/raid1/www/Hosts/bankrupt/TCRLA_Public/190225.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, February 25, 2019, Vol. 20, No. 40

                           Headlines



A R G E N T I N A

ARGENTINA: Wants Cooperation With Vietnam on Agri, Innovation


B R A Z I L

ENTREVIAS CONCESSIONARIA: Fitch Affirms BB 2nd Debt Issuance Rating
PETROBRAS: S&P Affirms Global Scale Rating at BB-, Outlook Stable


C O L O M B I A

BANCO GNB: Fitch Affirms BB+ Long-Term IDRs, Outlook Stable


E C U A D O R

ECUADOR: Bonds Rally on $4.2 Billion IMF Deal


M E X I C O

MEXICO: National Guard Won't Be Military-Led, in Gov't. Step-Down


P U E R T O   R I C O

PUERTO RICO: 1st Cir. Upholds Dismissal of Title III Proceedings
SEARS HOLDINGS: Exclusive Plan Filing Period Extended to April 15
SEARS HOLDINGS: Incurs $404 Million Net Loss at Nov. 3


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Facing External Risks, Central Bank Says


V E N E Z U E L A

VENEZUELA: Denies Troops Shot Civilians; Guaido Appears at Concert
VENEZUELA: Oil Supplies Hit 5-Year High as Buyers Become Elusive


X X X X X X X X

[*] BOND PRICING: For the Week February 18 to February 22, 2019

                           - - - - -


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

ARGENTINA: Wants Cooperation With Vietnam on Agri, Innovation
-------------------------------------------------------------
The Latin American Herald reports that Argentina's President
Mauricio Macri underlined the importance of the agriculture and
innovation sectors to reinforce economic and commercial ties with
Vietnam.

Mr. Macri was speaking at the Argentina-Vietnam Business Forum held
at the Hotel Melia Hanoi on the last day of his two-day visit to
the Asian country, according to The Latin American Herald.

"We want to consolidate these ties of affection and mutual respect,
expanding trade and cooperating in strategic sectors such as
innovation and food production," said the visiting president, the
report notes.

Moreover, Mr. Macri underlined that Vietnam was Argentina's
fifth-largest trading partner in the world and second-largest in
Asia, the report relays.

"Asia is the region that can help us the most in the growth of
trade and investments, and Vietnam is an increasingly important
partner to project ourselves," he said, the report notes.

The report notes that Mr. Macri was addressing business people from
both countries -- among them 60 from Argentina -- and urged them to
interact among themselves and find fields where they complement one
another.

The Argentine leader also called for an increase in exchanges in
the field of communications, and offered the technological advances
of his country to help Vietnam produce more food, the report says.

The report notes that he also opened the door for collaboration in
the development of nuclear energy for peaceful purposes, exploring
opportunities for exchanges in the field of defense, and proposed
opening up Argentine soccer schools in Vietnam.

The report discloses that Mr. Macri arrived in the Vietnamese
capital from the Indian city of Mumbai.

He began by laying a wreath at the Monument to National Heroes and
Martyrs and another at the Ho Chi Minh Mausoleum, the report
relays.  He also met with top Vietnamese officials and was invited
to a banquet by Nguyen Phu Trong, Vietnam's president and
general-secretary of the ruling Communist Party, the report notes.

Trade between Argentina and Vietnam has doubled in five years from
$1.4 billion in 2013 to $2.9 billion in 2018, making Vietnam
Argentina's largest trading partner in Southeast Asia, the report
says.

After the forum ends, the Argentine president will depart for Abu
Dhabi, in the United Arab Emirates, where he will conclude his
Asian tour, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 14, 2018, S&P Global Ratings lowered its long-term foreign
and local currency ratings on Argentina to 'B' from 'B+' and
affirmed its short-term foreign and local currency ratings at 'B'.
S&P said, "We also removed the long-term ratings from CreditWatch,
where we placed them on Aug. 31, 2018, with negative implications.
The outlook on the long-term ratings is stable. At the same time,
we lowered our national scale ratings to 'raAA-' from 'raAA'. We
also lowered our transfer and convertibility assessment to 'B+'
from 'BB-'."

S&P said, "The stable outlook reflects our expectation that the
government will implement difficult fiscal, monetary, and other
measures to stabilize the economy over the coming 18 months,
gradually staunching the deterioration in the sovereign's
financial profile and debt burden, reversing inflation dynamics,
and restoring investor confidence. The combination of lower
government financing needs, declining inflation and interest
rates, and expectations of continuity in key economic policies
after national elections in October 2019 could set the stage for
economic recovery and contain external vulnerability.

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
===========

ENTREVIAS CONCESSIONARIA: Fitch Affirms BB 2nd Debt Issuance Rating
-------------------------------------------------------------------
Fitch Ratings has affirmed the long-term ratings at 'BB' and
'AA(bra)' of the second issuance of debentures of Entrevias
Concessionaria de Rodovias S.A. (Entrevias) in the amount of BRL1.0
billion due in 2030. The Rating Outlook is Stable.

The ratings affirmation reflects the expectation that traffic
volumes will follow the performance of the Brazilian's economy,
although somewhat lower than estimated in last year's base case.
Traffic breakevens in the short and medium term remain strong,
despite the delay to start collecting tolls and the prohibition to
charge lifted axles of heavy vehicles after the Brazilian truckers
strike in May 2018. The concessionaire is able to withstand a 12%
or a 24% traffic demand shock in 2019 and 2024 (year of lowest debt
service coverage ratio [DSCR]), respectively, and still honour its
debt service, under Fitch's Base Case. Positively, Entrevias final
cash balance at year end 2018 was in line with Fitch's Base Case.

KEY RATING DRIVERS

Summary: The ratings reflect the operational profile of the
concessionaire, with heavy vehicles representing close to 60% of
the traffic in its both sections. The North Section of the toll
road, which crosses Ribeirao Preto (SP), has a proven traffic base
and should represent two thirds of total traffic. This stretch
presents a relatively moderate volatility. The South Section, a
more recent stretch, is crucial for region's agricultural
production flow. The concession agreement provides for annual
tariff increases that track inflation. The senior debt structure is
also indexed to inflation, has six months reserve account and
restriction on cash distribution up to 2024, period of higher
investments when the issuer has DSCRs below one, providing adequate
liquidity, in line with the rating category.

