/raid1/www/Hosts/bankrupt/TCRLA_Public/190723.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

          Tuesday, July 23, 2019, Vol. 20, No. 146

                           Headlines



A N T I G U A   A N D   B A R B U D A

LIAT: Antigua Looking at New Destinations


A R G E N T I N A

ARGENTINA: Faces Choice Between Hard Reforms and Populism


B R A Z I L

COSAN LTD: S&P Assigns BB- Rating to New Senior Unsecured Notes
JBS SA: Trade Relief Funding Criticized Over Sizable Award to Unit
MV24 CAPITAL: S&P Assigns Prelim BB Rating to $1.1BB Sr. Sec. Notes


C H I L E

LATAM AIRLINES EETC-2015: S&P Affirms 'BB+(sf)' Rating on B Certs


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Starts Sharing Account Information With US


E C U A D O R

ECUADOR: Makes Big Push Into Mining with Chinese-Backed Project


M E X I C O

UNIFIN FINANCIERA: S&P Affirms 'BB' Rating on Sr. Unsec. Notes


P U E R T O   R I C O

JC PENNEY: Egan-Jones Assigns CCC+ Sr. Unsecured Debt Ratings
JOSE L. RUIZ RAMIREZ: Selling San Sebastian Property for $225K


T R I N I D A D   A N D   T O B A G O

PETROLEUM CO: Lee Calls for Inquiry on Closure of Refinery


X X X X X X X X

[*] Brazil to Keep Alive Mercosur's Push That Garnered EU Pact

                           - - - - -


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

LIAT: Antigua Looking at New Destinations
-----------------------------------------
Nation News reports that the Antigua and Barbuda government says
its future plans for the cash-strapped regional airline, LIAT, is
to have it fly as far north as Florida, stopping in places like
Jamaica, Haiti and the Dominican Republic.

Antigua and Barbuda is seeking to become the largest shareholder
government of the airline and is in negotiations with Barbados to
acquire most of that country's shareholding in the Antigua-based
airline, according to Nation News.  The other shareholders are
Dominica, St Vincent and the Grenadines and Grenada, the report
notes.

Antigua and Barbuda currently holds 34 per cent of the shares and
if it succeeds in convincing Bridgetown to part with its LIAT
shares, would have 81 per cent of the airline that employs over 600
people and operates 491 flights weekly across 15 destinations, the
report relays.

St John's said it would seek to acquire the LIAT shares owned by
Barbados, through a take-over of the liability of Barbados to the
Caribbean Development Bank (CDB), the report notes.

Nation News discloses that Cabinet said it had been "informed of
the state of the negotiations" which it later described as being
"at a very sensitive stage" and that the government was informed
that the negotiations would "continue until there is an agreement,"
Cabinet said.

"Antigua and Barbuda's object is to acquire sufficient common
shares in LIAT that will give the administration a controlling
position.  Instead of collapsing LIAT or reducing the size of its
operation, the Gaston Browne administration aims to enlarge LIAT's
routes and to operate LIAT as far north as Florida, stopping in
places like Jamaica, Haiti and the Dominican Republic -- leasing
jet aircraft to achieve this bigger ambition.

"More than 700 LIAT employees will remain employed if this ambition
is realized," according to a note following the Cabinet meeting,
the report relays.

                          About LIAT

LIAT Ltd., formerly known as Leeward Islands Air Transport or LIAT,

is an airline headquartered on the grounds of V. C. Bird
International Airport in Antigua.  It operates high-frequency
inter-island scheduled services serving 15 destinations in the
Caribbean.  The airline's main base is VC Bird International
Airport, Antigua and Barbuda, with bases at Grantley Adams
International Airport, Barbados and Piarco International Airport,
Trinidad and Tobago.

The airline is owned by seven Caribbean governments, with three
being the major shareholders: Barbados, Antigua & Barbuda and St.
Vincent and the Grenadines along with Dominica(94.7 %); other
Caribbean governments, private shareholders and employees (5.3%).

In the last few years, LIAT has been challenged with financial
difficulties, often needing additional funding as the airline dealt
with the high cost of operations.  In November 2016, the Barbados
government defended LIAT's operations, even as opposition
legislators called for a cessation of the business.  In early 2015,
LIAT offered early retirement packages to employees in efforts to
downsize.  In 2014, LIAT knew it had to deal with unprofitable
routes to make operations viable.  In the third quarter of 2013,
the airline's top management was shaken, with news Chief Executive
Officer Captain Ian Brunton's sudden resignation.

LIAT's current chief executive officer is Julie Reifer-Jones,
chairman is Jean Holder, and chief financial officer is Rojer
Inglis.

Dr. Ralph Gonsalves, prime minister of St. Vincent & the
Grenadines, serves as chairman of LIAT shareholders.



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

ARGENTINA: Faces Choice Between Hard Reforms and Populism
---------------------------------------------------------
Ian Bremmer at TIME reports that no leader wants to face voters
when times are tough, particularly in this era of wild-card
winners, incumbent losers and brand-new political parties in
country after country.  That's why Argentina's President Mauricio
Macri is still widely considered an underdog to win re-election in
October, according to TIME.

