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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

          Wednesday, October 23, 2019, Vol. 20, No. 212

                           Headlines



A R G E N T I N A

CAPEX SA: Fitch Affirms 'B-' Foreign Curr. IDR, Outlook Negative
PAN AMERICAN: Fitch Affirms B+ LT IDR & Alters Outlook to Positive


B A H A M A S

BAHAMAS: Offers Guaranteed Loans for SMEs Impacted by Dorian


B R A Z I L

CCR SA: Moody's Affirms Ba2 Global Scale CFR, Outlook Stable
ECORODOVIAS CONCESSOES: Moody's Affirms Ba2 CFR, Outlook Stable
IMCOPA INT'L: May Sell Plants at Auction on Dec. 4, Judge Rules
MINERVA SA: Fitch Affirms BB- LT IDRs, Outlook Stable
SANTA CATARINA: S&P Alters Outlook to Stable & Affirms 'BB-' ICR



C H I L E

CHILE: President Rolls Back Subway Fare Hike; 3 People Die


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Bank Releases US$638MM for Use by Any Sector


M E X I C O

RASSINI SAB: S&P Withdraws 'B+' Issuer Credit Rating


P A N A M A

CABLE ONDA: Moody's Assigns Ba1 CFR, Outlook Stable


P U E R T O   R I C O

DESTINATION MATERNITY: Case Summary & 30 Top Unsecured Creditors


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Expect Spillover From 15% Wage Hike


V E N E Z U E L A

VENEZUELA: GDP Shrank 26.8% in Q1, Central Bank Says

                           - - - - -


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A R G E N T I N A
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CAPEX SA: Fitch Affirms 'B-' Foreign Curr. IDR, Outlook Negative
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Fitch Ratings affirmed Capex S.A.'s Long-Term, Foreign Currency
Issuer Default Rating at 'CCC' and Local Currency IDR at 'B-'. The
Rating Outlook for the LC IDR is Negative. Fitch has also affirmed
the company's USD300 million senior unsecured bonds at
'CCC+'/'RR3'.

Capex's FC IDR is capped by Argentina's country ceiling of 'CCC',
which reflects the Argentine government's recent imposition of
capital controls as of Sept. 2, and the potential that the controls
could be further tightened given the sovereign's limited foreign
financing options. This, especially as the authorities attempt to
prevent a continued decline in international reserves. Fitch
believes the current controls and risks of further tightening could
potentially impair the company's ability to access foreign currency
to meet debt service, in spite of exceptions that have been
included in the controls for debt repayment.

The Negative Outlook assigned to the LC IDR reflects the short-term
uncertainty of the operating environment. Uncertainties include the
volatility of the Argentine peso, ambiguity of future federal
government policies that inhibit the ability to pass through
operating costs for companies, particularly in the energy sector
and the near-term expectation that the fiscal challenges of the
Argentine government could result in further policy adjustments in
the electricity market.

The 'CCC+'/'RR3' rating on the USD300 million senior unsecured
notes due 2024 are one notch above Capex's FC IDR and reflect
expected above-average recovery for creditors, given a default.
Although a bespoke recovery analysis yields a higher than 70%
recovery, given a default, Fitch's 'Country-Specific Treatment of
Recovery Ratings Criteria' allows for a one notch uplift for
recovery whenever there is a two notch rating differential between
a company's FC and LC ratings. In instances when the difference
between the FC and LC rating is one notch or less, Argentine
corporates would be capped at an average recovery rating (RR) of
'RR4', which is in the range of 31% to 50%.

KEY RATING DRIVERS

Advantageous Vertical Integration: Capex is an integrated
thermoelectric generation company whose vertically integrated
business model gives it an advantage over other Argentine
generation companies. Capex benefits from operating efficiencies as
an integrated thermoelectric generating company in Argentina and
the flexibility from having its own natural gas reserves to supply
the plant. This gives the company an advantage against other
players in the industry, especially given existing gas limitations
in the country. Capex's generating units are efficient, and the
proximity to its natural gas reserves in the Agua del Cajon field
coupled with gas transportation restrictions from Neuquen basin to
the main consumption area in Buenos Aires reduces the gas supply
risk.

Weaker Operating Environment: Capex's ratings reflect regulatory
risk given strong government influence in the energy sectors. Capex
operates in a highly strategic sector where the government both has
a role as the price/tariff regulator and also controls subsidies
for industry players. Fitch believes Capex's oil and gas business
will continue to remain the main contributor to the company's cash
flow stability. Fitch estimates that oil and gas generation
comprised 57% as of April 2019 followed by approximately 35% from
electric business. Going forward, oil and gas business will remain
a key contributor cash flow generation, representing approximately
65% of the company's consolidated EBITDA.

Heightened Counterparty Exposure: Capex's electric business depends
on payments from CAMMESA, which acts as an agent on behalf of an
association representing agents of electricity generators,
transmission, distribution and large consumers or the wholesale
market participants (Mercado Mayorista Electrico; MEM). Although
over the past 24 months CAMMESA's payment track record has been
consistent and on time, historically, payments have been volatile
given that the agency depends partially on the Argentine government
for funds to make payments. The notable exceptions were a delay in
September and December 2018 in the FX portion of CAMMESA's payment
to market participants due to Argentina's currency crisis.

Small Production Profile: Capex has a small and concentrated
production profile, and its asset base as well as all of the
company's proved (1P) reserves and production are concentrated in
Argentina. This limited diversification exposes the company to
operational and macroeconomic risks associated with small-scale oil
and gas production. Fitch expects the company's production to be on
average roughly 15,000 boe per day (boed) from 2020 to 2023, being
gas production is approximately 60% of total output. As of April
2019, over 77% of 1P reserves in gas is developed, while 62% 1P Oil
reserves is developed.

Adequate Hydrocarbon Reserves: Fitch believes Capex has an adequate
reserve life of 10.2 years 1P and over 15 years 2P providing some
flexibility to reduce capex investments if needed. As of the end of
April 2019, Capex reported 1P reserves of 36.5 million boe with 60%
related to gas. The company has strong concession life that exceeds
the life of its 2024 bond, with Agua del Cajon concession expiring
in 2052, and recently acquired blocks: Pampa del Castillo O&G Field
expiring in 2046, La Yesera in 2027 and Loma Negra (RN Norte) in
December 2024.

Impact of Capital Controls: Fitch believes the capital control
measures announced by the Argentine central bank (BCRA) on Aug. 30
could adversely affect Capex's liquidity profile. Fitch's base case
assumes that Capex will export oil and gas over the rating horizon
providing the company the ability to generate cash flows outside of
Argentina, helping to offset the risk of the operating environment.
The capital controls currently prevent the company from
strengthening its balance sheet with U.S. dollars exposing it to FX
risk, as 100% of the company's debt is in U.S. dollars.

Manageable Investment Plan: Fitch believes that Capex's investment
plan is manageable and that future investments will be financed
through the company's cash flow generation, without requiring
additional debt. The investment plan for the period 2020 to 2022 is
approximately USD285 million, mainly concentrated in Oil & Gas
fields: Agua del Cajon, representing 43% of total investment plan
and Rio Negro & Pampa del Castillo, representing nearly 50%. The
remaining portion of the consolidated investment plan corresponds
to Diadema wind farm to be exercised during 2021.

Strong Credit Metrics: As of April 2019, the company's financial
metrics were strong, with low leverage and comfortable interest
coverage. Capex's leverage, measured as total debt to EBITDA stood
at 1.9x, EBITDA/interest expense was 7.5x. Capex has a strong
capital structure with its first debt maturity scheduled in 2024
and manageable interest expenses. Fitch estimates the company's
EBITDA/Interest Expense coverage on average at 7.5x over the rating
horizon, and leverage to remain flat with total debt to EBITDA
being in the range of 2.0x. Fitch estimates Capex will keep its
strong cash position, with total net debt to EBITDA at 0.5x over
the rating horizon.

DERIVATION SUMMARY

Capex S.A.'s LT FC IDR is constrained by Argentina's Country
Ceiling (CCC). This is the same situation for companies such as
Pampa Energia S.A. (CCC), Compania General de Combustibles S.A.
(CGC; CCC) and Petroquimica Comodoro Rivadavia S.A (PCR;
B-/Negative).

Capex S.A. is a small oil & gas producer with operation exclusively
in Argentina. Capex's production is expected to stay at an average
of 15,000 boed through 2019-2022, which is less than its peers CGC
with an average of 30,000 boed and PCR with an average of 20,000
boed. Capex has a strong reserve life of 10.2 years compared PCR
reserve life of 7.2 years and CGC reserve life of 5.0 years.

Capex's gross leverage is expected to remain below 2.0x through
2019-2022. Capex's expected gross leverage over the rated horizon
compares favorably with oil and gas peers CGC (4.0x), PCR (3.0x)
and Pampa Energia (2.5x). Unlike most of its oil & gas peers, Capex
does have a more diversified business model with its power
generation segment. As an integrated energy company, Capex compares
best with Pampa Energia.

KEY ASSUMPTIONS

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

  -- Natural gas production remains stable at an average of
     nearly 9,400boed;

  -- Natural gas prices at USD3.0/MMBTU during 2020-2023;

  -- Increase in oil production reaching an average of
     approximately 5,400boed;

  -- Fitch's Price deck for Brent oil prices at $62.5/bbl
     during 2020 and $60/bbl from 2021-2023, with $5.5 discount
     per bbl;

  -- Annual electricity production of approximately 3,800GWh
     on average for 2020-2022;

  -- Electricity prices denominated in U.S. dollars around $16/MWh

     between 2020- 2022, reflecting new tariff scheme;

  -- Diadema Wind Farm average availability factor from 2019-2022
     at 90% and average load factor of 51% with a power purchase
     agreement (PPA) price of USD40.27MWh for its twenty-year PPA;

  -- CAMMESA payments made within 42 days;

  -- Total capex of approximately USD285 million between
2020-2022,
     mostly concentrated in the fields of Rio Negro and Agua del
     Cajon;

  -- No dividends payments between 2019 through 2023.

Key Recovery Rating (RR) Assumptions:

  -- The recovery analysis assumes that Capex would be liquidated
     in bankruptcy, and Fitch has assumed a 10% administrative
claim;

  -- Liquidation Approach: The liquidation estimate reflects
     Fitch's view of the value of inventory and other assets
     excluding its oil and gas assets that can be realized in
     a reorganization and distributed to creditors;

  -- The 50% advance rate is typical of inventory liquidations
     for the oil and gas industry;

  -- The USD10 per barrel estimate reflects the typical valuation
     of recent reorganizations in the oil and gas industry. The
     waterfall results in a 100% recovery corresponding to an
'RR1'
     for the senior unsecured notes (USD300 million). The Recovery
     Rating is limited, to 'B+'/'RR3' due to the variation between
    the local and foreign currency IDRs.