Volume Strongly Linked to Economy [Volume Risk - Midrange]

Entrevias' concession is divided in two sections: North and South.
The North Section, which crosses Ribeirao Preto, has a long traffic
track record of operations and the right to collect tolls was
granted to Entrevias in May 2018, after the maturity of the prior
concession. Independent Engineer estimates this stretch to
represent two thirds of total traffic. The South Section, which
crosses Marilia, connects the states of Sao Paulo and Parana, and
it is crucial for agricultural production flow. This stretch
started collecting tolls for the first time in October 2018. Heavy
vehicles represent close to 60% of the traffic in both sections.
Brazilian logistics network narrows competition between toll roads,
therefore, the price elasticity is moderate. Fitch expects
Entrevias' volume to perform in line with the overall economic
outlook given the high percentage of heavy vehicles in both
sections.

Tariffs Adjusted By Inflation [Price Risk - Midrange]

The concession agreement presents a mechanism that allows inflation
pass-through annually, and tariffs on the North Section, which has
been operating since 1998, have been readjusted accordingly without
great effect on volumes. The regulatory framework is well-defined
and provides for enforceable contracts. Political measures that
impacted tariff readjustments have been offset by other mechanisms
to preserve the financial/economic balance of the contract.
However, it is still pending the reequilibrium derived from the
forbiddance to collect tolls from lifted axles of heavy vehicles,
even though the grantor has already recognized the imbalance.

Extensive Capex Plan in the Next Years [Infrastructure
Development/Renewal - Midrange]

Entrevias is expected to undertake a heavy capex plan in order to
comply with the concession agreement and to accommodate medium-term
traffic forecasts in the South Section of the road, in the region
of Marilia. Although the company has a moderate developed
infrastructure and renewal plan, it does not have an Engineering,
Procurement and Construction (EPC) agreement signed with a major
construction company. However, the construction works are standard,
making it easier to replace the contractor in case it is needed.
The concession framework provides for adequate recovery of
expenditure via the mechanisms defined in the concession contract
to preserve its financial/economic balance.

Retained Cash Partially Mitigates Low Coverage Ratios [Debt
Structure - Midrange]

The debentures are senior and indexed to inflation, which is also
used to readjust tariffs, providing a natural hedge to the debt.
The structure benefits from a six-month debt service reserve
account (DSRA) and it has strong additional indebtedness
limitations. The amortization profile is back-loaded and the
convent related to dividend distribution is not viewed as a strong
protection as it includes equity in its calculation. The weak
features are partially mitigated by the cash distribution
restriction until 2024.

Financial Profile

Entrevias has low leverage, measure by net debt/EBITDA, with a peak
of 2.5x, considering only the senior debt, and 5.6x, including
deeply subordinated debt, both in Fitch's rating case in 2020.
Average DSCR is 0.8x during the debenture tenor. However, the
deficit in cash generation is mitigated by the existence of
significant retained cash balances in the concessionaire up to 2024
(period of higher investments) and by a minimum LLCR of 1.3x.

PEER GROUP

The closest peer in the region is the Panamanian project ENA Norte
Trust's (ENA Norte) notes in Panama, rated 'BB+' with a Stable
Outlook. ENA Norte has a lower minimum rating case LLCR (1.2x),
while volume risk is assessed as stronger, as it is a critical link
for commuters and commercial traffic in the city of Panama, and its
stronger debt structure comprises a flow zero mechanism.

RATING SENSITIVITIES

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

  -- Traffic below 56 million paying equivalent vehicles in 2019;
  
  -- Compensation for lifted axles is not settled in the next 12
months.

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

  -- Traffic growth that increases cash balance significantly above
Fitch's Base Case in a sustained fashion.

CREDIT UPDATE

Performance Update

Entrevias started collecting tolls in the North Section on May 18,
2018 and in the South Section on Oct. 15, 2018. When compared to
Fitch's Cases, there were delays of 47 days and 106 days in the
North and South sections, respectively. The delays were related to
financial-economic reequilibrium of the prior concessionaire in the
North Section, and minor delays in investments coupled with delays
in homologation by the grantor in the South Section.

Traffic levels in the months of full operations were 2.3% and 1.8%
below Base and Rating Cases, respectively. Adjusting the Fitch's
cases to 2018 actuals, Fitch has a negative impact on minimum LLCR
of 0.1x in both cases, leading to a ratio of 1.4x in Base Case and
1.3x in Rating Case, but they are still remain at the high range of
the rating category.

Traffic break-evens were also negatively affected. The ability to
withstand a traffic decrease in the next year of the projections is
down to 12% from 16%, while in the year of lowest DSCR, 2024, is
down to 24% from 32%. Although lower, these break-evens remain
greater than the average peak-to-trough verified in Fitch's toll
roads portfolio in Brazil, which supports the affirmation of
Entrevias' ratings one notch above the sovereign.

Also during 2018, Brazilian toll roads were restricted from
collecting tolls from lifted axles of heavy vehicles. Entrevias was
able to get a partial financial-economic reequilibrium regarding
the year of 2018, in which it was released from paying the variable
concession fee (3.0% of toll revenues) and had its fiscalization
fee reduced to 1.5% of toll revenues from 3.0%. 2019 onwards
reequilibrium is still pending, but the grantor has already
officially recognized that all toll roads have the right for the
rebalance and it is running negotiation with each concessionaire
separately.

Fitch's cases considers that Entrevias' liquidity won't be
materially affected in the medium to long term because: (i) the
grantor has shown willingness to reach an agreement; (ii) Entrevias
has already gotten a partial reequilibrium in 2018; and (iii)
Entrevias' concession agreement restricts the increase in tenor in
the concession term as a source of reequilibrium, fostering other
measures that preserve liquidity in short to medium terms, e.g.
increase in tariffs, lump-sum payments, fees cuts, etc.

