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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

          Thursday, March 14, 2019, Vol. 20, No. 53

                           Headlines



A N T I G U A   A N D   B A R B U D A

LIAT: St. Kitts and Nevis Considers Investing in Airline


A R G E N T I N A

NEUQUEN: S&P Affirms B Global Scale Rating, Outlook Stable


B R A Z I L

BANCO BTG: Fitch Rates $600MM Subordinated T2 Notes Final 'B'
PETROLEO BRASILEIRO: Fitch Rates Proposed Sr. Unsec. Debt Issue BB-
PETROLEO BRASILEIRO: Moody's Rates Unit's New Global Notes Ba2


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Fine Tunes its Cybersecurity Strategy
DOMINICAN REPUBLIC: Remittances Through Banks Jump 42% in 2018


J A M A I C A

DIGICEL GROUP: Denies Wrongdoing After Being Sued for Diverting Tax


M E X I C O

BERRY GLOBAL: Moody's Assigns Ba2 Rating to $1.6-Bil. Term Loans
CEMEX S.A.B.: S&P Rates New EUR400MM Sr. Sec. Notes Due 2026 'BB'
MEXICO: Has Resources to Build Dos Bocas Oil Refinery, Pres. Says


P E R U

CORPORACION AZUCARERA: S&P Lowers ICR to 'B-', Outlook Negative


P U E R T O   R I C O

DEL MAR ENTERPRISES: Creditors to Get 5% Within 72 Months
DEL MAR ENTERPRISES: May 21 Approval Hearing on Plan Outline
EMPRESAS BENITEZ: May 8 Disclosure Statement Hearing
EMPRESAS CARRION: Taps Monge Robertin as Restructuring Advisor
INVERSIONES CARIBE: Seeks Authorization on Cash Collateral Use



S T .   L U C I A

DIGICEL INTERNATIONAL: Fitch Rates $600MM Sr. Sec. Notes 'B'/'RR4'


V E N E Z U E L A

PETROLEOS DE VENEZUELA: US Sanctions Russian Bank for Link to Firm

                           - - - - -


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

LIAT: St. Kitts and Nevis Considers Investing in Airline
--------------------------------------------------------
A delegation from the regional Caribbean Airline LIAT attended a
Cabinet meeting with the Government of St. Kitts and Nevis to
discuss several proposals to salvage the cash-strapped
Antigua-based company.  The Government confirmed that it is
seriously considering LIAT's propositions and that it has
established a special committee that would analyse the best way to
move forward.

St. Kitts and Nevis is a known advocate for increased international
mobility. Ever since it established its pioneering Citizenship by
Investment (CBI) Program in 1984, it has been investing
consistently in expanding its diplomatic relations. The country's
passport holders can access approximately 150 countries and
territories on a visa-free or visa-on-arrival basis.

Initiatives like the Sustainable Growth Fund (SGF) under the
country's Platinum Standard CBI Program aim to support and promote
the islands' prosperous tourist industry. Foreign investors who
seek to acquire second citizenship can do so by contributing to the
SGF and passing all due diligence checks required under the
Program. Since it is the most straightforward and secure way to St.
Kitts and Nevis' citizenship, SGF is often perceived as the
reliable choice for global individuals and their families looking
to secure their future in a country that is ranked highly for rule
of law, as scored in the latest World Justice Project index.

As tourism in St. Kitts and Nevis is well established, better
interconnectivity between the islands is key to the development and
diversification of the sector. According to a press release issued
by the Office of the Prime Minister, "Dr. the Honourable Timothy
Harris-led Team Unity Cabinet of St Kitts and Nevis has established
a high-level advisory committee to thoroughly consider a number of
proposals put forward by regional airline, LIAT, and to advise it
on the possible way forward."

Four regional governments already hold shares in LIAT and, last
week, news emerged of another four governments being encouraged to
further invest in it. LIAT operates 491 weekly flights and is
crucial for regional mobility, thus countries in the Caribbean have
a vested interest to find a non-disruptive, sensible solution. As
St. Kitts and Nevis confirms looking into how it can support LIAT,
other neighbouring countries that are not currently shareholders
have been fast to respond, some of them holding dedicated Cabinet
meetings this week.

                          *     *     *

The Troubled Company Reporter-Latin America, citing Trinidad
Express, on November 24, 2016, reported that the Barbados
government defended the operations of the cash-strapped regional
airline, LIAT, even as opposition legislators called for it to be
stop being a financial burden on the island. Both Prime Minister
Freundel Stuart and his Finance Minister, Chris Sinckler, defended
the airline, whose major shareholders are Antigua and Barbuda,
Barbados, Dominica and St. Vincent and the Grenadines. Mr. Stuart,
speaking in Parliament, said despite the criticism the value of the
airline should not be underestimated that the Antigua-based LIAT
remains important to Barbados.

According to the TCR-LA in May 8, 2015, the Daily Observer said
that LIAT was attempting to lose excess baggage as part of measures
to make the carrier "a smaller airline in 2015."  In a document,
signed by Director of Human Resources Ilean Ramsey, eligible
employees were asked to opt to apply for voluntary separation or
early retirement packages to avoid being made redundant, according
to The Daily Observer.

TCRLA reported on Dec. 2, 2014, citing Caribbean360.com, that
chairman of the shareholder governments of the financially troubled
regional airline LIAT, Dr. Ralph Gonsalves said while he is unaware
of the details regarding any possible retrenchment of employees,
the airline needs to deal with its high cost of operations.

The TCR-LA on March 10, 2014, citing Caribbean360.com, reported
that LIAT said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially viable.

On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of LIAT,
the Board and the Executive. Following the sudden resignation of
Chief Executive Officer Captain Ian Brunton, David Evans replaced
Mr. Brunton as chief executive officer.



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

NEUQUEN: S&P Affirms B Global Scale Rating, Outlook Stable
----------------------------------------------------------
S&P Global Ratings affirmed its 'B' global scale foreign and local
currency ratings on Neuquen. S&P also affirmed its 'B' issue-level
ratings on the province's rated secured and unsecured notes.

OUTLOOK

S&P said, "The stable outlook reflects our expectation that in the
next 12 months Neuquen will continue attracting investments to its
hydrocarbon sector, supporting growth in the local economy that's
faster than the national average. We expect own source revenues to
benefit from this dynamism in the provincial economy and keep
operating surpluses at 6% on average, similar to those in 2018,
despite higher spending." However, difficult financial market
conditions that limit prospects for debt issuance and weakness in
the province's capital and financial planning should delay
infrastructure spending.

Downside scenario

S&P said, "We could lower the ratings in the next 12 months if we
were to lower the ratings on the sovereign. We could also lower the
ratings if the province doesn't manage its spending such that its
fiscal profile erodes unexpectedly, posting consistent operating
deficits. Under this scenario, we would also expect a weakening in
the province's liquidity position."

Upside scenario

S&P said, "Given we don't believe that Argentine local and regional
governments (LRGs) meet the conditions to be rated above the
sovereign, we could only upgrade Neuquen if we take a similar
action on Argentina in the next 12 months while the province's
individual credit profile continues to improve. The individual
credit profile could strengthen from a longer track record of
sustainable revenue and expenditure management and longer-term
planning."

