TCRLA_Public/191003.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, October 3, 2019, Vol. 20, No. 198

                           Headlines



A R G E N T I N A

ARGENTINA: Crisis Adds to Neighboring Economies' Headwinds
AUTOPISTAS DEL SOL: Fitch Affirms B+ Rating on International Notes
BANCO DE BUENOS AIRES: Fitch Affirms 'CCC' LT Issuer Default Rating
BANCO HIPOTECARIO: Fitch Affirms CC IDRs, Outlook Stable
BANCO SUPERVIELLE: Fitch Affirms CC LT Issuer Default Ratings

TARJETA NARANJA: Fitch Affirms CC LT Issuer Default Ratings


B E R M U D A

SIGNET JEWELERS: Fitch Assigns B+ LT IDR, Outlook Negative


B R A Z I L

ODEBRECHT SA: Dominican Republic Asks Brazil to Secure US$124MM
OI SA: To Test 5G in Rio Music Festival Using Huawei's Gear


C U B A

THOMAS COOK: Bankruptcy Affects Some 2,000 Tourists in Cuba


J A M A I C A

THOMAS COOK: Officials Seek to Mitigate Fallout from Collapse


P A R A G U A Y

PARAGUAY: To Get 90MM-IDB Loan to Improve Efficiency of Fund Use


P U E R T O   R I C O

JG & RM REALTY: Seeks to Hire Garcia-Arregui & Fullana as Counsel


X X X X X X X X

LATAM: Election Cycle Ending W/ Challenge of Meeting Expectations

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Crisis Adds to Neighboring Economies' Headwinds
----------------------------------------------------------
Fitch Ratings noted in an Oct. 1, 2019 report that Argentina's
economic crisis will have negative effects on neighboring
economies, adding to an already challenging external backdrop for
the region. Reduced trade and financial exposures should help to
limit broad-based regional effects from a prolonged Argentinian
recession, but smaller economies with higher direct exposures to
Argentina are likely to be affected more.

Fitch forecasts the Argentinian economy to contract by 3% in 2019
and 1.7% in 2020. The scope for destabilizing regional contagion
should be limited by a substantial reduction in trade linkages over
the past two decades, limited direct financial exposures and low
financial market contagion risk. Positively, direct goods trade
exposures to Argentina for Brazil, Chile and Uruguay have fallen
substantially since the 2001-2002 crisis, largely due to trade
diversification into markets such as China. Exports to Argentina
have risen for Paraguay and Bolivia, although the concentration in
certain goods less directly exposed to Argentinian demand
(soybeans) or based on pre-agreed contractual terms (natural gas)
should mitigate the economic effects.

Thus far, the region has also seen no substantive signal of market
contagion risk to neighboring countries since the onset of
heightened volatility in Argentina in August. Bond and CDS spreads
for neighboring countries have remained roughly stable even as
Argentinian spreads rose significantly. The confluence of
challenges facing the country including low policy credibility, a
substantially increased and highly dollarized government debt
burden, high inflation, a sharp recession, acute financing
constraints amid large financing needs and reduced international
reserves, makes it an outlier. Additionally, the severe political
shock and elevated policy uncertainty that have exacerbated these
challenges in Argentina are not shared by other countries.

Fitch said, "Although we believe that Argentina's crisis will
unlikely have a severe or destabilizing effect for the rest of the
region, it will pose headwinds of varying magnitude among
individual countries. Smaller economies, including Uruguay,
Paraguay and Bolivia, are likely to see the greatest economic
growth effects owing to a range of exposures including trade,
tourism, reduced competitiveness owing to real exchange rate
appreciation and remittances."

Fitch's outlook on Bolivia and Uruguay's ratings are already
Negative. "For the latter, we specifically highlighted persistent
growth underperformance and fiscal deterioration as contributing to
the Negative Rating Outlook in our rating affirmation in May, which
primarily reflect homegrown issues that will be amplified by
headwinds from Argentina namely via the key tourism sector.
Bolivia's Negative Rating Outlook also reflects rising
macroeconomic vulnerability from the rapid decline in international
reserves due to adverse developments in the gas sector and highly
expansive policies. Further erosion in competitiveness vis-a-vis
Argentina could exacerbate these trends," Fitch said.

Paraguay will see a substantial growth slowdown with growth now
forecast at zero this year, partly due to the Argentinian crisis.
That said, Paraguay has a stronger fiscal position relative to
Bolivia and Uruguay, with the lowest debt burden in Latin America
at 17% of GDP in 2018, offering greater scope to cushion the impact
with countercyclical fiscal policy, Fitch added.

While less vulnerable, risks related to Argentina will still add to
a challenging macroeconomic backdrop for larger neighbors such as
Brazil and Chile, Fitch noted. The addition of the Argentina crisis
to an already challenging set of external risks and domestic demand
challenges confronting Brazil will further constrain recovery
potential and add to difficulties in addressing rising general
government debt and the large deficit. Chile stands out as being in
a stronger fiscal position and likely with the least
vulnerabilities directly linked to Argentina.


AUTOPISTAS DEL SOL: Fitch Affirms B+ Rating on International Notes
------------------------------------------------------------------
Fitch Ratings affirmed the 'B+' rating on the international notes
that Autopistas del Sol, S.A. has placed in the international
markets. The Rating Outlook is Negative. The notes are supported by
the cash flow generation of the Costa Rican toll road Ruta 27.

Fitch has also affirmed the 'AA(cri)' rating with a Stable Outlook
on the local notes.

RATING RATIONALE

The ratings reflect the asset's stable traffic and revenue profile,
supported by an adequate toll adjustment mechanism. Mostly used by
commuters, the project may face significant competition in the
short-to-medium term if the main competing road is substantially
improved and its tariff is significantly lower than that of the
project. Toll rates are adjusted quarterly to exchange rates and
annually to reflect changes in the U.S. Consumer Price Index (CPI).
The ratings also reflect pari passu, fully amortizing senior debt
with a fixed interest rate and a cash trap mechanism that mitigates
an early termination of the concession before debt is fully repaid.
Fitch's rating case average Debt Service Coverage Ratio (DSCR) of
1.2x is generally in line with its criteria guidance for the rating
category but is currently limited by the sovereign risk. The
presence of a minimum revenue guarantee (MRG) provides an
additional layer of comfort to the ratings.

The Negative Outlook continues to reflect Fitch's view on Costa
Rica's sovereign risk, given the toll road's exposure to the
country's economic conditions and links to the sovereign credit
quality through the MRG.

KEY RATING DRIVERS

Mostly Commuter Traffic Base - Revenue Risk (Volume): Midrange

Light vehicles account for approximately 93% of all users, which
have proven to be the most stable and resilient traffic base. The
road is used by commuters on workdays and by residents of the
capital city, San Jose, travelling to the nearby beaches on the
weekends. The road could face significant competition if major
improvements to the existing and congested San Jose-San Ramon Route
are made and the road is untolled or materially cheaper than the
project. The concession agreement provides a MRG mechanism that
compensates the issuer if revenue is below certain thresholds,
alleviating this risk to a certain extent.

Adequate Rate Adjustment Mechanism - Revenue Risk (Price):
Midrange

Toll rates are adjusted quarterly to reflect changes in the Costa
Rican Colon (CRC) to USD exchange rate and also annually to reflect
changes in the U.S. Consumer Price Index (CPI). Tolls may be
adjusted prior to the next adjustment date if the U.S. CPI or the
CRC/USD exchange rate varies by more than 5%. Historically, tariffs
have been updated appropriately.

Suitable Capital Improvement Program - Infrastructure Development &
Renewal: Midrange

Brownfield asset operated by an experienced global company with a
higher-than-average expense profile due to the geographical
attributes of the project. The majority of the investments required
by the concession have been made. The concession requires lane
expansions when congestion exceeds 70% of the ideal saturation
flow, which triggers the need for of further investments. However,
the project would only be required by the grantor to perform these
investments to the extent they do not represent a breach of the
debt coverage ratios assumed by the issuer in the financing
documents.

