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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

          Monday, February 18, 2019, Vol. 20, No. 35

                           Headlines



A R G E N T I N A

BANCO DE LA CIUDAD: Moody's Rates Classes XIX & XX Notes B2
PUMA ENERGY: To Restructure and Sell Assets, Sources Say


B R A Z I L

ALUPAR INVESTIMENTO: Fitch Affirms Foreign Currency IDR at BB
BTG PACTUAL: Fitch Rates Subordinated Tier 2 Notes B(EXP)
ELDORADO INT'L: Fitch Withdraws BB-(EXP) Proposed Notes Rating
FENIX FUNDO: Moody's Gives Ba1 Rating to Senior Shares


E L   S A L V A D O R

LA HIPOTECARIA 15TH: Fitch Rates 2 Note Series CCCsf


P A N A M A

LA HIPOTECARIA 14TH: Fitch Rates Series C Notes Bsf


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Al-Rawi Slams EU for Blacklisting Country
TRINIDAD & TOBAGO: Port Authority Gets $200 Million Subsidy


X X X X X X X X

[*] BOND PRICING: For the Week February 11 to February 15, 2019

                           - - - - -


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

BANCO DE LA CIUDAD: Moody's Rates Classes XIX & XX Notes B2
-----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA)
assigned a B2 global local currency senior unsecured debt rating
and a A1.ar in Argentinean national scale senior debt rating to
Banco de la Ciudad de Buenos Aires (Ciudad)'s XIX and XX classes
Peso-denominated, floating rate senior unsecured notes. The notes
will be due November 2019 and August 2020 respectively, and will be
issued under Ciudad's existing multi-currency senior unsecured
program of USD1,500 million. The notes will be issued in amount of
up to ARS 1,000 million each and extended up to ARS 4,000 million
in aggregate. The outlook on both the global and national scale
ratings is stable.

The following ratings were assigned to Banco de la Ciudad de Buenos
Aires' Class XIX and Class XX notes:

  - Global local currency senior unsecured debt rating of B2;
stable outlook

  - Argentinean national scale local currency senior debt rating of
A1.ar; stable outlook

RATINGS RATIONALE

Ciudad's ratings, which are equal to the highest ratings assigned
to any domestically-owned Argentine bank, reflect its good
capitalization levels and strong asset risk and liquidity metrics.
However, these credit strengths are offset by risks associated with
Argentina's ongoing economic weakness and which may pressure
Ciudad's financial performance in the coming quarters.

Ciudad has a well-established deposit franchise, which provides
stable, low-cost funding, supported by the bank's role as financial
agent of the city of Buenos Aires. As a government-owned bank,
Ciudad is focused on providing products and services to public
servants of the city of Buenos Aires, a mandate that supports the
bank's recurring earnings and lower risk loan portfolio, in turn
limiting credit risk. Nevertheless, while asset quality remains
strong and non-performing loans are at the same level of the 2.3%
industry's average, Ciudad's problem loans have increased by 70
basis points in the 12 months to September 2018, reaching 2.12% of
gross loans. In addition, Ciudad's loan loss reserve coverage ratio
remains below those of most of its peers, covering 92.4% problem
loans in September 2018. Moody's acknowledges, however, that the
lower provisions reflect the fact that nearly one-quarter of the
bank's loan book is made of secured mortgage loans.

Supported by the bank's low-cost funding, net income to tangible
assets remained strong at 2.87% in the first nine months of 2018,
from 1.95% in 2017, though these figures are distorted by
Argentina's very high rate of inflation. Moreover, in the next two
to three quarters, Ciudad's profitability will be affected by an
expected contraction in the loan book and higher credit costs, in
line with Moody's expectations for the system as a whole. However,
as loans are gradually repriced at higher interest rates and the
low nominal loan growth is compensated by higher yields on central
bank notes combined with the bank's low cost funding structure, net
interest margins are expected to increase.

The bank's adjusted capitalization increased slightly in September
2018 with tangible common equity at 10.2% of adjusted risk-weighted
assets, up from 9.8% in December 2017. This level of capital should
be sufficient to absorb potential increased loan losses resulting
from the weak economic scenario.

WHAT COULD CHANGE THE RATING UP/DOWN

A downgrade of the Argentine sovereign rating could put downward
pressure on the bank's global scale rating (GSR), though this is
not likely to affect the national scale rating (NSR). Both the GSR
and NSR could be downgraded if Ciudad experiences a significant
deterioration in its financial fundamentals without a corresponding
deterioration in the government of Argentina's creditworthiness.

Upward pressure is limited at this point considering the currently
weak economic conditions in the country, which will limit loan
growth and hurt Ciudad's asset quality, earnings, and capital.
Moreover, as Ciudad's ratings are currently at the same level as
those of its shareholder and the Argentine government, they will
not face upward pressure unless and until the sovereign is
upgraded.

Ciudad's A1.ar NSR is at the high end of the three NSR categories
in Argentina that correspond to Moody's B2 global debt ratings.

METHODOLOGY

The principal methodology used in these ratings was Banks published
in August 2018.

PUMA ENERGY: To Restructure and Sell Assets, Sources Say
--------------------------------------------------------
Alexander Smith at Reuters reports that Puma Energy, the retail and
storage arm of commodities trader Trafigura, plans to restructure
and sell assets to cut its debt and improve profits, a source
familiar with the matter said.