Last year, he told Argentina's people that after years of economic
crisis and isolation, "the worst is over," the report recalls. That
might be true, the report relays.  Their currency has stabilized,
inflation is finally slowing, and the cost of borrowing is down.
On the other hand, the improvement is marginal, the report relays.
The economy remains in recession, the unemployment rate is still
10%, and price inflation is above 50%, the report discloses.  To
meet the demands of the International Monetary Fund--a lender that
many Argentines love to hate for the austerity it demanded in
return for its cash through years of economic hardship--Macri's
government has cut spending.

The opponent he's likely to face in a second-round runoff doesn't
carry much political baggage, the report notes.  Alberto Fernandez
presents himself as a moderate of the center-left, a man who
pledges to win a better deal from the IMF without destroying the
country's hard-won financial credibility, the report relays.  But
his running mate is another matter.  Fernandez's choice for Vice
President is former President Cristina Fernandez de Kirchner (no
relation), the biggest lightning rod in the country and now Macri's
best chance to beat Fernandez, the report relays.

TIME says that Cristina, as she's known to her supporters, governed
Argentina from 2007 to 2015.  During those eight years, she nearly
ran the country into the ground, in part by playing to voter
frustration by declaring war on a group of foreign lenders.  Her
government manipulated economic statistics. Graft in politics and
business was widespread. Cristina faces several ongoing corruption
cases, the report notes.  If Alberto Fernandez chose her as his
election partner, it is because of her loyal following among
Peronist voters, the report relays.

The report notes that Macri, the man elected four years ago to
right a listing economic ship, can hope the economy continues to
improve quickly enough to blunt public demand for change. But he
knows it takes time for voters to feel even a strong recovery, and
time is slipping away.  He has tried to co-opt his opponents'
populism by choosing a moderate Peronist as his running mate, the
report relays.  He has focused his campaign at times on noneconomic
accomplishments, like better roads and cleaner water on his watch.

But in the end, his message will sound something like this: "You
are not yet better off than when you first elected me President,
but you are far better off than when Cristina Fernandez de Kirchner
was your President," the report discloses.  He can argue that
outside forces beyond his control, like lower prices for
Argentina's exports and expectations for higher interest rates in
the U.S., have made things tougher, the report says.  He can claim
that Cristina is to blame for the depth of the hole Argentina is
still digging itself out of, and her presence on the opposition
ticket will help him make her past rule a warning for the future,
the report relates.

That's still a tough sell for the incumbent Macri, particularly in
an era when voters in the U.S., Mexico, Brazil, France and Italy
have shoved aside establishment politicians, the report notes.
We'll get an early indication of Argentina's political temperature
on Aug. 11, when voters turn out, or fail to, for party primaries,
the report says.  That will provide a good gauge of whether the
dominant mood is demand for change or fear that the future might
mean a return to an ugly past, the report adds.

                         About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires.  Mauricio Macri is the
incumbent president of Argentina.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank.  Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and--in the recent decades--increasing poverty.

Last week, Moody's affirmed Argentina's credit rating at B2 with
negative outlook. Standard & Poor's credit rating for Argentina
stands at B with stable outlook (November 2018). Fitch's credit
rating for Argentina was last reported at B with negative outlook
(November 2018). DBRS's credit rating for Argentina is B with
stable outlook.



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

COSAN LTD: S&P Assigns BB- Rating to New Senior Unsecured Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating to Cosan
Ltd.'s (CZZ's) proposed senior unsecured notes. S&P also assigned a
'4' recovery rating to the proposed notes, which indicates average
recovery expectation of 30%-50% (rounded estimate 45%) in the event
of default.

CZZ should use $300 million from the proceeds to fund the tender
offer of its outstanding 2024 notes, extending debt maturities. S&P
expects CZZ to use the remaining amount to increase its
participation in its subsidiaries as well as for other general
corporate purposes. CZZ continues to benefit from Companhia de Gas
de Sao Paulo - Comgas's strong business model, Raizen's steady
dividend payments and Rumo S.A.'s cash flow growth in 2019.
Therefore, potentially higher investments coming from the new
issuance should be compensated by higher cash flows, allowing CZZ
to maintain net debt to EBITDA at 2.0x-3.0x in 2019.

Recovery Analysis

S&P has assigned a recovery rating of '4' to the proposed senior
unsecured notes, with an average recovery of 45% (rounded
estimate).

Key analytical factors:

S&P's hypothetical scenario assumes a default occurs in 2023 after
persistently weaker economic conditions in Brazil, which would
erode the group's ability to meet its financial obligations. This
scenario would reduce dividends coming from Cosan S.A.'s
subsidiaries. As a result, CZZ would be unable to service its debt
and access capital markets to refinance debt maturities. The latter
is a non-operating holding company, so its value at default would
be derived from the remaining balance at its two main subsidiaries,
Cosan Logistica and Cosan S.A., whose creditors have priority over
CZZ in terms of the access to the subsidiaries' assets.