Fitch Cases

Fitch's base and rating cases assumptions reflect the macroeconomic
projections of GDP, inflation and Brazilian policy interest rate
updated according to the Global Economic Outlook report published
by the agency on Dec. 7, 2018.

The main assumptions of Fitch's Base Case include:

  -- Increase in traffic of 1.2x the GDP;
  
  -- Adjustment of toll rates according to inflation in the
period;

  -- Investments of BRL2.32 billion between 2019 and 2026;

  -- Operating expenses reported by the independent engineer;

The same assumptions were used in the rating scenario, with the
exception of:

  -- Increase in traffic of 1.0x the GDP;
  
  -- Investments of BRL2.47 billion between 2019 and 2026;
  
  -- Operating expenses are110% of the value reported by the
independent engineer.

In Fitch's base case, average DSCR is 1.1x, considering the full
debenture tenor, and maximum leverage (net debt/EBITDA) is 2.2x in
2025, considering only the senior debt, and 5.2x in 2020, including
the subordinated debt. Minimum LLCR is 1.5x.

In Fitch's rating case, average DSCR is 0.8x, also considering the
full debenture tenor, and maximum leverage (net debt/EBITDA) is
2.5x in 2020, considering only the senior debt, and 5.6x in 2020,
including the subordinated debt. Minimum LLCR is 1.3x.

DSCRs abovementioned are calculated according to Fitch's criteria
and, therefore, don't include cash balance.

Asset Description

Entrevias is an SPV that owns the concession rights to explore, to
invest and maintain 570km of roads in the State of Sao Paulo,
divided in two sections that connect the north of the state of
Parana and the southeast of the state of Minas Gerais. The
concession was granted by the State Government of Sao Paulo,
mediated by Agencia Reguladora de Servicos Publicos Delegados de
Transporte do Estado de Sao Paulo (ARTESP), in 2017 for a period of
30 years (maturity in June 2047).

PETROBRAS: S&P Affirms Global Scale Rating at BB-, Outlook Stable
-----------------------------------------------------------------
On Feb. 21, 2019, S&P Global Ratings raised the stand-alone credit
profile (SACP) on Petrobras to 'bb' from 'bb-'. S&P also affirmed
its global scale ratings on the company at 'BB-' and its Brazilian
national scale rating at 'brAAA'.

The revision of Petrobras' SACP reflects the company's sound
performance, driven by growing production, solid portfolio
management--in terms of investment efficiency and asset sales--and
its maintenance of effective and solid governance standards
(including an independent price policy aligned to international
markets) that allowed it to reduce debt. The sovereign rating on
Brazil (BB-/Stable/B) currently caps its rating on Petrobras,
resulting in the rating affirmation at 'BB-'.

S&P said, "After monetizing around R$40 billion in asset sales
during the past three years and improving its operating
performance, we believe Petrobras should be able to reduce gross
debt to around R$330 billion by the end of 2018 from R$385 billion
in 2016. We also forecast that the company will generate meaningful
free operating cash flow (FOCF) even under an assumed oil price
decline in 2019-2020. This is because we don't believe Petrobras
will increase capital expenditure (capex) beyond $15 billion-$17
billion yearly. We also believe the company is on track to continue
deleveraging and committed to achieve a lower leveraged financial
profile, with a target of net reported debt to EBITDA below 1.5x in
2020. However, if market conditions remain supportive (with oil
prices at $65-$70 per barrel [bbl]), and the company's divestment
plan speeds up, we assume that not all extra cash flows will go
toward debt reduction, but that Petrobras will use some to
remunerate shareholders.

"We forecast our adjusted debt-to-EBITDA to be 3.0x-3.5x, with FFO
to debt close to 20% over the next two years. In our view, these
levels should provide the company with some cushion to handle
potential contingent liabilities (such as tax disputes) without
hurting its credit metrics beyond our tolerance for the rating.
Still, after settling the Lavo-Jato corruption investigation with
the U.S. and Brazilian authorities, and closing the class action
dispute in the U.S., the uncertainties over the company's
contingencies have reduced, in our view. We also believe Petrobras
is now better placed to withstand an industry downturn because of
better profitability in its downstream business and continued cost
reduction efforts in upstream, with an average portfolio breakeven
level below $40/bbl. This is particularly important considering the
company's strategic plan to reduce its integration level by
divesting in non-core midstream and downstream operations, which
should increase its dependence on oil and gas price fluctuations.

"Given Petrobras' very strong link with the Brazilian government,
we don't believe the company could currently have a higher rating
than its controlling shareholder. We acknowledge a meaningful risk
of extraordinary government intervention in the company during the
sovereign's hypothetical fiscal stress. As a result, we don't view
Petrobras' ability and willingness to service its debt as superior
to that of the government. Furthermore, we view the government as a
strong and stable shareholder, with influence in Petrobras'
strategy and business plans and a close association with the
company in terms of reputation. Because minority shareholders don't
have veto power or material influence over cash flow decisions and
the government ultimately controls the board, we assume that if
Brazil were to be in financial distress, it could draw support from
Petrobras, even if the need for it appears remote at this point."



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

BANCO GNB: Fitch Affirms BB+ Long-Term IDRs, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Banco GNB Sudameris S.A.'s (GNB)
Long-Term Local and Foreign Currency Issuer Default Ratings (IDRs)
at 'BB+'. The Rating Outlook is Stable.

The IDRs are driven by the bank's Viability Rating (VR) of 'bb+'.
The bank's VR is highly influenced by its moderate franchise in
Colombia, Peru and Paraguay and tight capitalization metrics. The
bank's risk policies reflect GNB's ability to conservatively manage
risks and preserve strong asset quality ratios through various
economic cycles, while improving its liquidity profile and asset
liability management.

KEY RATING DRIVERS

IDRS, NATIONAL RATINGS

GNB is a medium-sized universal bank whose size and geographical
presence increased with the acquisitions from HSBC in 2013 in
Colombia, Peru and Paraguay. GNB has a local market share in
Colombia of approximately 4.1% of total assets, 2.1% of total loans
and 4.7% of total deposits at Sept. 30, 2018. The bank has grown
steadily since 2003, increased market share, and consolidated its
business model, achieving consistent, albeit moderate, performance
metrics while maintaining sound asset quality.

