TCRLA_Public/191007.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, October 7, 2019, Vol. 20, No. 200



ARGENTINA: Cooperative Lends a Hand to Those Hit by Crisis


AGENCIA SANTA CATARINA: Fitch Assigns BB- LT IDRs, Outlook Stable
MINUANO COMUNICACOES: Chapter 15 Case Summary


AUTOMOTORES GILDEMEISTER: Fitch Cuts Issuer Default Ratings to C


ECUADOR: To Leave OPEC in 2020 Due to Fiscal Problems


PERU: In Crisis as PM Replaced, Pres Suspended, Congress Dissolved

P U E R T O   R I C O

PRINT PLUS: Court Conditionally Approves Disclosure Statement

T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Food Inflation Subdued, Central Bank Says


CITGO PETROLEUM: Crystallex Can Pursue PDVSA Shares, 3rd Cir. Says


[*] BOND PRICING: For the Week September 30 to October 4, 2019

                           - - - - -


ARGENTINA: Cooperative Lends a Hand to Those Hit by Crisis
EFE News reports that the Red Puentes social assistance cooperative
has seen its work multiplied since the economic crisis got worse at
the end of last August in Argentina, where it offers food and all
kinds of aid to the homeless and those with addiction problems, a
plague more widespread every day in this country.

In Argentina, more than a third of the population lives below the
poverty line, a statistic that jumps to 50 percent for children,
according to EFE News.

According to a census taken by various social organizations, over
7,200 people live on the streets of Buenos Aires, of whom more than
800 are children, the report relays.

                     About Argentina

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

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

Standard & Poor's foreign and local currency sovereign credit
ratings for Argentina stands at CCC- with negative outlook. S&P
said, "The negative outlook reflects the prominent downside risks
to payment of debt on time and in full per our criteria over the
coming months amid very complex political, economic, and financial
market dynamics."  Moody's credit rating for Argentina was last set
at Caa2 from B2 with under review outlook. Fitch's credit rating
for Argentina was last reported at CC with n/a outlook. DBRS's
credit rating for Argentina is CC with under review outlook.  S&P,
Moody's and DBRS ratings were issued on Aug. 30, 2019; Fitch rating
on Sept. 3, 2019.

The next general elections in Argentina will be held on October 27,
2019, to elect the president of Argentina, members of the national
congress and governors of most provinces.  Incumbent President
Mauricio Macri is running for re-election and his top opponent is
Alberto Fernandez.  If no candidate reaches certain thresholds, a
runoff vote between the top two candidates will be held on Nov.


AGENCIA SANTA CATARINA: Fitch Assigns BB- LT IDRs, Outlook Stable
Fitch Ratings assigned for Agencia de Fomento do Estado de Santa
Catarina S.A. (BADESC or Santa Catarina State Development Agency
SA) first-time Long-Term Local- and Foreign-Currency Issuer Default
Ratings of 'BB-'; Outlook Stable and a Long-Term National Rating at
'AA(bra)'; Outlook Stable.


Badesc's ratings are derived from, and are equalized with and
reflect the support of its parent, the State of Santa Catarina
(Santa Catarina, BB-/Stable), since Fitch considers Badesc
strategically important to the state, where Badesc focuses its
operations. Fitch does not assign a Viability Rating to the
institution, as it is a company with a role of development agency,
for which Fitch cannot form an entirely stand-alone credit view.

Fitch sees as highly important for the ratings the fact that Badesc
is an integral part of the state as a development arm of the
state's government, with an important role in boosting the economic
growth of the state's economy through lending to micro and small
enterprises, as well as providing resources for municipalities
within the state.

Since the regulator is very active and imposes some limitations on
the actions of the developing agencies in Brazil, another very
important factor in Fitch's view is the fact that there would be no
impediment on the regulator's part for possible support from the

Fitch also considers in its assessment the following facts: the
size of the institution relative to the financial capacity of Santa
Catarina; the potential for selling the institution is very low;
the high reputational risk to the state; the high level of
operational integration between the state and Badesc; and the fact
that it is a state-controlled institution.

