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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

          Friday, November 29, 2019, Vol. 20, No. 239

                           Headlines



A R G E N T I N A

ARGENTINA: President-Elect May Not Seek Outstanding $11BB IMF Loan


B R A Z I L

AVIANCA BRASIL: Judicial Administrator Recommends Bankruptcy
ITAU UNIBANCO: Fitch Puts B+ Final LT Rating to Tier 2 Sub. Notes


C A Y M A N   I S L A N D S

THPA FINANCE: Class B Noteholders' Meeting Set for Dec. 3


C O L O M B I A

BANCOLOMBIA SA: Moody's Rates New USD Tier 2 Sub. Notes Ba3(hyb)


E C U A D O R

[*] ECUADOR: IDB Approves Project to Improve Social Services


M E X I C O

ENGENCAP HOLDING: Fitch Affirms Then Withdraws 'BB-' IDR
GRUPO POSADAS: S&P Downgrades ICR to 'B' On Weaker Operations


P A R A G U A Y

INDUSTRIA PARAGUAYA: Fitch Publishes B+ IDR, Outlook Stable


P U E R T O   R I C O

SPANISH BROADCASTING: Incurs $345,000 Net Loss in Third Quarter


V E N E Z U E L A

PDVSA: ConocoPhillips Seeks Seizure of Citgo Parent Shares

                           - - - - -


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

ARGENTINA: President-Elect May Not Seek Outstanding $11BB IMF Loan
------------------------------------------------------------------
Gabriel Burin at Reuters reports that Argentine President-elect
Alberto Fernandez hinted on Nov. 26 he may not seek an outstanding
US$11 billion from an International Monetary Fund loan as the
indebted South American country grapples to renegotiate its debts
and avoid a painful default.

According to Reuters, in an interview with Radio Con Vos, the
center-left Peronist, who will take office on Dec. 10, said he was
more focused on being granted time to rekindle Argentina's
faltering economy than getting the remainder of the US$57 billion
in IMF funds.

"I don't know if the (remaining) money from the deal will come,"
Mr. Fernandez, as cited by Reuters, said, pointing out that
Argentina had already received around US$45 billion.  "If there are
issues are we going to ask for US$11 billion more?"

"If you have a problem, because you are in debt, do you think the
solution is to continue borrowing?" he said.

Mr. Fernandez, who won an October election by a wide margin against
conservative incumbent Mauricio Macri, is facing a looming pile of
dollar debt that became unsustainable after a crash in the peso
made paying it back far more expensive, Reuters discloses.

He told the IMF's managing director, Kristalina Georgieva, last
week that he had a "sustainable" plan to meet creditor obligations
as well as maintain growth, Reuters relates.

Argentina's bondholders are jostling for influence ahead of
restructuring talks with Mr. Fernandez, Reuters says.

Treasury Minister Hernan Lacunza said this week that around US$28
billion in debt held by private investors and international
organizations is set to mature in 2020, Reuters notes.

                         About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires. Alberto Angel Fernandez is
the President-elect of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

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

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

Back in July 2014, Argentina defaulted on some of its debt, after
expiration of a 30-day grace period on a US$539 million interest
payment.  The country hasn't been able to access international
credit markets since its US$95 billion default 13 years ago.  On
March 30, 2016, Argentina's Congress passed a bill that will allow
the government to repay holders of debt that the South American
country defaulted on in 2001, including a group of litigating hedge
funds that won judgments in a New York court. The bill passed by a
vote of 54-16.




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

AVIANCA BRASIL: Judicial Administrator Recommends Bankruptcy
------------------------------------------------------------
Ch-Aviation, citing Brazilian news agency Folhapress, reports that
judicial administrator Alvarez & Masal has recommended to a court
that Oceanair Linhas Aereas S.A., which used to operate as Avianca
Brasil, should be declared bankrupt.

According to Ch-Aviation, responsible for monitoring the company's
judicial recovery process, the administrator said that Oceanair was
not viable and could not envisage conditions for the fulfilment of
its debt repayment plan.