The bank's capital adequacy is relatively tight, although its
overall loss absorption capacity is somewhat enhanced by its ample
loan loss reserves, sound asset quality and conservative risk
management. Like other large Colombian banks, capitalization
remains the bank's main credit challenge compared with similarly
rated international peers (universal commercial banks in a 'bbb'
operating environment). The bank's Fitch Core Capital (FCC) ratio
was 9.17% at September 2018 and is supported by GNB's record of
sound earnings generation and shareholder commitment to ensure
adequate capitalization during 2019.

Asset quality remains strong and compares very well to domestic and
regional peers. This is a clear strength considering the more
challenging operating environment of the recent years that has
impacted the asset quality in the Colombian market. Fitch expects
the bank's conservative policies, relatively robust underwriting
standards, and adequate risk controls to contribute toward
maintaining solid asset quality in the foreseeable future. The
90-day past due loan (PDL) ratio remains under 2% and was covered
by loan loss reserves that amounted to about 1.6x PDLs. Asset
quality metrics at its Peruvian and Paraguayan subsidiaries are
stable and compare well to local peers.

GNB's profitability is modest given its moderate business volumes,
conservative risk appetite, the low risk retail segment, and
limited competitive advantages, which generally influences the
interest margins. Sustainable earnings diversification and
efficiency improvements on improving economies of scale are
expected to support the bank's future performance. Operating
revenues over Risk Weighted Assets has recently averaged between
1.5% and 1.7%, a level below that of the bank's regional peers.

GNB is amply funded by customer deposits. The moderate franchise
limits the bank's competitive advantages and generally influences
the funding cost. Deposits come primarily from institutional and
public investors, resulting in higher funding costs and higher
concentrations by depositors, compared to banks with a wider retail
deposit base. Nearly 50% of GNB's consolidated assets are in the
form of cash and securities, as the bank is a market maker of
government securities in Colombia. These holdings also contribute
toward fulfilling the treasury services the bank provides to
institutional customers, while further enhancing its overall
funding and liquidity strategy.

SUPPORT RATING AND SUPPORT RATING FLOOR

The bank's support rating (SR) of '4' and Support Rating Floor
(SRF) of 'B+' are driven by its moderate systemic importance and
the growing share of retail deposits, although still modest as
compared to local systemically important banks. Fitch believes
there is limited probability that the bank would receive sovereign
support if needed, which underpins its SR and SRF. SRFs indicate
the minimum level to which the entity's long-term IDRs could fall
if Fitch does not change its view on potential sovereign support.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

GNB's subordinated debt is rated one notch below its VR to reflect
lower expected recoveries in the event of liquidation. There is no
notching applied due to non-performance risk, given the terms of
the issuance, since this is a plain-vanilla subordinated debt issue
without any material going concern loss-absorption features.
Therefore, these securities are entirely considered liabilities by
Fitch, rather than eligible loss-absorbing capital.

RATING SENSITIVITIES

IDRS, VR

Upside potential for the international ratings is heavily
contingent on a material improvement on capitalization levels,
which is currently one of the weakest elements under Fitch's rating
approach. An upgrade of the VR and IDRs could arise if the bank is
able to reach and sustain a FCC ratio greater than 10%, while
avoiding material deterioration of its other financial and
qualitative credit fundamentals, with consistently better results,
in the form of operating earnings over risk weighted assets greater
than 2%.

Downside pressure for the VR and IDRs would arise from further
deterioration of its FCC ratio (consistently below 8%), especially
if accompanied by negative trends in its profitability and/or asset
quality metrics.

SUPPORT RATING AND SUPPORT RATING FLOOR

Upside potential for the SR and SRF is limited, as a significant
growth of market share in Colombia is unlikely in the near and
medium term. Should the bank's role as a market maker, or the
market share of retail deposits decrease, the SR and SRF rating
might eventually be revised downward.

Fitch has affirmed Banco GNB Sudameris' S.A. ratings as follows:

  -- Long-Term Foreign and Local Currency IDRs at 'BB+'; Outlook
Stable;

  -- Short-term Foreign and Local Currency rating at 'B';

  -- Viability Rating at 'bb+';

  -- Support Rating at '4';

  -- Support Floor at 'B+';

  -- USD denominated subordinated notes at 'BB'.



=============
E C U A D O R
=============

ECUADOR: Bonds Rally on $4.2 Billion IMF Deal
---------------------------------------------
Stephan Kueffner and Ben Bartenstein at Bloomberg News report that
Ecuador's benchmark bonds soared to a six-month high after
President Lenin Moreno's government secured a $4.2 billion loan
package from the International Monetary Fund.  The aid is intended
to support the OPEC nation over the next three years as it tries to
curb spending and revive sluggish growth, according to Bloomberg
News.

Including the IMF package, Ecuador is set to receive more than $10
billion in loans from multilater, Bloomberg News relays.

"Thanks to the firm decisions I have made, we are not what today is
Venezuela," Bloomberg News quoted Mr. Moreno as saying.

According to Bloomberg, Moreno and Finance Minister Richard
Martinez have tried to rein in spending, including a 10 percent cut
to staff at state-owned oil companies Petroamazonas and
Petroecuador, after the nation slid into a recession in 2016
following an oil rout. Ecuador, which has paid back just one bond
in the last two centuries, had to offer 10.75 percent on the $1
billion of dollar bonds it sold last month -- one of the steepest
yields for a sovereign since the global financial crisis.

"We've been long Ecuador, and the upside from the rest of the
international financial institutions is a pleasant surprise," said
Edwin Gutierrez, a London-based money manager at Aberdeen Standard
Investments, who bought the new bond, notes the report.

The agreement requires the approval of IMF's directors, relates the
report. The other lenders are the World Bank, Inter-American
Development Bank, the Andean Development Corporation, the European
Investment Bank, the Latin American Reserve Fund and the French
Development Agency, Moreno said. Ecuador bonds have surged 8.4
percent this year amid a broad rally in riskier assets. The economy
will grow 0.6 percent in 2019, according to median estimates of
analysts surveyed by Bloomberg, down from 1.1 percent last year.

