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       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 14, 2019, Vol. 20, No. 205

                           Headlines



A N T I G U A   A N D   B A R B U D A

LIAT: Antigua & Barbuda to Invest Instead of Buying Shares


A R G E N T I N A

TELECOM ARGENTINA: Fitch Rates Exchange Bonds Due 2025 'B-'


B R A Z I L

BANCO DO BRASIL: Moody's Affirms Ba2 Deposit Ratings
BRAZIL: Gets Record US$2.2-Bil. in Auction of Deepwater Oil Areas
JBS SA: U.S. Senators Call For Probe on Firm
PRUMO PARTICIPACOES: Fitch to Rate $350MM Sec. Notes 'BB(EXP)'
PRUMO PARTICIPACOES: Moody's Rates $350MM Sr. Sec. Notes Ba2



D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Plantains Cost High as Drought Stunt Crops
DOMINICAN REPUBLIC: RD$30BB Earmarked This Year for Central Bank


G U A T E M A L A

GUATEMALA: Short-Term Outlook Has Accentuated Risks, IMF Says


J A M A I C A

UC RUSAL: In Talks With Customers for 2020 Supply Contracts


P U E R T O   R I C O

LEO CABLE: Moody's Assigns B1 CFR, Outlook Stable
LIBERTY CABLEVISION: Fitch Raises LT IDR to B+, Outlook Stable
LIBERTY CABLEVISION: S&P Puts 'B' ICR on CreditWatch Positive


X X X X X X X X

[*] BOND PRICING: For the Week October 7 to October 11, 2019

                           - - - - -


=====================================
A N T I G U A   A N D   B A R B U D A
=====================================

LIAT: Antigua & Barbuda to Invest Instead of Buying Shares
----------------------------------------------------------
RJR News reports that the Antigua and Barbuda government has said
it will be investing directly in cash-strapped airline, LIAT Ltd.,
formerly known as Leeward Islands Air Transport, instead of buying
Barbados' shares.

This would be subject to the approval of the other shareholder
governments, according to RJR News.

The government said it has received a $40 million loan commitment
from the ALBA Bank, the report notes.

Antigua and Barbuda currently holds 34 per cent of the shares in
LIAT, the report adds.

                          About LIAT

LIAT Ltd., formerly known as Leeward Islands Air Transport or LIAT,
is an airline headquartered on the grounds of V. C. Bird
International Airport in Antigua.  It operates high-frequency
inter-island scheduled services serving 15 destinations in the
Caribbean.  The airline's main base is VC Bird International
Airport, Antigua and Barbuda, with bases at Grantley Adams
International Airport, Barbados and Piarco International Airport,
Trinidad and Tobago.

The airline is owned by seven Caribbean governments, with three
being the major shareholders: Barbados, Antigua & Barbuda and St.
Vincent and the Grenadines along with Dominica(94.7 %); other
Caribbean governments, private shareholders and employees (5.3%).

In the last few years, LIAT has been challenged with financial
difficulties, often needing additional funding as the airline dealt
with the high cost of operations.  In November 2016, the Barbados
government defended LIAT's operations, even as opposition
legislators called for a cessation of the business.  In early 2015,
LIAT offered early retirement packages to employees in efforts to
downsize.  In 2014, LIAT knew it had to deal with unprofitable
routes to make operations viable.  In the third quarter of 2013,
the airline's top management was shaken, with news Chief Executive
Officer Captain Ian Brunton's sudden resignation.

LIAT's current chief executive officer is Julie Reifer-Jones,
chairman is Jean Holder, and chief financial officer is Rojer
Inglis.

Dr. Ralph Gonsalves, prime minister of St. Vincent & the
Grenadines, serves as chairman of LIAT shareholders.




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

TELECOM ARGENTINA: Fitch Rates Exchange Bonds Due 2025 'B-'
-----------------------------------------------------------
Fitch Ratings assigned a 'B-'/'RR2' rating to Telecom Argentina
S.A.'s exchange bonds due 2025. The offer proposes an exchange of
existing 6.5% 2021 senior unsecured notes for 9.0% 2025 senior
unsecured notes along with a cash consideration. Simultaneously,
the company is launching a cash tender offer for the 2021 notes for
U.S. retail bondholders.

No other rating actions have been taken with regards to Telecom
Argentina's Long-Term Foreign Currency Issuer Default Rating, LT
Local Currency IDR, or the 2021 USD unsecured notes rating.

KEY RATING DRIVERS

LC IDR Above Sovereign Rating: Telecom Argentina's 'BB-' LC IDR
reflects its strong financial profile and solid business position.
Following the merger, Telecom Argentina is the leading convergent
telecom provider in Argentina; the combined entity benefits from
increased operating scale, enhanced product offerings, and cost
synergies, all of which support Telecom Argentina's cash flow
generation. The company has demonstrated an ability to pass
inflation on to consumers, which has helped keep margins and
leverage stable despite the macroeconomic turmoil in the country.

FC IDR Capped by Country Ceiling: Telecom Argentina's FC IDR is
constrained by Argentina's 'CCC' Country Ceiling. Fitch believes
that the company's default would most likely be driven by transfer
and convertibility restrictions, not by a material deterioration of
the company's business or financial profile. In cases where there
is a multi-notch gap between the FC and LC IDRs, Fitch's criteria
allows for Recovery Ratings to be notched above the Argentina soft
cap of 'RR4'; therefore, Fitch has assigned a recovery rating of
'RR2' to the notes, enabling a rating uplift of two notches to
'B-'.

Impact of Capital Controls: The capital control measures announced
by the Argentine central bank (BCRA) on Aug. 30 could adversely
affect corporates liquidity profiles. Fitch understands that the
announcement does not impact cash held abroad and there is no
requirement at this time to repatriate. Telecom Argentina holds a
large portion of its short-term investments in USD-denominated
money market funds abroad.

Not a Distressed Exchange: The proposed offers do not meet Fitch's
standard for a distressed debt exchange (DDE). In order to qualify
as a DDE, an exchange must meet two criteria. First, it must impose
a material reduction in terms compared with the original
contractual terms (e.g. principal haircuts), and second, the
restructuring or exchange is conducted to avoid insolvency or a
traditional payment default. While the exchange offer proposes an
extension of maturities and a cash tender, it does not involve
haircuts, subordination; therefore, it does not meet the first
criteria. While Argentina's operating environment and sovereign
finances are precarious, the current capital controls and the
company's low leverage do not imply that insolvency is the only
alternative to an exchange.

DERIVATION SUMMARY

The majority of the company's operations and assets are in
Argentina, an operating environment which is characterized by
macroeconomic instability. The company has largely been able to
pass through inflation to consumers; however, ongoing recessionary
pressure remains a key credit concern. Telecom Argentina's FC IDR
is capped by the 'CCC' Country Ceiling of Argentina. The company's
LC IDR is rated 'BB-', five notches above the FC IDR, reflecting
the company's strong underlying credit profile.

KEY ASSUMPTIONS

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

  -- The company will be able to mostly pass on inflation to
consumers;

  -- EBITDA margins in the low 30% range as the company has
demonstrated an ability to maintain margins;

  -- Capital intensity of approximately USD1.0 billion per year
over the medium term;

  -- Some deterioration in working capital position as bad debt
expenses rise and consumers and suppliers lengthen their payment
cycles;

  -- Dollar-denominated debt levels to remain around USD2.1
billion- USD2.3 billion.

Fitch believes that the company's default would be driven by
transfer and convertibility restrictions imposed by the Republic of
Argentina on the payment of foreign debt, not by a material
deterioration of the Telecom Argentina's business or financial
profile. The company's conservative financial structure and
competitive position enable sufficient operational cash flow
generation to cover ongoing operational expenses, interest
expenses, and maintenance capex in the foreseeable future. Fitch
believes that refinancing risk is low, as the company has
repeatedly refinanced dollar loans on an unsecured basis, despite
severe peso devaluation, and that the company will continue to have
access to debt markets. All of these factors support an LC IDR of
'BB-', five notches above the FC IDR of 'CCC'.

Fitch applies soft caps to instrument ratings for a given
jurisdiction, reflecting the agency's view that average recoveries
are likely to be lower in regimes that are debtor friendly and/or
have weak enforceability of creditors' rights. Argentine issuers
are generally subject to Recovery Ratings of up to 'RR4'; however,
Fitch's criteria allows for recovery ratings to be notched above
the 'RR4' soft cap, in cases where there is a two notch gap between
the FC and LC IDRs. Therefore, Fitch has assigned a recovery rating
of 'RR2' to the notes, enabling a rating uplift of two notches to
'B-'.

RATING SENSITIVITIES

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

  -- An upgrade to the FC IDR is unlikely in the near term, as the
rating is constrained by the Country Ceiling of Argentina;

  -- An upgrade to the LC IDR is unlikely in the near term, as the
company's operations and assets are in Argentina.

