TCRLA_Public/191015.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, October 15, 2019, Vol. 20, No. 206

                           Headlines



A R G E N T I N A

COMPANIA LATINOAMERICANA: S&P Affirms 'CCC' ICR, Outlook Negative


B R A Z I L

ELETROBRAS: Launches Dismissal Plan for 1,681 Employees
GOL LINHAS: American Airlines Negotiating Partnership With Airline
SANTA CANTARINA: Fitch Affirms BB- LongTerm IDR, Outlook Stable
SAO PAULO: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Must Borrow to Pay US$463MM to Electric Subsidy


J A M A I C A

JAMAICA: MPC Renewable Energies Calls for Transparency


M E X I C O

YUCATAN: Moody's Assigns Ba1 Global Issuer Ratings, Outlook Stable


P U E R T O   R I C O

COPY DU SERVICES: Seeks Cash Access to Maintain Use of Premises
NEW ENERGY: Case Summary & 20 Largest Unsecured Creditors


T R I N I D A D   A N D   T O B A G O

CL FIN'L: Sagicor Buys Portfolios From CLICO & British American
TELECOMMUNICATIONS SERVICES: S&P Assigns Preliminary 'BB-' ICR


V I R G I N   I S L A N D S

GEOPHYSICAL SUBSTRATA: S&P Lowers ICR to 'B-', Outlook Stable


X X X X X X X X

LATAM: Project Launched to Protect Bananas Under Disease Threat

                           - - - - -


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A R G E N T I N A
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COMPANIA LATINOAMERICANA: S&P Affirms 'CCC' ICR, Outlook Negative
-----------------------------------------------------------------
S&P Global Ratings, on Oct. 11, 2019, affirmed its 'CCC' issuer
credit and issue-level ratings on Argentine conglomerate, CLISA -
Compania Latinoamericana de Infraestructura y Servicios S.A.
(CLISA), removed them from CreditWatch with negative implications,
and assigned the ratings negative outlook.

The ratings affirmation reflects S&P's opinion that CLISA still
faces high refinancing risk in the next 12 months and may not be
able to meet its obligations on time if Argentina's
(CCC-/Negative/C) economy remains weak and the domestic currency
depreciates further.

The senior secured private placement of $27 million, issued by its
Peruvian subsidiary, Benito Roggio Construcciones y Concesiones
S.A.C. (not rated), provides some relief to CLISA's weak liquidity
for the next six months. However, S&P expects CLISA's revenue and
cash flows to continue eroding due to Argentina's worsening
economic conditions that have shrunk CLISA's construction business
and increased its debt and interest burden, because 80% of its
debts are denominated in foreign currency while its cash flows are
in pesos.

Argentina will hold presidential election on Oct. 27, 2019, and the
political scenario is turbulent, with a high chance that the
opposition candidate, Mr. Alberto Fernandez, could win the
election. The potential change in office may slow public spending
and make collections more difficult, a real threat to CLISA because
roughly 80% of its revenue comes from public counterparties.




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B R A Z I L
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ELETROBRAS: Launches Dismissal Plan for 1,681 Employees
-------------------------------------------------------
Xiu Ying at Rio Times Online reports that Centrais Eletricas
Brasileiras S.A. (Eletrobras) disclosed on October 11 the launching
of a Consensual Dismissal Plan (PDC), with the goal of severing
1,681 employees of all companies in the group: CGTEE, CHESF,
Eletronuclear, Eletronorte, Amazonas GT, Eletrosul, and Furnas, as
well as the holding company itself.

                       About Electrobras

With headquarters in Rio de Janeiro, Eletrobras (NYSE: EBR) or
Centrais Eletricas Brasileiras S.A. -- eletrobras.com -- is a major
Brazilian electric utilities company.  It is Latin America's
biggest power utility company, having a generating capacity of
about 43,000 MW.  The company holds stakes in a number of Brazilian
electric companies and employs more than 25,000 people.  The
Brazilian federal government owns 52% stake in Eletrobras.  

Its subsidiaries include Eletrobras Distribuicao Acre; Eletronorte
(Centrais Eletricas do Norte do Brasil SA); Eletrobras Electropar;
CHESF (Companhia Hidro-Eletrica do Sao Francisco; Sao Francisco's
Hydroelectric Company); and Eletrobras CGTEE.

The Company reported revenues of US$11.4 billion in 2017, and net
income of US$512 million in the same year.

Moody's has maintained 'Ba3' longterm corporate family ratings on
Eletrobras since February 2016.  Standard & Poors has given the
Company 'BB-' long term foreign currency and local currency issuer
credit ratings since January 2018.  Fitch raised the long term
foreign and local currency issuer default ratings on the Company to
'BB-' in June 2018.

