/raid1/www/Hosts/bankrupt/TCRLA_Public/180907.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Friday, September 7, 2018, Vol. 19, No. 178


                            Headlines



A R G E N T I N A

AEROPUERTOS ARGENTINA: S&P Places BB- Ratings on Watch Negative
ARGENTINA: President Accused of 'Abuse of Power' Over IMF Loan
ARGENTINA: S&P Removes 'B' Short-Term SCR on CreditWatch Neative
BANCO PATAGONIA: S&P Places B+ ICR on Watch Negative
BUENOS AIRES: S&P Puts B+ Issuer Credit Rating on Watch Negative


B R A Z I L

BRADESCO SEGUROS: Fitch Affirms 'BB' IFS Rating, Outlook Stable


D O M I N I C A

DOMINICA: Output is Projected to Decline by 14%, IMF Says


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Dryers Let Onion Growers Cut Losses to 4%
DOMINICAN REPUBLIC: Construction Paces Economy 6.7% Jump to July


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: TTMA Says Shutdown Will have Bad Effect


                            - - - - -


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


AEROPUERTOS ARGENTINA: S&P Places BB- Ratings on Watch Negative
---------------------------------------------------------------
On Sept. 3, 2018, S&P Global Ratings placed its local and foreign
currency ratings on the following companies on CreditWatch with
negative implications:

-- Aeropuertos Argentina 2000 S.A. (AA2000)
-- AES Argentina Generacion S.A.
-- CAPEX S.A.
-- Compan°a de Transporte de Energia Electrica en Alta Tension
    TRANSENER S.A.
-- IRSA Inversiones y Representaciones S.A.
-- IRSA Propiedades Comerciales S.A.
-- Telecom Argentina S.A.
-- Transportadora de Gas del Sur S.A. (TGS)
-- Pampa Energia S.A.
-- YPF S.A.

S&P said, "At the same time, we revised our outlook on Empresa
Distribuidora y Comercializadora Norte S.A. (EDENOR) to stable
from positive and affirmed the 'B' long-term issuer credit
ratings.

"The CreditWatch placements follow that on the sovereign, which
stemmed from our views of increasing risks for Argentina to
implement economic adjustments due to negative investor sentiment,
which ultimately weakens the peso, and a spike in inflation.

"We cap our ratings on these entities, except AA2000 and Telecom
Argentina, at that on the sovereign because we believe that they
are vulnerable to a sovereign default scenario.
The ratings on AA2000 remain one notch above that on Argentina to
reflect the company's very robust cash flow generation and some
degree of geographic insulation that we believe would allow it to
withstand a sovereign stress, at least for some time.

"The ratings on Telecom Argentina also remain one notch higher
than the sovereign rating, and capped by our 'BB-' transfer and
convertibility assessment, mainly due to the company's robust
balance sheet and strong cash flow generation, which we believe
provide moderate protection to withstand a sovereign stress.
We revised our outlook on EDENOR to stable because, in our view, a
potential downgrade of Argentina will limit EDENOR's prospects for
an upgrade to 'B+', given its exposure to the country and its
regulated nature."

CREDITWATCH

S&P expects to resolve these CreditWatch placements within the
next three months, depending on the resolution of the CreditWatch
on the sovereign.

  Ratings List
  CreditWatch/Outlook Action
                                  To                 From
  Aeropuertos Argentina 2000 S.A.
   Issuer Credit Rating           BB-/Watch Neg/--   BB-/Stable/--
   Senior Secured                 BB-/Watch Neg      BB-

  CAPEX S.A.
   Issuer Credit Rating           B+/Watch Neg/--    B+/Stable/--
   Senior Unsecured               B+/Watch Neg       B+

  Transportadora de Gas del Sur S.A. (TGS)
   Issuer Credit Rating           B+/Watch Neg/--    B+/Stable/--
   Senior Unsecured               B+/Watch Neg       B+

  Compania de Transporte de Energia Electrica en Alta Tension
  TRANSENER S.A.
   Issuer Credit Rating           B+/Watch Neg/--    B+/Stable/--
   Senior Unsecured               B+/Watch Neg       B+