RATING SENSITIVITIES

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

  -- An upgrade to the ratings of Argentina could result in a
     positive rating action;

  -- Net production rising on a sustainable basis to 35,000 boed;

  -- Increase in reserve size and diversification and maintaining
     a minimum 1P reserve life of at close to 10 years.

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

  -- Argentina's credit quality deterioration; sustained declines
in
     energy, gas and oil production could cause a significant
     deterioration of credit metrics; and gas reserves or failure
     to further develop new fields, which could threaten the
     integrated business model in the long-term would be another
     potential negative factor;

  -- A reversal of government policies that result in a
significant
     increase in subsidies coupled with a delay in payments for
     electricity sales;

  -- Sustainable production size decreased to below 10,000 boed;

  -- Reserve life decreased to below seven years on a sustained
basis;

  -- A significant deterioration of credit metrics to total
     debt/EBITDA of 4.5x or more.

LIQUIDITY

Strong Liquidity: In April 2019, Capex reported available cash of
USD190 million, adequately covering more than 7.0x interest
expenses for the USD300 million sen ior unsecured notes through
maturity, in 2024. The company does not face any significant
financing needs over the foreseeable future. Fitch expects the
company will maintain this strong cash position over the rating
horizon.

ESG Consideration

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

Capex S.A.

  -- Long-term FC IDR affirmed at 'CCC';

  -- Long-term LC IDR affirmed at 'B-'; Outlook Negative;

  -- Long-term senior unsecured notes affirmed at 'CCC+'/'RR3'.


PAN AMERICAN: Fitch Affirms B+ LT IDR & Alters Outlook to Positive
------------------------------------------------------------------
Fitch Ratings affirmed Pan American Energy's Long-Term Foreign
Currency Issuer Default Rating at 'B+' and Long-Term Local Currency
IDR at 'BB'. The Rating Outlook for the Foreign Currency IDR was
revised to Positive from Stable. The Rating Outlook for the Local
Currency IDR remains Stable. Fitch has also affirmed the company's
senior unsecured notes at 'BB-'/'RR3'.

PAE's strong business position, large reserves base, low leverage
and strong operating performance support its ratings. The Foreign
Currency IDR, four-notches higher than Argentina's country ceiling,
is supported by the company's cash flows from its Bolivian
operations and its strong liquidity profile which adequately covers
the next 24 months of debt service, and its strong supporting
foreign parent, BP (A/Stable) and BC Energy Investment Corp
(formerly known as Bridas Corp), both with 50% stake in the
company. BC Energy Investment Corp is 50% owned by CNOOC
International Ltd (A+/Stable). Further, PAE has multinational
operations and reliable strong cash flow generation with a high
level of dollar-denominated export revenues relative to total debt,
strong parent ownership, and a good track record of payment during
stressed sovereign scenarios. PAE has ample liquidity and proven
access to financial markets. PAE's ratings continued to be
constrained by country ceiling of Argentina (CCC) as EBITDA from
its non-Argentina business is just shy of cover consolidate gross
interest expense for the company.

The Positive Outlook reflects Fitch's expectation that PAE's
Mexican operations will commence in 2H2020, and the cash flows from
Mexico and Bolivia in 2020 will adequately cover 12 months gross
interest expense for the entire company. Per Fitch's Non-Financial
Corporates Exceeding the Country Ceiling Rating Criteria, the
country ceiling of Bolivia (BB-) would apply, as Fitch does not
expect cash flows from Mexico will adequately cover interest
expense in 2020 but may thereafter.

The 'BB-'/'RR3' ratings on the USD500 million senior unsecured
notes due in 2021 are one notch above PAE's Foreign Currency IDR
and reflect expected above-average recovery for creditors, given a
default. Although a bespoke recovery analysis yields a higher than
70% recovery, given a default, Fitch's Country-Specific Treatment
of Recovery Ratings Criteria allows for a one notch uplift for
recovery whenever there is a two-notch rating differential between
a company's Foreign Currency and Local Currency ratings. In
instances when the difference between the Foreign Currency and
Local Currency rating is one notch, or less, Argentine corporates
would be capped at an average Recovery Rating (RR) of 'RR4', which
is in the range of 31% to 50%.

KEY RATING DRIVERS

Diversified Geographic Footprint: The Positive Outlook reflects
Fitch's expectation that PAE's Mexican asset, Hokchi, will commence
operations in 2020. In that case, Fitch estimates the company will
generate enough cash flow outside of Argentina from both its
Mexican and Bolivia operations to apply a higher country ceiling.
Fitch estimates the EBITDA of both Mexico and Bolivia will
adequately cover one full year of the company's consolidate
hard-currency (HC) interest expense, all things being equal.
Therefore, the company's Foreign Currency IDR will not be limited
by the country ceiling of Argentina and the country ceiling of
Bolivia (BB-) will apply.

Stable Production Profile: Under Fitch's base case, PAE is expected
to increase daily average production to above 250,000boe/d by 2020
when its Hokchi asset commences operations in 2020. In 2018, the
company's production remained flat at 225,000boe/d when compared to
2017 and 6% below its production in 2016. The decrease in
production was mainly due to lower demand of gas from Argentina and
Brazil, which affected Bolivia's volumes delivered to those
markets.. Fitch believes the company has extraordinary flexibility
given its significantly strong reserve base, allowing it to adjust
accordingly to assure profitability.

Strong Hydrocarbon Reserves: Fitch believes PAE has a strong
reserve life of 18.0 years, providing ample flexibility to adjust
capex investment. As of YE 2018, PAE reported 1,590 million of boe
in 1P reserves, 64% of which is oil. Fitch estimates PAE has an oil
1P reserve life of 26 years and gas 1P reserve life of 11 years.
PAE's strong reserve base is supported by a strong concession life.
The company's Golfo San Jorge basin, Cerro Dragon, accounted for
89% of its total oil production, 24% of gas production and 71% of
reserves. Operating concessions expire in 2046 - 2047, and the
company's Hokchi asset has a concession life of 25 years.

Flexible Business Model: Fitch believes PAE's integrated energy
model in Argentina gives the company greater flexibility to
optimize profitability. After the integration of PAE and Axion
Energy, the company formulated the largest private integrated
energy company in Argentina. PAE's upstream business is the largest
private Oil & Gas company in Argentina, and the largest private
entity with 20% market share in oil production and 16% in gas
production in Argentina. In 2018, Axion was the third largest
refiner in Argentina with a 15% market share with 90 thousand
barrels a day of refining capacity located in Campana. The refinery
in Campana is in the midst of a major expansion and upgrade that
will increase the refining capacity and improve the production of
more higher-value products, such as ultra-low sulfur diesel, which
is currently imported. The facility will be the only facility in
Argentina that can process PAE's heavy crude production, which it
generally exported. Upon the completion of the expansion, PAE will
have greater flexibility to meet domestic demand of diesel product,
with the ability to adjust its operations in line with domestic and
international demand.

Solid Leverage Metrics: PAE's capital structure remains strong,
even after the integration of Axion Energy, when it absorbed USD677
million of additional debt. Fitch estimated the company's gross
leverage, defined as total debt to EBITDA in 2018 was 1.2x, and the
company had a total debt to 1P of reserves of USD1.59 per barrel of
equivalent. Fitch estimates the company's gross leverage will
average 1.7x between 2019-2020 mostly explained by the company
modestly increasing indebtedness to execute on its expansion plans
and refinance current debt. Fitch believes the company has strong
and competitive access to capital and will likely refinance its
debt at competitive rates, especially after its Mexican assets are
in full operation.

Uncertain Operating Environment: The uncertain economic and
political environment in Argentina exposes PAE to greater
government intervention. Fitch believes PAE is a key participant in
the energy market in Argentina, being the largest private supplier
of oil and natural gas in Argentina. Fitch expects that further
disruption to the sector is possible and PAE's operations may be
materially impacted, especially as the government is vulnerable to
further collapses in market sentiment, sharp depreciation of the
Argentine peso, high inflation and widening debt spreads, there is
a chance that the government will introduce further stabilization
measures that will adversely affect PAE. Fitch believes the capital
controls can adversely affect PAE, as it is required to repatriate
its exports revenues within 30 days, but this risk is now offset by
its non-argentine operations.

Strong Ownership: PAE is a 50/50 strategic alliance between BP plc
(A/Stable) and BC Energy Investments Corp. (BC) formerly known as
Bridas Corporation. BC is also a 50/50 joint venture between
Argentine BC Energy and China National Offshore Oil Corporation
International Ltd, a wholly owned subsidiary of CNOOC Limited
(CNOOC; Long-Term IDR A+/Stable). Prior to the merger, Bridas owned
100% of Axion Energy. PAE's strong ownership does not have direct
impact on its credit rating, but given both companies' strong track
records and scale, Fitch expects its shareholders would support the
company if needed.

DERIVATION SUMMARY

PAE's Foreign Currency IDR continues to be constrained by the
Argentine Country Ceiling at 'CCC'; however, its medium production
size of 226 thousands of boed and strong reserve life of 18 years
compares favorably to other 'BB' rated oil and gas E&P producers.
These peers include Tecpetrol Internacional (BB+/Stable) with
production of 180 thousands of boed, Murphy Oil Corporation
(BB+/Stable) with 171 thousands of boed and YPF SA (CCC) with 475
thousands of boed. Further, PAE reported 1,590 million boe of 1P
reserves at the end of 2018 equating to a reserve life of 18 years,
higher than Murphy Oil's at 13.9 years and Tecpetrol's with 10.2
years. Fitch expects the company will be able to maintain its
strong reserve life.

PAE's capital structure remained strong in year-end 2018. As of LTM
2Q19, the company's gross leverage measured by total debt to LTM
EBITDA is 1.3x, slightly up from 1.2x in year-end 2018 due to the
acquisition of Axion Energy. In line with Tecpetrol (1.1x) and
slightly better than Murphy Oil (2.1x) and YPF (1.9x). On debt to
1P reserve basis, Fitch estimates PAE's debt as of 2018 to 1P
reserves as USD1.59 boe compared to Tecpetrol (USD1.66boe), Murphy
Oil (USD4.47boe) and YPF (USD8.90boe). PAE operates in a lower
operating environment, which is a constraining factor for its
ratings, but receives a one notch uplift from the country ceiling
due to its cash flows from export revenues and cash flows from
abroad.

