/raid1/www/Hosts/bankrupt/TCRLA_Public/190704.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

          Thursday, July 4, 2019, Vol. 20, No. 133

                           Headlines



A R G E N T I N A

BANCO CETELEM: Moody's Withdraws Caa1 Deposit Ratings
PAMPA ENERGIA: Moody's Rates New Sr. Unsecured Notes 'B2'


B E R M U D A

WEATHERFORD INT'L: Moody's Cuts PDaR to D-PD on Chap. 11 Filing


B O L I V I A

BANCO NACIONAL DE BOLIVIA: Moody's Gives Ba3 Deposit Ratings


B R A Z I L

BANCO DO ESTADO DE SERGIPE: Moody's Affirms Ba2 Deposit Ratings
USIMINAS INT'L: Moody's Rates New $500MM Sr. Unsec. Notes Ba3
USIMINAS SIDERURGICAS: Moody's Raises CFR to Ba3, Outlook Stable


C A Y M A N   I S L A N D S

ASSURED FUND: Business Sought to be Wound Up by OL Group


C O S T A   R I C A

COSTA RICA: Approves $1.5 Billion International Bond Placement


J A M A I C A

GWEST CORP: Incurs J$135.8 Million Loss For Fiscal Year


M E X I C O

VERACRUZ: Moody's Raises Issuer Ratings to B3, Outlook Stable


P U E R T O   R I C O

BAHIA DEL SOL: Seeks Court Approval to Hire Accountant
BENEFIT CONSULTING: Confirmation Hearing Set for July 30
KONA GRILL: Creditors Panel Hires Bayard as Co-Counsel
ONE ALLIANCE: A.M. Best Affirms B(Fair) FSR & Alters Outlook to Neg


V E N E Z U E L A

VENEZUELA: June Oil Exports Recover to Over 1 Million Bpd


V I R G I N   I S L A N D S

BANEXTER HOLDINGS: Creditors' Proofs of Debt Due Today

                           - - - - -


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A R G E N T I N A
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BANCO CETELEM: Moody's Withdraws Caa1 Deposit Ratings
-----------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.
announced that it has withdrawn all of its ratings for Banco
Cetelem Argentina S.A. for business reasons.

The following ratings of Banco Cetelem Argentina S.A. were
withdrawn:

Long-term global local currency deposit rating, previously rated
Caa1 with stable outlook

Short-term global local currency deposit rating, previously rated
Not Prime

Long-term global foreign currency deposit rating, previously rated
Caa1 with stable outlook

Short-term global foreign currency deposit rating, previously rated
Not Prime

Argentinean long-term national scale local currency deposit rating,
previously rated Ba3.ar, with stable outlook.

Argentinean long-term national scale foreign currency deposit
rating, previously rated Ba3.ar stable outlook

Baseline credit assessment, previously rated c

Adjusted baseline credit assessment, previously rated caa1

Long-term counterparty risk assessment, previously rated B3(cr)

Short-term counterparty risk assessment, previously rated Not
Prime(cr)

Outlook, Changed To Rating Withdrawn From Stable

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.


PAMPA ENERGIA: Moody's Rates New Sr. Unsecured Notes 'B2'
---------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Pampa Energia
S.A.'s proposed senior unsecured notes. The outlook is stable.

Net proceeds from the proposed issuance will be used for liability
management, capital spending, working capital and/or make capital
contributions to certain subsidiaries or affiliates.

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

Rating assigned:

Issuer: Pampa Energia S.A.

  - Senior unsecured notes: B2

RATINGS RATIONALE

Pampa's B2 ratings are supported by the company's diversified
portfolio of operations, with upside potential in the power
industry in Argentina, a benign pricing framework for natural gas
and power sectors in Argentina and good credit metrics for its
rating category pro-forma for the proposed notes. The ratings are
mainly constrained by Pampa's exposure to Argentina's volatile and
highly-regulated environment in the power and gas industries. Fitch
expects Pampa's capital spending on natural gas projects and power
capacity expansions to add significant growth to operations in
2019-20. Nevertheless, this could limit free cash flow growth in
the period. Also, these factors are mitigated by the company's
strategy to focus on power generation projects with positive
pricing outlooks, where the company is an integrated electricity
producer, as it procures natural gas from its own upstream
operations. At the same time, the company has moderate exposure to
foreign exchange risk.

Pampa plans to spend $700 million on its investment plans in 2019,
including expanding its power generation capacity by 13% or 504
megawatts (MW) to 4,375 MW by 2020, mainly through 383 MW
additional thermal capacity at Genelba in 2019-20 worth $350
million and 106 MW in two wind farms worth $137 million in 2019-20
(Pepe II inaugurated in March 2019). The company's 3,871 MW power
generation capacity as of March 2019 (3,977 MW) represented about
11% of Argentina's total. Around 75% natural gas from Pampa's
upstream business is used to procure its own thermal power plants.
Furthermore, the recent joint acquisition of Pampa and YPF S.A. of
the Ensenada de Barragan Thermal Power Plant (CTEB) will further
integrate Pampa's gas and electricity segments. During the next 30
months CTEB will be converted into a combined cycle with 847 MW
capacity, up from 567 MW, with higher efficiency, as CTEB will
generate 50% more electricity with the same fuel consumption
(natural gas).

Around 35% of Pampa's investments will support Exploration and
Production operations. As of the first-quarter ended in March 2019,
natural gas represented 89% of the company's oil and gas production
at 7.0 million cubic meters per day (MMm3/d), while oil's was at
5.4 thousand barrels per day (Mbbl/d). Its main natural gas
projects are El Mangrullo and Sierra Chata, operated by Pampa, and
Rio Neuquen and Rincon Mangrullo, operated by YPF S.A., which
together comprise 200,000 in net acreage in the Neuquina basin for
Pampa. As of December 2018, the company had proved oil and gas
reserves of 130 million barrels of oil equivalent (MMboe),
equivalent to a reserve life of 7.9 years with a reserve
replacement ratio of 131%.

Pampa's liquidity profile is good and will improve pro forma the
new notes issuance, with no significant maturities until 2023. As
of March 2019, Pampa's cash balance of $546 million was above $366
million in debt coming due in 2019-20 ($50 million in debt already
redeemed since), mainly composed of bank debt. Around 89% of the
company's costs and 75% of capital spending are denominated or
linked to the US dollar and, pro forma for the proposed notes
issuance, around 94% of the company's debt will be denominated in
US dollars. However, close to 90% of Pampa's revenues are generated
or linked to the US dollar, along with almost all of its cash
holdings.

