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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, February 5, 2019, Vol. 20, No. 25


                            Headlines



B R A Z I L

DIAMOND OFFSHORE: Egan-Jones Lowers Sr. Unsecured Ratings to BB-
ELDORADO BRASIL: Moody's Assigns Ba3 Rating to Sr. Unsec. Notes
ELDORADO BRASIL: Fitch Rates Proposed Sr. Unsec. Notes BB-(EXP)


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Three Regions Under Severe Drought
DOMINICAN REPUBLIC: Evaluates Strategies to Improve Coffee Segment


P U E R T O    R I C O

SPANISH BROADCASTING: Chief Financial Officer Retires


T R I N I D A D  &  T O B A G O

CARONI (1975): Cost Taxpayers $10 Billion Since Closure
TRINIDAD & TOBAGO: The Perils of Country's Position on Venezuela


V E N E Z U E L A

CITGO PETROLEUM: Denies Report it is Weighing Bankruptcy


X X X X X X X X X

* Caribbean Countries Get EUR30MM to Strengthen DRM


                            - - - - -


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B R A Z I L
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DIAMOND OFFSHORE: Egan-Jones Lowers Sr. Unsecured Ratings to BB-
----------------------------------------------------------------
Egan-Jones Ratings Company, on January 23, 2018, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Diamond Offshore Drilling, Inc. to BB- from BB.

Diamond Offshore Drilling, Inc. is an offshore drilling
contractor. The company is headquartered in Houston, Texas, United
States, and has major offices in Australia, Brazil, Mexico,
Scotland, Singapore, and Norway. The company operates 17 drilling
rigs including 13 semi-submersible platforms and 4 drillships.


ELDORADO BRASIL: Moody's Assigns Ba3 Rating to Sr. Unsec. Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to the
proposed senior unsecured notes due 2026 to be issued by Eldorado
Intl. Finance GmbH, unconditionally and irrevocably guaranteed by
Eldorado Brasil Celulose S.A. and Cellulose Eldorado Austria GmbH
(unrated). Proceeds will be used for liability management
purposes, extending the company's debt amortization profile. The
outlook is stable.

The rating of the notes assumes that the final transaction
documents will not be materially different from draft legal
documentation reviewed by Moody's to date and assume that these
agreements are legally valid, binding and enforceable.

Rating assigned:

  - Issuer: Eldorado Intl. Finance GmbH

  - Gtd Senior Unsecured Notes due 2026: Ba3

RATINGS RATIONALE

Eldorado's Ba3 ratings mainly reflects the company's adequate
credit metrics and very strong operational performance, with
average EBITDA margins of 60% since 2015. Eldorado has the lowest-
cost operation in the global pulp industry as a consequence of its
privileged location, forest availability and integrated process
into a state-of the-art plant. The rating also considers its
position as the second largest producer of market pulp in Brazil,
after Suzano, and the fifth largest producer of market bleached
hardwood kraft pulp (BHKP) worldwide.

Eldorado's competitive production cost reflects the quality of its
assets and vertically integrated production process (forest,
industrial and logistics), which includes self-sufficiency in wood
and electricity. Eldorado's operations are concentrated in the
state of Mato Grosso do Sul, in the central part of Brazil, an
area well suited for growing eucalyptus trees. Moody's believes
that Eldorado's ability to control input costs partially
compensates for the risk of operating primarily in a single
commodity product and in a single location. However, Eldorado's
single-plant nature and limited operational diversity makes the
company susceptible to high event risk, which constrains the
rating. An additional rating constraint is Eldorado's unbalanced
capital structure with a high concentration of debt due between
2019-2021.

Eldorado has a relatively tight liquidity schedule when Moody's
considers cash balances and debt amortizations in the next 2-3
years (72% of total debt). Still, Moody's expects the company to
generate free cash flows of around BRL 1 billion in 2019 and 2020,
which will allow it to address upcoming debt maturities while
rolling over the short-term trade-related lines. Accordingly,
Eldorado has BRL 3 billion of debt related to the Tres Lagoas pulp
mill construction due between 2019-2021, or 36% of total debt
outstanding.

The proposed bond issuance is part of Eldorado's liability
management strategy and proceeds from the transaction will be
mainly used for the amortization of existing short-term debt
obligations. Moody's expects Eldorado's liquidity profile to
improve following the transaction, as it will further lengthen the
company's amortization schedule.