KEY ASSUMPTIONS

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

  -- Average gross production of 230,000-290,000 boe/d from
2019-2022;

  -- Mexican operations commence 2H20;

  -- An average Refinery utilization capacity rate of 85% in 2019
through 2021;

  -- Improved refinery production capacity at Campana project with
expansion project completed in 2019;

  -- Fitch's Brent oil price assumptions of USD65 per barrel (bbl)
for 2019, USD62.50/bbl for 2020, USD60/bbl for 2021, and
USD57.50bbl for the long term;

  -- EBITDA margins expected to remain at an average of 30-40% from
2019-2022.

  -- Annual Capex averaging of USD1.5 billion per year from
2019-2022;

  -- Dividends to average of UD146 million per year from 2019
through 2022;

  -- Gross leverage metrics average 1.4x from 2019-2022.

RATING SENSITIVITIES

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

  -- Cash flows from operations outside of Argentina (Bolivia and
Mexico) adequately covering hard currency gross interest expense
for 12 months, resulting in a higher applied country ceiling than
Argentina.

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

  -- PAE's ratings could be negatively affected by a deterioration
of Argentina's credit quality combined with a material increase in
the government's interference in the sector;

  -- An increase in leverage above 3.5x coupled with a decrease in
interest coverage below 4.5x could also negatively affect ratings.

LIQUIDITY

Strong Liquidity: Fitch estimates PAE's cash flow and liquidity
position comfortably covers the next 24 months of debt service. PAE
recently issued an ARS7.2 billion (USD117 million) local floating
rate note to partially refinance the USD411 million of debt
maturing in November 2020. Fitch estimates that PAE can comfortable
service debt with cash on hand and cash flows through the rating
horizon in the event the company faces a challenging financing
environment due to the Argentina. That being said, PAE has a strong
and conservative track record of tapping local and international
markets and accessing capital at competitive rates.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Pan American Energy S.L.

  -- Long-Term Foreign Currency IDR at 'B+'; Outlook revised to
Positive;

  -- Long-Term Local Currency IDR at 'BB'; Outlook Stable.

Pan American Energy LLC Sucursal Argentina

  -- Senior unsecured notes due 2021 at 'BB-'/'RR3.'




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B A H A M A S
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BAHAMAS: Offers Guaranteed Loans for SMEs Impacted by Dorian
------------------------------------------------------------
Caribbean360.com reports that Deputy Prime Minister and Minister of
Finance Peter Turnquest disclosed that US$10 million will be taken
from the Dormant Fund to help small businesses in Abaco and Grand
Bahama which were impacted when Hurricane Dorian slammed into the
two islands last month.

He said the Access Accelerator, Small Business Development Centre
(SBDC), through the Ministry of Finance and private financial
partners, is offering government-guaranteed loans to micro, small
and medium-sized (MSMEs) enterprises directly affected by Hurricane
Dorian, according to Caribbean360.com.

"Both Grand Bahama and Abaco represent some 18 per cent of our
overall Gross Domestic Product and so it is in our interest and
certainly significant for us to get them back and up and operating
to as near normal as quickly as possible," he said, the report
notes.

The $10 million will facilitate grants, loan guarantees and equity
capital for entrepreneurs residing and displaced from Abaco and
Grand Bahama, the report relays.

Executive Director at the SBDC, Davinia Grant, explained that it is
the goal of the Centre to continue serving those clients it had
before the storm while creating opportunities for other existing
MSMEs to bounce back even better, the report discloses.

"I need to emphasize this. We will continue to take care of our
existing clients.  What is being discussed is additional resources
that have allocated by our government and our partnering financial
institutions to help the 2,525 active MSMEs across Abaco and Grand
Bahama, employing approximately 4,000 people," she said, the report
notes.

Grant said the government is providing US$5 million to guarantee up
to US$6.7 million dollars in loans through the Clearing Banks
Association.US$2 million will be given equity in partnerships and
U$1.3 million in microloans and grants, the report relates.

Businesspersons displaced will fill out an application form which
will be looked over and an executive summary created by volunteer
advisors, the report notes.  Those summaries and supporting
documents will then be sent to the relevant banks, the report
relates.

Grant said it is anticipated that the process will take no more
than 10 business days and disbursements for grants and microloans
will be processed in four to five business days, the report
discloses.

The Bahamas Chamber of Commerce will verify the authenticity of
businesses seeking to access funding in order to ensure
transparency and accountability, the report adds.




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B R A Z I L
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CCR SA: Moody's Affirms Ba2 Global Scale CFR, Outlook Stable
------------------------------------------------------------
Moody's America Latina affirmed CCR S.A. corporate family rating at
Ba2 on the global scale and upgraded to Aa1.br from Aa2.br its
Brazil's national scale rating. At the same time, Moody's affirmed
the ratings of its rated subsidiary Conc Sist Anhang-Bandeirant
S.A. Autoban and the global scale ratings of Concessionaria de Rod
Int do Oest SA. The outlook for all ratings is stable.

Ratings Affirmed:

Issuer: CCR S.A.

Corporate Family Rating: Ba2 (global scale)

Issuer: Conc Sist Anhang-Bandeirant S.A. Autoban ("AutoBAn")

Corporate Family Rating: Ba2/Aa1.br

BACKED Senior Unsecured: Ba2/Aa1.br

Issuer: Concessionaria de Rod Int do Oest SA ("SPVias")

Corporate Family Rating: Ba2 (global scale)

BACKED Senior Unsecured: Ba2 (global scale)

Ratings Upgraded:

Issuer: CCR S.A.

Corporate Family Rating: Aa1.br from Aa2.br (national scale)

Issuer: Concessionaria de Rod Int do Oest SA ("SPVias")

Corporate Family Rating: Aa2.br from Aa3.br (national scale)

BACKED Senior Unsecured: Aa2.br from Aa3.br (national scale)

Outlook Actions:

The outlook for all ratings was changed to Stable from Negative

Ratings Withdraw:

Issuer: CCR S.A.

Issuer Rating: Ba3/A2.br

RATINGS RATIONALE

The rating action reflects Moody's expectation that CCR's credit
metrics will remain strong with adequate liquidity to support
investment requirements and debt service. In addition, Fitch notes
enhancements in the overall corporate governance and have more
visibility on the leniency agreements outcome that do not have a
significant impact in its projections. The company continues to
have adequate and timely market access to refinance its debt as
well as successfull participation in new concession auctions
lengthening its average portfolio life and also diversifying its
business activities to urban mobility and airports.

The ratings incorporate CCR's position as the parent company as one
of Brazil's largest infrastructure groups, holding a diversified
portfolio of infrastructure concessions that includes toll road,
urban mobility assets, airports and services primarily located in
some of the most developed economic regions of the country. The
ratings also reflect the overall mature nature of its concessions,
with a solid track record that supports relatively stable and
predictable cash flows. On the other hand, the ratings are
constrained by the company's growing investment activity and track
record of high dividend payments, which will continue to drive
re-leveraging. The ongoing regulatory disputes on certain contract
amendments from 2006 for some of its main concessionaires (AutoBAn,
ViaOeste, SPVias and Renovias) also constrains the ratings. As a
holding company, CCR largely depends on the regular dividends
up-streamed by its operating subsidiaries to meet its obligations,
equity investment commitments and potential cash requirements
related to its guarantees.

The stable outlook relates to Moody's expectation that CCR's credit
metrics will remain strong with adequate liquidity to support
investment requirements and debt service. Fitch sees lower
uncertainties around the impact of the investigations in the States
of Parana and Sao Paulo as the leniency agreements outcome do not
have a significant impact in its projections. These agreements
reduce but do not eliminate potential future investigations that
while unexpected, could have material adverse consequences for the
company's credit profile. Moody's notes corporate governance
enhancements put in place that can help mitigate the occurrence and
impact of similar events in future business dealings.

The rating actions on AutoBAn and SPVias relate to the existence of
automatic early amortization clauses embedded on some of their debt
arrangements that are associated with the credit profile of CCR, as
the guarantor of the debentures. As such, Moody's views the ratings
of SPVias and AutoBAn linked to those of CCR.

On a consolidated basis, CCR shows a strong liquidity position. As
of June 2019, CCR reported a consolidated cash availability of
approximately BRL3.1 billion compared to its projected BRL2.4
billion debt maturing in the short term. Fitch expects CCR continue
to successfully access the debt markets to meet its refinancing and
investment needs with increasing capex due to the new acquisitions
that shall be financed through a combination of internal and
external cash sources. In its view CCR shows additional financial
flexibility through dividend retention or collateral pledge in case
of need.

AutoBAn's standalone credit profile has been largely underpinned by
the superior asset features of its road system located in a
well-developed and economically diversified region in the State of
Sao Paulo (Ba2 stable), which translates into stronger than average
credit metrics compared to local peers. On the other hand,
uncertainties about the 2006 contract amendment weighs on the
ratings, due to the risks associated to a negative ruling on the
judicial dispute with ARTESP.

On a standalone basis, SPVias carries stable credit metrics and
adequate liquidity, despite concentrating about 68% of its traffic
on heavy vehicles. Also, uncertainties about the 2006 contract
amendment weighs on the ratings, due to the risks associated to a
negative ruling on the judicial dispute with ARTESP. SPVias does
not report interim results.

Moody's does not incorporate any concession life reduction arising
from a potential negative outcome of the ongoing judicial disputes
with ARTESP regarding the concession tenor of the concessionaires.

WHAT CAN CHANGE THE RATINGS UP/DOWN

Deterioration in the respective sovereign's credit quality could
exert downward pressure on the ratings given the domestic nature of
the company's operations and consequently its high exposure and
close linkages to the local economic/regulatory environment and
ultimate credit quality. In addition, sustained deterioration in
CCR's liquidity position or leverage driven by new investments and
acquisitions or significantly higher capital spending plan could
also weight on the ratings. Quantitatively, CCR ratings could be
under downward pressure if the consolidated FFO to debt ratio falls
below 8% (16.9% as of June 30, 2019), interest coverage ratio
approaches 2.0x (3.6x as of June 30, 2019), and RCF/CAPEX stays
below 0.5x (1.5x as of June 30, 2019) for an extended period of
time.

Sustained improvement in the relevant credit metrics or the
liquidity profile could exert upward pressure on the ratings as
well as operating performance significantly above its expectations.
Nevertheless, CCR's ratings are constrained by the sovereign
rating.