S&P said, "Given our view of Cosan Logistica's lower stand-alone
credit profile than the group's average, its default would occur
first, and we don't envision any remaining value will be upstreamed
to CZZ. We expect a recovery at Cosan Logistica's level that's
lower than 100%, but we don't account for any post-default recourse
from CZZ in the event of restructuring, because the latter doesn't
guarantee any of Cosan Logistica's debt. We believe that the
recovery level of Cosan S.A. would be higher than 100%. As a
result, the positive balance would be upstreamed to CZZ to meet the
requirements of its creditors.

"In a default scenario, we expect Cosan S.A. to sell its stake in
Raizen and Comgas under a stress situation (around 50% of market
value), generating around R$10 billion. The value obtained would
exceed the amount of debt held at the holding by about 20% (R$1.8
billion)."

The value remaining at Cosan S.A. after payment of its financial
obligations would be upstreamed to CZZ, considering the latter's
stake in Cosan S.A., to meet the ultimate parent's own financial
obligations.

Simulated default assumptions

-- Simulated year of default: 2023
-- Comgas' stake value at emergence: R$5.2 billion
-- Raizen's stake value at emergence: R$5.6 billion
-- Estimated gross enterprise value (EV): $10.9 billion
-- Remaining value for CZZ: R$1.8 billion (R$1.1 billion,
considering its 59% stake)

Simplified waterfall

-- Net EV, after 5% of administrative costs: $990 million
-- Unsecured debt: R$1.6 billion
-- Recovery expectation: 30%-50%

  Ratings List

  New Rating
  Cosan Ltd.

   Senior Unsecured BB-
    Recovery Rating 4(45%)


JBS SA: Trade Relief Funding Criticized Over Sizable Award to Unit
------------------------------------------------------------------
Agnet West reports that the U.S. Department of Agriculture (USDA)
has received criticism for how trade relief funding is being
awarded, due to some recipients having strong business
relationships with other countries.   JBS USA, the American
subsidiary of the Brazilian meat company JBS SA, has been a
significant point of contention, according to Agnet West.  A recent
analysis from the Midwest Center for Investigative Reporting
revealed that JBS USA received more than 26 percent of the $300
million that was allocated for pork, the report notes.

A group of nine U.S. Senators sent a letter to U.S. Secretary of
Agriculture Sonny Perdue back in May, criticizing the agency's
administration of the trade relief funding, the report relays.  The
lawmakers pointed out that the USDA's Trade Mitigation Program is
designed to assist U.S. producers who are struggling as a result of
the current trade environment, the report notes.  JBS USA has been
the single largest beneficiary of the program, being awarded nearly
$78 million in pork contracts, the report disclsoes.

"It is counterproductive and contradictory for these companies to
receive assistance paid for with U.S. taxpayer dollars intended to
help American farmers," the letter stated, notes the report.  "It
is unacceptable that American taxpayers have been subsidizing our
competitors through trade assistance.  We ask that you ensure these
commodity purchases are carried out in a manner that most benefits
the American farmer's bottom line--not the business interests of
foreign corporations."

Secretary Perdue was asked about the trade relief funding that was
awarded to JBS USA while he was at the recent AgTech Summit in
Monterey, the report relays.  The Secretary highlighted the fact
that while JBS is an international company, it has several plants
here in the U.S. which purchase a substantial amount of beef and
hogs from American producers, the report says.

"We bought protein from them that was produced by U.S. producers
there and took it off the market to support the prices," Secretary
Perdue noted, says the report.  "We can't buy from every swine
farmer there and that's not the way it's done.  Those hogs are
contracted with different companies to do that.  So, the function,
the beneficiary here was not JBS, it was the American hog farmer
and that was our intention and yes, we would do that again."

JBS has expanded significantly in the U.S. over the past ten years,
purchasing Smithfield Beef Group, Inc., Cargill's pork business,
National Beef Packing Co., and Pilgrim's Pride, the report says.
The JBS facilities that were awarded trade mitigation contracts
from the USDA are in California, Iowa, Minnesota, and Illinois, the
report adds.

As reported in the Troubled Company Reporter-Latin America on June
19, 2019, Fitch Ratings has upgraded JBS S.A.'s Long-Term Foreign-
and Local Currency Issuer Default Ratings and senior unsecured
notes issued by JBS Investments GmbH and JBS Investments II GmbH to
'BB' from 'BB-'. The National Scale rating was upgraded to 'AA+
(bra)' from 'A(bra)'. The Rating Outlook is Stable. The upgrade
reflects JBS expected deleveraging and strong free cash flow
generation and improved financial flexibility due to recent
liability management.

MV24 CAPITAL: S&P Assigns Prelim BB Rating to $1.1BB Sr. Sec. Notes
-------------------------------------------------------------------
On July 18, 2019, S&P Global Ratings assigned its preliminary 'BB'
issue-level rating to MV24 Capital B.V.'s $1.1 billion in senior
secured notes due June 2034. S&P also assigned a recovery rating of
'2' to the notes.

