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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, August 24, 2018, Vol. 19, No. 168


                            Headlines



A R G E N T I N A

ARGENTINA: Lazard Sees Distressed Deals on Tap as GDP Suffers
PROVINCE OF CORDOBA: S&P Affirms 'B+' ICR, Outlook Stable


B R A Z I L

MURPHY OIL: Moody's Affirms Ba3 CFR & Alters Outlook to Positive


C A Y M A N  I S L A N D S

SCOTTISH ANNUITY: Files Distribution Trust Deal as Plan Exhibit


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Banks to Tackle 351,000-Unit Housing Deficit
DOMINICAN REPUBLIC: Mining Exports Up 58.3% Annually From 2010-16


J A M A I C A

JAMAICA: Agri Industry to Capitalize on Castor Oil Industries
JAMAICA: Agriculture Minister to Revisit JACRA Policies


P U E R T O    R I C O

CHASE MONARCH: Aug. 28 Plan Confirmation Hearing Set


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Positions for Guyana Oil Boom


V E N E Z U E L A

PETROLEOS DE VENEZUELA: S&P Affirms SD ICR & D Issue-Level Rating


                            - - - - -


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A R G E N T I N A
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ARGENTINA: Lazard Sees Distressed Deals on Tap as GDP Suffers
-------------------------------------------------------------
Pablo Rosendo Gonzalez at Bloomberg News reports that Argentina's
economic woes may spell the end of traditional mergers and
acquisitions this year, while paving the way for some companies to
snap up battered assets, according to Lazard Ltd.'s Matias
Eliaschev.

"Currency volatility, increased country-risk spreads and general
turmoil in emerging markets will make closing transactions more
challenging," Lazard's chief executive officer for Latin America,
excluding Mexico and Brazil, said in an interview, according to
Bloomberg News.  Still, "this environment is likely to encourage
more financial restructuring and distressed M&A activity," he
added.

The report notes that South America's second-largest economy was
heading to recession even before a wide ranging corruption scandal
broke this month, threatening to further curtail investment in a
country where industrial production slumped 8.1 percent in June
from the year earlier.  Among deals that had been in the works
were a group of banks divesting Prisma Medios de Pagos SA, the
local operator of Visa, and YPF SA unloading its stake in Metrogas
SA, the country's largest gas distributor, the report relays.

Goldman Sachs Group Inc. began efforts to sell Prisma in the first
half of the year, while YPF mandated Citigroup Inc. to sell its 70
percent stake in Metrogas last year, the report discloses.
Eliaschev declined to speculate on any specific companies that may
be affected by the current turmoil, the report relays.

The economic slowdown and fast-expanding corruption scandal have
sent the average overseas borrowing cost for Argentine companies
to 10.25 percent from 8.50 percent at the beginning of the month,
according to data compiled by Bloomberg. With not even blue-chip
names like YPF and Telecom Argentina SA having access to the
global debt markets, yields for smaller issuers have fallen into
distressed territory, the report says.

Companies that struggle to find financing "could be forced to
sell," the report quoted Mr. Eliaschev as saying.  "Opportunistic
buyers and strategic players with a long-term view may find
themselves with an attractive pipeline of Argentine assets in the
next 6 to 12 months," he added.

As reported in the Troubled Company Reporter-Latin America on
June 7, 2018, S&P Global Ratings affirmed on June 4, 2018, its
'B+' long-term sovereign credit ratings on the Republic of
Argentina. The outlook on the long-term ratings remains stable.
S&P also affirmed its short-term sovereign credit ratings on
Argentina at 'B', its 'raAA' national-scale ratings, and its
transfer and convertibility assessment of 'BB-'.

S&P said the stable outlook incorporates its expectation that
the Macri Administration will implement additional austerity-based
economic measures in the coming six months to contain and soon
reverse the deterioration in inflation dynamics, reduce the fiscal
deficit, and stabilize the economy. S&P expects the government's
decision to enter into an agreement with the International
Monetary Fund (IMF) will help sustain investor confidence and
maintain its access to capital market funding for its large fiscal
deficits. S&P expects that effective implementation of corrective
economic policies, including revised budgetary targets for this
year and next, will set the stage for better policy predictability
and continuity over the next several years.

Fitch Ratings affirmed on May 8, 2018, Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and revised
the Outlook to Stable from Positive.