Puma has hired consulting firm McKinsey under new chief executive
Emma Fitzgerald who took over last month from Pierre Eladari, who
had overseen rapid expansion, the source said, according to
Reuters.

The report notes that the source said although its full-year 2018
results have not been finalized, Puma expects a small net loss or
profit.

Geneva-based Trafigura, which owns about 49 percent of Puma, has
had to put plans to list Puma on hold after a change of government
in Angola complicated reducing the country's stake, coupled with
weaker profits and a high debt profile, the report relays.

Angola's state oil firm and Cochan Holdings, which is run by a
former Angolan general, hold the rest of Puma, the report
discloses.

Puma, which traces it roots to Argentina, has more than 3,100 fuel
retail stations in Latin America, Africa and Asia-Pacific and last
year sold its small Peruvian retail network to Spanish oil and gas
group Repsol.

It said in a third quarter investor presentation that it expected a
near $200 million drop in earnings before interest, tax,
depreciation and amortization (EBITDA) to $550 million, the report
says.

"No significant improvements expected until Q1 2019 on margins in
Angola, market conditions in Australia, and foreign exchange rates
in most of our markets," Puma said, the report notes.

The report relates that Angola, which is Africa's second-largest
oil producer, has struggled with lower oil prices and its Kwanza
was the second worst performing currency last year.  This has
prompted Fitch and Moody's to changed their credit rating outlooks
for Puma last year to negative from stable. Fitch rates Puma at BB
while Moody's has the firm at Ba2.  

"The contribution from its Angola-based operations has been
affected by the freeze on refined oil product prices imposed in
March 2018 by the Angolan government in the context of its
macroeconomic stabilization program," Moody's wrote, notes Reuters.
"As a result, Moody's expects Puma's gross profit in Angola to more
than halve in 2018, against $270 million . . . . in 2017."

The International Monetary Fund approved a three-year $3.7 billion
credit facility for Angola in early December, saying that Luanda
aims to eliminate fuel subsidies by mid-2020, the report
discloses.

Puma's net profit was around $61 million, down from $128 million
the year before, as of Sept. 30 last year, while its current and
non-current liabilities were nearly $6.2 billion, Trafigura's
annual results showed, the report relays.

Puma's net debt by the end of its third quarter last year was just
over $1.5 billion and its net debt to EBITDA ratio was 2.6,
according to Puma's results, the report adds.



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B R A Z I L
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ALUPAR INVESTIMENTO: Fitch Affirms Foreign Currency IDR at BB
-------------------------------------------------------------
Fitch Ratings has affirmed Alupar Investimento S.A.'s (Alupar)
Foreign Currency (FC) and Local Currency (LC) Issuer Default
Ratings (IDRs) at 'BB' and 'BBB-', respectively, and its National
Scale Rating at 'AAA (bra)'. The Rating Outlook is Stable.

Alupar's ratings reflect its low business risk associated with the
combination of its operations in the electric energy transmission
and generation segments, as well as a positive asset base
diversification, which dilutes operational risks. The transmission
segment is characterized by high EBITDA margins and great
predictability of operating cash generation. On the generation
segment, Fitch expects the company to present robust performance
and positively manage its exposure to the current higher
hydrological risk.

Alupar's FC IDR is constrained by Brazil's country ceiling of 'BB',
as the company generates the large majority of its revenues in
local currency (BRL), with no relevant cash and committed credit
facilities abroad. Fitch also considers the three-notch difference
between the company's LC IDR and the sovereign rating as
appropriate due to the regulated nature of the power sector. The
Stable Outlook for the FC and LC IDRs reflects the same Outlook on
Brazil's 'BB-' sovereign rating.

The Stable Outlook is also based on Fitch's view that the company
will be able to strengthen its already diversified asset base while
preserving a robust financial profile compatible with companies in
the industry in the same rating category. Fitch believes Alupar can
support the equity contributions necessary for the development of
its projects in progress and has strong financial flexibility to
raise debt at the projects' level. Large part of the BRL1.2 billion
capital increase raised in 2016 and 2017 is still in the holding
company cash position and will help the group to deal with the
expected negative FCF associated to the relevant investment cycle
during 2019-2022 period.

Fitch considers the increase in construction risk arising from
Alupar's participation in 11 new transmission line concessions and
two generation projects is mitigated by the company's expertise in
implementing projects and proven financial flexibility. The new
investments will partially offset the fall in revenue and operating
cash generation that will come over the next few years with the
reduction in permitted annual revenue (RAP) of some older
transmission line concessions.

KEY RATING DRIVERS

Low Business Risk: Alupar's ratings incorporate the group's low
business risk associated with the combination of its activities in
the transmission and generation of electricity. In transmission,
concessions are based on long-term contracts and revenue is
generated from by the availability of its 18 operating assets,
without demand risk and adjusted annually for inflation. The
company also has customer diversification and a receivables
structure that includes guarantees. Fitch considers positive the
fact that this segment will continue to be the main business of the
company. The agency see energy transmission as the lower risk in
the electric energy sector and it concentrates 98% of Alupar's
contracted investments over the 2019-2022 period.

In the generation segment, long-term contracts for the sale of a
large part of the assured energy of the assets and the partial
protection for hydrological risk also create an expectation of
strong operational cash generation. According to Fitch's
projections, the relevance of this segment in the group's EBITDA,
estimated at 25% during 2019-2021 period, will reduce after the
conclusion of transmission lines under construction, mainly from
2022 on. Alupar is a medium player in this segment in Brazil with
installed capacity of 580 MW in operational phase and 107 MW under
construction.

