/raid1/www/Hosts/bankrupt/TCRLA_Public/190830.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

          Friday, August 30, 2019, Vol. 20, No. 174

                           Headlines



A R G E N T I N A

ARGENTINA: As Bets on a Default Grow, IMF is Last Bastion of Hope
ARGENTINA: Seeks to Extend Maturity of $101 Billion of Debt


B A R B A D O S

BARBADOS: To Tap Private Sector to Help Refurbish Health Facilities


B R A Z I L

BANCO VOTORANTIM: Moody's Rates Proposed Sr. Unsec. Notes  Ba2
BANCO VOTORANTIM: S&P Assigns 'BB-' Rating to New Sr. Unsec. Notes
JBS SA: Closely Monitoring Cattle Suppliers
ODEBRECHT SA: Chapter 15 Case Summary


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Industrial Activity Rebounds in July


E C U A D O R

ECUADOR: To Strengthen Fiscal Stability with $75MM IDB Loan


M E X I C O

BBVA BANCOMER: Fitch to Rate Tier 2 Sub. Preferred Notes BB+(EXP)


T R I N I D A D   A N D   T O B A G O

ATLANTIC LNG: Cut Staff by 20% in Two Years
PETROLEUM CO: TPHL Quamina Needs to Quit, Moonilal Says


U R U G U A Y

URUGUAY: IDB OKs $30M Loan to Finance Research & Innovation Program

                           - - - - -


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

ARGENTINA: As Bets on a Default Grow, IMF is Last Bastion of Hope
-----------------------------------------------------------------
Aline Oyamada at Bloomberg News reports that Argentina investors
scorched by one of the worst sell-offs in the history of emerging
markets are banking on the International Monetary Fund to buy the
country some time.

IMF officials are visiting Buenos Aires and will give their
recommendation within weeks on whether to disburse another $5.3
billion to the country from a record bailout approved in 2018,
according to Bloomberg News.  Their decision could determine
whether Argentina enters a chaotic default in the next few months
or if the government gets more breathing room to shore up its
finances and potentially seek a negotiated restructuring, Bloomberg
News notes.

Bloomberg News says that Argentina needs the money badly, and
quickly.  Foreign-currency reserves have plummeted more than $10
billion in the past month as policy makers sought to shore up the
peso in the wake of a stunning loss in a primary for the
market-friendly government coalition, Bloomberg News discloses.  A
refusal by the IMF could trigger a flood of capital out of the
country, undercut the currency further and trigger a default within
a year, Bloomberg News relates.

"There is no way that the IMF would be ready to simply throw in the
towel," said Thierry Larose, a Zurich-based senior portfolio
manager at Vontobel, Bloomberg News relates.  "Stopping the
disbursement of the next tranches of the IMF program would
inevitably put at risk" repayments on the existing loan," Mr.
Larose added.

That optimism didn't stop Argentina's century bonds from falling to
44 cents on the dollar Aug. 28, and some euro-denominated notes
traded below 40 cents, Bloomberg News says.  Over the longer term,
swaps traders see an 89% chance of default within the next five
years, Bloomberg News discloses.

But there's still some degree of confidence Argentina will be able
to survive a year without missing a payment--12-month swap
contracts show just a 48% chance of non-payment, Bloomberg News
relays.

                          Financing Gap

Without the loan disbursement and cut off from global money
markets, it's hard to make the numbers square for Argentina,
Bloomberg News notes.

Morgan Stanley estimates the South American nation needs $12.9
billion for repayments on Treasury bills and bonds in the last four
months of the year, Bloomberg News notes.  State-owned enterprises
are expected to roll-over some of that debt, Bloomberg News
discloses.

Meanwhile, the nation's dollar buffers are withering. Foreign
exchange reserves have fallen to $57.5 billion after a landslide
victory for the opposition in Aug. 9 primaries roiled the markets,
sending stocks tumbling along with the peso and bonds, Bloomberg
News says.

Capital Economics estimates that net reserves, which exclude
deposits at commercial banks, are currently at $19 billion, down
from $30 billion in mid-April, Bloomberg News relates.  That only
covers a quarter of Argentina's gross external financing needs of
$100 billion, which includes debt maturing over the next year plus
the current account deficit, Bloomberg News notes.