Structural Protections Against Shortened Concession - Debt
Structure: Midrange

Debt is senior secured, pari passu, fixed rate and fully
amortizing. The debt is denominated in USD. Nonetheless, no
significant exchange rate risk exists due to the tariff adjustment
provisions set forth in the concession and because CRC-denominated
toll revenues will be converted to USD on a daily basis.

The structure includes a cash trap mechanism to prepay debt if
revenue outperforms the base case revenue indicated in the issuer's
financial model, which largely mitigates the risk of the concession
maturing before the debt is fully repaid. Typical project finance
features include six-month Debt Service Reserve Account (DSRA),
three-month O&M Reserve Account (OMRA), six-month backward and
forward looking 1.20x distribution trigger and limitations on
investments and additional debt.

Financial Profile

Under Fitch's rating case, the project's yields a minimum and
average DSCR of 0.9x and 1.2x, respectively. Considering this
scenario, the concession will last until its final maturity date in
July 2033 and will receive MRG payments from 2025 to 2032, which
amounts in average 5.3% of annual revenues. Also, under this
scenario, restricted payment conditions are not expected to be met
for six consecutive periods, which would trigger mandatory
prepayments. Debt repayment is not dependent on the MRG payment, as
should it not be received, toll revenues and reserve funds would be
sufficient to cover debt service. The metrics are in line with
Fitch's applicable criteria for the rating category, although
constrained by the sovereign risk.

PEER GROUP

There are no peers rated locally by Fitch that are comparable with
the project. The closest peer is Mexico's Concesionaria Mexiquense,
S.A. de C.V. (Conmex, BBB/Positive), as both assets provide access
to the capital cities of their respective countries with a
significant commuting traffic base, and have similar risk
assessments at Midrange. Nevertheless, the rating difference is due
to Autopistas del Sol's much lower coverage metrics (LLCR 1.2x vs.
2.5x).

RATING SENSITIVITIES

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

  - Negative rating action on Costa Rica's sovereign ratings could
trigger a corresponding negative action on the rated notes;

  - Traffic volumes below Fitch's base case over a prolonged
period;

  - Projected average DSCR profile below 1.1x under Fitch's rating
case.

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

  - Positive rating action on Costa Rica's sovereign ratings could
trigger a corresponding positive rating action on the rated notes,
as long as project's fundamentals support this view.

TRANSACTION SUMMARY

The asset serves as a connection between the city of San Jose and
its metropolitan area with Puerto Caldera, along the Pacific coast.
The asset is operated by Globalvia, one of the world leaders in
infrastructure concession management, which manages 28 concessions
in seven countries. The company was established in 2007 by FCC
Group and Bankia Group. In March 2016, Globalvia was acquired by
pension funds OPSEU Pension Plan Trust Fund (40%), PGGM N.V. (40%)
and Universities Superannuation Scheme Ltd (20%).

CREDIT UPDATE

During the first half of 2019, the weighted average annual daily
traffic (WAADT) of Ruta 27 increased 0.1% from the same period of
the prior year, compared to Fitch's expectations of 1.3% under its
base and rating cases. In Fitch's view, the lower-than-expected
performance is a reflection of that of the national economy.

Revenue was USD38.2 million, compared with the USD38.5 million
expected by Fitch in its cases, following the weaker traffic
performance and the decrease of heavy vehicle participation in the
total traffic mix. MRG was not executed, and there were no revenues
shared with the government, as per Fitch's expectations.

Major maintenance cost was higher than the budget given the works
performed on the roads have advanced at a faster-than-anticipated
pace. Thus, Fitch expects that year-end major maintenance costs
will comply with the budget. Total expenses were lower than
expected given lower operating costs.

Reported DSCR in July 2019 was 1.33x, compared with Fitch base case
DSCR expectations of 1.28x. This occurred because the lower
expenses compensated for the lower revenue generation. Net Present
Value was below that specified in the concession agreement.

FINANCIAL ANALYSIS

Fitch's Base Case assumes 2019 traffic level will be at the same
level recorded in 2018 and will grow at a Compounded Annual Growth
Rate (CAGR) of 1.8% from 2020 to 2033. This considers, among other
factors, that the competing route will charge 50% of the tariff
initially stablished when the concession was granted. U.S. CPI
reflects Fitch's forecast of 2.2% for 2019, 2.3% for 2020, 2.5% for
2021 and 2.0% afterwards. O&M and major maintenance expenses were
projected following the budget provided plus 5.0%. Fitch's base
case resulted in a minimum and average DSCR of 1.2x and 1.3x,
respectively. Fitch's base case expects no MRG collections and a
single mandatory redemption payment to be made as restricted
payment conditions will not be met for six consecutive periods.
Under this case, the concession will end in July 2033, i.e. at
concession's maturity, due to the project reaching the NPV
specified in the concession agreement.

Fitch's rating case also assumes 2019 traffic levels will be
identical to those of 2018 and CAGR of 1.4% from 2020 to 2033,
which considers, amongst others, that the competing route will be
untolled. U.S. CPI rates as utilized in Fitch's base case. O&M and
major maintenance expenses were projected following the budget
provided plus 7.5%. Fitch's rating case resulted in a minimum and
average DSCR of 0.9x and 1.2x, respectively. Under this scenario,
MRG will be received from 2025 to 2032, representing 5.3% of annual
revenues on average, and two mandatory redemption payments are
expected to occur. Fitch's rating case expects the concession will
end in July 2033, i.e. at concession's maturity.


BANCO DE BUENOS AIRES: Fitch Affirms 'CCC' LT Issuer Default Rating
-------------------------------------------------------------------
Fitch Ratings affirmed the Long-Term Foreign and Local Currency
Issuer Default Ratings of Banco de la Ciudad de Buenos Aires at
'CCC'.

KEY RATING DRIVERS

The IDRs of Banco Ciudad are driven by parent support. Fitch
believes Banco Ciudad's parent, the City of Buenos Aires (CBA; LT
IDR CCC) demonstrates adequate propensity to provide extraordinary
support to the bank, should it be needed. However, CBA's
speculative-grade rating limits the parent's capacity of support,
resulting in a Support Rating of '5'. Argentina's country ceiling
represents a constraint on the IDRs of Banco Ciudad's sole
shareholder, CBA. 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 salaries.

Banco Ciudad's Viability Rating is highly influenced by the
volatile operating environment which have resulted in operational
challenges for the banking system such as a partial USD deposit
run, which in the case of Banco de la Ciudad de Buenos Aires
represented 18.1% of the total deposits as of Sept. 25, 2019
(compared to 32.3% for the banking system) and some deterioration
of the asset quality with impairments representing 4.2% and reserve
coverage decreasing to 62.5%. While the rating also considers the
bank's satisfactory capitalization metrics with a FCC of 15.3% as
of June 2019, its stable and low cost funding base and adequate
nominal profitability, however, the bank's financial performance is
distorted by persistently high inflation.

In Fitch's opinion, conditions underlying the agency's recent
downgrade of the sovereign's Long-Term IDR on Aug. 30, 2019 to 'RD'
(restricted default) following the government's unilateral
extension of repayment on certain debt obligations and subsequent
upgrade on Sept. 3, 2019 to 'CC' after the payment of short-term
debt instruments under revised terms are likely to adversely impact
this bank's financial performance through market volatility,
further declining loan portfolios (in real terms), rising
non-performing loans, higher funding costs and rising
administrative expenses due to rising inflation.

RATING SENSITIVITIES

The IDRs and VR of Banco Ciudad are sensitive to any further
changes in the ratings of CBA, which are capped by the country
ceiling, or Argentina's sovereign ratings. A material deterioration
in the local operating environment over the foreseeable future that
leads to a material deterioration in its financial profile or
liquidity could also pressure the VR. The bank's VR would likely
move in line with any change to Argentina's sovereign rating while
the IDRs are sensitive to a change in the country ceiling.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Ratings of Banco de la Ciudad de Buenos Aires are driven by the
support of the City of Buenos Aires.