RATIONALE

S&P said, "Our 'B' ratings on Neuquen are at the same level as its
'b' stand-alone credit profile (SACP). The ratings reflect
Neuquen's individual profile and the very volatile and underfunded
institutional framework in which the Argentine provinces operate.
Despite the recent improvement in Neuquen's finances, we expect its
budgetary performance to remain volatile because of the province's
exposure to cyclical revenues, namely hydrocarbon royalties, and
weak revenue and expenditure management. Neuquen's economy,
although  dynamic is highly concentrated in the hydrocarbon
industry, which exposes the province to swings in commodity cycles.
On the other hand, the province's low debt burden and contingent
liabilities, with a track record of managing its exposure to
foreign currency risk, support its creditworthiness.

"We estimate that the province's GDP per capita averaged $16,479 in
2016-2018, above the national average of $13,565 for the same
period. Despite some efforts to diversify the economy, Neuquen
still depends on the hydrocarbon sector, which represents 34% of
the provincial economy. This concentration makes the province
vulnerable to potential risks from variables such as oil and gas
prices. However, the robust oil and gas investments in the past
three years provide some cushion to Neuquen against Argentina's
economic downturn. More than half of the gas in Argentina is
produced in Neuquen thanks to the growth of the non-conventional
gas production. The Vaca Muerta field is the second-largest shale
reserve in the world, and we believe it will continue to attract
robust investment and foster above-average economic growth in the
province."

The province's management of its cyclical revenue base has been a
weakness, which led to a volatile fiscal performance and low
quality in budgetary planning, with budgets often having to be
revised mid-way through the fiscal year. Nonetheless, Neuquen has
maintained adequate debt management, in particular its foreign
currency exposure. On March 10, 2019, the governor Omar Gutierrez
was reelected to serve for a four-year period, until 2023. S&P
said, "We assume continuity in the province's main budgetary and
financial policies following the election. We believe the
administration's main challenge will be devising and implementing
intermediate- and long-term financial policies that ensure a
sustainable fiscal performance."    

S&P said, "We continue to view the institutional framework for
Argentine LRGs as very volatile and underfunded, despite recent
improvements. In our opinion, there's a positive trend in the
predictability of the outcome of potential reforms and the pace of
their implementation, amid an increasing dialogue between LRGs and
the national government to address various fiscal and economic
challenges that we expect will remain in the short-to-medium
term."

Thanks to the Argentine peso's sharp depreciation in 2018, coupled
with higher oil prices and sound performance of the oil and gas
industry, the province's royalties jumped about 121% year over
year. At the same time, Neuquen raised its gross receipt tax rate
to the upper limit established in the 2017 fiscal pact between the
federal government and provinces. S&P expects the healthy
hydrocarbon sector to keep the province's own-source revenue at 79%
of total operating revenue in the next three years, up from 73% in
2017. However, Neuquen's ability to raise its own-source revenue
further will be limited, in S&P's view, given that the province has
already reached the cap on tax rates established in the fiscal
pact, while increases in royalties would go against the policy of
fostering the development of the industry.

S&P said, "We assume that sound operating revenue will more than
compensate for high spending pressures, particularly for provincial
payroll, given high inflation. This should keep operating surpluses
at 6.3% of operating revenues on average in 2019-2021, compared
with a surplus of 7.7% in 2018 and a swing from a 7.5% deficit in
2017. In the next three years, we expect the province's operating
expenses to continue rising above inflation, given the constant
demands for public-employee salary increases and the need to expand
the coverage of basic social services in the area of Vaca Muerta.
Neuquen's capacity to cut spending is limited, given the important
role that the public sector plays in the province. We believe such
budgetary constraints, the limited access to borrowings given the
national and global market conditions, and the reduction in capital
transfers will leave limited room for public works. We expect
Neuquen's capex to represent slightly less than 8% of the total
expenses in 2019-2021.

"Tight credit market conditions will continue discourage Neuquen
from borrowing heavily. During the next two years, we assume its
borrowings will be limited to the refinancing of its maturing debt.
As of the end of 2021, we estimate Neuquen's debt stock to reach
36% of the province's projected operating revenue, down from 52% in
2018."  

On April 26, 2011, Neuquen issued $260 million in the global
capital markets through the issuance of structured notes (TICAP).
The province used the proceeds to pay down existing debt and to
finance several new infrastructure projects. S&P rates these notes
as any other direct, general, unconditional, and unsubordinated
obligation of the province, given that it believes their
creditworthiness is directly linked to that of Neuquen's. The notes
are secured by oil royalties the province receives from oil
producers (the dedicated concessionaires) from predetermined areas.
In May 2016, Neuquen announced the exchange of $110.4 million of
TICAP notes for TICADE notes due 2028, benefiting from better
market conditions to refinance its debt and extending the maturity
of 69.62% of TICAP notes.

The province's liquidity position has improved in 2018 following a
recovery in its fiscal performance. S&P said, "In our view,
Neuquen's net free cash and liquid assets can cover 78% of its
projected debt service of ARP8.9 billion for 2019. However, we
assess Neuquen's access to external liquidity as limited, largely
due to our view of Argentina's volatile capital markets and weak
banking system. For the latter, our Banking Industry Country Risk
Assessment (BICRA) is at group '8' in Argentina. We group our
BICRAs, which evaluate and compare global banking systems, on a
scale from '1' to '10', ranging from what we view as the
lowest-risk banking systems (group '1') to the highest-risk (group
'10')."

Neuquen owns 10 government-related entities (GREs) including a bank
(Banco de la Provincia de Neuquen [BPN]) and a gas and oil company
(Gas y Petróleo de Neuquen [GPN]). S&P said, "We estimate that the
potential losses among GREs under a stress scenario would total
slightly below 10% of Neuquen's operating revenue. The province
doesn't guarantee the liabilities of its bank, which we consider as
self-supporting. The last time Neuquen provided financial support
to BPN was in 2001. We believe that given GPN's strategic role for
the province, Neuquen would likely provide support to it if
needed."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision. After the
primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating action.


  RATINGS LIST
  Ratings Affirmed

  Neuquen (Province of)
   Issuer Credit Rating             B/Stable/--
   Senior Secured                   B
   Senior Unsecured                 B



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

BANCO BTG: Fitch Rates $600MM Subordinated T2 Notes Final 'B'
-------------------------------------------------------------
Fitch Ratings has assigned Banco BTG Pactual S.A.'s
(BB-/bb-/Stable) USD600 million subordinated tier 2 (T2) notes a
final rating of 'B'.

The final rating is in line with the expected rating that Fitch
assigned to the proposed debt on Feb. 13, 2019.

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 a 10-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 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 to qualify the notes as 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 rated 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.

Fitch currently rates Banco BTG Pactual S.A. as follows:

  -- Long-Term Local Currency Issuer Default Ratings (IDRs)
'BB-'/Outlook Stable;

  -- Short-Term Local Currency IDRs 'B';

  -- Viability Rating 'bb-';

  -- National Long-Term Rating 'AA-(bra)'/Outlook Stable;

  -- National Short-Term Rating 'F1+(bra)';

  -- Support Rating '5';

  -- Senior USD notes due 2020-2023, Long-Term Foreign Currency
'BB-';

  -- Subordinated USD notes due 2022-2029 Long-Term Foreign
Currency 'B'.

PETROLEO BRASILEIRO: Fitch Rates Proposed Sr. Unsec. Debt Issue BB-
-------------------------------------------------------------------
Fitch Ratings has assigned a long-term rating of 'BB-' to Petroleo
Brasileiro S.A.'s (Petrobras) proposed senior unsecured debt
issuance. The notes will be issued by Petrobras Global Finance B.V.
(PGF) and will be unconditionally and irrevocably guaranteed by
Petrobras. The company expects to use the proceeds to refinance
existing debt and for general corporate purposes.