  IRSA Inversiones y Representaciones S.A.
  IRSA Propiedades Comerciales S.A.
   Issuer Credit Rating           B+/Watch Neg/--    B+/Stable/--
   Senior Unsecured               B+/Watch Neg       B+

  Pampa Energia S.A.
   Issuer Credit Rating           B+/Watch Neg/--    B+/Stable/--
   Senior Unsecured               B+/Watch Neg       B+

  Telecom Argentina S.A.
   Issuer Credit Rating           BB-/Watch Neg/--   BB-/Stable/--

  AES Argentina Generaci¢n S.A
   Issuer Credit Rating           B+/Watch Neg/--    B+/Stable/--
   Senior Unsecured               B+/Watch Neg       B+

  YPF  S.A.
   Issuer Credit Rating           B+/Watch Neg/--    B+/Stable/--
   Senior Unsecured               B+/Watch Neg       B+

  Empresa Distribuidora Y Comercializadora Norte S.A.

  Ratings Affirmed; Outlook Action
                                  To                 From
  Empresa Distribuidora Y Comercializadora Norte S.A.
   Issuer Credit Rating           B/Stable/--        B/Positive/--
   Senior Unsecured               B                  B


ARGENTINA: President Accused of 'Abuse of Power' Over IMF Loan
--------------------------------------------------------------
dw.com reports that Argentina's attorney general, Jorge Di Lello,
announced that his office planned to investigate President
Mauricio Macri for "abuse of power," stemming from a $50 billion
(EUR42 billion) loan his administration secured from the
International Monetary Fund (IMF).  The move underscores the
repercussions that this year's economic turmoil is having in
Argentine politics, according to dw.com.

A formal complaint against President Macri's government was made
by former lawmaker Claudio Lozano and Jonatan Baldiviezo, of the
NGO City Rights Observatory, the report notes.  They accuse
members of the executive branch of being in "violation of public
duties in bypassing congress" when they signed the accord with the
IMF, the report relays.

"Our constitution has established that it is Congress who has the
sole authority to collect public debt and to enter into agreements
with international agencies," Mr. Baldiviezo told the EFE news
agency, the report relays.  In particular, the plaintiffs
highlighted that Argentina's 2018 Budget Law also does not
authorize the president to sign agreements with the IMF, the
report notes.

The report discloses that Mr. Lozano and Mr. Baldiviezo have asked
attorney general Mr. Di Lello to suspend the execution of the IMF
loan until the legal investigation has been resolved.   But it
will now be up to federal judge Julian Ercolini to decide this,
and to deliver a final ruling on the case, the report says.

The report notes that President Macri's government had already
publicly ruled out congressional authorization for the IMF loan
request several weeks ago and has argued that the loan represents
the only way to come through of the economic storm currently
gripping the country.

The country's justice ministry said it would cooperate with the
investigation, but noted that the inquiry seemed to be politically
motivated, the report discloses.  "Clearly these are actions that
have no basis, that are attached to political complaints that have
previously been made," Minister of Justice German Garavano told
Argenti, the report notes

              Argentina Relying Solely on The IMF

A freefall in the valuation of the peso was mitigated last week by
Macri's request to speed up the $50 billion loan disbursement and
the Central Bank's 15-point interest rate hike, the report
discloses.

Economy Minister Nicolas Dujovne said that the government is not
seeking other sources of financing outside the IMF for help in
curbing an economic crisis, saying that he was dealing directly
with IMF Managing Director Christine Lagarde, the report relays.

"I have enormous confidence in the progress that we've made these
days," Mr. Dujovne said at a news conference in Washington after
his second day of talks with the IMF, the report notes.

"The reformulation of the (IMF) program will help us leave behind
these days of anguish and volatility and will slowly allow the
opening of credit to Argentina," he said, the report discloses.
"It will open the doors to private financing and that way we will
be able to get back on the path of growth."

The IMF loan comes with a guarantee from Argentina that it will
implement new austerity measures, which the government had already
begun implementing, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 4, 2018, S&P Global Ratings placed on Aug. 31, 2018, its
'B+' long-term and 'B' short-term sovereign credit ratings on
Argentina on CreditWatch with negative implications. At the same
time, S&P placed its 'raAA' national scale rating on CreditWatch
negative and affirmed its 'BB-' transfer and convertibility
assessment.  The CreditWatch negative reflects the risk of
worsening creditworthiness due to potentially weakened
implementation of the government's strategy to stabilize the
economy. Exchange rate volatility, as shown by recent pressure on
the Argentine currency, could jeopardize the effective
implementation of economic adjustment measures, absent further
steps to boost investor confidence.

