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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

               Tuesday, October 9, 2018, Vol. 19, No. 200


                            Headlines




B R A Z I L

JBS SA: US Unit Recalls 6.5MM Pounds of Beef on Salmonella Risk


C O L O M B I A

COLOMBIA: Peasants Look For New Crops to Take Place of Coca


C O S T A   R I C A

INVERSIONES CREDIQ: Fitch Affirms 'B' LT IDR, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: No to Fuel Tax Cut, Official Says
* DOMINICAN REPUBLIC: Coral Reefs Save Country US$96MM Yearly


P A N A M A

C&W SENIOR: Fitch Assigns BB-(EXP) on Sr. Unsec. Notes


P U E R T O    R I C O

ARQUIDIOCESIS DE SAN JUAN: Taps Lugo Mender as Special Accountant
ARQUIDIOCESIS DE SAN JUAN: Taps Gandia-Fabian Law as Attorney


T R I N I D A D  &  T O B A G O

PETROLEUM CO: Workers Get Termination Letters


                            - - - - -


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


JBS SA: US Unit Recalls 6.5MM Pounds of Beef on Salmonella Risk
---------------------------------------------------------------
P.J. Huffstutter and Ana Mano at Reuters report that a U.S. unit
of Brazil's JBS SA is recalling 6.5 million pounds of beef
products processed through an Arizona plant because the meat might
be contaminated with salmonella, U.S. government officials said.

U.S. investigators have identified at least 57 people in 16 states
who have become ill due to consuming contaminated ground beef
products made from meat traced back to JBS, the U.S. Department of
Agriculture said, according to Reuters.

The report notes that JBS Tolleson Inc, part of JBS USA, the U.S.
arm of the company, was voluntarily pulling ground beef and other
raw beef products that had been shipped to stores across the
country, the USDA said.

Hundreds of beef products are part of the recall, including
products sold under the Walmart brand, the report relays.  The
products were packaged from July 26 to Sept. 7.

"We are working in close partnership with USDA to make sure all
potentially impacted product is removed from stores and homes,"
JBS said in a statement obtained by the news agency.

This is the second time JBS USA has recalled beef products this
year, the report recalls.

In May, the company recalled almost 35,500 pounds of raw ground
beef processed through its Lenoir, North Carolina, plant after a
consumer found bits of blue hard plastic in the meat, which JBS
had produced for grocery chain Kroger Co, according to the USDA,
the report says.

As reported in the Troubled Company Reporter-Latin America on
May 22, 2018, Moody's Investors Service upgraded JBS S.A.'s
corporate family rating to B1 from B3. At the same time, the
senior unsecured ratings of its wholly-owned subsidiary JBS USA
Lux S.A. ("JBS USA") were upgraded to B1 from B2 and its senior
secured ratings to Ba3 from B1. The outlook for all ratings is
stable.

JBS S.A. is a Brazilian company that is one of the largest meat
processing company in the world, producing factory processed beef,
chicken and pork, and also selling by-products from the processing
of these meats. It is headquartered in Sao Paulo. It was founded
in 1953 in Anapolis, Goias.



===============
C O L O M B I A
===============


COLOMBIA: Peasants Look For New Crops to Take Place of Coca
-----------------------------------------------------------
EFE News reports that an ever-increasing number of peasants in a
Colombian rainforest region are making the shift from their
traditional coca crops to other more legal options in an effort to
distance themselves from the problems that growing the raw
material of cocaine bring.

Until recently, the local landscape was marked by the rows of coca
plants that thrive in the region, but the peace accords signed by
the government and the FARC guerrilla in 2016 have allowed for a
diversification in the crops, according to EFE News.

Now, the local fields teem with cacao, yuca, chontaduro and
avocado, and the area's several livestock farms have earned the
town the reputation of Guaviare province's "livestock capital,"
the report notes.

One such case is that of Jairo Vanegas, who told EFE that he left
the coca-growing business in favor of cattle and cacao farming.

"Having made the switch to legal (crops) is wonderful, because
that way we avoid many problems, such as being harassed by law
enforcement," the report quoted Mr. Vanegas as saying.  "We also
steer clear of the pesticides that affected the crops, the grass
and even our health," he added.