Petrobras' ratings are capped by Brazil's sovereign ratings (IDR
'BB-'/Stable) due to the government's strong ownership and
potential control and due to the company's strategic importance to
the country. Petrobras' dominant market share in the supply of
liquids fuels in Brazil coupled with its large hydrocarbon
production footprint in the country exposes the company to
government intervention through pricing policies and investment
strategies. Petrobras' ratings reflect the very strong support
incentives Brazil has toward the company as a result of its
strategic importance for the country. This is supported by
Petrobras' leadership position in the Brazilian domestic energy
market. Petrobras' ratings also reflect the strong linkage between
Petrobras and Brazil resulting from the Brazilian government's
majority ownership and strong support track record.

The Stable Outlook for Petrobras's foreign and local currency
long-term IDRs reflects the Stable Outlook for Brazil's sovereign
rating.

KEY RATING DRIVERS

Linkage to the Sovereign: Petrobras' ratings are capped by Brazil's
sovereign ratings and reflect the government's very strong
incentive to support the company due to its strategic importance as
the largest supplier of liquid fuels in the country. Petrobras'
ratings also reflect its strong linkage with the sovereign of
Brazil, due to the government's control of the company. By law, the
federal government must hold at least a majority of Petrobras'
voting stock. The government owns 63.6% of Petrobras' voting
rights, directly and indirectly, and has a 46% overall economic
stake.

Improving SCP: Petrobras' standalone credit profile (SCP)
materially improved during 2018 as the company used the proceeds
from higher oil prices and asset sales to significantly lower its
debt by approximately USD25 billion, or 23%. Petrobras' SCP of
'BB+' reflects its capital structure improvement reported over the
past three years and Fitch's expectation that the company will
maintain or further improve its capital structure going forward. As
of the YE 2018, Petrobras' leverage, as measured by net debt to
EBITDA, had decreased to approximately 2.2x from its peak of 5.1x
at Dec. 31, 2015.

Strong Cash Flow Generation: Petrobras' improving SCP reflects its
decrease in debt and robust cash flow generation. During 2018, the
company reported an EBITDA of USD31 billion, up from an average of
approximately USD24 billion over the previous three years, while
total debt decrease by one third to USD84 billion as of YE18 from
USD126 billion as of YE15. Petrobras reported a positive
Fitch-defined FCF of USD8billion during 2018, while it invested
enough in its upstream business to replenish its reserves at rate
of 125%. Fitch expects Petrobras to continue reporting positive FCF
over the rating horizon while investing enough to replenish
reserves. The company reported a flat production of 2.6 million
boe/d, marginally lower than 2017, partially due to asset sales as
well as production depletions. Proved reserves stay relatively
unchanged at 9.6 billion boe, which gives the company a reserve
life of approximately 11 years.

Supportive Government: Petrobras' credit quality has materially
benefited from the Brazilian government indirect support during
times of distress. The government has provided liquidity through
government-controlled financial institutions, changed regulations
that negatively affected Petrobras' cash flow in the past and at
times allowed the company to implement beneficial pricing policies.
The government also allows the company to significantly reduce
dividends and curve downstream investments, which, together with
asset sales, allowed Petrobras to strengthen its capital structure
and improve its SCP. Fitch estimates the company will modestly
increase dividend payments as its capital structure approaches the
company's target of 1.5x net debt to adjusted EBITDA.

Potential Political Meddling: The potential return of stronger
political meddling into Petrobras' strategy, noticeably through
interference in domestic gasoline and diesel pricing mechanisms,
would negatively affect the company's cash flow generation and
stand-alone credit profile. This is particularly relevant during
times of Brazilian real depreciation against the dollar, which
would increase domestic gasoline and diesel prices and heighten
interference risk. During 2018, the Brazilian government
established provisional measures to fix and subsidize diesel prices
in order to ease mounting social pressure over volatility in fuel
prices. This marginally increased the company's cash flow
generation exposure to receipt of government subsidies while the
program was in place until year-end.

Marginal Production Growth: Fitch's rating case assumes Petrobras'
gross production will increase to approximately 3.5 million barrels
of oil equivalent a day (boe/d) by 2022, in line with the company's
guidelines. Production growth is expected to remain driven by the
company's development of its pre-salt assets and planned capex for
the next five years of USD84.1 billion. Fitch estimates that more
than one-third of Petrobras' production of 2.6 million boe/d came
from pre-salt formation during 2018. Petrobras' marginal production
decline of 5% between 2017 and 2018 is primarily the result of
asset sales and production depletion. The company's production is
poised to increase in the short term as a result of the
commencement of operation of six new production platforms over the
past few months, with two more expected for the first half of
2019.

DERIVATION SUMMARY

Petrobras' linkage to the sovereign is similar in nature to its
peers, namely Petroleos Mexicanos (PEMEX)(BBB-/Negative), Ecopetrol
S.A. (BBB/Stable) and YPF (B/Negative). It also compares with
Empresa Nacional del Peru (ENAP) (A/Stable), Petroleos del Peru -
Petroperu (BBB+/Stable) and Petroleos de Venezuela S.A. (PDVSA,RD).
All have strong linkages to their respective sovereigns, given
their strategic importance and the potentially significant negative
social-political and financial implication a default by any of
these entities could have for their countries.

On a stand-alone basis, Petrobras' credit profile is commensurate
with a 'BB+' rating, which is materially higher than PEMEX's 'CCC'
SCP, as a result of Petrobras' positive deleverage trajectory
versus PEMEX's increasing leverage trajectory. Furthermore,
Petrobras has and is expected to continue to report positive FCF
and production growth, which Fitch expects to stabilize at
approximately 3.5 million boe/d in the next four to five years. In
contrast, PEMEX's production has declined in recent years,
reporting a decline of 12% between January 2018 and January 2019.
These production trajectories further support the notching
differential between the two companies' SCPs. Petrobras' SCP is two
notches lower than that of Ecopetrol at 'BBB' given Petrobras'
higher leverage level; Petrobras' gross leverage as of YE 2018 was
2.7x versus Ecopetrol's leverage of 1.2x.

KEY ASSUMPTIONS

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

  -- Gross production to increase to approximately 3.5 million
boe/d over the next four years;

  -- 10 production units come online during the next four years;

  -- The company relies partially on external financing to meet
principal payments;

  -- Brent Crude averages USD65/bbl in 2019; trends to USD57.5/bbl
by 2022;

  -- Average FX rate trends toward BRL3.9/USD;

  -- Dividends pay-out ratio of 33%, which is higher than Brazil
mandatory minimum rate of 25% of Net Income Starting in 2019;

  -- Proceed from asset sales are not incorporated on Fitch's
rating case.

RATING SENSITIVITIES

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

A positive rating action on Brazil could lead to a positive rating
action on Petrobras.

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

A negative rating action on Petrobras could result from a downgrade
of the sovereign and/or the perception of a lower linkage between
Petrobras and the government coupled with a material deterioration
of Petrobras' SCP.

LIQUIDITY

Adequate Liquidity: Petrobras' liquidity is strong and provides an
added comfort in an environment of strengthening credit metrics,
supported by approximately USD15.0 billion of cash and marketable
securities as of Dec. 31, 2018, compared with current debt
maturities of approximately USD3.7 billion. The majority of
Petrobras' available liquidity is composed of readily available
liquidity held abroad.