The move follows the Brazilian carrier's protracted period of
inactivity given the withdrawal of its Air Operator Certificate
(AOC) in May this year, Ch-Aviation notes.

"The directions taken by the company seem to make it impossible to
maintain the judicial recovery in the face of a complete emptying
of business activity," the global professional services firm
declared in a petition filed with the First Bankruptcy Court of Sao
Paulo, Ch-Aviation discloses.

Alvarez & Masal added that the company no longer owned any
aircraft, nor did it have any employees on its premises,
Ch-Aviation relays.

In December 2018, unable to pay debts estimated at the time to be
BRL494 million real (US$118 million), Avianca Brasil was forced to
apply for a judicial recovery process, a type of arrangement with
creditors in an attempt to avoid bankruptcy, Ch-Aviation recounts.
Subsequently, the amount has been corrected to around BRL2.7
billion (US$644 million), Ch-Aviation states.

In May, following the withdrawal of the AOC, Judge Ricardo Negrao
of the Second Chamber of Business Law proposed the bankruptcy of
Avianca Brasil as he considered it economically unviable,
Ch-Aviation relates.

                         About Avianca Brasil

Avianca Brazil, officially Oceanair Linhas Aereas S/A, is a
Brazilian airline based in Sao Paulo, Brazil.  It operates
passenger services from more than 20 destinations.  It is hailed as
the fourth largest airline in Brazil.  Synergy Group is the parent
company of Avianca Brazil.

On December 10, 2018, Avianca Brazil filed for bankruptcy when
three lessors took a move to gain possession of 30% of the
airline's 50 all-Airbus fleet.  The airline further blamed high
fuel prices and a strong dollar for its troubles.  The airline
noted at that time that flights won't be affected.

Since the airline filed for bankruptcy, its operations
progressively diminish until they were suspended in late May 2019.


ITAU UNIBANCO: Fitch Puts B+ Final LT Rating to Tier 2 Sub. Notes
-----------------------------------------------------------------
Fitch Ratings assigned a 'B+' final Long-Term Rating to Itau
Unibanco Holding's Tier 2 subordinated notes issued in the amount
of USD750,000,000 with a maturity date of Nov. 21, 2029.

The Final Rating follows a review of the final terms and conditions
conforming to information already received when Fitch assigned the
expected rating on Nov. 13, 2019.

The net proceeds of the Tier2 subordinated notes will be used for
general corporate purposes.

KEY RATING DRIVERS

The notes are rated two notches below IUH's Viability Rating (VR)
of 'bb'. The notching is driven by the subordinated status and the
expected high loss severity of the notes. No notching for
non-performance is applied, because there is no coupon flexibility
(i.e., coupons must be paid as they are not deferrable and the
write-off trigger is close to the point of non-viability). As a
result, Fitch believes that the incremental nonperformance risk is
not material from a rating perspective.

IUH expects that these securities qualify as Tier 2 (T2) regulatory
capital in accordance with Resolution 4192, subject to the Central
Bank of Brazil's approval.

RATING SENSITIVITIES

As the notes are two notches below IUH's anchor, their rating is
primarily sensitive to a change in the VR. The two-notch difference
will likely be maintained under most circumstances, in the event of
a change in IUH's ratings.

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.



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C A Y M A N   I S L A N D S
===========================

THPA FINANCE: Class B Noteholders' Meeting Set for Dec. 3
---------------------------------------------------------
THPA Finance Limited will convene a meeting of noteholders of the
GBP70 million Class B 8.241 per cent (Class B Noteholders) on Dec.
3, 2019, at 11:10 a.m. (London time), at the offices of Hogan
Lovells International LLP at Atlantic House, Holborn Viaduct, in
London, or on completion or adjournment of the Meeting of the Class
A2 Noteholders.

At the meeting, the noteholders will consider and, if thought fit,
pass resolution which will be proposed as an Extraordinary
Resolution set out accordance with the provisions of the Note Trust
Deed dated April 12, 2001 made between the Issuer and Deutsche
Trustee Company as trustee for the Noteholders.

