/raid1/www/Hosts/bankrupt/TCRLA_Public/190501.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

          Wednesday, May 1, 2019, Vol. 20, No. 87

                           Headlines



B R A Z I L

AVIANCA BRASIL: Bankruptcy Causing 'Reputational Harm' to Colombia
COMPANHIA SIDERURGICA: Moody's Hikes Global Scale Ratings to B2
CSN ISLANDS XI: Moody's Hikes $750MM Senior Unsecured Notes to B2
JBS SA: JBS USA Discloses Offering of $700MM Senior Notes
JBS SA: S&P Affirms 'BB' Global Scale Corp. Credit Ratings



D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Enterpreneur Warns of Harm to EU Exports Market
DOMINICAN REPUBLIC: Exports to China Up, But Trade Deficit High
DOMINICAN REPUBLIC: Prepare For US Slowdown, ANEIH Urges Companies


M E X I C O

ASERTO SEGUROS: Moody's Affirms 'Ba1/Aa1.mx' IFS Ratings
GROUP ELEKTRA: Fitch Raises LT IDRs to 'BB+', Outlook Stable
ZITACUARO: Moody's Alters Outlook on B2/Ba2.mx Ratings to Stable


P E R U

ORAZUL ENERGY: S&P Alters Outlook to Stable & Affirms 'BB' ICR


P U E R T O   R I C O

JM DAIRY: Seeks to Hire L.A. Morales & Associates as Legal Counsel
PUERTO RICO: White House Will Reappoint Oversight Board
RECRUITING MANAGEMENT: Seeks to Hire Lajara Radinson as Counsel
VENT ALARM: Court Confirms 3rd Amended Plan

                           - - - - -


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B R A Z I L
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AVIANCA BRASIL: Bankruptcy Causing 'Reputational Harm' to Colombia
------------------------------------------------------------------
Marcelo Rochabrun at Reuters reports that Colombia's Avianca
Holdings SA said it is experiencing "reputational harm" from its
association with Avianca Brasil, an air carrier that licenses its
name and has canceled over 1,000 flights amid a bankruptcy
restructuring.

Both Aviancas belong to the same family-owned business group, led
by brothers German and Jose Efromovich, but are maintained as
separate companies, according to Reuters.  Bogota-based Avianca
Holdings is the larger, better-known airline and licenses its brand
for free to two smaller airlines owned by the Efromovich brothers,
one in Brazil and one in Argentina, the report relays.

The disclosures were made by Avianca Holdings in its annual report
filed with the U.S. Securities Exchange Commission, the report
says.  It added in the filing that association with the Argentine
and Brazilian carriers "could generally result in an overall
decrease in customer confidence, any of which could lead to a
significant loss of business," Reuters relays.

Avianca Holdings and Avianca Brasil had been planning a merger but
it was abruptly canceled when the Brazilian airline filed for
bankruptcy in December, crippled by high fuel and leasing payments,
the report notes.

While Avianca Brasil managed to keep most of its planes after
filing for bankruptcy, its operations have unraveled in recent
weeks leading to more than 1,000 flight cancellations, the report
discloses.

Reuters says that Avianca Brasil's bankruptcy also has meant that
Avianca Holdings will need to absorb four planes it had subleased
to its sister airline, according to the securities filing.  Avianca
Holdings said it was looking into incorporating the planes to its
fleet or selling them, the report relays.

In late 2018, Avianca Brasil operated as many as 60 Airbus aircraft
but is now operating with fewer than 10, according to court
documents, the report relays.  The airline has also canceled all of
its international routes, and Brazil's civil aviation regulator
said that Avianca Brasil was now operating out of just four
domestic airports, the report notes.

The Argentine airline, which was bought from the family of
now-president Mauricio Macri, is similarly troubled, the report
says.  A planned flight between Sao Paulo and Buenos Aires was
announced but canceled before its inaugural flight due to financial
troubles, the report relays.  Earlier this year, Avianca Argentina
started a so-called "crisis procedure" with Argentine authorities
to allow it to dismiss certain employees, the report adds.

                    About Avianca Brasil

Avianca Brazil, officially Oceanair Linhas Aereas S/A, is a
Brazilian airline based in Sao Paulo, Brazil. It operates passenger
services from more than 20 destinations.  It is hailed as the
fourth largest airline in Brazil.  Synergy Group is the parent
company of Avianca Brazil.

On December 10, 2018, Avianca Brazil filed for bankruptcy when
three lessors took a move to gain possession of 30% of the
airline's 50 all-Airbus fleet.  The airline further blamed high
fuel prices and a strong dollar for its troubles.  The airline
noted at that time that flights won't be affected.


COMPANHIA SIDERURGICA: Moody's Hikes Global Scale Ratings to B2
---------------------------------------------------------------
Moody's America Latina upgraded Companhia Siderurgica Nacional'
global scale ratings to B2 from B3 and the National Scale Ratings
to Ba1.br from B2.br. The outlook is stable.

Ratings upgraded:

Issuer: Companhia Siderurgica Nacional (CSN)

  Corporate Family Rating: to B2 from B3 in the global scale
  and to Ba1.br from B2.br in the national scale

  BRL1.95 billion Senior Unsecured Debentures due 2023: to B2
  from B3 in the global scale and to Ba1.br from B2.br in the
  national scale

The outlook is stable.

RATINGS RATIONALE

The upgrade of CSN's ratings to B2 reflects primarily the
improvement in the company's liquidity profile coming from several
actions taken since the beginning of 2018. After renegotiating its
debt with Banco do Brasil S.A. and Caixa Economica Federal (CAIXA)
— collectively BRL14 billion and equal to 47% of CSN's total
reported debt — and issuing USD350 million in bonds due 2023 in
early 2018, CSN refinanced BRL1.0 billion in debt due in 2019 with
Banco Santander (Brasil) S.A., issued BRL1.95 billion in debentures
due in 2023 and entered an iron ore prepayment deal of USD500
million. More recently in early April 2019, CSN successfully raised
USD1 billion with a new issuance of USD600 million in notes due
2026 and a USD400 million retap of its 2023 notes. Proceeds from
the issuances will be used to fund a tender offer of USD1 billion
for CSN's notes maturing in 2019 and 2020, which will significantly
reduce the company's refinancing needs for the next three years.