The stable outlook is based on Moody's expectation that Eldorado's
low cost process will allow it to sustain a strong operating
performance in the foreseen horizon. It also incorporates Moody's
expectation that the company's will benefit from positive
fundamentals in the market pulp segment in the next 12 to 18
months and will use excess cash generation to reduce debt, while
extending maturities.

An upward rating movement would require Eldorado to materially
improve its liquidity profile and capital structure by reducing
short term debt and extending maturities, while maintaining its
competitive cost position and further reducing leverage. In
addition, an improvement in its interest coverage, with adjusted
EBITDA/interest expense above 5x and positive free cash flows on a
sustained basis are required for a positive rating action,
together with cash flows diversification by source (different
segments) and/or geography (asset location).

The rating or outlook could suffer negative pressure if Eldorado
is not able to improve its liquidity profile and debt maturities
remain concentrated between 2019-2021, or debt levels increase,
with leverage, measured as total adjusted debt/EBITDA, trending
towards 4x or above, and interest coverage, measured as adjusted
EBITDA/interest expense, remaining below 4x. A significant
deterioration in the company's operating performance, with EBITDA
margins trending towards 20% or lower and negative free cash flow
generation would exert negative pressure on the rating or outlook.

The principal methodology used in this rating was Paper and Forest
Products Industry published in October 2018.


ELDORADO BRASIL: Fitch Rates Proposed Sr. Unsec. Notes BB-(EXP)
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB-(EXP)' rating to the proposed
2026 senior unsecured notes to be issued by Eldorado Intl. Finance
GmbH, and guaranteed by Eldorado Brasil Celulose S.A. and
Cellulose Eldorado Austria GmbH. The senior notes will be a
benchmark sized issuance due in 2026. The proceeds will be used
for liability management, improvement of debt maturity profile and
general corporate purposes. Fitch currently rates Eldorado's
Foreign Currency and Local Currency Issuer Default Ratings 'BB-'
with a Positive Rating Outlook.

Eldorado's ratings reflect strong pulp prices that have improved
the company's FCF generation and a reduction in uncertainty
surrounding Eldorado's ownership structure. The latter factor has
increased clarity about the company's future capital structure and
should enhance the company's ability to obtain financing from
multiple sources.

Eldorado's business profile is strong and reflects its excellent
position in the production cost curve due to productive forests, a
favourable climate for growing trees and a modern pulp mill. The
company's ratings would be higher than 'BB-' if there were not
corporate governance concerns related to its controlling
shareholder, J&F Investimentos S.A. (J&F).

The Positive Outlook on the corporate ratings reflects Fitch's
expectation that Eldorado will report strong operating results
through 2020 due to favourable pulp market conditions. Fitch
expects the company to use its robust FCF to improve liquidity,
pay down short-term and costly bank debt, and to strengthen its
capital structure before building a second pulp line. Resolutions
of the arbitrage process involving the company's non-controlling
shareholder, Paper Excellence, and/or the investigations of J&F
could also lead to positive rating actions.

KEY RATING DRIVERS

Eldorado Shareholder Structure Clarified: Overall, uncertainties
associated with the company's future shareholding structure
diminished substantially when the option for Paper Excellence to
acquire J&F's shares in the company expired in early September
2018. Fitch views the risks of Paper Excellence gaining control of
the company through an ongoing litigation or arbitrage process to
be low. This has paved the way for Eldorado to increase its access
to long-term finance and reduce its reliance on costly short-term
banks, especially in view of Eldorado's robust operating
performance amid a scenario of attractive pulp prices until 2020.
Fitch believes that if Paper Excellence, which is an affiliated of
Asia Paper and Pulp, had been able to take full control of
Eldorado it would have maintained a highly leveraged capital
structure.