The Solicitation Agent may be reached at:

          Lloyds Bank Corporate Markets plc
          10 Gresham Street, London EC2V 7 AE
          Attention: Liability Management Team
                     Commercial Banking
          Tel: +44(0) 20 7158 1719/1726
          Email: liability.management@lloydsbanking.com




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C O L O M B I A
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BANCOLOMBIA SA: Moody's Rates New USD Tier 2 Sub. Notes Ba3(hyb)
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3(hyb) rating to the
proposed USD-denominated contractual non-viability Tier 2
subordinated notes to be issued by Bancolombia S.A. The notes will
be due in 2029.

The capital securities are Basel III-compliant, and their terms and
conditions have been defined so as to qualify the notes for
treatment as Tier 2 capital pursuant to Colombian regulation.

RATINGS RATIONALE

The Ba3(hyb) rating assigned to the new Tier 2 subordinated notes
is positioned two notches below the ba1 adjusted baseline credit
assessment (adjusted BCA) of Bancolombia in line with Moody's
standard notching guidance for contractual non-viability
subordinated debt with a full or partial principal write-down
triggered at or close to the point of non-viability.

The rating reflects the risk of a full or partial write-down of
principal in the event that (1) the bank's regulatory Basic
Solvency ratio (equivalent to the CET1 ratio) falls below 4.5%
(which Moody's considers to be below the point of non-viability) on
either an individual (i.e. treating the bank's Central American
subsidiaries as investments) or fully consolidated basis; or (2)
the regulators determines that the Basic Solvency ratio needs to be
restored to 6.0%. The notes will only be written down in an amount
sufficient to restore the Basic Solvency ratio to 6% under either
circumstance. In practice however, they will automatically be fully
written down if the basic solvency ratio falls below 4.5% as the
par amount of the notes equals just about 1% of current
risk-weighted assets.

The notes will rank (i) junior to all present and future senior
indebtedness of the issuer, (ii) junior to all other present or
future "preferred" subordinated indebtedness, (iii) pari passu with
all other present or future unsecured Tier II subordinated
indebtedness and (iv) senior to securities junior to the notes as
well as to all classes of capital stock of the issuers.

While Moody's assesses the probability that Bancolombia will
receive support from the Colombian government (Baa2 stable) in a
stress situation as very high given the bank's large market share
of domestic deposits, this support only applies to the bank's
deposit and senior debt ratings. Moody's does not expect that Tier
II securities - which are designed to absorb losses - will benefit
from government support.

Bancolombia's ba1 baseline credit assessment (BCA) reflects the
bank's good earnings generation capacity, its improving consumer
asset quality despite still high corporate loan delinquencies, and
Bancolombia's broad and stable core funding access, which partially
offsets the bank's moderate reliance on market funding.
Bancolombia's profitability has benefited from lower credit costs
and a shift in loan portfolio mix towards consumer lending, as the
Colombian economy recovers.

Moody's believes Bancolombia's exposure to environmental risks is
low, consistent with its general assessment for the global banking
sector. Bancolombia's exposure to social risks is moderate,
consistent with Moody's general assessment for the global banking
sector. As well, governance risks are largely internal rather than
externally driven. Moody's does not have any particular concerns
with Bancolombia's governance.

WHAT COULD MOVE THE RATINGS -- UP/DOWN

The ratings of the Tier 2 notes are notched from Bancolombia's
adjusted BCA. As such, the ratings of the securities will move in
tandem with Bancolombia's adjusted BCA. Bancolombia's supported
ratings are positioned at the same level of sovereign bond rating
and could face upward pressure if Colombia's government bond rating
is upgraded in conjunction with continued improvement in the
issuers' credit fundamentals and/or Colombia's macroeconomic
environment. However, if Colombia's government bond rating faces
downward pressures, Bancolombia's ratings could be negatively
pressured as well. The ratings could also face downward pressure if
the issuers' intrinsic credit fundamentals deteriorate
unexpectedly.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks Methodology
published in November 2019.



