---

        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 16, 2018, Vol. 19, No. 205


                            Headlines



A R G E N T I N A

ARGENTINA: Tries to Address Rising Cost of Housing


B R A Z I L

JBS SA: To Increase Meat Production in Response to Chinese Demand


C A Y M A N  I S L A N D S

BOSPHORUS FINANCIAL: Fitch Cuts Debt Ratings to BB+, Outlook Neg.


E L  S A L V A D O R

LA HIPOTECARIA TRUST: Fitch Affirms B on 11th/13th Series A Notes


J A M A I C A

* JAMAICA: Successful Public-Private Partnerships Lifting Profile


P E R U

SAN MIGUEL: Fitch Affirms BB+ LT IDR, Outlook Stable


P U E R T O    R I C O

OPTICAL HOLDINGS: Taps Greenberg Traurig as Legal Counsel
OPTICAL HOLDINGS: Taps Jackson Lewis as Special Counsel
STONEMOR PARTNERS: Extends Interim Strategic Executive's Term


T R I N I D A D  &  T O B A G O

PETROLEUM CO: Government Discloses Replacements for Firm


X X X X X X X X X

LATAM: IDB & AFD Pledge to Enhance Co-Financing for Region


                            - - - - -


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


ARGENTINA: Tries to Address Rising Cost of Housing
--------------------------------------------------
The Latin American Herald reports that Argentine President
Mauricio Macri disclosed a plan to limit interest increases in the
cost of housing.

"We know that these measures will provide relief for many
families," Mr. Macri said in a speech at the Olivos presidential
residence in Buenos Aires, according to The Latin American Herald.

The president said that these actions seek to provide tranquility
and "predictability" to the more than 100,000 families who have
obtained home mortgages and to those who rent their homes, the
report notes.

"The rates will not skyrocket," Mr. Macri said, referring to
adjustable-rate mortgages, with increases limited based on the
level of wages and salaries, the report relays.

Interior Minister Rogelio Frigerio said during a press conference
that, although no widespread mortgage defaults had been reported,
there was "much concern," the report relays.

"We are also working to protect those who rent and who feel a lack
of predictability, as they do not know if they will be able to
continue to pay their rents," the report quoted Mr. Macri as
saying.

Mr. Frigerio said that the bill will cap rent increases, based on
pay levels and inflation, with renegotiations on these limits to
be made every six months, the report notes.

The government also announced a series of measures to encourage
home construction, including an increase in the maximum amount of
government loans to people buying homes or adding to their
existing residences, the report says.

The government will also provide incentives to real estate
developers and to companies building social housing, the report
relays.

"In this way, we will strengthen the construction sector, which
provides work to nearly 1.5 million people and to thousands of
small firms that are linked to the sector," Mr. Macri said, 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.  Consequently, S&P Global
Ratings corrected its short-term ratings on Argentina
by removing them from CreditWatch with negative implications.

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.



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


JBS SA: To Increase Meat Production in Response to Chinese Demand
-----------------------------------------------------------------
Macauhub reports that JBS SA will increase its production capacity
at two of its factories to respond to demand for beef exports to
China.

The plants located in the Brazilian state of Minas Gerais will
receive an investment of BRL45 million (US$12 million), according
to Macauhub.

The investment in both factories will make it possible to double
beef production, the report notes.

Renato Costa, responsible for the meat division of JBS, said that
this year's exports, when compared to 2017, already represent a
125% increase in volume, the report relays.

JBS SA is a Brazilian company headquartered in Goias, founded in
1953.  The company operates in the processing of beef, pork, sheep
and chicken meat.  The company currently has more than 216,000
employees worldwide and 340 units, including factories and sales
offices.

As reported in the Troubled Company Reporter-Latin America on Oct.
15, 2018, S&P Global Ratings raised its global scale issuer credit
ratings on JBS S.A. (JBS) and JBS USA Lux S.A. to 'BB-' from 'B+'.
In addition, S&P raised its national scale rating on JBS to
'brAA+' from 'brAA'. S&P also raised the senior unsecured debt
ratings on JBS and JBS USA to 'BB-' from 'B+' and the senior
secured debt ratings on JBS USA to 'BB+' from 'BB'. The outlook on
the corporate credit ratings is positive.



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


BOSPHORUS FINANCIAL: Fitch Cuts Debt Ratings to BB+, Outlook Neg.
-----------------------------------------------------------------
Fitch Ratings has downgraded Bosphorus Financial Services
Limited's diversified payment rights debt by one-notch to 'BB+'
from 'BBB-'. The Outlook is Negative.