BANCO HIPOTECARIO: Fitch Affirms CC IDRs, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed Banco Hipotecario S.A.'s Foreign and
Local Currency Long-Term Issuer Default Ratings at 'CC' and its
Viability Rating at 'cc'. The Rating Outlook is Stable.

KEY RATING DRIVERS

IDRS AND VR

Hipotecario's VR and IDRs are highly influenced by the operating
environment and constrained by the low sovereign rating of
Argentina (LT IDR at CC). This resulted in operational challenges
for the banking system such as a partial USD deposit run, which
also affected Hipotecario in a significant deterioration of the
bank's asset quality and profitability. The ratings also consider
the bank's adequate capitalization metrics, as well as a more
pressured funding and liquidity profile due to its higher than
peers reliance on wholesale sources.

Since 2018, the operating environment in Argentina has
significantly deteriorated, and Fitch believes the recent decision
of the Argentine government to extend the repayment on certain debt
obligations will likely adversely impact banks' financial
performance through market volatility, higher inflation, and
further declining loan portfolios, rising non-performing loans,
higher funding costs and administrative expenses.

Historically, the bank presented a higher delinquency ratio than
the banking industry, driven by its focus on consumer lending. The
bank's NPL deteriorated significantly to 12.34% in March 2019,
driven by the deterioration of some corporate loans, which affected
several banks in the industry and the deterioration of the loan
book of its former consumer finance subsidiary Tarshop. In June
2019 this ratio went up to 13.44% due to the reduction in the
credit portfolio. In terms of consumer portfolio delinquency, the
quarterly growth rate of the non-performing loans of the consumer
portfolio was significantly lower than previous quarter, decreasing
from 14.7% to 6.5% from the peak in December 2018. The loan loss
coverage has been reducing and was at a low 52% in June 2019, which
is below its historical average due to the deterioration of the
credit portfolio.

Asset quality deterioration posted a relevant pressure in operating
profits as well as increasing operating expenses from layoffs.
Operating profit to RWAs stood at a low 1.3% as of June 2019, below
its three-year average of 3%. However, persistently high inflation
levels distort profitability indicators and its international
comparability. Fitch believes that, as with all the financial
system, Hipotecario's profitability will continue to be highly
pressured by inflation, slow growth and likely higher credit and
operating costs.

The bank's current capitalization levels are commensurate with its
rating level with FCC/RWA of 14.2%, which is in line with its
peers. The bank posts an excess capital relative to CB requirement
of 58.5% over minimum required by CB, which is sufficient cushion
to cover the additional provisioning needs. Currently, the bank's
strategy places a higher priority on profitability through
improvement of operational efficiency and maintaining comfortable
liquidity position over growth, which Fitch views as positive for
capitalization over the medium term.

In spite of recent reduction in USD deposits due to current
uncertainty, Fitch believes current liquidity has an adequate
coverage ratio for deposits, the immediate liquidity ratio (cash
and equivalents plus short term central banks securities divided by
total deposits) stood at a comfortable 104.2% as of June 30, 2019.
However, Fitch believes the current capital controls and risks of
additional tightening could potentially limit the banking sector's
ability to access foreign exchange, and Hipotecario currently does
not have enough USD on its balance sheet to meet the coming
international issuance due in November 2020 as its immediate USD
liquidity covers around 46% of the USD bullet bond. Deposits
represented 42% of total funding at June 2019, which have
stabilized coming from a growing trend but still below the system
average. Deposit concentration is higher than its peers due to the
funding structure, with the top 10 depositors representing 16% of
the total deposits. Local issuances represent a significant portion
of funding, making up 50% of the total. As of June 2019, Banco
Hipotecario reported a liquidity coverage ratio (LCR) of 262%
reflecting the buildup of liquidity coming from 211% in December
2018 and 197% in 2017.

SENIOR DEBT

The 'CC'/'RR4' rating on Hipotecario's medium term notes reflects
that the likelihood of default is the same as the bank's.

The notes are denominated in ARS but settled in USD at the
prevailing exchange rate. Fitch considers the bank's FC IDR as the
appropriate anchor for this issue rating given the transfer and
convertibility risk associated with settlement in foreign currency
notwithstanding that the issuer will not incur material currency
risk. The notes' Recovery Rating of 'RR4' reflects the average
expected recovery in case of bank liquidation.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating of '5' and the Support Rating Floor of 'NF'
reflect that, although possible, external support for Banco
Hipotecario cannot be relied upon given the sovereign's track
record.

RATING SENSITIVITIES

IDRS, VR AND SENIOR DEBT

The IDRs and VR of Banco Hipotecario are sensitive to any further
changes in Argentina's sovereign ratings, or material deterioration
on the local operating environment over the foreseeable future that
leads to further material deterioration in its liquidity, asset
quality and profitability metrics.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3. ESG issues are credit neutral
or have only a minimal credit impact on the entity, either due to
their nature or the way in which they are being managed by the
entity.

Fitch has affirmed Banco Hipotecario S.A.'s ratings as follows:

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

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

  -- Senior unsecured notes at 'CC/RR4';

  -- Viability rating at 'cc';

  -- Support Rating at '5';

  -- Support Rating Floor at 'NF'.


BANCO SUPERVIELLE: Fitch Affirms CC LT Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings affirmed Banco Supervielle S.A.'s Foreign and Local
Currency Long-Term Issuer Default Ratings at 'CC'.

KEY RATING DRIVERS

IDRS AND VIABILITY RATING

Supervielle's Viability Rating and IDRs are highly influenced and
constrained by the low sovereign ratings of Argentina and the
volatile operating environment, which have resulted in operational
challenges for the banking system such as a partial USD deposit run
and some deterioration of the asset quality, which has also
affected Supervielle. The ratings also consider the bank's moderate
franchise and adequate capitalization and management of funding and
liquidity. Profitability metrics have been under pressure in recent
years and recently improved aided by increased holdings of Central
Bank short-term issuances, however, the bank's financial
performance is distorted by persistently high inflation.

Since 2018, the operating environment in Argentina has
significantly deteriorated and, in Fitch's opinion, the recent
decision of the Argentine government to extend the repayment on
certain debt obligations will likely adversely impact banks'
financial performance through market volatility, higher inflation,
further declining loan portfolios, rising non-performing loans,
higher funding costs and administrative expenses.

Despite increasing NPLs, Fitch considers that Supervielle's asset
quality is still commensurate for the business model due to its
stronger focus in SME and retail lending, and the portion of loans
coming from its consumer finance subsidiary (Cordial Compania
Financiera, CCF, roughly 9% of gross consolidated loans). In line
with the deterioration of the operating environment, Supervielle's
NPL ratio has risen to 5.0% of total loans at June 30, 2019 (3.48%
as of June 30, 2018). The strategy during the current crisis has
been to place special focus on controlling credit risks and
managing delinquencies. In line with this, since mid-2018 both the
bank and CCF have considerably tightened their loan admission
criteria and have strengthened the loan monitoring and collection
processes. However, Fitch expects further deterioration in asset
quality indicators for all the financial system during 2H19.

The securities portfolio has increased significantly (27.8% of
total assets as of June 30, 2019 from 13.0% YoY) as the bank has
followed the strategy to invest in the highly profitable short term
Central Bank securities (Leliqs) to allocate its liquidity given
the slump in loan growth due to lower demand and the bank's
decision to restrict lending in the current difficult environment.