The Support Rating of '3' takes into account the moderate
likelihood, as defined in the criteria, that the parent will
provide support if needed. This is because Santa Catarina's ratings
are constrained by the Brazilian Sovereign Ratings, which in turn
constrain the state's capacity to provide support, even though its
willingness to support would be high. The state has consistent
revenue generation, with higher operating margins than its national

In addition, the state's fiscal autonomy is higher than the average
of the other states rated by Fitch. Badesc's strategy is in line
with the state's economic policies. The objective is to contribute
to their implementation through medium- and long-term financial
support to small and medium sized companies in Santa Catarina. The
agency accomplishes its mission in three ways: by providing credit
to the private sector and individuals for the development of small
and medium enterprises; by financing resources to municipalities;
and as a financing agent for development funds.

Since Badesc's ratings are driven by support, the issuer's
intrinsic credit metrics have a limited impact. Neverthtless, its
financial profile has been stable since 2017 and Fitch does not
expect any major changes in its financial metrics in the
foreseeable future. Badesc's main risk exposure is credit risk due
to its loan portfolio.

The remaining of the assets are in its low-risk portfolio of
securities, comprised either by directly held government bonds or
by government bond funds. Its credit portfolio is concentrated in
the State of Santa Catarina with a mostly medium- to long-term
maturity profile.

As a development agency, Badesc has limitations to diversify its
funding base. The loan portfolio has been financed mainly by equity
or onlendings from official entities, such as BNDES (National Bank
for Economic and Social Development) and FINEP (Financier of
Studies and Projects). The company is highly capitalized and, given
the limitations on raising funds from third parties, it has low

Badesc's liquidity position is good. The agency has a significant
amount invested in financial instruments with immediate liquidity
to meet its obligations. As a development agency, Badesc must
create and permanently maintain a liquidity fund equivalent to at
least 10% of the value of its obligations to be fully invested in
federal government securities.

Badesc has a dividend policy of full earnings distribution;
however, part of this amount is returned to Badesc itself to
provide subsidy for programs such as Juro Zero (Zero Interest),
which provides interest-free loans to promote the development of
microentrepreneurs. Badesc's credit quality metrics have improved
in recent periods. As of June 2019, the agency's D-H Loans/Gross
Loans ratio was 8.2% (8.0% in 2018 and 13.3% in 2017). Badesc's
profitability was at satisfactory levels since 2017. In June 2019,
the operating profits/Risk-Weighted Assets ratio stood at 3.1%,
compared with 3.4% in 2018 and 5.8% in 2017.


Badesc's ratings are subject to change in the ratings and Outlook
of the State of Santa Catarina, and/or changes on Fitch's
understanding about the willingness of the parent to support Badesc
in case of need.

Fitch has assigned the following first-time ratings to Badesc:

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

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

  -- Long-term National Rating 'AA(bra)'; Outlook Stable;

  -- Short-term National Rating 'F1+(bra)';

  -- Support Rating '3'.

MINUANO COMUNICACOES: Chapter 15 Case Summary
Chapter 15 Debtor:   Minuano Comunicacoes e Producoes
                     Editorias Ltda., Diario de Sao Paulo
                     Comunicacoes Ltda., Editora Fontana
                     Ltda., and Cereja Servicos de Midia
                     Digital Ltda.
                     1011 Avenida Marques de Sao Vicente
                     Sao Paulo, Brazil

Chapter 15
Petition Date:       October 1, 2019

Court:               United States Bankruptcy Court
                     Southern District of Florida (Miami)

Chapter 15 Case No.: 19-23184

Judge:               Hon. Laurel M Isicoff

Representative:      Joice Ruiz Bernier, AJ Consultoria
                     Empresarial Ltda.
                     Rua Lincoln Albuquerque
                     259 C.J. 131
                     Perdizes, Sao Paulo