Petrobras demonstrates a solid ability to access the debt capital
markets to refinance debt. During 2018, estimated long-term debt
proceeds amounted to roughly USD11 billion, which the company used
to amortize debt. Petrobras' debt has decreased by USD23 billion
from 2017. During the last few years, Petrobras also entered into
financing agreements and other liabilities with China Development
Bank for approximately USD10 billion. As of Dec. 31, 2018, the
average maturity of outstanding debt was approximately 9.1 years
and 19% of the company's debt was in Brazilian reals.

FULL LIST OF RATING ACTIONS

Fitch currently rates Petrobras as follows:

Petroleo Brasileiro S.A.

  -- Long-Term Foreign IDR 'BB-'; Outlook Stable;

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

  -- National Scale rating 'AA(bra)'; Outlook Stable;

  -- National Scale senior unsecured obligations 'AA(bra)'.

Petrobras Global Finance B.V. (PGF)

  -- International debt issuances 'BB-'.

PETROLEO BRASILEIRO: Moody's Rates Unit's New Global Notes Ba2
--------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to Petrobras Global
Finance B.V.'s proposed new global notes, which will be
unconditionally guaranteed by Petroleo Brasileiro S.A. -- PETROBRAS
(Petrobras, Ba2 stable). The Ba2 rating on the proposed notes is
based on the rating of Petrobras. The proposed notes are senior
unsecured and pari passu with Petrobras Global Finance B.V.'s and
Petrobras' other senior foreign currency debt. Proceeds from the
proposed notes issuance will be used for debt refinancing and other
general corporate purposes. The outlook on the rating is stable.

RATINGS RATIONALE

Petrobras' Ba2 ratings and ba3 Baseline Credit Assessment, a
measure of the company's stand alone credit risk, reflect the
continued improvement in its credit metrics and liquidity position,
which Moody's expects will remain solid in the foreseeable future.
Petrobras has shown discipline in competing profitably in the local
fuel market and improving its financial policies. In addition, the
company has being doing noteworthy refinancing of debt maturities,
materially reducing the burden of short-term cash payment
commitments. In March and October 2018 Petrobras contracted
revolving credit facilities in the total amount of $6 billion,
strengthening its liquidity position. However, the company's
ratings are constrained by high debt levels despite ongoing
reduction, business plan execution risk, uncertainties related to
its freedom to set fuel prices and external factors such as the
Real volatility. Petrobras' Ba2 ratings also consider Moody's
joint-default analysis for the company as a government-related
issuer and therefore incorporate Moody's expectations of moderate
support and dependence from the Government of Brazil (Ba2 stable).

Petrobras' liquidity position is good. Historically, the company
has held a stable and solid amount of cash on hands, at around
$21-25 billion, which was recently strengthened by the committed
revolver facilities. Refinancing risk has been declining in the
last couple of years given successful liability management efforts,
although we estimate that in 2022 the debt maturity amount is
significant.

The stable outlook on Petrobras' ratings incorporates Moody's view
that the company's credit profile will continue to gradually
improve in the foreseeable future.

Given its strong links with the government of Brazil, an upgrade of
Petrobras is unlikely in the short term. Longer term, an upgrade
would require further improvement in Petrobras' overall credit
metrics and debt maturity profile, as well as continued financial
discipline and a stable energy regulatory environment in the
country. In addition, an upgrade of Petrobras' ratings would
consider Moody's ratings on the government of Brazil.

Negative actions on Petrobras' rating could result from a
deterioration in operating performance or external factors that
increase liquidity risk or debt leverage from current levels.
Downgrades could also be prompted if negative developments from the
litigations against Petrobras appear to have the potential of
significantly affecting the company's liquidity or financial
profile or if the rating on the government of Brazil is
downgraded.

The methodologies used in these ratings were Global Integrated Oil
& Gas Industry published in October 2016, and Government-Related
Issuers published in June 2018.

Petrobras is an integrated energy company, with total assets of
$222 billion as of December 31, 2018. Petrobras dominates Brazil's
oil and natural gas production, as well as downstream refining and
marketing. The company also holds a significant stake in
petrochemicals and a position in sugar-based ethanol production and
distribution. The Brazilian government directly and indirectly owns
about 46.27% of Petrobras' outstanding capital stock and 63.6% of
its voting shares.



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

DOMINICAN REPUBLIC: Fine Tunes its Cybersecurity Strategy
---------------------------------------------------------
Dominican Today reports that the National Cybersecurity Council
approved the National Cybersecurity Strategy 2018-2021, which
strengthens responses against any attack, natural disaster or other
emergency.

In a meeting headed by Presidency chief of staff and Council
president, Gustavo Montalvo, answers and lines of action were
presented to protect the local cyberspace, according to Dominican
Today.

The report notes that Mr. Montalvo said that the Government has
been characterized by a firm commitment to new technologies, but
without neglecting the protection of all activities carried out in
cyberspace, whether commercial, educational, leisure, among
others.

"We know that, from identity theft, drug trafficking and industrial
espionage, to the abuse of minors, all these activities have their
greatest growth space on the Internet.  And that's why the State
must be present, to ensure that the law is complied with," Mr.
Montalvo added, notes Dominican Today.

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

DOMINICAN REPUBLIC: Remittances Through Banks Jump 42% in 2018
--------------------------------------------------------------
Dominican Today reports that family remittances, a key income
source for Dominican households, have posted constant growth in the
last five years, according to the Dominican Republic Commercial
Banks Association (ABA).

Through its most recent Educational Chart, the ABA indicates that
remittances sent through local banks jumped from RD$4.6 billion in
2014, to RD$6.5 billion (US$130 million) in 2018, a 42% increase,
according to RJR News.

It notes that the number of transactions also jumped, from 17.4
million in 2014, to 25.4 million last year, or 8 million more, the
report says.

"Family remittances, which are an important driver for the economy
of the Dominican Republic, represent an average of 21.5% of the
country's total foreign exchange earnings in the last five years,"
the ABA said, the report discloses.

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



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

DIGICEL GROUP: Denies Wrongdoing After Being Sued for Diverting Tax
-------------------------------------------------------------------
RJR News reports that the US-based lawyers for Digicel Group want a
court to dismiss a complaint by US-based Haitian emigrants who
accuse it of being part of a "conspiracy" to divert taxes on
telephone calls.

Digicel has strongly denied any wrongdoing.

Digicel is one of five businesses and several current and former
political leaders of Haiti being sued in New York by the Haitian
emigrants over an alleged "scam," according to RJR News.

The case revolves around levies that the Haitian government applies
to all international phone calls and money transfers to and from
the country, the report notes.

A fee of $1.50 is automatically added to every money transfer,
while an extra five cents per minute is added to every
international call, including those connected on Digicel's network,
the report relays.

The cash is purportedly to fund free education in Haiti, but the
complainants allege the money has disappeared, the report adds.

Digicel Group is a mobile phone network provider operating in 33
markets across the Caribbean, Central America, and Oceania
regions.  The company is owned by the Irish billionaire Denis
O'Brien, is incorporated in Bermuda, and based in Jamaica.

As reported in the Troubled Company Reporter on Jan. 21, 2019,
Moody's Investors Service appended the "limited default"
designation to the probability of default rating of Digicel Group
Limited, following the completion of its exchange offer, which
Moody's considers as a distressed exchange under its definition of
default, and upgraded Digicel's PDR to Caa1-PD/LD from Caa3-PD. At
the same time, Moody's upgraded the rating of the new 2022 notes
issued at Digicel Group One Limited to Caa1 from Caa2, assigned a
Caa3 rating to the new 2022 notes at Digicel Group Two Limited and
downgraded the rating of the new 2024 notes at DGL2 to Caa3 from
Caa2. Moody's affirmed Digicel's Caa1 corporate family rating, as
well as the ratings of its other debt instrument. The outlook on
all ratings remains stable. The LD designation will be removed
within three business days.