Pro forma to the tender offer and all other initiatives taken in
2019, namely the debentures issuance and the iron ore prepayment
deal, CSN's cash position of BRL5 billion will cover short term
debt maturities of BRL3.3 billion by 1.5x, compared to a 1.0x
coverage at the end of 2018 (considering only the iron ore
prepayment deal). Moreover, the company will also have reduced its
debt maturities for 2020-21 to BRL7-7.5 billion from BRL9.3 billion
prior to the tender offer.

CSN's B2 ratings reflect the company's position as a leading
manufacturer of flat-rolled steel in Brazil, with a favorable
product mix focused on value-added products. Historically, the
company has reported a strong Moody's adjusted EBITDA margin at
20%-30% (20% in 2018), supported by its solid domestic market
position, wide range of products through different segments and
globally competitive production costs in both steel and iron ore.

However, the ratings remain constrained by the company's highly
leveraged capital structure and weakened credit metrics. Despite
the company's debt refinancing efforts that addressed short to
medium-term maturities and the expected improvement in cash flows
coming from a better economic environment in Brazil and higher iron
ore prices that will reduce leverage in 2019, gross debt remains
high. Accordingly, CSN still relies on external liquidity events to
be able to reduce debt levels in a more structural and meaningful
magnitude.

CSN is still contemplating additional liquidity events such as a
roughly USD1 billion iron ore stream deal. If concluded, the stream
deal would support a material debt reduction and would support an
additional improvement in the company's credit quality.

The stable outlook reflects its expectations that CSN's liquidity
will remain adequate to service its debt obligations. It also
reflects its expectation that market conditions for steel producers
in Brazil will gradually recover, allowing CSN to direct cash flows
from operations to reduce debt levels.

An upward rating movement would require additional improvements in
liquidity profile and recovery in operating performance. An upgrade
would also be dependent on further adjustments in CSN's capital
structure, with total leverage trending towards 4.0x total adjusted
debt to Ebitda and interest coverage ratios (measured by EBIT to
Interest expenses) above 2.5x on a sustainable basis (1.4x in
2018).

The ratings would suffer negative pressure if the company's
liquidity position deteriorates, reducing CSN's ability to address
upcoming debt maturities. The ratings could be downgraded if
performance over the next 12 to 18 months does not improve such
that leverage does not moderate to at least 5.0x and EBIT/interest
remains below 1.5x.

With an annual capacity of 5.9 million tons of crude steel,
Companhia Siderurgica Nacional is a vertically integrated, low cost
producer of flat-rolled steel, including slabs, hot and cold rolled
steel, and a wide range of value-added steel products, such as
galvanized sheet and tinplate. In addition, the company has
downstream operations to produce customized products, pre-painted
steel and steel packaging. CSN sells its products to a broad array
of industries, including the automotive, capital goods, packaging,
construction and home appliance sectors. CSN owns and operates cold
rolling and galvanizing facilities in Portugal, along with long
steel assets in Germany through its subsidiary Stahlwerk Thuringen
GmbH. The company also has a long steel line (500,000 tons
capacity) in the Volta Redonda plant. CSN is a major producer of
iron ore (the second-largest exporter in Brazil) besides steel,
with a sales volume of 34.8 million tons in 2018. The company has
operations in other segments too, such as cement, logistics, port
terminals and power generation. CSN reported revenues of BRL 22.9
billion (USD6.3 billion) in 2018.


CSN ISLANDS XI: Moody's Hikes $750MM Senior Unsecured Notes to B2
-----------------------------------------------------------------
Moody's Investors Service upgraded to B2 from B3 the ratings
assigned to the senior unsecured notes of CSN Islands XI
Corporation, CSN Islands XII Corporation and CSN Resources S.A.
that are guaranteed by Companhia Siderurgica Nacional. At the same
time, Moody's America Latina upgraded CSN's global scale ratings to
B2 from B3 and the National Scale Ratings to Ba1.br from B2.br. The
outlook is stable.

Ratings upgraded:

  - Issuer: CSN Islands XI Corporation

      USD750 million 6.875% BACKED Gtd Senior Unsecured Notes Due
      2019: to B2 from B3

  - Issuer: CSN Islands XII Corporation

      USD1 billion 7.0% BACKED Gtd Senior Unsecured Perpetual
Notes:
      to B2 from B3

  - Issuer: CSN Resources S.A.

     USD1.2 billion 6.5% BACKED Gtd Senior Unsecured Notes Due
2020:
     to B2 from B3

     USD600 million 7.625% BACKED Gtd Senior Unsecured Notes Due
2026:
     to B2 from B3

     USD750 million 7.625% BACKED Gtd Senior Unsecured Notes Due
2023:
     to B2 from B3

Outlook Actions:

Issuers: CSN Islands XI Corporation, CSN Islands XII Corporation, &
CSN Resources S.A.

  Outlook, remains stable

RATINGS RATIONALE

The upgrade of CSN's ratings to B2 reflects primarily the
improvement in the company's liquidity profile coming from several
actions taken since the beginning of 2018. After renegotiating its
debt with Banco do Brasil S.A. and Caixa Economica Federal (CAIXA)
— collectively BRL14 billion and equal to 47% of CSN's total
reported debt — and issuing USD350 million in bonds due 2023 in
early 2018, CSN refinanced BRL1.0 billion in debt due in 2019 with
Banco Santander (Brasil) S.A., issued BRL1.95 billion in debentures
due in 2023 and entered an iron ore prepayment deal of USD500
million. More recently in early April 2019, CSN successfully raised
USD1 billion with a new issuance of USD600 million in notes due
2026 and a USD400 million retap of its 2023 notes. Proceeds from
the issuances will be used to fund a tender offer of USD1 billion
for CSN's notes maturing in 2019 and 2020, which will significantly
reduce the company's refinancing needs for the next three years.

Pro forma to the tender offer and all other initiatives taken in
2019, namely the debentures issuance and the iron ore prepayment
deal, CSN's cash position of BRL5 billion will cover short term
debt maturities of BRL3.3 billion by 1.5x, compared to a 1.0x
coverage at the end of 2018 (considering only the iron ore
prepayment deal). Moreover, the company will also have reduced its
debt maturities for 2020-21 to BRL7-7.5 billion from BRL9.3 billion
prior to the tender offer.