As reported in the Troubled Company Reporter-Latin America on June
17, 2019, Fitch Ratings has affirmed Centrais Eletricas Brasileiras
S.A. (Eletrobras) and its wholly owned subsidiary Furnas Centrais
Eletricas S.A.'s Long-Term Foreign and Local Currency Issuer
Default Ratings at 'BB-' and Long-Term National Scale Ratings at
'AA(bra)'. In addition, Fitch also revised its assessment of
Eletrobras' consolidated stand-alone credit profile (SCP) to 'b'
from 'b-'. The Rating Outlook is Stable.


GOL LINHAS: American Airlines Negotiating Partnership With Airline
------------------------------------------------------------------
Richard Mann at Rio Times Online reports that the American Airlines
Group said on October 11 that it is negotiating a potential
partnership with GOL Linhas Aereas Inteligentes S.A.

A spokesperson said that American Airlines is "always looking for
potential partners," adding that these potential partnerships are
part of its regular operations, according to Rio Times Online.  Gol
refused to comment.

Gol's preferred shares rose 4.83 percent on the Ibovespa on Oct.
12.  American Airlines stated in a newspaper report that it was
negotiating an agreement that could "incorporate flights between
the two airlines in Latin America," the report notes.

As reported in the Troubled Company Reporter-Latin America on
July 11, 2019, Fitch Ratings has upgraded GOL Linhas Aereas
Inteligentes S.A.'s Long-Term, Foreign- and Local-Currency Issuer
Default Ratings to 'B+' from 'B' and its National rating to
'A-(bra)' from 'BBB-(bra)'. Fitch has also upgraded GOL Finance
S.A.'s unsecured bonds ratings to 'B+/RR4' from 'B'/'RR4'. The
upgrades reflect improvements in GOL's credit risk profile due to
lower leverage, improved costs and more favorable industry dynamics
in Brazil.


SANTA CANTARINA: Fitch Affirms BB- LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings affirmed the State of Santa Catarina's Long-Term
Foreign and Local Currency Issuer Default Ratings at 'BB-' with a
Stable Outlook and its Short-Term Foreign and Local Currency IDR at
'B'. Fitch has also affirmed Santa Catarina's National Long-Term
Rating at 'AA(bra)' with a Stable Outlook and National Short-Term
Rating at 'F1+(bra)'.

KEY RATING DRIVERS

Risk Profile Assessment: Weaker

There is a combination of two midrange and four weaker assessments
for the risk factors, which in combination with sovereign rating of
'BB-' resulted in a weaker risk profile assessment.

Revenue Robustness: Midrange

State of Santa Catarina presents revenue growth expected to be
marginally positive. Also, the state has a relatively stable
revenue source mostly based on proprietary revenues since tax
collections represent around 68% of operating revenues in 2018.

Revenue Adjustability: Weaker

Despite the affordability to increase tax tariffs in light of the
adequate GDP per capita, tax tariffs are close to the
constitutional limit, thus making revenue adjustment more
difficult. Like other Brazilian states, Santa Catarina has a fairly
concentrated tax base, in which the 10 largest taxpayers were
responsible for about 38% of total tax collections in 2018 in a
stable trend in relation to the previous two years.

Expenditure Sustainability: Midrange

Santa Catarina presents moderate control over expenditure growth
prospects, since expenditure growth are below revenue growth on
average over the last four years. Also, responsibilities are
moderately countercyclical since the state is engaged in
healthcare, education and law enforcement.

Expenditure Adjustability: Weaker

As per the Brazilian Constitution, there is low affordability of
expenditure reduction especially in salaries. As a result, whenever
there is an unpredictable reduction in revenues, operating
expenditure does not follow automatically. In addition, there is
high share of inflexible costs since there is more than 90% share
of mandatory and committed expenditures. Track record of stimulus
packages for Santa Catarina is limited, other than tax exemptions
given to companies. There are balanced expenditure rules in place
but no strong track record of application.

Liabilities and Liquidity Robustness: Weaker

There is a moderate national framework for debt and liquidity
management since there are prudential borrowing limits and
restrictions on loan types. All internal debt is directly and
indirectly owed to the federal government, which benefits from more
favorable conditions when it comes to restructuring. The federal
government guarantees all USD denominated debt of the state. There
is material off-balance sheet risk stemming from the pension
system, which has been compromising around 38% of personnel
expenditures in 2018, leading this factor to weaker.

Liabilities and Liquidity Flexibility: Weaker

There is a framework of providing emergency liquidity support from
the federal government via the granting of extended maturity over
the prevalent federal debt portion. Nevertheless, all liquidity is
held at institutions below 'BBB-', leading this factor to weaker.