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

  -- Downgrade pressures for Telecom Argentina due to operational
deterioration are unlikely; however, the FC IDR would be downgraded
in the event of a downgrade of Argentina's sovereign rating.

LIQUIDITY

Adequate Liquidity: As of June 30, 2019, Telecom Argentina held
cash and equivalents (primarily USD-denominated money market funds
abroad) and investments of approximately ARS24.3 billion, against
the current portion of long-term debt plus accrued interest of
approximately ARS25.3 billion.

Fitch expects that the company's strong operational cash flow
generation will be sufficient to cover investment outlays, and that
the company has flexibility to reduce capex.

In July 2019, the company issued USD400 million of unsecured notes
due 2026. The company used USD350 million to partially pay down the
company's 2021 notes (USD250 million) as well as the 2022 loan
(USD100 million). Fitch doesn't expect announced dividends of
approximately ARS6.3 billion for 2019 to compromise liquidity.

FULL LIST OF RATING ACTIONS

Fitch has assigned the following rating:

Telecom Argentina S.A.

  -- Senior unsecured notes due 2025 'B-'/'RR2'.




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

BANCO DO BRASIL: Moody's Affirms Ba2 Deposit Ratings
----------------------------------------------------
Moody's Investors Service affirmed all of Banco do Brasil S.A.'s
ratings, following the affirmation of the bank's ba2 baseline
credit assessment. BB is rated Ba2 and Not Prime for long- and
short-term local currency deposits and Ba3 and Not Prime for long-
and short-term foreign currency deposits. Banco Do Brasil S.A.
(Cayman)'s long-term senior unsecured foreign currency debt rating
is Ba2. All ratings have a stable outlook.

RATINGS RATIONALE

The affirmation of BB's ba2 BCA and all its ratings recognizes the
gradual improvement of the bank's profitability and capital metrics
over the past two years, despite Brazil's slow economic growth and
modest business activity. Additionally, the BCA affirmation
incorporates the bank's continued access to stable and low-cost
core funding, supported mostly by BB's nationwide branch footprint
and status as a government-owned bank.

Notwithstanding the sizable drop in Brazil's basic interest rate
(Selic), BB has reported consistent earnings generation and steady
net interest margins. Bottom-line results have benefited from the
change in BB's loan mix, with increased focus on higher yielding
consumer loans and commercial loans to small and mid-sized
companies. In addition, BB has sustained profits by expanding
holdings of fixed-income securities and focusing on growing fee
income and containing operating expenses. Credit costs remain in
check. Moody's anticipates, however, that incremental improvements
to profitability will not be sizable in future quarters because of
BB's expectation of low single-digit loan growth for 2019 and more
competition for lending rates in the banking system.

A key credit strength supporting the ratings is BB's ample and
steady funding structure, with a predominant participation of
demand and savings deposits, which is complemented by access to
federal funds and judicial deposits. Increasing competition for
deposits may lead to higher funding rates, but Moody's expects BB
will maintain its sizable market shares in core, inexpensive
deposits because of its large branch capillarity and safe haven
standing for depositors.

BB has a moderate capital position, as measured by Moody's
preferred ratio of tangible common equity (TCE) to risk weighted
assets (RWAs) of 10.9% in Q2 2019, which Moody's calculates by
risk-weighting government securities at 100% and deducting a large
part of deferred tax assets (DTAs). At this level, BB's TCE/RWA is
above the ratio of its privately-held peers. BB's capitalization
improved significantly since June 2015, when its TCE ratio was a
low 6.9%. Replenishment of shareholders' equity through earnings
and the downsizing of its balance sheet contributed mostly to
strengthen BB's TCE/RWA ratio.

The improvement in capital ratio is a credit positive for BB's BCA,
and should support future loan growth. For 2019, Moody's estimates
BB will maintain stable capitalization because of modest earning
generation and payouts in the range of 30% to 40% of net income,
which remains in line with payout ratios from the last five years.

Regarding asset quality, BB's problem loan ratio remains below peak
levels observed in 2016/2017 and is still aligned with a ba2 BCA.
BB's changing loan mix has resulted in retail loans accounting for
about one-third of its loan book, therefore improving borrower
concentration. Legacy problem loans from Brazil's latest recession
are less likely to affect asset quality metrics, now that
provisions and recoveries have been accounted for. Moody's expects
BB's granular loan portfolio and low-risk rural loans will keep the
bank's asset quality metrics in line with those of its Brazilian
peers in the next 12 to 18 months, despite a brief rise in loan
delinquency in the first half of 2019 caused by a single large
corporate client that filed for bankruptcy proceedings.

BB has cultivated a strong risk governance culture and adhered to
the practices imposed by Brazil's securities commission and
regulators. In addition, the quality of information and disclosure
has been consistently high. For those reasons, Moody's does not
have any governance concern incorporated in BB's ba2 BCA, which
also does not incorporate social risk considerations. Moody's views
BB's role as an agriculture policy bank with leading market share
in agricultural loans as a credit strength. In June 2019, rural
loans comprised about 30% of BB's loan book.

BB's Ba2 long-term local currency deposit rating and Banco Do
Brasil S.A. (Cayman)'s foreign currency senior debt ratings reflect
the bank's ba2 BCA and Moody's assessment that, as a
government-backed institution, BB would benefit from very high
government support in a situation of stress. However, BB's BCA is
positioned at the same level as Brazil's sovereign rating to
reflect the interconnectedness between the bank and the sovereign's
creditworthiness.

WHAT COULD CHANGE THE RATING -- DOWN/UP

BB's ba2 BCA, Ba2 deposit rating and Banco Do Brasil S.A.
(Cayman)'s senior unsecured debt ratings are aligned to Brazil's
Ba2 sovereign rating because of the strong credit interlinks
between the sovereign and the bank. Brazil's Ba2 sovereign rating
has a stable outlook, and therefore, there is no upward pressure on
the ratings.

For the same reason, a downgrade of the sovereign rating could
lower BB's BCA. In addition, BB's BCA, as well as its subordinated
debt ratings, could be downgraded if there is material
deterioration in the bank's asset risk and profitability, leading
to weaker capitalization.

METHODOLOGY USED

The principal methodology used in these ratings was Banks published
in August 2018.

Banco do Brasil S.A., is headquartered in Brasilia, Brazil, and
reported BRL1,541 billion (USD402 billion) in assets and BRL99.4
billion (USD25.9 billion) in shareholders' equity as of June 30,
2019.

LIST OF AFFECTED RATINGS AND ASSESSMENTS

The following ratings and assessments of Banco do Brasil S.A. were
affirmed:

  - Long-term global local currency deposit rating of Ba2, stable
outlook

  - Short-term global local currency deposit rating of Not Prime

  - Long-term global foreign currency deposit rating of Ba3, stable
outlook

  - Short-term global foreign currency deposit rating of Not Prime

  - Senior Unsecured Medium-Term Note Program of (P)Ba2

  - Long-term global local currency counterparty risk rating of
Ba1

  - Short-term global local currency counterparty risk rating of
Not Prime

  - Long-term global foreign currency counterparty risk rating of
Ba1

  - Short-term global foreign currency counterparty risk rating of
Not Prime

  - Long-term Brazilian national scale deposit rating of Aa1.br

  - Short-term Brazilian national scale deposit rating of BR-1

  - Long-term Brazilian national scale counterparty risk rating of
Aaa.br

  - Short-term Brazilian national scale counterparty risk rating of
BR-1

  - Baseline credit assessment of ba2

  - Adjusted baseline credit assessment of ba2

  - Long-term counterparty risk assessment of Ba1(cr)

  - Short-term counterparty risk assessment of Not Prime(cr)

Outlook Actions:

Outlook, Stable

The following ratings and assessments of Banco Do Brasil S.A.
(Cayman) were affirmed:

  - Long-term global local currency counterparty risk rating of
Ba1

  - Short-term global local currency counterparty risk rating of
Not Prime

  - Long-term global foreign currency counterparty risk rating of
Ba1

  - Short-term global foreign currency counterparty risk rating of
Not Prime

  - Long-term counterparty risk assessment of Ba1(cr)

  - Short-term counterparty risk assessment of Not Prime(cr)

  - Senior Unsecured debt rating of Ba2, stable outlook

  - Senior Unsecured Medium-Term Note Program of (P)Ba2

  - Subordinate Regular Bond/Debenture of Ba3

  - Pref. Stock Non-cumulative of B2(hyb)

  - Junior Subordinate Bond of B2(hyb)

  - Other Short Term of (P)Not Prime

Outlook Actions:

Outlook, Stable


BRAZIL: Gets Record US$2.2-Bil. in Auction of Deepwater Oil Areas
-----------------------------------------------------------------
The Latin American Herald Times reports that Brazil received on a
record BRL8.9 billion (US$2.2 billion) in bids during an auction of
offshore oil and gas exploration and production (E&P) concessions,
with 10 multinational energy companies bidding for 12 deepwater
areas.