Since 2017, the bank's profitability has been under pressure by
higher loan loss provisions due to the worsening of the operating
environment and by much lower loan growth since 2H18. Supervielle's
profitability has recently been aided by the increased holdings of
the highly profitable Central Bank securities and its ratio of
Operating Profit/Risk Weighted Assets rose to 3.04% at June 30,
2019. However, persistently high inflation levels distort
profitability indicators and its international comparability. Fitch
believes that, as with all the financial system, Supervielle's
profitability will continue to be highly pressured by inflation,
slow growth and likely higher credit and operating costs.

Supervielle's capitalization significantly improved following the
issuing fresh capital done by the Supervielle Group though an IPO
in the New York and Buenos Aires stock exchanges for a total of
USD623 million in 2016 and 2017. At June 30, 2019, the bank's Fitch
core capital to risk-weighted assets ratio was 12.28%, which is
commensurate with its rating level. Although growth in the medium
term will likely be low, the bank is committed to take the
necessary measures to maintain its capitalization at adequate
levels when needed.

The primary source of funding is the bank's deposit base, which
made up 77.5% of its funding as of June 30, 2019. The bank's loan
to deposits ratio has rapidly decreased since 2018 to 80.26%, well
below the 100%-110% range shown in recent years, given that
deposits growth has been significantly stronger that of loans.
Supervielle's foreign exchange deposits accounted for 32.4% of the
total as of June 30, 2019. Liquidity levels are adequate, with a
liquidity coverage ratio (LCR) that has remained above 100%; at
June 30, 2019, the LCR was 146.9%. The immediate liquidity ratio
(cash and equivalents plus short term Central Banks securities
divided by total deposits) stood at a comfortable 51.3% as of June
30, 2019. In spite of recent reduction in USD deposits due to
current uncertainty, Fitch believes the bank's liquidity adequately
covers deposits and short-term debt maturities. Although, Fitch
believes the current capital controls and risks of additional
tightening could potentially limit the banking sector's ability to
access foreign currency, Supervielle currently has enough USD on
balance sheet to meet its coming international issuances due in
2020 which, although denominated in Argentine Pesos, it is payable
in US Dollars.

SENIOR UNSECURED DEBT

The long-term rating of Supervielle's senior unsecured debt
issuance is at the same level as the bank's Local Currency
Long-Term IDR given that the likelihood of default is the same as
that of the bank. The recovery rating of 'RR4' assigned to
Supervielle's senior debt issuance reflects the average expected
recovery in case of bank liquidation.

SUPPORT RATING AND SUPPORT RATING FLOOR

Supervielle's SR of '5' and SRFs of 'NF' reflect that, although
possible, external support for this bank, as with most Argentine
banks, cannot be relied upon given the ample economic imbalances.
In turn, the sovereign ability to support banks is uncertain, as
reflected by the low sovereign ratings.

RATING SENSITIVITIES

IDRS AND VIABILITY RATING

Supervielle's IDR and VR are sensitive to any changes in
Argentina's sovereign ratings, or material deterioration on the
local operating environment over the foreseeable future that leads
to a material deterioration in its liquidity and general financial
profile. Supervielle's VR would likely move in line with any change
to Argentina's sovereign rating.


TARJETA NARANJA: Fitch Affirms CC LT Issuer Default Ratings
-----------------------------------------------------------
Fitch Ratings affirmed Tarjeta Naranja, S.A.'s Foreign and Local
Currency Long-term Issuer Default Ratings at 'CC'.

KEY RATING DRIVERS

IDRS AND SENIOR DEBT

TN's IDRs are predominantly influenced and constrained by
Argentina's volatile operating environment and low sovereign
ratings (LT IDR CC). The ratings also consider TN's higher risk
appetite relative to bank peers and its business concentration in
credit cards targeting low- and middle-income segments which has
resulted in relevant asset quality deterioration and additional
profitability pressures. 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.

Since 2018, the operating environment in Argentina has
significantly deteriorated, and Fitch believes the recent decision
of the Argentine government to extend the repayment on certain debt
obligations will likely adversely impact the financial system's
performance through market volatility, higher inflation, further
declining loan portfolios, rising non-performing loans, and higher
funding costs and administrative expenses.

TN's profitability has been driven by ample margins and fee income
sourced from both customers and merchants, and it posted a
recurring double-digit Pre-tax profit/average assets ratio until
2017. However, since 2018 the persistently high inflation in
Argentina significantly affected the company's profitability since
it was required to adjust its financial statements by inflation, in
line with IAS29. In addition, net income was also affected by an
increase in loan loss provisions from impairment ratio
deterioration and operating expenses driven by the merger with
Tarjetas Cuyanas. Excluding the inflation adjustment, TN's 2018
pre-tax profit would have been 25% lower than in 2017 mainly due to
slower growth, higher credit costs and administrative expenses and
the costs related to the merger. The inflation adjustment of TN's
financial statements resulted in a distorted comparability with
local banks as they were not required to do such adjustments and
reported the statements in nominal terms.

TN's loan quality indicators have deteriorated significantly since
2017 due to the tough operating environment, especially faced by
lower income segments of the population due to the high inflation,
and the very low loan growth since 2H18. Its loans past due more
than 90 days rose to 9.9% as of March 31, 2019, well above the
2015-2018 average of 5.8%. Positively, TN's reserve coverage has
remained above 100% of impaired loans. Fitch expects the company's
asset quality indicators to continue to deteriorate throughout 2019
in line with the deterioration of the economic and operating
environment, but that such deterioration should be contained
somewhat by the strong tightening of the credit policies.

TN's funding profile relies primarily on accounts payable and local
issuances. No-cost accounts payable to merchants (for an average
tenor of 45 days) represents 55.6% of liabilities, while a further
36.4% derive from local and international issues of unsecured debt.
Only 2.7% of liabilities derive from bank financing, although Banco
Galicia, as its ultimate parent, has been a reliable source of
financing. Since the beginning of the current crisis, and given the
restrictions to market debt issuances, TN has increased its
liquidity levels and is constantly monitoring the market to issue
in every market window that become available. In addition, its
liquidity is strengthened by the predictable churn of its loan
assets (with an average duration of approximately four months).
TN's holdings of cash, bank deposits and investments in mutual
funds covered around 16.1% of all short term liabilities at June
2019. Fitch believes the current capital controls and risks of
additional tightening could potentially limit the financial
sector's ability to access foreign currency, and TN currently does
not have enough USD on its balance sheet to meet the coming
international issuance capital payment due in April 2020 for ARS1.3
billion. Although TN's international issuance is denominated in
Argentine pesos, it must be settled in U.S. dollars.

TN's capitalization and leverage is adequate for its business model
and risk appetite. Capital is mostly composed of tangible equity
with limited intangible assets. The company's leverage
(Debt/Tangible Equity) and tangible common equity to tangible
assets ratios have remained relatively stable in the past few years
at around 4x and 20% (3.9x and 19.5%, respectively, as of March 31
2019). TN's capital and leverage position has recently benefited
from slower loan growth, internal capital generation and moderate
dividend payments of around 20%.

The rating of TN's senior unsecured debt is at the same level as
the company's Long-Term local currency IDR as the likelihood of
default of the notes is the same as the one of TN. The recovery
rating of 'RR4' reflects the average expected recovery in case of
liquidation.

RATING SENSITIVITIES

IDRS AND SENIOR DEBT

TN's ratings would likely move in line with a change of Argentina's
sovereign rating. TN's ratings could also be affected in the event
of a material deterioration in liquidity, asset quality and/or
earnings that drive a significant reduction of its loss absorption
capacity.

TN's senior debt ratings are sensitive to a change in its Local
Currency IDR.




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B E R M U D A
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SIGNET JEWELERS: Fitch Assigns B+ LT IDR, Outlook Negative
----------------------------------------------------------
Fitch Ratings assigned 'BB+/RR1' ratings to Signet Jewelers
Limited's new ABL revolver and FILO term loan, which is being
issued by Signet's subsidiary Signet Group Limited. Fitch has also
assigned a 'B+' Long-Term Issuer Default Rating to Signet Group
Limited. In addition, Fitch has upgraded Signet Jewelers Limited's
preferred equity ratings to 'BB-'/'RR3' from 'B'/'RR5', and has
affirmed the rest of Signet's ratings, including the 'B+' IDR at
Signet Jewelers Limited and the 'BB'/'RR2' rating for unsecured
notes issued by subsidiary Signet UK Finance plc. The Rating
Outlook is Negative.