U.S. Counsel:        Bruno De Camargo, Esq.
                     SEQUOR LAW, P.A.
                     1001 Brickell Bay Drive, 9th Floor
                     Miami, FL 33131
                     Tel: 305372-8282

                            - and -

                     Arnoldo B. Lacayo, Esq.
                     SEQUOR LAW, P.A.
                     1001 Brickell Bay Drive
                     9th Floor
                     Miami, FL 33131
                     Tel: 305-372-8282
                     Fax: 305-372-8202

Estimated Assets:    Unknown

Estimated Debts:     Unknown

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


AUTOMOTORES GILDEMEISTER: Fitch Cuts Issuer Default Ratings to C
Fitch Ratings downgraded the ratings of Automotores Gildemeister
S.p.A.'s (AG) as follows:

  -- Foreign Currency Issuer Default Rating to 'C' from 'CCC';

  -- Local Currency IDR to 'C' from 'CCC';

  -- USD515.5 million senior secured notes due in 2021 to 'C'/'RR5'
from 'CCC'/'RR4'.

The downgrades follow AG's recent announcement that the company has
launched a tender offer for its secured notes due in 2021.
According to Fitch's methodology, the offering imposed a material
reduction in terms vis-a-vis the original terms of its outstanding
secured notes, as they will propose a significant extension of the
maturity date. Fitch sees the proposed debt exchange offer as
necessary to avoid bankruptcy or a traditional payment default.

The company is asking bondholders to tender their existing secured
notes due in 2021 for new senior secured notes in an aggregate
amount of USD545 million; the proposed tender offer is not
considering a reduction in principal. The new notes would be
denominated and payable in U.S. dollars and mature in November of
2025. Interest on the new senior secured notes would be at a rate
of 7.50% per annum, the same interest rate on the 2021 secured

If the proposed tender offer is completed, the IDR will be
downgraded to Restricted Default (RD). Shortly after the Distressed
Debt Exchange (DDE) is completed, Fitch will assign a rating to the
new notes and raise AG's IDRs to a performing level, usually a
still low speculative-grade rating.


AG's 'C' rating reflects the application of Fitch's DDE methodology
due to the company's decision to launch a tender offer for its
secured notes due in 2021. Fitch sees the proposed debt exchange
offer as necessary to avoid bankruptcy or a traditional payment
default. AG has been Hyundai's sole distributor Hyundai passenger
vehicles and light commercial vehicles in Chile and Peru since 1986
in Chile and since 2002 in Peru. Hyundai is one of the most popular
brands in those markets, offering vehicles ranging from mid-range
sedans to high-end sport utility vehicles (SUVs).

Fitch expects the company to face a challenging business
environment during 2019-2020 due to declining market volume as a
result of lower than expected GDP growth and weaker consumer
confidence. In addition, the depreciation of the Chilean peso
versus the U.S. dollar coupled with increasing competition has
reduced the company's margins.


In addition to the tender offer, AG's ratings are primarily driven
by the company's high leverage, negative FCF generation and tight
financial flexibility. Fitch does not rate a direct peer to the
company. AG has been Hyundai's sole distributor Hyundai passenger
vehicles and light commercial vehicles in Chile and Peru since 1986
in Chile and since 2002 in Peru. Hyundai is one of the most popular
brands in those markets, offering vehicles ranging from mid-range
sedans to high-end SUVs. AG benefits from its exclusive agreement
to distribute Hyundai cars in Peru and Chile.

The company's business risk is high. The automotive retail industry
is sensitive to adverse economic conditions and to the volatility
of consumer demand which is influenced by consumer confidence,
discretionary spending, interest rates, credit availability and
currency changes. AG also faces intense competition from other car
manufacturers and distributors.

AG's peers in other sectors include Brazilian fleet and car rental
industry leaders, Localiza (BB) and JSL S.A (BB), whose industry
risk is considered less volatile. Both companies enjoy higher
profitability and scale than AG. No country ceiling,
parent/subsidiary or operating environment aspects have an impact
on AG's IDR.