"This will substantially reduce Ecuador's financing needs," said
Delphine Arrighi, a London-based money manager at Merian Global
Investors, who's overweight on the nation's debt, notes the report.
The loan deal, "plus strong oil prices, is all supportive."

During a briefing in Quito, the IMF's Western Hemisphere Director
Alejandro Werner said that the funding would allow Ecuador to
abstain from tapping financial markets over the deal's three-year
lifetime. Nonetheless, the government could still decide to sell
bonds to manage its liabilities, according to Deputy Finance
Minister Santiago Caviedes, notes Bloomberg News.

As reported in the Troubled Company Reporter-Latin America on
Feb. 1, 2019, Fitch Ratings has assigned a 'B-' rating to Ecuador's
USD1 billion notes maturing January 2029. The notes have a coupon
of 10.75%.

Proceeds from the issuance will be used in accordance with local
laws for government programs, infrastructure projects or to
refinance existing debt obligations on more favourable terms.



===========
M E X I C O
===========

MEXICO: National Guard Won't Be Military-Led, in Gov't. Step-Down
-----------------------------------------------------------------
Diego Ore, Noe Torres and Dave Graham at Reuters report that
Mexico's Senate approved President Andres Manuel Lopez Obrador's
plan to create a new national guard, a central plank of the
government's strategy to subdue gang violence that has claimed tens
of thousands of lives over the past decade.

The bill was passed unanimously by 127 senators but only after
Lopez Obrador's party agreed to put the new security force, which
will be made up of soldiers and police, under civilian instead of
military control, according to Reuters.

The report notes that the step caps weeks of wrangling over the
so-called Guardia Nacional after initial plans to give the military
control of the force met with resistance from human rights groups,
opposition lawmakers and some close political allies of Lopez
Obrador.

The change to a civilian-led force was part of a compromise from
Lopez Obrador to win Senate support after he personally argued that
generals should be in charge, the report relays.

In a first phase, the guard will consist of some 50,000 members
transferred from military and federal police forces, the report
says.

The report discloses that critics argued that giving control of the
guard to generals would increase the militarization of Mexico,
whose reputation has been battered in the past few years by
notorious rights abuses carried out by security forces.

Lopez Obrador's leftist National Regeneration Movement (MORENA)
opted to modify the legislation, a constitutional change requiring
a two-thirds majority in Congress, the report relays.

"We need the support of the army and the marines to confront the
grave problem of safety and violence," Lopez Obrador said in a
regular news conference ahead of the vote, the report notes.
"We're going to guarantee peace and tranquility in the country
because the people are asking for it," the report quoted Mr.
Obrador as saying.

The legislation will now return to the lower house of Congress,
where final approval should be a formality, the report notes.  It
must then by ratified by a majority of state legislatures, most of
which are controlled by MORENA and its allies, the report relays.

The report discloses that successive Mexican governments have tried
to overhaul the security forces to tackle gang violence, which has
been blamed for more than 250,000 homicides since former President
Felipe Calderon sent in the army to take on drug cartels in late
2006.

Previous President Enrique Pena Nieto, who left office on Nov. 30,
established a gendarmerie to oversee the fight against gangs, but
that force was later massively scaled back, the report adds.



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

PUERTO RICO: 1st Cir. Upholds Dismissal of Title III Proceedings
----------------------------------------------------------------
The U.S. Court of Appeals for the First Circuit reverses the
district court's ruling that the members of the Financial Oversight
and Management Board created by PROMESA ("Board Members") were
appointed in compliance with the U.S. Constitution's Appointments
Clause. The district court's denial of appellants Aurelius
Investment, LLC, et al.'s motions to dismiss the Title III
proceedings, however, is affirmed.

This matter arises from the restructuring of Puerto Rico's public
debt under the 2016 Puerto Rico Oversight, Management, and Economic
Stability Act ("PROMESA"). This time, however, the Court is not
tasked with delving into the intricacies of bankruptcy
proceedings.

Instead, the Court is required to square off with a single question
of constitutional magnitude: whether members of the Financial
Oversight and Management Board created by PROMESA ("Board Members")
are "Officers of the United States" subject to the U.S.
Constitution's Appointments Clause. Title III of PROMESA authorizes
the Board to initiate debt adjustment proceedings on behalf of the
Puerto Rico government, and the Board exercised this authority in
May 2017. Appellants seek to dismiss the Title III proceedings,
claiming the Board lacked authority to initiate them given that the
Board Members were allegedly appointed in contravention of the
Appointments Clause.

The Board Members' authority is exercised "pursuant to the laws of
the United States." The Board Members trace their authority
directly and exclusively to a federal law, PROMESA. That federal
law provides both their authority and their duties. Essentially
everything they do is pursuant to federal law under which the
adequacy of their performance is judged by their federal master.
And this federal master serves in the seat of federal power, not
San Juan. The Board Members are, in short, more like Roman
proconsuls picked in Rome to enforce Roman law and oversee
territorial leaders than they are like the locally selected leaders
that Rome allowed to continue exercising some authority.

The United States makes two arguments in support of the district
court's opinion and PROMESA's current appointments protocol that
warrant our direct response at this point. First, the United States
argues that historical precedent suggests the inapplicability of
the Appointments Clause to the territories. Second, the United
States contends that if we find for appellants, such a ruling will
invalidate the present-day democratically elected local governments
of Puerto Rico and the other unincorporated territories because the
officers of such governments took office without the Senate's
advice and consent. The Court rejects each argument in turn.

The relevant historical precedents of which the Court is aware
leads them to a different conclusion than that claimed by the
United States. Furthermore, the United States fails to support its
assertion with legislative history or other evidence establishing
that Congress's largely consistent adherence to Appointments Clause
procedures in appointing territorial officials was gratuitous.

Lacking such an explanation, the Court believes it is more probable
that Congress was simply complying with what the Constitution
requires. Furthermore, that largely consistent compliance with
Appointment Clause procedures in hundreds if not thousands of
instances over two centuries belies any claim that adherence to
those procedures impedes Congress's exercise of its plenary powers
within the territories.