CSN's B2 ratings reflect the company's position as a leading
manufacturer of flat-rolled steel in Brazil, with a favorable
product mix focused on value-added products. Historically, the
company has reported a strong Moody's adjusted EBITDA margin at
20%-30% (20% in 2018), supported by its solid domestic market
position, wide range of products through different segments and
globally competitive production costs in both steel and iron ore.

However, the ratings remain constrained by the company's highly
leveraged capital structure and weakened credit metrics. Despite
the company's debt refinancing efforts that addressed short to
medium-term maturities and the expected improvement in cash flows
coming from a better economic environment in Brazil and higher iron
ore prices that will reduce leverage in 2019, gross debt remains
high. Accordingly, CSN still relies on external liquidity events to
be able to reduce debt levels in a more structural and meaningful
magnitude.

CSN is still contemplating additional liquidity events such as a
roughly USD1 billion iron ore stream deal. If concluded, the stream
deal would support a material debt reduction and would support an
additional improvement in the company's credit quality.

The stable outlook reflects its expectations that CSN's liquidity
will remain adequate to service its debt obligations. It also
reflects its expectation that market conditions for steel producers
in Brazil will gradually recover, allowing CSN to direct cash flows
from operations to reduce debt levels.

An upward rating movement would require additional improvements in
liquidity profile and recovery in operating performance. An upgrade
would also be dependent on further adjustments in CSN's capital
structure, with total leverage trending towards 4.0x total adjusted
debt to Ebitda and interest coverage ratios (measured by EBIT to
Interest expenses) above 2.5x on a sustainable basis (1.4x in
2018).

The ratings would suffer negative pressure if the company's
liquidity position deteriorates, reducing CSN's ability to address
upcoming debt maturities. The ratings could be downgraded if
performance over the next 12 to 18 months does not improve such
that leverage does not moderate to at least 5.0x and EBIT/interest
remains below 1.5x.

With an annual capacity of 5.9 million tons of crude steel,
Companhia Siderurgica Nacional is a vertically integrated, low cost
producer of flat-rolled steel, including slabs, hot and cold rolled
steel, and a wide range of value-added steel products, such as
galvanized sheet and tinplate. In addition, the company has
downstream operations to produce customized products, pre-painted
steel and steel packaging. CSN sells its products to a broad array
of industries, including the automotive, capital goods, packaging,
construction and home appliance sectors. CSN owns and operates cold
rolling and galvanizing facilities in Portugal, along with long
steel assets in Germany through its subsidiary Stahlwerk Thuringen
GmbH. The company also has a long steel line (500,000 tons
capacity) in the Volta Redonda plant. CSN is a major producer of
iron ore (the second-largest exporter in Brazil) besides steel,
with a sales volume of 34.8 million tons in 2018. The company has
operations in other segments too, such as cement, logistics, port
terminals and power generation. CSN reported revenues of BRL 22.9
billion (USD6.3 billion) in 2018.


JBS SA: JBS USA Discloses Offering of $700MM Senior Notes
---------------------------------------------------------
JBS USA Lux S.A. disclosed that it is offering, subject to market
conditions, US$700.0 million in aggregate principal amount of
senior notes.  The Notes will be allocated among (i) additional
5.875% senior notes due 2024 in an aggregate principal amount of
US$250.0 million, (ii) additional 5.750% senior notes due 2025 in
an aggregate principal amount of US$250.0 million and (iii)
additional 6.500% senior notes due 2029 in an aggregate principal
amount of US$200.0 million.

The Additional 2024 Notes are being offered as additional notes
under an existing indenture pursuant to which JBS USA previously
issued US$750.0 million in aggregate principal amount of 5.875%
senior notes due 2024.  The Additional 2025 Notes are being offered
as additional notes under an existing indenture pursuant to which
JBS USA previously issued US$900.0 million in aggregate principal
amount of 5.750% senior notes due 2025.  The Additional 2029 Notes
are being offered as additional notes under an existing indenture
pursuant to which JBS USA previously issued US$1.0 billion in
aggregate principal amount of 6.500% senior notes due 2029.  

In addition, JBS USA announced the commencement of marketing a new
senior secured term loan in an aggregate principal amount of US$1.9
billion (the "New Term Loan").  The entering into the New Term Loan
will be subject to the closing of the offering of the Notes and
market conditions.  

JBS USA intends to use the net proceeds from the offering of the
Notes and the New Term Loan, along with cash on hand, to repay all
amounts outstanding under its existing term loan.

                       About JBS USA

JBS USA is a leading processor of beef and pork in the United
States, the number one processor of beef in Australia in terms of
daily slaughtering capacity, and the number two processor of
chicken in the U.S. and U.K. through its subsidiary, Pilgrim's
Pride Corporation.  JBS USA processes, prepares, packages and
delivers fresh, processed and value-added beef, pork, chicken, and
lamb products for sale to customers in the United States and
international markets. In addition to the U.S. and Australia, JBS
USA has processing facilities in Canada (beef), Europe (chicken)
and Mexico (chicken). JBS USA is an indirect wholly owned
subsidiary of JBS S.A., the world's largest animal protein
producer.

                      About JBS S.A.

JBS S.A. is a Brazilian company that is the largest meat processing
company in the world, producing factory processed beef, chicken and
pork, and also selling by-products from the processing of these
meats. It is headquartered in Sao Paulo. It was founded in 1953 in
Anapolis, Goias.  JBS USA Lux S.A. is a subsidiary of JBS S.A.


JBS SA: S&P Affirms 'BB' Global Scale Corp. Credit Ratings
----------------------------------------------------------
S&P Global Ratings affirmed its 'BB' global scale corporate credit
ratings on JBS S.A. and JBS USA Lux S.A. and S&P's 'brAA-' national
scale corporate credit rating on JBS.  S&P also affirmed its 'BB'
senior unsecured ratings on JBS and JBS USA.  In addition, S&P
raised senior secured debt ratings on JBS USA to 'BBB-' from 'BB'.
S&P revised the recovery rating on this debt to '1', reflecting a
very high (90%-100%) recovery, from '3'.  Moreover, S&P revised its
recovery rating on JBS USA's unsecured debt to '3', reflecting a
meaningful (50%-70%; the lower band of the range) recovery, from
'4'.  Finally, S&P kept its recovery rating on JBS's unsecured debt
at '4', reflecting an average (30%-50%; now in the lower band of
the range) recovery, unchanged.