The rating incorporates the loan MV24 provided to Cernambi Sul MV24
B.V. (Cernambi), which is the underlying asset, owner of an oil
vessel, supporting the repayment of the notes. S&P views Cernambi
as part of
the project. The project expects to use the proceeds to refinance
Cernambi's construction debt.

The preliminary rating mainly reflects the contracted nature of the
asset, which results in very stable and predictable cash flows. S&P
said, "The preliminary rating is one notch above the credit quality
of the of the weakest of the revenue counterparties, because we
believe that there are economic incentives to the owners of the oil
field to continue the oil production, even under financial distress
conditions. This reflects our view of the essential service the
project provides to the oil production, which generates cash flows
to the owners of Tupi, combined with the asset's unique
characteristics that was tailor-made to operate in the Lula-Iracema
field, i.e. it's an asset not practically substitutable." The
latter is one of Petrobras' most important production fields,
accounting for about 20% of total proven reserves. The field is
under the first quartile of its cash-cost, below $20 per barrel of
oil equivalent (boe).

S&P said, "Therefore, we cap the rating on MV24 at one notch above
the rating on Petrobras (BB-/Stable/--). Our analysis incorporates
also the operational risk inherent to oil production, limited to
activities of light process and oil storage, i.e. excluding
activities of subsea wellhead; the benefit of a long-term,
availability-based charter agreement that eliminates market risk,
and the operator's experience that has been able to maintain a
97.5% average availability of the asset since it started operations
in October 2014.

"Our base-case scenario, which assumes 96% average availability and
the prices included in the charter agreement, results in a minimum
annual DSCR of 1.17x in 2030 and an average DSCR of 1.22x
throughout the notes' term. In our view, project's resilience under
a downside-case scenario supports MV24's strength, given its low
exposure to price variations due to its availability-based
payments.

"Finally, the rating is higher than that on Brazil given that we
believe the project would be able to pass a sovereign stress
scenario. This is principally due to the exporting nature of the
asset, the smooth debt payments, and existence of debt reserve
accounts. Even though the vessel operates in Brazil, the charter
agreement defines that payments are deposited in offshore accounts,
all cash is held offshore, and revenue and costs are denominated in
dollars, offsetting the foreign-exchange conversion risk. We didn't
apply the typical cash haircut, because all cash is held offshore,
invested under permitted investment-grade titles.

"The rating on the notes is preliminary and the assignment of the
final rating will depend on our receipt and satisfactory review of
all final transaction documentation, while the interest rate on the
notes would need to be in line with our expectations. Accordingly,
the preliminary rating shouldn't be construed as evidence of the
final rating. If we don't receive the final documentation within a
reasonable timeframe, or if the final transaction departs from our
assumptions, we reserve the right to withdraw or change the
rating."



=========
C H I L E
=========

LATAM AIRLINES EETC-2015: S&P Affirms 'BB+(sf)' Rating on B Certs
-----------------------------------------------------------------
On July 19, 2019, S&P Global Ratings removed its issue-level
ratings on Latam's series 2015-1 EETCs from CreditWatch with
negative implications and affirmed the ratings on EETC-2015 1 Class
A at 'BBB+(sf)', Class B at 'BB+(sf)', and Class C at 'BB(sf)'.

The rating actions on Latam Airlines Group S.A. follow a final
ruling by the Sao Paulo Court of Appeals, which the Superior Court
of Justice (STJ) confirmed, on the applicability of the CTC. In
addition, S&P's rating actions are based on its assessment that
Latam's EETCs possess certain characteristics that mitigate some of
the legal uncertainty in Brazil and Chile.

A Brazilian bankruptcy court's decision to allow Avianca Brasil
S.A. (not rated), which had filed for bankruptcy in December 2018,
to keep possession of aircraft beyond the 30-day stay period set
forth in the CTC had raised legal uncertainties regarding the
protections provided under the international treaty. The CTC's
terms are one of S&P'base-case assumptions for rating Latam's
(EETCs) because they establish a legal framework for aircraft lease
or secured debt creditors' rights to repossess aircraft collateral
if a bankrupt airline doesn't resume payments and make up past-due
amounts after a short stay period following a bankruptcy filing.

On April 8, 2019, the Sao Paulo Court of Appeals issued a ruling
properly interpreting CTC and authorizing immediate repossession of
Avianca Brazil aircraft by lessors. The airline immediately
appealed the ruling, but STJ denied Avianca's petition and affirmed
the appeals court's ruling. S&P said, "Although during this first
airline bankruptcy in Brazil since the country ratified CTC in
2012, lessors were exposed to an almost 4-month stay period instead
of CTC's stipulations of the 30 days, we believe the April appeals
court ruling sets a favorable precedent. In the future airline
bankruptcy cases in Brazil, we expect creditors to repossess their
aircraft in a timely fashion."

Latam's EETCs have a unique structure because they're exposed to
two jurisdictions. Out of 17 aircraft under this structure, Latam
subleases seven of them to its Brazilian subsidiary, TAM S.A. The
mitigating factor is that the majority of Latam's planes backing
the EETCs are located in Chile, because of S&P's view of the
country's stronger and more predictable judicial system relating to
insolvency proceedings and creditor rights, although it hasn't
ratified the CTC. Furthermore, subleases to the Brazilian
subsidiary could be terminated any time. In addition, the EETCs are
supported by a 21-month liquidity facility, three months longer
than is typical for this type of debt, which could pay timely cash
interest in a bankruptcy scenario.