DERIVATION SUMMARY

Santa Catarina's IDRs benefits from an uplift from the state's
Standalone Credit Profile (SCP) of 'b+' considering the support
derived from the fact that the federal government is Santa
Catarina's most relevant creditor.

The SCP of 'b+' reflects a combination of weaker risk profile
assessment and weak debt metrics, which resulted in a 'bb' debt
sustainability assessment, reflecting a payback ratio that is
expected to reach between 13x and 18x and an expected debt service
coverage ratio below to 1x under Fitch's rating case. The SCP also
factors in rated peers' positioning, thus leading to a notch
uplift.

Fitch distinguishes, for the purpose of its debt sustainability
analysis, the debt owed to the federal government as this debt
offers flexibility in its terms from traditional debt. All debt
types are included in the debt sustainability metrics that produce
the SCP.

As a result, Fitch calculates a supplementary ratio excluding
intergovernmental debt, which informs an "enhanced debt
sustainability ratio". This is used to estimate the uplift between
the SCP and IDR, which is limited by the sovereign's IDR. For the
case of Santa Catarina, the enhanced debt sustainability ratio
indicates a 'aaa', meaning that the enhanced debt metrics are
strong and commensurate with the IDR of 'BB-'.

KEY ASSUMPTIONS

Fitch's rating case scenario is a "through-the-cycle" scenario,
which incorporates a combination of revenue, cost and financial
risk stresses. It is based on the 2018 figures and 2019-2023
projected ratios.

Its rating case scenario for Santa Catarina assumes tax and
transfers linked to inflation. Salaries and pensions are also
expected to increase slightly higher than inflation.

RATING SENSITIVITIES

Sovereign-Linked Rating Actions: Santa Catarina's Issuer Default
Ratings are aligned with the sovereign; therefore, any rating
actions affecting Brazil (BB-/Stable) could result in a similar
action for Santa Catarina.

Stronger Payback and Coverage: Although unlikely in the short term,
Santa Catarina's SCP would be upgraded if payback improves to lower
than 9x coupled with coverage ratio higher than 2x.

A weaker support from the state resulting in deterioration of
enhanced debt service could lead to downgrade.

LIQUIDITY AND DEBT STRUCTURE

Debt Sustainability Assessment

Fitch assesses Santa Catarina's debt sustainability at 'bb'.
Fitch's rating case forward-looking scenario indicates a payback
ratio (net direct risk to operating balance), which is the primary
metric of debt sustainability assessment; to reach levels between
13x and 18x, thus corroborating the 'bb' assessment. Fitch expects
under its rating case scenario debt service coverage (operating
balance/debt service, including short-term debt maturities) to be
limited to less than 1 time.


SAO PAULO: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable
------------------------------------------------------------
Fitch Ratings affirmed the Brazilian Municipality of Sao Paulo's
Long-Term Foreign and Local Currency Issuer Default Ratings at
'BB-' with a Stable Outlook and its Short-Term Foreign and Local
Currency IDR at 'B'. Fitch has also affirmed Sao Paulo's National
Long-Term Rating at 'AA(bra)' with a Stable Outlook and National
Short-Term Rating at 'F1+(bra)'.

The city's IDRs are capped by Brazil's sovereign IDR (BB-/Stable).
Fitch has assigned Sao Paulo a Standalone Credit Profile (SCP) of
'bbb-', which reflects a combination of Low Midrange risk profile
assessment and good debt metrics, which resulted in a 'aa' debt
sustainability assessment. The SCP also factors in rated peers'
positioning. Fitch does not apply any asymmetric risk or
extraordinary support from upper-tier governments.

KEY RATING DRIVERS

Risk Profile Assessment: Low Midrange

There is a combination of four midrange and two weaker assessments
for the risk factors, which in combination with the sovereign
rating of 'BB-' resulted in a low midrange risk profile assessment.
The majority of Brazilian local and regional government (LRG) has a
weaker risk profile assessment.

Revenue Robustness: Midrange

Sao Paulo has posted a history of consistent operating revenue
growth (average of 8.2% in the last five years). Sao Paulo is
moderately dependent on transfers from upper government tiers,
which represent around 30% of its operating revenue. Fitch's rating
case expects that assessment tax revenues (on services and
properties) to increase by an average 6.2% through 2023. Sao Paulo
is the most economically important city in Brazil, whose GDP
corresponds to around 8% of the national's. As a negative factor,
the unemployment rate is higher than the national average (16.1% vs
11.8% as of August 2019) but should improve as economic activity
develops.