On December 4, 2017, Moody's Investors Service upgraded the
Government of Argentina's local and foreign currency issuer and
senior unsecured ratings to B2 from B3. The senior unsecured
shelves were upgraded to (P)B2 from (P)B3. The outlook on the
ratings is stable.  At the same time, Argentina's short-term
rating was affirmed at Not Prime (NP). The senior unsecured
ratings for unrestructured debt were affirmed at Ca and the
unrestructured senior unsecured shelf affirmed at (P)Ca.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30- grace
period on a US$539 million interest payment.  Earlier that ,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. 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.


PROVINCE OF CORDOBA: S&P Affirms 'B+' ICR, Outlook Stable
---------------------------------------------------------
On Aug. 21, 2018, S&P Global Ratings affirmed its 'B+' foreign and
local currency issuer credit ratings on the province of Cordoba.
The outlook remains stable.

OUTLOOK

S&P said, "The stable outlook on the province mirrors the stable
outlook on our foreign and local currency ratings on the
sovereign. It incorporates our expectation that the Macri
Administration will implement additional austerity-based economic
measures in the next six months to contain and then reverse the
rising inflation, reduce the fiscal deficit, and stabilize the
economy. The stable outlook also reflects our view that in the
next 12 months, Cordoba will continue to post operating surpluses
above 10% of operating revenue and small surpluses after capital
expenditures (capex), while investments will remain above 10% of
total spending despite fewer borrowings and lower capital revenues
in the next three years."

Downside scenario

"We could lower our ratings on Cordoba during the next 12 months
if we lower the sovereign ratings. We could also downgrade Cordoba
if we perceive it has less commitment to maintaining prudent
fiscal policies, indicated by weakening budgetary performance and
less judicious policies; or if we believe that the risks from the
province's contingent liabilities are increasing along with its
debt burden."

Upside scenario

S&P said, "Given that we don't believe Cordoba meets the
conditions for us to rate it higher than the sovereign, we would
only raise our rating on the province over the next 12 months if
we raise our foreign and local currency sovereign ratings on
Argentina."


RATIONALE

S&P said, "Our 'B+' ratings on Cordoba are one notch below its
'bb-' stand-alone credit profile (SACP). The ratings reflect our
view of the province's continuously prudent fiscal policies, with
a track record of managing its debt's exposure to foreign currency
risk during volatile macroeconomic conditions." In the past two
years, Cordoba has successfully increased its level of loans
without hurting its debt profile, which we think will decrease in
the next three years. Cordoba's contingent liabilities stemming
from its government-related entities (GREs), which aren't
consolidated into its budget, and its economy that is weaker than
those of domestic peers, limit the ratings.

Sound fiscal results will support robust cash levels and
decreasing debt.

S&P said, "We expect Cordoba to continue posting high operating
surpluses between 2018 and 2020 of above 10% of operating revenue.
These surpluses result from its continuous tight cost control
measures and ongoing efforts to strengthen revenue collection. In
2017, the province received greater revenue from federal
transfers-?mainly from the previous 15% of co-participation funds
that the national government withheld from the province. We
believe the province has a rigid budget structure because the
majority of its spending is concentrated in payroll, pensions, and
interest payments. At the same time, we think Cordoba has limited
ability to further increase revenue, because it's already
overhauled the tax structure in the past and doesn't currently
have the political willingness to implement further tax hikes.
Meanwhile, the province announced decreases in gross receipt taxes
in late 2017, aligning itself with the milestones agreed upon in
the 2017 fiscal pact the federal government signed with the
provinces.

"Our base-case scenario is that the combination of current
measures to strengthen own-source revenues, and the potential
decline in federal transfers given Argentina's current economy,
will lead to higher levels of own-source revenues. We expect the
latter to remain around 57% during 2018-2020. At the same time,
Cordoba's wide operating surpluses, coupled with the remaining
amounts of previous issuances, will continue to support its capex
program in the next three years. We expect capex to average 13% of
total expenditures in 2018-2020, down from 16% in 2017 when the
province had its all-time record in borrowings. We expect that at
the end of 2018, the province will post an after capex deficit of
2% of total revenue, and then will return to surpluses by 2019.

Since 2016, Cordoba has returned to international markets and
issued nearly $1.7 billion in debt. The province used the proceeds
primarily to fund capex projects and to amortize debt. Cordoba's
issuances in both domestic and international markets haven't
harmed its debt profile, although its exposure to foreign currency
risk increased to 96% as of May 2018 and is a source of potential
volatility if the ARS slides. However, given the province's
exceptionally high operating balances, its direct debt currently
represents less than three years of operating margins, which we
believe is a positive factor for its debt profile. S&P's base-case
scenario assumes that Cordoba's direct debt will peak at 36% of
adjusted operating revenue, reflecting the effect of the ARS
depreciation, and will then decline to around 27% by 2020. S&P
estimates interest to represent around 2% of operating revenue in
2018-2020.