The issue-level rating on JBS USA's secured debt (comprising of
term loans) follows S&P's revised approach to the value of the
collateral package in a default scenario under an EBITDA multiple
valuation approach, which S&P believes better reflects the
characteristics of such a scenario.  S&P is now giving the full
benefit of the value of the security package, while S&P previously
used to stress its value in a default scenario.  In addition, S&P
is performing two separate valuations for JBS and JBS USA because
it believes that secured creditors' claims of the group's U.S.
subsidiaries won't be consolidated with Brazilian claims in a
scenario of JBS's default.  Therefore, creditors would be able to
fully enforce their claims in the U.S.

The corporate and unsecured debt ratings affirmation reflects S&P's
expectation of an improvement in JBS' consolidated margins and cash
flows amid better conditions in the U.S. beef market and
the group's resilient U.S. pork and poultry and its Mercosul beef
operations.  However, still high grain prices in Brazil should
continue keep margins of the Seara subsidiary at below 10%.
Moreover, while weaker global prices for meat prevent JBS's free
operating cash flow (FOCF) from improving this year, S&P believes
the group could maintain consolidated margins above 7% in 2017 and
improve its liquidity position with gradual incremental cash
flows.

On Oct. 25, 2016, JBS' minority shareholder -- Banco Nacional de
Desenvolvimento Economico (BNDES) -- vetoed the group's
reorganization proposal.  Although, in S&P's view, this event is
credit neutral because the reorganization wouldn't change asset or
cash flow allocation, the veto underscores a balanced power
arrangement among JBS shareholders, supporting S&P's de-linkage
approach of the ratings of JBS from those of its majority owner J&F
Investimentos S.A. (B+/Stable/--).  S&P expects to maintain this
approach at least through 2019 when the shareholders
agreement expires.

S&P expects JBS's operating efficiency to recover in 2017 thanks to
the decrease in raw material prices (grain in Brazil, cattle in
Brazil and the U.S., and hogs in the U.S.) as the grain harvest
approaches and amid higher cattle availability, as well as from the
opening of new markets for Brazilian beef (China, Saudi Arabia, and
more recently, the U.S.).  However, the stagnant
demand in Brazil and the appreciating Brazilian real would, in
S&P's view, prevent the group's margins from rising above 8%, as
seen in 2015.

S&P continues to consider JBS's financial policy as negative due to
its currency hedging policies and an aggressive debt-financed
growth in the recent past, which resulted in significant cash flow
volatility.  Cash flow hedges caused a cash outflow of more than
R$6 billion this year, in contrast to a R$10 billion inflow in
2015.  As the group has cancelled its currency hedges in the past
few months, S&P doesn't expect additional outflows of this nature
in the next 12 months.

As reported in the Troubled Company Reporter-Latin America on Oct.
22, 2018, Fitch Ratings has assigned an expected rating of 'BB-' to
a proposed benchmark USD-denominated senior unsecured notes issued
by JBS Investments II GmbH, a wholly-owned subsidiary of JBS S.A.
(JBS). These notes will be unconditionally guaranteed by JBS S.A.
The notes will rank pari-passu with JBS's other unsecured
obligations. The proceeds are expected to be used to refinance
existing indebtedness including JBS's 2020 notes pursuant to a cash
tender offer.




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Enterpreneur Warns of Harm to EU Exports Market
-------------------------------------------------------------------
Dominican Today reports that Agro-entrepreneur Hugo Gonzalez warned
producers and Dominican Republic authorities about the possible
suspension of exports of fruits and vegetables to Europe and the
United States for non-compliance with traces of pesticide
residues.

He said that "currently, the European Union has agricultural
exports of vegetables practically closed because they return almost
all shipments and the United States, our main commercial partner,
is forcing us to certify," according to Dominican Today.

The report notes that Mr. Gonzalez said that "we should not be
surprised if agricultural exports are officially and definitively
closed, which would be like throwing an arrow at the Achilles heel
of the producers and the country."

Mr. Gonzalez, a producer of vegetables and other items in San Juan
de la Maguana, said that with the agricultural potential that the
Dominican Republic has, it should be exporting four to five billion
dollars a year of fruits, vegetables, and other produce.

He indicated that this does not happen because we do not have an
efficient agricultural sector, competitive and, above all, that is
trained, the report relays.

The report says that Mr. Gonzalez further suggested that to correct
this situation, "the first thing we must do is plan to achieve the
long-awaited national agricultural development".

He said that a plan should be made on the basis of a totally
practical framework, to move away from everything that could be
considered a utopia, the report discloses.

The producer further explained that this plan should begin with the
long-awaited technical training, "teaching our agricultural
professionals, which and how to execute the key to success in this
complex and risky activity," the report says.

Pointing out that the key is the eradication of the 20 risks of the
agricultural sector, Mr. Gonzalez noted "calling risk to everything
that could cause damage to production, by more than 50%, because
under our plan, they are 100% eradicable," the report relays.

He then expressed that "in our plan, we do not talk about the
technology that we are forced to use but to eradicate its barriers.
We are not talking about innovation, but putting them into
practice, and we are not talking about competitiveness, but about
taking measures," the report discloses.

He added that in the plan "we are not talking about training, but
to train, not about certification, but about certifying ourselves.
We are not talking about export and food security, but about
abundant, diversified, healthy and economic production, which is
how exports, security and food self-sufficiency are defined. We are
not talking about agro-industry, but about securing the raw
material and protecting our production from any eventuality," the
report adds.

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


DOMINICAN REPUBLIC: Exports to China Up, But Trade Deficit High
---------------------------------------------------------------
Dominican Today reports that one year after diplomatic relations
between the Dominican Republic and China, local exports to the
Asian country doubled the figure in 2017.

According to Trade Map's international statistics, Dominican
Republic exports to China had fallen from US$170 million in 2014 to
US$122 million in 2015, US$119 million in 2016 and US$85.7 million
in 2017, the report notes.