Revenue Adjustability: Weaker

The city presents some tax autonomy, which could be used in case of
an economic downturn. Like other Brazilian cities, Sao Paulo has a
fairly granular tax base, in which the 10 largest tax payers of the
tax on services accounted for 17.4% of total collections in June
2019. Despite the affordability to increase tax tariffs in light of
the adequate GDP per capita of around USD10,600, tax tariffs are
close to the constitutional limit, thus making revenue adjustment
more difficult.

Expenditure Sustainability: Midrange

The assessment is supported by the city's ability to control costs,
as reflected by operating spending growth mirroring operating
revenue growth in the past five years. Sao Paulo presents moderate
control over expenditure growth considering that part of the
revenues are committed to specific accounts such as healthcare and
education. Pension burden is relatively lower for Sao Paulo when
compared to Brazilian states. The city does not present aggressive
off-loading of investments and borrowings, which also supports the
midrange assessment.

Expenditure Adjustability: Midrange

As per the Brazilian Constitution, there is low affordability to
reduce expenditure, especially of salaries. As a result, whenever
there is an unpredictable reduction in revenues, operating
expenditure does not follow automatically. In addition, inflexible
costs correspond to less than 90% of expenditures.

Sao Paulo does not engage in stimulus packages aside from tax
exemptions given to selected companies. There are balanced
expenditure rules in place and reasonable track record of
application.

Liabilities and Liquidity Robustness: Midrange

There is a moderate national framework for debt and liquidity
management. As per Fiscal Responsibility Law of 2000, Brazilian
cities cannot have debt levels higher than the equivalent to 1.2x
their net current revenues, as calculated by the National
Government and Sao Paulo is in compliance with this ratio (0.6xin
April 2019).

As of August 2019, external debt totalled BRL359 million,
corresponded to around 1% of total debt with no significant
maturity concentration. Debt directly and indirectly owed to the
Federal Government should represent around 99% of total debt in
2019. There is low off-balance sheet risk stemming from the pension
system, since the pension actuarial deficit corresponded to the
equivalent of 2.8 years of the city's operating revenues in 2018.

Liabilities and Liquidity Flexibility: Weaker

There is a framework of providing emergency liquidity support from
the federal government via the granting of extended maturity over
the prevalent federal debt portion. Nevertheless, all liquidity is
held at institutions rated below 'BBB-', leading this factor to be
weaker.

Fitch assesses Sao Paulo's debt sustainability at 'aa', which is
negatively impacted by a weaker Debt Service Coverage Ratio, a
secondary debt metric, which scored 'bb'. Fitch's rating case
forward-looking scenario indicates a payback ratio (net direct risk
to operating balance), which is the primary metric of debt
sustainability assessment; to reach levels lower than 5x, which is
much lower than historical average considering the improved
operating balance and the drastic reduction in debt levels verified
since 2016 given the change in index applicable to the prevalent
federal debt portion the city carries.

This corroborates the 'aa' assessment. Fitch expects under its
rating case scenario debt service coverage (operating balance/debt
service, including short-term debt maturities) to be close to one.

DERIVATION SUMMARY

Fitch assesses Sao Paulo's SCP at 'bbb-', which results from a 'Low
Midrange' risk profile and 'aa' debt sustainability assessment. The
SCP factors in the city's comparison with international and
national peers in the same rating category. Sao Paulo's IDRs are
not affected by any asymmetric risk or extraordinary support from
the Brazilian state.

Fitch classifies Sao Paulo - like all other Brazilian LRGs - as
type B, as it covers debt service from its cash flow on an annual
basis.

KEY ASSUMPTIONS

Fitch's rating case scenario is a "through-the-cycle" scenario,
which incorporates a combination of revenue, cost and financial
risk stresses. It is based on the 2018 estimated figures and
2019-2023 projected ratios.

Its rating case scenario for Sao Paulo assumes tax and transfers
linked to inflation with an estimated average annual nominal growth
of 6.2% from 2019 to 2023. Salaries and pensions are also expected
to increase in line with inflation with an estimated average annual
growth of 6.1% from 2019 to 2023.

RATING SENSITIVITIES

Rating Actions Linked to the Sovereign: Municipality of Sao Paulo's
IDRs are capped by the sovereign rating. Any rating actions
affecting Brazil (BB-/Stable) would result in a similar action for
Sao Paulo.

Stronger Debt Coverage: Despite unlikely in the short term, Sao
Paulo's SCP would be upgraded if debt service coverage is higher
than 4x.




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Must Borrow to Pay US$463MM to Electric Subsidy
-------------------------------------------------------------------
Dominican Today reports that next year, the Dominican Republic
government will borrow to pay the electric subsidy, which is
projected at RD$24.1 billion (US$463.5 million).

The funds for transfers to the Dominican Corporation of State
Electric Utility (CDEEE) for this concept will come from global
bond issues, as indicated in the bill for the 2020 Budget,
according to Dominican Today.