"We had the best expectations possible for this auction, but the
results exceeded our expectations. The proceeds were a record for
auctions of concessions, showing that the policy for the industry
is on the right path," Energy and Mines Minister Bento Albuquerque
said, according to The Latin American Herald Times.

The funds generated by the auction, the 16th staged by the National
Petroleum Agency (ANP) since Brazil ended state-owned Petrobras's
monopoly over the industry in 1999, exceeded the BRL8 billion (US$2
billion) produced by the auction in March 2018, when the government
granted concessions for 22 offshore areas, a record that stood
until now, the report notes.

The big winners were Spain's Repsol, which won one concession
individually and shares of three others as part of a consortium
with US supermajor Chevron and Germany's Wintershall; Malaysia's
Petronas, which won one concession individually and shares of two
others as part of consortia; Britain's BP, which won one concession
individually and another with a consortium; and Anglo-Dutch
supermajor Shell, which won shares of two concessions as part of
consortia, the report relays.

In addition to the three concessions, it won shares of with Repsol,
Chevron ended up being part of two other winning corsortia, the
report notes.

Of the 17 companies that registered to bid and of which only two,
Petrobras and Enauta, were Brazilian, 11 made bids and 10 obtained
concessions, the report says.

US supermajor ExxonMobil also won an individual concession, while
France's Total, Qatar's QPI and Petrobras won shares of concessions
as part of consortia, the report relays.

ANP director Decio Oddone said the regulatory agency was not
disappointed that no bids were received on 24 of the 36 areas
offered in the auction, adding that such an outcome was normal when
so many opportunities were offered in a high-risk industry, the
report notes.

None of the areas offered in the auction had proven reserves in the
pre-salt zone, which is in the deep waters off southeastern Brazil
and considered one of the largest oil finds in recent decades, the
report relays.

The pre-salt layer, which is estimated to hold vast reserves of
light crude oil and natural gas at depths of up to 7,000 meters
(22,950 feet), is found beneath the sea floor and contains a
gel-like deposit of salt that could be up to two kilometers (1.24
miles) thick, the report discloses.

Reuters notes that the ANP offered concessions in five different
offshore basins, but only 10 areas in the Campos basin and two in
the Santos basin drew the interest of bidders.

The Campos basin, located off the coast of Rio de Janeiro state, is
home to the largest production areas in Brazil, the report notes.

The four blocks offered in the Camamu-Almada basin, the three
blocks offered in the Jacuipe basin and the five blocks offered in
the Pernambuco-Paraiba basin did not draw bids, the report
discloses.

The winning bidders were the companies or consortia offering the
largest sums for E&P rights and agreeing to make the biggest
investments in exploration, the report relays.

The ANP said the winning bidders paid 322 percent above the base
price set for the 12 areas auctioned off, the report adds.

                        About Brazil

The Federal Republic of Brazil is the largest country in Latin
America.  Sao Paulo is the most populated city and Brasilia is the
capital.  The federation is composed of the union of 26 states, the
Federal District and more than 5,000 municipalities.  Its
government is headed by President Jair Bolsonaro.  Among other
things, Brazil's government is hounded by corruption allegations.

Brazil has an advanced emerging economy.  Amid growth in recent
decades, the country entered an ongoing recession in 2014 amid a
political corruption scandal and nationwide protests.

Standard & Poor's credit rating for Brazil stands at BB- with
stable outlook (January 2018). Moody's credit rating for Brazil was
last set at Ba2 with stable outlook (April 2018). Fitch's credit
rating for Brazil was last reported at BB- with stable outlook
(February 2018). DBRS's credit rating for Brazil is BB (low) with
stable outlook (March 2018).


JBS SA: U.S. Senators Call For Probe on Firm
--------------------------------------------
Anthony Boadle at Reuters reports that two U.S. senators called on
the U.S. Treasury to open an investigation into the world's largest
meat processing company, Brazil's JBS S.A., due to alleged ties
with the Venezuelan government of leftist President Nicolas
Maduro.

President Donald Trump's government has imposed sanctions on dozens
of top Venezuelan officials as well as state oil company PDVSA in
an effort to remove Maduro, whom it accuses of fixing elections
last year and abusing human rights in the oil-rich nation,
according to Reuters.

Senators Marco Rubio and Robert Menendez sent a letter to Treasury
Secretary Steven Mnuchin asking for the Committee on Foreign
Investment in the United States (CFIUS) to review transactions by
JBS, which has bought several American meat companies in recent
years, Rubio's press office said on Twitter, the report notes.

"This meat-processing conglomerate has engaged in illicit financial
activities and has business ties with the Maduro regime," the
Twitter post said, the report relays.

In a statement, JBS said it had always cooperated "transparently"
with U.S. authorities regarding "passed events" in Brazil, the
report discloses.

It had improved the management of the companies it acquired in the
United States, delivering "solid results" that contributed to farm
sector growth, JBS added, and continues to provide opportunities to
farming and cattle-raising families, the report relates.

In August, Washington froze all Venezuelan state assets in the
United States and threatened sanctions on any company continuing to
do business with the government, the report notes.

In their letter to Mnuchin, made public, the senators said CFIUS
should investigate the business transactions among JBS, the
Venezuelan Corporation of Foreign Trade (CORPOVEX) and Diosdado
Cabello, a powerful ally of Maduro who is under U.S. sanctions, the
report relays.

They did not provide further details about the alleged
transactions.

The senators said JBS had engaged in the bribery of public
officials in Brazil to obtain funds to expand abroad, acquiring in
recent years U.S. meat-packer Swift Foods Co and chicken producer
Pilgrim's Pride Corp, the report notes.

Reuters relates that Brothers Joesley and Wesley Batista, founders
of JBS's holding company J&F, signed plea bargain and leniency
deals in May 2017, in which they confessed to running a political
bribery ring in Brazil.

"We ask CFIUS conduct a review of JBS SA's acquisition of U.S.
companies to assess the implications for security and safety of
America's food supply and, in turn, our national security," the
senators said in their letter, the report adds.

As reported in the Troubled Company Reporter-Latin America on June
19, 2019, Fitch Ratings has upgraded JBS S.A.'s Long-Term
Foreign-and Local Currency Issuer Default Ratings and senior
unsecured notes issued by JBS Investments GmbH and JBS Investments
II GmbH to 'BB' from 'BB-'. The National Scale rating was upgraded
to 'AA+ (bra)' from 'A(bra)'. The Rating Outlook is Stable. The
upgrade reflects JBS expected deleveraging and strong free cash
flow generation and improved financial flexibility due to recent
liability management.


PRUMO PARTICIPACOES: Fitch to Rate $350MM Sec. Notes 'BB(EXP)'
--------------------------------------------------------------
Fitch Ratings expects to assign a 'BB (EXP)' rating to the
fixed-rate senior secured notes for up to USD350 million to be
issued by Prumo Participacoes e Investimentos S.A. The Rating
Outlook is Stable.

RATING RATIONALE

The rating reflects Prumopar's stable cash flow, derived from
distributions from Ferroport Logistica Comercial Exportadora S.A..
Ferroport benefits from a long term Take-or-Pay agreement with a
creditworthy counterparty and is a strategic asset for Anglo
American plc as the sole export terminal for the iron ore produced
by its Brazilian subsidiary's mines in Minas Gerais state. Revenues
as well as the debt service are linked to U.S. dollars (USD), while
operational expenses are linked to Brazilian Reais (BRL), exposing
the transaction to BRL appreciation.

Proposed debt is fixed rate and includes a balloon payment for up
to 54.6% of total debt at maturity in 2031. Refinancing risk is
partially mitigated by cash sweep provisions, that reduce the
balloon payment to 25.7% of total debt (USD 89.9 million), and an
eight years ToP tail in Fitch's Rating Case. The transaction has a
minimum Project Life Coverage Ratio (PLCR) of 1.2x. Peak leverage,
measured by Net Debt over Cash Flow Available for Debt Service
(CFADS), is 8.2x in 2020. Credit metrics are somewhat strong for
the assigned rating level, according to Fitch's applicable
criteria. The rating is constrained, though, by Brazil's country
ceiling, by Ferroport's short track record of operations without
disruption and by a residual exposure to foreign exchange risk.

KEY RATING DRIVERS

Dedicated Terminal [Revenue Risk: Volume - Midrange]:

Ferroport has been operational since 2014 and benefits from a
long-term ToP agreement with Anglo American Minerio de Ferro Brasil
S.A. (AAMFB), subsidiary of Anglo American plc (BBB/Stable). It is
a small port of call, built to suit Anglo's Minas-Rio iron-ore
project and handles a specialized type of cargo, with its inbound
market access highly dependent on the slurry pipeline from the mine
into the port.  