The province's liquidity position has improved following its
greater access to the markets and sustained operating surpluses.
S&P said, "In our view, Cordoba has net free cash and liquid
assets to cover 75% of its projected debt service of ARS6.3
billion for 2018. We assess Cordoba's access to external liquidity
as limited, largely due to our view of Argentina's capital markets
and banking system." However, the province's very robust internal
cash flow generation from its operating balances compared with
those of its peers lessens its dependency on external sources to
fund its investments.

Cordoba guarantees the liabilities of its two GREs that it doesn't
include its budget. S&P said, "We consider these GRES self-
supporting. They include an electricity company, Empresa
Provincial de Energia de Cordoba (EPEC; not rated) and a bank,
Banco de la Provincia de Cordoba S.A. (not rated). In the event of
financial stress, we believe the estimated financial support for
the GREs would be 11% of Cordoba's estimated operating revenue in
2018."

A very volatile institutional framework offsets prudent fiscal
policies.

S&P said, "We continue to view the institutional framework for
Argentine local and regional governments (LRGs) as very volatile
and underfunded. However, we believe the outcome of reforms and
the pace of their implementation are becoming more predictable.
This comes amid increased dialogue between LRGs and the national
government to address various fiscal and economic challenges that
we expect to remain in the short to medium term."

Cordoba continues to adopt prudent fiscal policies that encompass
a medium- to long-term timeframe and that shelter it from economic
imbalances in Argentina. In the past couple of years, the province
increased its debt exposure to foreign currency risk because of an
upsurge in international issuances. S&P said, "Nevertheless, we
believe the province's use of financial instruments like
government bonds mitigate this risk. Argentina's economic
volatility continues to limit the province's revenue and
expenditure management, but we believe that the management has the
adequate expertise to implement corrective policies and to
forecast revenues and expenses. The provincial economy continues
to be somewhat diversified, although its performance is still very
much linked to that of Argentina. We project that Cordoba's three-
year average GDP per capita between 2015 and 2017 was $8,762, and
that the province's GDP per capita will reach $8,097 in 2018--
lower than domestic peers like the provinces of Buenos Aires and
Mendoza."

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

  Cordoba (Province of)
   Issuer Credit Rating                   B+/Stable/--
   Senior Unsecured                       B+


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B R A Z I L
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MURPHY OIL: Moody's Affirms Ba3 CFR & Alters Outlook to Positive
----------------------------------------------------------------
Moody's Investors Service has affirmed Ba3 corporate family rating
of Murphy Oil Corporation, Ba3-PD probability of default and Ba3
ratings assigned to its senior unsecured notes. The outlook is
changed to positive from stable.

"The positive rating outlook reflects our expectation that the
company will continue to strengthen its leverage profile as it
shifted its focus to self-funded growth and short-cycle capital
projects," commented Elena Nadtotchi, Vice President Senior Credit
Officer at Moody's.

RATINGS RATIONALE

Murphy's Ba3 CFR is underpinned by its disciplined reinvestment of
operating cash flow to deliver a steady growth in production, even
as higher rates of decline in its mature offshore fields offset
rapidly rising onshore production in the US and Canada. The
company generates relatively high cash margins, backed by strong
price realizations in its Asian operations, as well as oil bias in
production, competitive cost structure and supported by hedging.
Moody's expects that Murphy will continue to generate strong
operating cash flow and will turn free cash flow positive in 2018,
after covering its capital and exploration spending of $1.1-1.2
billion, as well as its dividend.

Steady growth amid the improved oil prices should boost cash flow
coverage of debt metrics, with RCF/debt trending to 35% in 2019,
up from 25% at the end of Q2 2018. As the company is stabilizing
its production after sizable divestments in 2016, Murphy's
debt/average production and debt/reserves metrics will likely
remain elevated, compared to peers.

The positive outlook reflects the on-going reversal of the decline
in production lead by profitable growth in onshore operations in
the US and Canada, as well as the expected improvement in the
leverage profile.

Murphy's ratings could be upgraded if the company demonstrates
consistent production growth funded through cash flow while
sustaining RCF/Debt above 25% and a leveraged full-cycle ratio
(LFCR) of 1.5x.