In recent years, the government has used borrowing to pay part of
the electricity subsidy but this would be the first time since 2013
that the Executive plans to completely cover it with external
credits, according to official documents, the report notes.

For this year, the government estimated a subsidy of about RD$28.7
billion, an amount that a third has been financed with resources
from debt, the report relays.

Rising oil prices means that the government should direct more
resources to cover the subsidy, which last year had been RD$19.1
billion, 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).




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J A M A I C A
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JAMAICA: MPC Renewable Energies Calls for Transparency
------------------------------------------------------
David Delair at RJR News reports that MPC Renewable Energies is
calling for the Jamaican government to be more transparent
regarding the island's energy supply.

Managing Director David Delair said investors will not know where
to put their money if they are left in the dark, according to RJR
News.

"What needs to be done is a collaborative effort -- private sector,
the government, the regulators and the utility need to come
together and create the framework and, of course the environment
where they can present information to the public in general to
inform them that this is where we're going for the future and we
want you participate in it because it is about you and not about
us," he asserted, the report notes.

As reported in the Troubled Company Reporter-Latin America on Oct.
1, 2019,  S&P Global Ratings, on Sept. 27, 2019, raised its
long-term foreign and local currency sovereign credit ratings on
Jamaica to 'B+' from 'B'. The outlook is stable. At the same time,
S&P Global Ratings affirmed its 'B' short-term foreign and local
currency sovereign credit ratings on the country. S&P Global
Ratings also raised its transfer and convertibility assessment to
'BB-' from 'B+'.

On June 27, 2019, RJR News said that Steven Gooden, Chief Executive
Officer of NCB Capital Markets, is warning that the increasing
liquidity in the Jamaican economy might result in heightened risk
to the financial market if left unchecked.  This, he said, is
against the background of the local administration seeking to
reduce the debt to GDP to 60% by the end of the 2025/26 fiscal
year, which will see Government repaying more than J$600 billion
which will get back into the system, according to RJR News.




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M E X I C O
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YUCATAN: Moody's Assigns Ba1 Global Issuer Ratings, Outlook Stable
------------------------------------------------------------------
Moody's de Mexico S.A. de C.V assigned a ba1 baseline credit
assessment and Ba1/A1.mx (Global Scale, local currency/Mexico
National Scale) issuer ratings to the State of Yucatan. The outlook
is stable.

RATINGS RATIONALE

The Ba1/A1.mx (Global Scale, local currency/Mexico National Scale)
issuer ratings of the State of Yucatan reflect both moderate debt
and debt service levels, a strong own source revenue collection,
the state's relatively high GDP growth, moderate financing
requirements and an adequate liquidity position compared to other
Mexican peers rated at Ba1. Additionally, the ratings assigned also
incorporate pressures from high unfunded pension liabilities. The
Ba1 rating also incorporates Moody's assessment of a low likelihood
of support from the Government of Mexico to the state of Yucatan,
as for other Mexican states.

From 2014 to 2018, Yucatan recorded average financing requirements
equivalent to 1.1% of total revenues, similar to the median of the
Ba1 Mexican peers (-0.6%). As consequence, the liquidity measured
by the ratio of cash to current liabilities stood at an average of
0.61 times (x), slightly below the median of the states rated at
Ba1 (0.75x). On the other hand, net direct and indirect debt as
well as debt service have remained at low levels, equaling 15.9%
and 1.9% of their total revenues, respectively. In terms of own
source revenue collection, historically Yucatan has recorded a
relatively higher ratio of own source revenue collection to total
revenues with an average of 10.1% over 2014 to 2018, compared with
a Ba1 median of 9.9%. Additionally, Yucatan stands out in terms of
economic growth, registering annual growth of 3.7% and 3.1% as of
the fourth quarter of 2018 and first quarter of 2019, respectively,
significantly above the national averages over the same periods of
1.14% and 0.42%, respectively. These results are very positive for
the state, since GDP growth determines 60% of the General
Participation Fund distribution and also contributes to maintaining
strong own source revenue collection.