Long Term Take-or-Pay Agreement [Revenue Risk: Price - Stronger]:

The ToP agreement sets forth annual tariffs readjustments that
follow two-thirds of U.S. inflation, measured by Producer Price
Index (PPI) for Industrial Commodities, and it has been readjusted
in a timely manner since the port began operations. Fitch's cases
do not include interruptions similar to the suspention of payments
under the ToP agreement that ocurred in 2018 concurrent with leaks
in the slurry pipeline and which are currently in arbitration
proceeds. The revenues and debt are U.S. dollar-denominated, but
operational costs and expenses are denominated in BRL, exposing the
transaction to real appreciation scenarios when margin EBITDA is
reduced due to higher USD equivalent operational costs and
expenses. The transaction is able to withstand a 20% BRL
appreciation  shift in the entire USD/BRL curve, calculated using
Fitch's base case assumptions, before defaulting on its debt
obligations. Ferroport is also entitled to collect fees, modest in
Fitch's Rating Case, based on the number of vessels berthing, oil
transshipment volume and berthing time.

Adequate Infrastructure [Infrastructure Development & Renewal -
Midrange]:

Ferroport's facilities are new and key equipment is expected to
have long useful lifes. No replacement requirements are foreseen
throughout the life of the transaction. Planned investments
comprise predominantly channel dredging, increase of stacking
capacity and maintenance works to preserve operational efficiency
and environmental compliance. The ToP establishes the potential for
expansion, and Ferroport has the option to agree to expand; if it
does, the contract establishes an additional tariff for this
incremental volume, calculated in order to assure an Internal Rate
of Return (IRR) of 15%. Otherwise, AAMFB has the option to make
required the capex itself. However, as per transaction documents,
capex in excess of USD 20 million requires bondholders' approval.  
  

Refinance Risk Partially Mitigated by Cash Sweep [Debt Structure -
Midrange]:

Proposed debt is senior at Prumopar's level, but structurally
subordinated to Ferroport. Cash flows to service debt will come
from the payment of intercompany loans and dividend distributions.
Ferroport does not hold financial debt; its capex was funded
through intercompany loans from Prumopar and Anglo American.
Additional indebtedness is limited to USD50 million, according to
Ferroport's Shareholders Agreement (SHA), which also requires the
distribution of all cash available at Ferroport. The rating
considers that the clause of the SHA which may result in the
suspension of Prumopar's voting rights at Ferroport in the case of
bankruptcy of any member of Prumopar's shareholder group is not
enforceable under Brazilian law, assuring Prumopar's voting power
against new indebtedness at the operational company, as per
proposed transaction's documents. This view is supported by a legal
opinion on the subject requested by Fitch.  

The proposed debt has a fixed interest rate and its legal
amortization comprises a balloon payment of up to 54.6% (USD 191.2
million) in 2031. The debt structure also contemplates a target
amortization schedule, set to allow for the debt to be fully
amortized in 12 years, under the Issuer's case, through a cash
sweep mechanism. In Fitch's Rating Case, the balloon payment is for
25.7% (USD 89.9 million) of the proposed initial debt quantum. The
debt structure also counts with a six-month offshore DSRA and
strong lock up provisions that require, among others, compliance
with target debt balance coupled with a fulfilment of additional
DSRA of up to 8.5% of outstanding debt balance in order for
Prumopar to be allowed to distribute dividends.   

Financial Profile:

Under Fitch's Base and Rating cases, a balloon payment is due in
2031, indicating a Loan Life Coverage Ratio (LLCR) below 1.0x.
Refinancing risk is mitigated by a PLCR, which takes into account
the cash flows available for debt service until the end of ToP
agreement, of 1.7x in 2031 in Fitch's Rating Case. Prumopar's Net
Debt to CFADS decreases from its peak of 8.2x in 2021 to 2.1x in
2031, under Fitch's Rating Case, a comfortable level in light of
the eigh-year ToP tail. Credit metrics are somewhat strong for the
assigned rating, which is constrained by Brazil's country ceiling,
the history of some operational disruptions and a residual exposure
to foreign exchange risk.

PEER GROUP

Prumopar's closest peer is Adani Abbot Point Terminal Pty Ltd's
(senior secured notes; BBB-/Stable). Both are single-purpose
mineral export terminals, comprise medium- to long-term ToP
contracts and present refinance risk. While AAPT's leverage is
higher than Prumopar's, with a peak of 10.0x, it has a stronger
PLCR of 1.6x and is able to fully pass-through the fixed and
variable operating expenses to the user contracts. In addition,
AAPT is not constrained by the factors affecting Prumopar, as
mentioned in the financial profile.

RATING SENSITIVITIES

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

  -- Achievement of the target amortization schedule in a sustained
basis;

  -- Favorable track record of operations without disruption;

  -- Arbitration decision favorable to Prumopar;

  -- A Positive Rating Action on Brazil's Sovereign Rating.

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

  -- Outstanding debt balance of USD323 million or higher by
December 2021.

  -- Offtaker's failure in getting the operational license of
Minas-Rio mines;

  -- Operational disruption negatively impacting the cash flows;

  -- A Negative Rating Action on Brazil's Sovereign Rating.

TRANSACTION SUMMARY

Prumopar expects to issue fixed-rate USD350 million senior secured
committed facilities with final maturity in 2031 and a maximum
fixed interest rate of 7.85%, paid semi-annually. The principal
amortization schedule is customized, with a legal amortization of
45.4% of principal until 2031 and a balloon payment of 54.6% of
principal amount (USD 191.2 million) at maturity.

The proceeds of the proposed debt will be used to repay the
existing bridge loan issued in October 8th, 2019 (outstanding
amount of USD270 million plus accrued interest, issued in a capital
maket format), to pay for the transaction costs and to make
distributions to Prumopar's sponsor, Prumo Logistica S.A.

FINANCIAL ANALYSIS

The main assumptions of Fitch's Base Case include:

  -- Brazilian Inflation: 4.0% in 2019 and 2020, 3.8% in 2021 and
4.3% from 2022 onwards;

  -- US PPI: 2.2% in 2019, 2.3% in 2020, 2.5% in 2021 and 2.0% from
2022 onwards;

  -- Foreign Exchange Rate (BLR/USD): 3.8 in 2019 and 2020, 3.9 in
2021 and 2.3% yearly depreciation from 2022 onwards;

  -- Volume: minimum guarantee throughput of 26.6 million tons per
year;

  -- Tariffs: adjusted according ToP agreement (67% of US PPI);

  -- Operational and Capital expenses: 5% higher than sponsor's
case;

  -- Transshipment volume: 40 services in 2019 and 25 thereafter.
Additionally, all services were considered to come from Suezmax
vessels, which provide lower revenues than VLCCs because of lower
volume capacity in each vessel;

  -- Post Balloon interest rate (after 2031): 11.85%.

The same assumptions were used in the rating scenario, with the
exception of:

  -- Foreign Exchange Rate (BLR/USD): 3.8 in 2019 and 2020, 3.9 in
2021 and 1.15% yearly depreciation from 2022 onwards;

  -- Operational and Capital expenses: 10% higher than sponsor's
case;

  -- Transshipment volume: 30 services in 2019 and 13 thereafter.
Additionally, all services were considered to come from Suezmax
vessels, which provide lower revenues than VLCCs because of lower
volume capacity in each vessel.

In Fitch's Base Case, minimum PLCR is 1.3x, considering the ToP
tenor. Maximum leverage (net debt/CFADS) is 7.9x in 2020,
deleveraging to 0.9x in 2031. In Fitch's Rating Case, minimum PLCR
is 1.2x, also considering the ToP tenor. Maximum leverage (net
debt/CFADS) is 8.2x in 2020, deleveraging to 2.0x in 2031.

Asset Description

Prumopar is a wholly-owned subsidiary of Prumo Logistica S.A. that
holds a 50% share of Ferroport, a jointventure between Prumopar and
Anglo American Investimentos Minerio de Ferro Ltda., subsidiary of
Anglo American plc. Ferroport is the exclusive export terminal for
iron ore produced by Anglo's Minas-Rio project located in Minas
Gerais.

Ferroport is the owner of an area of 300 hectares in the Acu Port,
where iron ore is processed, handled and stored. The facilities
include an offshore structure comprising an access bridge, access
canal, breakwater and two berths for iron ore loading. Ferroport
benefits from a 25-year ToP with AAMFB, until 2039, for 26,6
million wet metric tons per year.

Ferroport was also responsible for the construction of the T1 port
terminal and signed a Port Access Agreement with AAMFB and Porto do
Acu Operacoes S.A., also valid until 2039, which establishes that
Ferroport is responsible for the maintenance of T1 offshore
infrastructure, including the dredging of access channel and
breakwater, and will charge port fees based on the number of
vessels berthing, oil transshipment volume and berthing time.