Strong Financial Profile: Fitch believes that consolidated
financial metrics will remain consistent with the current IDRs in
the medium to long term. Considering the current portfolio of
projects under development, Fitch estimates a punctual increase in
group net leverage in the 2019-2021 period, with an increase in
operating cash generation mainly from 2022 on. In the last 12
months ended on Sept. 30, 2018, the adjusted net debt/EBITDA ratio
was 2.4x, according to Fitch's criteria, and should gradually
increase until the peak of 3.8x in 2021, assuming an average EBITDA
of BRL1.4 billion.

Negative FCF: On a consolidated basis, Alupar's will present
negative FCF of BRL600 million to BRL1.0 billion during the next
three years, pressured by disbursement of the investment program of
approximately BRL4.2 billion in the period and by the dividend
distribution corresponding to 50% of net income. The dividends
distribution will be the main outflow pressure in 2018, when
Alupar's FCF will be slightly negative even with the positive cash
flow from operations (CFFO) of BRL650 million. Fitch expects that
Alupar will present CFFO of BRL800 million-BRL900 million in the
coming three years.

Positive Asset Recomposition: Fitch considers Alupar's new
investments to be important to sustain significant revenues within
the group. From the total RAP of operating assets of BRL568 million
from July 2018 to June 2019, correspondent of its proportional
participations, about BRL419 million are exposed to a phased 50%
reduction up to 2024 - expected revenue decrease of BRL142 million.
The company was active in recent transmission auctions ensuring
BRL672 million in additional RAP once the projects are completed.
Fitch believes that the group's proven experience mitigates the
execution risk associated with the construction phase. By the
2019/2020 cycle, the RAP decrease of BRL18 million should be offset
by the BRL93 million RAP increase from new projects.

Strategic Sector for the Country: In Fitch's analysis, the credit
profiles of participants in the Brazilian power sector benefit from
its strategic importance to sustain the country's economic growth
and foster new investments. The federal government usually acts to
circumvent systemic problems that affect companies' cash flow and
has been guiding discussions to improve the regulatory framework in
order to reduce the sector's risk.

DERIVATION SUMMARY

Alupar has a stronger financial profile than Latin American peers
such as Interconexion Electrica S.A. E.S.P. (ISA; BBB+/Stable),
Transelec S.A. (BBB/Stable) and Consorcio Transmantaro S.A. (CTM;
BBB-/Stable). All of the companies have low business risk profiles
and predictable cash flow generation, which is a characteristic of
electricity transmission companies operating in a regulated
industry. The main differentiation in the ratings of these
companies is the country from which their main revenues are
generated and the location of their assets. While its peers are in
investment-grade countries, Alupar's ratings are negatively
impacted by the country ceiling of Brazil (BB). In the case of
Transmissora Alianca de Energia Eletrica S.A.'s (Taesa), also
located in Brazil, the company has a diversified portfolio of
transmission companies and a robust financial profile, with some
expected increase in leverage metrics due to investments. Taesa and
Alupar are rated equally.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:

  - RAPs adjusted annually by inflation, with a 50% reduction for
companies whose concession agreement contemplates this movement
after the 15th year of operation;

  - 83% of the assured energy of the generation segment already
sold in long-term contracts, readjusted by inflation;

  - Generation Scaling Factor (GSF) of 83% in 2018 and 2019, and
87% in the following years;

  - Distribution of dividends equivalent to 50% of net income;

  - Total investments of BRL4.2 billion from 2019 to 2022.

RATING SENSITIVITIES

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

  -- As the Foreign Currency IDR is constrained by the country
ceiling (BB) and the Local Currency IDR is considered limited to
three notches above the sovereign rating (BB-), an upgrade is
unlikely in the short term.

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

  - Deterioration in Alupar's consolidated financial profile, with
net leverage above 3.5x on a sustainable basis;

  - Funds from operations (FFO) Adjusted Net Leverage above 4.0x on
a sustainable basis;

  - Total debt/dividends received over 3.0x and net debt/dividends
received over 2.0x at the holding level;

  - Investments in projects with risks significantly higher than
existing ones and weak financial structures;

  - A more challenging environment in Brazil's power sector;

  - Negative rating actions on Brazil's sovereign rating may also
pressure Alupar's IDRs.

LIQUIDITY

Strong Liquidity Profile: Fitch believes the group will continue to
benefit from strong access to the banking and the capital market in
Brazil. The agency expects Alupar to remain prudently managing its
liquidity profile at satisfactory levels in the coming years, in
face of the debt rollover and new funding challenges imposed by its
expansion plan, financing part of the expected negative FCF with
project finance structures. On a consolidated basis, the group cash
position of BRL1.8 billion at the end of September 2018, which
covered the short-term debt of BRL817 million by 2.2x, was
strengthened by additional BRL2.1 billion during the last quarter
of 2018 through three long-term debenture issuances to support part
of the capex in transmission lines under construction.

Fitch expects that the holding company will use its robust cash
reserves to meet the needs of its projects, maintaining a debt
maturity schedule compatible with its cash flow expectations. On
Sept. 30, 2018, its cash position of BRL760 million (43% of the
consolidated figure) exceed the total debt position of BRL688
million. The dividend flow has been the main source of the debt
repayment at the holding level, with BRL265 million received in the
LTM ended in September 2018. The total debt/dividends received
ratio in the LTM period was 2.6x and the expected ratio for 2018
and 2019 is 2.3x and 2.5x, respectively. Alupar should be able to
maintain the net debt/dividend ratio received below 2.0x during the
investment cycle until 2022. The agency expects the projects to be
financed with project finance structures, with the operating cash
flow adequate to the debt service.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Alupar Investimento S.A.