Since December 2017 Pampa has reduced its total reported debt by
$1.3 billion, to $2.0 billion as of March 31, 2019, aided by its
cash generation from operations but also by over $500 million in
divestment of non-core assets. The company's debt burden will not
be materially increased pro forma the notes' issuance and will
lower as the company pays down debt maturities in the next 12-18
months. Accordingly, Fitch estimates adjusted debt to EBITDA ratio
will remain around 2.0x in fiscal year ending December 2019, up
from 1.8x as of March 2019. Similarly, retained cash flow (cash
from operations before working capital requirements but after
dividends) to debt ratio was at 21% as of March 2019, and Fitch
expects it will remain around this levels in 2019-20. Moody's
expects the company's adjusted EBITDA to interest expenses will
remain above 3.0 times in 2019-20.

The stable outlook for Pampa's ratings reflects its expectation
that the company will maintain stable cash generation based on
solid electricity tariffs and adequate natural gas prices. Fitch
believes that Pampa's credit metrics relative to its debt burden
and interest coverage will remain in line with its rating category
within the next 12 to 18 months.

Pampa's ratings could be upgraded (1) if retained cash flow to
total debt ratio is higher than 50%; (2) if EBITDA to interest
expense ratio is above 5.0x on a sustained basis. If there is an
upgrade on the government of Argentina's B2 rating this would not
necessarily translate into an immediate upgrade of Pampa's
ratings.

The ratings could be downgraded (1) if Pampa materially increases
its leverage, with retained cash flow to total debt lower than 10%;
(2) if its interest coverage as measured by EBITDA to interest
expense ratio declines below 2.0x; (3) if there is a deterioration
in the company's liquidity profile; (4) if the government of
Argentina's B2 rating is downgraded.

Pampa is an energy company in Argentina, engaged in generation,
distribution and transmission of electric power, as well as in oil
and gas production, and petrochemicals and hydrocarbon
commercialization and transportation. In the generation segment,
the company has an installed capacity of 3,871 MW as of March 2019,
and additional 504 MW under construction, which accounts for about
10% of Argentina's installed capacity. In the distribution segment,
Pampa has a controlling interest in Edenor, the largest electricity
distributor in Argentina, which has around three million customers
and a concession area covering the northern and northwest part of
Buenos Aires. In the O&G segment, Pampa is one of the leading oil
and natural gas producers in Argentina, with operations in 11
production areas and seven exploratory areas. Its main natural gas
production blocks are located in the provinces of Neuquen and Rio
Negro. In the petrochemicals segment, Pampa owns three
high-complexity plants producing a wide variety of petrochemical
products, including styrenics and synthetic rubber. Finally, the
company has a small participation through joint ventures in the
electricity and gas transportation and distribution businesses




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B E R M U D A
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WEATHERFORD INT'L: Moody's Cuts PDaR to D-PD on Chap. 11 Filing
---------------------------------------------------------------
Moody's Investors Service downgraded Weatherford International
Ltd.'s (Bermuda) Probability of Default Rating to D-PD from Ca-PD
following the announcement that the company filed a voluntary
petition for relief under Chapter 11 of the U.S. Bankruptcy Code in
the Southern District of Texas. The company's other ratings were
affirmed, including the Ca Corporate Family Rating, and the Ca
senior unsecured notes rating of both Weatherford and Weatherford
International, LLC (Delaware). Weatherford's SGL-4 Speculative
Grade Liquidity Rating was also affirmed. The outlook remains
negative.

Shortly after the actions, Moody's will withdraw all of
Weatherford's ratings.

Downgraded:

Issuer: Weatherford International Ltd. (Bermuda)

  Probability of Default Rating, Downgraded to D-PD from Ca-PD

Affirmed:

Issuer: Weatherford International Ltd. (Bermuda)

  Corporate Family Rating, Affirmed Ca
  Senior Unsecured Notes, Affirmed Ca (LGD4)
  Speculative Grade Liquidity Rating, Affirmed SGL-4
  Senior Unsecured Commercial Paper, Affirmed NP
  Senior Unsecured Shelf, Affirmed (P)Ca
  Subordinate Shelf, Affirmed (P)C
  Preferred Shelf, Affirmed (P)C
  Preference Shelf, Affirmed (P)C

Issuer: Weatherford International, LLC (Delaware)

  Senior Unsecured Notes, Affirmed Ca (LGD4)
  Senior Unsecured Shelf, Affirmed (P)Ca
  Subordinate Shelf, Affirmed (P)C

Outlook actions:

Issuer: Weatherford International Ltd. (Bermuda)

  Outlook, Remains Negative

Issuer: Weatherford International, LLC (Delaware)

  Outlook, Remains Negative

RATINGS RATIONALE

The downgrade of the PDR to D-PD reflects Weatherford's bankruptcy
filing on July 1, 2019. The Ca CFR and Ca senior unsecured notes
rating reflects Moody's view on expected recovery, which Moody's
estimates to be in the 35%-65% for the unsecured noteholders.

Weatherford is trying to accomplish a comprehensive financial
restructuring and reduce roughly $5.85 billion of debt through a
pre-packaged Chapter 11 filing. Prior to its bankruptcy filing,
Weatherford was struggling with a very high debt burden and the
associated interest costs, weak liquidity, including large debt
maturities, and a challenged industry environment. On June 15,
2019, the company also skipped the scheduled interest payments due
on its 7.75% notes due 2021, 8.25% notes due 2023 and 6.80% notes
due 2037.

Weatherford has entered into a restructuring support agreement with
approximately 79% of its senior unsecured note holders. RSA parties
have agreed to provide two Debtor-in-possession facilities for an
aggregated $1.75 billion of liquidity, which the company plans to
use to repay all of its secured funded debt as well as trade
creditors in the ordinary course of business during the
reorganization period. The company plans to emerge from the
Chapter-11 process with roughly $2.5 billion of total debt.

Weatherford International Ltd. (Bermuda) and Weatherford
International, LLC (Delaware) are wholly-owned subsidiaries of
Weatherford International plc, which is headquartered in
Switzerland and is a diversified international company that
provides a wide range of services and equipment to the global oil
and gas industry.




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B O L I V I A
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BANCO NACIONAL DE BOLIVIA: Moody's Gives Ba3 Deposit Ratings
------------------------------------------------------------
Moody's Investors Service assigned Ba3/Not Prime long and
short-term global local currency deposit ratings to Banco Nacional
de Bolivia S.A., following the assignment of a ba3 baseline credit
assessment and adjusted BCA. Moody's has also assigned BNB B1/Not
Prime long and short-term foreign currency deposit ratings, as well
as long- and short-term Counterparty Risk Ratings of Ba2/Not Prime.
BNB ratings carry a stable outlook.