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.


ARGENTINA: S&P Removes 'B' Short-Term SCR on CreditWatch Neative
----------------------------------------------------------------
S&P Global Ratings corrected its short-term ratings on Argentina
by removing them from CreditWatch with negative implications. S&P
said, "On Aug. 31, 2018, we published a research update on
Argentina incorrectly stating that we placed our 'B' short-term
ratings on the sovereign on CreditWatch negative. The CreditWatch
with negative implications applies only to our 'B+' long-term
ratings on the sovereign. We will republish our Aug. 31, 2018,
research update to reflect this correction."

  RATINGS LIST

                                          To        From
  Argentina
   Short-Term Sovereign Credit Rating     B         B/Watch Neg


BANCO PATAGONIA: S&P Places B+ ICR on Watch Negative
----------------------------------------------------
S&P Global Ratings said that it had placed its issuer credit
ratings on Banco Patagonia S.A., Banco de Galicia y Buenos Aires
S.A. (Banco Galicia), Banco Hipotecario S.A., and Banco de la
Provincia de Buenos Aires on CreditWatch with negative
implications.

At the same time, S&P also placed its senior unsecured debt
ratings on Banco Hipotecario's debt and its subordinated debt
ratings on Banco Galicia's debt on CreditWatch negative.

The CreditWatch placement of Banco Patagonia, Banco Galicia, Banco
Hipotecario, and Banco de la Provincia de Buenos Aires mirrors the
rating action on the sovereign.

Banking Industry Country Risk Assessment (BICRA) on Argentina

S&P said, "We have recently revised our economic growth
projections for Argentina, with a real GDP contraction of 0.5% in
2018, against 2.9% growth seen in 2017. We incorporate the impact
of the drought in the country on soy crops; the impact of external
events related to increasing U.S. interest rates and volatility in
Turkey, a sovereign that is also dependent on external funding;
and internal factors that have resulted in volatile economic
variables, with depreciation of the peso and increases in interest
rates and projected inflation.

"We expect high inflation and economic contraction to dent GDP per
capita in 2018 to levels of about $12,500, from $14,470 in 2017.
We expect these factors to pressure credit quality, but from
healthy levels and still comparable with peers'. Argentine banks
have been increasingly providing dollar-denominated loans, but
most of these are to borrowers that generate income in dollars,
such as exporters, which alleviates potential risk. They represent
25% of total credit as of August 2018 (factoring in the impact of
the devaluation of the Argentine peso against the U.S. dollar). We
also see the low banking penetration as measured by credit to GDP
at about 17% as a mitigating factor. Indexed currency mortgages
have significantly grown since 2017, but access to these loans is
still low--they're mainly to higher income segments--and we expect
mortgage lending to decelerate during the rest of 2018.

"Our industry risk assessment incorporates Argentina's enhanced
institutional framework, stemming from the country's stronger
regulatory framework after it implemented Basel III principles for
capital requirement calculations and liquidity ratios, and rolled
out aspects of international accounting rules. These factors align
Argentina's financial system more closely with international
standards. Despite this progress, risks for banks operating in
Argentina are still high, in our view, because of historically
weak depositor confidence and the lack of diversified long-term
funding. In our opinion, the country also has a narrow capital
market and Argentine entities still have limited access to foreign
capital markets, resulting in a narrow range of funding sources.
BICRA trends

"The stable economic risk trend captures the more challenging
conditions for banks operating in the country. In the current
situation, we predict that distortions will diminish and inflation
will decrease only gradually. We expect Argentina's recent
currency depreciation, higher interest rates, increasing
inflation, and consequently lower economic growth will result in
slowing credit quality and some worsening--although manageable--of
asset quality metrics.

"We see Argentina's industry risk trend as negative, reflecting
our view that there is a one-in-three chance that the funding
scenario and volatility could deteriorate. Although the funding
structure of the system has somewhat diversified, we expect it to
still be mainly funded by deposits. Despite volatile conditions in
the country over the last months, the deposit base has continued
growing. However, further uncertainty about currency fluctuations
could result in withdrawals and pressure banks' funding and
liquidity positions, although we note that liquidity levels in the
system are high (also incorporating recent increases in reserves
as required by the central bank).