Governance Remains a Rating Constraint: Eldorado's ratings have
been constrained at 'BB-' due to concerns about governance. The
controlling shareholders of J&F entered into a leniency agreement
with the Brazilian Federal Public Prosecutors Office due to their
involvement in the corruption scandal during 2017. As a result of
complications that have arisen in the process, Eldorado has not
been able to consistently release its financial statements in a
timely manner and its access to financing has been more limited
than peers with comparable business positions. Investigations of
Eldorado shareholders continue to move forward. They include
administrative procedures by the CVM (Brazilian Securities and
Exchange Commission), potential fines from the U.S. Department of
Justice and an investigation by Brazil's attorney general into
possible breaches of the terms of the J&F leniency agreement.
Fitch believes the probability that Eldorado will become involved
in them has diminished over time. In addition, any addition files
that may be incurred by the company's shareholders would likely be
paid through dividends received from Eldorado's sister company,
JBS, which produced strong financial results during 2018. JBS is
among the world's largest protein companies.

Robust FCF: Fitch projects Eldorado will generate about BRL2.8
billion of adjusted EBITDA in 2018 and 2019. This compares
favorably with BRL1.7 billion of Fitch-adjusted EBITDA in 2017.
Fitch expects FCF to reach BRL1.5 billion in 2018 and average
BRL1.3 billion in the 2019-2021 period as no investments in
capacity expansion are planned and no dividends are expected to be
paid to shareholders. Elevated pulp prices have been the key
driver of higher cash flow generation.

Low Leverage: Elevated pulp prices have resulted in strong FCF
that has been used to lower net debt from BRL7.9 billion on Dec.
31, 2016 to BRL6.8 billion as of Sept. 30, 2018. Lower net debt in
combination with stronger operating results has led to a decline
in the company's net debt/adjusted EBITDA leverage ratio from 6.2x
in 2016 and 4.3x in 2017 to projected levels of 2.1x in 2018 and
1.7x in 2019. Eldorado's continued leverage reduction will depend
on the absence of expansion projects and the company's ongoing
focus to use FCF to pay down debt.

Above-Average Business Profile: Eldorado has limited scale of
operations compared with peers in Latin America and only one pulp
mill, which is located in Brazil. The company has an annual
production capacity of 1.7 million tons of BEKP, in an industry of
62 million tons. Nevertheless, the company is extremely
competitive in the industry due to its productive forests, a
favorable climate for growing trees and a modern pulp mill. In
third-quarter 2018, the company's cash cost of production was
about USD127 per ton, which placed it firmly in the lowest
quartile of the cost curve. Eldorado also has some financial
flexibility from its forest base, with the accounting value of the
biological assets of its forest plantations at BRL2.6 billion as
of Sept. 30, 2018.

Cyclicality of Pulp Prices: The market pulp industry is very
cyclical; prices move sharply in response to changes in demand or
supply. Market fundamentals for pulp producers are favorable, as
strong demand from China has helped the market seamlessly absorb
new capacity from competitors Asia Pulp & Paper and Suzano/Fibria
Celulose (BBB-/Stable). Prices through 2020 should be healthy due
to the lack of new projects, which should help issuers build cash
positions for new projects or reduce debt accumulated during
recent pulp mill projects. China will continue to play a key role
in supporting prices, and demand should be driven by a growing
economy and the closing of pulp mills that relied upon nonwood
fibers.

DERIVATION SUMMARY

Eldorado's business profile is strong and reflects its excellent
position in the lowest quartile of the production cost curve due
to its productive forests, a favorable climate for growing trees
and a modern pulp mill. Fitch expects the company to report robust
FCF over the next three years combined with a quick deleverage
process as FCF will be used to pay down short-tenored and costly
bank debts. Following the end of the purchase agreement between
J&F and Paper Excellence, the uncertainties surrounding Eldorado's
ownership structure have been substantially diminished, which
paves the way for Eldorado to increase its access to long-term
financing at more favourable terms and conditions.

Similar to other Latin American pulp producers, Eldorado's pulp
production cash costs are among the lowest in the world, ensuring
its long-term competitiveness. This places the company's business
risk profile in line with Latin America pulp companies like Fibria
(BBB-/Stable), Suzano (BBB-/Stable), Empresas CMPC (BBB/Stable)
and Celulosa Arauco (BBB/Stable). However, Eldorado has only one
mill located in Brazil, while its peers have higher scale of
operations and geographic diversification, like Suzano and Fibria
which have merged to become the world's leading producer of market
pulp with an annual pulp production capacity of 11 million tons.
Eldorado is also concentrated only in pulp and is therefore more
exposed to the cyclicality of pulp prices compared with companies
with higher product diversification like Arauco and CMPC, which
are leaders in the wood products segment and tissue markets,
respectively. Compared with its investment grade peers, Eldorado's
ratings are, however, still constrained by higher refinancing
risks, ongoing litigation issues at its controlling shareholders
and weaker corporate governance standards.