Having concluded that the process PROMESA provides for the
appointment of Board Members is unconstitutional, the Court is left
to determine the relief to which appellants are entitled. Both
Aurelius and the UTIER ask that the Court order dismissal of the
Title III petitions that the Board filed to commence the
restructuring of Commonwealth debt. In doing so, appellants suggest
that the Court ought to deem invalid all of the Board's actions
until today and that this case does not warrant application of the
de facto officer doctrine. It would then be on a constitutionally
reconstituted Board, they say, to ratify or not ratify the
unconstitutional Board's actions. Appellants also request that the
Court sever from 48 U.S.C. section 2121(e) the language that
authorizes the Board Members' appointment without Senate
confirmation.

The Court holds that the present provisions allowing the
appointment of Board Members in a manner other than by presidential
nomination followed by the Senate's confirmation are invalid and
severable. The Court does not hold invalid the remainder of the
Board membership provisions, including those providing the
qualifications for office and for appointment by the President with
the advice and consent of the Senate.

The Court reject appellants' invitation to dismiss the Title III
petitions and cast a specter of invalidity over all of the Board's
actions until the present day. To the contrary, the Court finds
that application of the de facto officer doctrine is especially
appropriate in this case.

In sum, the Court holds that the Board Members (other than the ex
officio Member) must be, and were not, appointed in compliance with
the Appointments Clause. Accordingly, the district court's
conclusion to the contrary is reversed. The Court directs the
district court to enter a declaratory judgment to the effect that
PROMESA's protocol for the appointment of Board Members is
unconstitutional and must be severed. The Court affirms, however,
the district court's denial of appellants' motions to dismiss the
Title III proceedings.

A copy of the Court's Decision dated Feb. 15, 2019 is available
at:

     http://bankrupt.com/misc/prb17-03283-5151.pdf

                      About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70 billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of the
last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets Inc.
is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                    Bondholders' Attorneys

Kramer Levin Naftalis & Frankel LLP and Toro, Colon, Mullet, Rivera
& Sifre, P.S.C. and serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc., and
the First Puerto Rico Family of Funds, which collectively hold over
$4.4 billion of GO Bonds, COFINA Bonds, and other bonds issued by
Puerto Rico and other instrumentalities.

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP, Autonomy
Capital (Jersey) LP, FCO Advisors LP, and Monarch Alternative
Capital LP.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ Management
II LP (the QTCB Noteholder Group).

                          Committees

The U.S. Trustee formed an official committee of retirees and an
official committee of unsecured creditors of the Commonwealth.  The
Retiree Committee tapped Jenner & Block LLP and Bennazar, Garcia &
Milian, C.S.P., as its attorneys.  The Creditors Committee tapped
Paul Hastings LLP and O'Neill & Gilmore LLC as counsel.

SEARS HOLDINGS: Exclusive Plan Filing Period Extended to April 15
-----------------------------------------------------------------
Judge Robert Drain of the U.S. Bankruptcy Court for the Southern
District of New York extended the period during which Sears
Holdings Corporation and its affiliated debtors have the exclusive
right to file a Chapter 11 plan through April 15, and to solicit
acceptances for the plan through June 12.

Sears Holdings will provide an update on the plan at the omnibus
hearing scheduled for March 21, 2019.

                       About Sears Holdings

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- began as a mail ordering catalog
company in 1887 and became the world's largest retailer in the
1960s.  At its peak, Sears was present in almost every big mall
across the U.S., and sold everything from toys and auto parts to
mail-order homes.  Sears claims to be is a market leader in the
appliance, tool, lawn and garden, fitness equipment, and automotive
repair and maintenance retail sectors.

Sears and Kmart merged to form Sears Holdings in 2005 when they had
3,500 US stores between them.  Kmart emerged in 2005 from its own
bankruptcy.

Unable to keep up with online stores and other brick-and-mortar
retailers, a long series of store closings has left it with 687
retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin
Islands as of mid-October 2018.  The Company employs 68,000
individuals, of whom 32,000 are full-time employees.

As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets, $11.33 billion in total liabilities and a total deficit of
$4.40 billion.

Unable to cover a $134 million debt payment due Oct. 15, 2018,
Sears Holdings Corporation and 49 subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15,
2018.

The Hon. Robert D. Drain is the case judge.

Weil, Gotshal & Manges LLP is serving as legal counsel and M-III
Partners is serving as restructuring advisor.  Aebersold, Managing
Director, and Levi Quaintance, Vice President of Lazard Freres &
Co. LLC serve as investment banker to Holdings.  DLA Piper LLP is
the real estate advisor.  Prime Clerk is the claims and noticing
agent.

The U.S. Trustee for Region 2 appointed nine creditors, including
the Pension Benefit Guaranty Corp., and landlord Simon Property
Group, L.P., to serve on an official committee of unsecured
creditors.  Akin Gump Strauss Hauer & Feld LLP is counsel to the
creditors' committee.  FTI Consulting is financial advisor to the
creditors' committee. Houlihan Lokey Capital, Inc., is providing
investment banking services to the committee.

SEARS HOLDINGS: Incurs $404 Million Net Loss at Nov. 3
------------------------------------------------------
Sears Holdings Corporation, et al., filed with the U.S. Securities
and Exchange Commission their monthly operating report for October
15, 2018 through November 3, 2018.

The Debtors' consolidated statement of operations showed a net
loss of $404 million on $595 million of total revenue for the
reporting period.

As of November 3, 2018, the Debtors listed $33.11 billion in
consolidated total assets, $40.22 billion in consolidated total
liabilities, and a $7.11 billion in consolidated total
shareholders' deficit.

The Debtors listed total cash receipts of $730.05 million and
total cash disbursements of $445.58 million.

A copy of the monthly operating report is available at the SEC at:

                     https://is.gd/T0twZY   

                     About Sears Holdings

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- began as a mail ordering catalog  

company in 1887 and became the world's largest retailer in the
1960s.  At its peak, Sears was present in almost every big mall
across the U.S., and sold everything from toys and auto parts to
mail-order homes.  Sears claims to be is a market leader in the
appliance, tool, lawn and garden, fitness equipment, and automotive
repair and maintenance retail sectors.