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E C U A D O R
=============

[*] ECUADOR: IDB Approves Project to Improve Social Services
------------------------------------------------------------
Ecuador will strengthen its social services in the areas of health,
education and social protection for at-risk communities in several
high-priority cities following approval of an Inter-American
Development Bank project.  It is the first operation approved under
a new modality that includes grant money to help cities that take
in migrants.

The transaction entails a US$50 million loan and US$12.5 million in
grants under the Migration Initiative which was approved in March
2019.

"Ecuador has made major social progress in recent years and now it
is acting in a pro-active way so as to ensure that communities can
continue to access quality social services even when there has been
a big increase in demand for services," said Julia Johannsen, the
team leader for the IDB project.  "The project has innovative
features.  For instance, it uses novel geographic tools to identify
those who are most needy, introduces new ways of providing special
protection for vulnerable minors, follows a multi-sector
complementation focus with regard to social services and thus
ensures efficient use of resources."

Starting in 2018 Ecuador began to receive migrant flows, in
particular from Venezuela, heightening the challenge of providing
social service coverage and quality that were adequate to guarantee
people's human development, particularly among those most in need.

The design of the project responds to the government's request to
finance an operation that meets the challenge of developing an
overall strategy for including migrants in Ecuador's communities
through social services that offer social protection, health, and
education, without this affecting Ecuadorans' access to these same
services in the main host cities of the country.

The project uses anonymous cellphone registries to pinpoint the
main host cities for migrants including Guayaquil and Quito,
followed by Manta, Santo Domingo, Cuenca, Machala, Portoviejo,
Esmeraldas, Ibarra and Salinas.

The beneficiaries of the program are children, adolescents and
women living in vulnerable circumstances in the cities designated
as high priority.  Following the logic of the cycle of life, the
project aims to improve access to social services for the most
vulnerable people including pregnant women who need pre-natal care,
unaccompanied or homeless minors in in need of temporary shelter
and children and adolescents who runs the streets and their
families.  It also aims to help pre-school age kids who are
excluded from the education system receive home visits, and
children aged eight to 18 who are at least two years behind in
school relative to their age and need tutoring to get back on
level.

The $50 million loan is pegged to the LIBOR, and the other $12.5
million is a grant.

                            About IDB

The Inter-American Development Bank is devoted to improving lives.
Established in 1959, the IDB is a leading source of long-term
financing for economic, social and institutional development in
Latin America and the Caribbean.  The IDB also conducts
cutting-edge research and provides policy advice, technical
assistance and training to public and private sector clients.




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

ENGENCAP HOLDING: Fitch Affirms Then Withdraws 'BB-' IDR
--------------------------------------------------------
Fitch Ratings affirmed and withdrawn the Local- and
Foreign-Currency Long-Term Issuer Default Ratings of Engencap
Holding, S. de R.L. de C.V. at 'BB-'. Local- and Foreign-Currency
Short-Term IDRs were also affirmed and withdrawn at 'B' due to
commercial reasons.

The ratings were withdrawn due to commercial purposes.

KEY RATING DRIVERS

The affirmation of Engecap's ratings reflects Fitch's view that
there are not significant changes to the credit profile of the
entity since the last review on Oct. 21 2019.

RATING SENSITIVITIES

Rating sensitivities are not applicable in light of the ratings
being withdrawn.

GRUPO POSADAS: S&P Downgrades ICR to 'B' On Weaker Operations
-------------------------------------------------------------
S&P Global Ratings lowered its issuer and issue-level credit
ratings on Grupo Posadas, S.A.B. de C.V. (Posadas) to 'B' from
'B+'.

S&P said, "The negative outlook reflects our view of difficult
business conditions for the Mexican lodging industry in the next 12
months, stemming from a sluggish economy, budget cuts to tourism,
increased competition, and rising security issues. These factors
could further weigh on Posadas' operations and reduce market
appetite for the refinancing of its notes, which in turn, could
undermine our liquidity assessment of the company in the next six
to 12 months.