The downgrade follows the recent downgrade of the originator, QNB
Finansbank A.S.'s (QNB Finansbank) Long-Term Local-Currency Issuer
Default Rating (IDR) to 'BB' from 'BB+'.

The Negative Outlook reflects the downside risk to macroeconomic
stability that could affect the DPR flows and hence programme
performance.

The ratings address the likelihood of timely payment of interest
and principal.

Bosphorus is a financial future flow securitisation backed by
originating bank's generation of foreign currency flows
(denominated in US dollars, euros or pounds sterling). Collateral
consists of existing and future rights of the bank to receive
foreign currency payments into its accounts with correspondent
banks abroad. DPRs can arise for a variety of reasons including
payments due on the export of goods and services, capital flows,
tourism and personal remittances.

KEY RATING DRIVERS

Fitch maintains the Going Concern Assessment score of GC2 on QNB
Finansbank. Fitch continues to view the increased systemic stress
to be a highly significant rating driver for Turkish DPR ratings
over the short to medium term. Fitch has maintained the notching
differential between the DPR rating and the originator's LC IDR at
one-notch.

Fitch calculates the monthly debt service coverage ratio (DSCR)
for the programme at 50x based on the average monthly offshore
flows processed through designated depositary banks (DDBs) of the
past 12 months, after incorporating interest rate stresses. Fitch
does not expect the Turkish government's decree limiting the use
of foreign currency in some domestic business deals to impact the
Fitch-calculated DSCR as Fitch always excludes intra-Turkey flows.

Fitch also tested the sustainability of coverage under various
scenarios, including FX stresses, a reduction in payment orders
based on the top 20 beneficiary concentrations and a reduction in
remittances based on the steepest quarterly decline in the last
five years. In Fitch's scenario analysis, the calculated DSCR
ranges from around 30x-40x. At present, the flows are sufficient
to support the ratings.

According to Bosphorus's transaction documents, the 'BB+' DPR
rating could trigger early amortisation which activates the
trapping of 60% of the excess cash to speed up amortisation,
subject to noteholders' discretion.

VARIATIONS FROM CRITERIA

None

RATING SENSITIVITIES

The most significant variables affecting the transaction's ratings
are the credit quality of the originator, the GCA score, the DPR
flows and debt coverage ratio. Fitch would analyse a change in any
of these variables for the impact on the transaction's ratings.

Another important consideration that could lead to rating action
is the level of future flow debt as a percentage of the bank's
overall liability profile, its non-deposit funding and long-term
funding. This is factored into Fitch's analysis to determine the
maximum achievable notching differential, given the GCA score.

                         Data Adequacy

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the DPR
programme. There were no findings that were material to this
analysis. Fitch has neither requested any third-party assessment
of the information about DPR flows nor conducted a review of
origination files because there is no existing asset portfolio to
assess in future flow transactions.

Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

Fitch has downgraded the following ratings:

Tranche 2012-C: downgraded to 'BB+' from 'BBB-'; Outlook Negative

Tranche 2015-A: downgraded to 'BB+' from 'BBB-'; Outlook Negative

Tranche 2015-B: downgraded to 'BB+' from 'BBB-'; Outlook Negative

Tranche 2015-C: downgraded to 'BB+' from 'BBB-'; Outlook Negative

Tranche 2015-D: downgraded to 'BB+' from 'BBB-'; Outlook Negative

Tranche 2017-A: downgraded to 'BB+' from 'BBB-'; Outlook Negative

Tranche 2017-B: downgraded to 'BB+' from 'BBB-'; Outlook Negative



====================
E L  S A L V A D O R
====================


LA HIPOTECARIA TRUST: Fitch Affirms B on 11th/13th Series A Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of the series A notes on La
Hipotecaria Eleventh Mortgage-Backed Notes Trust and La
Hipotecaria Thirteenth Mortgage-Backed Notes Trust.

In addition, Fitch has affirmed the ratings for La Hipotecaria El
Salvadorian Mortgage Trust 2013-1 certificates and for La
Hipotecaria El Salvadorian Mortgage Trust 2016-1 certificates.