But after the start of diplomatic relations between the two
countries as of April 30, 2018, Dominican exports to China jumped
to US$181.3 million, according to Dominican Today.

However, the trade deficit with the country of about 1.4 billion
inhabitants is still "sky high" since it exports to Dominican
Republic around US$2.1 billion, according to the Trade Map report
for 2018, the report adds.

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

DOMINICAN REPUBLIC: Prepare For US Slowdown, ANEIH Urges Companies
------------------------------------------------------------------
Dominican Today reports that the president of the National
Association of Companies and Industrias Herrera (ANEIH), Leonel
Castellanos Duarte, considered that the slowdown registered in the
growth rate of the US economy this year will have repercussions on
the levels of consumption and balance of payments, which in his
opinion, demands anticipation and preparation from the Dominican
productive sector.

He stressed the importance that Dominican companies and industries
keep abreast of the behavior of national and international economic
indicators, in the awareness that these, in addition to influencing
the direction of the economy and financial markets, affect by
virtue of consequence, the profitability of the businesses, of the
financial assets, and of the capacity of decisions, according to
Dominican Today.

Castellanos Duarte made the considerations when he inaugurated the
first installment of the business meeting cycle of the Economic
Cocktail of ANEIH with Henri Hebrard, a novel concept of events
that combines the environments of economic analysis and exchange
and social fellowship in its own context, the report notes.

This is an initiative that will take effect on the last Thursday of
every month in the rooftop halls of the institutional headquarters,
under the aegis of Henri Hebrard "economic adviser of the ANEIH,
the report relays.

In each monthly edition, a quick update of the main economic
variables that affect Dominican companies will be addressed, as
well as a re-projection of them in the short and medium term, the
report says.

The economist Hebrard reviewed the most relevant economic
indicators for Dominican companies during 2019, the report adds.

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




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M E X I C O
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ASERTO SEGUROS: Moody's Affirms 'Ba1/Aa1.mx' IFS Ratings
--------------------------------------------------------
Moody's de Mexico has affirmed Aserta Seguros Vida, S.A. de C.V.
Ba1 global local currency and A1.mx national scale insurance
financial strength ratings. The outlook is maintained at stable.

RATINGS RATIONALE

Moody's said that the affirmation of Aserta Vida's ratings with a
stable issuer outlook reflects the company' relatively low product
risk, the good credit quality of its investment portfolio, and the
adequate capital adequacy metrics, as measured by its shareholders'
equity-to-total assets ratio and regulatory solvency ratio. The
rating agency went on to say that Aserta Vida's ratings are also
underpinned by the implicit support from its majority shareholder,
Grupo Financiero Aserta, S.A. de C.V., as well as its affiliation
with of Aseguradora Aserta, S.A. de C.V., Grupo Financiero Aserta
and Aseguradora Insurgentes, S.A. de C.V., Grupo Financiero Aserta
both rated Baa2/Aa2.mx for IFS, with stable outlook.

These positive considerations are offset by the company's modest
scale, by its high product concentration in credit-related life
insurance coverage, which reflects modest business diversification,
and by the company's volatile track record of profitability.
Although in 2018 the company reported good results (return on
capital was 11.8%), Moody's noted that premiums growth in that year
was up 240% from 2017, which creates uncertainty on its
sustainability and profit generation. Moody's will closely monitor
the impact of Aserta Vida's business expansion on its market
position, underwriting leverage, profitability, and to what extent
that expansion will translate into new profitable and sustained
business opportunities.

Moody's notes that factors that could result in an upgrade of
Aserta Vida's ratings include the following: 1) a sustained
improvement on the company's profitability and market share; 2) an
increase in parental support (e.g.: becoming a wholly-owned
subsidiary of Grupo Financiero Aserta) or 3) an upgrade of Mexico's
sovereign rating coupled with an improvement in the country's
insurance operating environment. Conversely, factors that could
lead to a rating downgrade include the following: 1) a severe
weakening of capitalization metrics; 2) a downgrade of its surety
affiliates; 3) reduced integration with, or divestiture from, Grupo
Financiero Aserta; or 4) a downgrade of Mexico's sovereign rating
or deterioration of the country's insurance operating environment.

Headquartered in Mexico City, Aserta Vida reported gross premiums
of MXN925 million and a net income of MXN11 million. At 2018
year-end, the company reported total assets of MXN544 million and
shareholders' equity of MXN97 million.

The principal methodology used in these ratings was Life Insurers
published in May 2018.


GROUP ELEKTRA: Fitch Raises LT IDRs to 'BB+', Outlook Stable
------------------------------------------------------------
Fitch Ratings has upgraded Grupo Elektra, S.A.B. de C.V.'s
Long-Term Foreign and Local Currency Issuer Default Ratings to
'BB+' from 'BB'. The Rating Outlook is Stable.

The ratings upgrade reflect Elektra's continued improvement in its
financial profile underpinned by controlled debt levels, positive
consolidated FCF and financial flexibility in the form of strong
liquidity. The company has demonstrated the ability to quickly
adapt to adverse consumer environments through a combination of
strategies between its retail and financial services businesses,
which has strengthened its market share and growth. According to
Fitch's calculations, the company's retail division adjusted gross
leverage has improved and is expected to trend toward 2.5x, based
on EBITDA growth and relatively stable debt levels over the next
few years.

Elektra's ratings are supported by its long-term retail trajectory,
market position as one of Mexico's main department store chains,
operational and financial linkage with Banco Azteca S.A. [BAZ;
rated AA-(mex)/F1+(mex)], as well as the company's sizable
liquidity position and financial flexibility. The ratings also
consider Fitch's view of the company's related parties aggressive
treatment toward different stakeholders, which weakens governance.

KEY RATING DRIVERS

Strong Market Position: Elektra's market position is supported by
the diversification of its operations and linkage with BAZ, a
Mexican bank with the most granularity in the country. Elektra has
a 69-year track record in the commercialization of durable goods,
with operations in five Latin American countries including Mexico.
The company also has a presence in the U.S. through its subsidiary
Advance America, a payday lending and other short-term financial
services provider.