                        Foreign Reserves

Bloomberg News relates that Argentine officials must convince the
IMF that the debt is sustainable and that it has decent prospects
of access to private capital.  During the last review on the
program, the IMF concluded that it was sustainable "but not with a
high probability," Bloomberg News discloses.

It's not clear when the IMF board will make a final decision on the
latest disbursement, Bloomberg News relays.

During their visit, officials have scheduled meetings with
government figures as well as aides to Alberto Fernandez, the
left-of-center politician looking to unseat President Mauricio
Macri in October's vote, Bloomberg News notes.  Fernandez has given
mixed messages about his stance toward the IMF, indicating he'd
like the flow of funds to continue while also complaining that so
far the money has done little excect finance capital flight,
Bloomberg News says.

"If they don't disburse, the government will need to use
international reserves to repay peso debt, and monetary transfers
to make peso payments," said Carolina Gialdi, a senior fixed-income
strategist at BTG Pactual Argentina in Buenos Aires, Bloomberg News
relates.  "For the market it increases further front-end risks," he
added.

Bloomberg News notes that Gialdi expects Argentina will get the
next disbursement.  The IMF has already transferred $44 billion to
the country since the $56 billion rescue program started in June
2018, Bloomberg News relays.

That is one of the reasons why investors are betting the IMF won't
throw in the towel--with so much money already committed, it would
be hard to give up now, Bloomberg News discloses.  Repayments
aren't scheduled to begin until 2021, Bloomberg News relays.

It's "the old saying about if I owe you $1,000 it's my problem, but
if I owe you $1 million, it's your problem," said Edwin Gutierrez,
the London-based head of emerging-market sovereign debt at Aberdeen
Asset Management, Bloomberg News notes.  "They can't send Argentina
over the tipping point," he added.

                         About Argentina

As reported in the Troubled Company Reporter-Latin America on Aug.
20, 2019, Fitch Ratings has downgraded the sovereign ratings of
Argentina, including its Long-Term Foreign-Currency Issuer Default
Rating to 'CCC' from 'B'. The downgrade reflects elevated policy
uncertainty following the Aug. 11 primary elections, a severe
tightening of financing conditions, and an expected deterioration
in the macroeconomic environment that increase the likelihood of a
sovereign default or restructuring of some kind.

On Aug. 16, 2019, S&P Global Ratings lowered its long-term foreign
and local currency sovereign credit ratings on Argentina to 'B-'
from 'B'. The outlook is negative. S&P said, "We also affirmed our
'B' short-term foreign and local currency sovereign credit ratings.
At the same time, we placed our 'raAA-' national scale rating on
Argentina on CreditWatch with negative implications and lowered our
transfer and convertibility assessment to 'B' from 'B+'."

On July 16, 2019, Moody's Investors Service changed the outlook for
the Government of Argentina to negative from stable. Concurrently,
Moody's has affirmed the B2 foreign-currency and local-currency
long-term issuer and senior unsecured ratings. The senior unsecured
ratings for shelf registrations were also affirmed at (P)B2. At the
same time Argentina's short-term rating was affirmed at Not Prime
(NP). The senior unsecured ratings for unrestructured debt were
affirmed at Ca and the unrestructured senior unsecured shelf
affirmed at (P)Ca.

Back in July 2014, Argentina defaulted on some of its debt, after
expiration of a 30-day grace period on a US$539 million interest
payment.  Earlier that day, talks with a court-appointed mediator
ended without resolving a standoff between the country and a group
of hedge funds seeking full payment on bonds that the country had
defaulted on in 2001. A U.S. judge had ruled that the interest
payment couldn't be made unless the hedge funds led by Elliott
Management Corp., got the US$1.5 billion they claimed. The country
hasn't been able to access international credit markets since its
US$95 billion default 13 years ago. On March 30, 2016, Argentina's
Congress passed a bill that will allow the government to repay
holders of debt that the South American country defaulted on in
2001, including a group of litigating hedge funds that won
judgments in a New York court. The bill passed by a vote of 54-16.