"Over the next few months, we expect one-time events (including
the impact of the recent domestic currency depreciation), results
from positions in central bank securities, and higher interest
rates charged to customers will allow banks to maintain
profitability."

The negative CreditWatch on Banco Patagonia, Banco Galicia, Banco
Hipotecario, and Banco de la Provincia de Buenos Aires reflects
the risk of the sovereign's worsening creditworthiness due to
potentially weakened implementation of the government's strategy
to stabilize the economy. S&P said, "We rarely rate financial
institutions above the sovereign in which they operate, because we
consider it unlikely that these institutions would be unaffected
by developments in their domestic economies. We expect to resolve
the CreditWatch within the next three months."

S&P could remove the banks from CreditWatch if it removes
Argentina from CreditWatch.

  RATINGS LIST
  CreditWatch Action
                               To                      From
  Banco Patagonia S.A.
   Issuer Credit Rating        B+/Watch Neg/B     B+/Stable/B
  Banco de Galicia y Buenos Aires S.A.
   Issuer Credit Rating        B+/Watch Neg/--    B+/Stable/--
   Subordinated                CCC+/Watch Neg     CCC+
  Banco Hipotecario S.A.
   Issuer Credit Rating        B+/Watch Neg/--    B+/Stable/--
   Senior Unsecured            B+/Watch Neg       B+
  Banco de la Provincia de Buenos Aires
    Issuer Credit Rating       B+/Watch Neg/--    B+/Stable/--


BUENOS AIRES: S&P Puts B+ Issuer Credit Rating on Watch Negative
----------------------------------------------------------------
On Sept. 3, 2018, S&P Global Ratings placed on CreditWatch
negative its 'B+' global scale long-term issuer credit ratings on
the Argentine provinces of Cordoba, Buenos Aires, Mendoza, La
Rioja, and the city of Buenos Aires.

CREDITWATCH

S&P aims to resolve the CreditWatch on these five local and
regional governments (LRGs) within the next 90 days, depending on
the resolution of the CreditWatch on the sovereign rating.

Upside scenario

S&P could affirm the ratings if it takes similar action on
Argentina. Under such a scenario, the central government would
have successfully reinforced policy credibility, thereby
containing pressures on the peso and allowing the authorities to
gradually set the stage for an economic recovery next year.

Downside scenario

S&P could lowers the ratings if it was to lower the ratings on the
sovereign, since it doesn't believe these LRGs could have a higher
rating than that on the sovereign.

RATIONALE

The CreditWatch placements stem from a similar action on the
sovereign.

Argentina's GDP growth prospects and inflation outlook worsened in
the second quarter of 2018 following capital outflows that
contributed to a depreciation of the local currency. The central
bank responded to currency pressures by initially selling foreign
exchange reserves and then raising its policy interest rates to
try to staunch depreciation of the peso. In addition, the standby
agreement that the government entered into with the IMF in June
should bolster access to additional official funding, as well as
reduce uncertainty in and maintain access to financial markets.

The current macroeconomic imbalances in Argentina have been
somewhat mitigated by prudent fiscal policies of the LRGs, which
we rate at the same level as the sovereign. S&P said,
"Nonetheless, we believe the four provinces and the city of Buenos
Aires share strong links with the sovereign, and their fiscal and
economic performance are strongly intertwined with that of
Argentina. We anticipate policy continuity and timely containment
of operating pressures from these five LRGs. However, we consider
that, absent strengthened policy credibility at the sovereign
level, these entities could suffer from higher budgetary pressures
and an increasing debt burden, given their current dependence on
external financing."

S&P said, "We consider that the institutional framework for
Argentine provinces has improved during the Macri administration,
but it remains very volatile and underfunded. We believe that the
biggest challenge for Argentine provinces is to improve the
sustainability of their public finances, given that most of them
need external financing to close budget gaps. The provinces'
foreign currency debt, as a share of total debt, is higher than in
the past, increasing their vulnerability to sharp movements in the
exchange rate, such as those observed in recent days.
Consequently, the provinces face a greater need for fiscal
prudence--for example by curbing spending--to avoid erosion of
their budgetary performance in 2018 and 2019. In addition, the
provinces could get their finances back on track if stronger
economic and fiscal conditions prevail in Argentina in the coming
years. However, we currently observe different levels of
commitment to long-term fiscal sustainability among the LRGs.