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

BERRY GLOBAL: Moody's Assigns Ba2 Rating to $1.6-Bil. Term Loans
----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the $800 million
First Lien Senior Secured Term Loan "S" and a Ba2 rating to the
$814 million First Lien Senior Secured Term Loan "T" of Berry
Global Inc., a subsidiary of Berry Global Group Inc. ("Berry").

The proceeds of the term loan "S" and "T" will be used to pay off
the existing term loan "O" and "P", respectively.

The Ba3 Corporate Family Rating, Ba3-PD Probability of Default
rating, all other instrument ratings, the SGL-2 rating, and the
stable outlook for Berry Global Group Inc. remain unchanged.

The transaction is primarily credit neutral since total debt of
approximately $6 billion will be reduced by only $100 million (term
loan "S") and LTM EBITDA is approximately $1.3 billion. The
transaction is primarily to reprice and redesignate of two existing
term loans ("O" and "P").

The ratings are subject to the transaction closing as proposed and
receipt and review of the final documentation.

Ratings Assigned:

Assignments:

Issuer: Berry Global Inc.

Senior Secured Bank Credit Facilities, Assigned Ba2 (LGD3)

RATINGS RATIONALE

Berry's Ba3 Corporate Family Rating reflects the company's exposure
to more cyclical end markets, certain weaknesses in contract
structures with customers and a high percentage of commodity
products. The rating also reflects the fragmented and competitive
industry structure.

Strengths in Berry's competitive profile include its considerable
scale, some concentration of sales in relatively more stable end
markets and good liquidity. The company's strengths also include a
strong competitive position in rigid plastic containers and
continued focus on producing higher margin products and pruning
lower margin business.

The ratings outlook is stable. The stable outlook is predicated on
an expectation of an improvement in operating results from various
cost saving initiatives and acquisitions as well as management's
intention to use free cash flow for accretive, strategic
acquisitions or debt reduction.

The ratings could be upgraded if the company sustainably improves
credit metrics within the context of a stable operating and
competitive environment while maintaining good liquidity. An
upgrade would also be dependent upon less aggressive financial and
acquisition policies as well as success in integrating the recent
acquisition. Specifically, the ratings could be upgraded if funds
from operations to debt increases above 15.5%, debt to EBITDA
declines below 4.25 times, and/or EBITDA to interest expense rises
above 5.25 times.

The rating could be downgraded if there is deterioration in the
credit metrics, liquidity or the operating and competitive
environment. Additional debt financed acquisitions, excessive
acquisitions (regardless of financing) and/or a move to a more
aggressive financial profile could also prompt a downgrade.
Specifically, the ratings could be downgraded if funds from
operations to debt decreases below 13%, debt to EBITDA increases
above 4.8 times, and/or EBITDA to interest expense decreases below
4.25 times.

Berry reflects a good liquidity profile characterized by good free
cash flow, depending upon resin prices, and good liquidity under
the revolving credit facility. Moody's expects good free cash flow
generation over the next year. The company has a $750 million asset
based revolver which expires May 2020 (not rated by Moody's).

Availability under the revolver is subject to borrowing base
limitations. The revolving line of credit allows up to $130 million
of letters of credit to be issued instead of borrowings.

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass, and Plastic Containers published in
May 2018.

Based in Evansville, Indiana, Berry Global Group is a manufacturer
of plastic packaging products, serving customers in the food and
beverage, healthcare, household chemicals, personal care, home
improvement, and other industries. The company reports in three
segments including Consumer Packaging, Health, Hygiene &
Specialties, and Engineered Materials (approximately 33%, 33% and
33% of sales respectively in 2017). Berry has manufacturing and
distribution centers in the United States, Canada, Mexico, Belgium,
France, Spain, United Kingdom, Italy, Australia, Germany, Brazil,
Argentina, Columbia, Malaysia, India, China and the Netherlands. In
2017, the North American operation generates approximately 82% of
the company's net sales. Polypropylene and polyethylene account for
the majority of plastic resin purchases. Net sales for the twelve
months ended March 31, 2018 totaled approximately $7.5 billion.

CEMEX S.A.B.: S&P Rates New EUR400MM Sr. Sec. Notes Due 2026 'BB'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating and
recovery rating of '3' to CEMEX S.A.B. de C.V.'s (global scale:
BB/Stable/--; national scale: mxA/Stable/mxA-1) EUR400 million
3.125% senior secured notes due 2026. The recovery rating of '3'
indicates that bondholders can expect a meaningful (50%-70%)
recovery in the event of a payment default.

CEMEX intends to use the net proceeds for general corporate
purposes, including repaying other debt, all in accordance with the
2017 Credit Agreement. The notes will be secured by a
first-priority security interest over all the shares of CEMEX
Mexico, S.A. de C.V., Cemex Operaciones Mexico, S.A. de C.V., CEMEX
TRADEMARKS HOLDING Ltd., New Sunward Holding B.V., and CEMEX
Espana, S.A. (together, the collateral) and all proceeds of such
collateral. CEMEX's main subsidiaries will unconditionally
guarantee the notes, under the same terms as all of the company's
other senior capital market debt.

RECOVERY ANALYSIS

Key analytical factors

-- S&P's valued CEMEX on a going concern basis, given its belief
that it would continue to have a viable business model because of
its leading position in the markets where it operates.

-- S&P uses an EBITDA multiple valuation approach with a multiple
of 6.0x, given the company's stronger business risk profile than of
its peers, and an emergence EBITDA of $1.0 billion after a
cyclicality adjustment of 10%.

Simulated default assumptions

-- S&P's hypothetical simulated default scenario for CEMEX assumes
a sharp decline in cement demand, associated with continued
weakness in residential and non-residential construction activities
in the company's core markets, resulting in lower cash flow
generation. In this scenario, CEMEX would face restrictions in
accessing the debt capital markets to refinance its short-term
maturities.

-- S&P assumes that the company would face a payment default in
2022, given the size of debt maturities due that year.

Simplified waterfall

-- S&P estimates CEMEX's unadjusted gross enterprise value at $6.0
billion and S&P deducts 7% in related administrative expenses,
given the company's complex capital structure, leading to a net
enterprise value of $5.6 billion.

-- S&P believes that this value would provide meaningful (50%-70%)
recovery prospects for the senior secured note holders. This would
lead to a negligible (0%-10%) recovery for the company's
subordinated debt, resulting in a two-notch rating differential
relative to the company's issuer credit rating.

  RATINGS LIST
  CEMEX S.A.B. de C.V.
   Issuer Credit Rating
    Global Scale                    BB/Stable/--
    CaVal (Mexico) National Scale   mxA/Stable/mxA-1

  Ratings Assigned
  CEMEX S.A.B. de C.V.
   Senior Secured                   BB
    Recovery Rating                 3 (60%)

MEXICO: Has Resources to Build Dos Bocas Oil Refinery, Pres. Says
-----------------------------------------------------------------
EFE News reports that President Andres Manuel Lopez Obrador said
that Mexico had the resources needed to build the Dos Bocas
refinery in Tabasco state, refuting statements from the finance
secretary cited by the Financial Times.

"We have MXN50 billion (about $2.6 billion) for the refinery. We do
have a budget," the founder and leader of the leftist National
Regeneration Movement (Morena) said during his daily press
conference at the National Palace, according to EFE News.