Signet's ratings reflect reduced confidence in Signet's ability to
reverse operational declines, which have driven EBITDA toward a
projected approximately $450 million in 2019 from peak levels of $1
billion in 2015/2016. Beyond the loss of credit card operations
income following the sale of this business, execution issues have
driven the significant decline in EBITDA as the company has
struggled to offer the right merchandise assortment to customers
while dealing with an increasingly crowded mid-tier jewelry space.

Following EBITDA declines, Signet's adjusted debt/EBITDAR
(capitalizing leases at 8x) was 5.5x in 2018 and could rise to
around 5.7x in 2019. The Negative Outlook reflects reduced
confidence regarding the company's ability to stabilize operating
trends beginning 2020; Signet would need to show flattening sales
around $6 billion and EBITDA improving toward $500 million to
reduce adjusted debt/EBITDAR below 5.5x and stabilize its 'B+'
rating. The rating continues to reflect Signet's leading position
in the U.S. retail jewelry market and positive cash flow generation
despite operational challenges.

Signet is undertaking several capital structure actions. The
company has issued a $1.5 billion ABL revolver and $100 million
term loan due 2024, which together replace its existing $700
million unsecured revolver due 2021. Proceeds from the new
facilities will be used to pay down Signet's approximately $275
million in unsecured term loans and approximately $250 million of
its $400 million in unsecured notes.

KEY RATING DRIVERS

Top-Line Weakness: Signet's same-store sales turned negative in
second-quarter 2016 with same-store sales at negative 1.9% in 2016
and weakened further to negative 5.3% in 2017. SSS did improve to
flat in 2018; however, recent results have modestly deteriorated
with full year 2019 SSS expected down around 2%. Fitch forecasts
near-flat SSS beginning 2020, assuming Signet's recently enacted
merchandising and marketing initiatives bear some fruit.

Over the last few years, Signet has dealt with intensifying
competition in the specialty jewelry space and an increasing number
of companies competing for the self-gifting customer. Retailers
such as department stores have shown renewed focus on categories
that help differentiate and drive traffic in the face of an
otherwise challenging mid-tier space. Several of these players have
called out fine jewelry as a well-performing category in recent
quarters, and Fitch expects these competitive dynamics to continue
in the near to medium term and to pressure Signet's ability to
stabilize its market share.

Beyond sector dynamics, Fitch believes much of the sales weakness
is due to company-specific factors. Signet's weak performance
suggests the company's brands and merchandise assortment are not
resonating with consumers, as the company has not effectively
responded to changing shopping patterns and preferences and has
lagged on investments in an omni-channel platform (including a
robust customer-facing website) and innovative product design and
marketing.

Fitch believes that the ability to execute effectively on top-line
strategies has been difficult in the face of several challenges the
company has faced over the last few years. Signet faced negative
press around allegations of both diamond swapping during routine
product servicing and poor treatment of female employees, which may
have affected consumer sentiment toward Signet's brands. Execution
missteps associated with the company's credit operations transition
have also recently affected customer experiences and sales
conversion.

Total top-line in 2019 is expected to be down in the 3% to 5%
range, assuming SSS decline around 2%, and as Signet cycles a net
222 store closures in 2018 while closing another approximately 150
stores during 2019. Given Fitch's expectations of the jewelry
category growing in the low-single digits, these results would
indicate continued market share loss.

Initiatives to Reverse Sales Declines: The company has implemented
a number of initiatives to improve SSS, including increasing the
pace of product innovation, developing product extensions to
encourage repeat visits and investing in its omni-channel platform.
While jewelry's online penetration is expected to remain low
relative to other retail categories, Signet believes a robust
website is a competitive advantage as a complement to the in-store
shopping experience. The company paid $328 million in 2017 to buy
JamesAllen.com, the leading online diamond engagement jeweler,
partially to acquire the company's digital marketing and
product-imaging expertise. Fitch estimates JamesAllen.com generates
around $250 million of revenue and minimal EBITDA; Signet
subsequently wrote down virtually its entire investment in the
company given revised long-term projections.

Fitch acknowledges that these initiatives may not meaningfully
drive top-line over the near-to-medium term, and could drive flat
to negative 1% comps annually over the next two to three years.

Significant EBITDA Declines: With $6.2 billion of revenue in 2018
on a base of over 3,300 stores, Signet is a leader in the jewelry
and watch category, with an approximately 7% share of the U.S.
market and leading positions in Canada and the U.K.. Signet's
well-known brands include Kay, Jared, Zales and Piercing Pagoda in
the U.S.; Peoples in Canada; and H.Samuel and Ernest Jones in the
U.K.. Prior to 2016, the company showed good growth, with average
SSS of 5% between 2010 and 2015, which was commensurate with the
recovery in jewelry sales post-recession. Signet acquired the Zale
Corporation in May 2014. Pro forma for the Zale acquisition, Signet
generated $6.1 billion in revenue and roughly $770 million in
adjusted EBITDA in 2013, with Fitch's expectations that EBITDA
would increase to approximately $1 billion in 2016, which Signet
reached a year ahead of schedule.

Following two years of EBITDA at $1 billion, EBITDA in 2017
declined to around $830 million on negative 5.3% SSS and the
mid-year outsourcing of its credit operations and sale of its prime
receivables. EBITDA fell further to $475 million in 2018 due to the
continued impact of the credit operations transactions and lack of
top-line improvement. Pro forma for a full year of sale of all
credit card receivables, 2016 EBITDA would have been around $150
million lower at about $850 million due to removal of the credit
card income. The significant $375 million decline in EBITDA from
this pro forma level reflects material deterioration in Signet's
underlying trends.

Given the material EBITDA declines, the company announced a cost
reduction program to protect margins and enable further growth
investments in March 2018, targeting $200 million to $225 million
of net cost savings to be achieved over the next three years. Major
elements of the plan include sourcing savings and back-office
efficiency efforts. The company has indicated it achieved $85
million of annualized net savings in 2018. Signet has also
indicated a gross closure of around 150 stores in 2019 after net
closing over 220 stores in 2018. The store closures are predicated
around optimizing the mall versus off-mall mix of the real estate
portfolio.

However, should recent trends persist, Fitch forecasts EBITDA could
be in the $450 million range in 2019 on $6 billion of revenue.
Assuming some top-line and cost reduction efforts gain traction,
revenue could stabilize around $5.9 billion with EBITDA improving
toward $500 million range over the next two to three years. Signet
would need to demonstrate this operational improvement to support
its current 'B+' rating.

Elevated Leverage: In 2017, concurrent with its receivables sale
and use of proceeds for a mix of debt reduction ($600 million, or
around 40% of proceeds) and share buybacks, the company updated its
financial policy to target leverage at 3.0x-3.5x, capitalizing rent
at 5.0x. At the end of 2017, given around $830 million of EBITDA,
Signet's updated range equated to approximately 4.0x-4.5x
Fitch-defined adjusted debt/EBITDAR. The Fitch-defined metric
subsequently rose to 5.5x in 2018 on EBITDA declines (4.3x on a
Signet-defined basis) and could rise further to around 5.7x in 2019
on continued EBITDA erosion. Assuming EBITDA improves toward $500
million over the next two years and given lower rent levels
following store closures, adjusted debt/EBITDAR could decline below
5.5x.

Fitch would expect Signet to be FCF positive despite significant
EBITDA declines from peak and generate $50 million to $100 million
of FCF annually, assuming neutral working capital. Near-term FCF
generation could be at the lower end of the range due to cash
restructuring charges associated with the company's cost reduction
program.