Ferroport is the last line in the logistics chain and an integral
part of Anglo's Minas-Rio iron-ore project, which comprises 5.3
billion tons of mineral resources. The Minas-Rio project is located
in the States of Minas Gerais and Rio de Janeiro. It is 100% owned
by Anglo American plc, and it is composed of integrated systems of
open pit mines, a beneficiation plant, a 529 km slurry pipeline and
lastly, Ferroport.


PRUMO PARTICIPACOES: Moody's Rates $350MM Sr. Sec. Notes Ba2
------------------------------------------------------------
Moody's Investors Service assigned a Ba2 global scale rating to
Prumo Participacoes e Investimentos S.A.'s USD350 million senior
secured notes due in December 2037. The outlook is stable.

RATING RATIONALE

The Ba2 rating assigned to PrumoPar's senior secured notes reflects
Moody's views of the Ferroport Logistical Comercial Exportadora
S.A.'s revenue profile, as established by the long term (25 years)
take or pay contract between Ferroport and Anglo Brazil, which has
no volume risk associated with iron ore production or shipment. The
priority of use of the Ferroport Project is assigned to Anglo
American's Minas-Rio iron ore project through a take-or-pay
contract for receiving, storing, handling, loading and shipping
iron ore with Anglo Brazil until 2039.

The rating recognizes the offtaker's linkage to Anglo American plc
(Baa2 stable). Anglo Brazil is a material subsidiary of Anglo
American, and also an indirect shareholder of the Project which
together provide a degree of commitment to the Project. The rating,
however, acknowledges Anglo Brazil's much weaker credit profile
relative to that of its parent. Anglo Brazil provides a relatively
small contribution to Anglo American's group wide EBITDA, and is
exposed to portfolio adjustments that are overall common in the
industry.

The rating further incorporates operational concerns prompted by a
force-majeure claim by Anglo American, still under legal dispute,
that affected Ferroport's revenues and limited intercompany loan
payments. Moody's did not incorporate any potential compensation
for Ferroport from this revenue dispute in its projections. The
rating also considers that both the Minas-Rio mine and the pipeline
have resumed normal operations and that Anglo American has improved
maintenance-inspection since the slurry pipeline disruption.

The rating is tempered by the relatively weak project-finance
features within the overall financing structure with potential
risks arising from the voting structure of the shareholders
agreement. Under an event of bankruptcy or insolvency by PrumoPar's
shareholder, Prumo Logistica (unrated), a scenario could result
whereby PrumoPar would be restricted from exercising its voting
rights, thereby leaving key decisions to Anglo's representation,
which ultimately could trigger the Notes' acceleration.

Additional considerations include the lack of tangible assets in
the issuer's security package as well as PrumoPar's sub holding
structure. Moody's further notices a hedging mechanism that
somewhat mitigates potential currency mismatch which Moody's views
as short-lived and manageable as the underlying Project revenues
are in dollars.

DEBT STRUCTURE

The proceeds of the Notes will be used to repay outstanding
existing notes issued by PrumoPar, recapitalize Prumo Logistica,
fill the debt service reserve account and to pay for miscellaneous
expenses.

The Notes will have a bi-annual amortization profile composed of
fixed legal payments and additional target payments sculpted to
achieve a 1.25x minimum debt service coverage ratio (DSCR). The
Notes will also have usual and customary project finance covenants
with a security package including (i) 100% of issuers' shares
(PrumoPar) and 100% of Ferroport's shares held by the issuer
(corresponding to 50% of Ferroport's total shares) (ii) credit
rights from ICL with Ferroport and (iii) issuer's bank accounts.
Also, the creditors have a step-in right agreement with the
ultimate shareholders, and benefit from the existence of a
maintenance financial covenant. These features coupled with the
prohibition of additional indebtedness at the PrumoPar level serve
to somewhat mitigate the holding company nature of the obligation
and the fact that the collateral package does not include the
Project's tangible assets.

The rating reflects the Note's liquidity features including the
6-month debt service reserve as well as the Target Amortization
Reserve Account. Also, it incorporates its understanding of the
benefits and priority of payments around the legal-target payment
structure and its trigger to default.

The assigned rating is based on preliminary documentation. Moody's
does not anticipate changes in the main conditions that the Notes
will carry. Should issuance conditions and/or final documentation
deviate from the original ones submitted and reviewed by the rating
agency, Moody's will assess the impact that these differences may
have on the rating and act accordingly.

OUTLOOK

The stable outlook reflects Moody's view of stable cash flows given
the Project's strong fundamentals and the note's structure. The
stable outlook also assumes the continuing degree of support and
commitment from the ultimate shareholders (Anglo and Prumo
Logistica) to the Project.

FACTORS THAT COULD LEAD TO AN UPGRADE/DOWNGRADE

While Moody's does not expect a rating upgrade in the short to
medium term given the stable outlook, an improvement in its view of
the credit quality of the off-takers and/or improvement in the
credit quality of the Government of Brazil (Ba2 stable) could
trigger upward pressure on the rating.

The rating could be downgraded if there is a significant and
sustained deterioration in the Project's performance such that the
ICL repayment or the credit metrics are affected. Any change that
Moody's deems materially negative to the overall structure of the
Project would also trigger consideration of a downgrade. Negative
rating pressure could arise if the take-or-pay volume contract is
affected by force major events, if Moody's believes there is
deterioration in the off-taker's credit quality and shareholder's
commitment or support for the Project, as well as in the overall
corporate governance. Its understanding of potential impediments on
PrumoPar's voting ability in the shareholders' agreement could also
weigh on the rating. In addition, deterioration in Brazil's
sovereign credit quality could place downward pressure on the
rating.

PROFILE

The Ferroport Project is a joint-venture between Prumo Logistica
(50%) and Anglo American (50%), which operates an iron ore shipping
terminal located at the Acu Port's Terminal 1 in Sao Joao de Barra,
Rio de Janeiro, which is connected to the Minas-Rio mine by a 529km
slurry pipeline and is the principal export route available for the
iron ore produced at the Minas-Rio mine. The Project's main
construction works were finalized in 2014, with initial operations
(first ore shipment) in October 2014. The shareholders have
co-ownership of main offshore assets: access bridge, breakwater,
iron ore pier and channel.

The Minas-Rio iron ore project development started in 2009 and is
located in the states of Minas Gerais and Rio de Janeiro, 100%
owned by Anglo American (Baa2 stable) that invested about USD 14
billion in the complex since 2007. The Project presents integrated
systems of open-pit mines, a beneficiation plant, a 529km slurry
pipeline, and an exclusive terminal at the Acu Port (of which 50%
is owned by Anglo), with 1.5 billion tons of certified mineral
reserves and shall account for about 35% of Anglo American's iron
ore global production by 2020. Also, due to the characteristics of
the mine, the ore produced is of high quality with strong
competitive advantage due to its low cash costs.

PrumoPar is a special purpose vehicle, fully owned and controlled
by Prumo Logistica S.A. (not rated), which was created to issue
senior secured notes and enter into an intercompany loan agreement
(ICL) with Ferroport Logistica Comercial Exportadora S.A. and
Anglo's Brazilian subsidiary. As per the shareholders agreement
schedule, Ferroport will repay the ICL to PrumoPar and to Anglo
Brazil through mandatory payments (50%) and payments that will be
made based on a cash sweep mechanism (50%). Ferroport is allowed to
pay dividends only after the ICL is fully paid off.

METHODOLOGY

The principal methodology used in this rating was Generic Project
Finance published in April 2018.




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

DOMINICAN REPUBLIC: Plantains Cost High as Drought Stunt Crops
--------------------------------------------------------------
Dominican Today reports that plantains and other agro crops have
been affected by a drought and tornadoes that have impacted farms
in the Dominican Republic in recent months. This has jumped market
prices as high as 50%, in some cases, the report cites.

Other sectors see the "political uncertainty" that the country is
going through has also contributed to the rise in prices of some
products.

Add to this the increase in fuel prices, a plantain can cost,
depending on their size, between RD$20 and RD$30, according to the
report.

Among the crops affected by drought figure cocoa, banana, tobacco,
cassava, sweet potato, papaya, livestock, and poultry.

The drought has led the authorities to ration water both for human
consumption and for activities in farms, Dominican Today adds.

                    About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.

The Troubled Company Reporter-Latin America reported on April 4,
2019 that the Dominican Today related that Juan Del Rosario of the
UASD Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB- with
stable outlook (2016).


DOMINICAN REPUBLIC: RD$30BB Earmarked This Year for Central Bank
----------------------------------------------------------------
Dominican Today reports that as of June 30, 2019, the outstanding
amount of instruments for the Central Bank Recapitalization Plan
reached RD$132.4 billion (US$2.6 billion), distributed in bonds
with maturities of 3, 5 and 7 years.

The Central Bank said that in this year's Budget, payments were
earmarked for its Recapitalization Plan, RD$30.2 billion, or 0.7
percent of the estimated GDP for this year, according to Dominican
Today.