S&P said, "Given that Chile's bankruptcy law is new and despite
Brazil's ratification of CTC, we still had some degree of
uncertainty regarding the timing for a legal decision on the
aircraft recovery in both jurisdictions and uncertainties regarding
the timing for deregistration and export of the aircraft.
Therefore, we already factored this into our ratings.

"Our ratings on EETCs can be well above the issuer credit rating on
the airline because a default on the certificates occurs only if
the airline enters bankruptcy, either liquidates or reorganizes,
but rejects the secured aircraft debt or leases that collateralize
the rated certificates, and proceeds from repossession and sale of
the aircraft collateral are insufficient to repay principal and
interest due on the certificates. The chance of these three events
happening in succession is almost always less than that of a
bankruptcy filing of the airline. Holders of EETCs, particularly
the senior class, can also be repaid if the airline agrees on a
restructuring plan with them that lowers payments but still pays
enough to cover the senior class of EETCs.

"If Latam were to file for bankruptcy, we still view a high
likelihood of a debt restructuring, rather than liquidation, given
the airline's importance to several economies in Latin America.
Also, the pool of assets in EETCs remains liquid and attractive in
the secondary market. As a result, our loan-to-value analysis
remains unchanged, providing collateral enhancement for classes A
and B.

"We currently provide five notches of uplift to a rating on Latam's
Class 2015-1A certificates, two notches to the Class 2015-1B
rating, and one notch to Class 2015-1C rating above the 'BB-'
issuer credit rating."

  Ratings List

  Ratings Affirmed; CreditWatch Action

                                To   From
  Latam Airlines Group S.A.

  Equipment Trust Certificates BB+ BB+/Watch Neg
  Equipment Trust Certificates BB BB/Watch Neg
  Equipment Trust Certificates BBB+ BBB+/Watch Neg



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

DOMINICAN REPUBLIC: Starts Sharing Account Information With US
--------------------------------------------------------------
Dominican Today reports that Internal Taxes (DGII) disclosed the
formal entry into force of the Intergovernmental Agreement, United
States-Dominican Republic, to Improve International Tax Compliance
(IGLA), and to enforce the Law on Fiscal Compliance of Accounts
Abroad (FATCA), ratified by Congress.

The entry into force of the agreement takes place from the
diplomatic note issued and notified by Dominican Republic's Foreign
Ministry to the US Government, according to Dominican Today.

The agreement regulates the exchange of information, through an
automated system, of reportable censuses between the United States
and the Dominican Republic, the report notes.

"In this regard, Dominican financial entities must identify the
accounts of individuals, legal entities or other specialized
entities such as US trusts, to send relevant information to the
Internal Revenue Service of the United States (IRS), including
their movements, accounts, receipts and other operations," the
report relays.

Meanwhile, the United States must send the Dominican Government
information on the accounts of the residents of the Dominican
Republic, held in US financial institutions, the report adds.

                   About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.

The Troubled Company Reporter-Latin America reported on April 4,
2019 that the Dominican Today related that Juan Del Rosario of the
UASD Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB- with
stable outlook (2016).



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

ECUADOR: Makes Big Push Into Mining with Chinese-Backed Project
---------------------------------------------------------------
Fernando Arroyo Leon at LatinxToday reports that Ecuador has taken
its first step into the megamining sector, starting production at
the Condor-Mirador open-pit mine.

The mining project, which will produce copper, silver, gold and
molybdenum, is located in Tundayme, an area in the Amazonian
province of Zamora Chinchipe, according to LatinxToday.

President Lenin Moreno's administration inaugurated the project,
betting that Condor-Mirador will boost development in the Andean
nation, which still depends in producing crude oil, a resource
whose extraction has not benefited everyone in the country, the
report notes.

The mining project, however, is controversial, with critics
contending that it will harm the environment and communities in
Zamora Chinchipe, the report relays.

The report discloses that Condor-Mirador was conceived during
former President Rafael Correa's 2007-2017 administration and
became a signature project due to its economic potential.

Ecuacorriente S.A. (ECSA) broke ground on the project in 2014 and
invested some $1.5 billion in Condor-Mirador, which produces copper
concentrate that will be exported to China for processing, the
report says.

ECSA, a subsidiary of Chinese consortium CRCC-Tongguan, plans to
process some 60,000 tons per day of minerals, with about 2 percent
of the output being copper concentrate, the report notes.

The report relays that the large-scale mining project will also
produce gold, silver and molybdenum.

During the project's 30-year life, a huge pit will be created that
ECSA will later turn into a man-made lake stocked with species
native to the Amazon, the report notes.

Environmentalists and indigenous communities fear that the project
will harm the region without providing benefits to residents, the
report says.

Critics argue that the oil industry, which began operations in the
1970s, never yielded the benefits promised by officials, the report
relates.