To counteract coca growing, the Colombian government routinely
sprayed the fields with glyphosate up until 2015, when it decided
to stop the practice, as the chemical was found to contaminate
other legal crops and water sources, even causing a legal dispute
with neighboring Ecuador, the report notes.

Guaviare, once among the main coca producers in the 1990s, also
fostered FARC troops, who brought violence to locals' doorsteps
and forced residents to feed the guerrilla fighters, the report
adds.



===================
C O S T A   R I C A
===================


INVERSIONES CREDIQ: Fitch Affirms 'B' LT IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Inversiones CrediQ Business, S.A.'s
(ICQB) Long-Term Issuer Default Rating (IDR) at 'B' and its Short-
Term IDR at 'B'. The Rating Outlook on the Long-Term IDR is
Stable.

KEY RATING DRIVERS

ICQB's ratings are highly influenced by the entity's company
profile, which reflects its concentrated and proven business model
focused in vehicle financing and its growing franchise through the
region. However, the entity continues to have a relatively small
scale of operations in Central America compared with higher-rated
regional financial groups. ICQB is the holding company of a group
of Non-Bank Financial Institutions (NBFIs) that operate in Costa
Rica, Honduras, El Salvador and Nicaragua. The ratings also
consider as a relevant factor ICQB's credit quality, which remains
reasonable for the rating level, but with a slight deteriorating
trend within a challenging operating environment. Additionally,
Fitch takes into account the group's consistent profitability and
capital levels exhibited in the recent years and its relatively
diversified funding sources mainly reliant on wholesale sources
from several financial institutions.

As a captive finance entity, ICQB concentrates its business in
financing vehicle sales from Grupo Q, a vehicle dealership company
with a presence in Central America. ICQB benefits from the
synergies with GrupoQ in terms of customer relationships, market
expertise, pricing power and operational support. ICQB provides
financing primarily for new-car sales and finances used-car sales
to a lesser extent. The group has consistently expanded its
franchise over the past few years and exhibited sustained
revenues. The Costa Rican company is the largest subsidiary in
terms of net income and assets, with a more than 60% and 45%
contribution as of June 2018, respectively. The Salvadoran entity
represents close to 16% and 28% of net income and assets,
respectively, and Honduras contributes with close to 22% both in
size and net income. ICQB's size and operations are still small
relative to the banking industry, but its franchise is relevant
within its niche. The group's main subsidiary companies are
located in Costa Rica, El Salvador and Honduras.

At the consolidated level, the asset quality of the company is a
key factor for its financial profile. The entity's asset quality
is at reasonable levels considering its business orientation, as
its non-performing loans represented 1.9% of the total credit
portfolio as of June 2018, which is similar to levels seen in the
local banking systems. However, it exhibits a moderate
deterioration as NPLs averaged 1.1% of gross loans in the past two
years, driven by higher impairment in the Costa Rican loan book.
Although concentrated in one segment, its loan book is well
diversified by the debtor with the 20-largest clients representing
4.2% of total loans and 26% of its tangible equity. In the
agency's opinion, maintaining good credit quality levels would be
essential considering the current challenging economic conditions
in the countries where the group operates.

ICQB exhibits good profitability levels and these have been
consistent in recent years. Its profits are driven by its
favorable net interest income underpinned by low loan impairment
charges (LICs), which represented almost 18% of its pre-impairment
profits as of June 2018. As of the same date its pre-tax profits
were 4.5% of average assets, a level Fitch considers would be
sustainable over the rating horizon by maintaining its margins and
its credit costs and controlled operating expenses. Its relevant
non-interest income, mainly composed of net fees also benefits its
profitability levels. ICQB's capital position is adequate with
good loss absorption capacity; its debt to tangible equity stood
at 5.5x as of June 2018. Although its equity levels could be
pressured by the less dynamic operating environment where the
entity operates, which could slightly affect its loan quality and
profits, it would maintain its reasonable current levels in
Fitch's opinion.