Murphy's ratings could be downgraded if retained cash flow to debt
fall towards 15% or the LFCR falls below 1x on a sustained basis.

Murphy's SGL-1 rating reflects a very good liquidity profile
through 2019, with cash flow from operations sufficient to cover
capital expenditures and dividends, large cash balances of around
$0.9 billion and an undrawn $1.1 billion unsecured revolving
credit facility as of June 30, 2018 with $28 million in letters of
credit issued.

Murphy's $1.1 billion revolver expires in August 2021. Moody's
expects the company to remain well in compliance with its
financial covenants of EBITDAX/Interest coverage no less than 2.5x
and debt/EBITDAX of less than 4.0x. In order to avoid having the
revolver become secured Murphy is required to maintain
debt/EBITDAX no greater than 3.5x. Moody's expects Murphy to
generate EBITDAX more than sufficient to remain in compliance with
this springing collateral test. Murphy's next maturity is $500
million and $600 million of senior notes maturing in 2022.

Murphy's senior unsecured notes are rated Ba3, the same as the CFR
in accordance with Moody's Loss Given Default Methodology.

Murphy Oil Corporation is an independent E&P company with
producing and/or exploration activities in the US, Canada, Mexico,
Malaysia, Brunei, Australia, Brazil and Vietnam. As of December
31, 2017, Murphy had 698 million barrels of oil equivalent of
proved reserves. The company's production averaged 171 thousand
barrels of oil equivalent per day during Q2 2018.

Outlook Actions:

Issuer: Murphy Oil Corporation

Outlook, Changed To Positive From Stable

Affirmations:

Issuer: Murphy Oil Corporation

Probability of Default Rating, Affirmed Ba3-PD

Speculative Grade Liquidity Rating, Affirmed SGL-1

Corporate Family Rating, Affirmed Ba3

Senior Unsecured Regular Bond/Debenture, Affirmed Ba3 (LGD4)


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C A Y M A N  I S L A N D S
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SCOTTISH ANNUITY: Files Distribution Trust Deal as Plan Exhibit
---------------------------------------------------------------
BankruptcyData.com reported that Scottish Annuity & Life Insurance
Company filed with the U.S. Bankruptcy Court a First Addendum to
Plan Supplement for Second Amended Joint Chapter 11 Plan of
Reorganization. The First Addendum to the supplement contains
Exhibit G -- Form of Distribution Trust Agreement.

                    About Scottish Holdings

Scottish Holdings, Inc., and Scottish Annuity & Life Insurance
Company (Cayman) operate as subsidiaries of Scottish Re Group Ltd.
Scottish Re Group Limited -- http://www.scottishre.com/-- is a
holding company organized under the laws of the Cayman Islands
with its principal executive office in Bermuda.  Through its
operating subsidiaries, the company is engaged in the reinsurance
of life insurance, annuities and annuity-type products.  These
products are written by life insurance companies and other
financial institutions primarily located in the United States.
Scottish Re Group has operating companies in Bermuda, Ireland, and
the United States.

Scottish Holdings and Scottish Annuity sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
18-10160) on Jan. 28, 2018.  In the petition signed by CEO Gregg
Klinenberg, the Debtor estimated assets and liabilities of $1
billion to $10 billion.

The Debtors hired Hogan Lovells US LLP as bankruptcy counsel;
Morris, Nichols, Arsht & Tunnell LLP as co-counsel; Mayer Brown
LLP as special counsel; and Keefe, Bruyette & Woods, Inc., as
investment banker.

The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on Feb. 20, 2018.  The Committee tapped Mayer
Brown LLP as special counsel and Appleby (Cayman) Ltd. as special
counsel.

Max Mailliet serves as Luxembourg insolvency receiver of non-
debtor affiliate Scottish Financial (Luxembourg) S.a r.l.


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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Banks to Tackle 351,000-Unit Housing Deficit
----------------------------------------------------------------
Dominican Today reports that Central Banker Hector Valdez Albizu,
and cabinet ministers Gustavo Montalvo and Donald Guerrero, met
with bank executives to discuss the housing deficit affecting
middle and low income families.

The senior officials stated their concern to executives of the
Banks Association (ABA) and the Dominican of S&L Associations
League (Lidaapi), according to Dominican Today.

They said the Dominican Home Builders and Developers Association
(Acoprovi) estimates the deficit at 351,000 units, the report
notes.

The report relays that Mr. Montalvo called for greater public-
private collaboration, aimed at providing new opportunities for
the well-being to Dominicans with low and middle incomes.