The following ratings and assessments were assigned to Banco
Nacional de Bolivia S.A.:

Global scale, long-term local currency deposit rating at Ba3,
stable outlook

Global scale, short-term local currency deposit rating at Not
Prime

Global scale, long-term foreign currency deposit rating at B1,
stable outlook

Global scale, short-term foreign currency deposit rating at Not
Prime

Global scale, long-term local and foreign currency counterparty
risk rating at Ba2

Global scale, short-term local and foreign currency counterparty
risk rating at Not Prime

Baseline credit assessment at ba3

Adjusted baseline credit assessment at ba3

Global scale, long-term counterparty risk assessment at Ba2(cr)

Global scale, short-term counterparty risk assessment at Not
Prime(cr)

Assigned Outlook: Stable

RATINGS RATIONALE

BNB's ratings are underpinned by its ba3 BCA, which is in turn
supported by the bank's adequate asset quality, favorable funding
structure and its relatively diversified loan book. These strengths
are offset by recent negative pressures on the bank's profitability
and liquidity profiles, which arise from a more challenging
operating environment.

BNB, which ranks as the second largest bank in Bolivia by loans and
deposits, is focused on mortgage financing, and on lending to
corporates and small and medium size enterprises. The bank's asset
quality on those segments has been in line with the banking
system's average, as evidenced by non-performing loans relative to
gross loans at 2.0% as of March 2019, measured as loans past due 60
days. Following years of rapid loan growth, in part dictated by
regulations calling for increased lending to productive sectors,
Fitch expects asset quality to deteriorate as the loan portfolio
seasons, but it will likely remain adequate.

In line with its expectation for the Bolivian banking system, Fitch
expects BNB's profitability to remain below its historical levels.
BNB's net income to tangible assets ratio fell to 0.8% in 2018
(0.7% as of March 2019) , from 0.9% a year earlier, and from its
1.2% average for the previous five years. The main driver of the
deterioration observed in BNB's profitability in 2018 was lower
margins compared to those of 2017 and previous years due to lower
interest income, explained by a larger share of BNB's portfolio
being subject to regulatory interest rate caps, and also increased
funding costs. Subdued profitability and strong loan growth have in
turn caused BNB's capital metrics to gradually deteriorate over the
past few years.

Measured by Moody's capitalization ratio, tangible common equity
(TCE) relative to risk-weighted assets ratio, BNB's capital was
10.1% at year-end 2018 (9.6% as of March 2019), down from 10.4% a
year earlier and a 11.0% average for the previous five years.

The bank's liquidity profile, similarly to most of its local peers,
has deteriorated in the last years because of rapid loan growth and
a largely stable deposit base. Fitch expects BNB's liquidity to
stabilize at current lower levels as loan growth decelerates.

BNB funds most of its loan portfolio with deposits, which results
in very low use of more volatile and expensive market funds.
However, as is the case with the rest of the Bolivian banking
system, institutional deposits are an important part of BNB's
funding. Although these provide long-term funding, they also
increase funding concentration.

WHAT COULD CHANGE THE RATING -- UP OR DOWN

An improvement in profitability and capital could exert positive
pressure on BNB's baseline credit assessment, as operating
conditions improve. An upgrade of the sovereign or country
ceilings, as a result of the credit interlinks between the bank and
the Government of Bolivia, could lead to an upgrade of the bank's
deposit ratings.

BNB's BCA could come under stress if it records further
deterioration in its capitalization, profitability or liquidity
profiles. As a result of the credit interlinks between banks and
the sovereign, BNB's ratings are likely to be downgraded if and
when the sovereign rating is lowered.




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B R A Z I L
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BANCO DO ESTADO DE SERGIPE: Moody's Affirms Ba2 Deposit Ratings
---------------------------------------------------------------
Moody's Investors Service affirmed all ratings assigned to Banco do
Estado de Sergipe S.A., following the affirmation of its ba2
baseline credit assessment (BCA) and adjusted BCA. Banese has long-
and short-term local currency deposit ratings of Ba2 and Not Prime
, and Ba3 and Not Prime foreign currency deposit ratings, in the
global scale, as well as Brazilian national scale deposit ratings
of Aa3.br and BR-1, long and short term, respectively. Moody's also
affirmed Banese's long and short-term counterparty risk ratings of
Ba1 and Not Prime, for local and foreign currency. At the same
time, Banese's counterparty risk assessments of Ba1(cr) and Not
Prime (cr), were also affirmed. The ratings have a stable outlook.

RATINGS RATIONALE

The affirmation of Banese's ratings reflects the bank's entrenched
operation in the state of Sergipe that supports a steady and
relevant 39% share in the local loan and deposit markets. Despite
the small size of its franchise compared to other Ba2 rated banks
in Brazil, Banese has a strong liquidity structure, with stable
core deposits, largely sourced from the state government's civil
servants who comprise a large portion of its customer base. Banese
has a diversified operation in retail banking, centered on secured
loans to individuals and local small and medium size companies,
which has resulted in adequate earnings recurrence and good asset
quality over the past years, both key drivers of Banese's ratings.

While profitability compares favorably to that of other state-run
banks, asset risks and earnings could come under pressure as the
bank expands its operations beyond its regional footprint to
compensate for limited expansion prospects in its home market. In
1Q19, net income rose 3.8% over one year prior, due to modest
business growth and rising operational costs, with net interest
margin (NIM) stabilizing at a high 8.4%, resulting from lowered
credit and funding costs, and in line with the 8.3% median reported
by other state-government banks in Brazil in the period. The
favorable risk conditions supported a 27% reduction in credit cost
over the last twelve months ended in March 2019. In addition, the
slow growth allowed the bank to reduce the share of more expensive
institutional funding, while fee income was up 11% in the same
period, reflecting Banese's efforts to enhance cross selling.
Banese is strongly committed to invest in financial innovation that
will help to increase efficiency and client retention.

Despite adequate profitability in the last quarters, Banese's
earnings will likely be challenged by growing competition from
large retail banks and slow operational growth. In addition, the
bank's consistently high dividend payout ratio could restrict its
ability to grow outside of its core market and to remain
competitive. Although capitalization is adequate, with a tangible
common equity ratio at 9.54% as of March 2019, Banese's dividend
payout has averaged 50% of annual profits over the past three
years. As the bank enters a new credit growth cycle, it will need
to increase capital replenishment in order to support its balance
sheet expansion and strengthen loss absorption capacity for a more
diversified operation.

Banese's granular loan portfolio reflects its predominantly
retail-oriented strategy, with almost 50% of loans comprised of
low-risk payroll loans and payroll-related consumer products. As
the bank grows in the segments of credit cards and loans to small
companies, asset risk could rise and depart from a steady problem
loan ratio of about 2.3% over the past three years.

Banese's Ba2 global local-currency deposit rating is aligned to a
ba2 baseline credit assessment, and therefore, does not incorporate
any support assessment from its shareholder, the State Government
of Sergipe, nor does it benefit from systemic support, given its
small size.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Banese's ratings are well positioned Ba2, which is at the same
level as Brazil's sovereign rating and, therefore, upward rating
movement is unlikely at this point. However, ratings could benefit
from an upgrade of Brazil's sovereign rating, provided the bank's
financial strength remains robust, particularly its above peers'
asset quality and capital metrics.