Over 2019 and 2020, Moody's estimates that Yucatan will maintain
moderate and stable financing requirements, equivalent on average
to around 1% of its total revenues, which will continue to drive an
improvement in the state's liquidity position to an average of
0.74x cash to current liabilities. Likewise, Moody's anticipates
that even with the additional debt that the state will acquire in
the following months, to implement the integral electronic security
system "Fortalecimiento Tecnologico de Seguridad y Monitoreo
Yucatan Seguro", the net direct and indirect debt and the debt
service (capital and interest) to total revenues will average 21.2%
and 2.2%, respectively, of its total revenues over 2019 and 2020,
levels that remain very manageable. Regarding pensions, the entity
has an actuarial deficit equivalent to 172% of total revenues in
2018, above the median of the states rated by Moody's (110%).
Albeit the sufficiency period extends until 2026, if the state does
not take measures to decrease this deficit, this could pose
negative pressures on the state's finances over the longer term.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

In Moody's assessment, environmental considerations are not
material to the ratings, since despite the fact that the state is
located near to the Caribbean sea and may be exposed to
hydrometeorological phenomena that could result in additional
infrastructure spending, Mexican states receive federal aid through
a disaster fund to cover some of the state's infrastructure
reconstruction, an offsetting factor. Social considerations are
material to Yucatan's credit profile; however, Yucatan faces
relatively lower risk than other Mexican states as the state
records a "medium-high" human development index, which evaluates
the position of the state in terms of health, education and income
level. Governance considerations are material to Yucatan's rating,
and the state's governance and management is stronger relative to
many of its Mexican peers. Moreover, Yucatan occupies the fifth
position in an evaluation conducted by the Ministry of Finance
looking at the progress achieved in the implementation and
operation of the results-based budget and performance evaluation
system.

WHAT COULD CHANGE THE RATING UP OR DOWN

If the State of Yucatan improves its financial balance and
liquidity, the state ratings could present upward pressure. Also,
although the Yucatan pension system currently has a sufficiency
period until 2026, this deficit is relatively high; if the state
were to take measures to significantly reduce the deficit and
extend the sufficiency period, this could exert positive pressure.

On the contrary, if the financial balances would show a
deterioration causing a decline in the liquidity, there could be
downward pressure on the ratings.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2018.




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P U E R T O   R I C O
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COPY DU SERVICES: Seeks Cash Access to Maintain Use of Premises
---------------------------------------------------------------
HIBISCUSPR LENDCO,LLC, a secured creditor of Copy DU Services Corp,
has a prepetition lien which is guaranteed by the rent it receives
from its commercial property in San Juan, Puerto Rico.  The Debtor
receives rental income in such property from Home Etc Todays
Television (Dish).  Debtor executed a lien as to pre- and
post-petitions rents and income of the business.  

The Debtor now asks the U.S. Bankruptcy Court for the District of
Puerto Rico for authority to pay HIBISCUSPR LENDO $2,200 monthly as
adequate protection to maintain use of the Property for the next 12
months or until the Debtor's case is confirmed.

                 About Copy Du Services Corp

Copy Du Services Corp filed its petition for reorganization under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 18-06268)
on Oct. 26, 2018, estimating under $1 million in both assets and
liabilities.  Juan Carlos Bigas Valedon, Esq., at Juan C. Bigas
Valedon Law Office, is the Debtor's counsel.


NEW ENERGY: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: New Energy Consultants & Contractors, LLC
           d/b/a New Energy Consultants & Contractors, Inc.
           d/b/a New Energy, LLC
        Rd. 190, KM. 1.5, Lot 5
        Sabana Abajo Industrial Park
        Carolina, PR 00983

Business Description: New Energy Consultants & Contractors LLC is
                      a Puerto Rican company with a mission to
                      serve residential and commercial renewable
                      energy markets.

Chapter 11 Petition Date: October 10, 2019

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

Case No.: 19-05891

Judge: Hon. Enrique S. Lamoutte Inclan

Debtor's Counsel: Jose F. Cardona Jimenez, Esq.
                  CARDONA JIMENEZ LAW OFFICES, PSC
                  PO Box 9023593
                  San Juan, PR 00902
                  Tel: 787 724-1303
                  Fax: 787-724-1369
                  E-mail: jf@cardonalaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $10 million to $50 million

The petition was signed by Yolanda Gonzalez Gomez, chief financial
officer & chief restructuring officer.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at:

          http://bankrupt.com/misc/prb19-05891.pdf




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CL FIN'L: Sagicor Buys Portfolios From CLICO & British American
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Reinsurance News reports that Sagicor Life, a subsidiary of
Caribbean financial services provider Sagicor, disclosed the
acquisition of traditional insurance portfolios from Colonial Life
Insurance Company (Trinidad) Limited (CLICO) and British American
Insurance Company Trinidad Limited (BAT).

The insurance policies assumed will consist of a combination of
ordinary long-term life insurance policies, including universal
life, whole life, and term life policies and annuities, according
to Reinsurance News.

The deal also includes group life, health and creditor insurance
policies in effect at closing, as well as certain pension-related
liabilities of CLICO, the report notes.

Additionally, Sagicor life will take on the reinsurance contracts
and investment assets (generally Trinidad sovereign debt) to
support the liabilities under the insurance policies, the report
relays.