As of June 2018, the unsecured portion of total funding was close
to 36%, which indicates a reasonable financial flexibility. This
funding is concentrated in wholesale sources, which is usual for a
NBFI; credit lines represented close to 84% of total funding and
were well diversified among more than 30 commercial banks and
financial institutions at the same date. The remaining proportion
of the entity's funding consisted of deposits from its Honduran
subsidiary and debt issuances from the Salvadoran entity. The
group aims to maintain its current funding structure. Its costs
could remain similar over the ratings horizon unless the entity is
able to improve its margin spreads or effectively hedge variable
interest rate credit lines].

RATING SENSITIVITIES

Upside potential for ICQB's rating could come from its ability to
sustain its good credit quality metrics despite the challenging
operating environment. Also, a sustained increase in its scale of
operations could be positive for its ratings, coupled with the
maintenance of good financial performance, sustained access to
funding and prudent asset-liability management.

Potential rating downgrades would be driven by material
deterioration in asset quality metrics such as a sustained NPL
ratios increase to above 5%, accompanied by a business volume
reduction that could affect its financial performance. Debt to
tangible equity ratios above 7x could also put downward pressure
on ratings.

Fitch has affirmed the following ratings:

  -- Long-term IDR at 'B'; Outlook Stable;

  -- Short-term IDR at 'B'.



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


DOMINICAN REPUBLIC: No to Fuel Tax Cut, Official Says
-----------------------------------------------------
Dominican Today reports that Dominican Republic Finance Minister
Donald Guerrero said it's impossible to lower taxes on fossil
fuels unless another source of income is identified that can
compensate that revenue.

The official told the Corripio media group that sometimes
proposals are made without seeing the impact they might have,
according to Dominican Today.  "I would like taxes on hydrocarbons
to be lowered because I would pay less for gasoline, but the
reality is that as a country, we have a responsibility and assume
its cost," the report quoted Minister Guerrero as saying.

Several sectors have raised the need to amend Hydrocarbons Law
112-00, to reduce taxes, which in some fuels, such as gasoline
push the cost to as high as RD$240.60, the report notes.

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's
Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.


* DOMINICAN REPUBLIC: Coral Reefs Save Country US$96MM Yearly
-------------------------------------------------------------
Dominican Today reports that every year, the country's coral reefs
prevent damages estimated at US$96.0 million, which makes the
Dominican Republic the world's seventh nation with the highest
economic beneficiary of its marine ecosystems.

The figure is from the study "Effects of climate change on the
coast of Latin America and the Caribbean: evaluation of the
protection systems of corals and mangroves in Cuba," released in
September by the Economic Commission for Latin America and the
Caribbean. Caribbean (ECLAC), according to Dominican Today.

The top six countries with the highest economic benefit from their
coral reefs: Indonesia, the Philippines, Malaysia, Mexico, Cuba
and Saudi Arabia, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's
Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.



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


C&W SENIOR: Fitch Assigns BB-(EXP) on Sr. Unsec. Notes
------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'BB-(EXP)'/'RR4'
to C&W Senior Financing Designated Activity Company's (CWDAC)
proposed 2026 senior unsecured notes. The notes' Recovery Rating
is capped at 'RR4' by Fitch's Country-Specific Treatment of
Recovery Ratings, which indicates an anticipated recovery in the
range of 30% to 50% in the event of a default.

On the issue date, the proceeds of the proposed notes will be used
to fund a proceeds loan to Sable International Finance Limited
(SIFL), which is an indirect subsidiary of Cable & Wireless
Communications Limited (CWC). Pursuant to a facility agreement,
this loan will be used to repay Cable & Wireless International
Finance B.V.'s (CWIF) bond maturing in 2019, as well as a portion
of SIFL's 2022 senior notes.

CWC intends to simplify its capital structure in the future in a
manner that would lead to the creation of a new holding company.
The existing 2027 senior notes of CWDAC, as well as the proposed
notes, have been structured in a manner that would allow them to
be moved to this new holding company. At that time, these notes
would be both structurally and legally subordinated to CWC's Term
Loan B-4 (TLB), Revolving Credit Facility (RCF) and operating
company debt and would likely be downgraded to 'B+'/'RR5'. On a
pro forma basis, the TLB, RCF and operating company debt would
represent 63% of consolidated debt.