However, Banese's ratings could be downgraded if its asset quality
suffers material deterioration and/or profitability declines
because of competitive pressures or higher provisions, which would
affect is capitalization levels and constrain the bank's
competitive capacity in its local market. In addition, there could
be negative pressure on Banese's ratings if the sovereign rating is
downgraded, because the bank's standalone BCA is constrained by the
sovereign rating.

METHODOLOGY

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

Banco do Estado de Sergipe S.A. is headquartered in Aracaju, state
of Sergipe, Brazil. As of March 30, 2019, Banese reported
consolidated assets of BRL5,482 billion and shareholders' equity of
BRL425 million.

LIST OF AFFECTED RATINGS AND ASSESSMENTS

The following ratings and assessments of Banco do Estado de Sergipe
S.A. were affirmed:

  - Long-term global local currency deposit rating of Ba2; stable
outlook

  - Short-term global local currency deposit rating of Not Prime

  - Long-term global foreign currency deposit rating of Ba3, stable
outlook

  - Short-term global foreign currency deposit rating of Not Prime

  - Long-term global local currency counterparty risk rating of
Ba1

  - Short-term global local currency counterparty risk rating of
Not Prime

  - Long-term global foreign currency counterparty risk rating of
Ba1

  - Short-term global foreign currency counterparty risk rating of
Not Prime

  - Long-term Brazilian national scale deposit rating of Aa3.br

  - Short-term Brazilian national scale deposit rating of BR-1

  - Long-term Brazilian national scale counterparty risk rating of
Aaa.br

  - Short-term Brazilian national scale counterparty risk rating of
BR-1

  - Baseline credit assessment of ba2

  - Adjusted baseline credit assessment of ba2

  - Long-term counterparty risk assessment of Ba1(cr)

  - Short-term counterparty risk assessment of Not Prime(cr)

  - Outlook, Stable


USIMINAS INT'L: Moody's Rates New $500MM Sr. Unsec. Notes Ba3
-------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to the at least
$500 million proposed senior unsecured notes to be issued by
Usiminas International S.a r.l. and unconditionally guaranteed by
Usinas Siderurgicas de Minas Gerais S.A. ("Usiminas", Ba3 stable).
At the same time, Moody's America Latina Ltda. upgraded Usiminas'
corporate family ratings to Ba3 from B1 (global scale) and to A2.br
from Baa2.br (national scale). The outlook is stable.

The proposed issuance is part of Usiminas' liability management
strategy and proceeds will be used to pay down existing debt, thus
lengthening the company's debt amortization schedule and improving
its financial flexibility.

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

Ratings assigned:

Issuer: Usiminas International S.a r.l.

  - At least $500 million senior unsecured notes: Ba3 (global
scale)

The outlook is stable.

RATINGS RATIONALE

The upgrade of Usiminas' ratings to Ba3/A2.br is supported by the
improvement in the company's liquidity profile coming from its
proposed new issuance of at least $500 million in senior unsecured
notes. The company will use proceeds from the new issuance to pay
down outstanding debt with Japan Bank for International Cooperation
(JBIC, A1 stable), Banco Nac. Desenv. Economico e Social -- BNDES
(BNDES, Ba2 stable) and debentures' holders, which will lengthen
its debt amortization schedule. Pro forma to the new issuance,
Usiminas will have BRL1.7 billion in cash and approximately BRL
600-700 million in debt maturities per year from 2020 onwards,
compared to an average of about BRL1.1 billion annually
previously.

Furthermore, simultaneously to the new issuance, the company will
renegotiate its debt with Banco do Brasil S.A. (Ba2 stable), Banco
Bradesco S.A. (Ba2 stable) and Itau Unibanco S.A. (Ba2 stable),
collectively representing 70% of its total debt, to remove the
existing cash sweep, collateral assignment and investments
restriction that were imposed to Usiminas in 2016. The removal of
such features will increase Usiminas' financial flexibility to
pursue growth and additional liability management initiatives.

The ratings continue to reflect Usiminas' solid position in the
Brazilian flat-steel market, and the measures taken to adjust
operations to the feeble demand in the domestic market over the
past few years, including the temporary halt of two blast furnaces
in its Cubatao mill and interruption of activities of the primary
areas of the Cubatao plant (including sinter and coke plants, blast
furnaces and steelworks), concluded in January 2016. The downsizing
process at the Cubatao steel mill has significantly reduced
Usiminas' cost structure and production capacity, providing
flexibility to the company amid the deterioration of the steel
market in Brazil.

The ratings are also supported by Usiminas' adequate credit metrics
and its enhanced financial flexibility to withstand the volatility
in its main end-markets. Going forward, Fitch expects credit
metrics to remain adequate on the back of a gradually recovering
demand environment in Brazil and Usiminas' more efficient cost
structure. Fitch also expects the company to continue to generate
mildly positive free cash flow in the medium term coming from a
good operating performance and low dividends, even as investments
increase.

Usiminas' operating performance has recovered significantly since
the beginning of 2017, supported by demand growth, in particular in
the automotive industry, but also by measures taken to adjust its
operations to challenging market conditions. As a result, the
company's EBIT margin increased to 7.4% in the LTM March 2019 from
-4.5% at the end of 2016, while leverage declined to 3.3x from
10.3x in the same period. Fitch expects the steel industry in
Brazil to grow around 4% in 2019, and Usiminas is well-positioned
to benefit from this improvement. While Fitch acknowledges that
there is downside risk to the current growth forecasts in the
country, Fitch expects Usiminas' metrics to remain adequate due to
its lower cost base and debt balance relative to previous years.

The ratings are mainly constrained by Usiminas' exposure to the
volatility of the automotive industry in Brazil, given its
concentration in flat steel production in the country. The track
record of divergences between its main shareholders and still
evolving corporate governance standards are credit negative,
although Fitch believes risks related to shareholders disputes have
abated.

The stable outlook incorporates its assumptions that Usiminas will
maintain adequate liquidity to service its debt obligation in the
next 12-18 months and that market conditions for flat-steel
products in Brazil will continue to recover gradually, allowing the
company to maintain credit metrics near the current levels.

The ratings could be upgraded if Usiminas is able to improve its
operating performance sustainably along with market fundamentals,
with stronger EBIT margin, adjusted leverage trending below 2.5x
and interest coverage of at least 3.0x (EBIT/Interest Expense) all
on a sustained basis. Further improvement in liquidity and cash
flow generation that provides Usiminas more cushion to withstand
the volatility of its end-markets would also be required for an
upgrade.

The ratings could be downgraded if performance over the near term
materially deteriorates, with leverage increasing to 4.0x and
EBIT/interest declining to levels below 2.0x without prospects for
improvement. The ratings could also be downgraded if liquidity
contract meaningfully or if market conditions deteriorate. Finally,
the company's inability to successfully conclude its bond issuance
in the near term and the consequent cancellation of the
renegotiation of its debt with creditor banks in Brazil would
result in a downgrade of the ratings.