"We still assess the stand-alone credit profiles of Cordoba and
the city of Buenos Aires at 'bb-'. However, we cap our ratings on
Cordoba, Buenos Aires, Mendoza, La Rioja, and the city of Buenos
Aires at the 'B+' foreign currency long-term rating on Argentina,
since these entities don't meet our criteria for rating an LRG
higher than its sovereign. More specifically, an LRG can have a
higher rating than its sovereign only if it can maintain stronger
credit characteristics than the sovereign in a stress scenario,
has a predictable institutional framework that limits central
government interference, and displays high financial flexibility.
Our current institutional framework assessment caps the ratings.
In addition, we do not believe the five LRGs' liquidity is strong
enough to withstand a stress scenario as per our criteria."

  KEY SOVEREIGN STATISTICS

  Argentina 'B+/B' Ratings Placed On CreditWatch Negative On Risks
  To Implementation Of Economic Adjustment Measures, Aug. 31, 2018

  RATINGS LIST
  CreditWatch/Outlook Action
                                 To                 From
  Buenos Aires (City of)
   Issuer Credit Rating          B+/Watch Neg/--    B+/Stable/--
   Senior Unsecured              B+/Watch Neg       B+

  Buenos Aires (Province of)
   Issuer Credit Rating          B+/Watch Neg/--    B+/Stable/--
   Senior Unsecured              B+/Watch Neg       B+

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

  La Rioja (Province of)
   Issuer Credit Rating          B+/Watch Neg/--    B+/Stable/--
   Senior Unsecured              B+/Watch Neg       B+

  Mendoza (Province of)
   Issuer Credit Rating          B+/Watch Neg/--    B+/Stable/--
   Senior Unsecured              B+/Watch Neg       B+


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


BRADESCO SEGUROS: Fitch Affirms 'BB' IFS Rating, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Bradesco Seguros S.A.'s (Bradesco
Seguros) Insurer Financial Strength (IFS) rating at 'BB' and its
National IFS at 'AAA(bra)'. The Rating Outlook is Stable.

KEY RATING DRIVERS

Bradesco Seguros' ratings are aligned with those of its parent,
Banco Bradesco S.A. (Bradesco, Long-Term Local Currency IDR
'BB'/Stable). The Outlook for Bradesco Seguros' IFS rating mirrors
that of its parent's Long-Term Local Currency IDR, which, in turn
remains one notch above Brazil's sovereign rating (Long-Term Local
Currency IDR 'BB-'/Stable).

Fitch views Bradesco Seguros as a 'core subsidiary' of Bradesco,
and therefore its ratings are equalized with those of its parent.
This is based on the strategic importance of its insurance
operations, which are a key and integral part of the group's
business, common branding, and high contribution of Bradesco
Seguros to group profits (average 30% from 2011 through 2017).

The ratings also reflect the company's leading position in the
Brazilian insurance market, consistent performance through the
cycles, diversified revenue base, strong distribution capacity
underpinned by Bradesco's wide agency network and comfortable
liquidity and capitalization ratios.

As of June 2018, Bradesco Seguros maintained its leading position
and overall market share of approximately 25%. Premium growth has
been declining since 2015, in line with inflation and the sector,
and fell to 7% in 2017 down from 10% in 2016. In the first half of
2018, premium growth was negative 2%, compared to the same period
in 2017. The contraction as of June 2018 was driven by both the
life and pension lines and P/C, which posted negative annual
growths of 6% and 5%, respectively. At year-end 2017, life and
pension segments remained the largest contributors to net earnings
(62%), followed by P/C (21%), health (8%) and saving bonds (9%).