Headquartered in Sao Paulo, Brazil, CCR S.A. is the holding company
of one of Brazil's largest infrastructure concession groups
managing and operating a toll road network of 3,735 km through
eleven different concessionaires with maturities ranging from 2021
up to 2048. CCR also participates in other urban mobility, airport
concessions and infrastructure services in the Americas. CCR is
controlled by a consortium formed by Andrade Group, Camargo Correa
Group and Soares Penido Group Concessoes with a combined
participation of 44.8%; the remaining 55.2% of shares are free
float. In the last twelve months ended June 2019 the company
generated BRL8.8 billion in net revenues (excluding construction
revenues) and EBITDA of BRL4.8 billion after Moody's standard
adjustments, resulting in Net Debt to EBITDA of 3.1x and FFO to
Debt of 16.9%, respectively.

SPVias holds a 28-year concession granted in 2000 to operate and
maintain the 516 kilometer Castello Branco-Raposo Tavares road
system, as well as the Joao Mellao, Antonio Romano Schincariol and
Francisco Alves Negrao roads, connecting the city of Sao Paulo to
the southwestern region of the state, and to the states of Mato
Grosso do Sul and Parana. SPVias' concession was acquired by CCR in
2010 and accounts for about 9% of the company's consolidated
EBITDA.

AutoBAn holds a 29-year concession granted in 1998 to expand,
operate and maintain the 317-kilometer Anhanguera-Bandeirantes road
system, which was extended for another period, until 2027. The road
system comprises the Anhangüera (SP-330), Bandeirantes (SP-348),
and Dom Gabriel Paulino Bueno Couto (SP-300) highways, and the
Adalberto Panzan (SPI-102/330) connector. AutoBAn's system connects
the Sao Paulo metropolitan area to the wealthy cities of Campinas,
Jundiai and Limeira. AutoBAn accounts for about 31% of CCR's
consolidated toll revenues and 33% of the parent's EBITDA.

The principal methodology used in these ratings was Privately
Managed Toll Roads published in October 2017.


ECORODOVIAS CONCESSOES: Moody's Affirms Ba2 CFR, Outlook Stable
---------------------------------------------------------------
Moody's America Latina affirmed Ecorodovias Concessoes e Servicos
S.A. corporate family rating at Ba2 on the global scale and
upgraded to Aa2.br from Aa3.br its Brazil's national scale rating.
At the same time, Moody's upgraded the ratings of its rated
subsidiary Conc. das Rodovias Ayrton Senna e Carvalho P. The
outlook for all ratings is stable.

Ratings Affirmed:

Issuer: Ecorodovias Concessoes e Servicos S.A.

Corporate Family Rating: Ba2 (global scale)

BACKED Senior Unsecured: Ba3 (global scale)

Ratings Upgraded:

Issuer: Ecorodovias Concessoes e Servicos S.A.

Corporate Family Rating: Aa2.br from Aa3.br (national scale)

BACKED Senior Unsecured: A1.br from A2.br (national scale)

Issuer: Conc. das Rodovias Ayrton Senna e Carvalho P

Issuer Rating: Ba2 from Ba3 (global scale)

Issuer Rating: Aa2.br from A2.br (national scale)

BACKED Senior Secured: Ba2 from Ba3 (global scale)

BACKED Senior Secured: Aa2.br from A2.br (national scale)

Outlook Actions:

The outlook for all ratings was changed to Stable from Negative

RATINGS RATIONALE

The rating action reflects Moody's expectation that ECO C&S credit
metrics will remain strong with adequate liquidity to support
investment requirements and debt service. In addition, Fitch notes
enhancements in the overall corporate governance and have more
visibility on the leniency agreement outcome that do not have a
significant impact in its projections. The company continues to
have adequate and timely market access to refinance its debt as
well as successfully participation in new concession auctions
lengthening its average portfolio life.

The ratings incorporate ECO C&S's position as the parent company of
one of Brazil's largest infrastructure groups, holding a
diversified toll road portfolio primarily located in some of the
most developed economic regions of the country carrying an average
remaining life of 13 years considering EBITDA contribution. The
credit view is supported by historical tolled traffic, which has
moved in tandem with the country's economic performance that
supports relatively stable and predictable cash flows. On the other
hand, the ratings are constrained by the company's growing
investment activity as total debt and leverage are expected to
increase over the next 12-18 months in light of new concessions and
acquisitions that are extending the average remaining life of its
concession portfolio.

The stable outlook relates to Moody's expectation that ECO C&S's
credit metrics will remain strong with adequate liquidity to
support investment requirements and debt service. Fitch sees lower
uncertainties around the impact of the investigations in the State
of Parana as the leniency agreement outcome do not have a
significant impact in its projections. These agreements reduce but
do not eliminate potential future investigations that while
unexpected, could have material adverse consequences for the
company's credit profile. Moody's notes corporate governance
enhancements put in place that can help mitigate the occurrence and
impact of similar events in future business dealings.

The rating action on Ecopistas relate to improvements in the
concessionaire profile as it concluded its expansion plan, traffic
is improving and Fitch expects it will generate adequate cash flows
to meet its obligations as well as be able to continue to refinance
its debt, with less dependency on the parent support and lower
investment needs in the projected period. Nonetheless, Ecopistas
debt is guaranteed by the parent and has automatic early
amortization clauses embedded in its debenture related to the
default or bankruptcy of ECO C&S (debt above BRL15 million),
therefore Moody's views the ratings of Ecopistas linked to those of
ECO C&S.

On a consolidated basis, ECO C&S shows a strong liquidity position.
As of June 2019, it reported a consolidated cash availability of
approximately BRL2.4 billion in line with its projected debt
maturing in the short term and the company already refinanced
almost all of its maturities. Fitch expects ECO C&S continue to
successfully access the debt markets to meet its refinancing and
investment needs with increasing capex due to the new acquisitions
that shall be financed through a combination of internal and
external cash sources.

WHAT CAN CHANGE THE RATINGS UP/DOWN

ECO C&S's ratings can be downgraded upon erosion of the company's
liquidity and leverage and/or a perception of increased refinancing
risks as the date of important debt maturities approaches.
Deterioration in the respective sovereign's credit quality could
exert downward pressure on the ratings given the domestic nature of
the company's operations and consequently its high exposure and
close linkages to the local economic/regulatory environment and
ultimate credit quality. Quantitatively, the ratings can be
downgrade should FFO to Debt decrease to levels below 10%.

Sustained improvement in the relevant credit metrics or the
liquidity profile could exert upward pressure on the ratings as
well as operating performance significantly above its expectations.
Nevertheless, ECO C&S's ratings are constrained by the sovereign
rating.

Ecopistas' ratings are linked to that of ECO C&S's due to the
presence of early acceleration clauses embedded on specific debt
issuances. The ratings can be downgraded upon a similar movement to
the ratings assigned to ECO C&S. The ratings can be upgraded should
the 1st debenture issuance be redeemed or refinanced with terms
that do not include such acceleration clauses.

Ecopistas holds a 30-year concession to operate the toll road
services of the Ayrton Senna and Carvalho Pinto highway system,
encompassing a total 144 km of roads in the state of Sao Paulo. In
the 12 months ended June 2019, Ecopistas posted EBITDA of BRL192
million, considering Moody's Global Standard Adjustments for
Non-Financial Corporations, resulting in Debt to EBITDA of 4.8x and
FFO to Debt of 13.3%.

ECO C&S manages 3,038 km of toll roads (considering new
acquisitions) through nine concessions with an average remaining
life of 13 years. In the last twelve months ended June 2019 the
company generated BRL2.5 billion in net revenues (excluding
construction revenues) and EBITDA of BRL1.9 billion after Moody's
standard adjustments, resulting in Debt to EBITDA of 4.3x and FFO
to Debt of 17.3%. ECO C&S is a subholding company created to
consolidate the operational toll road business under Ecorodovias
Infraestrutura e Logistica S.A. (not rated), the owner of 100% of
its shares. ECO I&L is in turn controlled by the CR Almeida Group
and Italy-based Gavio Group.

The principal methodology used in these ratings was Privately
Managed Toll Roads published in October 2017.


IMCOPA INT'L: May Sell Plants at Auction on Dec. 4, Judge Rules
---------------------------------------------------------------
Ana Mano at Reuters reports that a bankruptcy court in Parana state
has scheduled an auction to sell two plants belonging to Brazilian
soy processor Imcopa International SA on Dec. 4, the company said.

Imcopa, one of the largest non-genetically modified soy crushers in
Brazil, said the sale of the plants in the towns of Araucaria and
Cambe was foreseen in its reorganization plan approved by creditors
in 2017, according to Reuters.

In a statement, privately owned Imcopa said the ruling was handed
down on by Judge Mariana Gusso, the report notes.  The company
declined to comment further, the report relays.

In August, Imcopa unilaterally terminated a leasing contract with
brewer Grupo Petropolis for the two crushing plants as it was
preparing to sell the assets, alleging a breach of contract, the
report discloses.

"With the auction of the industrial plants, the agreement
maintained between Cervejaria Petropolis and Imcopa will be
terminated, as provided for in the reorganization plan," Imcopa's
statement said obtained by the news agency.

Grupo Petropolis said it has obtained a court decision suspending
the termination of the leasing contract, the report relays.

The company said that an eventual buyer of the plants will have to
respect the current leasing contract, which runs through 2024, the
report adds.


MINERVA SA: Fitch Affirms BB- LT IDRs, Outlook Stable
-----------------------------------------------------
Fitch Ratings affirmed Minerva S.A.'s Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) at 'BB-'. Fitch has upgraded
Minerva's National Scale rating to 'A+(bra)' from 'A(bra)' due to
the group's strong liquidity, good operational performance and
expected gradual deleveraging. The Rating Outlook remains Stable.

Minerva's ratings reflect the company's solid profitability, strong
position in the export market and healthy liquidity position.

KEY RATING DRIVERS

Deleveraging Expected: Fitch expects Minerva's net leverage to
trend toward 3.8x by year-end 2019 (YE19) (excluding Athena Foods
IPO) thanks to increased EBITDA and positive FCF. Net leverage went
down to 4.0x at YE18 compared with 5.2x in 2017 thanks to increased
EBITDA and the BRL975 million capital increase in December 2018.
Proceeds from the capital increase were used to repurchase the
perpetual bonds issued by the company in foreign currency at a
higher cost. This operation reflects the desire of the company's
shareholders to reduce its leverage. Minerva also intends to do an
IPO of its foreign subsidiary, Athena Foods, which would accelerate
its deleveraging. The timing and execution of the transaction are
subject to market conditions. The authorization to sell Athena
shares is valid through April 2020.