Headquartered in Belo Horizonte, Minas Gerais, Usinas Siderurgicas
de Minas Gerais S.A. - Usiminas (Usiminas) is the largest
integrated flat-steel manufacturer in Latin America, with
production of around 4 million tons of crude steel and rolling
capacity of 9.7 million tons per year, and consolidated net
revenues of BRL 14.0 billion (approximately USD 3.7 billion
converted by the average exchange rate) in the LTM ended in March
2019. Usiminas also owns iron ore mining properties, steel
distribution and capital goods subsidiaries in Brazil.


USIMINAS SIDERURGICAS: Moody's Raises CFR to Ba3, Outlook Stable
----------------------------------------------------------------
Moody's America Latina Ltda. upgraded Usinas Siderurgicas de Minas
Gerais S.A.'s corporate family ratings to Ba3 from B1 (global
scale) and to A2.br from Baa2.br (national scale). The outlook is
stable.

Ratings upgraded:

Issuer: Usinas Siderurgicas de Minas Gerais S.A.

  - Corporate Family Rating: to Ba3 from B1 (global scale)
     and to A2.br from Baa2.br (national scale).

The outlook is stable.

RATINGS RATIONALE

The upgrade of Usiminas' ratings to Ba3/A2.br is supported by the
improvement in the company's liquidity profile coming from its
proposed new issuance of at least $500 million in senior unsecured
notes. The company will use proceeds from the new issuance to pay
down outstanding debt with Japan Bank for International Cooperation
(JBIC, A1 stable), Banco Nac. Desenv. Economico e Social -- BNDES
(BNDES, Ba2 stable) and debentures' holders, which will lengthen
its debt amortization schedule. Pro forma to the new issuance,
Usiminas will have BRL1.7 billion in cash and approximately BRL
600-700 million in debt maturities per year from 2020 onwards,
compared to an average of about BRL1.1 billion annually
previously.

Furthermore, simultaneously to the new issuance, the company will
renegotiate its debt with Banco do Brasil S.A. (Ba2 stable), Banco
Bradesco S.A. (Ba2 stable) and Itau Unibanco S.A. (Ba2 stable),
collectively representing 70% of its total debt, to remove the
existing cash sweep, collateral assignment and investments
restriction that were imposed to Usiminas in 2016. The removal of
such features will increase Usiminas' financial flexibility to
pursue growth and additional liability management initiatives.

The ratings continue to reflect Usiminas' solid position in the
Brazilian flat-steel market, and the measures taken to adjust
operations to the feeble demand in the domestic market over the
past few years, including the temporary halt of two blast furnaces
in its Cubatao mill and interruption of activities of the primary
areas of the Cubatao plant (including sinter and coke plants, blast
furnaces and steelworks), concluded in January 2016. The downsizing
process at the Cubatao steel mill has significantly reduced
Usiminas' cost structure and production capacity, providing
flexibility to the company amid the deterioration of the steel
market in Brazil.

The ratings are also supported by Usiminas' adequate credit metrics
and its enhanced financial flexibility to withstand the volatility
in its main end-markets. Going forward, Fitch expects credit
metrics to remain adequate on the back of a gradually recovering
demand environment in Brazil and Usiminas' more efficient cost
structure. Fitch also expects the company to continue to generate
mildly positive free cash flow in the medium term coming from a
good operating performance and low dividends, even as investments
increase.

Usiminas' operating performance has recovered significantly since
the beginning of 2017, supported by demand growth, in particular in
the automotive industry, but also by measures taken to adjust its
operations to challenging market conditions. As a result, the
company's EBIT margin increased to 7.4% in the LTM March 2019 from
-4.5% at the end of 2016, while leverage declined to 3.3x from
10.3x in the same period. Fitch expects the steel industry in
Brazil to grow around 4% in 2019, and Usiminas is well-positioned
to benefit from this improvement. While Fitch acknowledges that
there is downside risk to the current growth forecasts in the
country, Fitch expects Usiminas' metrics to remain adequate due to
its lower cost base and debt balance relative to previous years.

The ratings are mainly constrained by Usiminas' exposure to the
volatility of the automotive industry in Brazil, given its
concentration in flat steel production in the country. The track
record of divergences between its main shareholders and still
evolving corporate governance standards are credit negative,
although Fitch believes risks related to shareholders disputes have
abated.

The stable outlook incorporates its assumptions that Usiminas will
maintain adequate liquidity to service its debt obligation in the
next 12-18 months and that market conditions for flat-steel
products in Brazil will continue to recover gradually, allowing the
company to maintain credit metrics near the current levels.

The ratings could be upgraded if Usiminas is able to improve its
operating performance sustainably along with market fundamentals,
with stronger EBIT margin, adjusted leverage trending below 2.5x
and interest coverage of at least 3.0x (EBIT/Interest Expense) all
on a sustained basis. Further improvement in liquidity and cash
flow generation that provides Usiminas more cushion to withstand
the volatility of its end-markets would also be required for an
upgrade.

The ratings could be downgraded if performance over the near term
materially deteriorates, with leverage increasing to 4.0x and
EBIT/interest declining to levels below 2.0x without prospects for
improvement. The ratings could also be downgraded if liquidity
contract meaningfully or if market conditions deteriorate. Finally,
the company's inability to successfully conclude its bond issuance
in the near term and the consequent cancellation of the
renegotiation of its debt with creditor banks in Brazil would
result in a downgrade of the ratings.

Headquartered in Belo Horizonte, Minas Gerais, Usinas Siderurgicas
de Minas Gerais S.A. - Usiminas is the largest integrated
flat-steel manufacturer in Latin America, with production of around
4 million tons of crude steel and rolling capacity of 9.7 million
tons per year, and consolidated net revenues of BRL 14.0 billion
(approximately USD 3.7 billion converted by the average exchange
rate) in the LTM ended in March 2019. Usiminas also owns iron ore
mining properties, steel distribution and capital goods
subsidiaries in Brazil.




===========================
C A Y M A N   I S L A N D S
===========================

ASSURED FUND: Business Sought to be Wound Up by OL Group
--------------------------------------------------------
OL Group Limited c/o Intertrust Corporate Services (Cayman) Limited
filed a petition to enter an order to wind up and put into
liquidation the operations of Assured Fund.

The hearing for the petition will take place on July 8 and 9 at
10:00 a.m. at the Law Courts Grand Cayman.

The company's liquidators are:

          Geoffrey Varga
          Mark Longbottom
          Duff & Phelps, 1st Floor
          The Harbour Center, 42 North Church Street
          PO Box 10387
          Grand Cayman, KY1-1004
          Cayman Islands




===================
C O S T A   R I C A
===================

COSTA RICA: Approves $1.5 Billion International Bond Placement
--------------------------------------------------------------
Alvaro Murillo at Reuters reports that Costa Rica's legislative
assembly approved the placement of up to $1.5 billion in bonds in
coming months as the Central American country struggles to reduce
its mounting debt burden.