CWC's 'BB-' Issuer Default Rating (IDR) reflects its leading
market positions across well-diversified operating geographies and
service offerings, underpinned by solid network competitiveness.
Fitch expects that the company's leverage has peaked at close to
5x, following an aggressive capex cycle during a period of
stagnant cash flows.

KEY RATING DRIVERS

Solid Market Position: CWC is an integrated telecom operator with
operational geographies in the Caribbean region, Latin America,
and the Seychelles. The company's operation is well diversified
into mobile and fixed services and it has the number one market
position in the majority of its markets. Panama is CWC's largest
revenue contributor, representing 27% of the total sales during
2017, followed by Jamaica with 15%, and the Bahamas with 11%. The
company's revenue mix per service is also well balanced. Mobile
subscriptions accounted for 27% of total sales during 2017 and
fixed line subscriptions 22%, while B2B represented nearly 50% of
revenues.

Favorable Market Structure: The market structure in the Caribbean
is mostly a duopoly with CWC and Digicel being the key players.
Due to Digicel's stressed capital structure, pricing is expected
to remain rational in the near term and Fitch does not believe the
risk of a sizable new entrant to be high given the relatively
small size of each market amid the increasing market maturity,
especially for the mobile service. Under this environment, Fitch
expects the company's leading market positions to remain stable
over the medium term despite strong competition from Digicel.
CWC's continued high investment for network upgrades, especially
for its fixed-line services, should bode well for its network
competitiveness in the coming years.

Persistently High Leverage: CWC's net adjusted debt to EBITDAR
(subtracting for dividends paid to minority SH) ratio remains at
the upper end of the rating category at 4.9x in 2017. Fitch
believes that leverage will remain elevated in 2018 and 2019 as
modest EBITDAR growth will be offset by an increase in capital
expenditures from $400 million in 2017 to more than $450 million
in 2018 and 2019, which will lead to negative free cash flow of
around $100 million per year. CWC runs a leveraged equity return
model, where excess cash is upstreamed to LLA to deploy elsewhere
in the group. Fitch expects leverage to remain above 4.0x.

Stagnant Cash Flow: Fitch forecasts a growth in CWC's EBITDAR to
$911 million in 2018 and $934 million in 2019 from $886 million in
2017. Fitch believes that CWC's broadband and managed services
segments will be the main growth drivers backed by its increasing
subscriber base and relatively low service penetrations, and
growing corporate/government clients' IT service demands. Fitch
does not expect data ARPU improvements in the mobile segment to
fully mitigate mobile voice ARPU trends. Legacy fixed-voice
revenue erosion is also unlikely to abate due to waning demand
given cheap mobile voice or Voice-over-internet-protocol (VoIP)
services.

Capped Recovery Ratings: A bespoke analysis indicates that the
recovery for the CWDAC 2027 senior notes, the CWC TLB, the RCF,
and the proposed CWDAC notes is about 70%, which could have
resulted in a rating uplift. The ratings have been capped at 'RR4'
due to Fitch's Country-Specific Treatment of Recovery Rating
Criteria, which does not allow uplift for issuance of by companies
that operate in countries where concerns exists about whether the
law is supportive of creditor rights, and/or where there is
significant volatility in the enforcement of the law and legal
claims. If the company is successful in placing USD500 million of
proposed notes, and moves those notes along with the 2027 notes to
a structurally subordinated holding company, the recover
expectation for these notes would fall below 30% and these
issuances would be downgraded to 'B+'/'RR5'.

DERIVATION SUMMARY

CWC's leading market position, diversified operations and
relatively stable EBITDA generation compare in line or favourably
against other regional telecom operators in the 'BB' or 'B'
category. This strength is offset by its higher leverage than most
peers in the 'BB' rating category, as well as LLA's financial
strategy, which could limit any material deleveraging. The
company's overall financial profile is stronger than its regional
competitor, Digicel, rated C. The company has a weaker financial
profile and higher leverage than Millicom Group (BB+/Stable),
which supports a multi-notch differential.

No country ceiling, parent-subsidiary linkage, or operating
environment aspects impact the ratings.