  -- Long-Term Local Currency Issuer Default Rating (IDR) at
'BBB-';

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

  -- Long-Term National Scale Rating at 'AAA (bra)';

  -- 5th Debenture Issuance of BRL 300 million due in 2027 at
'AAA(bra)';

  -- 6th Debenture Issuance of BRL 250 million due in 2021 at
'AAA(bra)'.

The Rating Outlook for the issuer ratings is Stable.

BTG PACTUAL: Fitch Rates Subordinated Tier 2 Notes B(EXP)
---------------------------------------------------------
Fitch Ratings has assigned Banco BTG Pactual S.A.'s (BTG Pactual;
BB-/bb-/Stable) planned issue of subordinated Tier 2 notes an
expected 'B(EXP)' rating. The size of the issue is yet to be
determined.

The final rating is subject to the receipt of final documentation
conforming to information already received by Fitch.

According to the draft terms, the notes are subordinated
liabilities, have no coupon flexibility and are subject to
permanent partial or full write-off upon the occurrence of a
non-viability event (NVE) as determined by the Brazilian regulator
or if BTG Pactual's Common Equity Tier 1 (CET1) capital falls below
4.5% of its risk-weighted assets. The notes have an expected
ten-year maturity.

KEY RATING DRIVERS

The notes are rated two notches below BTG Pactual's Viability
Rating (VR) of 'bb-'. The notching is driven by the expected high
loss severity of the notes. No notching for non-performance is
applied, because coupons are not deferrable and the write-off
trigger is close to the point of non-viability. As a result, Fitch
believes that the incremental non-performance risk is not material
from a rating perspective.

BTG Pactual expects that these securities qualify as Tier 2 (T2)
regulatory capital in accordance with Resolution 4192, subject to
the Central Bank of Brazil's approval. Under Fitch's approach these
securities will not formally receive any equity credit, but are in
fact considered in the agency's assessment of the issuer's loss
absorption capacity.

RATING SENSITIVITIES

As the notes are two notches below BTG Pactual's anchor, their
rating is primarily sensitive to a change in the VR. The two-notch
difference will likely be maintained under most circumstances, in
the event of a change in BTG Pactual's ratings.

ELDORADO INT'L: Fitch Withdraws BB-(EXP) Proposed Notes Rating
--------------------------------------------------------------
Fitch Ratings has withdrawn the 'BB-(EXP)' expected rating assigned
to Eldorado Intl. Finance GmbH's proposed U.S dollar senior
unsecured notes. The proposed note was guaranteed by Eldorado
Brasil Celulose S.A. (Eldorado) and Cellulose Eldorado Austria
GmbH. The company had intended to use the proceeds for liability
management, improvement of debt maturity profile, as well as for
general corporate purposes.

The withdrawal applies only to the notes and Eldorado's other
ratings are not affected by this withdrawal.

KEY RATING DRIVERS

Fitch is withdrawing the expected rating as Eldorado's proposed
debt issuance is no longer expected to convert to final ratings, as
the company has not proceeded with the notes issuance within the
previously envisaged timeline. The expected rating on the proposed
notes was assigned on Jan. 31, 2019.

RATING SENSITIVITIES

Not applicable as the rating is being withdrawn.

FULL LIST OF RATING ACTIONS

Fitch withdraws the following expected rating:

Eldorado Int. Finance GmbH

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

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.

FENIX FUNDO: Moody's Gives Ba1 Rating to Senior Shares
------------------------------------------------------
Moody's America Latina Ltda. has assigned definitive ratings of Ba1
(sf) (Global Scale, Local Currency) and Aaa.br (sf) (Brazilian
National Scale) to the senior shares issued by Fenix Fundo de
Investimento em Direitos Creditorios do Varejo II (Fenix FIDC do
Varejo II), a revolving securitization backed by a pool of trade
receivables originated by Lojas Americanas S.A. (LASA) and B2W
Companhia Digital (B2W). The receivables are originated by retail
sales of both companies paid via credit cards and processed by
Cielo S.A. (Cielo, rated Ba1 long-term corporate family ratings,
Global Scale; Outlook Stable), who is responsible for the payments
of the receivables.

Issuer: Fenix Fundo de Investimento em Direitos Creditorios do
Varejo II

Senior Shares - Ba1 (sf) (Global Scale, Local Currency) and Aaa.br
(sf) (Brazilian National Scale)

RATINGS RATIONALE

Fenix FIDC do Varejo II is a close-ended FIDC with a final maturity
date that is 20 (twenty) years from the closing date and each
series will have a maturity date defined. The senior shares accrue
a floating interest rate of 106.5% of the interbank rate (DI).

Moody's bases the ratings on the following factors:

  - Experienced originator: B2W and LASA have an established track
record as securitization sponsors. Fenix FIDC do Varejo II is LASA
and B2W's second securitization of its trade receivables
portfolio.

  - Credit enhancement: The senior shares benefit form credit
enhancement of 7.5% in the form of subordination to mitigate
dilutions and interest rate mismatches.

  - Strong eligibility criteria: The transaction has strong
eligibility criteria for trade receivables to be sold to the trust,
which include concentration limits for each seller, maximum term of
receivables and an asset seasoning requirement of 22 days in order
to minimize dilutions.