Over the past 10 years, public debt in Costa Rica has doubled and
now stands at about 53 percent of gross domestic product, according
to Reuters.

The first tranche of the dollar bond debt issue will be placed in
international markets from August, said Rocio Aguilar, Costa Rica's
finance minister, the report notes.

The government will have a year to complete the bond issue, the
report says.  It had previously sought authorization for a total of
$6 billion in bonds, but legislators resolved only to approve the
bonds in smaller groupings, the report discloses.

Costa Rica's legislative assembly last December approved a package
of tax hikes and fiscal measures also meant to cut the country's
ballooning debt, the report notes.

However, Fitch Ratings in January expressed skepticism that the
reform could help the government achieve its targeted savings and
stabilize debt, the report relays.  The agency downgraded Costa
Rica's issuer default rating two notches to B+ from BB and changed
its rating outlook to negative, the report adds.




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

GWEST CORP: Incurs J$135.8 Million Loss For Fiscal Year
-------------------------------------------------------
RJR News reports that listed company GWest Corporation has reported
a loss for its financial year ended March 31.

Despite an increase in revenue, it had a J$135.8 million loss,
which was due in part to increased expenses, according to RJR
News.

In the previous year, GWest reported a loss of J$88 million, the
report notes.

Its latest financial results show revenue of J$129.9 million, up
from J$66 million in 2018, the report adds.




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

VERACRUZ: Moody's Raises Issuer Ratings to B3, Outlook Stable
-------------------------------------------------------------
Moody's de Mexico S.A. de C.V. upgraded the issuer ratings for the
State of Veracruz to B3/B1.mx from Caa1/B2.mx (Global Scale, local
currency/Mexico National Scale), upgraded its baseline credit
assessment to b3 from of caa1 and affirmed the stable outlook.

At the same time, Moody's de Mexico affirmed the debt ratings of
Baa3/Aa3.mx (Global Scale, local currency/Mexico National Scale) of
the state's following enhanced loans:

  - MXN4 billion enhanced loan (original face value) from Banobras
with a maturity of 20 years

  - MXN5.2 billion enhanced loan (original face value) from
Banobras with a maturity of 25 years

  - MXN4 billion enhanced loan (original face value) from Santander
with a maturity of 20 years

  - MXN1 billion enhanced loan (original face value) from Monex
with a maturity of 15 years

  - MXN4.054 billion enhanced loan (original face value) from
Banorte with a maturity of 20 years

  - MXN6 billion enhanced loan (original face value) from Santander
with a maturity of 20 years

  - MXN4 billion enhanced loan (original face value) from Banobras
with a maturity of 30 years

  - MXN4 billion enhanced loan (original face value) from Banobras
with a maturity of 25 years

  - MXN5 billion enhanced loan (original face value) from Multiva
with a maturity of 25 years

  - MXN745 million enhanced loan (original face value) from
Interacciones with a maturity of 20 years

RATINGS RATIONALE

RATINGS RATIONALE FOR THE BCA AND ISSUER RATINGS UPGRADE

The upgrade of the BCA to b3 from caa1 and issuer ratings to
B3/B1.mx from Caa1/B2.mx reflect Moody's opinion that Veracruz
displays stronger governance and management attributes, which has
also led to slightly stronger debt management and liquidity
profile.

Moody's notes that the new administration of Veracruz has
demonstrated improved governance and management practices. This
includes increased transparency and reliance of financial
information, including acknowledging the last refinancing operation
terms and recognition from the previous administration.
Additionally, Veracruz has complied with the publication of their
quarterly and yearly financial statements. Despite the short track
record of the new administration, Moody's recognizes there has been
improvement in this area and will keep close monitoring of the
governance practices.

Moody's expects Veracruz to stabilize its dependence on short term
debt at lower levels than previously recorded, which will
positively impact liquidity metrics. Derived from an increase of
18% in federal transfers, specifically "convenios", and the control
of operating expenditures, the State acquired MXN 2.5 billion of
short-term debt as of December 2018, which contrasted with the MXN
4.3 billion contracted consecutively in the two previous years. The
liquidity ratio, measured as cash to current liabilities, improved
in 2018, equaling 0.56x compared to a 0.36x the previous year. As
of March 2019, such ratio improved to 1.1x. Moody's expects that
the state will continue registering positive liquidity ratios
around 0.45x-0.35x during the 2019-2020 period.

RATINGS RATIONALE FOR THE AFFIRMATION OF THE RATINGS OF THE
ENHANCED LOANS

The affirmation of the Baa3/Aa3.mx debt ratings assigned to the ten
enhanced loans reflects Moody's view that the ratings already
consider the enhancements provided by the mandate for a low
speculative rated issuer and the estimated cash flows that generate
high debt service coverage ratios. The enhanced loans benefit from
a strong trust structure based on an irrevocable instruction and an
irrevocable mandate signed by the state, federal government and
lenders which transfers the rights and flows of Veracruz's general
participations fund revenues to the paying trusts.

The mandate ensures that the Ministry of Finance will transfer
Veracruz's non-earmarked federal transfers, or participations,
directly to the trust even if Veracruz unilaterally tries to alter
the agreements. In cases where the issuer has a very low
speculative grade rating, such as Veracruz, this trust structure
provides a strong level of insulation between the loan and the
issuer's idiosyncratic risks.

RATINGS RATIONALE FOR THE STABLE OUTLOOK

The stable outlook of Veracruz's ratings reflects Moody's
expectation that the state will continue registering financial
deficits between 1-2% of total revenue in forthcoming years. Such
deficits will be financed through debt acquisition. As such,
Veracruz will continue registering high net direct and indirect
debt levels of 36% of total revenue in the same period.
Additionally, although liquidity has improved from the very low
levels recorded in 2016 and 2017, liquidity metrics will continue
to be relatively stable over the next 2 years due to the persistent
level of current liabilities and lack of ability to generate cash
holdings.

WHAT COULD CHANGE THE RATING UP/DOWN

If Veracruz continues posting moderate cash financing results,
leading to a lower dependence on short-term debt and a positive
liquidity position, as stronger management and governance practices
remain consistent, the ratings could be upgraded. Although a
downgrade is currently unlikely in view of the stable ratings
outlook, Moody's would consider downgrading Veracruz's ratings if
the state increases current use of short-term debt leading to a
liquidity deterioration or if a deterioration in management and
governance practices was observed.

Given the links between the loans and the credit quality of the
obligor, changes in the ratings of Veracruz, either upwards or
downwards, could have symmetrical impacts on the ratings of the
enhanced loans. Additionally, downward pressure could arise if debt
service coverage levels fall materially below Moody's current
forecasts.

The principal methodology used in rating the enhanced loans was
Rating Methodology for Enhanced Municipal and State Loans in Mexico
published in July 2017. The principal methodology used in rating
the issuer ratings was Regional and Local Governments published in
January 2018.