Fitch's Key Assumptions within the Rating Case for the Issuer

  - The proposed tender offer for its secured notes is completed as


The completion of the proposed exchange offer will lead to a
downgrade of the Long-term IDRs to 'RD'. A positive rating action
will follow if the next steps related to its proposed debt
restructuring process are announced and executed.


Limited Financial Flexibility: Fitch views the company's liquidity
as poor based on its low cash position a limited capacity to cover
interest payments. As of June 30, 2019, AG had USD30 million in
cash and USD64 million in short-term debt. The company's total debt
was USD640 million, which included USD525 million in secured notes
due in May 2021. AG's cash position as a percentage of its LTM
Revenues is low at 2.7% as of June 30, 2019. The company's interest
coverage -- measured as the EBITDA to interest paid ratio -- was
0.3x for the LTM June 2019.

ESG Commentary

AG has an ESG Relevance Score of 5 for management strategy due to
its track record of recurring to several operational and debt
restructuring processes during the past years due to challenges the
company has faced in implementing its strategy and maintaining
competitive positions in its key markets. AG's below-average
execution of its strategy has contributed to a materially weaker
operational performance and unsustainable capital structure. The
company also has an ESG Relevance Score of 5 for group structure
due to the strong influence on AG's owners upon its management,
which have resulted in decisions related to the company's
operational and financial strategies that have been made to the
detriment of its creditors. Both the ESG Relevance Score of 5 for
management strategy and governance structure have resulted in the
company entering into a debt restructuring process for a second
time during the last five years.


Automotores Gildemeister S.p.A.

  -- Foreign Currency Issuer Default Rating (IDR) downgraded to
     from 'CCC';

  -- Local Currency IDR downgraded to 'C' from 'CCC';

  -- USD515.5 million senior secured notes due in 2021 downgraded
     'C'/'RR5' from 'CCC'/'RR4'.


ECUADOR: To Leave OPEC in 2020 Due to Fiscal Problems
Alexandra Valencia at Reuters reports that Ecuador will withdraw
from the 14-nation Organization of the Petroleum Exporting
Countries (OPEC) from January 1, 2020 because of fiscal problems,
the country's energy ministry said.

The Andean nation is attempting to increase its production of crude
oil in a bid to raise more income and has on multiple occasions not
complied with the output quota fixed by OPEC, according to

The country will continue to support efforts to stabilize the world
oil market, the ministry said in a statement obtained by the news

Ecuador rejoined the organization in 2007, after withdrawing in
1992, the report notes.

As reported in the Troubled Company Reporter-Latin America on Sept.
26, 2019, Fitch Ratings assigned a 'B-' rating to Ecuador's USD600
million notes maturing March 2025 and its USD1.4 billion notes
maturing March 2030. The 2025 notes have a coupon of 7.875% and the
2030 notes have a coupon of 9.5%.


PERU: In Crisis as PM Replaced, Pres Suspended, Congress Dissolved
EFE News reports that the government of Peru underwent a day of
total upheaval that saw its president dissolve the same
opposition-controlled congress that would shortly after suspend him
for a year, while the Andean nation's prime minister stepped down
at the same time as thousands took to the streets to show their
support for the executive.

It all started when Martin Vizcarra said he was dissolving the
congress by invoking the president's constitutional power to do so
after the body defied his warnings and elected a controversial new
member of the constitutional court, according to EFE News.

P U E R T O   R I C O

PRINT PLUS: Court Conditionally Approves Disclosure Statement
The Amended Disclosure Statement of Print Plus Corporation is
conditionally approved.

A hearing for the consideration of the final approval of the
Amended Disclosure Statement and the confirmation of the Amended
Plan and of such objections as may be made to either will be held
on November 6, 2019 at 9:30 AM at the United States Bankruptcy
Court, Southwestern Divisional Office, MCS Building, Second Floor,
880 Tito Castro Avenue, Ponce, Puerto Rico.