The report notes that the Confederation of Indigenous Nationalities
of Ecuador (CONAIE) and its branch in the Amazon region, CONFENIAE,
are demanding that the government obtain "prior consent" from
affected communities before starting operations on any extractive
project.

ECSA executives and government officials, for their part, said the
large-scale project would be an example of "responsible mining,"
avoiding harm to the environment and communities, while boosting
Ecuador's economic development, the report relays.

"All the environmental and social standards have been complied
with," an ECSA executive told EFE, adding that nearby communities
welcomed the project.

Some $80 million in royalties has been paid since the project
started and another $15 million is expected to be disbursed in
coming weeks, Energy and Non-Renewable Natural Resources Minister
Carlos Perez said, the report notes.

Condor-Mirador mine manager Angel Cueva said the project's start
marked a development milestone for Ecuador following the "oil boom"
of the 1970s, the report says.

While Ecuador is just getting started in large-scale mining, a
sector in which Chile and Peru have long had a presence, the Andean
nation's industry is operating under stricter environmental rules,
government officials and mining industry representatives said, the
report notes.

Ecuador has adopted "the best models" for producing and
transporting minerals, and officials are working closely with
nearby communities, Cueva said, the report discloses.

Perez, for his part, said that while "responsible mining" did not
completely eliminate the risk of pollution, it represented one of
the best industrial options for the country, generating revenues
and foreign exchange, the report says.

Along with other strategic initiatives, such as the Fruta del
Norte, Llurimagua, Rio Blanco and Cascabel mining projects,
Condor-Mirador will open the door to development for Ecuador, Perez
said, the report relates.

The report notes that the energy and non-renewable natural
resources minister said 11 strategic and second-generation projects
were being tapped by the government to boost economic development.

"The plan is for mining to account for 4 percent of the gross
domestic product (GDP) by the year 2021, and to have it become the
second line of exports, after hydrocarbons," the minister said, the
report relays.

"If it (the mining industry) continues developing, it is expected
to take leadership of exports in the coming years," he added.

As reported in the Troubled Company Reporter-Latin America on Feb.
1, 2019, Fitch Ratings has assigned a 'B-' rating to Ecuador's USD1
billion notes maturing January 2029. The notes have a coupon of
10.75%.  Proceeds from the issuance will be used in accordance with
local laws for government programs, infrastructure projects or to
refinance existing debt obligations on more favourable terms.



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

UNIFIN FINANCIERA: S&P Affirms 'BB' Rating on Sr. Unsec. Notes
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' issue-level rating on Unifin
Financiera S.A.B. de C.V.'s (Unifin's) senior unsecured notes after
it increased the amount to $450 million from $400 million. S&P
said, "The incremental debt doesn't weaken the company's funding
assessment, because we expect Unifin to use part of the proceeds
for general corporate purposes, including improving its asset
liability management. The issuance will have a full cross-currency
swap to hedge against currency exchange fluctuations, as we saw
with Unifin's outstanding global debt issuances."

The 'BB' rating on the notes is the same as the long-term global
scale issuer credit rating on Unifin, and indicates that the notes
will rank equally in right of payment with all of the company's
existing and future senior unsecured debt. Also the firm's priority
debt (secured debt) will represent less than 15% of adjusted assets
for the next 12 months. Unifin's unencumbered assets will also
cover more than 1x of its rated unsecured debt (including the
proposed debt issuance).

S&P said, "The ratings also reflect our business position
assessment of Unifin, which benefits from stable and growing
business operations that are oriented towards pure leasing
activities--primarily in the small- to mid-size enterprise lending
sector. Furthermore, the ratings reflect our forecasted
risk-adjusted capital ratio above 7% for the next 12 and 24
months." Finally, Unifin's risk position reflects subpar reserve
coverage, with asset quality metrics in line with those of the
company's main competitors.

  Ratings List

  Rating Affirmed

  Unifin Financiera, S.A.B. de C.V.
   Senior Unsecured                       BB




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

JC PENNEY: Egan-Jones Assigns CCC+ Sr. Unsecured Debt Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on July 8, 2019, assigned CCC+ foreign
currency and local currency senior unsecured ratings on debt issued
by JC Penney Co Incorporated.

J. C. Penney Company, Inc. is an American department store chain
with 864 locations in 49 U.S. states and Puerto Rico.

JOSE L. RUIZ RAMIREZ: Selling San Sebastian Property for $225K
--------------------------------------------------------------
Jose L. Ruiz Ramirez and Miriam I. Torres Gonzalez ask the U.S.
Bankruptcy Court for the District of Puerto Rico to authorize their
sale of their agricultural farmland with a residential structure
located at SR109, Km. 26.5, Interior Culebrina Ward, San Sebastian,
Puerto Rico, a site of 22 "cuerdas," to Transporte de Agregados del
Pepino, Inc. for $225,000.

Per the Property Register records, the property appears titled to
Miriam Ivette Torres Gonzalez, join-debtor in the case.  No liens
nor encumbrances appear recorded against the subject property in
the Property Register records, as per the enclosed title search.