KEY ASSUMPTIONS

  -- Low single-digit revenue growth, primarily driven by B2B
     segment as residential revenue growth remains stagnant;

  -- EBITDA margin to remain stable at 35% in medium term;

  -- Capex to sales ratio of 20% in the medium term;

  -- Limited cash upstreaming due to muted FCF generation
     prospect.

For the purposes of projecting recovery rates, Fitch makes
estimates for maintenance capex, interest and rent payments.
Stressed EBITDA from operating entities in Panama and the Bahamas
have been excluded from the recovery analysis, based on CWC's
minority ownership stake and expected treatment in a default
scenario. Fitch uses a 5.5x multiple, based on historical
precedent and the duopoly structure in CWC's main markets.

RATING SENSITIVITIES

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

  -- A positive rating action is not like to occur given
     management's history of maintaining moderately high levels of
     leverage, which have been in excess of 4.0x

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

  -- Sustained EBITDAR-based adjusted net leverage ratios above
     5.0x;

  -- An erosion of the company's strong business position or
     liquidity position.

LIQUIDITY

CWC's liquidity profile is sound, backed by its long-term debt
maturities profile, relatively stable operational cash flow
generation, as well as committed revolving credit facility. The
company held USD290 million of readily-available cash as of June
30, 2018, approximately equal to its current debt maturities and
finance lease obligations of USD294 million. The company has a
mostly undrawn USD625 million revolving credit facility due 2023,
which bolsters its financial flexibility. The company has good
access to international capital markets, when in need of external
financing

FULL LIST OF RATING ACTIONS

Fitch has assigned the following expected ratings:

C&W Senior Financing Designated Activity Company

  -- USD500 million senior unsecured notes due 2026
     'BB-(EXP)'/'RR4'.



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


ARQUIDIOCESIS DE SAN JUAN: Taps Lugo Mender as Special Accountant
-----------------------------------------------------------------
Arquidiocesis de San Juan de Puerto Rico seeks authority from the
U.S. Bankruptcy Court for the District of Puerto Rico (Old San
Juan) to hire Wigberto Lugo Mender, CPA, as special accountant to
assist in the specific task related to the Parishes.

The Debtor will rely on Wigberto Lugo Mendel, CPA, for general
accounting and financial counseling services in connection with
the Parishes.

Fees the Accountant will charge are:

     Wigberto Lugo-Mender, CPA         $300 per hour
     Accounting Supervisor             $175 per hour
     Staff Accountant & Assistants     $65-$75 per hour

Wigberto Lugo Mendel, CPA, of Lugo Mender Group LLC attests that
he and his firm are "disinterested persons," as that term is
defined in Section 101(14) of the Bankruptcy Code.

The accountant can be reached through:

     Wigberto Lugo Mender
     Lugo Mender Group, LLC
     100 Carr. 165, Suite 501
     Guaynabo, PR 00968-8052
     Tel: (787) 707-0404
     Fax: (787) 707-0412
     E-mail: wlugo@lugomender.com

        About Arquidiocesis de San Juan de Puerto Rico

Arquidiocesis de San Juan de Puerto Rico -- http://www.arqsj.org/
-- is an unincorporated  religious association in San Juan,
Puerto Rico.

Arquidiocesis de San Juan de Puerto Rico, a/k/a Iglesia Catolica
Apostolica Y Romana, Arquidiocesis De San Juan De Puerto Rico,
filed a petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Case No. 18-04911) on Aug. 29, 2018.  In the
petition signed by Father Alberto Arturo Figueroa Morales, vicar
general, the Debtor estimated $10 million to $50 million in assets
and liabilities.  Carmen D. Conde Torres, Esq., at C. CONDE &
ASSOC., is the Debtor's counsel.


ARQUIDIOCESIS DE SAN JUAN: Taps Gandia-Fabian Law as Attorney
-------------------------------------------------------------
Arquidiocesis de San Juan de Puerto Rico seeks authority from the
U.S. Bankruptcy Court for the District of Puerto Rico (Old San
Juan) to hire Mary Ann Gandia-Fabian, Esq. of Gandia-Fabian Law
Office as the Debtor's attorney.