Bradesco Seguros' leverage ratios are largely driven by the
significant technical reserves for the private pension products
where risk is borne by the policyholders in the accumulation
phase. At June 2018, the company's operating leverage
(liabilities/capital) stood at 15.6x (12.9x at end-2017). The
technical reserves for these pension products made up 77% of total
technical reserves and 73% of total liabilities at June 2018. The
increase was mainly due to the lower capital base, which declined
as a result of a large dividend payout and a fall in the security
revaluation reserves. Bradesco Seguros and its insurance
subsidiaries continue to meet regulatory capital requirements with
ease.

Bradesco Seguros' overall profitability has been lower since 2016
compared to the 2012-2015 average, but it still remains adequate.
In the first half of 2018, technical results improved in
comparison to 2017 and 2016, as loss ratios and acquisition and
administrative costs were all lower, reflecting the company's
recent strengthened focus on cost controls. As a result, the ROAA
increased to 1.9% from 1.6% in 2017.

As of June 2018, financial income was slightly higher compared to
2017, but it remained modest relative too historic averages and
highly correlated with interest rates and inflation. This is
because Bradesco Seguros' investment portfolio is concentrated in
floating-rate instruments, similar to other Brazilian insurers.

As of June 2018 Bradesco Seguros' investment portfolio remained
concentrated on Brazilian government securities, which made up 95%
of the total exposure. The company's liquidity remains adequate,
with liquid assets corresponding to 1.07 times the net technical
reserves. The regulatory minimum liquidity ratio is comfortably
met.

In applying Fitch's insurance criteria regarding the impact of
ownership on Bradesco Seguros' ratings, Fitch considered how the
ratings would theoretically be impacted under Fitch's bank support
criteria. Fitch's insurance criteria is principles-based regarding
ownership, and the referenced bank criteria was used to help
inform Fitch's judgment in applying those principles.

RATING SENSITIVITIES

Bradesco Seguros' ratings are linked to that of Bradesco.
Therefore, any change in the bank's ratings would affect the
insurer's ratings, as would a change in its willingness to provide
support, which Fitch considers highly unlikely.


===============
D O M I N I C A
===============


DOMINICA: Output is Projected to Decline by 14%, IMF Says
---------------------------------------------------------
On June 18, 2018, the Executive Board of the International
Monetary Fund (IMF) concluded the Article IV consultation with
Dominica.

On September 18, 2017, category 5 Hurricane Maria hit Dominica
while the country was still recovering from tropical storm Erika.
Maria was Dominica's worst natural disaster with damage estimated
at US$1.3 billion (226 percent of GDP). Most economic sectors
sustained significant damage and losses, with public
infrastructure carrying the brunt. The output collapse and costs
of reconstruction resulted in large fiscal and current account
deficits. Fiscal performance deteriorated sharply due to the fall
in tax revenue after the hurricane, but was partially offset by a
surge in grants and buoyant Citizenship-by-Investment (CBI) sales
revenues. With limited revenue, drawdown of large government
deposits, grants, and an insurance payout helped meet financing
needs. The hurricane also exacerbated weaknesses in the financial
sector, particularly of non-bank institutions, which face
undercapitalization, low profitability and high non-performing
loans. Credit to the private sector has been flat and inflation
remains subdued.

In 2018, output is projected to decline by 14 percent and to take
about 5 years to recover to pre-hurricane levels. The fall in
output and government revenue, coupled with increased expenditure
for rehabilitation and reconstruction, will lead to a substantial
worsening of fiscal and external deficits. However, signs of
recovery, particularly in construction and the public sector, have
already started to emerge. The risks to the outlook include the
budget becoming financially constrained and unable to sustain
adequate investment given high debt, limited buffers, weak
revenue, and urgent needs for reconstruction spending. Other risks
include financial instability stemming from undercapitalization of
systemic financial institutions, recurrent natural disasters with
low resilience, uncertainty regarding CBI and grant income, and
external competitiveness challenges.

                    Executive Board Assessment

Directors commended the authorities' efforts in responding to the
humanitarian crisis and significant devastation wrought by
Hurricane Maria. Directors stressed the need to implement cost
effective fiscal policies and reforms to support recovery while
containing expansion of public debt. They recommended containing
current spending extraneous to recovery, and enhancing the
efficiency of capital investment while protecting critical social
and recovery spending. Given Dominica's vulnerability to natural
disasters, directors noted that investment in resilient
infrastructure was appropriate, despite its higher cost. They
encouraged the authorities to create a savings fund for natural
disasters. Once output recovers, directors recommend fiscal
consolidation to sustain reconstruction while generating a primary
surplus sufficient to set public debt on a downward trajectory.