Product Concentration Risks: Minerva operates solely in the beef
business in South American countries and is, therefore, less
diversified from a product and geographic standpoint than
Brazilian-based protein company JBS S.A. (BB). Minerva has
operations in several countries including Paraguay, Uruguay,
Argentina, Chile and Colombia through its subsidiary Athena Foods.
Fitch estimates that those operations represent about 35% of
Minerva's total EBITDA in 2019. Exports represented about 77% of
Athena Foods' sales during the second-quarter 219 (2Q19), of which
42% were made in Asia. Minerva has seven plants authorized to
export to China; they are located in Brazil, Argentina and Uruguay
and have a total capacity of 9,940 head/day.

Good Margins: Minerva's sales and earnings are subject to periodic
volatility caused by changes in input costs and protein prices due
to supply and demand dynamics of commodity meat. The company has
had the highest EBITDA margin in the beef sector over the last
three years thanks to its export model. Minerva's exports accounted
for 67% of the company's total gross revenue as of 2Q19. Minerva is
among the largest producers of beef in the region, accounting for
17% of beef exports in Brazil, 47% in Paraguay, 20% in Uruguay, 17%
in Argentina and 83% in Colombia. Fitch expects the company's
annual EBITDA margin to remain in the 9.5%-10.5% range over the
next few years.

Favorable Operating Outlook: The USDA forecasts Brazilian beef
production to increase by 3% in 2020. Minerva's competitive
advantages stem from a favorable environment to raise cattle in
Brazil and access to exports markets from South America and
long-term relationships with farmers, customers and distributors.
Global beef fundamentals for South American producers are expected
to remain positive in the next couple of years due to increased
demand and better cattle availability (except Uruguay). In exports,
South American beef producers are poised to remain top suppliers to
China as the country makes a concerted effort to boost its beef
supplies, as China's output of pork is expected to be cut by about
one-third by 2020 due to the African swine fever.

DERIVATION SUMMARY

Minerva's ratings reflect its solid business profile as a
pure-player in the beef industry with a large presence in South
America. Minerva's competitive advantages include its location in a
favorable cattle growing environment and relationships with
farmers, customers and distributors. The ratings also consider
Minerva's lack of diversity across other proteins. Minerva is less
diversified from a product standpoint than JBS or Tyson Foods
(BBB/Stable).

Minerva has developed a more export-oriented business model,
whereas Marfrig (BB-/Stable) has a strong presence in the U.S.
domestic market through its subsidiary National Beef. About 67% of
Minerva's gross revenue is derived from exports, maintaining
Minerva's position as the largest beef exporter in South America,
with a market share of 21% in the continent. Minerva accounted for
17% of beef exports in Brazil, 47% in Paraguay (being the leading
beef exporter in the country), 20% in Uruguay, 17% in Argentina and
83% in Colombia. The company has been able to maintain a stable
operating margin over the years despite several headwinds in 2018
and 2019. These included external factors such as truck driver
strikes in Brazil in 2018 and the temporary shutdown of the Chinese
market for Brazilian beef producers in early 2019. Fitch expects
protein fundamentals to remain positive for the remaining part of
2019 and 2020 due to consumer demand and a strong export market as
a result of the ASF virus outbreak in China that will result in
substantially more protein products directed to China. Asia
represented 42% and 25% of exports from Athena Foods and Minerva's
Brazilian divisions, respectively, as of 2Q19.

Minerva is smaller than its peers, such as Marfrig Global Food S.A.
and JBS S.A. Fitch expects Minerva's EBITDA to reach about USD400
million, whereas Marfrig should be around USD1 billion by YE19.
From a financial standpoint, the ratings are supported by Minerva's
strong liquidity position with cash sufficient to amortize its debt
through 2026 and high profitability for the sector due to exports.
Adjusted net leverage should decline gradually (assuming no IPO of
Athena Foods) toward 3.8x by YE19 and toward 3.0x-3.5x in 2020
which is in line for the rating. In addition, net leverage could
further improve by an additional BRL1 billion by 2021 should
Minerva's warrants be exercised.

Fitch expects Minerva's net leverage to remain higher than JBS and
Marfrig at YE19. The ratings are tempered by the volatility of FCF
and still high-interest expenses paid by the company. There was no
parent-subsidiary linkage, no Country Ceiling constraint and no
operating environment influence in effect for the rating.

KEY ASSUMPTIONS

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

  - EBITDA margin in the range of 9.5%-10.5% over the next two
years;

  - EBITDA of about BRL1.7 billion in 2019;

  - Net debt/EBITDA trending toward 3.8x by FYE19.

RATING SENSITIVITIES

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

  - Sustainable Positive FCF generation;

  - Substantial decreases in gross and net leverage to below 4.5x
and 3.0x, respectively, on a sustained basis.

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

  - Sharp contraction of Minerva's performance;

  - Net leverage above 4.5x on a sustained basis.

LIQUIDITY

Strong Liquidity: As of June 30, 2019, cash and cash equivalents
totaled BRL3.1 billion and short-term debt totaled about BRL2.3
billion. On the same date, total debt was BRL9 billion, of which
25% was short-term debt. The company has been buying back its bonds
in the market. Minerva's cash and cash equivalents are sufficient
to amortize its debt through 2026.

ESG Considerations

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity. Fitch assigns a score of 3 for the factor regarding the
use of animal production; food quality and safety and labor
relations.

Minerva has an ESG Relevance Score of 4 on governance for ownership
concentration due to the control of the company by the VDQ holding
(representing the Queiroz family) with five members appointed out
of 10 board members. Two members are independents. SALIC UK limited
has three appointed members.

FULL LIST OF RATING ACTIONS

Fitch has taken the following rating actions:

Minerva S.A.:

  - Long-Term Foreign and Local Currency IDR affirmed at 'BB-';
Outlook Stable;

  - Long-term National Rating upgraded to 'A+(bra)' from 'A(bra)';
Outlook Stable.

Minerva Luxembourg S.A.:

  - Senior unsecured notes due 2026, 2028 affirmed at 'BB-'.


SANTA CATARINA: S&P Alters Outlook to Stable & Affirms 'BB-' ICR
----------------------------------------------------------------
S&P Global Ratings revised the outlook on its global scale 'BB-'
long-term foreign and local currency issuer credit ratings on the
state of Santa Catarina to stable from negative. S&P also revised
the outlook on its long-term national scale 'brAA+' rating on the
state to stable from negative. S&P affirmed both scale ratings.

Outlook

S&P said, "The stable outlook reflects our view that Santa Catarina
will continue implementing measures to offset pressures from
non-discretionary spending growth. This, along with stronger
economic recovery than the sovereign and the state's robust tax
collection, will allow Santa Catarina's fiscal performance to
remain relatively balanced in 2019-2021. Nevertheless, our
base-case scenario assumes that structural rigidities will persist
in the next two years, given that reforms currently under
discussion in Congress will still require local consensus and would
most likely strengthen finances only in the medium to long term. At
the same time, we believe Santa Catarina will remain committed to
its debt repayment obligations."

Downside scenario

S&P said, "We could lower our ratings on the state in the next 12
months if we believe there's lack of commitment or effectiveness in
taking steps to slow the pace of spending growth, posting
consistent deficits after capex that would erode an already weak
liquidity position. This scenario would also indicate that
financial management is weaker than expected. Given that we don't
believe the Brazilian local and regional governments (LRGs) meet
our criteria to be rated above the sovereign, we could also lower
our ratings on Santa Catarina in the next 12 months if we were to
lower the sovereign local and foreign currency ratings."

Upside scenario

S&P could raise the rating on the state if it was to upgrade the
sovereign in the next 12 months. This will also require a longer
track record of implementation of budgetary measures, resulting in
better-than-expected fiscal results, with sustained operating
surplus above 5% of operating revenue that structurally improve the
state's liquidity position.

Rationale

The outlook revision reflects recent efforts and S&P's expectation
that the state will continue to strengthen its finances through
revenue and expenditure measures to offset the rapidly growing
non-discretionary spending. This partly stems from the volatile and
unbalanced institutional framework for Brazilian LRGs under which
the Santa Catarina operates. Debt equivalent to slightly more than
90% of operating revenue will continue to constrain our rating on
the state, while its stronger socio-economic profile than those of
other Brazilian states will remain a rating strength.

The administration is focused on taking steps to offset spending
pressures stemming from a rigid fiscal framework

Carlos "Comandante" Moisés (Social Liberal Party, PSL) took office
as governor of Santa Catarina on Jan. 1, 2019. Since then, the
financial management team has shown capacity to implement revenue
and expenditure measures to bolster budgetary performance this
year. We believe this trend will remain during our forecast
timeframe. Recent measures included an administrative reform and
review of contracts to moderate spending growth, as well as the
revision of fiscal benefits to support tax-collection efforts. S&P
considers Santa Catarina's financial management has an experienced
and transparent technical team, and we expect this to remain the
case for the next few years. Current reform proposals at the
national level are positive news for Santa Catarina. These reforms
include structural changes such as pension reform that states could
adopt, as well as the revision of the repayment schedule for debt
owed to the federal government.

S&P said, "Despite reform momentum in Brazil, our base-case
scenario assumes that structural rigidities will persist in the
next two years, given that the benefits of the potential reforms
will materialize in the medium term, while passing and adopting
them will most likely take a few years. Moreover, other structural
rigidities in the system prevail, such as constitutional mandates
that link revenue increases to higher spending on health and
education, complicated tax codes, and high levels of red tape. We
believe these factors have reduced LRGs' capacity to address
crucial long-term spending trends and financing options. Therefore,
we believe the institutional framework for Brazilian LRGs is
volatile and unbalanced.

A factor that mitigates pressures from fiscal framework rigidities
is Santa Catarina's economic profile, which is a rating strength.
The state benefits from better socioeconomic conditions such as
generally lower unemployment and poverty rates than those of other
Brazilian states, as well as sound infrastructure. These
characteristics have supported the state's revenue generation
capacity, while preventing higher expenditure pressures. Moreover,
while S&P's economic assessment of the state parts from the
sovereign wealth and growth trends, which have been sluggish, it
highlights the state's GDP per capita of $11,023 in 2018 --higher
than Brazil's $8,912-- and its average growth rate of 3.6% in 2017
and 2018, compared with the sovereign's 1.1%.