KEY RATING DRIVERS

Performance of the Underlying Assets: Delinquencies within the
underlying portfolios have performed better than Fitch's initial
expectations. Such low delinquency levels can be partly explained
by the fact that the vast majority of the securitized loans
benefit from a direct deduction payment mechanism, which helps
mitigate willingness to pay risk. Cumulative +180-day
delinquencies as of July 2018, represent 2.0% of the original pool
balance for La Hipotecaria Eleventh Mortgage-Backed Notes Trust,
and 0.7% of the original pool balance for La Hipotecaria
Thirteenth Mortgage-Backed Notes Trust, levels lower than the 6.7%
and 1.4% initially expected by Fitch for each of the transactions,
respectively.

Recoveries in Line With Expectations: As of July 2018, 48 loans
have reached delinquencies of 180 days for La Hipotecaria Eleventh
Mortgage-Backed Notes Trust. Of those, 15 have been foreclosed
with recoveries of almost 100%. For La Hipotecaria Thirteenth
Mortgage-Backed Notes Trust, 10 loans have reached delinquencies
of 180 days, and of those only one has been foreclosed with a
recovery of 100%.

Stable Prepayments: Prepayments have been in line with Fitch's
expectations, averaging 4.7% over the life of the transaction and
5.3% over the last 12 months in the case of La Hipotecaria
Eleventh Mortgage-Backed Notes Trust, averaging 3.3% over the life
of the transaction and 3.9% over the last 12 months in the case of
La Hipotecaria Thirteenth Mortgage-Backed Notes Trust.

Increased Credit Enhancement: Credit enhancement (CE) has
accumulated due to the sequential nature of the structures. As of
July 2018, year over year, CE has increased to 29.5% from 25.8%
for La Hipotecaria Eleventh Mortgage Backed Notes Trust, and to
13.6% up from 12.7% for La Hipotecaria Thirteenth Mortgage-Backed
Notes Trust. Stability on excess spread provides additional
enhancement.

Credit Quality of the Sovereign: El Salvador's Long-Term Issuer
Default Rating (IDR) was affirmed on June 13, 2018 at 'B-' and its
Country Ceiling (CC) at 'B'. According to Fitch's 'Structured
Finance and Covered Bonds Country Risk Rating Criteria' (September
2017), the ratings of structured finance notes cannot exceed the
CC of the country of the assets, unless the T&C risk is mitigated.
While the transaction has sufficient CE to be rated above the
country's IDR, the T&C risk is not mitigated, so the ratings
remains constrained by the CC and ultimately linked to the ratings
of El Salvador given the lack of mitigants for T&C risk.

Operational Risk: Pursuant to the servicer agreement, Grupo ASSA,
S.A. (the primary servicer), which is rated 'BBB-'/Outlook Stable
by Fitch, has hired La Hipotecaria S.A. de C.V. (the sub-servicer)
to be the servicer for the mortgages. Fitch has reviewed La
Hipotecaria S.A. de C.V.'s systems and procedures and is satisfied
with its servicing capabilities. These capabilities are also
demonstrated through historical asset performance. Additionally,
Banco General S.A., which is rated 'BBB+'/Outlook Stable by Fitch,
has been designated as back-up servicer in order to mitigate the
exposure to operational risk, and will replace the defaulting
servicer in the event of a servicer disruption event.

OPIC Guaranty: The timely payment of interest and ultimate payment
of principal of La Hipotecaria El Salvadorian Mortgage Trust 2013-
1 and La Hipotecaria El Salvadorian Mortgage Trust 2016-1
certificates are guaranteed by OPIC. OPIC is an agency of the U.S.
government whose obligations are backed by the full faith and
credit of the U.S. government (AAA/Stable). This allows these
certificates to reach 'AAAsf' with a Stable Outlook.

RATING SENSITIVITIES

The rating of the series A notes for the both, La Hipotecaria
Eleventh Mortgage-Backed Notes Trust and La Hipotecaria Thirteenth
Mortgage-Backed Notes Trust, are sensitive to changes in the
credit quality of El Salvador's (especially in its CC). A further
upgrade or downgrade of El Salvador's ratings, specifically its
country ceiling (B), could lead to an upgrade or downgrade on the
notes. In addition, severe increases in foreclosure frequency and
prepayments as well as reductions in recovery rates could lead to
a downgrade of the notes.

The series 2013-1 and 2016-1 certificates' ratings are sensitive
to changes in the credit quality of the U.S. sovereign as OPIC is
an agency of the U.S.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

No third party due diligence was provided or reviewed in relation
to this rating action.