Directors highlighted the need for stronger financial sector
regulation and supervision to address vulnerabilities exacerbated
by Hurricane Maria. They stressed the importance of decisive
action to reduce non-performing loans and capital shortfalls, as
well as adequate preparedness for possible liquidity pressures in
line with recommendations of Fund's technical assistance.
Directors recommended maintaining a proactive stance to mitigate
the risk of withdrawal of correspondent banking relationships
including continued strengthening of the AML/CFT framework. They
supported the phasing out of the off-shore bank sector and
welcomed cessation of new license issuance.

Directors agreed that enhancing growth prospects requires higher
private sector participation and improving the business
environment. To this end, directors recommended identification and
removal of costs and barriers that affect investment and
profitability. They advocated that public sector compensation
decisions consider their impact on private wages and
competitiveness. Directors stressed the need to improve the
business environment, including efforts to reduce the costs of
dealing with the government. They urged strict enforcement of
construction and zoning regulations given vulnerability to natural
disasters.



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


DOMINICAN REPUBLIC: Dryers Let Onion Growers Cut Losses to 4%
-------------------------------------------------------------
Dominican Today reports that the adoption of leading-edge dryers
has allowed the country's onion growers to cut losses from 25% to
4%, while letting rice farmers be more competitive with exports,
according to the domestic agro producers grouped in the Unaproda.

It said the results were from a test conducted with the SUNCUE
dryer -- which automatically regulates temperature, humidity,
filling and discharge, and after a six-week cure with only 4%
damage, according to Dominican Today.

"However, the onions that did not undergo this process had a loss
of 25%.  With this technology, producers increase their
profitability in the face of sales in supermarket chains,"
Unaproda, as quoted by Diario Libre said, notes the report.

In the rice sector, after the use of the dryers, some producers
have begun to export to the United States, meeting the stringent
quality and safety standards, according to a report by the firm
Ara Trading, the report relays.

Prodal-Arroz Campos company production manager Domingo Nunez
affirmed that a "paradigm shift" is taking place in the rice
industry by incorporating the SUNCUE drying technology, according
to the report.

"With this technology, zero emissions of dust and pollutants are
generated, in addition to very low electricity consumption, which
achieves less drying costs, adjusts the equipment and relies on
the moisture in which it needs to dry," the report quoted Mr.
Nunez 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.


DOMINICAN REPUBLIC: Construction Paces Economy 6.7% Jump to July
----------------------------------------------------------------
Dominican Today reports that Dominican Republic's economy
continues its torrid pace with a 6.7 percent growth from January
to July, as the result of positive performance by nearly all
activities, according to Central banker Hector Valdez Albizu.

Speaking at the Industries Association, the official said that
only in July the Economic Activity Indicator posted a 6.5 percent
growth, according to Dominican Today.

In the first half, construction grew 10.6 percent, free zones 10.1
percent, retail 8.4 percent, health 8.3 percent, financial
services 6.4 percent, energy and water 6.4 percent; and hotels,
bars and restaurants 5.2 percent, the report notes.

"Construction posted the highest activity, driven by private and
public initiatives in the tourism, housing, commerce,
transportation, road infrastructure and electricity sectors," he
said, the report relays.

He said free zones grew 10.1 percent, driven by a 9.9 percent jump
in exports, while manufacturing climbed 6.5 percent driven by 30
percent jump in oil refining, the report discloses.

Mr. Valdez added that commerce grew 8.4 percent, paced by a 11.7
percent increase in sales by major retailers and 12.8 percent in
marketable imports, says Dominican Today.

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.



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


TRINIDAD & TOBAGO: TTMA Says Shutdown Will have Bad Effect
----------------------------------------------------------
Trinidad Express reports that the Trinidad and Tobago
Manufacturers' Association (TTMA) and the Employers' Consultative
Association (ECA) are advising employees that a national shutdown
today will have adverse effects on the country.

The TTMA said it "stands in solidarity with all unions negotiating
for safe working conditions, fair wages and the best interests of
workers," according to Trinidad Express.


                            ***********


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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