Approximately US $1.2 billion of total investment assets are
proposed to be acquired to offset a similar amount of actuarial
liabilities which are expected to be assumed, the report relays.

Dodridge Miller, Group President & CEO, Sagicor, commented on the
deal: "We are pleased to welcome the policyholders to the Sagicor
family and assure them of the same level of protection and service
that our existing policyholders enjoy upon the completion," the
report relays.

Claire Gomez-Miller, CLICO's Executive Chairman and BAT's Chairman,
further stated: "Sagicor emerged as the preferred buyer in an open
and very competitive tender process with guidance from independent
global industry experts," the report adds.

                      About CL Financial

CL Financial was one of the largest privately held conglomerate in
Trinidad and Tobago. It was originally founded as an insurance
company and has since expanded to be the holding company for a
diverse group of companies and subsidiaries.

CL Financial however experienced a liquidity crisis in 2009 that
resulted in a "bail out" agreement by which the government of
Trinidad and Tobago loaned the company funds ($7.3 billion as of
December 2010) to maintain its ability to operate, and obtained a
majority of seats on the company's board of directors.

The companies to be bailed out were: CL Financial Ltd (CLF);
Colonial Life Insurance Company Ltd (CLICO); Caribbean Money Market
Brokers Ltd (CMMB); Clico Investment Bank (CIB) and British
American Insurance Company (Trinidad) Ltd (BAICO).

As reported in the Troubled Company Reporter-Latin America in July
2017, CL Financial Limited shareholders vowed to pay back a TT$15
billion (US$2.2 billion) debt to the Trinidad Government.


TELECOMMUNICATIONS SERVICES: S&P Assigns Preliminary 'BB-' ICR
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S&P Global Ratings assigned its preliminary 'BB-' issuer credit
rating to Telecommunications Services of Trinidad and Tobago, Ltd.
(TSTT). At the same time, S&P assigned a 'BB-' preliminary
issue-level rating to TSTT's senior secured bond.

S&P said, "The stable outlook reflects our expectation that TSTT's
new operating strategy, aligned with a better debt maturity
profile, will lead to debt ratios slightly below 4.0x and funds
from operations (FFO) to debt close to 20.0% consistently over the
next 12-18 months. The company will also continue investing in
technology updates, leading to a free operating cash flow
(FOCF)-to-debt ratio below 5.0%.

The preliminary rating reflects TSTT's leading position in the
telecomm industry in Trinidad and Tobago (T&T; BBB/Stable/A-2). The
company is the largest fixed-line provider of high-speed broadband
and video services, and the largest mobile provider, based on its
revenue generation across the region. TSTT is the largest telecomm
operator in Trinidad and Tobago, with about 900,000 mobile
customers and about 200,000 in landline and broadband as of March
31, 2019. In addition, it owns an extensive network that includes
621 cell sites throughout T&T. Each site may include 2G, 3G, and/or
4G technology. Through these sites and its fiber network, TSTT
covers about 127,000 homes, with approximately 32,000 homes
connected. Its portfolio includes residential, mobile (both prepaid
and postpaid), broadband internet, and pay TV services; and carrier
and enterprise (i.e. cloud and security monitoring services), which
are under its B-mobile and Amplia commercial brands.




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GEOPHYSICAL SUBSTRATA: S&P Lowers ICR to 'B-', Outlook Stable
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On Oct. 10, 2019, S&P Global Ratings lowered its long-term issuer
credit rating on Geophysical Substrata Ltd. to 'B-' from 'B'. At
the same time, S&P lowered the issue rating on the company's senior
unsecured notes under its US$400 million medium-term note (MTN)
program to 'B-' from 'B'.

S&P said, "We lowered the ratings because we believe Geophysical's
weakening governance practices have undermined its
creditworthiness. Continuing shareholder distributions and
related-party transactions also weigh on the company's liquidity
amid a substantial debt-funded capital expenditure (capex)
program.

"We assess Geophysical's management and governance as weak. We
believe the company's entrepreneurial ownership, complex structure,
and frequent transactions with entities outside the group constrain
its credit quality." In fiscal 2019 (year ended March 31, 2019),
Geophysical advanced about US$225 million to Wickwood Development
Ltd. and Master Global Investments Ltd., two entities with no clear
operations of their own. This was against our expectation that the
company would discontinue related-party transactions. Wickwood
(Geophysical's parent company) and Master Global are wholly owned
by the promoter family and are not consolidated as part of our
assessment of Geophysical's credit profile.