Any objection to the final approval of the Amended Disclosure
Statement and/or the confirmation of the Amended Plan must be filed
and served on/or before fourteen (14) days prior to the date of the
hearing on confirmation of the Plan.

              About Print Plus Corporation

Print Plus Corporation is a Puerto Rican company, located in the
stately city of Ponce. Print Plus offer services such as printing,
labeling, embroidery and t-shirt printing, and designing web

Print Plus filed a Chapter 11 petition (Bankr. D.P.R. Case No.
19-00797) on February 15, 2019, listing under $1 million in both
assets and liabilities. The case has been assigned to Judge Edward
Godoy.  The Debtor tapped Noemi Landrau Rivera, Esq., as its

T R I N I D A D   A N D   T O B A G O

Moody's Investors Service assigned a B2 corporate family rating to
Telecommunications Services of Trinidad and Tobago Limited. At the
same time, Moody's assigned a B2 rating to the company's proposed
up to USD400 million senior secured notes to be issued in two
tranches (in US dollars and in Trinidad and Tobago dollars) due
2029. The rating outlook is stable. This is the first time Moody's
assigns a rating to TSTT.

Proceeds from the bond issuance will be used to repay existing
debt, cover issuance expenses and for working capital and general
corporate purposes. The ratings assigned assume that the issuance
will be successfully completed and that the final transaction
documents will not be materially different from draft legal
documentation reviewed by Moody's to date. It also assumes that
these agreements are legally valid, binding and enforceable.


Issuer: Telecommunications Services of Trinidad and Tobago Limited

  - Corporate Family Rating, Assigned B2

  - Up to USD400 million Senior Secured Regular Bond/
    Debenture due 2029, Assigned B2

Outlook Actions:

Issuer: Telecommunications Services of Trinidad and Tobago Limited

  - Outlook, Assigned Stable


Being indirectly owned by the Government of Trinidad and Tobago
(Trinidad and Tobago, Ba1 Stable), TSTT's B2 CFR reflects the
application of Moody's joint default analysis approach for
Government-Related Issuers (GRIs) and combines: (i) TSTT's
underlying BCA of b3, (ii) the Ba1 rating of Trinidad and Tobago,
(iii) a high default dependence between TSTT and Trinidad and
Tobago, and (iv) a moderate expected level of support by Trinidad
and Tobago in the event of financial stress.

TSTT's b3 BCA reflects its leading market positions in mobile,
fixed voice and business-to-business (B2B) in Trinidad and Tobago
and its extensive offering comprising a full suite of services
(mobile, fixed telephony, fixed internet, pay TV, B2B), although
fixed internet and pay TV revenue are still small. TSTT operates in
a country which benefits from relatively high GDP per capita when
compared to other markets in the Caribbean, with modest economic

The BCA also reflects TSTT's limited revenue size and geographic
concentration on one, small market, which has some exposure to
natural disasters. The telecom sector in Trinidad and Tobago is
highly competitive and has already high penetration rates in
comparison to regional standards, which constrains earnings growth.
TSTT is currently implementing a five-year strategic plan, which
has already resulted in reduced costs through headcount reductions
and aims to increase revenue again, after several years of decline.
The strategic plan entails execution risks owing to the intense
competition in the telecom market and the transformational aspects
of the plan, which includes the migration of TSTT's customers from
its legacy copper network to its recently-developed fiber and fixed
wireless networks. TSTT has low profitability compared to industry
peers and a currently elevated leverage. Moody's expects the
strategic plan to drive margin improvements and EBITDA margin
(including Moody's adjustments) to reach the mid to high 20s in
percentage terms within the next couple of years and leverage
(gross debt/EBITDA, including Moody's adjustments) to decline to
around 4.5x by fiscal year ending (FYE) March 2021 from a peak of
6.7x in FYE March 2019.