"Interest payments amounting to RD$3.2 billion were accrued during
the first six months of 2019, according to the Ministry of
Finance," the Central Bank said, quoted by El Dia, the report
notes.

The Government of the Dominican Republic owes the Central Bank
RD$630 billion for certificates issued with non-compliance with the
payments stipulated in the Recapitalization Law to cover the
deficit, the report adds.

                    About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.

The Troubled Company Reporter-Latin America reported on April 4,
2019 that the Dominican Today related that Juan Del Rosario of the
UASD Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB- with
stable outlook (2016).



=================
G U A T E M A L A
=================

GUATEMALA: Short-Term Outlook Has Accentuated Risks, IMF Says
-------------------------------------------------------------
An International Monetary Fund (IMF) mission, led by Esther Perez
Ruiz, visited Guatemala from October 1 to 8, 2019.  The staff team
reviewed recent economic developments and discussed with the
authorities the macroeconomic outlook and policies, and reform
agenda priorities.  The staff team had fruitful discussions with
the Bank of Guatemala, the Ministry of Finance, the Superintendence
of Banks, and other representatives of public and private sectors.
Amid the presidential transition period, the mission also engaged
with the President-elect Alejandro Giammattei and members of his
economic team.

At the end of the staff visit, Ms. Perez Ruiz issued the following
statement:

"The authorities' efforts to maintain macroeconomic stability and
to facilitate a smooth political handover after the elections are
welcome. The immediate challenge is for the incumbent and the
incoming administrations to agree on a set of policy priorities.
Upon the inauguration of Mr. Alejandro Giammattei in January 2020,
the new government's efforts would be oriented towards gathering
support for public sector and business climate reforms, and
meaningfully raise tax collections, that would improve growth and
living standards.

"Economic growth is keeping its momentum so far. The short-term
outlook remains unchanged relative to the 2019 Article IV
Consultation, but the worsening external environment has
accentuated risks. Robust remittances and construction sector
dynamism are expected to support domestic demand and maintain
growth at 3.4 percent in 2019. For next year, exports recovery and
a positive fiscal impulse would propel growth to 3½ percent.

"Downside risks have increased. Major external risks include a
further downgrade in global growth and an upscaled inflow of
Central-American migrants to Guatemala. Domestic risks stem from
lagged implementation of the economic agenda, protracted judicial
uncertainty weighing on investment, and the possible undermining of
anti-corruption efforts. A further decline in tax collections could
compromise the financing of social and infrastructure spending and
impair growth potential.

"In this context, monetary and fiscal policy support to demand is
appropriate and should be safeguarded into the near term. Monetary
policy should remain accommodative amid well-anchored inflation
expectations. Fiscal policy should be geared towards macroeconomic
stability and growth. This entails, on the spending side, keeping
up the execution momentum with a focus on capital over current
expenditure. On the revenue side, reversing the decline in tax
collections is paramount to create fiscal space for social and
infrastructure spending, consistent with the Sustainable
Development Goals agenda. Strengthening tax controls and
operationalizing risk-based auditing is important to encourage tax
compliance, and to allow for proper tax credit refunds. Tax
amnesties and special tax regimes (such as the Law of Fiscal
Simplification, Decree No.7-2019) undermine tax morale and should
be averted.

"Lifting potential growth and living standards requires forging a
national consensus to take forward wide-ranging structural reforms.
The swift approval of the portfolio of public-private partnership
projects, with their high economic impact, is appropriate for
closing the infrastructure gaps. The budgetary programming for 2020
needs to be consistent with a strategy that mobilizes efficiently
resources from the private sector. The legislative agenda for a
favorable business environment merits support and should be
expedited to bolster formal employment, transportation
infrastructure, productivity, and exports. The adoption of a
government-sponsored exports and investment promotion agency, the
swift alignment of the national legislation with ILO Convention
169, and the passage of the infrastructure, leasing and insolvency
laws are priorities to this end. Fiscal reforms in public
procurement and civil service, and performance-based budgeting, are
key to more efficient and agile use of public resources, and to
improve tax morale. Further modernization of the financial system
needs the approval of the bill on banks and financial groups, the
AML/CFT bill, the securities market law, and the credit card law.

"The mission welcomes the new administration's commitment to the
anti-corruption efforts and looks forward to the roll out of
concrete policy initiatives. In the near term, the authorities'
anti-corruption efforts should focus on sustaining prior legal and
institutional progress.

"The IMF team is grateful for the authorities' hospitality and
franc dialogue. The next Article IV mission is scheduled to take
place in the first half of 2020."

As reported in the Troubled Company Reporter-Latin America on
May 30, 2019, Fitch Ratings has assigned a 'BB' rating to
Guatemala's USD700 million in notes maturing June 1, 2050 with a
coupon of 6.125% and USD500 million in notes maturing June 1, 2030
with a coupon of 4.9%.  Proceeds from the issuance will be used for
the general purposes of the government of Guatemala, including the
refinancing, repurchase or retirement of its domestic and external
indebtedness.




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

UC RUSAL: In Talks With Customers for 2020 Supply Contracts
-----------------------------------------------------------
RJR News reports that international media reports said Windalco's
parent company Rusal and other aluminum producers are under
pressure to cut prices for 2020 contacts because of  weak market
conditions.

It's reported that potential customers are also trying to use
Rusal's US sanctions experience as leverage, according to RJR
News.

An aluminum trader said this is also a consequence of a
well-supplied market.

Reuters News Agency quoted six industry sources as saying that
Rusal is in talks with customers to agree 2020 supply contracts,
marking the first round of autumn negotiations since US sanctions
against the Russian company were lifted in January, the report
notes.

Rusal starts the aluminum industry's so called mating season hoping
to win back customers lost a year ago due to the sanctions which
hit the company's bottom line and roiled world aluminum markets,
the report relays.

Washington lifted the sanctions on Rusal in late January, after
intense negotiations and a series of  organizational changes within
Rusal, the report discloses.

The measures on its co-owner Oleg Deripaska remain in place, the
report adds.

West Indies Alumina Company (WINDALCO), formerly Jamalcan, is a
joint venture between the UC Rusal and the Government of Jamaica.
UC Rusal is the majority shareholder (93% stake) and manages the
joint venture. The Government of Jamaica owns the remaining 7%
share.

                 About UC Rusal

Headquartered in Russia, RUSAL is one of the largest integrated
aluminium producers, with aluminium output of 3.8 million tonnes in
2018. The company generated revenue of $10.3 billion and
Moody's-adjusted EBITDA of $2.2 billion in 2018.




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

LEO CABLE: Moody's Assigns B1 CFR, Outlook Stable
-------------------------------------------------
Moody's Investors Service assigned a B1 corporate family rating and
B1-PD probability of default rating to Leo Cable LP, a holding
company of the Liberty Puerto Rico group, considering its intended
acquisition of AT&T, Inc.'s (Baa2 stable) operations in Puerto Rico
and the US Virgin Islands, and subsequent combination with its
existing business in Puerto Rico.

Simultaneously, Moody's assigned a B1 rating to the new USD1.2
billion senior secured term loan B due 2026 raised by LCPR Loan
Financing LLC and a B1 rating to the proposed USD1.0 billion senior
secured notes due 2027 issued by LCPR Senior Secured Financing DAC.
The outlook is stable.

The current B3 CFR, B3-PD PDR and B2/Caa2 senior secured bank
credit facility ratings of Liberty Cablevision of Puerto Rico LLC
remain unchanged. LPR intends to use part of the TLB proceeds to
fully repay the existing bank credit facility at LCPR, which will
then no longer have rated debt.

The ratings assigned assume that the acquisition and debt issuance
will be successfully completed, the final transaction documents
will not be materially different from draft legal documentation
reviewed by Moody's to date and that all agreements are legally
valid, binding and enforceable.

ASSIGNMENTS

Issuer: Leo Cable LP

  - Corporate Family Rating, Assigned B1

  - Probability of Default, Assigned B1-PD

Issuer: LCPR Loan Financing LLC

  - USD1.2 billion Gtd Senior Secured Term Loan B due
    2026, Assigned B1 (LGD3)

Issuer: LCPR Senior Secured Financing DAC

  - USD1.0 billion Senior Secured Regular Bond/Debenture due
    2027, Assigned B1 (LGD3)

OUTLOOK ACTIONS

Issuer: Leo Cable LP

Outlook, Assigned Stable

Issuer: LCPR Loan Financing LLC

Outlook, Assigned Stable

Issuer: LCPR Senior Secured Financing DAC

Outlook, Assigned Stable

RATINGS RATIONALE

Liberty Latin America Ltd. announced on October 9 that it reached
an agreement to acquire AT&T's operations in Puerto Rico and the US
Virgin Islands (together AT&T PR) for a consideration of USD1,950
million. The transaction is still subject to regulatory approvals
and will close in Q2 2020. LLA will combine AT&T PR with LCPR, its
existing cable business in Puerto Rico. Leo Cable LP will be the
future holding company of the combined group and report
consolidated accounts of the group once the acquisition has closed.
The acquisition and related fees will be partially financed by
USD2.2 billion of new senior secured debt: USD922.5 million of debt
proceeds will be used to repay existing debt at LCPR and the
remaining USD1,277.5 million to fund a portion of the acquisition
of AT&T PR. The remainder of the acquisition price and related
transaction fees, that is about USD750 million, will be funded from
LLA's liquidity.