The period of time covered in the financial information used to
determine the State of Veracruz's rating is between January 1, 2014
and December 31, 2018 (source: financial statements of the State of
Veracruz).




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

BAHIA DEL SOL: Seeks Court Approval to Hire Accountant
------------------------------------------------------
Bahia Del Sol Hotel Corporation seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire an
accountant.

In an application filed in court, the Debtor proposes to employ Luz
Disla Pena to assist in accounting matters and compliance with tax
return filing and reporting requirements.

The accountant will charge $400 per month for her services.

Ms. Pena disclosed in court filings that she is "disinterested" as
defined in Section 101(14) of the Bankruptcy Code.

Ms. Pena maintains an office at:

     Luz Disla Pena
     185 Delbrey
     San Juan, P.R. 00911
     Phone: (787) 365-0638

                  About Bahia Del Sol Hotel Corp

Bahia Del Sol Hotel Corporation, filed a Chapter 11 bankruptcy
petition (Bankr. D. P.R. Case No. 19-03234) on June 5, 2019,
estimating under $1 million in both assets and liabilities.  The
Debtor tapped Noemi Landrau Rivera, Esq., at Landrau Rivera &
Assoc., as counsel.


BENEFIT CONSULTING: Confirmation Hearing Set for July 30
--------------------------------------------------------
The Disclosure Statement explaining the Chapter 11 Plan of Benefit
Consulting Group of PR Inc. is conditionally approved.

A hearing for the consideration of the final approval of the
Disclosure Statement and the confirmation of the Plan and of such
objections as may be made to either will be held on July 30, 2019
at 10:00 AM at the U.S. Bankruptcy Court, U.S. Post Office and
Courthouse Building, 300 Recinto Sur, Courtroom No. 2, Second
Floor, San Juan, Puerto Rico.

Acceptances or rejections of the Plan may be filed in writing by
the holders of all claims on/or before ten (10) days prior to the
date of the hearing on confirmation of the Plan.

Any objection to the final approval of the Disclosure Statement
and/or the confirmation of the Plan shall be filed on/or before ten
(10) days prior to the date of the hearing on confirmation of the
Plan.

         About Benefit Consulting Group of PR Inc.

Benefit Consulting Group of PR Inc. sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 18-06051) on Oct.
16, 2018.  At the time of the filing, the Debtor estimated assets
of less than $1 million and liabilities of less than $1 million.
Judge Enrique S. Lamoutte Inclan presides over the case.


KONA GRILL: Creditors Panel Hires Bayard as Co-Counsel
------------------------------------------------------
The Official Committee of Unsecured Creditors of Kona Grill, Inc.,
and its debtor-affiliates, seeks authorization from the U.S.
Bankruptcy Court for the District of Delaware to retain Bayard,
P.A., as co-counsel to the Committee.

The Committee requires Bayard to:

   (a) in conjunction with Kelley Drye, provide legal advice
       where necessary with respect to the Committee's powers and
       duties and strategic advice on how to accomplish the
       Committee's goals, bearing in mind that the Court relies
       on Delaware counsel such as Bayard to be involved in all
       aspects of the bankruptcy proceedings;

   (b) draft, review and comment on drafts of documents to ensure
       compliance with local rules, practices, and procedures;

   (c) assist and advise the Committee in its consultation with
       the Debtors and the U.S. Trustee relative to the
       administration of these cases;

   (d) draft, file, and serve documents as requested by Kelley
       Drye and the Committee;

   (e) assist the Committee and Kelley Drye, as necessary, in the
       investigation, including through discovery, of the acts,
       conduct, assets, liabilities and financial condition of
       the Debtors, the operation of the Debtors' businesses, and
       any other matter relevant to these cases or to the
       formulation of a plan or plans of reorganization or
       liquidation;

   (f) compile and coordinate delivery to the Court and the U.S.
       Trustee information required by the Bankruptcy Code,
       Bankruptcy Rules, Local Rules, and any applicable U.S.
       Trustee guidelines and requests;

   (g) appear in the Bankruptcy Court and at any meetings of
       creditors on behalf of the Committee in its capacity as
       Delaware counsel with Kelley Drye;

   (h) monitor the case docket and coordinating with Kelley Drye
       and Province on matters impacting the Committee;

   (i) participate in calls with the Committee;

   (j) prepare and update critical dates memoranda;

   (k) handle inquiries and calls from creditors and counsel to
       interested parties regarding pending matters and the
       general status of these cases and coordinating with Kelley
       Drye on any necessary responses; and

   (l) provide additional support to Kelley Drye, Province, and
       the Committee, as requested.

Bayard will be paid at these hourly rates:

     Directors               $500 to $1,050
     Associates              $350 to $450
     Paraprofessionals       $240 to $295

Bayard will also be reimbursed for reasonable out-of-pocket
expenses incurred.

In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:

   Question:  Did you agree to any variations from, or
              alternatives to, your standard or customary billing
              arrangements for this engagement?

   Response:  No.

   Question:  Do any of the professionals included in this
              engagement vary their rate based on the geographic
              location of the bankruptcy case?

   Response:  No.

   Question:  If you represented the client in the 12 months
              prepetition, disclose your billing rates and
              material financial terms for the prepetition
              engagement, including any adjustments during the 12
              months prepetition. If your billing rates and
              material financial terms have changed postpetition,
              explain the difference and the reasons for the
              difference.

   Response:  Not applicable.

   Question:  Has your client approved your prospective budget
              and staffing plan, and, if so for what budget
              period?

   Response:  Yes. For the period from May 16, 2019 through June
              30, 2019.

Justin R. Alberto, partner of Bayard, P.A., assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and (a) is not creditors,
equity security holders or insiders of the Debtors; (b) has not
been, within two years before the date of the filing of the
Debtors' chapter 11 petition, directors, officers or employees of
the Debtors; and (c) does not have an interest materially adverse
to the interest of the estate or of any class of creditors or
equity security holders, by reason of any direct or indirect
relationship to, connection with, or interest in, the Debtors, or
for any other reason.

Bayard can be reached at:

     Justin R. Alberto, Esq.
     Erin R. Fay, Esq.
     Gregory J. Flasser, Esq.
     BAYARD, P.A.
     600 N. King Street, Suite 400
     Wilmington, DE 19801
     Tel: (302) 655-5000
     Fax: (302) 658-6395
     E-mail: jalberto@bayardlaw.com
             efay@bayardlaw.com
             gflasser@bayardlaw.com

                        About Kona Grill

Kona Grill, Inc. -- https://www.konagrill.com/ -- owns and operates
27 casual dining restaurants in 18 states, as well as Puerto Rico,
serving contemporary American favorites, sushi, and alcoholic
beverages throughout the United States and Puerto Rico.

Kona Grill, Inc., and its subsidiaries sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. Del. Lead Case No.
19-10953) on April 30, 2019.  As of Dec. 31, 2018, the Debtors
disclosed total assets of $53,613,000 and total liabilities of
$74,049,000.  The petition was signed by Christopher J. Wells, the
CRO.