"The downgrade and negative outlook reflect our expectation that
Posadas' credit metrics will be significantly weaker than we
previously expected for this year and next, because we now expect
adjusted net debt to EBITDA above 6.0x in these years. These
greater leverage metrics reflect the company's drop in
profitability from lower occupancy and average daily rates (ADRs),
with adjusted EBITDA margins below 20%, versus margins near 25% in
the past two years. Additionally, Posadas' debt burden remains
significant, considering its outstanding $393 million senior
unsecured notes due June 2022 and obligations related to leased
hotels for about MXN4.1 billion."




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

INDUSTRIA PARAGUAYA: Fitch Publishes B+ IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings published the 'B+' Long-Term Foreign Currency Issuer
Default Rating of Industria Paraguaya de Alcoholes Sociedad
Anonima. The Rating Outlook is Stable.

Inpasa's rating reflects the company's high scale of operations
compared to the competition, and its leadership in the Paraguayan
ethanol market. Inpasa's business model also benefits from the sale
of corn by-products that contribute to an adequate historical
profitability. The rating also incorporates the company's exposure
to the high volatility of corn and ethanol prices and the
historical low correlation among them. Low logistics costs and the
capacity to store corn allows the company to partially mitigate the
negative impact from increases in grain prices on margins.

The rating considers the relatively small size of the country's
vehicle fleet, which limits the growth potential of the local
ethanol market and challenges Inpasa to explore export markets to
maximize its production capacity utilization. The analysis also
incorporates Fitch's expectation of a gradual decline of Inpasa's
leverage and the maintenance of satisfactory liquidity.

KEY RATING DRIVERS

Above Average Industry Risk: Paraguayan corn ethanol producers are
exposed to high commodity price volatility, notably corn and
ethanol. Historically, the correlation between corn and ethanol
prices is weak. Although Inpasa's storage capacity partially
mitigates the adverse impact on cash generation due to abrupt
fluctuations in grain prices, prolonged increases in corn prices
with no counterpart in ethanol prices may exert significant
pressure on the company's margins and operational cash flow
generation. Changes in fuel policies by neighboring countries,
Brazil and Argentina, could also pressure demand for gasoline in
Paraguay, indirectly impacting the sales of anhydrous ethanol, the
main type of ethanol sold in the country.

Satisfactory Business Model: Inpasa's business model benefits from
its large scale of production, equivalent to 1.1 million liters of
corn ethanol per day. The company operates two ethanol distilleries
located near Ciudad del Este and Asuncion, the largest cities in
the country, regions characterized by high concentration of corn
producers with high agricultural yield and proximity to the
consumer market, reducing logistics costs. Inpasa is less
capital-intensive in comparison with its Brazilian counterparts, as
the company uses corn as the main raw material, while the
Brazilians use sugarcane. Inpasa also counts with a portfolio of
products derived from corn that ensure adequate profitability. The
company has a production capacity of 260 tons of sugar per day, and
700 tons per day of Dried Distillers Grains with Solubles (DDGS), a
highly protein and fibrous compound used as animal feed.

Leadership Position in Paraguay: Inpasa is the market leader in
ethanol sales in Paraguay, with a 70% market share. The ethanol
market in Paraguay is relatively small, estimated at 350 million
liters in 2018. The relatively small size of the country's vehicle
fleet limits the industry's growth potential. Inpasa is able to
supply about 90% of the Paraguayan ethanol market, which is
basically composed by anhydrous ethanol, blended in a proportion of
27% to the gasoline sold in the country. Although Inpasa benefits
from the legislation that requires all ethanol produced within the
country to be made from local raw materials, which limits
competition with imported ethanol, the flexibility of this rule by
the local government could occur as a way to guarantee fuel supply
in the country, pressuring the company's market position. Inpasa
has the challenge to direct its sales to the export market,
maximizing the use of its two industrial plants, especially after
completion of investments in the new San Pedro plant.