The Debtors' estimate value of the property has been informed in
the schedules filed in an amount of $225,000.  The last appraisal
reports for both portions of the entire property (farmland and
residential) are dated March 26, 2016.

The Debtors inform that they assumed as unexpired Lease Agreement
With Option to Purchase (the Lease/Option Agreement) entered into
with Mr. Ivan Rosado Cancel, approved by the Court, containing a
transaction contemplated in the confirmed plan dated Feb. 2, 2017
as amended. According to the Lease/Option Agreement signed May 5,
2014, the lessee had to exercise his option to purchase by Jan. 10,
2019, which he did not because he was not able to produce the
amount of money necessary to complete the agreed sales price in
total.

Given the lack of feasibility of the option holder, as an
individual, to exercise the option to purchase as originally agreed
on the May 5, 2014, the corporation Transporte de Agregados del
Pepino, Inc., a domestic for profit corporation, was presented by
the realtor as an interested proposed purchaser, honoring the
purchase-sale offer at the price originally agreed at $250,000.

However, the purchase price is divided in four installments, as
follows: one (1) lump payment of $150,000 at closing and three
deferred installments of $25,000 plus single interest at the rate
of 7% (adjusted to $26,750) per installment, to be paid each at the
end of each subsequent year until completion.  The total principal
and interest to be paid for the deferred installments produces the
sum total of $80,250 at the end of the three-year period from the
closing date, for a grand total of $230,250.

The parties have entered into their new Purchase-Sales Promise
Agreement.  The amount of principal offered is $720 under the last
appraisal report for this property, valued at $225,720 for the 22
cuerdas.  Nonetheless, the Debtors believe that the price oobtained
in the private offer is reasonable considering that: (i) it
maintains the original purchase price agreed upon plus 7% interest
($5,250) over the three years for the $75,000 in deferred purchase
price installments, and (ii) due to the actual conditions of the
residential property which had remained vacant without receiving
maintenance with an overall condition described as "poor," and
extensive repairs and work required for his property estimated at
$40,000 as of March 26, 2016.  

In compliance with LBR 6004-1, the Debtors respectfully submit that
the proposed sale of estate property not in the ordinary course of
business is in their best business judgment and after conducting
reasonable marketing efforts, at least equal to or more than the
actual value of the property.   Also, the instant motion is being
filed describing the scope and content of the sale, and giving
notice to creditors, parties in interest and affected parties of
not less than 21 days notice and opportunity to object to the
proposed action.

Upon entry of Order by the Court, the Debtors' Trustee intends to
close the sale pursuant the following: the estimated proceeds and
payments, including payment of administrative expenses, are
detailed in the itemized Private Settlement Statement break down of
the proceed (Exhibit 5).

A copy of the Agreement attached to the Motion is available for
free at:

        http://bankrupt.com/misc/JOSE_RAMIREZ_134_Sales.pdf  

Jose L. Ruiz Ramirez and Miriam I. Torres Gonzalez filed for
Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 16-03552)
on May 2, 2016.  Edgardo Mangual Gonzalez, Esq., at EMG Despacho
Legal, CRL, serves as the Debtor's bankruptcy counsel.



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

PETROLEUM CO: Lee Calls for Inquiry on Closure of Refinery
----------------------------------------------------------
Trinidad and Tobago News reports that POINTE a Pierre MP and UNC
deputy political leader David Lee is calling for a commission of
inquiry on the closure of state-owned refinery, Petroleum Co. of
Trinidad & Tobago (Petrotrin).

In a statement, Lee said it was "rather ironic" that Government was
undertaking a commission of enquiry into the acquisition of land
for the construction of the Pt Fortin highway extension project,
"yet one of the greatest acts of mismanagement which has been
committed against our taxpayers, the destruction of Petrotrin
remains unsolved," according to Trinidad and Tobago News.

He said, "If this administration was really serious in holding
those accountable for the misappropriation and blatant corrupt use
of state funds they would have looked to finally confirm to the
population of TT who were the individuals that were solely
responsible for destroying our national patrimony," the report
notes.

The report relays that Lee added that if there was any single act
which ever warranted the setting up of a commission of enquiry, it
was the "Petrotrin debacle, due to the massive trauma it has caused
our population with thousands being thrown onto the breadline,
fence line businesses and communities being destroyed as well as
our energy security being totally diminished."

"While the government grasps at straws in this current political
witch hunt aimed at changing the narrative, our population is still
seeking answers to the many inaccurate and questionable details
which were put forward concerning Petrotrin," he said, the report
discloses.

The report notes that Lee added, "These questions include, how
could the Prime Minister say that the refinery was past its prime
yet numerous entities placed bids for it? How could the government
say that Petrotrin was making a loss yet made a profit in the last
year of its operations?

"Why did this administration purposefully derail refinancing
attempts which were aimed at revitalising the company? What new
activities are being done by these new companies that were not
being done at Petrotrin before? Why were all these issues relating
to Petrotrin's restructuring kept away from the Parliamentary Joint
Select Committee on Energy?" were some of the questions he asked,
the report relates.