KEY ASSUMPTIONS

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

  -- Pulp sales volume of 1.7 million tons;

  -- Average hardwood net pulp price between USD675 and USD725 per
ton in 2018-2020;

  -- FX rate of 3.8 BRL/USD;

  -- Base case does not incorporate investments in the new pulp
mill;

  -- The company will go out with a new bond issuance of USD350
million and proceeds will be used to pay down short-term and
costly debt.

RATING SENSITIVITIES

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

  -- Increased access to bank and capital markets financing
alternatives;

  -- Positive outcome of the arbitrage process between Paper
Excellence and J&F;

  -- Conclusion of investigations involving J&F;

  -- Construction of a second pulp line.

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

  -- Negative outcome involving the arbitrage process opened by
Paper Excellence and/or involving litigations against J&F and the
Batista family affecting the company's ability to access more
adequate financing locally or abroad;

  -- Decreased access to bank financing or capital markets .

LIQUIDITY

Reduced Refinancing Risks: As of Sept. 30, 2018, Eldorado had cash
and marketable securities of BRL1.3 billion and total debt of
BRL8.0 billion, of which about BRL2.4 billion is due in the short
term. Excluding trade finance lines, debt maturities in the short
term are about BRL900 million as of Sept. 30, 2018. The
expectation of robust FCF over the next three years combined with
a clearer shareholding control is expected to substantially reduce
refinancing risks going forward and enable the company to access
long-term financing under more favorable terms and conditions.
Total debt was composed of loans from the Brazilian Development
Bank, export credit agencies, export credit notes, trade finance
lines, debentures from Fundo de Investimento do Fundo de Garantia
do Tempo de Servico, a term loan and senior unsecured notes.

FULL LIST OF RATING ACTIONS

Fitch assigns the following rating:

Eldorado Int. Finance GmbH

-- Benchmark-sized senior unsecured notes due in 2026 'BB-(EXP)'.

The notes will be issued by Eldorado Intl. Finance GmbH and
guaranteed by Eldorado Brasil Celulose S.A. and Cellulose Eldorado
Austria GmbH.

Fitch currently rates Eldorado as follows:

Eldorado Brasil Celulose S.A.

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

  - Long-Term Local Currency IDR 'BB-';

  - National Long-Term Scale rating 'A(bra)' ;

  - 2nd Debentures, in the amount of BRL940 million, due in 2027,
'A(bra)' .

Eldorado Int. Finance GmbH

  - Senior unsecured notes, in the amount of USD350 million and
due in 2021 'BB-'.

The transaction was issued by Eldorado Intl. Finance GmbH and
guaranteed by Eldorado Brasil Celulose S.A. and Cellulose Eldorado
Austria GmbH.

The Rating Outlook for the corporate ratings is Positive.


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


DOMINICAN REPUBLIC: Three Regions Under Severe Drought
------------------------------------------------------
Dominican Today reports that the National Weather Office, ONAMET,
declared the south, southwest and northwest regions in a state of
severe drought as rainfall continues scarce in those zones.

During 2018, in the period between January and November, the
drought monitor tool determined that there was a weak to severe
drought in 46% of ONAMET's weather stations, according to
Dominican Today.

"The most notorious deficits occurred in Jimani and Moca with
51.2%, 43.1% in Villa Vasquez, 24.8% in Hondo Valle, 24.1% in
Barahona and 23.3% in Santiago Rodriguez," it said, the report
notes.

Since last December in general, Dominican Republic's precipitation
deficit was -58.2% compared with to normal rainfall values. "The
most alarming negative balances were presented in the regional
ones: southwest (-98.3%), northwest (-85.8%) and the south
(-79.4%)," the report relays.

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: Evaluates Strategies to Improve Coffee Segment
------------------------------------------------------------------
Dominican Today reports that to identify the many opportunities
and weaknesses of the Dominican coffee growers, the National
Evangelical University (UNEV) and the Faculty for Environment and
Rural Development (FADER) abled a dialogue with experts who
evaluated the strategies to improve the Dominican coffee segment.