Fiscal performance has improved in 2019, although systemic
pressures will persist

Even though Santa Catarina has historically posted solid fiscal
performance, even amid recent recession, there have been increasing
pressures on its budget. This, along with limited access to
borrowings and lack of strong corrective actions due to political
cycle considerations, weakened its finances and liquidity in 2018.
S&P said, "Following recent measures to tackle these pressures, we
expect an average operating surplus of 5% of operating revenue in
2019-2021, and very slight surpluses after capex. Overall, our
base-case scenario assumes that the state's operating revenues will
grow in line with the sovereign's nominal GDP growth rate, and
improve as the economy recovers and tax collection at the state
level remains robust. On the other hand, we expect operating
expenses to increase somewhat above the inflation rate during the
next few years due to rigidities such as revenue earmarking for
health and education spending, along with pressures from pension
payments. As the state regains access to borrowings--while
complying with prudential rules established by the sovereign and
highly likely to occur in 2020--we believe it could finance
deficits after borrowings with suppliers."

One key source of pressure for Santa Catarina is its burdensome
pension system. Even though the state has raised contribution rates
in the past, its pension deficit totaled R$3.8 billion in 2018 (16%
of operating revenue) and is likely to reach R$4.3 billion by 2021.
Santa Catarina was also one of the first states in Brazil to
implement a reform that includes gradual increases in
contributions, create a supplementary fund, and is the only state
in which the same regime applies for civil and military workers.
The administration continues aiming at measures to diminish
spending pressures, recognizing the need for reforms at the federal
level for further changes in the system and that the structural
issues in the long term will persist.

Santa Catarina's cash position had worsened following a weaker
budgetary performance in 2017 and 2018, given that the state used
cash reserves to fund the deficit after borrowings. S&P said,
"However, based on recent recovery in fiscal performance, we
estimate that the state's free cash can cover more than 80% of its
estimated debt service in the next 12 months. Even though Santa
Catarina's debt service profile is relatively smooth, we believe
the ratio could erode beyond the next 12 months if the state's
budgetary performance deviates from our base-case assumptions."

A potential roadblock we signaled in the past involved reopening
the discussion about the debt repayment schedule with the federal
government, given that higher spending last year caused the state
to breach of one of the conditions from the most recent debt
renegotiation. The latter is the requirement for Santa Catarina to
keep its current primary spending growth in line with inflation
(Law 156/2016). Although debt service could rise significantly, our
base-case scenario assumes that the state will reach some
resolution with the federal government.

Access to external liquidity is limited because in order to issue
debt under Brazil's intergovernmental framework, the states must
receive authorization from the federal government under certain
specific rules and in compliance with fiscal targets. In addition,
the states can't maintain open contingent credit lines from banks.

S&P said, "We expect Santa Catarina's debt to represent about 80%
of its operating revenue by 2021, down from 105% in 2016, given
that we predict narrow access to borrowing. However, we believe the
state could have more access to borrowings during the next couple
of years as long as it puts its finances on a more sustainable
footing, but below historical levels." Santa Catarina owes about
50% of its debt to the federal government and the remainder to
public and commercial banks, and multilateral lending agencies.

At the same time, the administration is currently negotiating a
loan from World Bank to refinance its loan from Bank of America
that had an outstanding balance of R$1.6 billion as of the end of
2018 (8% of total debt) and represented 22.4% of debt service
payments last year, which could lower debt service payments in
2020-2022 compared to what we currently incorporate in our base
case.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating action.


  Ratings List

  Ratings Affirmed; Outlook Action

                              To               From
  Santa Catarina (State of)

  Issuer Credit Rating
  Global Scale            BB-/Stable/--    BB-/Negative/--
  Brazil National Scale    brAA+/Stable/--  brAA+/Negative/--




=========
C H I L E
=========

CHILE: President Rolls Back Subway Fare Hike; 3 People Die
----------------------------------------------------------
Associated Press reports that Chilean President Sebastian Pinera
disclosed the suspension of a subway fare hike that had prompted
violent student protests, less than a day after he declared a state
of emergency amid rioting and commuter chaos in the capital.

Three people died in a fire at a Walmart store that was being
looted in the capital. They were the first deaths in two days of
protests, according to Associated Press.

Soldiers patrolled the streets in Santiago for the first time since
the military dictatorship of Gen. Augusto Pinochet ended in 1990,
summoned to keep order following protests over a rise in subway
fares from the equivalent $1.12 to $1.16. Subway service had been
suspended in the capital, the report notes.

"I have heard with humility the voice of my compatriots," Pinera
said before announcing that "we are going to suspend" the fare
hike, the report relays.

It was unclear if the rollback would end the demonstrations and
rioting, the report notes.

The protest by students began when hundreds of young people mobbed
several metro stations in Santiago, jumping over or dipping under
turnstiles in a fare-dodging protest against the 4% increase in
fares, the report discloses.

Chile doesn't produce its own oil and must import its fuel, leading
to high prices for gasoline, electricity and elevated public
transportation costs, the report relays.  The government said the
fare increase was necessary because of rising energy costs, the
devaluation of the country's currency and maintenance, the report
says. But many Chileans are frustrated by rising prices, the report
notes.

By the end the protests had turned violent with thousands of
students burning subway stations and damaging dozens of others, and
some set fire to a high-rise energy company building, the report
notes.  Officials reported 156 police officers and 11 civilians
injured and more than 300 people arrested, the report relates.

The operator of Santiago's subway system announced the suspension
of service in three of its six lines, the report notes.  Later, it
announced the suspension of all six, stranding hundreds of
thousands of furious commuters, the report notes.

Authorities said that in all, 78 stations along with infrastructure
and equipment had been damaged in a system that has long been a
point of pride for Chileans, the report says.

The conservative Pinera vowed that those responsible for the
violence "are going to pay for their deeds," the report adds.

Associated Press discloses that Chile's conservative president
declared a state of emergency in affected areas, allowing
authorities to restrict rights to assembly and movement. Soldiers
were deployed in the streets.

Despite the presence of soldiers and police, thousands of Chileans
continued protesting including in cities outside Santiago, not only
against public transit fare hikes, but the price of electricity,
water and medicines, the report relays.

Protests had extended to another 20 cities, especially Valparaiso
and Concepcion, where states of emergency were declared, the report
notes.

Walmart said in a statement that 60 of its stores in Santiago and
six other cities suffered looting, the report relays.

Police repressed protesters with tear gas, while protesters had set
up barricades and looted businesses, the report notes.

Despite Pinera's lifting of the fare hike, subway and public
transportation services remained suspended, and the state of
emergency was still in place, the report relays.  Authorities
imposed a 10 p.m. to 7 a.m. local time curfew for Santiago, the
report notes.

At the San Jose de La Estrella metro station, mechanical engineer
Hugo Millacoy Gonzalez, accompanied by his young son, said he was
protesting the hike "so my son sees that they can't mock the
people," the report discloses.

But others expressed fury at the commuter chaos and not being able
to return to their homes, the report says.

If subway service is still suspended, when many Santiago residents
return to work and school, it would create further commuter chaos,
the report notes.

Santiago Metro director Louis De Granges said "there is still no
clarity" on when subway service would return to normal, the report
discloses.

Chilean governments of left and right have been wary of bringing
soldiers back into the streets since the end of a dictatorship
during which thousands of suspected leftists were killed and
dissent was ruthlessly crushed, the report notes.

"Pinera's decision to deploy the military in Chile -- a country
that experienced a 17-year repressive dictatorship -- is troubling
and could further destabilize the situation," said Jenny Pribble,
associate professor of political science at the University of
Richmond, the report notes.  "It also sends a message to Chileans
that the parties of the right still see the military, and not
democratic process, debate, and dialogue, as the ultimate solution
to social conflict," she added.




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

DOMINICAN REPUBLIC: Bank Releases US$638MM for Use by Any Sector
----------------------------------------------------------------
Dominican Today reports that the Dominican Central Bank (BCRD) said
financial intermediaries may use bank reserve resources pending
disbursements, totaling RD$12.0 billion (US$638.0 million), in any
of the sectors.

It also authorized that those institutions may finance homes of up
to RD$15.0 million, to give other population segments the
opportunity to finance the purchase of homes, according to
Dominican Today.

The BCRD said the resources may be placed interchangeably in
export, manufacturing, agriculture, loans for the construction of
housing (interim), housing up to RD$3.5 million, housing up to
RD$15.0 million, commerce and SMEs; as well as personal consumption
and vehicles, without particular limits among the different areas,
the report notes.

In a press release, the Central Bank says the measure "are based on
the successful placement of resources released from bank reserve by
financial intermediation entities, amounting to RD$22.3 billion, a
65.0% of the total authorized by the Monetary Board," 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).




===========
M E X I C O
===========

RASSINI SAB: S&P Withdraws 'B+' Issuer Credit Rating
----------------------------------------------------
S&P Global Ratings withdrew its 'B+' issuer credit rating on
Rassini, S.A.B. de C.V. at the company's request. At the time of
withdrawal, the outlook was stable.




===========
P A N A M A
===========

CABLE ONDA: Moody's Assigns Ba1 CFR, Outlook Stable
---------------------------------------------------
Moody's Investors Service assigned a Ba1 corporate family rating to
Cable Onda, S.A. At the same time Moody's assigned a Ba1 rating to
the company's proposed up to USD600 million senior unsecured notes.
The rating outlook is stable.

This is the first time Moody's assigns a rating to Cable Onda.

The rating of the proposed notes assumes that the issuance will be
successfully completed and that the final transaction documents
will not be materially different from draft legal documentation
reviewed by Moody's to date. It also assumes that these agreements
are legally valid, binding and enforceable.

Ratings Assigned:

Issuer: Cable Onda, S.A.

  - Corporate Family Rating: Ba1

  - Up to USD600 million Senior Unsecured Bond: Ba1

Outlook Actions:

Issuer: Cable Onda, S.A.

  - Outlook Assigned: Stable

RATINGS RATIONALE

Cable Onda S.A.'s (Cable Onda) Ba1 corporate family rating reflects
the company's strong competitive position in Panama as the largest
integrated telecommunications service provider, with leading market
shares in all the segments it operates, allowing the company to
offer competitive bundled services in the Panamanian market to its
customers, businesses and the government. The rating also takes
into consideration the stable operating environment in Panama's
fast-growing economy, with one of the largest GDPs per capita in
the region, offering good opportunity for growth in
telecommunications services.

The company's close relationship with its controlling shareholder
— Millicom International Cellular S.A. (Millicom, Ba1 stable) —
also supports the Ba1 rating, as do Millicom's experience and good
track record in integrating acquisitions. Moreover, the
cross-default and cross-acceleration provisions in Millicom's debt
instruments that would be triggered with a default of Cable Onda.
Given the importance of Cable Onda to Millicom operations, Fitch
expects to see continued implicit support from the parent
especially after the significant investment made to acquire Cable
Onda and Telefonica's assets in Central America.