"Today, the supply of low-cost housing has increased among other
reasons, due to the facilities granted by the Monetary Board in
successive release of resources from the bank reserve, but it is
still possible to do more so that together we can achieve a more
just society, fair and safe," he said, the report says.

According to the report, Mr. Valdez added: "The idea and the
approach is to bring together a team that contributes, depending
on the financial possibilities, to fight the scourge suffered by
many Dominicans to be forced to live in homes of bad or terrible
conditions."

In a statement, the bank executives said Mr. Valdez hailed the
government's intention to facilitate and promote investment in
housing construction and the granting of mortgage loans,
"participating actively in a debate where the measures that could
contribute to the to the achievement of the set goals," the report
relays.

As reported in the Troubled Company Reporter-Latin America on
July 19, 2018, Fitch Ratings assigned a 'BB-' rating to
Dominican Republic's USD1.3 billion bonds, maturing July 2028. The
notes have a coupon of 6%.  Proceeds from the issuance will be
used for general purposes of the government, including the partial
financing of the 2018 budget.


DOMINICAN REPUBLIC: Mining Exports Up 58.3% Annually From 2010-16
-----------------------------------------------------------------
Dominican Today reports that Dominican Republic's mining sector
has grown 58.3% annually from 2010 to 2016 in terms of national
exports, surpassing agro's 4.8% and industries' 3%, EFE reports.

Only mineral exports account for 40.9% of national exports and
18.1% of the country's total exports, according to data released
by Dominican Republic's Mining and Petroleum Chamber (Camipe), the
report notes.

The report relays that on its website, the Chamber said quarry
mining (gold, ferronickel, copper and silver) are 4 of the 15 main
national exports.

Adding to those figure non-metallic mining and the cement
industry, even though the Dominican Republic is not an eminently
mining country, according to Dominican Today reports that.

"Nonetheless the percentage of national exports corresponding to
this economic activity is nearly equivalent to countries with a
mining tradition, such as Chile," the report quoted the Camipe as
saying.

As reported in the Troubled Company Reporter-Latin America on
July 19, 2018, Fitch Ratings assigned a 'BB-' rating to
Dominican Republic's USD1.3 billion bonds, maturing July 2028. The
notes have a coupon of 6%.  Proceeds from the issuance will be
used for general purposes of the government, including the partial
financing of the 2018 budget.


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J A M A I C A
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JAMAICA: Agri Industry to Capitalize on Castor Oil Industries
-------------------------------------------------------------
RJR News reports that the local bamboo and castor oil industries
are to be included in the Agriculture Push-Start program, as part
of plans to capitalize on the value chain of these crops.

Castor oil is to be added to the program by the end of the year
and bamboo at a later date, according to RJR News.

This was disclosed by Minister without Portfolio in the Ministry
of Industry, Commerce, Agriculture and Fisheries, J.C. Hutchinson,
during his address at a Rural Agricultural Development Authority
(RADA) forum in St. Thomas.

The report relays that Mr. Hutchinson disclosed that the planting
of the castor bean will begin in earnest by the end of the year,
as Jamaica seeks to tap into the multi-billion-dollar industry.

The product is used primarily in the pharmaceutical industry as an
antioxidant and anti-inflammatory; in cosmetic applications; and
in the manufacture of high-grade lubricants as well as biodiesel
fuel, the report discloses.

Mr. Hutchinson said interest has already been expressed by an
international investor in establishing a bamboo-processing
facility in Jamaica, the report relays.

And pointing to the variety of bamboo-derived products, Hutchinson
said the Government is taking steps to develop the industry, the
report notes.

He said a committee has been formed with the purpose of examining
the tenets of establishing the sector and the aim is to formalize
the growing of bamboo, the report discloses.

The committee will collaborate with stakeholders to speed up the
establishment of the bamboo industry by next year, the report
adds.

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2018, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and has
revised the Rating Outlook to Positive from Stable.


JAMAICA: Agriculture Minister to Revisit JACRA Policies
-------------------------------------------------------
RJR News reports that Agriculture Minister, Audley Shaw, has
promised to revisit policies under the Jamaica Agricultural
Commodities Regulatory Authorities (JACRA).

This follows complaints that regulations being imposed by the
entity are too burdensome, according to RJR News.

"I am going to review the polices of JACRA.  It cannot be creating
a disincentive to production.  Mr Grizzle told me that he wants to
go into turmeric and ginger -- turmeric is about to be announced
by the Food and Drug Administration in the United States, as a
wonder food, that can fight inflammation in your body," the report
quoted Mr. Shaw as saying.