Positive FCF: Fitch projects Inpasa will generate EBITDA of about
USD90 million in 2019 and 2020 and cash flow from operations (CFFO)
of USD50 million and USD60 million, respectively. Inpasa's EBITDA
margins are expected to fluctuate between 30% and 31%. Inpasa's
product diversification through corn by-products, that account for
30% of EBITDA, reduces the negative impact from corn price
volatility on cash flow generation. Fitch's base scenario
incorporate an average utilization capacity of 85% with anhydrous
ethanol, accounting for 90% of total volume produced in 2019 and
2020. After a period of heavy investments, Fitch projects annual
investments of USD20 million and FCF to average USD17 million from
2020.

Lower Leverage Expected: Fitch expects Inpasa to reduce net
leverage to levels close to 1.9x reported in 2018 only at the end
of 2020. The agency expects the company's net debt to EBITDA ratio
above 3.0x in 2019, partly reflecting the investments made by the
Group in a new brand corn-based ethanol plant in the city of Sinop,
Mato Grosso, Brazil. Due to investments in the Brazilian mill,
Fitch expects Inpasa's leverage to decline at a slower pace
compared to the original forecast when investments at the San Pedro
plant were concluded. The investments in Brazil to build a plant
with capacity to produce 1.5 million litres of ethanol per day was
partly financed partially with USD75 million debt raised by Inpasa
in Paraguay, through intercompany loans with the shareholder. The
maintenance of conservative leverage ratios both in Paraguay and
Brazil will depend on the Group's expansion plans, which can affect
the Group's dividend payout policy going forward.

DERIVATION SUMMARY

Inpasa is the leader in the Paraguayan ethanol market with an
estimated share of 70%. In revenues terms, the company's scale of
operations is similar to that of Jalles Machado S.A (IDR BB-/
Stable). However, the participation of sugar over Inpasa's total
revenues is equivalent to only 5% while its Brazilian peers present
a much more balanced portfolio of products. Inpasa's high exposure
to corn and ethanol price volatilities and the low correlation
between commodity prices increases the volatility of its margins
compared to Brazilian sugar and ethanol producers. The Paraguayan
ethanol market is concentrated in the anhydrous type of the biofuel
and is less regulated and more informal than the Brazilian market,
which increases the exposure of Inpasa's cash flows to unfavorable
changes in operating environment and regulation.

Fitch projects Inpasa's net leverage to stay around 3.0x in 2019,
higher than Jalles Machado's 2.1x leverage. Such comparison is
distorted by the debt taken by Inpasa to finance the investments in
the new plant in Brazil, and also by the fact that all corn
processed by the company is accounted for as COGS and expensed at
the company's Profit & Loss account, while the EBITDA of Brazilian
produces include only sugar cane purchased from third parties.
Inpasa's liquidity is weaker than Brazilian peers, as the
availability of funding in Paraguay is concentrated in short-term
borrowing banking lines used to purchase corn, its main raw
material. Inpasa typically includes corn inventories as part of its
liquidity management initiatives, while Brazilian producers adopt a
more conservative liquidity approach.

KEY ASSUMPTIONS

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

  - Capacity utilization increasing from 85% in 2018 to 90% in
2022.

  - Average ethanol prices in 2019 lower than 2018 due to higher
export volumes.

  - Dividends of 50% of previous year's net income in 2019 and 35%
onwards.

  - Investments of USD20 million in 2019 and 2020.

RATING SENSITIVITIES

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

  - More visibility of Inpasa Agroindustrial (Brazil) results and
track record;

  - Improved liquidity as a cushion against any stress scenario
would be considered positively by Fitch;

  - Maintaining a solid capital structure.

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

  - A negative rating action could be take place if Inpasa receives
additional dividend pressure to finance new investments in Brazil,
resulting in leverage above 3.5x;

  - Change in regulation that negatively affects the company's
position in the Paraguayan market.

LIQUIDITY

Weak Liquidity: Fitch projects Inpasa's liquidity to remain weak,
with small cash position compared to short-term debt. In 2018, the
company had cash and marketable securities of USD3 million compared
and short-term debt of USD141 million. Total debt amounted USD183
million in 2018. At book value, Inpasa's inventories amounted to
USD90 million.