Cash flows from Geophysical's business process outsourcing (BPO)
and oilfield services segments should remain accessible by way of
dividends for the company to meet its interest-servicing
requirements. However, S&P believes Geophysical will direct all
surplus cash, allowable under the covenants on its senior unsecured
notes, as dividends. S&P had earlier expected the company to
accumulate cash. Geophysical has no significant debt maturities
over the next 12 months. However, its liquidity will remain
undermined by low accumulated cash levels.

S&P said, "We believe Geophysical's free operating cash flows will
be weak over the next two years owing to the company's planned
capex for its oilfield services business. These cash flows could
turn materially negative if Geophysical continues to extend
advances to related parties, resulting in additional debt.
Geophysical has so far raised US$266 million for the oilfield
services business under its US$400 million MTN program. Of this,
about US$200 million has been utilized for the business and US$60
million was advanced to Wickwood in fiscal 2020.

"The stable outlook reflects our view that Geophysical will have a
steady operating performance and maintain EBITDA interest coverage
of more than 2x over the next 12 months. We expect the company to
maintain sufficient liquidity and not make any further
related-party advances during this period.

"We may lower our rating on Geophysical if the company's capital
structure becomes unsustainable due to: (1) material erosion in its
liquidity position; or (2) continuing cash advances to related
parties.

"We are also likely to lower our rating if Geophysical's operating
performance deteriorates such that the EBITDA interest coverage
approaches 2x on a sustained basis.

"We are unlikely to upgrade Geophysical over the next 12 months
unless the company materially strengthens its governance practices
while maintaining a stable operating performance."




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LATAM: Project Launched to Protect Bananas Under Disease Threat
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Caribbean360.com reports that in a renewed effort to help protect
banana crops in Latin America and the Caribbean, the UN Food and
Agriculture Organization (FAO) has launched an emergency project to
curb major plant losses threatened by a fungal disease.

Under FAO's Technical Cooperation Programme, the project will work
to fight the spread of Fusarium wilt, a fungal plant disease that
can wipe out plantations of banana crops, upon which millions of
people depend for their livelihoods, according Caribbean360.com.

FAO assistant chief and Regional Representative for Latin America
and the Caribbean, Julio Berdegue, stressed that "the role of
bananas in providing food and household income in this region
cannot be understated," the report notes.

According to FAO, bananas are the most traded fresh fruit in the
world, and the banana sector serves as an essential source of
employment and income for thousands of rural households in
developing countries, the report discloses.

Caribbean360.com notes that the TR4 (Tropical Race, 4) strain of
the fungus Fusarium oxysporum f.sp. cubense was first detected in
Ecuador's neighbor, Colombia, in July, where 175 hectares of banana
farms were put under quarantine by the Instituto Colombiano
Agropecuario (ICA), an entity looking after the country's
agriculture and fishing sectors.

FAO warned that the possibility of the disease spreading "would
have devastating impacts for farmers and their families across the
region," the report relays.

Bananas are of particular significance in some of the least
developed and low-income countries, where beyond contributing to
household food security, they generate income as a cash crop, the
report says.

For some small farmers, banana crops account for 75 per cent of
their total monthly income, FAO reported, Caribbean360.com relays.

The fungus's ability to wipe out entire plantations could threaten
critical food sources, household incomes and export revenues, the
report discloses.

TR4 pathogens deplete plants by attacking the roots and stems,
including those of the Cavendish banana variety, one of the
globally most popular, the report relays.  Though harmless to
humans, the fungus can easily spread through planting materials,
and movement of infested soil particles on shoes, vehicles and in
water, the report notes.

Though research is ongoing, there is no fully effective treatment
of soil or plants to control or cure Fusarium disease, the report
relays.  In addition, fungal spores are able to lie dormant in soil
for more than 30 years, and have proved resistant to fungicides,
according to FAO's World Banana Forum, which addresses the fruit's
sustainability challenges, the report notes.

For these reasons, TR4 is considered "the world's greatest threat
to banana production," the report discloses.

To help eradicate the disease, FAO has been providing technical
assistance by way of diagnostics and identifying risk pathways.
The agency recommends fortifying soil health and strengthening
genetic resources to build resilience to the disease in the future,
the report relays.

Hans Dryer, who heads up FAO's Plant Production and Protection
Division alerted countries to "be vigilant in monitoring and
containing any TR4 cases," the report notes.

"Only strict observation" can prevent spreading, along with
scientific support, early detection and international
collaboration, he added.

Limiting the spreading of disease, raising awareness, engaging with
farmers and developing disease recovery programs are some of the
concrete efforts FAO is implementing to mend the issue, the report
relates.

A global network on TR4 under the World Banana Forum is under way
to help coordinate further technical advice from specialists, the
report notes.

In addition, the International Plant Protection Convention (IPPC)
recently held a workshop in Colombia on plant health best practices
to prevent spread of the disease, the report adds.



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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.

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