Fitch has affirmed the following ratings:

La Hipotecaria Eleventh Mortgage-Backed Notes Trust

  -- $37.8 million series A notes at 'Bsf'; Outlook Stable.

La Hipotecaria El Salvadorian Mortgage Trust 2013-1

  -- $33.75 million series 2013-1 certificates at 'AAAsf'; Outlook
     Stable.

La Hipotecaria Thirteenth Mortgage-Backed Notes Trust

  -- $39.6 million series A notes at 'Bsf'; Outlook Stable.

La Hipotecaria El Salvadorian Mortgage Trust 2016-1

  -- $33.75 million series 2016-1 certificates at 'AAAsf'; Outlook
     Stable.



=============
J A M A I C A
=============


* JAMAICA: Successful Public-Private Partnerships Lifting Profile
-----------------------------------------------------------------
RJR News reports that Prime Minister Andrew Holness said the
implementation of several successful Public-Private Partnership
(PPP) projects is heightening Jamaica's profile across the global
investment community.

He said the outcomes of undertakings, such as privatization of the
Kingston Container Terminal and the North-South Highway, have
served to elevate Jamaica's ranking to fourth among countries in
Latin America and the Caribbean with notable track records in PPP
implementation, according to RJR News.

The Prime Minister was speaking at the Norman Manley International
Airport PPP concession agreement signing at the Office of the
Prime Minister, the report notes.

As reported in the Troubled Company Reporter-Latin America on
Sept. 27, 2018, S&P Global Ratings revised its outlook on
Jamaica to positive from stable. At the same time, S&P Global
Ratings affirmed its 'B' long- and short-term foreign and local
currency sovereign credit ratings, and its 'B+' transfer and
convertibility assessment on the country.



=======
P E R U
=======


SAN MIGUEL: Fitch Affirms BB+ LT IDR, Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed San Miguel Industrias PET S.A.'s Long-
Term Issuer Default Rating and senior unsecured notes at 'BB+'.
The Rating Outlook is Stable. Fitch expects to see deleveraging
over the next 18 months, based mainly on the execution of existing
and new contracts and organic growth.

KEY RATING DRIVERS

Further Deleveraging Expected: SMI net leverage remains high for
the rating. Fitch expects SMI net leverage to gradually decrease
below 4x by FYE18 compared to 4.4x at fiscal year-end 2017
(including non-recourse factoring) due to higher EBITDA, as a
result of increased volumes, and a sharp reduction in capex. Capex
peaked in 2017 at about USD96 million due to the expansion of
injection, blowing and warehouse facilities in Peru and Ecuador,
investment in equipment to attend a new PET and HDPE contract in
Peru and other investments associated with a regional contract to
supply preforms and closures in Peru, Ecuador, Colombia, Mexico,
and Central America. Fitch projects capex to about around USD45
million in 2018 and USD40 million in 2019.

Geographic Diversification: The company has diversified its
operations by expanding its operations in Colombia, Ecuador and
Central America during the last two years; 60% of the group's
EBITDA was generated outside Peru as of FYE17 (Central America,
Ecuador, and Mexico). This geographic and product diversification
enables SMI to bid for international contracts and give it more
flexibility regarding negotiation with international suppliers.
Fitch expects SMI to focus on executing its new contracts.

Contracted-Sales: Fitch estimates that SMI weighted average life
of contract is about seven years. More than 80% of SMI 's sales
are based on long-term contract agreements. Fitch estimates that
Preforms should decrease to about 63% of container volumes in 2018
from 73% in 2017 due to increased bottle volume from new contracts
in Peru and Ecuador. The company has a pass-through model that
gives margin protection against price volatility in resin and the
natural hedges against currency fluctuation, as equipment and
client contracts are in U.S. dollars.

Leading Position in the Region: SMI is a leading rigid plastic
company in the Andean and CA&C regions, with injection, blowing
and cap molding operations in Peru, Colombia, Ecuador, El
Salvador, Panama, Guatemala and Mexico. It also has recycling
operations in Peru and Colombia and thermoforming business units,
in line with the company's product diversification strategies. The
company has significantly increased its scale and product
diversification over the past three years. Fitch expects EBITDA to
reach about USD89 million in 2018.