"A commission of enquiry into Petrotrin's debts would finally heal
the wounds of our taxpayers who have all been burdened by the
billions in debts which PNM appointed officials plagued the
company, eventually leading to its demise.

"Finally our population would get the answers as to as to why the
Malcolm Jones-led board wasted over $2 billion on a failed WGTL
plant, why over $170 million was spent to build a new Petrotrin
Administrative building which was never completed, and why auditors
discovered in 2017 that $80 million was paid for oil that was never
received by Petrotrin.

"Further, our country would be fully enlightened as to why the
proceedings to ascertain those accountable for these debts were
derailed by this Government.

"The Petrotrin restructuring process has been shrouded in a blanket
of secrecy by this administration given that it was not based on
the best interest of our country but rather on the self-gain of a
few," he said, the report notes.

The report relays that Lee also added, "Our population deserves
answers. If this government says that they want transparency across
the board, they must investigate if criminal proceedings could be
brought against those who destroyed Petrotrin also.

"Undertake a Commission of Enquiry into Petrotrin now, not
tomorrow," he demanded.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2018, Moody's Investors Service placed Petroleum Co. of
Trinidad & Tobago's B1 corporate family rating and senior
unsecured debt ratings on review for downgrade. This rating action
was based on the lack of clarity regarding Petrotrin's new
business profile and strategy as well as increasing liquidity risk
related to the approaching maturity of the 2019 bonds.



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

[*] Brazil to Keep Alive Mercosur's Push That Garnered EU Pact
--------------------------------------------------------------
Natalia Kidd at The Latin American Herald reports that Mercosur in
Argentina hailed the new push that led to the recent accord with
the European Union, a move that the bloc's new leader, Brazilian
President Jair Bolsonaro, promised to keep alive to obtain new
markets and make the South American bloc's internal dynamic more
flexible.

After several summits with little to show, and which were not
exempt from cross-cutting demands among the partners, the summit
held in the Argentine city of Santa Fe proved that Mercosur had
managed to break out of its recent inertia and take a leap forward
that all the presidents of the bloc called "historic."

The laurels for the achievement were heaped on the host of the
meeting, Argentine President Mauricio Macri, who holds the
six-month rotating Mercosur presidency and has presided over
sealing the strategic alliance with the EU after almost 20 years of
arduous negotiations.

"The pact with the EU is the fruit of a collective effort, in which
we've demonstrated our calling and commitment at the highest level.
We should feel proud of having pursued this objective in a
sustained manner," said Macri before passing the bloc's baton to
Bolsonaro.

The Argentine leader, who next October will seek re-election, was
hailed by his colleagues, who agreed that the EU pact consolidates
the position of the Mercosur members--Argentina, Brazil, Paraguay
and Uruguay--in accelerating the talks with other blocs and
countries and in achieving greater cooperation with the Pacific
Alliance, consisting of Chile, Peru, Colombia and Mexico.

"We should move forward with optimism toward the realization of the
other accords that we're negotiating with Canada, South Korea and
the European Free Trade Association, which will remain under the
leadership of President Bolsonaro," said Paraguayan President Mario
Abdo Benitez.

Bolsonaro, who for the first time assumes titular leadership of the
bloc founded in 1991, said that the foreign agenda will be one of
his priorities, along with reviewing the common foreign tariff
policy that has prevailed in the customs union for 25 years and the
bloc's institutional reform to make it more modern and flexible.

"We want a Mercosur with less talk and more action," said
Bolsonaro, who up until a few months ago had harshly questioned the
bloc's integration process because of its scanty achievements in
that regard and what he has called its political "ideologization,"
notes the report.

The unusually good atmosphere among the presidents of the region
allowed them to achieve the consensus needed to move forward on a
declaration regarding the strengthening of democracy within
Mercosur, a statement signed by all four members, and another on
the Venezuelan crisis, which the bloc's members supported along
with the associated states (Chile, Colombia, Peru, Ecuador, Guyana
and Suriname).

In the latter document, which only Bolivia refused to sign, the
countries expressed their concern about the "serious crisis" in
Venezuela and warned about the "severe deterioration" of living
conditions in that country.

In the declaration, the members urge the "quick return of
democratic institutions" in Venezuela, although they did not
mention Venezuelan President Nicolas Maduro or provide explicit
support to the self-proclaimed, but widely recognized, acting
president, Juan Guaido, says the report.

This is an issue that divides the bloc, given that Uruguay does not
recognize Guaido as Venezuela's legitimate leader, while Argentina,
Brazil and Paraguay do and have taken a much tougher position
regarding the Maduro regime, the report relates.

At the presidents' plenary session, Macri said that Guaido is the
"only legitimate authority in Venezuela" and demanded that Maduro
"stop obstructing the democratic transition and halt the violations
of human rights."

But other leaders present at the session, including Uruguay's
Tabare Vazquez and Bolivia's Evo Morales, who also fails to
recognize Guaido, opted not to allude in their speeches to the
Venezuelan question, which continues to be a thorny issue within
Mercosur despite the bloc's claim that the current summit
represents an "inflection point" on the matter.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


                  * * * End of Transmission * * *