Cable Onda's ratings are constrained by its modest revenue size
compared with that of its global peers, its relatively high
leverage compared with that of other Millicom subsidiaries at the
Ba1 rating level, and the lack of track record operating in its
post-merger format. Although Fitch sees integration risks in the
transformational merger between Cable Onda and Telefonica Moviles
Panama, S.A., Fitch believes they are small. Accordingly, Millicom
announced the successful closing of the acquisition of the
Panamanian operations in the end of August 2019 leaving behind a
difficult part of the business integration.

Millicom acquired an 80% stake in Cable Onda in October 2018. The
company is Panama's leading broadband internet, pay-TV, fixed
telephony and B2B telecommunications markets, serving more than
500,000 customers, mostly through its hybrid fiber-cable network,
with an implied enterprise value of $1.46 billion. Later, in
February 2019, Millicom announced the acquisition of Telefonica
Central America (Telefonica CAM) for a total enterprise value of
$1.65 billion. Telefonica CAM is the mobile market leader in Panama
and Nicaragua and the second-largest mobile operator in Costa Rica,
with a total of 8.7 million clients. The transactions were
debt-funded at the Millicom level.

The proceeds raised will be used for the reimbursement of a
Millicom shareholder loan of $420m that was used for the
acquisition of Telefonica Panama, reimbursement of local debt and
general corporate purposes.

Cable Onda's small scale relative to its global peers is partly
mitigated by its solid positioning in the Panamanian
telecommunications market, being the largest competitor in the
mobile and fixed markets. It has good revenue diversification and
access to Millicom's proven expertise in acquiring assets across
Latin America, supporting the integration of its business,
operations and growth. The consolidated entity will generate around
36% of its revenue from the mobile segment, 29% from fixed
broadband, 25% from pay-TV, 8% from fixed voice and 2% from other
services. With the integration of Telefonica's assets, Fitch
expects Cable Onda to be able to deliver a full suite of services,
taking advantage of cost synergies and increasing revenue from the
cross-selling of services and new bundles including mobile
services.

Despite the intense competition, especially with Liberty Latin
America, which is the only other integrated competitor in Panama,
Fitch expects Cable Onda to have advantages of scale, being the
isolated leader in fixed services, with more than 50% market share
in fixed broadband, fixed voice and pay-TV. Accordingly, Fitch
expects the consolidated company to be able to generate EBITDA
margin in the mid 40s% improving as synergies are extracted and
converging to the level of profitability of other Millicom
subsidiaries in Latin America.

The stable outlook reflects its expectations that Cable Onda will
maintain its strong market shares and adequate liquidity while
deleveraging through the integration of the assets, top line growth
and cash generation. The stable outlook also incorporates the
expectation that leverage measured by total adjusted debt/EBITDA
will quickly decline to around 3.5x until year-end 2019.

Positive pressure on Cable Onda's rating could arise if the company
posts better than expected and sustained improvements in
profitability and revenue growth while successfully integrating its
assets in Panama. Quantitatively, an upgrade would be considered if
the company reduces leverage below 2.75 times while maintaining an
EBITDA margin higher than 45%, and positive free cash flow on a
sustained basis.

The rating could be downgraded if the company is not able to
achieve the expected gains in revenue and profitability, with
credit metrics not improving as expected. Quantitatively ratings
could be downgraded if leverage increases to a level higher than
3.75 times beyond 2019. Higher-than-expected shareholder
remuneration that pressures liquidity and free cash flow
generation, leaving no room for gross debt reduction over time,
would be also viewed negatively.

Cable Onda S.A. (Cable Onda) is the leading provider of
telecommunications services in Panama, serving more than 1.5
million clients across its business segments that include fixed
broadband, pay TV, mobile and fixed telephony. The company is also
the leading provider of services to businesses and the government,
including integrated communications, cloud data centers and
security services. The recent acquisition of Telefonica's assets in
Panama will grant the company the largest market share in the
mobile segment and will enable it to offer a complete set of
bundled services in the country. Pro forma for the acquisition of
Telefonica Panama, Cable Onda had $619 million in revenue and $277
million in EBITDA for the 12 months ended June 2019.

Millicom International Cellular S.A. (Millicom) is a global
telecommunications investor focused on emerging markets, with
cellular operations and licenses in 10 countries in Latin America
and Africa. The company has around 51 million mobile customers, and
3.3 million cable and broadband households. The company derives
around 90% of its revenue from its Central and South American
operations in El Salvador, Guatemala, Honduras, Costa Rica,
Nicaragua, Colombia, Bolivia, Paraguay and Panama. In Africa,
Millicom operates in Tanzania, and through a joint venture in
Ghana. The company also offers cable and satellite TV services in
Central and South America. For the 12 months ended June 2019, the
company's consolidated revenue reached $4.2 billion. Millicom is
incorporated in Luxembourg and publicly listed on the Nasdaq Stock
Market in New York and Nasdaq Stockholm.

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




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

DESTINATION MATERNITY: Case Summary & 30 Top Unsecured Creditors
----------------------------------------------------------------
Lead Debtor: Destination Maternity Corporation
        f/k/a Cave Springs, Inc.
        f/k/a 21 Episode USA, Inc.
        f/k/a A Pea in the Pod, Inc.
        f/k/a Mothers Work, Inc.
        f/k/a Motherhood Maternity, Inc.
        f/k/a Page Boy Co.
        f/k/a Motherhood Maternity Shops, Inc.
        232 Strawbridge Drive
        Moorestown, NJ 08057

Business Description: Destination Maternity --
                      https://www.destinationmaternity.com -- is a
                      Moorestown, New Jersey-based designer and
                      omni-channel retailer of maternity apparel.
                      Currently, the Debtors operate 436 stores
                      across 49 of the 50 states, Canada, and
                      Puerto Rico.  The Debtors operate stores
                      under three retail nameplates: Motherhood
                      Maternity, A Pea in the Pod, and Destination
                      Maternity.

Chapter 11 Petition Date: October 21, 2019

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Three affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

     Debtor                                           Case No.
     ------                                           --------
     Destination Maternity Corporation (Lead Case)    19-12256
     DM Urban Renewal, LLC                            19-12257
     Mothers Work Canada, Inc.                        19-12258

Judge: Hon. Brendan Linehan Shannon

Debtors' Local
Bankruptcy
Counsel:          Adam G. Landis, Esq.
                  Kerri K. Mumford, Esq.
                  Jennifer L. Cree, Esq.
                  LANDIS RATH & COBB LLP
                  919 North Market Street, Suite 1800
                  Wilmington, Delaware 19801
                  Tel: (302) 467-4400
                  Fax: (302) 467-4450
                  E-mail: landis@lrclaw.com
                          mumford@lrclaw.com
                          cree@lrclaw.com

Debtors'
General
Bankruptcy
Counsel:         Christopher T. Greco, P.C.
                 KIRKLAND & ELLIS LLP
                 KIRKLAND & ELLIS INTERNATIONAL LLP
                 601 Lexington Avenue
                 New York, New York 10022
                 Tel: (212) 446-4800
                 Fax: (212) 446-4900
                 E-mail: christopher.greco@kirkland.com

Debtors'
Investment
Banker &
Financial
Advisor:         GREENHILL & CO., INC.

Debtors'
Restructuring
Advisor:         BERKELEY RESEARCH GROUP, LLC

Debtors' Tax
Restructuring
Advisor:         KPMG LLP

Debtors'
Intellectual
Property
Advisor:         HILCO STREAMBANK LLC

Debtors'
"Store
Closing"
Consultant:      GORDON BROTHERS RETAIL PARTNERS, LLC

Debtors'
Claims/
Noticing
Agent:           PRIME CLERK LLC
                 https://cases.primeclerk.com/DestinationMaternity

Total Assets as of October 5, 2019: $260,198,448

Total Debts as of October 5, 2019: $244,035,457

The petitions were signed by Dave Helkey, chief financial officer.

A full-text copy of Destination Maternity's petition is available
for free at:

          http://bankrupt.com/misc/deb19-12256.pdf

Consolidated List of Debtors' 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Pan Pacific Co.                      Trade           $3,827,090
Attn: General Counsel
12, Digital-ro 31-gil
Guro-gu
Guro-dong 197-21
South Korea
Tel: (822) 3494-9240
Fax: (822) 830-1011
Email: simonchong@pti-pacific.com

2. United States Customs              Customs and     Unliquidated
and Border Protection                    Duties
Attn: Mark A. Morgan
1300 Pennsylvania Ave. NW
Washington, DC 20229
Tel: (202) 344-1040
Email: hqiprbranch@dhs.gov

3. INT S.A.                              Trade          $1,490,150
Attn: General Counsel
Edificio Tikal Futura,
Torre Luna Nivel
17 Calzeda Roosevelt 22-43, Zona 11
Guatemala City
Guatemala C.A.
Tel: (502) 2200-2500
Fax: (502) 2440-3879
Email: dykim@intsa.net

4. Wiseknit Factory                      Trade          $1,132,813
Attn: General Counsel
7/F., Kwong Loong Tai
Industrial Building
1016-1018 Tai Nam Street West
Lai Chi Kok
Hong Kong
Tel: (852) 2785-0068
Fax: (852) 2785-0009
Email: victor@wiseknit.com

5. Shanghai Silk Group Co,               Trade          $1,124,844
Ltd. (Hood)
Attn: General Counsel
Room 302
283 Wu Xing Road
Shanghai 200030
China
Tel: (862) 1.6466.2288
Fax: (860) 21.6415.7516
Email: joeylou@shsilk.com.cn

6. United Parcel Service                 Trade          $1,058,560
Attn: General Counsel
Hogye-dong, Dongan-gu
Anyang-si
Gyeonggi-do 14117 555-15
South Korea
Tel: 1588-6886
Fax: 02-2022-1150

7. Doolim Corporation/                   Trade            $975,164
Doolim Binh
Chanh Factory
Attn: General Counsel
Doolim Building, 47,
Seong Nae-ro 6-gil
Kang Dong-gu
Seoul, South Korea
Tel: (822) 2224-2000
Fax: (822) 478.8634
Email: danhuh@doolim.com

8. Simon Property Group                 Landlord          $949,286
Attn: General Counsel
225 W Washington Street
Indianapolis, IN 46204-3438
Fax: (317) 263-2339
Email: jhermesch@simon.com