Inpasa's access to credit lines is limited to 180-day revolver
credits, and working capital credits backed with corn warrants. The
high concentration in short-term borrowings is partly explained by
the relatively small size of the Paraguayan banking market. Total
debt included USD75 million (25% of total debt) due in 2024, used
to finance the construction of the plant in Mato Grosso by its
related company Inpasa Agroindustrial. Around 80% of Inpasa's debt
is in USD or EUR, and the remainder in PYG. Long-term debt is
backed with land owned by Inpasa's shareholder and by fiduciary
lien of the new plant in San Pedro.

FULL LIST OF RATING ACTIONS

Fitch has published the following rating:

Industria Paraguaya de Alcoholes Sociedad Anonima

  - Long-Term Foreign Currency IDR 'B+', Stable Outlook.



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

SPANISH BROADCASTING: Incurs $345,000 Net Loss in Third Quarter
---------------------------------------------------------------
Spanish Broadcasting System, Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q reporting a
net loss of $345,000 on $36.26 million of net revenue for the three
months ended Sept. 30, 2019, compared to net income of $8.66
million on $34.04 million of net revenue for the three months ended
Sept. 30, 2018.

For the nine months ended Sept. 30, 2019, the Company reported a
net loss of $6.05 million on $110.55 million of net revenue
compared to net income of $3.30 million on $102.72 million of net
revenue for the same period during the prior year.

As of Sept. 30, 2019, the Company had $455.18 million in total
assets, $540.59 million in total liabilities, and a total
stockholders' deficit of $85.42 million.

"During the third-quarter, our 10% revenue growth, excluding
political, was once again at or near the top of the announced
results for the radio industry," commented Raul Alarcon, chairman
and CEO.

"Our strong revenue growth and cost-controls helped drive our 40%
radio adjusted OIBDA margins in the quarter, which were likewise
among the highest in the radio industry."

"Our operating momentum continues, delivering consistent ratings
and audience growth for our brands, including 4 out of the 6
most-listened-to Hispanic stations in the nation, the Top 2
stations among Hispanic millennials and the global leader in
Spanish-language radio, WSKQ-FM in New York City."

"In addition, we have successfully transitioned our core audio
expertise into the digital sector with our LaMusica platform, which
was recently ranked the #1 Hispanic music streaming and radio site
with strong growth across all our digital media metrics.  Our Aire
radio network is on track to achieve one of the best years in its
history and our experiential platform continues to produce
successful Tier A live events in all of our major markets."

"Looking to Q4 and fiscal year 2019, we remain confident as to what
we believe will be, by all indications, an exceptional operating
performance that will extend into 2020."

A full-text copy of the Form 10-Q is available for free at:

                     https://is.gd/5MV44t

                   About Spanish Broadcasting

Based in Miami, Florida, Spanish Broadcasting System, Inc.
(OTCMKTS:SBSAA) -- http://www.spanishbroadcasting.com-- owns and
operates radio stations located in the top U.S. Hispanic markets of
New York, Los Angeles, Miami, Chicago, San Francisco and Puerto
Rico, airing the Tropical, Regional Mexican, Spanish Adult
Contemporary, Top 40 and Urbano format genres SBS also operates
AIRE Radio Networks, a national radio platform of over 250
affiliated stations reaching 94% of the U.S. Hispanic audience. SBS
also owns MegaTV, a network television operation with over-the-air,
cable and satellite distribution and affiliates throughout the U.S.
and Puerto Rico, produces a nationwide roster of live concerts and
events, and owns a stable of digital properties, including La
Musica, a mobile app providing Latino-focused audio and video
streaming content and HitzMaker, a new-talent destination for
aspiring artists.

Spanish Broadcasting reported net income of $16.49 million for the
year ended Dec. 31, 2018, compared to net income of $19.62 million
for the year ended Dec. 31, 2017.  As of June 30, 2019, the Company
had $454.09 million in total assets, $539.17 million in total
liabilities, and a total stockholders' deficit of $85.07 million.