For academy rector, Epifanio Gonzalez, the main strength of the
Dominican coffee industry, is the economic impact generated
through the production of hundreds of tons of coffee, according to
Dominican Today.

He said its main weakness is the climate and environmental change,
since it has "become more visible in recent years," causing
effects such as increased temperatures, decreased rainfall and
water supplies, desertification, forest fires and sea level rise,
among others, the report notes.

In that regard, the economist and researcher Humberto Vargas,
warned that each year around 325 million people suffer directly
from the social and economic effects caused by climate change, 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.


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


SPANISH BROADCASTING: Chief Financial Officer Retires
------------------------------------------------------
Joseph A. Garcia has retired from his role as senior executive
vice president, chief financial officer, chief administrative
officer and secretary of Spanish Broadcasting System, Inc.,
effective as of Jan. 28, 2019.  Mr. Garcia served as the Company's
chief financial officer since 1984.  The Company thanks Mr. Garcia
for his many years of dedicated service to the Company.  Mr.
Garcia will continue to serve on the Board of Directors of the
Company and serve in a senior advisory role to the Company.  The
Company and Mr. Garcia intend to enter into a Separation and
Transition Services Agreement documenting the terms of Mr.
Garcia's retirement and transition to a senior advisory role.

Mr. Jose I. Molina has been appointed chief financial officer of
the Company effective as of Jan. 28, 2019.  Mr. Molina, 46, has
over 20 years of experience in corporate finance leadership and
public accounting roles, including broad experience in mergers and
acquisitions, capital markets and corporate restructuring.  Prior
to his appointment, Mr. Molina was the senior vice president and
chief financial officer, Networks at Univision Communications.
Prior to Univision, he was president and chief financial officer
at MundoMax (formerly known as MundoFOX), a Spanish-language
broadcast television network that had over 50 affiliate stations
nationwide.

Prior to MundoMax, from 2001 - 2015, Mr. Molina was the senior
vice president of Finance of the Company and served as a member of
the senior management team, advisor to the C-suite and liaison
with the investment community.  Mr. Molina has been a Certified
Public Accountant (CPA) in Florida since 1997.  He holds a Master
of Professional Accounting and a Bachelor of Science in Accounting
with Honors from the Fischer School of Accounting at the
University of Florida.

The Company has entered into an employment agreement with Mr.
Molina effective as of Jan. 28, 2019.  The Employment Agreement
provides that Mr. Molina will serve as chief financial officer for
a three-year term.  The Employment Agreement provides for a base
salary of $400,000 for the first year, $450,000 in the second year
and $475,000 in the third year.  In addition, Mr. Molina will be
eligible to earn an annual discretionary bonus in the amount
recommended by the chairman and chief executive officer and
approved by the Compensation Committee.  Mr. Molina is entitled to
participate in all employee benefit plans and policies of the
Company, including if eligible, health care coverage, vacation,
sick leave and other benefits extended to executives of the
Company.  Mr. Molina is entitled to an automobile allowance of
$1,300 per month.

Mr. Molina's employment under the Employment Agreement will
terminate: (a) by reason of Mr. Molina's death, (b) for failure to
render service, (c) for Cause (as defined in the Employment
Agreement), and (d) without Cause.  If Mr. Molina's employment is
terminated by the Company without Cause or Mr. Molina elects to
terminate his employment following a Change of Control (as defined
in the Employment Agreement), the Company will pay a severance
allowance equal to one year of his base salary.  If Mr. Molina's
employment is terminated by the Company other than without Cause,
the Company will pay his accrued base salary and all other
benefits accrued through the date of termination.

Under the terms of the Employment Agreement, Mr. Molina has agreed
not to disclose any confidential information concerning the
Company's business.  In addition, Mr. Molina has agreed not to
solicit or to interfere with the Company's relationship with any
of the Company's employees or independent contractors or to
interfere with the Company's relationship with any person or
entity with which the Company had any contractual or business
relationship until one year following termination of his
employment.

Mr. Molina has been granted an option to purchase 75,000 shares of
common stock which will vest pursuant to the following schedule:
(i) 25,000 vest upon the six-month anniversary of the grant date;
(ii) 25,000 vest upon the eighteenth-month anniversary of the
grant date; and (iii) 25,000 vest upon the thirtieth month
anniversary of the grant date.