9. Smart Chain Enterprises                Trade           $874,564
Attn: General Counsel
9/F, Sing Shun Centre
495 Castle Peak Road
Cheung Sha Wan
Kowloon, Hong Kong
Tel: (852) 2327-6778
Fax: (852) 2320-8363
Email: banny.yu@hanbo.com

10. Seyfarth Shaw, LLP                Professional    Unliquidated
Attn: General Counsel                   Services
1075 Peachtree St, N.E.
Suite 2500
Atlanta, GA 30309
Tel: (404) 885-1500
Email: ahough@seyfarth.com

11. Brookfield Properties               Landlord          $657,963
Attn: General Counsel
250 Vesey Street, 15th Floor
New York, NY 10281
Tel: (212) 417-7000
Email: ladamczykandrea@brookfield
propertiesretail.com

12. Merkle, Inc.                          Trade           $574,865
Attn: Kim Drinker
7001 Columbia Gateway Drive
Columbia , MD 21046
Tel: (443) 542-4016
Email: kdrinker@merkleinc.com

13. Union King Enterprises                Trade           $551,916
Attn: General Counsel
Flat / RM 201, 2/F Lee Wai
Commercial Building
1-3 Hart Avenue , Tsim Sha Tsui
Kowloon, Hong Kong
Tel: (852) 9555-9818
Email: ravindran.cs1@unionkingcorp.com

14. Cadwalader, Wickersham &          Professional    Unliquidated
Taft LLP                                Services
Attn: General Counsel
200 Liberty Street
New York, NY 10281
Tel: (212) 504-6009
Fax: (212) 504-6666
Email: andre.mentes@cwt.com

15. Asia Creative Limited/Dora Lau        Trade           $441,081
Attn: General Counsel
38/F, Office Tower,
Convention Plaza
1 Harbour Road
Wanchai, Hong Kong
Tel: (852) 2882-2411
Fax: (852)-2419-2628
Email: dora@doralinc.com

16. Furi Design                           Trade           $411,771
Attn: General Counsel
Dongguzhan Village
Xiashuang Town
Chengyang District
Qingdao, China
Tel: (514) 908-7224
Fax: (514) 908-7225
EMAIL: steven@furidesign.com

17. Parasuco USA                          Trade           $396,060
Attn: General Counsel
c/o Joe Barreca
530 Seventh Avenue, Suite 2705
New York, NY 10018
Tel: (514) 334-0888
Fax: (514) 334-9833
Email: jbarreca@parasuco.com

18. Google, LLC                           Trade       Unliquidated
Attn: General Counsel
1600 Amphitheatre Parkway
Mountain View, CA 94043
Tel: (650) 253-0000
Fax: (650) 253-0001
Email: hkeklik@google.com

19. Boutique Global                       Trade           $308,189
Attn: General Counsel
Plot No. 27, Mathura Road
Sector 27C Faridabad
Haryana 121003, India
Tel: 919810-358-181
Email: ajeet@boutique-glb.in

20. Amw Vietnam Company Ltd.              Trade           $289,656
Attn: General Counsel
B33/II & 34/II 2B ST Vinh LOC IP
Binh Tan Dist
Ho Chi Minh City
Vietnam
Tel: 8428-37653-264
Fax: 8428-37653-267
Email: stephen@tsfashionsvn.com

21. KSK Pvt Label                         Trade           $265,673
Attn: General Counsel
Dongguzhan Village
Xiashuang Town
Chengyang District
Qingdao, China
Tel: (702) 751-0884
Fax: (702) 751-6787
Email: rick@articlesofsociety.com

22. Imagine! Print Solutions              Trade           $241,424
Attn: General Counsel
1000 Valley Park Drive
Minneapolis, MN 55379
Tel: (952) 903-4400
Email: info@imagineps.com

23. National Maintenance                  Trade           $240,134
Services, Inc.
Attn: General Counsel
12 South Dixie Highway, Unit #3
Lake Worth, FL 33460
Fax: (561) 253-2419
Email: cfrantz@nationalmaintsvc.com

24. Haines-Center, Florence LLC         Landlord          $234,839
Attn: General Counsel
Whitesell Construction Co. Inc.
One Underwood Court, Suite 100
Delran, NJ 08075
Tel: (856) 764-2600
Fax: (856) 764-8963

25. Supplyone, Inc.                       Trade           $231,375
Attn: General Counsel
11 Campus Blvd
Newton Square, PA 19073
Tel: (856) 625-0106
Email: nbrowne@supplyone.com

26. Cybersource Corporation               Trade           $227,066
Attn: General Counsel
901 Metro Center Blvd
Foster City, CA 94404
Tel: (650) 432-7350
Fax: (650) 286-6641
Email: njorgens@visa.com

27. Orient Craft Limited                  Trade           $226,254
Attn: General Counsel
Plot No. 80P, Sector-34
Near Hero Honda Chowk
Gurgaon 122001, India
Tel: 0124-4511300
Fax: 0124-4511330

28. Everyday Health Media, Ll             Trade           $218,074
Attn: General Counsel
4 Marshall S.
North Adams, MA 01247
Tel: (413) 473-0038
Fax: (413) 346-6134
Email: jmoran@everydayhealthinc.com

29. Sodexo Inc. & Affiliates              Trade           $192,166
Attn: General Counsel
3847 Crum Rd.
Youngstown, OH 44515
Tel: (330) 470-2552
Fax: (330) 270-2552
Email: heather.latone@sodexo.com

30. Westfield Corporation               Landlord          $186,814
Attn: General Counsel
4905 Old Orchard Center, Suite 066
Skokie, IL 60077
Tel: (310) 575-5942
Email: patricia.ross@urw.com




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

TRINIDAD & TOBAGO: Expect Spillover From 15% Wage Hike
------------------------------------------------------
Ria Taitt at Trinidad Express reports that CARONI Central MP Dr
Bhoe Tewarie says the 15 per cent increase given to CEPEP and URP
workers will cause public sector unions to demand at least a
similar wage increase.

The CEPEP Company Limited is an Agency of the Ministry of Rural
Development and Local Government of Trinidad and Tobago. This
company develops, implements and manages programmes that protect,
enhance and beautify the environment in service areas known as
environmental work areas.

On the other hand, the Unemployment Relief Programme (URP) is one
of the largest social development programmes that is funded by
Trinidad and Tobago. Its primary objective is to provide meaningful
short-term employment for some of the country's most vulnerable
citizens.

Speaking in the budget debate in the House of Representatives, Dr.
Tewarie said he was happy for the increase in the wages of URP and
CEPEP workers, according to Trinidad Express. But he raised the
question of what it would do to the industrial relations climate,
the report notes.

"If I am a trade union going to the table, where you think I would
start in terms of my negotiating position? At 15 per cent," he
said, the report relays.

Tewarie also said Government was breaking the law on the issue of
VAT refunds, the report adds.




=================
V E N E Z U E L A
=================

VENEZUELA: GDP Shrank 26.8% in Q1, Central Bank Says
----------------------------------------------------
The Latin American Herald reports that the Central Bank of
Venezuela said that the country's gross domestic product shrank by
26.8 percent in the first quarter of 2019.

The sectors of the Venezuelan economy that suffered the most
included the manufacturing and construction industries, as well as
financial institutions, according to The Latin American Herald.

Production in the oil sector, the main source of income for the
Latin American country, saw a dip of 19.1 percent, the report
notes.

With these figures, the sector has recorded 16 consecutive quarters
of contraction, the report relays.

The Latin American Herald notes that the central bank said that the
inflation at the end of September stood at 52.2 percent, a huge
leap from the 34.6 percent and 19.4 percent recorded in August and
July, respectively.

Economist Luis Oliveros said on social media that when
extrapolating the central bank's data, the cumulative price index
between January-September of this year was at a staggering 4,680
percent, the report relays.

This is a markedly higher rate than the estimate of 3,326 percent
for the same period made by the Venezuelan National Assembly, the
report notes.

The opposition-controlled assembly's finance commission started
calculating and publishing the cumulative consumer price index in
2017 because the government-run central bank stopped releasing
inflation data for over a year, the report discloses.

Non-petroleum activities fell 27.3 percent, marking the fifth
consecutive year of decline, the report says.

The non-petroleum economic sectors that recorded a contraction were
construction (-74.1 percent), manufacturing sector (-56.3 percent),
financial and insurance institutions (-55.6 percent) and trade
(-39.2 percent), the report notes.

The International Monetary Fund said in a report that the
Venezuelan economy was expected to shrink 35 percent this year and
reduced the inflation outlook down to 200,000 percent, the report
relays.

In its annual Global Economic Perspectives report, the IMF said
that "the deep humanitarian crisis and economic implosion in
Venezuela continue to have a devastating impact," the report
discloses.

Despite having the biggest oil reserves in the world, Venezuela is
going through a severe economic crisis which has led one out of
four people to require urgent humanitarian assistance, according to
the United Nations, the report adds.

                       About Venezuela

Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South Ameri ca, consisting of a
continental landmass and a large number of small islands and islets
in the Caribbean sea.  The capital is the city of Caracas.

Hugo Chavez was president to Venezuela from 1999 to 2013.  The
Chavez presidency was plagued with challenges, which included a
2002 coup d'etat, a 2002 national strike and a 2004 recall
referendum.  Nicolas Maduro was elected president in 2013 after the
death of Chavez.  Maduro won a second term at the May 2018
Venezuela elections, but this result has been challenged by
countries including Argentina, Chile, Colombia, Brazil, Canada,
Germany, France and the United States who deemed it fraudulent and
moved to recognize Juan Guaido as president.

The presidencies of Chavez and Maduro have challenged Venezuela
with a socioeconomic and political crisis.  It is marked by
hyperinflation, climbing hunger, poverty, disease, crime and death
rates, social unrest, corruption and emigration from the country.

Standard and Poor's long- and short-term foreign currency sovereign
credit ratings for Venezuela stands at 'SD/D' (November 2017).
S&P's local currency sovereign credit ratings on the other hand are
'CCC-/C'. The May 2018 outlook on the long-term local currency
sovereign credit rating is negative, reflecting S&P's view that the
sovereign could miss a payment on its outstanding local currency
debt obligations or advance a distressed debt exchange operation,
equivalent to default.

Moody's credit rating (long term foreign and domestic issuer
ratings) for Venezuela was last set at C with stable outlook (March
2018).

Fitch's long term issuer default rating for Venezuela was last set
at RD (2017) and country ceiling was CC. Fitch, on June 27, 2019,
affirmed then withdrew the ratings due to the imposition of U.S.
sanctions on Venezuela.



                           *********


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
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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