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

CORPORACION AZUCARERA: S&P Lowers ICR to 'B-', Outlook Negative
---------------------------------------------------------------
On March 12, 2019, S&P Global Ratings lowered its issuer credit and
issue-level ratings on Corporacion Azucarera del Peru S. A. to 'B-'
from 'B+'.

In 2018, Coazucar's operating performance continued to suffer from
low international sugar prices and production that acted as a drag
on revenue and profitability. Despite Coazucar's efforts to
increase its production and improve its cost structure, its
operating and financial results have been below our expectations,
weighing on cash flows. Moreover, the company has increased
significantly the use of short-term debt to fund its working
capital requirements and capital expenditures (capex), leading to
liquidity pressures. The company has been implementing a series of
initiatives to improve its operating performance and restore
profitability and cash flows, but S&P considers that the recovery
would take longer than expected and limit Coazucar's top-line
growth in the next 6-12 months, which could result in further
liquidity pressures. In addition, although there's a track record
of capitalization from its shareholders to address short-term
obligations, Coazucar has been facing recurring liquidity
constraints over the past couple of years that took a toll on its
credit quality.

The downgrade also reflects Coazucar's deteriorating leverage
metrics, stemming from weak operating performance in the past few
quarters. As of September 2018, Coazucar posted debt to EBITDA of
6.2x and an EBITDA interest coverage of 2.3x, which deviated
sharply from our previous expectations of around 5.0x and 3.0x,
respectively. S&P said, "Moreover, we consider that Coazucar's
credit metrics could further erode in the next 12 months due to low
sugar prices and a slower-than-expected recovery in output, which
could prevent a substantial deleveraging. We expect Coazucar's debt
to EBITDA above 5.0x and EBITDA interest coverage around 2.0x in
the next two years."

S&P said, "Our ratings on Coazucar continue to incorporate its
leading position in the Peruvian market, limited scale of
operations compared with those of its global peers, and geographic
and product concentration. In addition, we believe Coazucar's
EBITDA margins will remain less than 20% in the next 12 months,
below those of its rated industry peers."



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

DEL MAR ENTERPRISES: Creditors to Get 5% Within 72 Months
---------------------------------------------------------
Del Mar Enterprises Inc. filed a proposed plan of reorganization
and accompanying disclosure statement.

Class 5 consisting the allowed general unsecured non-priority
claims of Governmental entities are impaired.  The Debtors
scheduled these claims in the total amount of $18,891. The total
reconciled amount of non-priority general unsecured governmental
claims filed is $56,512.  Members of this class will receive 5%
payment of their allowed claims in equal monthly installments to be
paid within seventy two (72) months.

Class 6 are impaired.  The Debtor scheduled unsecured claims in the
total amount of $25,000, including, professional service, and
suppliers. Thereafter, Proofs of Claim have been filed and the
Debtor has reconciled claims in the total amount of $743,804
including deficiency claims from secured creditor Condado. Members
of this class will receive 5% payment of their allowed claims in
equal monthly installments to be paid within seventy-two (72)
months.

Class 2 are impaired.

(A) Commercial Property - This class shall consist of CRIM's
secured claims over the Debtor's commercial property. The Debtor
listed this secured claim in the amount of  $46,816.40. Thereafter,
CRIM filed its Proof of Claim No. 1-2 with a secured claim over the
Debtor's commercial property in the amount of $78,741.82.  The
Debtor is currently reconciling this claim.  CRIM will retain all
its rank and lien under the proposed plan of  reorganization.  This
class will be paid its allowed secured claim in full, plus plus
interest, in monthly installments for seventy two (72) months after
the  effective date.

(B) Vacant Lot - This class shall consist of CRlM's secured claims
over the Debtor's vacant lot.  The Debtor listed this secured claim
in the amount of $636.16. Thereafter, CRIM filed its Proof of Claim
No. 1-2 with a secured claim over the Debtor's vacant lot in the
amount of $934.58.  CRIM will retain all its rank and lien under
the Plan.  This class will be paid its allowed secured claim in
full, plus interest, in monthly installments for seventy two (72)
months after the  effective date.

Class 3 are impaired. SECURED CREDITORS: Hacienda  This class shall
consist of Hacienda's allowed secured claim over the Debtor's
commercial property. The Debtor scheduled this claim in the amount
of $2,518.49. Thereafter, Hacienda filed Proof of Claim No. 4 with
a secured  claim in the amount of $9,030.29.  Hacienda will retain
all its rank and lien under the proposed plan of reorganization.

This class will be paid its allowed secured claim in full, plus
interest, in monthly installments for seventy two (72) months after
the  effective date.

Class 4 are impaired. SECURED CREDITORS: Condado  This class shall
consist of Hacienda's allowed secured claim over the Debtor's real
property. The Debtor listed its real property with a value of
$1,100,000.00 as per the Appraisal Report.  The Debtor scheduled
Condado's Claim in the amount of $1,932,524.50 over the commercial
Property and $77,616.35 over the vacant lot. Thereafter, Condado
filed Proof of Claim No. 2 with a secured claim in the total amount
of $1,817,794.39 over all of the Debtor's real property. Any
allowed secured claim will receive treatment under this Class. Any
unsecured deficiency will receive treatment under Class 5.  Condado
will retain all its rank and lien under the proposed plan of
reorganization. The Debtor will restructure Condado's allowed claim
over each real estate, through a payment plan upon which the
creditor will receive deferred cash payments, at least, up to the
value of the secured claim as of the effective date of the plan, in
monthly installments, with an interest rate of 7% and amortization
of 20 years, with a lump sum in the 6 year or as otherwise agreed
with the creditor.

Class 7 - EQUITY SECURITY AND/OR OTHER INTEREST HOLDERS. This class
includes all equity and interest holders who are the owners of the
stock of the Debtor.  This class will receive no payments under the
plan, and will not vote.  This class is not entitled to a vote.

Funding of the plan will be from the income of the Debtor and sale
of the vacant lot  not necessary for the reorganization process.
Moreover, the Debtor is actively seeking more  tenants to increase
income of the property.

A full-text copy of the Disclosure Statement dated February 28,
2019, is available at https://tinyurl.com/y6c7emso from
PacerMonitor.com at no charge.

                   About Del Mar Enterprises

Del Mar Enterprises Inc. is a real estate company that owns in fee
simple a commercial real estate located at Aguadilla, Puerto Rico,
consisting of a two-storey commercial building with an appraised
value of $1 million.  The company also owns a lot of land located
at Barrio Borinquen Aguadilla, Puerto Rico having an appraised
value of $100,000.  Del Mar Enterprises previously filed for
bankruptcy protection on April 9, 2013 (Bankr. D.P.R. Case No.
13-02735).

Del Mar Enterprises sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. P.R. Case No. 18-05767) on Oct. 1,
2018.

In the petition signed by Edgardo L. Delgado Colon, president, the
Debtor disclosed $1,102,823 in assets and $2,166,875 in
liabilities.  Judge Mildred Caban Flores oversees the case.  The
Debtor tapped C. Conde & Assoc. as its legal counsel.

DEL MAR ENTERPRISES: May 21 Approval Hearing on Plan Outline
------------------------------------------------------------
Bankruptcy Judge Enrique S. Lamoutte will convene a hearing on May
21, 2019 at 10:00 a.m. to consider and rule upon the adequacy of
the disclosure statement filed by Del Mar Enterprises, Inc.

Objections to the form and content of the disclosure statement
should be in writing and filed and served not less than 14 days
prior to the hearing.