Crowe LLP, in Fort Lauderdale, Florida, the Company's auditor since
2013, issued a "going concern" opinion in its report dated April 1,
2019, on the Company's consolidated financial statements for the
year ended Dec. 31, 2018, citing that the 12.5% Senior Secured
Notes had a maturity date of April 15, 2017.  Cash from operations
or the sale of assets was not sufficient to repay the notes when
they became due.  In addition, at Dec. 31, 2018 the Company had a
working capital deficiency.  These factors raise substantial doubt
about the Company's ability to continue as a going concern.



=================
V E N E Z U E L A
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PDVSA: ConocoPhillips Seeks Seizure of Citgo Parent Shares
----------------------------------------------------------
Reuters reports that U.S. oil company ConocoPhillips on Nov. 26
filed a motion in a Delaware court seeking to seize shares in the
parent of U.S. refiner Citgo Petroleum to collect on an arbitration
award against Venezuelan state oil company PDVSA.

Reuters relates that Citgo, a PDVSA subsidiary and Venezuela's
crown jewel overseas asset, is being targeted by numerous parties
seeking payment from Venezuela or PDVSA. But any transfer of its
ownership is currently restricted by U.S. sanctions aimed at
forcing out socialist President Nicolas Maduro, the report says.

The International Chamber of Commerce last year awarded
ConocoPhillips $2 billion as compensation for Venezuela's 2007
takeover of its assets, Reuters recalls. Conoco said that PDVSA
made some payments, but has not finished paying, giving it the
right to enforce the award, Reuters relays.

In staking a claim to PDVSA's overseas assets, Conoco joins
Canadian gold mining company Crystallex, which has won a $1.4
billion judgement for expropriation of its assets, and holders of
PDVSA's 2020 bond, which is backed by a 50% stake in Citgo,
according to Reuters.

But last week, the Treasury Department said it would block any
attempt to enforce liens, judgements or arbitral awards by seizing
Venezuelan property, says Reuters.

In its filing, Conoco acknowledged that actually seizing the shares
in Citgo parent PDV Holding (PDVH) would be "more complicated," but
argued that it should be entitled to the same treatment as
Crystallex.

"The ability of any creditor to foreclose on the PDVH Shares . . .
may turn on the status and interpretation of sanctions,
authorizations and/or licensing from the Office of Foreign Assets
Control of the U.S. Department of the Treasury," Conoco, as cited
by Reuters, wrote.

Reuters adds that Conoco spokesman Daren Beaudo said PDVSA was
about $12 million short of its required third quarter payment to
Conoco and has not paid any of the required fourth quarter amount.

Conoco disclosed in October that it had received a total of $754
million from PDVSA through the third quarter under the $2 billion
settlement agreement, Reuters discloses.

"We are working closely with the U.S. government to determine the
best course of action and will comply with all applicable U.S.
orders, laws and regulations" governing transactions with PDVSA,
Mr. Beaudo added, Reuters relays.

                            About PDVSA

Founded in 1976, Petroleos de Venezuela, S.A. (PDVSA) is the
Venezuelan state-owned oil and natural gas company, which engages
in exploration, production, refining and exporting oil as well as
exploration and production of natural gas.  It employs around
70,000 people and reported $48 billion in revenues in 2016.

As reported in Troubled Company Reporter-Latin America on June 3,
2019, Moody's Investors Service withdrew all the ratings of
Petroleos de Venezuela, S.A. including the senior unsecured and
senior secured ratings due to insufficient information. At the time
of withdrawal, the ratings were C and the outlook was stable.

Citgo Petroleum Corporation (CITGO) is Venezuela's main foreign
asset.  CITGO is majority-owned by PDVSA.  CITGO is a United
States-based refiner, transporter and marketer of transportation
fuels, lubricants, petrochemicals and other industrial products.

However, CITGO formally cut ties with PDVSA at about February 2019
after U.S. sanctions were imposed on PDVSA.  The sanctions are
designed to curb oil revenues to the administration of President
Nicolas Maduro and support for the Juan Guaido-headed party.


                           *********


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
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USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
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Chapman, Editors.

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

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