  - Low historical dilutions: The originator's owned and
securitized portfolio's historical performance data exhibits low
dilutions levels.

  - Strong performance triggers: The transaction benefits from
tight triggers related to performance and transaction structure.
When a trigger breach occurs, an investor assembly can be convened,
or, in some cases, a senior share early amortization event may
occur.

  - Concentration risk: The transaction has only one obligor:
Cielo. The rating assigned to the senior notes reflects this risk,
since it is capped by the obligor's rating.

The senior shares will have a maturity of 60 months and the
principal payment is due by the final maturity of the shares.
Interest payments will be paid on a semi-annual basis, without a
grace period. The FIDC will revolve during the amortization period,
as long as triggers and the payments reserves remain compliant. The
subordinated shares will be amortized only after the senior shares
are paid in full.

Cielo will hold the receivables payments in the sellers' lock box
bank accounts before the funds are transferred to the FIDC's
account.

However, LASA and B2W are unable to make transfer requests from the
lock box accounts and any cash flow transfers must be exclusively
ordered by the trustee. Furthermore, according to the transaction
documents, the proceeds from the receivables' collections have to
be transferred from the lock box accounts to the FIDC's account by
the same date that payments are received. Nonetheless, if Cielo
makes payments to an account other than from the established lock
box account, a non-automatic acceleration event will be triggered.
Consequently, the transaction will stop the revolving and investors
will decide whether to early liquidate the transaction.

Moody's analyzed the characteristics and performance of the
sellers' receivables pool for the 60-month period reviewed by
PricewaterhouseCoopers (PwC), starting in June 2013 and ending in
May 2018. During this period, LASA and B2W generated approximately
BRL 87 billion of trade receivables. As modeling input assumptions,
Moody's assumed a mean of 0.78% in monthly dilutions as a percent
of the outstanding balance and a, and it assumed portfolio turnover
of 109 days.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that may lead to an upgrade of the ratings include an
upgrade in the rating of Cielo and an improvement in the credit
profile of the sellers.

Factors that may lead to a downgrade of the ratings include a
downgrade in the rating of the Cielo, a deterioration in the credit
profile of the sellers and an increase in dilutions level beyond
the level that Moody's assumed when rating this transaction.

The principal methodology used in these ratings was "Moody's
Approach to Rating Trade Receivables-Backed Transactions" published
in May 2015.



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E L   S A L V A D O R
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LA HIPOTECARIA 15TH: Fitch Rates 2 Note Series CCCsf
----------------------------------------------------
Fitch Ratings has assigned the following ratings to the La
Hipotecaria Fifteenth Mortgage-Backed Notes:

  -- $35,200,000 series A notes 'Bsf'; Outlook Stable;

  -- $4,000,000 series B notes 'CCCsf'; Outlook Stable;

  -- $800,000 series C notes 'CCCsf'; Outlook Stable.

The notes are backed by a $40 million pool of residential mortgages
made to lower-middle-income borrowers in El Salvador (Issuer
Default Rating B-/Stable Country Ceiling B) by La Hipotecaria S.A.
de C.V. (La Hipotecaria). Fitch's ratings address the likelihood of
timely payment of interest on a monthly basis and ultimate payment
of principal by legal final maturity in July of 2047 for the series
A Notes, and ultimate payment of interest and principal for the
series B and C notes.

KEY RATING DRIVERS

Asset Analysis

Fitch has defined a weighted average foreclosure frequency (WAFF)
of 12.9% and WA recovery rate (WARR) of 50.8% for the 'Bsf' stress
scenario, and a WAFF of 4.3% and a WARR of 75.7% for the 'CCCsf'
expected scenario. These assumptions consider the main
characteristics of the assets, where seasoning averages 45 months
and remaining term 304 months, WA current loan-to-value is 81.9%
and WA payment-to-income is 26.4%, and the vast majority of
borrowers (77.0%) pay through payroll deduction mechanism.

Cash Flow Analysis

The series A notes benefit from a sequential pay structure, where
target amortization payments for this series are senior to interest
and principal payments on the series B and C notes. Series A notes
also benefit from Credit Enhancement (CE) of 12%, an interest
reserve account equivalent to 3x its next interest payment, and
excess spread, which allow them to pass the 'Bsf' stresses. Series
B notes benefit from CE of 2%, an interest reserve account
equivalent 3x its next interest payment and excess spread, while
series C notes just benefit from excess spread. Series B and C
notes pass at 'CCCsf', the level assigned by Fitch as the expected
scenario.

Operational Risk

Pursuant to the servicer agreement, Grupo ASSA, S.A. (the primary
servicer) has hired La Hipotecaria S.A. de C.V (the sub-servicer)
to be the servicer for the mortgages. La Hipotecaria has acquired
an expertise originating and servicing mortgages for low- to
middle-income borrowers. Fitch currently rates three other RMBS
transactions backed by mortgages originated by La Hipotecaria out
of El Salvador. Fitch considers La Hipotecaria's originating and
servicing capabilities to be adequate and in line with market
standards.

Macroeconomic Factors

As a result of the macroeconomic environment, the stresses applied
are higher and comparable with those Fitch would otherwise apply
three rating categories above the cap level (defined at BB-sf for
El Salvador), according to Fitch's "Structured Finance and Covered
Bonds Country Risk Rating Criteria."