                    About Del Mar Enterprises

Del Mar Enterprises Inc. is a real estate company that owns in fee
simple a commercial real estate located at Aguadilla, Puerto Rico,
consisting of a two-storey commercial building with an appraised
value of $1 million.  The company also owns a lot of land located
at Barrio Borinquen Aguadilla, Puerto Rico having an appraised
value of $100,000.  Del Mar Enterprises previously filed for
bankruptcy protection on April 9, 2013 (Bankr. D.P.R. Case No.
13-02735).

Del Mar Enterprises sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. P.R. Case No. 18-05767) on Oct. 1,
2018.

In the petition signed by Edgardo L. Delgado Colon, president, the
Debtor disclosed $1,102,823 in assets and $2,166,875 in
liabilities.  Judge Mildred Caban Flores oversees the case.  The
Debtor tapped C. Conde & Assoc. as its legal counsel.

EMPRESAS BENITEZ: May 8 Disclosure Statement Hearing
----------------------------------------------------
A hearing on the approval of the Disclosure Statement explaining
Empresas Benitez Toledo Inc.'s plan of reorganization is scheduled
for May 8, 2019 at 2:00 PM at the U.S. Bankruptcy Court, Jose V.
Toledo Federal Building and U.S. Courthouse, 300 Recinto, Sur,
Courtroom No. 1, Second Floor, Old San Juan, Puerto Rico.

Objections to the form and content of the Disclosure Statement
should be in writing and filed with the court and served upon
parties in interest at their address of record not less than
fourteen (14) days prior to the hearing.

CLASS 5: General Unsecured Creditors are impaired.  The total
unsecured claims (whether claimed or listed) subject to
distribution is $2,876,189.48. CLASS 5 claimants shall receive from
the Debtor a non-negotiable, interest bearing at 4.00% annually,
promissory note dated as of the Effective Date. Creditors in this
class shall receive a total repayment of 3.68% of their claimed or
listed debt which equals $106,000.00 to be paid Pro Rata to all
allowed claimants under this class. Unsecured Creditors will
receive quarterly payments (every three months) payment of
$5,653.33 to be distributed pro rata among them. The payments will
start on month 13 after the effective date of the plan and will be
completed on month 72. The payment on $5,653.33 includes interest
and the last payment shall be made within 72 months of the
effective date of the Plan. These creditors will receive a total
amount of $135,680.00 including the interest.

A full-text copy of the Disclosure Statement dated February 28,
2019, is available at https://tinyurl.com/y5nmlrxf from
PacerMonitor.com at no charge.

             About Empresas Benitez Toledo

Empresas Benitez Toledo Inc. is the fee simple owner of a dairy
farm located in Isabela, Puerto Rico, having an appraised value of
$1.88 million.  The company previously sought bankruptcy protection
on Jan. 14, 2013 (Bankr. D. P.R. Case No. 13-00186).

Empresas Benitez Toledo sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-02094) on April 19,
2018.  In the petition signed by Carlos R. Benitez Lopez,
president, the Debtor disclosed $6.94 million in assets and $8.26
million in liabilities.

Judge Enrique S. Lamoutte Inclan presides over the case.

EMPRESAS CARRION: Taps Monge Robertin as Restructuring Advisor
--------------------------------------------------------------
Empresas Carrion Allende Inc. received approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire Monge
Robertin Advisors LLC as its insolvency and restructuring advisor.

The firm will assist the Debtor in the preparation of a plan of
reorganization; evaluate its financial condition; participate in
negotiations for post-petition equity funding or financing; review
claims of creditors; and provide other services in connection with
its Chapter 11 case.

The firm will charge these hourly fees:

     Jose Monge Robertin      $275
     Maria Pena               $175
     Accountant                $85
     Support Staff             $65
     Assistant Accountant      $35

Jose Monge Robertin, a certified public accountant employed with
MRA, disclosed in a court filing that the firm and its employees
neither hold nor represent any interest adverse to the Debtor's
bankruptcy estate.

The firm can be reached through:

     Jose M. Monge Robertin, CPA
     Monge Robertin Advisors LLC
     60 Georgetti St., Rio Piedras
     San Juan, PR
     Phone: 1-(787) 745-0707
     Email: cpamonge@cirapr.com

                  About Empresas Carrion Allende

Empresas Carrion Allende, Inc., operates a grocery store in
Arecibo, Puerto, Rico.

Empresas Carrion Allende filed its petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 18-07111)
on Dec. 6, 2018.  In the petition was signed by Sandra I. Carrion
Montalvo, president, the Debtor estimated $1 million to $10 million
in both assets and liabilities.  The case is assigned to the Hon.
Mildred Caban Flores.  Francisco J. Ramos Gonzalez, Esq. at
Francisco J. Ramos & Asociados CSP, led by Francisco J. Ramos
Gonzalez, is the Debtor's counsel.

INVERSIONES CARIBE: Seeks Authorization on Cash Collateral Use
--------------------------------------------------------------
Inversiones Caribe Delta, Inc., seeks authorization from the U.S.
Bankruptcy Court for the District of Puerto Rico to use cash
collateral in the ordinary course of its business.

The Debtor intends to use cash collateral comprised of funds
received from the operation of its business to cover preservation
and operating expenses of the business and expenses related to the
reorganization process.

The Debtor opposes the Motion to Prohibit Use of Cash Collateral
filed by Condado 2, LLC since any and all cash collateral rights
that Condado may have had with respect to the Debtor were limited
to the amount of $10,518 in 2015.

Prior to its bankruptcy filing, the debtor and Preserba held
numerous financial facilities with Firstbank Puerto Rico, which
were thereafter transferred to Condado. Likewise, prior to Petition
Date, Condado filed complaints against the Debtor and Preserba
before the state court in the cases styled (i) Condado 2, LLC v.
Inversiones Caribe Delta, Inc., et al., Case No.: D CD 2016-1163
(503), claiming the payment in the amount of $3,746,745.27, and
(ii) Condado 2, LLC v. Preserba Compania de Desarrollo, Inc., et
al., Case No.: B PE2015-0011 (002), claiming the payment in the
amount of $6,154,498.64. These cases were related in as much as
there were cross guarantees provided under the loan agreements.

In order to end the litigation and the disputes among them, the
Debtor, Preserba and Condado resolved both cases through a Global
Settlement Transaction. The Settlement Transaction considered
reduction of the original amounts claimed under the loans of both
debts to a global discounted pay-off balance of $8.2 million. This
discounted pay-off payment was in full settlement of all claims to
be paid by the Debtor and Preserba.

Payment to Condado under the terms of the Settlement Transaction
was to be achieved through (i) the sale of certain tax credits of
Preserba, (ii) the sale of the Preserba's real estate property, and
(iii) the sale and/or refinancing of Debtor's property. Also, the
Parties agreed that Condado would receive the assigned rents up to
the amount of $10,518 from the real property owned by the Debtor.

It was specifically stipulated in the Settlement Transaction that
the remainder of the rents would be received by the Debtor.

The state court entered Judgments approving the Settlement Motion
in each of the cases. It is undisputed that the terms of the
agreement contained in the Settlement Motion did not preserve
Condado's lien over the rents of Debtor's real estate property in
excess of $10,518, therefore, releasing all excess liens in favor
of the Debtor. Therefore, the Debtor asks the Court deny Condado's
request to prohibit the use of the alleged cash collateral and for
the sequestration of the rents of the Debtor.