                    About Spanish Broadcasting

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

The report from the Company's independent accounting firm Crowe
Horwath LLP, the Company's auditor since 2013, on the consolidated
financial statements for the year ended Dec. 31, 2017, includes an
explanatory paragraph stating that the 12.5% Senior Secured Notes
had a maturity date of April 15, 2017.  Cash from operations or
the sale of assets was not sufficient to repay the notes when they
became due.  In addition, for the year ended Dec. 31, 2017, the
Company had a working capital deficiency and negative cash flows
from operations.  These factors raise substantial doubt about its
ability to continue as a going concern.

Spanish Broadcasting reported net income of $19.62 million for the
year ended Dec. 31, 2017, compared to a net loss of $16.34 million
for the year ended Dec. 31, 2016.  As of Sept. 30, 2018, Spanish
Broadcasting had $437.66 million in total assets, $530.24 million
in total liabilities and a total stockholders' deficit of $92.57
million.

                          *     *     *

In May 2017, S&P Global Ratings withdrew its 'D' corporate credit
rating and issue-level ratings on Spanish Broadcasting System.
"We withdrew the ratings because we were unlikely to raise them
from D', based on SBS' ongoing plans to restructure its debt,"
said S&P Global Ratings' credit analyst Scott Zari.  S&P had
downgraded SBS to 'D' on April 21, 2017, following the company's
announcement that it didn't repay its $275 million 12.5% senior
secured notes that were due April 15, 2017, as reported by the TCR
on May 25, 2017.

In April 2017, Moody's Investors Service downgraded SBS's
corporate family rating to 'Ca' from 'Caa2'. SBS's 'Ca' corporate
family rating reflects an elevated expected loss rate following
the default under the company's 12.5% senior secured notes due
April 2017, said Moody's.


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


CARONI (1975): Cost Taxpayers $10 Billion Since Closure
-------------------------------------------------------
Trinidad Express reports that Caroni (1975) Limited chairman Jerry
Hospedales revealed that since the state-owned company closed down
in 2003, Government has spent $10 billion in "wrapping" it up.

A large chunk of this money, Mr. Hospedales said, was spent on
pensions, training courses, monetary benefits and residential and
agricultural lands for the former employees, according to Trinidad
Express.

The report notes that Mr. Hospedales and Caroni (1975) Limited's
board appeared before a Public Accounts (Enterprises) Committee,
which examined the company's audited financials for the years 2010
to 2018.


TRINIDAD & TOBAGO: The Perils of Country's Position on Venezuela
-----------------------------------------------------------------
Asha Javeed at Trinidad Express reports that economists Vaalmikki
Arjoon is concerned about Trinidad and Tobago's relationship with
the United States given the different approach of the two
countries with regard to the ongoing leadership crisis in
Venezuela.

President of National Assembly of Venezuela, Juan Guaido,
proclaimed himself interim president of Venezuela on January 23,
2019, leading to almost immediate recognition by the United
States, Canada and Colombia and later by Latin American countries
such as Brazil, Argentina and Chile, according to Trinidad
Express.

Prime Minister Dr Keith Rowley has steadfastly maintained that the
position of T&T and Caricom on the developments in Venezuela is
one of non-interference and non-intervention and that he is
seeking dialogue to resolve the situation in a peaceful manner,
the report notes.


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


CITGO PETROLEUM: Denies Report it is Weighing Bankruptcy
--------------------------------------------------------
Shanti S Nair at Reuters reports that U.S. refiner CITGO Petroleum
Corporation, owned by Venezuelan state oil firm Petroleos
de Venezuela SA (PDVSA), denied a report that it was considering
filing for bankruptcy in the United States amid a row between the
Trump administration and Venezuela's leftist government.

Reuters, citing, The Wall Street Journal, had reported that Citgo
was considering various options including a bankruptcy to protect
its operations as it deals with a looming governance crisis and
competing creditor claims on its assets.

"Citgo has no intention of entering into bankruptcy proceedings,"
a spokesman for the company told Reuters via email, the report
notes.  "We continue to maintain a strong balance sheet, flat debt
levels and liquidity of more than $1 billion into the new year,"
he added, the report relays.

A U.S. decision to impose sanctions on Venezuela's oil industry
has caused both sides to engage in aggressive moves to control
Citgo, which has roots in the United States dating back 100 years,
but has been owned by PDVSA for three decades, the report says.