The B2 CFR considers TSTT's indirect ownership by Trinidad and
Tobago, through National Enterprises Limited (NEL). While there is
no permanent, explicit support provided by the government to TSTT,
Moody's has considered some implicit support in its analysis.
Moody's believes that, in case of need, the government would be
likely to provide some support to TSTT and this has been recently
evidenced by the government guaranteeing a 90-day bridge loan that
TSTT contracted to cover working capital needs. Overall, Moody's
has incorporated a moderate level of extraordinary support by the
government to TSTT into its rating and a high dependence, which
results in a one-notch rating uplift.

Since 2016, TSTT has been implementing a five-year strategic plan
which aims to return to revenue growth, materially reduce its costs
and improve its profitability. The plan has included heavy
headcount reduction, already implemented for the most part, as well
as a modernization of the company's networks, with the expansion of
TSTT's LTE network and the implementation of fiber and fixed
wireless networks to offer more compelling internet services to its
customers. The plan also comprises a reorganization of TSTT's
operations to offer improved customer service and derive certain
efficiencies. While the company has already materially reduced its
costs, following headcount reductions done in FYE March 2019, it is
still in the process of migrating the customers who are still on
its copper network to its fiber or fixed wireless networks, which
entails some execution risks. While Moody's expects TSTT to return
to revenue growth during the current fiscal year, helped by the
network upgrades it has implemented, growth will be gradual and the
completion of its customer migration will spread over at least a
couple of years.

With the issuance of the new senior secured notes and the planned
repayment of existing debt, TSTT will alleviate its current
liquidity pressures and return to an adequate liquidity profile.
TSTT's liquidity will be supported in the next couple of years by
cash and cash equivalents, which amounted to TTD321 million at June
2019, positive free cash flow of about TTD200-250 million annually
from FYE March 2021 onwards, and a more comfortable debt maturity
profile. Post-notes issuance, debt maturities in the current fiscal
year and next fiscal year will essentially comprise maturities
related to vendor financing for about TTD150-200 million annually.

The proposed notes are senior secured, and the collateral will
include first-priority fixed and floating charges over
substantially all of the assets of the Issuer. Pro forma for the
notes' issuance, senior secured debt will represent the vast
majority of TSTT's debt and the B2 rating of the notes is aligned
with the B2 CFR.

The stable outlook reflects Moody's expectation that TSTT will be
able to return to sustained revenue growth from FYE March 2020
onwards, as well as improve its EBITDA margin to the mid- to
high-20s in percentage terms and return to positive free cash flow
within the next 12-18 months.

TSTT's B2 ratings could be upgraded if the company returns to
steady revenue growth, improves its EBITDA margin to the high 20s
and reduces its leverage (that is adjusted gross debt/EBITDA) below
4.0x on a sustainable basis. An upgrade of Trinidad and Tobago's
rating and higher support assumption could also result in an
upgrade, if the company's credit metrics show an improving trend.

TSTT's B2 ratings could be downgraded if TSTT is unable to return
to sustained revenue growth and improve its profitability. Ongoing
negative free cash flow, a weakening in its liquidity or leverage
maintained above 5.5x could also trigger a downgrade. A downgrade
of Trinidad and Tobago's rating, weaker support assumption or a
change in TSTT's ownership which would result in the government of
Trinidad and Tobago having a smaller stake in TSTT could also
result in a downgrade of TSTT's ratings.

The methodologies used in these ratings were Telecommunications
Service Providers published in January 2017, and Government-Related
Issuers published in June 2018.

TSTT is the government owned telecommunications company and a
leading provider of communications services in Trinidad and Tobago,
including wireless, fixed voice, fixed internet, pay TV and B2B. In
FYE March 2019, the company generated revenue of TTD2,455 million
(about USD360 million). TSTT is 51% owned by NEL, which is itself
66% owned by the Government of Trinidad and Tobago. NEL is an
investment holding company operating on behalf of the government
and holding shares in selected state enterprises.