Leo Cable's B1 CFR considers the combination of AT&T PR's and LPR's
existing operations in Puerto Rico and reflects the combined
group's increased scale and leading wireless and fixed market
positions in Puerto Rico, its offering of a full suite of services,
the quality of its networks and mobile spectrum holdings, as well
as its positive free cash flow generation. The B1 CFR also reflects
the group's concentration on two small markets, Puerto Rico and US
Virgin Islands, which have weak economies, adverse demographic
trends and exposure to adverse weather events; the integration
risks related to the business combination (namely, rebranding and
integration of two different networks); a highly competitive
telecom market in Puerto Rico; and the lack of track record of the
combined entity.

Pro forma for the contemplated acquisition and debt issuance, and
considering some synergies that the group will be able to derive,
Moody's expects that the combined group will have an EBITDA margin
in the low to mid 40s in percentage terms and leverage (adjusted
debt/EBITDA, including Moody's adjustments) around 4.3-4.4x within
the next couple of years.

Leo Cable's B1-PD PDR rating is at the same level as the B1 CFR,
reflecting the group's expected recovery rate of 50% typically
assumed by Moody's for a capital structure that consists of a mix
of bank and bond debt.

The proposed USD1.2 billion TLB and USD1.0 billion notes are issued
by trust-owned special-purpose entities, LCPR Loan Financing LLC
and LCPR Senior Secured Financing DAC, that were created for the
primary purpose of issuing the notes and will be consolidated by
Leo Cable. Debt proceeds will be on-lent to entities within LPR
through proceeds loans: USD922.5 million of TLB proceeds will be
immediately on-lent to LCPR for the repayment of its existing debt.
The remaining USD277.5 million TLB proceeds and the USD1.0 billion
notes proceeds will be initially put into escrow and, when the
acquisition is consummated, on-lent to LLA Holdco LLC, the entity
that will hold the AT&T PR operations, to fund a portion of the
acquisition price. The combined group's financial debt will
essentially comprise the proceeds loans and the B1 ratings on the
proposed senior secured TLB and senior secured notes considers the
proceeds loan structure with all proceeds loans benefiting from the
same guarantors and sharing the same collateral within the LPR
group. After the acquisition is consummated, collateral will
include share pledges as well as substantially all assets of
guaranteeing entities.

The combined entity will have adequate liquidity, generating
positive free cash flow and having access to a new USD125 million
senior secured revolving credit facility at the level of LCPR,
which will share the same guarantors and collateral as the TLB and
notes. The TLB and RCF will contain two maintenance financial
covenants, under which Moody's expects the company to maintain
comfortable headroom. There will be no material debt maturities
before 2026.

The stable outlook reflects Moody's expectation that, in spite of
some integration risks and initial integration costs, the combined
group will have credit metrics in line with the B1 rating within
the next 12-18 months and maintain adequate liquidity.

Moody's could upgrade LPR's ratings if its leverage declines below
3.75x and its ratio of (EBITDA-capex)/interest expense (including
Moody's adjustments) increases above 2.5x on a sustainable basis.
An upgrade would also require the maintenance of positive free cash
flow and at least an adequate liquidity profile.

Moody's could downgrade LPR's ratings if its leverage increases
above 4.75x or its ratio of (EBITDA-capex)/interest expense falls
below 1.5x for a prolonged period. A downgrade would also occur if
liquidity weakens or if the company's revenue base declines,
resulting from a decline in Puerto Rico's population or from
additional economic or competitive pressures.

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

Leo Cable is a holding company of the Liberty Puerto Rico group,
indirectly owned by Liberty Latin America Ltd. Leo Cable will
consolidate the combined operations of LCPR and AT&T in Puerto Rico
and the US Virgin Islands, once the acquisition has closed. The
combined operations will offer a full suite of wireless and fixed
services and have the leading market position in wireless, fixed
broadband and pay TV in Puerto Rico, as well as in wireless in the
US Virgin Islands. On a pro forma basis, for 2018, the combined
group has revenue of about USD1.2 billion.


LIBERTY CABLEVISION: Fitch Raises LT IDR to B+, Outlook Stable
--------------------------------------------------------------
Fitch Ratings upgraded Liberty Cablevision of Puerto Rico LLC's
Long-Term Foreign Currency Issuer Default Rating to 'B+' from 'B'
with a Stable Rating Outlook. Fitch has also assigned new ratings
to LCPR's new credit facilities and senior secured notes of
'BB-'/'RR3' for an aggregate amount of USD2.2 billion. The one
notch upgrade applies to LCPR's existing debts, including the 1st
lien facilities which have been upgraded to 'BB-'/'RR3' and the 2nd
lien facility, which has been upgraded to 'B-'/'RR6'. Fitch expects
the company to repay these in full with the proceeds from the
proposed issuance.

The transactions include USD2.2 billion in new debt at LCPR,
consisting of USD1.0 billion secured notes issued out of a special
purpose vehicle (SPV) LCPR Senior Secured Financing Designated
Activity Company, a USD1.2 billion secured term loan issued out of
another SPV LCPR Loan Financing, and a new LCPR USD125 million
revolving credit facility. The company expects to use the term loan
proceeds to fully refinance LCPR's existing credit facilities
(USD922 million), with the remainder going into escrow, along with
the USD1.0 billion secured notes. LCPR will use that amount, along
with a capital contribution in the form of a shareholder loan of
USD761 million from Liberty Latin America (LLA, NR), to fund the
purchase of AT&T's Puerto Rico (PR) and the US Virgin Islands
(USVI) for USD1.95 billion. The deeply subordinated shareholder
loan qualifies for full equity credit and won't be included as part
of LCPR's consolidated debt.

The upgrade reflects LCPR's continued recovery, with EBITDAR net
leverage falling below 4.5x on an adjusted LTM basis. The upgrade
also reflects the improved scale and diversification expected from
the combined entity after the acquisition of AT&T assets, as well
as the increased strategic importance to its parent and stronger
linkage through the continued support from its sister companies.
Fitch expects that LLA will manage the combined entity with
moderately high leverage, and that the company's competitive
position will remain steady, backed by its scale, network
competitiveness, and complementary product portfolio.

The debt-funded acquisition may weaken the overall consolidated
credit profile of LLA and therefore, all of its rated subsidiaries,
including Cable & Wireless Communications Limited (CWC, BB-/Stable)
and VTR Finance BV (BB-/Stable). These companies' rating may be
negatively affected as a result of the increase in consolidated net
leverage following this transaction, which will increase to 4.6x
from 4.1x on an adjusted net debt basis. The leveraging nature of
the transaction and overall increase in LLA's consolidated debt is
high for 'BB-' at the subsidiaries, which are jointly responsible
for servicing the group's debt, including the LLA 2024 convertible
note (NR).

Following the completion of the acquisition, future leveraging
transactions or failure to improve consolidated credit metrics may
results in negative rating actions for LLA's subsidiaries' IDRs.
Negative rating actions for CWC and VTR are possible to the extent
that consolidated adjusted leverage is approaching 5.0x. Positive
rating actions for LCPR are possible to the extent that the
company's scale and business profile improve as a result of the
acquisition.

There have been no rating actions with respect to the other
Fitch-rated companies in the LLA group, including CWC and VTR.

KEY RATING DRIVERS

Improved Scale and Diversification: Fitch expects revenue for the
merged entity, on a pro forma LTM basis, to increase from USD396
million to USD1.2 billion and EBITDA to increase from USD213
million (including insurance proceeds of USD49 million) to USD513
million, before factoring in synergies. The combined company's
product portfolio will go from 87% fixed B2C to a more balanced
split between wireless (45%) and fixed (41%) services. The combined
entity's fixed and wireless networks are largely complementary and
each has strong brand recognition. LCPR's geographic
diversification improves somewhat, although the exposure to the
still-weak PR economy is a concern.

Stronger Market Position: The combined entity boasts leading market
shares in both wireless (37%) and broadband (53%) in Puerto Rico.
While the merger of T-Mobile and Sprint would present a formidable
mobile competitor with a similar market share, neither company has
a broadband presence on the island. America Movil S.A.B. de C.V.'s
Claro has 47% broadband share, and 26% mobile market share,
although AT&T's mobile subscriber base is weighted towards
post-paid, while America Movil's is more heavily weighted towards
prepaid. Puerto Rico's mobile base comprises mostly 4G post-paid
customers, which compares favorably to other markets in Latin
America and the Caribbean. AT&T also has a mobile market share of
49% in the USVI.