Professional services required of the firm are:

     a. advise the Debtor with respect to its duties, powers and
        responsibilities in this case under the laws of the United
        States and Puerto Rico in which the Debtor in possession
        conducts its operations, do business, or is involved in
        litigation;

     b. advise the Debtor in connection with a determination
        whether a reorganization is feasible and, if not helping
        debtor in the orderly liquidation of its assets;

     c. assist the Debtor with respect to negotiations with
        creditors for the purpose of arranging the orderly
        liquidation of assets and/or for proposing a viable plan
        of reorganization.

     d. prepare on behalf of the Debtor the necessary complaints,
        answers, orders, reports, memoranda of law and/or any
        other legal papers or documents;

     e. appear before the bankruptcy court, or any court in which
        the Debtor asserts a claim interest or defense directly or
        indirectly related to this bankruptcy case;

     f. perform such other legal services for the Debtors as may
        be required in these proceedings or in connection with the
        operation of/and involvement with the Debtor's business ,
        including but not limited to notarial services;

     g. employ other professional services, if necessary.

Mary Ann Gandia-Fabian assures this court that she is a
disinterested person within the meaning of 11 U.S.C. 101(14).

Fees charged by the Firm are:

     Mary Ann Gandia-Fabian     $290
     Senior Attorney            $290
     Junior Attorney            $200
     Accounting Analyst         $125

The counsel can be reached through:

     Mary Ann Gandia-Fabian, Esq.
     Gandia-Fabian Law Office
     P.O. Box 270251
     San Juan, PR 00928
     Tel: 1-787-390-7111
     Fax: 1-787-729-2203
     E-mail: gandialaw@gmail.com

                      About Arquidiocesis
                  de San Juan de Puerto Rico

Arquidiocesis de San Juan de Puerto Rico -- http://www.arqsj.org/
-- is an unincorporated  religious association in San Juan,
Puerto Rico.

Arquidiocesis de San Juan de Puerto Rico, a/k/a Iglesia Catolica
Apostolica Y Romana, Arquidiocesis De San Juan De Puerto Rico,
filed a petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Case No. 18-04911) on Aug. 29, 2018.  In the
petition signed by Father Alberto Arturo Figueroa Morales, vicar
general, the Debtor estimated $10 million to $50 million in assets
and liabilities.  Carmen D. Conde Torres, Esq., at C. CONDE &
ASSOC., is the Debtor's counsel.



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


PETROLEUM CO: Workers Get Termination Letters
---------------------------------------------
Darlisa Ghouralal at Loop News reports that the distribution of
termination letters has begun at Petroleum Co. of Trinidad &
Tobago (Petrotrin).

Employees were notified of the accelerated distribution of letters
via an internal release sent out Oct. 5, following "overwhelming
feedback" received during employee communication sessions carried
out last week, according to Loop News.

The memo, signed by Executive Director Reynold Ajodasingh,
indicated that employees within each of the respective groups
would be advised of the location and time to collect their
letters, the report notes.

The report relays that given the sensitive nature of the exercise,
the Interim Executive Transition Team requested that all employees
assemble at the Staff Club Ballroom at the time specified for
collection of letters.

The memo also reminded employees of the need to continue to
observe the company's policies, in particular, policies that seek
to protect Petrotrin's assets and it employees from misuse and
abuse, the report discloses.

"Article F-Appropriate Workplace Behavior states-Dishonest or
illegal activities on company premises or while on company
business will not be condone and can result in disciplinary
action, including dismissal and criminal prosecution," the report
notes.

Employees were further reminded of the consequences of the non-
observance of these policies, which the company said could lead to
the jeopardizing of the health, safety and well-being of other
employees as well as Company property, the report says.

Employees were encouraged to continue to preserve the assets and
consult the company's policies for guidance, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2018, Moody's Investors Service placed Petroleum Co. of
Trinidad & Tobago's B1 corporate family rating and senior
unsecured debt ratings on review for downgrade. This rating action
was based on the lack of clarity regarding Petrotrin's new
business profile and strategy as well as increasing liquidity risk
related to the approaching maturity of the 2019 bonds.


                            ***********


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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