Elektra's omnichannel strategy includes not only retail but also a
financial business component. Since 2016, the company has invested
in servers and IT platforms to help support innovations that will
allow it to stay updated with consumer trends. Elektra generates
about 77% of the group's consolidated revenues in Mexico (including
retail and financial businesses). However, Fitch believes
operations in other countries across Latin America and the U.S.
somewhat mitigates revenue concentration.

BAZ Supports Elektra's Business Model: The linkage between
Elektra's retail and financial divisions is strong as both depend
on one another to complete service offerings to customers. The
retail division complements its product sales by offering BAZ
credit services, while BAZ maintains a strong base of customer
derived from Elektra and Salinas y Rocha's shoppers.
Notwithstanding, according to Fitch's Parent and Subsidiary Rating
Linkage criteria, legal ties between Elektra and BAZ are weak due
to the absence of guarantees and cross default clauses between
them.

BAZ's ratings reflect the bank's robust position in its main
market, consumer loans to the medium-low income segment of the
population. Furthermore, they incorporate the bank's solid funding
structure through an ample, stable and diversified base of customer
deposits, its sound liquidity position and capacity to adjust to
adverse operating environments.

Strong Leverage Expected: Fitch's primary focus on Elektra's credit
metrics considers only the retail business (excluding financial
businesses). Following this approach, Fitch expects Elektra's total
adjusted debt-to-EBITDAR should be around 3.0x in the next two
years and then it will trend toward 2.5x in the medium term. For
the year end as of Dec. 31, 2018, the retail-only lease adjusted
debt-to-EBITDAR was 2.9x and the adjusted net debt-to-EBITDAR was
0.3x (considering cash and marketable securities calculated by
Fitch), an improvement from the 3.6x and 1.4x presented in 2015,
respectively.

Using the captive finance adjustment (as per Fitch's criteria),
consolidated total adjusted debt to EBITDAR is 2.1x as of Dec. 31,
2018. Fitch expects this ratio to remain at this level in the short
to medium term. Where financial services activities are
consolidated by a rated entity, Fitch criteria assumes a capital
structure for FS operations, which is strong enough to indicate
that FS activities are unlikely to be a cash drain on retail
operations over the rating horizon. Then, the FS entity's debt
proxy, or its actual debt (if lower), can be deconsolidated and the
remainder debt used for credit metric calculations.

Positive Consolidated FCF: Elektra's FCF has remained neutral to
positive over the last six years, despite increasing capex and
economic cycles. In 2018, the company's FCF was MXN13.5 billion and
Fitch expects FCF continue to be positive and above MXN9.0 billion
per year in the forecasted period.

The company's capex for 2019 is expected to be higher compared with
previous years. Capex will be partially funded by debt and it will
be focused on store openings, store remodeling and IT developments
for the retail and banking operations to support its commercial
strategy.

Currency Exposure Partially Mitigated: While debt is mainly
composed of local currency issuances, some of Elektra's inventory
is exposed to currency variations as a portion of it is linked to
USD. This could potentially pressure profit margins for some
products if this effect is not reflected in price increases, or
might affect sales volumes if the effect is passed through prices.
However, this exposure is partially mitigated by AEA's cash flows
and money transfer fees collected in USD by Elektra. Elektra has
covered its remaining USD cash flow exposure for 2019 by entering
in forward contracts. In addition, Fitch believes the company
should have the flexibility to face currency variations effects by
changing its sales mix or extending its credit periods to
customers, among other measures.

DERIVATION SUMMARY

Elektra's ratings reflect the company's business profile as a
department store business focused in mid to low economic segment of
the population in Mexico and some countries in Latin America.
Elektra's scale is larger than Grupo Unicomer (BB-/Stable) and
Grupo Famsa (B-/Positive) and holds one of the largest credit
portfolios held by a retailer in the region. The company is less
geographically diversified than Grupo Unicomer; however, Mexico and
the U.S. are the countries that generate the most cash and have
lower country risk than most Unicomer's countries of operations.

Elektra's financial profile is strong for the rating category when
compared to peers. The company has a solid financial profile
compared to other retailers and sound financial flexibility due to
its high levels of cash and marketable securities. Elektra's
profitability for its retail business is above the average of
Fitch's rated retailers globally, and its operating margins and
liquidity are higher than those of Grupo Unicomer and Grupo Famsa.

KEY ASSUMPTIONS

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

  -- Revenue growth for retail business of 6.1% average per year
and EBITDA margin of 21.9% per year;

  -- Revenue growth for BAZ of 6.9% average per year and EBITDA
margin of 14.7% per year;

  -- Annual growth of 3.7% in banking deposits;

  -- Consolidated credit portfolio growing at 3.9% per year;

  -- NPL provisions of MXN9 billion per year, in average;

  -- Capex of MXN9.5 billion annually, in average;

  -- Dividend payments growing at 7% per year;

  -- The company refinances its debt maturities and raises debt to
fund part of the 2019 capex.

RATING SENSITIVITIES

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

No upgrades are likely to occur within the short to medium term
given the current rating action. However, developments that
eventually may improve the company's credit quality are:

  -- A sustained decrease in adjusted leverage and adjusted net
leverage for the retail division to levels below 2.5x and 1.5x,
respectively;

  -- Sustained consolidated adjusted debt to EBITDAR (as per
Fitch's methodology) below 1.0x;

  -- A strengthening of the bank's creditworthiness coupled with
solid performance of the retail business revenue, profitability and
cash flow dynamics;

  -- Fitch's perception of a continued strengthening in
governance.

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

  -- Sustained adjusted debt to EBITDAR for the retail division
above 3.5x;

  -- Sustained adjusted net debt to EBITDAR for the retail division
above 2.5x (including readily available cash equivalents,
as per Fitch's calculations);

  -- Sustained consolidated adjusted debt to EBITDAR (as per
Fitch's criteria) above 2.5x;

  -- Deterioration in BAZ's creditworthiness;

  -- A deterioration in governance perception.

LIQUIDITY

Elektra's liquidity position is sound. As of Dec. 31, 2018, cash
for the retail division was MXN8.4 billion and short-term debt was
MXN8.4 billion, mainly composed of two local debt market issuances.
Fitch believes that Elektra's close to MXN18 billion marketable
financial instruments portfolio (according to Fitch's calculations)
could provide additional liquidity if required.