On the contrary, the Debtor seeks authority to use cash collateral
and proposes to grant Condado replacement liens on the same type of
post-petition property of the estate against which Condado held
liens as of the Petition Date -- specifically the rents received up
to the amount of $10,518 as per the Settlement Judgment of 2015. In
addition, the Debtor will make monthly payments in the amount of
$6,700 to be applied to the pre-petition secured debt with Condado
as adequate protection to Condado.

A full-text copy of the Debtor's Motion is available at:

               http://bankrupt.com/misc/prb19-00388-30.pdf

                      About Inversiones Caribe

Inversiones Caribe owns a parcel of land located in Barrio
Higuillar Dorado, Puerto Rico having an appraised value of $6
million and a commercial property in Ponce Puerto Rico value at
$1.40 million.

Inversiones Caribe Delta, Inc. filed a Chapter 11 petition (Bankr.
D.P.R. Case No. 19-00388) on Jan. 29, 2019.  In the petition signed
by Carlos F. Muratti, president, the Debtor disclosed $7,415,061 in
assets and $3,619,549 in liabilities.  The case is assigned to
Judge Brian K. Tester.  Carmen D. Conde Torres, Esq., at C. Conde &
Assoc., is the Debtor's counsel.



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S T .   L U C I A
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DIGICEL INTERNATIONAL: Fitch Rates $600MM Sr. Sec. Notes 'B'/'RR4'
------------------------------------------------------------------
Fitch Ratings has assigned ratings of 'B'/'RR4' to Digicel
International Finance Limited's (DIFL) senior secured notes due
2024. The private placement was upsized to USD600 million from the
previously announced USD550 million, and priced at 8.75%. The
proceeds will be used to repay both DIFL's USD100 million revolving
credit facility and DIFL's USD300 million term loan A fully. The
remaining proceeds will be used to improve liquidity and for
general corporate purposes as the company seeks to improve
operating performance.

The notes are secured by a first lien on the company's assets and
rank pari passu with DIFL's remaining USD1.0 billion term loan B,
and are senior to unsecured notes issued by Digicel Limited (DL),
as well as the guarantee of those notes by DIFL. The notes are
further senior to the unsecured debt at Digicel Group One Limited
(DGL1), Digicel Group Two Limited (DGL2) and Digicel Group Limited
(DGL).

On Jan. 14, 2019, Fitch upgraded DIFL, DL and DGL and
simultaneously assigned new ratings to DGL1 and DGL2 following the
completion of the DGL distressed debt exchange. No other rating
actions have been taken at this time with respect to the other
companies operating under the Digicel group structure.

KEY RATING DRIVERS

Group Structure Drives Ratings: DIFL's debt is secured by the
company's operating assets in the Caribbean, which account for over
80% of the group's consolidated EBITDA. Fitch expects leverage of
1.9x at DIFL on a pro-forma basis, up modestly from 1.8x. Fitch
forecasts recovery rates commensurate with 'RR1' for DIFL; however,
Fitch caps DIFL's debt instruments at 'RR4' due to weak creditor
protections in the countries of operation, thereby capping the
instruments' ratings at the Issuer Default Rating.

Deteriorating Operating Performance: The group's revenues and
EBITDA have contracted in recent years as mobile consumers shift to
data from voice amid mobile maturity. These issues have been
exacerbated by local currency depreciation against the dollar,
which Fitch expects to continue. The company is diversifying away
from its traditional mobile focus via double digit growth in the
business solutions, pay TV and broadband segments; however, the
former still accounts for 73% of revenues.

Strong Competitive Position: Many of Digicel's businesses operate
in duopoly markets where their market share exceeds 50%. Fitch does
not believe the risk of a sizable new entrant to be high, given the
relatively small size of each market amid mobile maturity. Under
this environment, Fitch expects the company's competitive position
to remain stable over the medium term. Digicel's high capex on
network upgrades should enhance competitiveness in the coming
years, though effectively monetizing these investments remains key
for the company's organic deleveraging prospects.

DERIVATION SUMMARY

Digicel's business profile, with leading mobile market shares in
its well-diversified operating regions is considerably stronger
than its highly speculative peers in more competitive markets, such
as Oi (B-). However, Digicel's financial profile is materially
weaker than its regional mobile telecom peers in the
speculative-grade rating categories, including Cable & Wireless
(BB-).

KEY ASSUMPTIONS

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

  - Muted overall revenue growth, as solid broadband and business
to business growth are offset by weak growth prospects for the
mobile segment;

  - Continued appreciation of the U.S. dollar against the local
currencies in most of Digicel's countries of operation;

  - Benefits from the restructuring program to increase EBITDA
margins by 1%-2% in the near term;

  - No dividend payments to controlling shareholder.

In its recovery analysis, Fitch uses two waterfalls to reflect the
group's structure. The first, the Caribbean waterfall, would first
be applied to DIFL and DL creditors. For this, Fitch assumes a
going concern EBITDA of approximately USD750 million, which
represents approximately a 10% discount to Fitch-adjusted EBITDA
for these operating assets. Fitch uses a 5.0x enterprise
valuation/EBITDA multiple.

RATING SENSITIVITIES

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

  - A positive rating action on DIFL is unlikely at this time,
given the ratings differentials within the group and the weak
operating performance in key markets.

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

  - A negative rating action on DIFL is unlikely at this time,
given the senior secured position of DIFL debt.

LIQUIDITY

Pressured Liquidity: DIFL had USD71 million of cash as of Dec. 31,
2018, with the proceeds from the notes adding approximately USD190
million to the balance sheet. The company's liquidity position is
pressured by persistently negative FCF, as operational performance
remains stagnant and financing expenses consume most of the
operating income. Furthermore, cash upstreams to service DL debt
will constrict financial flexibility.

FULL LIST OF RATING ACTIONS

Digicel International Finance Limited

  - USD600 million senior secured notes due 2024 rated 'B'/'RR4'.



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

PETROLEOS DE VENEZUELA: US Sanctions Russian Bank for Link to Firm
------------------------------------------------------------------
Yenisafak News reports that the United States sanctioned a Russian
bank over its alleged dealings with Venezuela's state-owned oil
company Petroleos de Venezuela S.A. (PDVSA).

Moscow-based Evrofinance Mosnarbank, which is jointly owned by
Russian and Venezuelan state-owned companies, was added to a list
of sanctioned individuals and entities due to its alleged attempts
to circumvent U.S. restrictions placed on PDVSA by offering the
company financial, material and technological support, according to
Yenisafak News.

"This action demonstrates that the United States will take action
against foreign financial institutions that sustain the
illegitimate Maduro regime and contribute to the economic collapse
and humanitarian crisis plaguing the people of Venezuela," Treasury
Secretary Steven Mnuchin said in a statement, referring to
Venezuelan President Nicolas Maduro, the report notes.

Evrofinance, founded in 1993, is one of Russia's largest commercial
banks and also helped finance and rollout Venezuela's
crypto-currency, the Petro, in 2018, at a time when the U.S. was
imposing sanctions on the Maduro government.

The U.S. blacklisted PDVSA in January, expecting to block $7
billion in assets and cause $11 billion of lost export revenue over
the next year, the report relays.

National Security Adviser John Bolton put foreign banks on notice,
saying any financial institutions caught engaging in "illegal
transactions that benefit Nicolas Maduro and his corrupt network"
will face economic penalties, the report adds.

As reported in the Troubled Company Reporter-Latin America on Aug.
24, 2018, S&P Global Ratings affirmed its 'SD' global scale issuer
credit rating and 'D' issue-level ratings on Petroleos de
Venezuela S.A. (PDVSA).


                           *********


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
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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
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