The Minister admitted that there's an imbalance in how JACRA's
taxes are structured and pointed out that more taxes should be
placed on imports rather than exports, the report notes.

The report relays that concerning duties on the importation of
coffee, the Mr. Shaw said there will be no lifting of duties.
He stated that local coffee companies are abandoning their
fields -- a practice that is unacceptable, the report says.

The report notes that Mr. Shaw added that local coffee farmers
will face losses when the companies import coffee beans.

"I am using this forum to send out a warning to all of those
people who are in the coffee business.  Some of them call
themselves the exporters association but they ought to be referred
to as the importers association because they are importing most of
the raw material.  Meanwhile there are coffee farmers in the Blue
Mountains who are trying to sell their coffee and can't sell it.
We need to find the right formula to ensure that we rebuild that
industry for our country and for our farmers," he said, the report
adds.

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2018, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and has
revised the Rating Outlook to Positive from Stable.


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


CHASE MONARCH: Aug. 28 Plan Confirmation Hearing Set
----------------------------------------------------
Judge Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico issues an amended order, dated August 6,
2018, conditionally approving the disclosure statement explaining
Chase Monarch International Inc.'s plan of reorganization, and
scheduling a hearing for the consideration of the final approval
of the Disclosure Statement and the confirmation of the Plan for
August 28, 2018, at 10:00 A.M.

Acceptances or rejections of the Plan may be filed in writing by
the holders of all claims on or before 7 days prior to the date of
the hearing on confirmation of the Plan.

Any objection to the final approval of the Disclosure Statement
and/or the confirmation of the Plan shall be filed on or before 10
days prior to the date of the hearing on confirmation of the Plan.

At the confirmation hearing the Court will conclude the estimated
date for "substantial consummation" of the Plan as defined in 11
USC 1101(2).  The debtor in possession or moving party shall
submit to the Court the information necessary to enter a final
decree, as set forth in LBR 3022-1.

             About Chase Monarch International, Inc.

Chase Monarch International, Inc., filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 16-06841) on November 14, 2017,
disclosing under $1 million in both assets and liabilities. The
Debtor is represented by Hector Juan Figueroa Vincenty, Esq.


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


TRINIDAD CEMENT: Positions for Guyana Oil Boom
----------------------------------------------
Trinidad Express reports that like scores of other local
companies, Claxton Bay-headquartered, regional cement producer
Trinidad Cement Ltd (TCL) is positioning itself to benefit from
the increase in government expenditure that is expected in Guyana
following the start of oil production there in 2020.

Trinidad Cement disclosed that it had entered into sale and
purchase agreements on August 10 to acquire the 20 per cent stake
in TCL Guyana it did not own from two minority shareholders,
Toolsie Persaud Ltd and Anral Investments Ltd, the report relays.

As reported in the Troubled Company Reporter-Latin America on
Oct. 4, 2017, Fitch Ratings has affirmed and simultaneously
withdrawn Trinidad Cement Limited's Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) at 'B+'.


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


PETROLEOS DE VENEZUELA: S&P Affirms SD ICR & D Issue-Level Rating
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'SD' global scale issuer credit
rating and 'D' issue-level ratings on Petroleos de Venezuela S.A.
(PDVSA).

S&P said, "We understand that PDVSA has been unable to meet the
coupon payments on its 2017, 2021, 2024, 2026, 2027, and 2037
notes since November 2017 (or we have been unable to obtain a
confirmation that the bond holders had received the funds by that
date). This constitutes an event of default under our methodology.
Therefore, we rate PDVSA at 'SD' and all of its debt at 'D'. We
also infer that PDVSA has continued paying other coupon payments
and in particular the ones on its 2020 notes. Given PDVSA's
current sanctions and its weak liquidity position, we're uncertain
about the company's ability to pay its future debt maturities and
restructure its defaulted obligations."

The company's operating performance continues to be challenging.
Lower oil prices and a lack of investment has eroded PDVSA's oil
production, resulting in historically low levels of 1.5 million
barrels per day (mpd) in June 2018, down from 2.4 mpd in 2016.
However, there are significant gaps and inconsistencies in
officially reported data. Moreover, given the highly constrained
external liquidity situation for the sovereign and domestic
entities, S&P would consider any restructuring of PDVSA's debt to
be a distressed debt exchange and equivalent to default.


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Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


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 2018.  All rights reserved.  ISSN 1529-2746.

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

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

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


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