Refinancing: Signet completed a partial refinancing of its capital
structure, which included a $700 million unsecured revolver,
approximately $275 million of unsecured term loans and $400 million
of unsecured notes. The company is using proceeds from a new $1.5
billion ABL revolver and $100 million FILO term loan (both due 2024
and which together replace Signet's existing revolver) to pay down
its existing term loan. Concurrently, the company completed a
tender offer for its $400 million of unsecured notes. The company
successfully tendered $252 million of its unsecured notes and is
using ABL proceeds to repay the tendered amount. The new revolver
is governed by a borrowing base inclusive of Signet's inventory and
receivables; the FILO term loan is secured by the same assets and
both instruments have a first lien on Signet's remaining assets,
including intellectual property.

DERIVATION SUMMARY

Signet's ratings reflect weak operating trends in recent years,
with flat to negative SSS beginning 2016, exacerbated by the sale
of the company's receivables business, driving EBITDA to $475
million in 2018 from peak levels of around $1 billion in 2015/2016.
Adjusted debt/EBITDAR has consequently risen from around 4.0x as
recently as 2017 to 5.5x in 2018 and an expected 5.7x in 2019.
While the company's performance has been affected by some macro
challenges and increased competition in the mid-tier jewelry space,
Fitch believes that execution issues have driven much of the
operating weakness. Signet has not responded effectively to
changing consumer preferences around both shopping behavior and
product assortment and has been losing market share despite a
fragmented market, implying that the company's brands have not been
resonating with consumers. The ratings continue to reflect Signet's
leading position in the U.S. specialty jewelry market.

The Negative Outlook reflects concerns over the company's ability
to demonstrate stabilizing trends in top-line and EBITDA. To
stabilize its Rating Outlook, Signet would need to show flattening
SSS with EBITDA improving toward $500 million on cost reduction
efforts. EBITDA improvement, in concert with reduced rent from
store closures, would drive adjusted debt/EBITDAR below 5.5x.

Fitch's U.S. jeweler coverage includes Tiffany & Co. (BBB+/Stable),
whose Long-Term IDR reflects its strong position in the relatively
fragmented global premium jewelry segment, its iconic brand status,
industry-leading EBITDA margins, superior real estate portfolio,
relatively limited competition from alternate channels such as
ecommerce and discounters, and generally strong cash flow and
credit metrics. Tiffany's leverage is expected to trend at or below
2.5x.

Tapestry, Inc. and Capri Holdings Limited (both BBB-/Stable) are
primarily exposed to the handbag and accessories industry, which is
somewhat more prone to fashion and brand risk than the jewelry
category. Fitch's rating case assumes adjusted debt/EBITDAR for
both of these leading players returns below 3.0x following recent
acquisitions (Kate Spade for Tapestry and Versace for Capri).

GNC Holdings, Inc.'s 'B-' IDR/Negative Outlook reflect concerns
about the company's ability to refinance a projected nearly $400
million of term loan debt due March 2021 given weaker than expected
top-line and EBITDA trends, and elevated adjusted debt/EBITDAR
(capitalizing rent at 8.0x) at 7.3x in 2018. The company had
significant difficulty addressing its 2019 maturities, ultimately
undertaking a distressed debt exchange (DDE), $300 million
preferred equity investment and a partial refinancing of its $1.1
billion term loan due March 2019. Fitch Ratings expects GNC will
have sufficient liquidity to repay debt in 2019/2020, including
around $160 million in principal amount of convertible notes set to
mature in August of 2020, but will need to refinance the remainder
of its tranche B-2 term loan, projected at nearly $400 million, due
March 2021. GNC would need to successfully address its 2021
maturities for Fitch to stabilize the company's Rating Outlook.

Rite Aid Corporation's 'B' IDR incorporates its weak position in
the relatively stable U.S. drug retail business and its high
leverage. The company's drug retail business, representing
two-thirds of total EBITDA following the sale of roughly 43% of
stores to Walgreens Boots Alliance, Inc. (BBB/Negative), is
expected to continue losing share, although the company's
EnvisionRx PBM — representing Rite Aid's remaining EBITDA —
should grow modestly over time. The Negative Outlook reflects
concerns about the company's ability to stabilize topline results
following a protracted transaction process with Walgreens and an
ultimately cancelled merger process with Albertsons Companies,
Inc.

KEY ASSUMPTIONS

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

  -- Revenues in 2019 are expected to be down by approximately 3%,
reflecting an estimated net 134 store closures this year, combined
with modestly negative SSS;

  -- EBITDA is expected to decline to around $440 million in 2019
from $475 million in 2018 and $830 million in 2017 due to revenue
deterioration, deleverage of fixed costs and the sale of Signet's
receivables business. Assuming sales stabilize near $6.0 billion
beginning 2020, EBITDA could improve toward $500 million over the
next 18 to 24 months given Signet's cost reduction efforts;

  -- FCF is expected to be in the $60 million to $70 million range
in 2019/2020 and improve to the low $100 million range in 2021 on
EBITDA growth and lower cash restructuring charges.

  -- Fitch adjusted debt/EBITDAR (capitalizing leases at 8x), which
was 5.5x in 2018, up from 4.1x in 2017, is projected to climb to
5.7x in 2019 on EBITDA declines but moderate to below 5.5x by 2021
assuming EBITDA improves toward $500 million.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action
  
  -- Fitch could stabilize Signet's rating with improved confidence
that the company can meet its rating case forecast, including sales
stabilizing near $6.0 billion and EBITDA improving toward $500
million, which would yield adjusted debt/EBITDAR (capitalizing
leases at 8x) below 5.5x;

  -- An upgrade would result from positive SSS trends and
realization of cost reductions, which together could yield EBITDA
trending near $600 million and adjusted debt/EBITDAR declining
below 5.0x.

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

  -- A downgrade would result from a continuation of current
operating trends, which would yield EBITDA moderating to the low
$400 million range and causing adjusted debt/operating EBITDAR to
sustain in the high 5.0x range.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: As of Aug. 3, 2019, Signet had $271.5
million in cash & cash equivalents. As of that date, the company
had approximately $686 million in availability on its $700 million
revolving credit facility, which was undrawn at that date and had
$14.5 million of standby LOCs, which reduce availability. Signet's
capital structure as of August 3rd, 2019, included a $277 million
term loan, and $400 million of senior unsecured notes.

In 2016, the company received a $625 million convertible preferred
investment by Leonard Green and Partners, with proceeds deployed
toward share repurchases. Fitch gave 0% equity credit to the $625
million of convertible preferred securities. Permanence in the
capital structure — in this case permanence of the convertible
preferreds — is necessary for equity credit recognition. Fitch
views these securities as debt in a permanent view of the capital
structure, with the main purpose being to support the company's
stock price. Fitch would expect the company to refinance the
convertibles with debt upon 2024 maturity.

Liquidity post Refinancing:

On Sept. 5, 2019, Signet announced a refinancing in which the
company would replace its $700 million unsecured revolver with an
ABL revolver due 2024. The company is using the proceeds from its
new $1.5 billion ABL revolver and $100 million FILO term loan (both
due 2024) to repay its approximately $275 million of unsecured term
loans. Concurrently with this announcement, the company also made a
tender offer for its $400 million of unsecured notes - to be repaid
with ABL proceeds - and subsequently received participation from
approximately $252 million of these notes.

Assuming a borrowing base of around $1.5 billion, inclusive of the
FILO term loan, with approximately $275 million in proceeds from
the ABL & FILO Term Loan used to pay down the unsecured term loans,
and approximately $252 million in proceeds from the ABL drawn to
pay for the notes tendered, Fitch assumes that Signet will have
approximately $1 billion in availability on its new ABL facility.