Sears and Kmart merged to form Sears Holdings in 2005 when they had
3,500 US stores between them.  Kmart emerged in 2005 from its own
bankruptcy.

Unable to keep up with online stores and other brick-and-mortar
retailers, a long series of store closings has left it with 687
retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin
Islands as of mid-October 2018.  The Company employs 68,000
individuals, of whom 32,000 are full-time employees.

As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets, $11.33 billion in total liabilities and a total deficit of
$4.40 billion.

Unable to cover a $134 million debt payment due Oct. 15, 2018,
Sears Holdings Corporation and 49 subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15,
2018.

The Hon. Robert D. Drain is the case judge.

Weil, Gotshal & Manges LLP is serving as legal counsel and M-III
Partners is serving as restructuring advisor.  Aebersold, Managing
Director, and Levi Quaintance, Vice President of Lazard Freres &
Co. LLC serve as investment banker to Holdings.  DLA Piper LLP is
the real estate advisor.  Prime Clerk is the claims and noticing
agent.

The U.S. Trustee for Region 2 appointed nine creditors, including
the Pension Benefit Guaranty Corp., and landlord Simon Property
Group, L.P., to serve on an official committee of unsecured
creditors.  Akin Gump Strauss Hauer & Feld LLP is counsel to the
creditors' committee.  FTI Consulting is financial advisor to the
creditors' committee.  Houlihan Lokey Capital, Inc., is providing
investment banking services to the committee.



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

TRINIDAD & TOBAGO: Facing External Risks, Central Bank Says
-----------------------------------------------------------
Leah Sorias at Trinidad Express reports that the downside risks on
the international front -- such as developments in Venezuela and
tensions among major trading nations -- could impact Trinidad and
Tobago's economy this year.

So said the Central Bank in its latest Economic Bulletin, which is
dated January 2019, according to Trinidad Express.

The Central Bank report also revealed that while inflation is
expected to remain low this year, the forecasted harsh dry season
could lead to a rise in the cost of local produce, the report
says.




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

VENEZUELA: Denies Troops Shot Civilians; Guaido Appears at Concert
------------------------------------------------------------------
EFE News reports that the top diplomat for Venezuelan President
Nicolas Maduro denied that soldiers were involved in deadly clashes
with indigenous people near his country's border with Brazil, while
Venezuela's US-backed self-proclaimed acting president, Juan
Guaido, made a surprise appearance at a star-studded benefit
concert in Colombia.

"What happened this morning has nothing to do with the versions
that have circulated.  In fact, some of the wounded are wounded by
sharp weapons, machetes, even arrows," Venezuelan Foreign Minister
Jorge Arreaza told a press conference at UN headquarters, according
to EFE News.

The report notes that the weapons used "do not correspond" to those
carried by Venezuelan soldiers, Mr. Arreaza said, denouncing what
he called a strategy of blaming Maduro for anything bad that
happens in Venezuela.

He warned that the United States and its allies will try to blame
the Maduro government for anything untoward that may occur as
supporters of Guaido try to bring US aid into the country over the
objections of authorities, the report relays.

The original report of two deaths in the southeastern Venezuelan
state of Bolivia came from an opposition lawmaker, the report
notes.

The report discloses that the deaths came amid clashes that began
after Maduro ordered the closure of the Brazil border in a bid to
block the entry of humanitarian aid, Americo De Grazia said.

"Rolando Garcia . . . is the second fatal victim of (National
Guard) Gen. Jose Montoya's criminal operation," Mr. De Grazia said
on Twitter, adding that three other individuals had suffered
serious gunshot wounds, the report relays.

Members of the Pemon indigenous group clashed with soldiers to
prevent them from blocking the cross-border flow of aid, according
to Mr. De Grazia, the report says.

The report notes that Mr. Maduro refuses to permit the aid to cross
the border, saying it is a Trojan horse for a US-led military
intervention.  He also has said he is considering closing the
border with Colombia, where more aid supplies have been stockpiled,
the report relays.

Venezuela's armed forces have remained solidly behind Maduro even
though the US and dozens of other countries recognize Guaido as
interim head of state, the report discloses.

EFE News says that the donations of aid from the US and other
countries are being stockpiled in Colombia and Brazil, as well as
the island of Curacao.

The largest concentration of aid is in the Colombian border city of
Cucuta, which was also the venue for Venezuela Aid Live concert,
organized by British billionaire Richard Branson, the report
relays.

Mr. Guaido arrived in Cucuta in time for the finale of the show
meant to raise money for humanitarian relief in Venezuela, the
report notes.

The speaker of Venezuela's opposition-controlled National Assembly
was embraced by the presidents of Colombia, Ivan Duque; Chile,
Sebastian Pinera; and Paraguay, Mario Abdo Benitez; and by
Organization of American States chief Luis Almagro, who spent the
day in Cucuta for the Venezuela Aid Live event, the report relays.

The report says that Mr. Guaido, the trio of presidents and Almagro
made their way through the crowd and took spots in front of the
stage to watch Colombian superstar Juanes and Venezuelan performers
Chyno Miranda finish their set.

This is the first time Guaido has set foot outside Venezuela since
declaring himself acting head of state on Jan. 23, the report
notes.

Venezuela's Supreme Court, which is allied with Maduro, barred
Guaido from leaving the country while he remains under
investigation for his attempt to seize power, the report relays.

The report says that a video posted online showed Guaido and a
handful of aides and supporters jogging across a bridge linking
Venezuela to Colombia.

"Thank you.  Here we are.  This bridge is mine.  We can, we can, of
course we can," Mr. Guaido is heard to say as he advances toward
Colombia, the report notes.

The report relays that the concert took place at the Colombian end
of the Tienditas bridge, a modern span completed in 2016 that has
never been opened to traffic.

Warehouses in Cucuta are holding 600 tons of humanitarian aid meant
to be brought into Venezuela, the report discloses.  The aid has
been provided by the US and other countries in response to an
appeal from Guaido, the report relays.