The company issued MXN5.0 billion in February 2019 to refinance a
Certificado Bursatil issuance due in that month (MXN5.0 billion)
and currently is planning to issue a new CB for up to MXN2.5
billion during the 2Q19 to fund capex needs.

FULL LIST OF RATING ACTIONS

Fitch has upgraded the following ratings:

Grupo Elektra S.A.B. de C.V.

  -- Long-Term Foreign and Local Currency Issuer Default Ratings to

     'BB+' from 'BB', Outlook Stable;

  -- Long-Term National Rating to 'AA-(mex)' from 'A+(mex)',
Outlook
     Stable;

  -- Short-Term National Rating to 'F1+(mex)' from 'F1(mex)';

  -- MXN500 million unsecured CBs (ELEKTRA 16-2) due 2023 to
'AA-(mex)'
     from 'A+(mex)'.


ZITACUARO: Moody's Alters Outlook on B2/Ba2.mx Ratings to Stable
----------------------------------------------------------------
Moody's de Mexico S.A. de C.V. affirmed the issuer ratings of the
Municipality of Zitacuaro at B2/Ba2.mx (Global Scale, local
currency/Mexico National Scale) and changed the outlook to stable
from negative.

RATINGS RATIONALE

RATIONALE FOR THE STABLE OUTLOOK

The change of outlook to stable from negative reflects a
stabilization of the municipality's key financial metrics, albeit
at relatively weak levels, which Moody's expects will continue in
the coming 12-18 months. In 2018 Zitacuaro reduced its gross
operating deficits while its liquidity position rose modestly, with
a cash to current liabilities equaling 0.27 times (x). At these
levels Zitacuaro's financial performance and liquidity remain weak
but are in line with B2 rated Mexican peers. Moody's does not
expect the municipality's financial metrics to deteriorate further
over the medium term given its adherence to operating cost controls
and its plan to maintain lower levels of capital spending.

RATIONALE FOR THE AFFIRMATION OF THE B2 RATING

The affirmation of Zitacuaro's ratings reflects its view of the
municipality's main credit challenges, including its weak liquidity
and recurring operating deficits, combined with a manageable debt
burden and the absence of financial contingencies.

Zitacuaro's operating results averaged -23.3% of operating revenues
during the past three years while the cash financing balance has
been very volatile, averaging -11.2% of total revenues over the
same time period. As a result, Zitacuaro's liquidity, measured by
cash to current liabilities, has also been weak, averaging 0.23x,
indicating it has a limited capacity to absorb unexpected shocks.
Nonetheless, Moody's estimates that Zitacuaro's deficits will be
somewhat smaller in 2019 and 2020 thanks to the aforementioned cost
control measures. The municipality's operating balance will average
-10% of operating revenues over the period and its cash financing
result will average -0.1% of total revenues, resulting in
relatively stable liquidity metrics of 0.23x.

As of December 2018, Zitacuaro's net direct and indirect debt
(NDID) equaled a very low 0.7% of its operating revenues,
consisting of long term loan backed with non-earmarked federal
transfers (participaciones). However, as consequence of its weak
liquidity, Zitacuaro has made frequent use of short term debt, for
an average amount of MXN 20 million over the past two years. The
municipality is contracting another short term loan in April 2019
for MXN 28 million that will amortize over the following 12 months.
This will increase the municipality's NDID to 5.2% of operating
revenues at the end of 2019, a level that is still below the 20.3%
median for B2 rated Mexican peers.

WHAT COULD CHANGE THE RATING UP OR DOWN

Given the stable outlook, an upgrade/downgrade is unlikely in the
medium term. However, if the municipality's operating and financial
balances improve in a sustainable way, resulting in a strengthened
liquidity position, this could exert upward pressure on the
ratings. On the other hand, if the city's liquidity deteriorates
and the municipality increases its short term debt, Zitacuaro's
ratings would face downward pressure.




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

ORAZUL ENERGY: S&P Alters Outlook to Stable & Affirms 'BB' ICR
--------------------------------------------------------------
On April 29, 2019, S&P Global Ratings revised its outlook on
Peru-based power generator Orazul Energy Peru S.A. to stable from
negative and affirmed the 'BB' issuer credit rating.

In the past six months, Orazul recontracted 198 megawatt (MW) of
its generation capacity (around 35% of total) with local
distribution companies at sound prices of $45-$48 per megawatt per
hour (MWh). This extended the average maturity date of the
company's power purchase agreements (PPAs) to more than nine years
from the previous five and increased the contracting base to around
90% from about 80%. S&P said, "Therefore, we expect EBITDA to be
more predictable and lower exposure to the still low and volatile
spot prices that continue to be around $10 per MWh. We also expect
Orazul to gradually reduce its operating costs by around $10
million in the next few years because of its integration with
Nautilus Energy Holdings, which should also bolster EBITDA."

S&P said, "Under our updated base-case scenario, we expect an
EBITDA generation of around $100 million in 2019 and $110 million
afterwards, while the company maintains a robust EBITDA margin of
close to 50%. This should allow Orazul to start deleveraging
gradually. We project debt to EBITDA to peak above 5.5x in 2019 and
drop to 4.5x in 2021. All these factors, along with lower
volatility in output, are behind the outlook revision."

From a business perspective, the ratings on Orazul continue to
incorporate its healthy operating efficiency, reflected in EBITDA
margins of around 50%, given its balanced portfolio of
hydroelectric and thermal assets, as well as its vertical
integration in the natural gas production and transmission
businesses. Nevertheless, S&P still views its scale as small, given
552 MW of total installed capacity and a share of slightly less
than 3% of Peru's electricity market.

S&P said, "Orazul received a subordinated intercompany loan of $277
million from Orazul UK in 2016, which we omitted from our previous
credit analysis. The loan was capitalized by Orazul for $127
million in 2017, leaving an outstanding debt of $150 million at the
end of 2018. We're correcting this error by adjusting our debt
figures since the end of 2016. This didn't impact our financial
risk profile, which we still view as aggressive."