RECOVERY ANALYSIS

In Fitch's recovery analysis, Signet's value is maximized as a
going concern with approximately $2 billion of value. In a
going-concern scenario, Fitch assumes a distressed EBITDA of around
$400 million, which could be achieved if Signet was to accelerate
its store closings and close around one-third of its store base.
The company could close stores at its mall-based banners such as
Kay and Zales as well as smaller regional banners that have been
more challenged, resulting in a post-restructuring revenue base
around $4 billion. Assuming a 10% EBITDA margin, at the lower end
of specialty retailer EBITDA ranges, going-concern EBITDA would be
$400 million. Fitch uses a 5.0x multiple, which is around the 5.4x
median multiple for retail going concern reorganizations, the
12-year retail market multiples of 5x to 11x but lower than the 7x
to 12x for retail transaction multiples. These assumptions yield a
going-concern value of $2 billion.

Fitch's liquidation analysis results in value of approximately
$1.76 billion, modestly below its going-concern value. Signet's
liquidation value primarily comes from its inventory, which has
recently trended in the $2.3 billion- $2.5 billion range; Fitch
assumes a 70% advance rate on the cost value of the inventory. The
resulting inventory value of $1.6 billion, plus some fixed assets,
yields Signet's total $1.76 billion liquidation value.

Under the new capital structure, the $1.5 billion ABL revolver,
which is governed by a borrowing base including inventory and
receivables, and the $100 million FILO Term Loan, which is secured
by inventory and receivables, are fully recovered and are thus
rated 'BB+'/'RR1'. The remaining $148 million in senior unsecured
notes, which are pari passu to operating lease claims, have
superior recovery prospects and are thus rated 'BB'/'RR2'. Given a
reduced outstanding balance of unsecured notes, the preferred
equity now has good recovery prospects and are thus upgraded to
'BB-'/'RR3'.

SUMMARY OF FINANCIAL ADJUSTMENTS

  -- Historical and projected EBITDA is adjusted to add back
non-cash stock based compensation and a one-time adjustment in 2018
for the resolution of a regulatory matter. In 2018, Fitch added
back $16.5 million in stock based compensation and excluded $11
million for the one-time charge for the resolution of a regulatory
matter.

  -- Fitch has adjusted the historical and projected debt by adding
8x annual gross rent expense.




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

ODEBRECHT SA: Dominican Republic Asks Brazil to Secure US$124MM
---------------------------------------------------------------
Dominican Today reports that the Attorney General's Office (PGR)
said it filed a formal complaint with Brazilian justice to ensure
the collection of US$124 million that the company Odebrecht has
pending with the Dominican Republic, after the agreement it assumed
with the country after admitting US$92 million in bribes to
officials to obtain works contracts.

A press release from the Attorney General's Office said that the
formal claim before Brazilian justice comes after Odebrecht filed
for bankruptcy in Brazil, according to Dominican Today.

The company promised to pay the Dominican Republic 184 million
dollars, or double the bribes, an agreement validated by the
Supreme Court in February 2018, the report notes.

                       About Odebrecht SA

Odebrecht S.A. -- www.odebrecht.com -- is a Brazilian conglomerate
consisting of diversified businesses in the fields of engineering,
construction, chemicals and petrochemicals. Odebrecht S.A. is a
holding company for Construtora Norberto Odebrecht S.A., the
biggest engineering and contracting company in Latin America, and
Braskem S.A., the largest petrochemicals producer in Latin America
and one of Brazil's five largest private-sector manufacturing
companies. Odebrecht controls Braskem, which by revenue is the
fourth largest petrochemical company in the Americas.

On June 17, 2019, Odebrecht filed for bankruptcy protection, aiming
to restructure BRL51 billion (US$13 billion) of debt.

The bankruptcy filing comes after years of struggles for Odebrecht,
the biggest of the Brazilian engineering groups caught in a
sweeping political corruption investigation that has rippled across
Latin America, Reuters relayed, as reported by The Troubled Company
Reporter - Latin America.

On August 28, 2019, the Troubled Company Reporter - Latin America,
citing The Wall Street Journal, reported that Odebrecht and its
affiliates filed for chapter 15 bankruptcy, seeking U.S.
recognition of the largest-ever bankruptcy in Latin America.
Odebrecht SA and several of its affiliates has filed for bankruptcy
protection in the U.S. Bankruptcy Court for the Southern District
of New York on Aug. 26.  The case is assigned to Hon. Stuart M.
Bernstein.


OI SA: To Test 5G in Rio Music Festival Using Huawei's Gear
-----------------------------------------------------------
Gabriela Mello at Reuters reports that Brazil's telecoms carrier Oi
SA is preparing to test fifth-generation wireless network (5G)
during the Rock in Rio music festival, using equipment provided by
China's Huawei Technology Co Ltd, to conduct one of the largest
trials of the technology in Brazil.

According to Oi, 5G will be used by the entire event's staff in
live coverage of the attractions, while the public will be able to
test the technology on handsets that will be made available during
the event, the report notes.

The "City of Rock," as the venue of the event is known, is expected
to lure around 100,000 people per day featuring local and
international bands including Foo Fighters, Bon Jovi and The Black
Eyed Peas, the company added, according to Reuters.

"We've suggested to Rock in Rio the deployment of 5G to transform
the event in the first city connected by the technology," Oi's
operational director, Jose Claudio Moreira Gonçalves, said in a
statemen obtained by the news agency.

The company, Brazil's largest fixed-line carrier, began 5G tests in
March, when it also partnered up with Huawei to try out the
technology in Buzios, a city in Rio de Janeiro state, the report
discloses.

Since it filed for bankruptcy protection in June 2016 to
restructure BRL65 billion in debt, Oi has been focusing on reviving
its mobile operations, whose customer base has shrunk over 20% to
35 million, according to the most recent earnings, the report
relays.

The United States has alleged Huawei's equipment could be used by
Beijing for spying, which the Chinese firm has repeatedly denied.
U.S. firms are barred from using some of the firm's equipment and
Washington is putting pressure on other countries to follow suit,
the report adds.

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings, on Sept. 12, 2019, affirmed its global scale 'B'
issuer credit and issue-level ratings and revised the outlook to
negative from stable. At the same time, S&P lowered its national
scale rating to 'brA-' from 'brA' and assigned a negative outlook.




=======
C U B A
=======

THOMAS COOK: Bankruptcy Affects Some 2,000 Tourists in Cuba
-----------------------------------------------------------
OnCubeNews reports that the British Thomas Cook tour operator's
bankruptcy has affected some 2,000 tourists who are in Cuba,
sources from the Embassy of the United Kingdom in Havana reported,
and has led to the rescheduling of 10 flights from three airports
on the island.

Those affected are in three Cuban destinations: the eastern
province of Holguin, Cayo Coco, off the northern coast, and the
popular tourist resort of Varadero, about 150 kilometers west of
Havana, an official of the British diplomatic mission said to the
EFE news agency, according to OnCubeNews.

The report notes that Thomas Cook's customers were planning to
return to the United Kingdom in the next few weeks on a total of 10
flights, the first of them from Holguín to London's Gatwick
Airport, which has been rescheduled.

The remaining nine flights from the three destinations, which were
planned between Wednesday, September 25 and next October 6, are
still pending rescheduling, according to the United Kingdom Civil
Aviation Authority (CAA), the report relays.

Those affected have their stay guaranteed in Cuban hotels until
they are transferred back to the United Kingdom, explained the
source from the Embassy, which has sent assistance personnel to the
three destinations to tend to Thomas Cook's customers, the report
notes.

For his part, the British ambassador to Cuba, Antony Stokes,
explained via Twitter that he is working closely with the country's
authorities and Thomas Cook staff to help ensure customers can
continue to enjoy their holidays and return safely to the UK, the
report discloses.

The report says that the approximately 2,000 tourists who traveled
to Cuba through Thomas Cook are part of the more than 600,000
worldwide -- 150,000 of them from the United Kingdom -- affected by
the bankruptcy of this tour operator, which took place in the early
morning hours after 178 years of history.