RATING SENSITIVITIES

Expected impact on the note rating of increased defaults (series
A):

Current rating: 'Bsf'

Increase base case defaults by 15%: 'Bsf'

Increase base case defaults by 30%: 'Bsf'

Expected impact on the note rating of increased defaults (series
B):

Current rating: 'CCCsf'

Increase base case defaults by 15%: 'CCCsf'

Increase base case defaults by 30%: 'CCCsf'

Expected impact on the note rating of increased defaults (series
C):

Current rating: 'CCCsf'

Increase base case defaults by 15%:'CCCsf'

Increase base case defaults by 30%: 'CCCsf'

Expected impact on the note rating of decreased recoveries (series
A):

Current rating: 'Bsf'

Reduce base case recovery by 15%: 'Bsf'

Reduce base case recovery by 30%: 'Bsf'

Expected impact on the note rating of decreased recoveries (series
B):

Current rating: 'CCCsf'

Reduce base case recovery by 15%: 'CCCsf'

Reduce base case recovery by 30%: 'CCCsf'

Expected impact on the note rating of decreased recoveries (series
C):

Current rating: 'CCCsf'

Reduce base case recovery by 15%: 'CCCsf'

Reduce base case recovery by 30%: 'CCCsf'

Expected impact on the note rating of multiple factors (series A):

Current rating: 'Bsf'

Increase base case defaults and reduction in base case recovery by
15%: 'Bsf'

Increase base case defaults and reduction in base case recovery by
30%: 'Bsf'

Expected impact on the note rating of multiple factors (series B):

Current rating: 'CCCsf'

Increase base case defaults and reduction in base case recovery by
15%: 'CCCsf'

Increase base case defaults and reduction in base case recovery by
30%: 'CCCsf'

Expected impact on the note rating of multiple factors (series C):

Current rating: 'CCCsf'

Increase base case defaults and reduction in base case recovery by
15%: 'CCCsf'

Increase base case defaults and reduction in base case recovery by
30%: 'CCCsf'

Additionally, the ratings assigned to the series notes are
sensitive to the credit quality of the Salvadorian sovereign and,
to a lesser extent, the Panamanian sovereign. Default and recovery
stresses on the mortgage portfolio for a given rating increase at a
faster rate the more the rating goes up and diverges from that of
the sovereign entity. The rating of series notes is sensitive to
changes in the credit quality of El Salvador. A downgrade of El
Salvador's ratings, specifically its country ceiling (B), could
lead to a downgrade on the notes. Material increases in the
frequency of defaults and loss severity on defaulted receivables
could produce loss levels greater than Fitch's base case
expectations, which in turn may result in negative rating actions
on the notes.

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

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action. Historical vintage data on
La Hipotecaria's mortgage portfolio are publicly available on its
website. Also available is detailed information on recovery levels
and delinquency migration/transition matrices. The historical data
on La Hipotecaria's portfolio are prepared by Asset Technologies,
LLC. Fitch was provided with information on a loan-by-loan basis;
the data delivered were of good quality. Fitch conducted a review
of a small-targeted sample of La Hipotecaria's origination files
and found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio. The data used in the development of the ratings were
reviewed by Fitch and are considered sufficient for the ratings to
be assigned.



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

LA HIPOTECARIA 14TH: Fitch Rates Series C Notes Bsf
---------------------------------------------------
Fitch Ratings has assigned ratings to the notes issued by La
Hipotecaria Fourteenth Mortgage-Backed Note Trust as described
below:

  -- $55,200,000 series A notes 'BBBsf'; Outlook Stable;

  -- $3,600,000 series B notes 'B+sf'; Outlook Stable;

  -- $1,200,000 series C notes 'Bsf'; Outlook Stable.

The notes are ultimately backed by a $60 million pool of
residential mortgages to lower-middle-income borrowers in Panama
(Issuer Default Rating BBB/Stable Country Ceiling A) by Banco La
Hipotecaria S.A. (La Hipotecaria). Fitch's ratings address the
likelihood of timely payment of interest on a monthly basis and
ultimate payment of principal by legal final maturity in September
of 2046 for the series A notes, and ultimate payment of interest
and principal for series B and C notes.

KEY RATING DRIVERS

Asset Analysis: Fitch has defined a weighted average foreclosure
frequency (WAFF) of 17.9% and a weighted average recovery rate
(WARR) of 51.4% for the 'BBBsf' stress scenario, and a WAFF of 3.3%
and a WARR of 74.6% for the 'Bsf' scenario. These assumptions
consider the main characteristics of the assets, where seasoning
averages 87 months and remaining term 257 months, weighted average
current loan-to-value is 70.8% and weighted average
payment-to-income is 29.0%, and the vast majority of borrowers
(80.1%) pay through payroll deduction mechanism.

Cash Flow Analysis: The series A notes benefit from a sequential
pay structure wherein target amortization payments for this series
are senior to interest and principal payments on the series B and C
notes. Series A notes also benefit from credit enhancement (CE) of
8%, an interest reserve account equivalent to 3x its next interest
payment and excess spread, which allow them to pass the 'BBBsf'
stresses. Series B notes benefit from CE of 2% and excess spread,
while series C notes benefit from excess spread. Series B notes
pass 'B+sf' stresses, while the series C notes pass 'Bsf'
stresses.

Operational Risk

Grupo ASSA, S.A. (the primary servicer) has hired La Hipotecaria as
the servicer for the mortgages. Fitch considers La Hipotecaria's
expertise in originating and servicing mortgages for low- to
middle-income borrowers to be adequate and in line with market
standards. Fitch currently rates three other RMBS transactions
backed by mortgages originated by La Hipotecaria out of Panama.