The Debtors tapped Pachulski Stang Ziehl & Jones LLP as counsel;
Piper Jaffray as investment banker; Alvarez & Marsal North America,
LLC as restructuring advisor and Epiq Corporate Restructuring, LLC,
as claims and noticing agent.

Andrew Vara, acting U.S. trustee for Region 3, on May 16, 2019,
appointed five creditors to serve on an official committee of
unsecured creditors in the Chapter 11 cases.  The Committee
retained Kelley Drye & Warren LLP, as lead counsel; Bayard, P.A.,
as co-counsel; and Province, Inc., as financial advisor.


ONE ALLIANCE: A.M. Best Affirms B(Fair) FSR & Alters Outlook to Neg
-------------------------------------------------------------------
A.M. Best has downgraded the Long-Term Issuer Credit Rating
(Long-Term ICR) to "bb" from "bb+" and affirmed the Financial
Strength Rating (FSR) of B (Fair) of One Alliance Insurance
Corporation (San Juan, Puerto Rico). The outlook of the Credit
Ratings (rating) has been revised to negative from stable.

The ratings reflect One Alliance's balance sheet strength, which AM
Best categorizes as adequate, as well as its marginal operating
performance, limited business profile and marginal enterprise risk
management (ERM).

The rating action is based on the magnitude of Hurricane Maria
losses relative to the premium written in the start-up phase of the
company's development. With continued loss development, ultimate
losses from Hurricane Maria are approaching the company's available
reinsurance protection. Accordingly, AM Best has revised the
assessment of One Alliance's ERM to marginal, as the risk
management capabilities do not align fully with the company's risk
profile. While management is refining and enhancing the company's
overall ERM framework and capabilities, the ultimate effectiveness
of these changes remains uncertain.

Lastly, AM Best also has revised the outlooks to negative from
stable, reflecting the company's elevated gross and ceded
underwriting leverage, which puts pressure on its risk-adjusted
capitalization.  




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

VENEZUELA: June Oil Exports Recover to Over 1 Million Bpd
---------------------------------------------------------
Marianna Parraga at Reuters reports that Venezuela's oil exports
recovered in June from a sharp drop the month before, helped by
increased deliveries to China, which is now state-run oil firm
PetrĂ³leos de Venezuela, S.A.'s (PDVSA) primary destination for its
crude, according to company records and Refinitiv Eikon data.

PDVSA and its joint ventures exported 1.1 million barrels per day
(bpd) of crude and refined products last month, a 26% increase over
May. Chinese buyers took 59% of the shipments, followed by India
with 18% and Singapore with 10%, the documents showed, according to
Reuters.

June data show the OPEC member nation has been able to restore the
level of exports it maintained earlier this year, after the U.S.
imposed sanctions on PDSVA in January designed to starve the nation
of oil revenue, the report notes.  PDVSA has since reorganized its
businesses to continue crude exports, which are the country's main
source of revenue, the report relays.

The United States this year barred U.S. companies from dealings
with PDVSA and recognized Venezuelan congress chief Juan Guaido as
the country's legitimate leader on the grounds that President
Nicolas Maduro's 2018 re-election was a sham, the report relays.

Venezuelan oil exports to China have risen consistently since the
sanctions hit, the data showed, the report notes.  In February, the
volume shipped was 233,000 bpd, and in June, it almost tripled to
656,000 bpd. However, PDVSA's exports to India, another large
receiver, have declined to 200,000 bpd, while deliveries to Europe
have remained around 85,000 bpd in recent months, the report says.

Under oil-for-loan agreements with China and Russia that have
supplied billions of dollars to Venezuela in the last decade, PDVSA
must deliver the largest portion of its oil exports to China
National Petroleum Corp [CNPC.UL] and Russia's Rosneft to repay the
credits, the report relays.  Another share of the exports is
exchanged for fuel purchases, the report notes.

PDVSA imported 117,100 bpd of fuel in June, the third consecutive
monthly drop, the report says.  Rosneft and Spain's Repsol were the
main suppliers of products, including gasoline, diluting naphtha,
diesel and liquefied petroleum gas, according to the data, the
report relays.

Last month, PDVSA began tests to reshuffle crude production to
favor exports of grades favored by Asian refiners. U.S. refiners
that once were among Venezuela's largest receivers took no crude
last month, the report notes.  Exports to Cuba last month declined
after a May jump, the documents showed, the report adds.

                    About Venezuela

Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South America, consisting of a
continental landmass and a large number of small islands and islets
in the Caribbean sea.  The capital is the city of Caracas.

Hugo Chavez was president to Venezuela from 1999 to 2013.  The
Chavez presidency was plagued with challenges, which included a
2002 coup d'etat, a 2002 national strike and a 2004 recall
referendum.  Nicolas Maduro was elected president in 2013 after the
death of Chavez.  Maduro won a second term at the May 2018
Venezuela elections, but this result has been challenged by
countries including Argentina, Chile, Colombia, Brazil, Canada,
Germany, France and the United States who deemed it fraudulent and
moved to recognize Juan Guaido as president.

The presidencies of Chavez and Maduro have challenged Venezuela
with a socioeconomic and political crisis.  It is marked by
hyperinflation, climbing hunger, poverty, disease, crime and death
rates, social unrest, corruption and emigration from the country.

Standard and Poor's long- and short-term foreign currency sovereign
credit ratings for Venezuela stands at 'SD/D' (November 2017).
S&P's local currency sovereign credit ratings are 'CCC-/C'. The May
2018 outlook on the long-term local currency sovereign credit
rating is negative, reflecting S&P's view that the sovereign could
miss a payment on its outstanding local currency debt obligations
or advance a distressed debt exchange operation, equivalent to
default.

Moody's credit rating (long term foreign and domestic issuer
ratings) for Venezuela was last set at C with stable outlook (March
2018).

Fitch's long term issuer default rating for Venezuela was last set
at RD (2017) and country ceiling was CC. Fitch, on June 27, 2019,
affirmed then withdrew the ratings due to the imposition of U.S.
sanctions on Venezuela.




===========================
V I R G I N   I S L A N D S
===========================

BANEXTER HOLDINGS: Creditors' Proofs of Debt Due Today
------------------------------------------------------
The creditors of Banexter Holdings Limited are required to file
their proofs of debt by July 4, 2019, to be included in the
company's dividend distribution.

Banexter Holdings Limited, in liquidation, has appointed Owen
Wlaker and Nathan Mills of R&H Restructuring (BVI) Ltd as company
liquidators.

The company's liquidators can be reached at:

          Owen Walker
          Nathan Mills
          R&H Restructuring (BVI) Ltd
          Building no. I, Tortola Pier Park
          PO BOx 3162 Wickham's Cay I
          Road Town, Tortola British Virgin Islands



                           *********


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

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

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

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