
additional controls to avoid similar conduct in the future,
including by strengthening its internal approval processes, the
report discloses.

The probe could raise a somewhat novel issue under the U.S. Foreign
Corrupt Practices Act, which prohibits companies with ties to the
U.S., including those such as Avianca Holdings that are listed on a
U.S. stock exchange, from bribing foreign government officials to
gain a business advantage, the report notes.

The Justice Department and SEC have reached settlements in the past
with companies that provided free travel to foreign officials. The
agencies also have settled with a foreign airline that bribed union
officials to secure a favorable labor contract, the report says.

But the investigation into Avianca Holdings could be the first
public instance of a company considering whether free and
discounted tickets and upgrades offered by an airline could qualify
as a bribe under U.S. foreign bribery law, the report relays.

In its filing, Avianca Holdings said it believed that the benefits
provided to government officials were limited to travel perks, but
it left open the possibility that other things of value were also
given, the report notes.  The airline group said discovered the
practice in 2017 and hired an outside law firm to investigate the
matter, the report adds.

The Class Action Reporter on July 25, 2019, reported that S&P
Global Ratings lowered its issuer credit rating on Colombia-based
airline operator Avianca Holdings S.A. to 'SD' from 'CCC+' and kept
the 'CCC' issue-level ratings on CreditWatch with negative
implications. Additionally, S&P lowered its issuer credit and
issue-level ratings on LifeMiles LTD to 'B-' from 'B'. The
downgrade follows Avianca's announcement that it missed the
payments on several long-term leases and on the principal on some
loan obligations, which constitutes an event of default.

P U E R T O   R I C O

PLAYA HERMOSA: Case Summary & 2 Unsecured Creditors
Debtor: Playa Hermosa Development Corp.
        Ave Jesus T. Pinero 293
        San Juan, PR 00927

Business Description: Playa Hermosa Development Corp. is a
                      privately held company engaged in activities

                      related to real estate.

Chapter 11 Petition Date: August 21, 2019

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Case No.: 19-04756

Judge: Hon. Enrique S. Lamoutte Inclan

Debtor's Counsel: Melvin Rosario-Rodriguez, Esq.
                  PO Box 9022987
                  San Juan, PR 00902-2987
                  Tel: 787-587-3780

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Nicolas Rivera Colon, president.

A full-text copy of the petition is available for free at:


List of Debtor's Two Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
1. GLM Engineering COOP              Professional        $400,000
742 Calle Prolongacion Paz          Services Fees
San Juan, PR 00907
Greg Morris
Tel: (787) 723-8005

2. Fugleberg Koch                    Professional        $225,000
2555 Temple Trail                   Services Fees
Winter Park, FL 32789
Robert Koch
Tel: (407) 629-0595

PUERTO RICO: US Judge Refuses to Dismiss Lawsuit Over Pension Law
Karen Pierog and Luis Valentin at Reuters report that a lawsuit
filed by Puerto Rico's financial oversight board over a new pension
and healthcare funding law will move forward after a federal judge
denied the U.S. commonwealth's motion to dismiss the case.

The litigation, which marked the latest skirmish in an ongoing
battle between the board and the government over spending
priorities, targets a law that transfers hundreds of millions of
dollars in municipal pension and healthcare costs to the bankrupt
Puerto Rico government, according to Reuters.

U.S. District Court Judge Laura Taylor Swain rejected arguments by
the island's government that the lawsuit cites faulty claims based
on the 2016 federal PROMESA Act, which created the board and a
bankruptcy-like process to restructure about $120 billion of Puerto
Rico's debt and pension obligations, the report notes.

The report relays that Swain, who is hearing the island's
bankruptcy cases, ordered the lawsuit to proceed.

A fiscal 2020 budget passed by Puerto Rico lawmakers included
funding for local pensions and health insurance costs to aid
cash-strapped municipalities despite warnings from the board that
so-called Law 29, which enabled the move, is inconsistent with its
fiscal plan, the report notes.

The board's lawsuit seeks to void the law, contending it would
impair the PROMESA Act by diverting hundreds of millions of dollars
Puerto Rico's government could otherwise use to spur economic
growth, the report says.

Law 29, which was enacted in May by then-Governor Ricardo Rossello,
will add $311 million in additional government spending in fiscal
2020 and $1.7 billion through fiscal 2024, according to the
lawsuit, the report discloses.

The oversight board sued Rossello and Puerto Rico's fiscal agency
in July, the report relays.  Rossello resigned earlier this month
in the wake of protests over government corruption and
controversial leaked chat messages involving him and close allies.
He was eventually replaced by Wanda Vazquez, Puerto Rico's justice
secretary, the report notes.

Following a meeting between Vazquez and a group of island mayors,
the new governor vowed she will continue to defend the law's
validity, according to Carlos Molina, president of the Mayors
Federation, the report adds.

                        About Puerto Rico

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

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

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

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

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

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

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

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

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

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at

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

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

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

                    Bondholders' Attorneys

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

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

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

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

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


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

T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Not Bound to Follow IMF Dictates
Trinidad Express reports that Trinidad and Tobago Finance Minister
Colm Imbert said this country is under no obligation to follow any
recommendations made by the International Monetary Fund (IMF).

The IMF is assembling a team to visit T&T for its annual Article IV
consultations, but no date has yet been set for the visit,
according to Trinidad Express.

Imbert was speaking at the post-Cabinet media briefing at the
Diplomatic Centre in St Ann's, the report relays.  He said while
T&T is a member of the IMF, this country is not currently in any
IMF programme and has not borrowed money from the IMF and as such
does not have to do anything the IMF might recommend, the report


CONSIS INTERNATIONAL: Discloses Update on Dispute With Bolivians
Consis International LLC filed a first amended Chapter 11 plan of
reorganization and accompanying first amended disclosure statement
disclosing the status with respect to the actions filed by
Bolivian creditors.

The Debtor said its management suffered administrative and
financial burden of the Bolivian creditor's various motions in
opposition to the reorganization, including its May 13, 2019
emergency motion to dismiss or appoint a fiduciary on the eve of
the original disclosure statement hearing of May 15, 2019.

Prior to the Petition Date, the Debtor received an unfavorable and
wildly disproportionate arbitration decision abroad.  The dispute,
subsequent foreign arbitration decision and appeal were all
politically influenced, the Debtor said.  Despite efforts to
resolve issues through specialized counsel, a petition to recognize
a Bolivian arbitration award was filed in the Southern District of
Florida (the "Bolivians").

The Bolivians have filed notices of 2004 examinations seeking to
review documents and obtain testimony on behalf of the Debtor about
its financial affairs and foreign service providers.

A redlined version of the First Amended Disclosure Statement dated
Aug. 20, 2019, is available at from at no charge.

                   About Consis International

Consis International LLC -- -- provides
computer systems design and related services. It was founded in
August 1987 in Caracas, Venezuela.

Consis International sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-22233) on Oct. 2,
2018.  In the petition signed by Oscar Carrera, manager, the Debtor
estimated assets of less than $1 million and liabilities of $1
million to $10 million.  Judge John K. Olson oversees the case.
Weiss Serota Helfman Cole & Bierman, P.L., is the Debtor's legal


[*] BOND PRICING: For the Week August 19 to August 23, 2019
  Issuer Name              Cpn     Price   Maturity  Country  Curr
  -----------              ---     -----   --------  -------   ---

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
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
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
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
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    56.4    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.

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