Macroeconomic Factors

As a result of the macroeconomic environment and potential
idiosyncratic risks embedded in Latin America, stresses applied to
the rated notes are higher and comparable with those Fitch would
otherwise apply two rating categories above the cap level (defined
at 'A+sf' for Panama), according to Fitch's "Structured Finance and
Covered Bonds Country Risk Rating Criteria."

RATING SENSITIVITIES

Expected impact on the note rating of increased defaults (series
A):

Current rating: 'BBBsf'

Increase base case defaults by 15%: 'BBB-sf'

Increase base case defaults by 30%: 'BBB-sf'

Expected impact on the note rating of increased defaults (series
B):

Current rating: 'B+sf'

Increase base case defaults by 15%: 'B+sf'

Increase base case defaults by 30%: 'B+sf'

Expected impact on the note rating of increased defaults (series
C):

Current rating: 'Bsf'

Increase base case defaults by 15%: 'Bsf'

Increase base case defaults by 30%: 'Bsf'

Expected impact on the note rating of decreased recoveries (series
A):

Current rating: 'BBBsf'

Reduce base case recovery by 15%: 'BBBsf'

Reduce base case recovery by 30%: 'BBB-sf'

Expected impact on the note rating of decreased recoveries (series
B):

Current rating: 'B+sf'

Reduce base case recovery by 15%: 'B+sf'

Reduce base case recovery by 30%: 'B+sf'

Expected impact on the note rating of decreased recoveries (series
C):

Current rating: 'Bsf'

Reduce base case recovery by 15%: 'Bsf'

Reduce base case recovery by 30%: 'Bsf'

Expected impact on the note rating of multiple factors (series A):

Current rating: 'BBBsf'

Increase base case defaults and reduction in base case recovery by
15%: 'BBB-sf'

Increase base case defaults and reduction in base case recovery by
30%: 'BB+sf'

Expected impact on the note rating of multiple factors (series B):

Current rating: 'B+sf'

Increase base case defaults and reduction in base case recovery by
15%: 'B+sf'

Increase base case defaults and reduction in base case recovery by
30%: 'Bsf'

Expected impact on the note rating of multiple factors (series C):

Current rating: 'Bsf'

Increase base case defaults and reduction in base case recovery by
15%: 'Bsf'

Increase base case defaults and reduction in base case recovery by
30%: 'Bsf'

Additionally, the ratings assigned to the series notes are
sensitive to the credit quality of the Panamanian sovereign.
Default and recovery stresses on the mortgage portfolio for a given
rating increase at a faster rate the more the rating goes up and
diverges from that of the sovereign entity. Material increases in
the frequency of defaults and loss severity on defaulted
receivables could produce loss levels greater than Fitch's base
case expectations, which in turn may result in negative rating
actions on the notes.

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

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action. Historical vintage data on
La Hipotecaria's mortgage portfolio are publicly available on its
website. Also available is detailed information on recovery levels
and delinquency migration/transition matrices. The historical data
on La Hipotecaria's portfolio was prepared by Asset Technologies,
LLC. Fitch was provided with information on a loan-by-loan basis;
the data delivered were of good quality. Fitch conducted a review
of a small-targeted sample of La Hipotecaria's origination files
and found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio. The data used in the development of the ratings were
reviewed by Fitch and are considered sufficient for the ratings to
be assigned.



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

TRINIDAD & TOBAGO: Al-Rawi Slams EU for Blacklisting Country
------------------------------------------------------------
Asha Javeed at Trinidad Express reports that attorney General Faris
Al-Rawi criticized the European Commission for its decision to
include T&T in a blacklist of countries that have weak anti-money
laundering and terrorist financing regimes.

The European Union identified 23 states that pose money laundering
and terror financing risks. T&T was included among countries like
The Bahamas, US Virgin Islands, Saudi Arabia, Panama and Nigeria,
according to Trinidad Express.

"I wish to give public criticism of the EU's publication of our
jurisdictions as not meeting compliance on the Financial Action
Task Force methodology," he said at an anti-money laundering
conference, the report notes.

TRINIDAD & TOBAGO: Port Authority Gets $200 Million Subsidy
-----------------------------------------------------------
Leah Sorias at Trinidad Express reports that it could take another
ten to 15 years for the Port's revenues to match its expenditure,
chairman of the Port Authority of Trinidad and Tobago (PATT)
retired Colonel Lyle Alexander disclosed to a parliamentary
committee.

PATT officials told the Public Accounts Committee (PAC) of
Parliament that the cost to run the Port was approximately $500
million a year, while the Port earns around $285 million a year,
according to Trinidad Express.

The report notes that PATT executive manager of finance, Curtis
James, noted that the Port receives around $200 million from
Government, the bulk of which goes towards running the T&T
Inter-island Transport Company (TTIT).