DERIVATION SUMMARY

The 'BB+' rating reflects SMI's solid business profile as the
leading rigid plastic company in the Andean and CA&C regions, with
injection, blowing and cap molding operations in Peru, Colombia,
Ecuador, El Salvador, Panama, Guatemala and Mexico, and recycling
operations in Peru and Colombia. The rating factors SMI's
geographic diversification, its highly contracted revenues, and
its pass-through model that gives margin protection against price
volatility. However, the company is smaller than international
peers such as Amcor Limited (BBB+) and Ball Corporation (BB+). The
company's leverage is higher than Amcor (BBB+). Fitch expects a
gradual deleverage to below 4x by 2018 thanks to increased volumes
and reduced capex.

KEY ASSUMPTIONS

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

  -- EBITDA at about USD89 million in 2018;

  -- Capex of about USD45 million in 2018;

  -- No dividend payment in 2018-2019.

RATING SENSITIVITIES

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

  - Net leverage to below 2.5x on a prolonged basis;

  - Strong FCF;

  - Improved client diversification.

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

  - Net debt leverage above 4.0x on a sustained basis;

  - Non-renewal of a large supply contract.

LIQUIDITY

The company had cash and cash equivalents of about USD9 million
and short-term debt of USD58million as of June 2018. The short-
term debt is mainly related to working capital and debt for import
financing. The USD300 million senior unsecured notes mature in
2022. SMI is a private company majority-owned by Nexus Group
(leading private equity fund in Peru) which is associated to
Intercorp - one of Peru's largest conglomerates. Fitch believes
the Nexus Group could provide additional support if needed.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

San Miguel Industrias PET S.A.:

  -- Long-Term Foreign Currency IDR at 'BB+';

  -- Senior unsecured notes at 'BB+'.



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


OPTICAL HOLDINGS: Taps Greenberg Traurig as Legal Counsel
---------------------------------------------------------
Optical Holdings of Puerto Rico, LLC and OHI of Puerto Rico, LLC,
seek approval from the U.S. Bankruptcy Court for the District of
New Jersey to hire Greenberg Traurig LLP as their legal counsel.

The firm will advise the Debtors regarding their duties under the
Bankruptcy Code; represent the Debtors in negotiations; and
provide other legal services related to their Chapter 11 cases.

The hourly rates of the Greenberg Traurig personnel who may handle
the cases range from $500 to $750 for members, $250 to $500 for
associates, and $150 to $250 for paralegals.

Greenberg Traurig received payments from the Debtors of $25,000 on
September 11, and $47,029 on September 24.

Alan Brody, Esq., at Greenberg Traurig, disclosed in a court
filing that he and his firm are "disinterested" as defined in
section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Alan J. Brody, Esq.
     Greenberg Traurig LLP
     500 Campus Drive, Suite 400
     Florham Park, NJ 07932
     Tel: (973) 443-3543
     Fax: (973) 360-7900
     Email: BrodyA@gtlaw.com

               About Optical Holdings of Puerto Rico

Optical Holdings of Puerto Rico, LLC, owns health and personal
care stores.  OHI of Puerto Rico, LLC is an eyewear supplier in
Springfield, New Jersey.

Optical Holdings and OHI sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case Nos. 18-29070 and 18-29071) on
Sept. 25, 2018.  At the time of the filing, Optical Holdings
estimated assets of less than $50,000 and liabilities of $1
million to $10 million.  OHI estimated assets of less than $1
million and liabilities of $1 million to $10 million.


OPTICAL HOLDINGS: Taps Jackson Lewis as Special Counsel
-------------------------------------------------------
Optical Holdings of Puerto Rico, LLC and OHI of Puerto Rico LLC
seek approval from the U.S. Bankruptcy Court for the District of
New Jersey to hire Jackson Lewis, LLC as special counsel.

The firm will provide the Debtors with legal advice on labor
matters.  Jackson Lewis will charge these hourly rates:

        Members        $285
        Of Counsel     $285
        Associates     $195
        Paralegal      $120

Juan Felipe Santos, Esq., managing principal and litigation
manager at Jackson Lewis, disclosed in a court filing that the
firm and its attorneys are "disinterested" as defined in Section
101(14) of the Bankruptcy Code.

The firm can be reached through:

     Juan Felipe Santos, Esq.
     Jackson Lewis, LLC
     American International Plaza
     250 Munoz Rivera Avenue, Suite 404
     San Juan, PR 00918
     Phone: 787-522-7305 / 787-522-7315
     Fax: 787-522-7306
     Email: Juan.Santos@jacksonlewis.com

               About Optical Holdings of Puerto Rico

Optical Holdings of Puerto Rico, LLC, owns health and personal
care stores.  OHI of Puerto Rico, LLC is an eyewear supplier in
Springfield, New Jersey.