TRINIDAD & TOBAGO: Food Inflation Subdued, Central Bank Says
Trinidad Express reports that the central bank is reporting that
the trend of low and stable inflationary conditions persisted in
the first eight months of 2019, as a result of subdued aggregate
demand and low international food prices.

For the first eight months of the 2019 calendar year, the Central
Bank's Economic Bulletin for July 2019 reported that headline
inflation averaged 1.2 per cent over the eight-month period January
to August 2019, as both core and food inflation were subdued,
according to Trinidad Express.


CITGO PETROLEUM: Crystallex Can Pursue PDVSA Shares, 3rd Cir. Says
Meghan Gordon at S&P Global Platts reports that a U.S. appeals
court again ruled against Venezuela in a case that could lead to
state-owned Petroleos de Venezuela, S.A. (PDVSA) losing control of
US refiner CITGO Holding Inc., its most valuable foreign asset.

A three-judge panel of the US Court of Appeals for the Third
Circuit said defunct Canadian gold miner Crystallex can go after
PDVSA's shares in Citgo to collect on its $1.2-billion judgment
related to Venezuela nationalizing its gold mine, according to S&P
Global Platts.

The court lifted a stay that had been blocking any further action
since July, when judges initially ruled in Crystallex's favor, the
report notes.

US sanctions imposed against PDVSA in January blocked US imports of
Venezuelan crude and exports of US diluent to Venezuela, the report

Venezuela produced 750,000 b/d of crude oil in August, down from
1.36 million b/d a year earlier, according to the US Energy
Information Administration, the report discloses.

S&P Global Platts Analytics estimates Venezuelan output will fall
to 600,000 b/d in September, from 900,000 b/d in June due to a lack
of tankers and storage.

"The vicious circle of lower oil revenues, investment and
production is accelerating," Platts Analytics chief geopolitical
adviser Paul Sheldon said, the report says.

Before the sanctions, PDVSA depended on Citgo's three refineries
for supply of refined products and diluent, and as an export
destination for its crude. Citgo owns a 418,000 b/d refinery in
Lake Charles, Louisiana; a 157,000 b/d refinery in Corpus Christi,
Texas; and a 179,265 b/d refinery in Lemont, Illinois, the report

As reported in the Troubled Company Reporter-Latin America on Sept.
5, 2019, S&P Global Ratings affirmed its 'B-' long-term issuer
credit ratings on CITGO Holding Inc. and core subsidiary CITGO
Petroleum Corp.

TCRLA reported on April 2, 2019, S&P Global Ratings said it
assigned its 'B+' issue-level rating and '1' recovery rating to
U.S.-based refinery and petroleum product marketer and distributor
CITGO Petroleum Corp.'s $1.2 billion senior secured term loan due
in 2024. At the same time, S&P Global Ratings placed the rating on
CreditWatch with developing implications. The company planned to
use the proceeds from the financing to provide liquidity for
ongoing business needs. In addition, the company planned to
terminate its revolving credit facility and AR securitization


[*] BOND PRICING: For the Week September 30 to October 4, 2019
  Issuer Name              Cpn     Price   Maturity  Country  Curr
  -----------              ---     -----   --------  -------   ---

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
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
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
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
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
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
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Plaza SA                   3.5    38.3    8/15/2020    CL     CLP
Banco Security SA          3.0     5.6     7/1/2019    CL     CLP
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Corp Universidad de Co     5.9    64.2   11/10/2021    CL     CLP
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
Empresa de Transporte      4.3    30.9    7/15/2020    CL     CLP
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
SACI Falabella             2.3    50.6    7/15/2020    CL     CLP
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Banco Security SA          3.0    27.4     6/1/2021    CL     CLP
Empresa Electrica de l     2.5    63.8    5/15/2021    CL     CLP
Sociedad Austral de El     3.0    17.0    9/20/2019    CL     CLP
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Esval SA                   3.5    49.9    2/15/2026    CL     CLP


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

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

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

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

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

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

                  * * * End of Transmission * * *