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

JM DAIRY: Seeks to Hire L.A. Morales & Associates as Legal Counsel
------------------------------------------------------------------
JM Dairy Inc. seeks approval from the U.S. Bankruptcy Court for the
District of Puerto Rico to hire the Law Firm of L.A. Morales &
Associates, P.S.C. as its legal counsel.

The firm will provide these services:

     a. advise Debtor of its powers and duties in its Chapter 11
        case;

     b. assist the Debtor in determining if a reorganization is
        feasible and, if not, help the Debtor in the orderly
        liquidation of its assets;

     c. negotiate with creditors for the purpose of arranging the
        orderly liquidation of the Debtor's assets or for
        proposing a viable plan of reorganization; and

     d. appear before the bankruptcy court or any court in which
        the Debtor asserts a claim interest directly or indirectly

        related to its bankruptcy case.

Lyssette Morales Vidal, Esq., the attorney who will be handling the
case, charges an hourly fee of $275.  Senior attorneys will charge
a discounted rate of $200 per hour. The firm charges $90 per hour
for paralegal and in-house special clerical services.

Ms. Vidal disclosed in a court filing that she is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code.

L.A. Morales can be reached through:

     Lyssette A. Morales Vidal, Esq.
     Law Firm of L.A. Morales & Associates, P.S.C.
     Urb Villa Blanca
     76 Aquamarina Street
     Caguas, PR 00725-1908
     Tel: 787-746-2434 / 787-258-2658
     Fax: 1-855-298-2515
     Email: lamoraleslawoffice@gmail.com

               About JM Dairy Inc.

JM Dairy Inc. sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. P.R. Case No. 19-02168) on April 18, 2019. Lyssette
A. Morales Vidal, Esq., at the Law Firm of L.A. Morales &
Associates, P.S.C. represents the Debtor as counsel. Judge Enrique
S. Lamoutte presides over the case.


PUERTO RICO: White House Will Reappoint Oversight Board
-------------------------------------------------------
Luis Valentin Ortiz at Reuters reports that the White House said it
will ask the U.S. Senate to confirm the current members of Puerto
Rico's federally created financial oversight board after creditors
of the bankrupt island successfully challenged the appointments on
constitutional grounds.

The move lifts a cloud over the board as it attempts to restructure
Puerto Rico's core government debt under a form of bankruptcy after
winning court approval for deals involving the U.S. commonwealth's
sales tax-backed bonds and Government Development Bank debt,
according to Reuters.

The First Circuit U.S. Court of Appeals ruled Feb. 15 that the
board had been unconstitutionally appointed because its seven
members are principal U.S. officers and should have been selected
by the president "with the advice and consent of the Senate," the
report notes.

The report says that the court set a 90-day deadline to allow
President Donald Trump and the Senate to constitutionally validate
the current members' appointments or reconstitute the board.

The oversight board filed a petition to the U.S. Supreme Court in
an effort to overturn the ruling, the report discloses.  The board
also asked the Boston-based court to stay the 90-day deadline, the
report adds.

The lawsuit over the board members, which was filed by creditors of
the U.S. commonwealth, including Aurelius Investment LLC and bond
insurer Assured Guaranty Corp, also sought a dismissal of Puerto
Rico's Title III bankruptcy cases -- a move the appeals court
rejected, the report relays.

Those plaintiffs objected to the board's motion to stay the court's
deadline, saying the move would be "a travesty of both justice and
our Constitution," and that the board failed to establish
probability that the Supreme Court would reverse the appeals court
ruling, the report notes.

Under the 2016 federal PROMESA law, then-President Barack Obama
appointed six board members from lists of candidates recommended by
Congress, as well as a seventh member, the report relays.  Under
that process, PROMESA did not require the appointments to be sent
to the Senate for confirmation, the report says.

PROMESA gave the board the authority to push Puerto Rico and its
approximately $120 billion of debt and pension obligations into a
court-supervised restructuring akin to bankruptcy in May 2017, the
report adds.

                      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.


RECRUITING MANAGEMENT: Seeks to Hire Lajara Radinson as Counsel
---------------------------------------------------------------
Recruiting Management Specialists Corp. seeks approval from the
U.S. Bankruptcy Court for the District of Puerto Rico to hire
Lajara Radinson & Alicea, PSC, as its legal counsel.

Lajara will represent the Debtor in connection with its Chapter 11
case.  The firm's hourly rates are:

     Diomedes Lajara Radinson     $200
     Valery Alicea Caceres        $200
     Paralegals                    $90
     In-house Accountant          $130

The firm has required a retainer fee in the amount of $5,000.

Lajara and its members are "disinterested" as defined in Section
101(14) of the Bankruptcy Code, according to court filings.

The firm can be reached through:

     Diomedes Lajara Radinson, Esq.
     Valery Alicea Caceres, Esq.
     Lajara Radinson & Alicea, PSC
     1303 Americo Miranda Avenue
     Caparra Terrace
     San Juan, PR 00921-2109
     Tel: (787) 781-6767
     Fax: (787) 774-9324

              About Recruiting Management Specialists

Recruiting Management Specialists Corp. sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 19-02103)
on April 16, 2019.  At the time of the filing, the Debtor estimated
assets of less than $50,000 and liabilities of less than $500,000.


VENT ALARM: Court Confirms 3rd Amended Plan
-------------------------------------------
The third amended plan of reorganization filed by Vent Alarm
Corporation has been confirmed.

                   About Vent Alarm Corp.

Vent Alarm Corp., also known as Samcor Valcor, is engaged in the
sale, distribution and installation of security windows, doors and
related products, made up aluminum, valwood and glass materials.
Its principal office and place of business is located at Real 189
km. 9.2 Gurabo, Puerto Rico.

Vent Alarm, dba Valcor, sought Chapter 11 bankruptcy protection
(Bankr. D.P.R. Case No. 15-09316) on Nov. 24, 2015.  The petition
was signed by Fernando Sosa, president.

The Debtor's counsel is Alexis Fuentes Hernandez, Esq., at Fuentes
Law Offices, LLC, in San Juan, Puerto Rico.  WRG Certified Public
Accountants, PSC serves as the Debtor's financial advisor and
in-house accountant.

The Debtor has assets totaling $7.95 million and liabilities
totaling $7.55 million.



                           *********


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
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Chapman, Editors.

Copyright 2019.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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