Optical Holdings and OHI sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case Nos. 18-29070 and 18-29071) on
Sept. 25, 2018.  At the time of the filing, Optical Holdings
estimated assets of less than $50,000 and liabilities of $1
million to $10 million.  OHI estimated assets of less than $1
million and liabilities of $1 million to $10 million.  Judge
Stacey L. Meisel presides over the cases.  The Debtors tapped
Greenberg Traurig LLP as their legal counsel.


STONEMOR PARTNERS: Extends Interim Strategic Executive's Term
--------------------------------------------------------------
StoneMor GP LLC, the general partner of StoneMor Partners L.P.,
and Leo J. Pound modified the terms of their agreement dated July
26, 2018 pursuant to which Mr. Pound serves as interim strategic
executive of StoneMor GP by extending the term of his service in
that capacity through Oct. 31, 2018.  StoneMor GP also delegated
to Joseph M. Redling, its president and chief executive officer,
the authority to extend such term for one additional month.
During that additional period of service as interim strategic
executive, Mr. Pound will continue to receive a monthly fee of
$50,000.  Mr. Pound will defer his return to the Audit Committee
of the Board of Directors of StoneMor GP until his service as
interim strategic executive ceases.

              Matters Pertaining to Lawrence Miller

On Oct. 12, 2018, the Partnership and Lawrence Miller entered into
a letter agreement that resolved the number of units that vested
upon Mr. Miller's retirement as president and chief executive
officer in May 2017 pursuant to awards made under the
Partnership's 2014 Long-Term Incentive Plan.  The parties agreed
that a total of 22,644 time-based units and 63,836 performance-
based units vested under those awards in accordance with the terms
of the Separation Agreement dated March 27, 2017 between Mr.
Miller and StoneMor GP.  The parties also agreed that a total of
$340,751 will be paid to Mr. Miller pursuant to distribution
equivalent rights with respect to those units.

In connection with entering into the Agreement, Mr. Miller
resigned as a director of StoneMor GP.  The Partnership will pay
Mr. Miller the distribution equivalent rights within five business
days, and will issue the vested units within five business days
after it has filed all reports it is required to file under the
Securities Exchange Act of 1934, as amended.  The Agreement also
included a customary release by Mr. Miller of any further claims
with respect to the Plan, including the referenced awards, and any
right to appoint a "Founder Director" under the terms of StoneMor
GP's Second Amended and Restated Limited Liability Company
Agreement, as amended.

                   About StoneMor Partners

StoneMor Partners L.P., headquartered in Trevose, Pennsylvania --
http://www.stonemor.com/-- is an owner and operator of cemeteries
and funeral homes in the United States, with 316 cemeteries and 91
funeral homes in 27 states and Puerto Rico.  StoneMor's cemetery
products and services, which are sold on both a pre-need (before
death) and at-need (at death) basis, include: burial lots, lawn
and mausoleum crypts, burial vaults, caskets, memorials, and all
services which provide for the installation of this merchandise.

Stonemor reported a net loss of $75.15 million on $338.2 million
of total revenues for the year ended Dec. 31, 2017, compared to a
net loss of $30.48 million on $326.2 million of total revenues for
the year ended Dec. 31, 2016.  As of Dec. 31, 2017, Stonemor had
$1.75 billion in total assets, $1.66 billion in total liabilities
and $91.69 million in total partners' capital.

                           *    *    *

As reported by the TCR on July 10, 2018, Moody's Investors Service
downgraded Stonemor Partners L.P.'s Corporate Family rating to
'Caa1' from 'B3'.  The Caa1 CFR reflects Moody's expectation for
breakeven to modestly negative free cash flow (before
distributions), ongoing delays in filing financial statements and
Stonemor's significant reliance on its revolving credit facility
for liquidity in 2018.

In April 2018, S&P Global Ratings affirmed its 'CCC+' corporate
credit rating on StoneMor Partners L.P.  S&P said, "The rating
affirmation reflects our expectation that the company can generate
operating cash flow of approximately $25 million in 2018 to
support operating needs for at least another year."