As reported in the Troubled Company Reporter-Latin America on Nov.
10, 2017, Moody's Investors Service downgraded CITGO Petroleum
Corporation's Corporate Family Rating to Caa1 from B3; its
Probability of Default rating to Caa1-PD from B3-PD; and its
senior secured and unsecured ratings on term loans and global
notes and IRB's to Caa1 (LGD4) from B3 (LGD4). The rating on Citgo
Petroleum's senior secured revolving credit facility was
downgraded to B3 (LGD4) from B2 (LGD3).



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


* Caribbean Countries Get EUR30MM to Strengthen DRM
---------------------------------------------------
The European Union (EU) has signed two agreements with the World
Bank's (WB) Global Facility for Disaster Reduction and Recovery
(GFDRR) to provide funding totaling EUR 30.7 million that will
strengthen disaster risk management (DRM) in the Caribbean.

The programs will support Caribbean countries to plan for long-
term resilience and climate-smart growth strategies, and to design
and implement innovative policy and investment initiatives.

The two programmes that will benefit are the Caribbean Regional
Resilience Building Facility (EUR 27.7 million) and the Technical
Assistance Program for Disaster Risk Financing and Insurance in
Caribbean Overseas Countries and Territories (OCTs) (EUR3
million).

The Caribbean Regional Resilience Building Facility will support
15 Caribbean countries by providing technical assistance to
mainstream resilience, leveraging investments to reduce
vulnerability, and expanding financial protection against
disasters.

The Technical Assistance Program for Disaster Risk Financing and
Insurance in Caribbean Overseas Countries and Territories will
help the OCTs understand their financial exposure or contingent
liability to disasters, provide an overview of financial
protection tools available, assess the feasibility of
participating in insurance mechanisms, and facilitate the sharing
of knowledge among OCTs.

This Technical Assistance Program will be carried out jointly with
the Caribbean OCTs' Resilience, Sustainable Energy and Marine
Biodiversity Programme -- ReSEMBiD (EUR 36.7 million), implemented
by Expertise France, which objective is to strengthen
environmentally sustainable economic development in Caribbean
OCTs.

The Caribbean Region Resilience Building Facility will benefit
Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, the
Dominican Republic, Grenada, Guyana, Haiti, Jamaica, St. Kitts and
Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, and
Trinidad and Tobago.

The Technical Assistance Program for DRF and Insurance in
Caribbean OCTs will benefit Anguilla, Aruba, St. Barthelemy,
British Virgin Islands, Bonaire, Cayman Islands, Curaáao,
Montserrat, Saba, Turks and Caicos Islands, St. Eustatius and St.
Maarten.

The programmes will be managed in close coordination by two EU
Delegations in their respective geographic area of
responsibilities.

Daniela Tramacere, European Union Ambassador to Barbados, Eastern
Caribbean States, the OECS and CARICOM/CARIFORUM said: "If there
is no doubt that all countries and people are affected by climate
change, there is also no doubt that some countries and some people
are more vulnerable than others to natural disasters.

"This contribution is a token of solidarity of the European
people, and recognition of the very difficult challenges the
Caribbean nations face. Hopefully this support will enable people
and businesses to be more resilient to climate change," she said.

Tahseen Sayed, World Bank Country Director for the Caribbean said:
"With the growing impact of climate change, Caribbean countries
have to adapt and prepare for more frequent and severe storms.
Together with our partners, the World Bank is committed to support
the islands in strengthening resilience so that development gains
made over the past years are not lost in a day. This partnership
with the European Union is part of a multi-pronged approach to
build resilience in the region by investing in preparedness,
building stronger infrastructure, creating fiscal buffers and
protecting the most vulnerable."

According to Ambassador Jernej Videtic who heads the EU Delegation
to Guyana, Suriname and for the Dutch OCTs and St Barthelemy: "The
year 2017 highlighted the Caribbean's exceptionally high exposure
and vulnerability to natural hazards, with two Category 5
hurricanes hitting the region causing major damage. The period of
recovery from these hurricanes offers an opportunity to mainstream
resilience in countries' governance and in all sectors of their
economies."

Ambassador Videtic further emphasized that it was due to these
vulnerabilities that resilience has been placed firmly at the
heart of the EU development agenda for the Caribbean OCTs.


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

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

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


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2019.  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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