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

[*] BOND PRICING: For the Week February 11 to February 15, 2019
---------------------------------------------------------------
  Issuer Name              Cpn     Price   Maturity  Country  Curr
  -----------              ---     -----   --------  -------   ---

Cia Latinoamericana       9.5    60.447   7/20/2023     AR     USD
CSN Islands XII Corp      7      69.44                  BR     USD
Agua y Saneamientos       6.625  71.982   2/1/2023      AR     USD
Banco Macro SA           17.5    50       5/8/2022      AR     ARS
Odebrecht Finance Ltd     7.5    39.15                  KY     USD
YPF SA                   16.5    50.96    5/9/2022      AR     ARS
Odebrecht Finance Ltd     4.37   35.715   4/25/2025     KY     USD
Odebrecht Finance Ltd     7.12   37.293   6/26/2042     KY     USD
China Huiyuan             6.5    75.1     8/16/2020     CN     USD
Odebrecht Finance         5.125  45.754   6/26/2022     KY     USD
Noble Holding             6.2    74.46    8/1/2040      KY     USD
Noble Holding             5.25   70.444   3/15/2042     KY     USD
Odebrecht Finance         7      58.985   4/21/2020     KY     USD
Noble Holding             6.05   73.508   3/1/2041      KY     USD
Odebrecht Finance         5.25   36.2     6/27/2029     KY     USD
Rio Energy SA             6.875  71.551   2/1/2025      AR     USD
BCP Finance Co            1.751  74.397                 KY     EUR
Provincia del Chubut      4              10/21/2019     AR     USD
YPF SA                   16.5    50.96   5/9/2022       AR     ARS
Argentina                 7.125  76      6/28/2117      AR     USD
Automotores Gildemeister  6.75   62.759  1/15/2023      CL     USD
Odebrecht Finance         6      37.193  4/5/2023       KY     USD
Banco do Brasil           6.25   76.375                 KY     USD
Cia Latinoamericana       9.5    60.621  7/20/2023      AR     USD
Polarcus Ltd              5.6    70      7/1/2022       AE     USD
Argentina                 6.875  74.985  1/11/2048      AR     USD
Provincia del Chubut      7.75   72.304  7/26/2026      AR     USD
Banco Macro SA           17.5    50      5/8/2022       AR     ARS
CSN Islands XII Corp      7      74.375                 BR     USD
Provincia de Rio Negro    7.75   70.153  12/7/2025      AR     USD
Provincia de Entre Rios   8.75   71.083   2/8/2025      AR     USD
Argentina                 4.33   70      12/31/2033     AR     JPY
Provincia de Entre Rios   8.75   72.333   2/8/2025      AR     USD
Odebrecht Finance Ltd     4.375  35.242   4/25/2025      KY    USD
Ironshore Pharma         13      69.621   2/28/2024      KY    USD
Automotores Gildemeister  8.25   60.583   5/24/2021      CL    USD
Odebrecht Finance Ltd     7.125   38.674  6/26/2042      KY    USD
Odebrecht Finance Ltd     5.25    36.187  6/27/2029      KY    USD
Province of Santa Fe      6.9     74.177  11/1/2027      AR    USD
Provincia del Chubut      7.75    71.654  7/26/2026      AR    USD
Argentina                 6.25    72.711  11/9/2047      AR    EUR
Cia Energetica            6.1827   1.105  1/15/2022      BR    BRL
Odebrecht Finance         7.5     43.5                   KY    USD
Argentina                 0.45    31.75  12/31/2038      AR    JPY
SACI Falabella            2               7/15/2020      CL    CLP
Province of Jujuy         8.625   72.788  9/20/2022      AR    USD
Province of Santa Fe      6.9     73.44  11/1/2027       AR    USD
Ironshore Pharma         13       69.621  2/28/2024      KY    USD
Tanner Servicios         3.8      52.42   4/1/2021       CL    CLP
AES Tiete Energia SA     6.78      1.06   4/15/2024      BR    BRL
Odebrecht Finance Ltd    6        37.19   4/5/2023       KY    USD
Provincia de Rio Negro   7.75     70.15  12/7/2025       AR    USD
Odebrecht Finance        7        59.466  4/21/2020      KY    USD
Odebrecht Finance Ltd    5.12     47.298  6/26/2022      KY    USD
Provincia de Cordoba     7.12     74.286  8/1/2027       AR    USD
Argentina                7.125    75.752  6/28/2117      AR    USD
Automotores Gildemeister 8.25     60.583  5/24/2021      CL    USD
Enlasa Generacion        3.558           11/15/2023      CL    CLP
Metrogas SA/Chile       645               8/1/2024       CL    CLP
Automotores Gildemeister 6.75     62.759  1/15/2023      CL    USD
Provincia del Chaco      9.375    72.315  8/18/2024      AR    USD
Fospar S/A               6.53      1.034  5/15/2026      BR    BRL
Sociedad Concesionaria   2.9547           6/30/2021      CL    CLP
Esval SA                 3.453            3/15/2028      CL    CLP
Caja de Compensacion     7.75     35.23   3/27/2024      CL    CLP
Sociedad Austral       318.478            9/20/2019      CL    CLP
Provincia de Neuquen     7.5      74.753  4/27/2025      AR    USD
Caja de Compensacion     5.2              9/15/2018      CL    CLP
Empresa de Transporte    4.341            7/15/2020      CL    CLP
Corp Universidad         5.968           11/10/2021      CL    CLP
Provincia de Cordoba     7.125    74.802  8/1/2027       AR    USD
Provincia del Chaco      9.375    72.585  8/18/2024      AR    USD
Argentine Republic       7.125    75.322  6/28/2117      AR    USD
Sylph Ltd                2.367    61.194  9/25/2036      KY    USD
Banco Security SA      311                7/1/2019       CL    CLP
Sylph Ltd                2.657   73.081   3/25/2036      KY    USD


                           *********


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.
.


                  * * * End of Transmission * * *