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


PETROLEUM CO: Government Discloses Replacements for Firm
---------------------------------------------------------
St. Lucia News Online reports that Government said two companies
will replace the now defunct state run oil refinery Petroleum Co.
of Trinidad & Tobago (Petrotrin).  They are Heritage Petroleum
Company and Paria Fuel Trading Company.

Heritage Petroleum is the new exploration company while Paria Fuel
Trading will handle fuel logistics and the energy trading aspect
of the business, according to St. Lucia News Online.

The report relays that two advertisements concerning the new
companies appeared in the local media.

"More than the infrastructure and natural resources that we will
recover sustainably and profitably, our greatest assets will be
our technical and operational excellence, strategic thinking, and
most of all, the quality of our people.  These factors will be
pivotal to our success," said the advertisement for the Heritage
Company, the report relays.

The description of the Paria Fuel Trading Company said: "As a
state-owned company with access to strategic linkages and high-
level market intelligence, our significant infrastructure
positions us to offer safe, responsible and efficient terminal
operations which will facilitate the reliable transportation and
trading of petroleum products," the report discloses.

It was also stated that the company will ensure fuel security for
automotive, aviation and marine applications in Trinidad and
Tobago, the report relays.

The launch of the two firms came two days after Justice of Appeal
Charmaine Pemberton granted a stay of an Industrial Court
injunction against Petrotrin which prevented it from terminating
employees and issuing voluntary separation letters, the report
discloses.

Last month, Petrotrin announced the closure of its operations on
November 30, the report recalls.

Energy Minister Franklin Khan then stated that Petrotrin had the
ability to "bankrupt" the country, and described the company as
moving towards a "black hole," 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.



=================
X X X X X X X X X
=================


LATAM: IDB & AFD Pledge to Enhance Co-Financing for Region
-----------------------------------------------------------
The Inter-American Development Bank (IDB) President Luis Alberto
Moreno and Agence Francaise de Developpement (AFD) CEO Remy Rioux
signed a partnership framework agreement to enhance co-financing
of projects which sets the target to reach at least US$1 billion
co-financing over the next three years. This agreement effectively
builds upon the IDB-AFD partnership formalized in 2015.

In this new agreement, the IDB and AFD commit to further mobilize
both knowledge and financial resources for projects promoting
sustainable development and poverty alleviation. It aims to deepen
cooperation related to global public goods and efforts to fight
climate change, which are joint strategic priorities for both
institutions.

Building upon an active track record of co-financing projects, the
partners intend to help LAC countries translate climate objectives
into national and regional planning strategies and implement them
at the sector level in pursuit of the Sustainable Development
Goals and the objectives of the Paris Climate Agreement.

The signing follows a public announcement by French President
Emmanuel Macron pledging to increase France's public development
assistance from 0.38% of GDP in 2016 to 0.55% by the end of 2022,
deepening the scope of financing opportunities in LAC in
partnership with the IDB.

"The partnership with IDB is crucial for us to support the region
in its efforts to transition to a low carbon and resilient
economy, in line with the Paris Climate Agreement. IDB and AFD
teams have done great work over the last couple of years to scale
up our cooperation on the ground. I am glad today to open a new
phase of this collaboration alongside President Moreno," said AFD
CEO, Remy Rioux.

IDB President Luis Alberto Moreno: "The IDB wants to build
strategic alliances with French development actors such as the AFD
Group, which has become one of our most active co-financing
partners. This agreement will strengthen our collective ability to
create innovative financial instruments and to do pioneering work
in fighting climate change and other challenges Latin America and
the Caribbean are facing."

The agreement was formalized in the context of the 2018
International Monetary Fund and World Bank Meetings in Bali.

                          About AFD

AFD is France's inclusive public development bank. It commits
financing and technical assistance to projects that genuinely
improve everyday life, both in developing and emerging countries
and in the French overseas territories. Our action is fully in
line with the Sustainable Development Goals (SDGs) . Through its
network of 85 agencies, AFD operates in 109 countries, where it is
currently financing, supervising and supporting over 3,600
development projects. In Latin America and the Caribbean, AFD
pursues a strategy of green and inclusive growth which preserves
the environment and reduces social inequality. afd.fr

                         About the IDB

The Inter-American Development Bank is dedicated to improving
lives. Founded in 1959, the IDB is the main source of long-term
financing for the economic, social and institutional development
of Latin America and the Caribbean. The IDB also conducts advanced
research and provides policy advice, technical assistance and
training to public and private sector clients in the region.


                            ***********


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.
.


                   * * * End of Transmission * * *