Acquisition Increases LCPR Leverage: The acquisition should be
modestly leveraging for LCPR, with pro forma EBITDA net leverage
(ex-synergies) increasing to 4.3x from 3.9x LTM 2Q2019. Fitch has
upgraded the LCPR's IDRs twice following the downgrade to the
company after Hurricanes Irma and Maria in 3Q2017. LCPR's
standalone financial profile has strengthened considerably
following the hurricanes with leverage declining from a maximum of
over 10.0x on an LTM basis at 3Q2018, as the company largely
restored service by YE 2018. Fitch expects that the combined
company will maintain net leverage around 4.0x-4.5x, in line with
sister companies CWC and VTR, which should contribute a combined
USD350 million-USD450 million in net debt, through upstreaming of
extra cash and additional debt.

Linkages with Liberty Latin America: LLA's financial management
strategy involves moderately high amounts of leverage across its
operating subsidiaries, each ring-fenced from one another. While
the credit pools are legally separate, LLA has a history of moving
cash around the group for investments and acquisitions. This
approach improves financial flexibility; however, it also limits
the prospects for deleveraging. The high degree of cash movement
throughout the group supports an eventual equalization of ratings;
especially given LCPR's recovery and new scale compared to CWC and
VTR following the completion of the merger.

Acquisition Pressures Group's Capital Structure: Net debt across
the group should rise by USD1.95 billion to finance the
acquisition. Fitch expects adjusted net debt to EBITDAR of
approximately 4.6x at the LLA level, up from 4.1x based on adjusted
LTM figures as of June 30, 2019. While Fitch does not rate LLA, the
rated subsidiaries are ultimately responsible for servicing the
group's consolidated debts, including the USD403 million
convertible bond due 2024.

Fitch expects modest increases in net leverage at both CWC and VTR
of around 0.2x-0.4x as they issue new debt and LLA extracts excess
cash to fund the shareholder loan. While net leverage across the
rated entities should remain in the 4.0x-4.5x range, consolidated
LLA leverage is high for the rating category, and could result in a
negative action for CWC and VTR in the future.

Cash Flow Expected to Improve: Pre-merger, LCPR and AT&T generated
adjusted EBITDA margins of approximately 50% and 39%, respectively,
which results in a pro forma EBITDA margin of 42%. Consolidation of
shared functions should drive modest efficiencies in both costs and
capex, improving FCF. The company's strong market position and the
limited size of the mature island markets both act as natural
barriers to entry, which supports EBITDA margins above 40%. Capital
intensity has moderated since network restoration which was largely
completed in 2H2018, and should continue declining in the medium
term to around 14%.

Mixed Operating Environment: LCPR benefits somewhat from a
dollarized economy with relatively high GDP per capita and
favorable systemic governance characteristics. Unfortunately, GDP
for the island, along with population, is still below pre-Hurricane
levels, and the overall prospects for growth remain highly
uncertain. Political instability following the resignation of the
governor is also a negative, as is stubbornly high unemployment.
The US government has allocated USD950 million for network
improvements in PR and the USVI, along with USD9 billion for
infrastructure funds thus far. Combined with the restructuring of
Puerto Rico's debt, the new funds could provide the island with an
economic boost.

DERIVATION SUMMARY

Following the completion of the acquisition, LCPR's credit profile
should be in line with CWC and VTR's. Each is expected to maintain
EBITDA net leverage of 4.0x-4.5x, and each has a strong competitive
position in their respective markets, which is offset by their lack
of geographic diversification on an individual basis. Fitch's
Parent-Subsidiary Linkage does not apply, as Fitch does not rate
LLA. However, LLA's financial management strategy of keeping net
leverage above 4.0x and moving cash around the group to fund
acquisitions and investments will likely result in the ratings
equalized across the three credit pools.

Compared to Caribbean peer Digicel International Finance Limited
(B/Stable), LCPR has a more diversified product portfolio and a
less leveraged capital structure. Furthermore, consolidated
leverage at the parent is much lower at LLA (NR) than at Digicel
Group Limited (CCC-).

LLA has a business profile similar to Millicom International
Cellular SA's (MIC, BB+/Stable), a holding company whose
subsidiaries have leading positions in several markets, and both
have seen leverage increase as a result of acquisitions. However,
LLA's leverage remains higher than MIC's, which Fitch expects to
decline to 2.5x over the medium term.

Compared to 'BB' category peer Axtel S.A.B. de C.V., LCPR has a
stronger competitive position, owing to its scale in its main
market, which is offset by its higher leverage. Similar to 'BB'
category peer Empresa de Telecomunicaciones de Bogota (ETB,
BB+/Stable), LCPR is not geographically diversified. LCPR has a
stronger competitive position and better product diversification,
which is more than offset by its higher leverage.

KEY ASSUMPTIONS

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

  -- A successful acquisition of AT&T's PR and USVI assets in
1H2020;

  -- Revenue growth in the mid-single-digits in 2019, and slowing
to low-single-digit growth in 2020 and beyond, as softness in the
wireless environment is offset by steady growth in fixed-line
products;

  -- EBITDA margins above 40% as the company's business position
remains steady;

  -- Capex of around 20% of revenue in 2019, declining to 14% over
the medium term in 2020 and beyond for the combined entity;

  -- Net debt / EBITDA around 4.0x-4.5x, with excess cash
upstreamed to LLA to fund acquisitions or move around group.

RATING SENSITIVITIES

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

  -- A positive rating action depends on the potential deleveraging
trajectory at the consolidated LLA level such that adjusted net
leverage falls below 4.5x

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

  -- An erosion of the company's business position and/or sizable
cash upstream for M&A or dividends, leading to adjusted net debt /
EBITDAR over 5.0x could trigger a negative rating action.

LIQUIDITY

Adequate Liquidity: LCPR is expected to maintain adequate liquidity
following the merger, with no net impact on cash. The refinancing
transactions extend the company's amortization profile, and Fitch
expects that excess cash will be up-streamed to LLA to fund
acquisitions and investments.

ESG Consideration
LCPR scores a 4 on Exposure to Environmental Impacts, owing to its
presence in a hurricane-prone region. LCPR scores a 4 on Financial
Transparency, as LLA's financial disclosures are somewhat opaque
relative to peers in the region.

Scores of 4 indicate factors that are not key drivers to a rating,
but can have an impact in combination with other factors.

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.

FULL LIST OF RATING ACTIONS

Fitch has taken the following rating actions:

Liberty Cablevision of Puerto Rico LLC

  -- IDR upgraded to 'B+' from 'B'; Outlook Stable;

  -- Existing 1st Lien Facilities upgraded to 'BB-'/'RR3' from
'B+'/'RR3';

  -- Existing 2nd Lien Facilities upgraded to 'B-'/'RR6' from
'CCC+'/'RR6'.

LCPR Loan Financing LLC

  -- New secured term loan assigned 'BB-/RR3'.

LCPR Senior Secured Financing DAC

  -- New secured notes due 2027 assigned 'BB-/RR3'.


LIBERTY CABLEVISION: S&P Puts 'B' ICR on CreditWatch Positive
-------------------------------------------------------------
S&P Global Ratings placed its 'B' issuer credit rating on Cable TV
operator Liberty Cablevision of Puerto Rico LLC (LCPR) on
CreditWatch with positive implications.

LCPR announced that it has entered into an agreement to acquire
AT&T's wireless and wireline operations in Puerto Rico and the U.S.
Virgin Islands (USVI) for $1.95 billion.

LCPR plans to raise $2.2 billion of debt and use $756 million of
liquidity at its parent, Liberty Latin America, to fund the
purchase price, refinance its existing debt, and pay
transaction-related fees and expenses, which will result in pro
forma S&P-adjusted leverage of about 4.5x (compared with 5.3x for
the 12 months ended June 30, 2019).

S&P said, "At the same time, we are assigning our preliminary 'B+'
issue-level rating and preliminary '3' recovery rating to the
company's proposed secured debt, which are in-line with our
expected issuer credit rating on LCPR at the close of the
transaction."

"The CreditWatch positive placement reflects our view that the
transaction will likely reduce LCPR's leverage. We believe that the
company's pro forma adjusted debt to EBITDA will be about 4.5x,
which is within our expected range for a 'B+' rating.

"We intend to resolve the CreditWatch placement when the
transaction closes and expect to raise our issuer credit rating on
LCPR to 'B+' at that time."




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

[*] BOND PRICING: For the Week October 7 to October 11, 2019
------------------------------------------------------------
  Issuer Name              Cpn     Price   Maturity  Country  Curr
  -----------              ---     -----   --------  -------   ---

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
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
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
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 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 * * *