Organizers said that more than 200,000 people attended the concert,
whose stated aim was to raise $100 million within 60 days to be
used for assistance to Venezuela, the report notes.

The 32 performers from Argentina, Colombia, Spain, the United
States, Mexico, Puerto Rico, Sweden and Venezuela agreed to donate
their time and talent to the project, Mr. Branson said, the report
relays.

The report discloses that Mr. Branson's friend Bruno Ocampo, a
Colombian businessman, said that the idea for Venezuela Aid Live
took shape during a video-conference among him, Branson, Guaido and
Venezuelan opposition leader Leopoldo Lopez, who remains under
house arrest for his role in an abortive 2002 coup against Maduro's
predecessor, Hugo Chavez, and in violent anti-government protests
in 2014.

Venezuela's opposition, as well as much of the international
community, regards Maduro's May 2018 re-election victory to be
fraudulent, the report relays.

Besides the US, the major European nations -- save Italy -- are
among the roughly 50 governments that have recognized Guaido, the
report notes.

Several dozen other countries, including Russia, China and India,
continue to recognize Maduro as Venezuela's president, the report
adds.

As reported in the Troubled Company Reporter-Latin America,
S&P Global Ratings in May 2018 removed its long- and short-term
local currency sovereign credit ratings on Venezuela from
CreditWatch with negative implications and affirmed them at
'CCC-/C'. The outlook on the long-term local currency rating is
negative. At the same time, S&P affirmed its 'SD/D' long- and
short-term foreign currency sovereign credit ratings on Venezuela.
S&P's transfer and convertibility assessment remains at 'CC'.

VENEZUELA: Oil Supplies Hit 5-Year High as Buyers Become Elusive
----------------------------------------------------------------
Stephanie Yang at The Wall Street Journal reports that Venezuela's
oil inventories have climbed to their highest levels in at least
five years, according to satellite data, a sign that U.S. sanctions
are stifling sales and could continue to drive up global prices.

In January, the U.S. imposed sanctions on Venezuela's state-owned
oil giant, Petroleos de Venezuela SA, according to The Wall Street
Journal.  The measures are intended to cut off proceeds from U.S.
crude sales to the government of President Nicolas Maduro and
funnel funds to opposition leader Juan Guaido, the report relays.

Venezuelan crude inventories reached 32.8 million barrels, a record
in data going back to January 2014, according to research firm
Orbital Insight, the report discloses.

Orbital Insight uses satellite imagery to gauge stockpiles of crude
around the world, the report relays.  Since the sanctions were
announced Jan. 28, the amount of crude oil in Venezuela has climbed
by nearly 2 million barrels, the firm's data show, the report
notes.

Mario de la Ossa, energy specialist at Orbital Insight, said those
stores are likely to keep building since the next-largest importers
of Venezuelan crude, China and India, are already well supplied.
Orbital Insight data show that oil inventories have risen by about
5.6 million barrels in India this year and 18.5 million barrels in
China, the report relays.  "The big-picture story for demand
expectations globally is India and China," Mr. de la Ossa said.
But "inventories have been increasing quite aggressively," the
report notes.

Venezuela could face other challenges in sending more crude to
Asia, said Michael Tran, global energy strategist at RBC Capital
Markets, the report says.  The U.S. Gulf Coast is an ideal
destination because its refiners are able to take in dense
Venezuelan crude, and its proximity means faster pay, he said, the
report notes.  A longer voyage to Asia would mean delayed payments
for crude, the report discloses.

The WSJ relates that Venezuela also is competing with other
oil-producing nations to send more crude to Asia, where demand for
oil is continuing to grow, Mr. Tran added.

"It's actually quite difficult to essentially funnel all those
Venezuelan barrels into Asia. Those battlegrounds are fiercely
competitive from a market-share perspective," the report quoted Mr.
Tran as saying.

Cargo-tracking firm ClipperData estimates that the biggest pickup
in trade flows this month is oil bound for India, the report
relays.

A series of oil-for-loans agreements that China holds with
Venezuela could also complicate crude purchases, the report notes.
Earlier this year, Chinese diplomats held debt-negotiation talks
with representatives of Mr. Guaido in an attempt to safeguard
China's investments, The Wall Street Journal reported.

The possibility of further supply disruptions in Venezuela has
helped lift global oil prices this year, the report relays.

Prices for the particular type of dense, high-sulfur oil that
Venezuela has also gained recently, as other countries that produce
a similar grade of crude, such as Mexico, Canada and Saudi Arabia,
have cut back on output, the report notes.  That could help cushion
the blow of U.S. sanctions, said Bob McNally, president of Rapidan
Energy Group, the report discloses.

"It's making [Venezuelan] crude a little more valuable than it
usually is," Mr. McNally said, the report notes.  "If Maduro is
willing to discount it, he can probably place it," he added.

U.S. refiners need a mix of dense and light crude to churn out
products such as gasoline and diesel efficiently, and some have
been forced to look elsewhere to replace the crude that would
generally come from Venezuela, the report says.

Citgo Petroleum Corp., a subsidiary of Petroleos de Venezuela, and
the largest U.S. importer of Venezuelan crude last year through
October, is losing supply at a time of year when inventories
usually build, the report notes.  Orbital Insight's analysis of
satellite images shows a decline of about 620,000 barrels at U.S.
Citgo refineries since Jan. 28, the report discloses.

Citgo's offshore inventories in Aruba have dropped by more than 2
million barrels as well, as the refiner has turned to those stores
for additional supply, Mr. de la Ossa said, the report adds.

As reported in the Troubled Company Reporter-Latin America,
S&P Global Ratings in May 2018 removed its long- and short-term
local currency sovereign credit ratings on Venezuela from
CreditWatch with negative implications and affirmed them at
'CCC-/C'. The outlook on the long-term local currency rating is
negative. At the same time, S&P affirmed its 'SD/D' long- and
short-term foreign currency sovereign credit ratings on Venezuela.
S&P's transfer and convertibility assessment remains at 'CC'.



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

[*] BOND PRICING: For the Week February 18 to February 22, 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 * * *