The fall of the group -- which operates in 16 countries, has 105
aircraft and 200 hotels and hotel complexes with its brand -- also
affects those who have already paid for reservations in advance,
totaling millions of pounds, the report says.

In addition, it is an indirect blow to Cuban tourism, which loses
an important client and one of the principal bridges or the
principal one for those who visited the island from the United
Kingdom, the report notes.

Thomas Cook went into suspension of payments when it did not obtain
the additional funds of GBP200 million (EUR227 million) required by
banks―such as RBS and Lloyds―to face the winter months, the
report adds.




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

THOMAS COOK: Officials Seek to Mitigate Fallout from Collapse
-------------------------------------------------------------
Caribbean360.com reports that Jamaica Tourism Minister Edmund
Bartlett said he's confident that Jamaica will be able to mitigate
any potential fallout from the collapse of the 178-year-old United
Kingdom (UK)-based mega tour operator, Thomas Cook.

He acknowledged that the immediate impact of the company's folding
will see Jamaica losing up to half of the 1,800 passengers who were
booked to arrive on rotation flights from Manchester, England,
between September 23 and October 31, according to
Caribbean360.com.

Additionally, he said the overall impact could potentially see
Jamaica lose just over US$10 million in earnings from the fallout
in flight bookings of between 10,000 and 11,000 passengers, the
report notes.

Speaking at a media briefing on Tuesday before leaving for London
for the Jamaica Travel Market from September 24 to 26, Bartlett
said the Government, through the Ministry, is moving to cauterize
any potential repercussions to another 20 flights out of Europe's
Nordic region, which incorporates countries such as Denmark,
Finland, Iceland, Norway and Sweden, the report relays.

He advised that Tourism Director Donovan White has been in touch
with overseas tour operators and airlines with which Jamaica has
forged strong relationships, to explore the most effective
solutions, the report discloses.

"As a matter of fact, he is in London now . . . . making contact
with other partners such as TUI. . . .  and to make sure that
Condor [Airlines] is going to fly and that they are not going to
[experience a] fallout, even though they are connected with Thomas
Cook," the report quoted Mr. Bartlett as saying.

The Minister said based on the interventions being pursued, "we
believe we will be fairly well protected for the other rotations
that would have come through [Thomas Cook]," he said.

"The good news for us, really, is that we have that resilience in
terms of the outreach of our marketing activities.  We think we
will be able to recover, perhaps, half of those 1,800 passengers .
. . .  based on re-bookings and other airlines coming in to pick up
the slack . . . and to work with some of our other partners [to
protect the other rotations]," he added.

Bartlett said when tourism officials return from London, they will
be able to give a fuller report "of the extent to which we have
been able to cover ourselves and protect our market for the winter
and beyond," the report notes.

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.




===============
P A R A G U A Y
===============

PARAGUAY: To Get 90MM-IDB Loan to Improve Efficiency of Fund Use
----------------------------------------------------------------
Paraguay will carry out a program designed to improve the
efficiency and transparency of the use of public funds, with the
support of a $90 million loan approved by the Inter-American
Development Bank (IDB).

Paraguay's National Development Plan 2030 features among its goals
of promoting efficient and transparent public administration. In
line with this objective, the IDB-backed program will enhance
everyday citizens' and economic actors' access to government
information and policies. The measures backed by the program
include the adoption of the Fourth Open Government Action Plan,
regulations on access to public information for processing
applications and an accountability manual for executive branch
agencies.

The plan will also serve to enhance the efficiency of public
finance management with an emphasis on public investment projects
and transparency in procurement and contracts for goods and
services. It will include a system for electronic bidding for
government purchases and the adoption of a system of transparency
and accountability. This will allow for the publishing of the
government budget in formats and language that is easily accessible
for everyday people.   

The program will also feature measures to boost the efficiency of
financial oversight and cut transaction costs. The measures being
proposed are in line with recommendations made by the Financial
Action Task Force and include the drafting of a bill to update the
System for Prevention and Mitigation of Risks – designed to
combat money-laundering – and a legal regime to identify and
register end beneficiaries.  

Paraguay is working to adopt and institute a legislative and
institutional framework of transparency and integrity in line with
major international standards and best practices. The end
beneficiaries of the program will be citizens, civil society
organizations, government employees, oversight agencies and
economic agents that deal with the public sector.

The IDB loan for $90 million has a reimbursement period of 20
years, a five-year grace period and an interest rate pegged to the
LIBOR.

As reported in the Troubled Company Reporter-Latin America on Feb.
8, 2019, Fitch Ratings has assigned a 'BB+' rating to Paraguay's
USD500 million bond, with final maturity in 2050. The bond has a
coupon of 5.4%.




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

JG & RM REALTY: Seeks to Hire Garcia-Arregui & Fullana as Counsel
-----------------------------------------------------------------
JG & RM Realty Inc. seeks authority from the United States
Bankruptcy Court for the District of Puerto Rico (Old San Juan) to
hire Garcia-Arregui & Fullana, PSC, as its legal counsel.

Advance Pain requires the attorney to:

      a) advise debtor with respect to its duties, powers and
responsibilities in this case as debtor in Possession, its
business, or is involved in litigation;

      b) assist the debtor with respect to negotiations with
claimants' complaints and debtor's counterclaim if any;

      c) prepare on behalf of the debtor the necessary complains
answer, order, reports memoranda of law under. or any other legal
document, including Disclosure Statement, Plan of Reorganization;

      d) appear before the bankruptcy court, or any other court in
which the debtor asserts a claim interest or defense directly or
indirectly related to this bankruptcy case;

      e) perform such other legal services for debtor as may be
required in these proceedings or in connection with the operation
of/ and involvement with the debtor's business, including but not
limited to notary services.

The firm's hourly rates are:

     Senior Partners    $250.00
     Associate lawyers  $150.00
     Paralegals         $90.00

The Law firm will charge actual and necessary expenses incurred in
the prosecution of these matters. A retainer fee of $15,000.00 plus
$1,717.00 (which included the filing fee) for expenses has already
been paid prior to the filing.

Isabel M Fullana of Garcia-Arregui & Fullana, PSC assures the court
that she is a disinterested person within the meaning of 11 USC
Sec. 101(14).

The firm can be reached at:

     Isabel M. Fullana, Esq.
     GARCIA-ARREGUI & FULLANA PSC
     252 Ponce De Leon Avenue Suite 1101
     San Juan, PR 00918
     Tel: 787 766-2530
     Fax: 787 756-7800
     E-mail: isabelfullana@gmail.com

                      About Advance Pain Management

JG & RM Realty Inc. owns and operates ambulatory health care
facilities.  Ambulatory surgery centers (or outpatient surgery
centers) are health care facilities where surgical procedures not
requiring an overnight hospital stay are performed.

JG & RM Realty Inc. filed a petition under Chapter 11 of Title 11,
United States Code (Bankr. D. P.R. 19-03942) on July 11, 2019. In
the petitions signed by Dr. Renier Mendez, president, the Debtor
estimated $1,291,294 in assets and $1,749,258 in liabilities.

Isabel M. Fullana, Esq. at Garcia-Arregui & Fullana PSC represents
the Debtor as counsel.




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

LATAM: Election Cycle Ending W/ Challenge of Meeting Expectations
-----------------------------------------------------------------
EFE News reports that a long cycle of presidential elections is
wrapping up this year with balloting in Bolivia, Uruguay and
Argentina, with candidates facing the challenge of responding to
citizens' demands and dissatisfaction, regional experts gathered
here for the 2019 Global Forum Latin America and the Caribbean
said.

The second day of the event, which has brought together around 40
experts on international politics and the economy, began with a
panel discussion of the so-called "election super-cycle," a series
of elections in 12 Latin American countries that began in 2017 and
will conclude in October of this year, according to EFE News.



                           *********


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

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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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