ARGENTINA: Seeks to Extend Maturity of $101 Billion of Debt
-----------------------------------------------------------
Philip Sanders, Pablo Rosendo Gonzalez and Jorgelina Do Rosario at
Bloomberg News report that Argentina's government is seeking to
extend maturities on tens of billions of dollars of debt and delay
repayments to the International Monetary Fund after a collapse in
the peso and its bonds.

The government will postpone $7 billion of payments on short-term
local notes held by institutional investors this year and will seek
the "voluntary reprofiling" of $50 billion of longer-term debt,
Economy Minister Hernan Lacunza said, according to Bloomberg News.
It will also start talks over the repayment of $44 billion it has
received from the IMF, Bloomberg News notes.

"The government is aiming to clear the outlook for the financial
program in the short, medium and long-term horizon," Bloomberg News
quoted Mr. Lacunza as saying.  "This is due to short-term liquidity
stresses and not due to problems with the solvency of the debt," he
added.

The announcement follows a dramatic week for Argentina that saw
bonds fall to a record low and the peso slump, Bloomberg News
notes.  By the end of trading on Aug. 28, investors were pricing in
a near 90% chance that the country will default in the next five
years, Bloomberg News says.  Today's measures will ease some of the
immediate pressure on government and central bank finances,
Bloomberg News notes.

Bloomberg News relates that the government will start talks to
reprofile debt that matures in less than 10 years under foreign
legislation using collective action clauses and will invite banks
to submit proposals as of the end of the day Aug. 29.

"I think it's neutral to positive," said Ezequiel Zambaglione, head
of strategy at Balanz Capital Valores in Buenos Aires, Bloomberg
News notes.  "In the worst case scenario, nobody accepts the offer
and you are in the same situation. And if they reach an agreement
and are successful in the swap, you'll have less funding needs for
the next years," he added.

As the crisis worsened during August, the central bank rolled over
less than 10% of Treasury bills falling due and held by the private
sector, Bloomberg News notes.

"One of the metrics we've been monitoring for our clients has been
the rollover rate for domestic T-bills," said Roger Horn, a senior
emerging-markets strategist at SMBC Nikko Securities America in New
York, Bloomberg News relates.  "Today's 10% success rate apparently
made it clear to the finance team that something big needed to be
done," he added.

Argentina's financial markets have tumbled since a shock primary
result on Aug. 11 showed President Mauricio Macri trailing his
leftist rival by 15 percentage points ahead of the Oct. 27
election, Bloomberg News notes.  The next administration would take
over on Dec. 10.

"We are surprised by the timing of the measure and skeptical that
it will achieve the desired results," Bloomberg Economics analyst
Adriana Dupita said. "Postponing payments may provide temporary
relief, but does not change the crux of the matter."

Officials from the IMF were in Buenos Aires to meet with policy
makers and the opposition, Bloomberg News relates.  The fund was
expected to disburse another $5.3 billion next month from a record
$56 billion agreement though that is far from certain under the
current crisis, Bloomberg News discloses.

The IMF officials are "in the process of analyzing" the measures
disclosed, according to a statement obtained by Bloomberg News.
"Staff understands that the authorities have taken these important
steps to address liquidity needs and safeguard reserves," they
added.

Foreign-currency reserves have plummeted more than $10 billion in
the past month as policy makers sought to shore up the peso after
the primary, Bloomberg News relays.

The currency has tumbled 28% since the obligatory nationwide
primary election, even as the central bank takes increasingly
drastic action to defend it, Bloomberg News notes.  The bank sold
$367 on the currency market Aug. 28, and $302 million the day
before, according to a people with knowledge of the matter,
Bloomberg News notes.

Tens of thousands of people marched through the streets of the
capital to demand the government do more to mitigate the impact of
the economic crisis in a country that has defaulted on its debt
eight times since independence from Spain, Bloomberg News says.

"This is the first time I've ever seen this--a president in the
middle of elections proposing a debt re-profiling," said Francisco
Ghersi, managing director of Knossos Asset Management, which holds
some Argentine bonds, Bloomberg News relays.  "Still, if Macri
succeeds with the swap, this could help his political standing
before the vote," he added.

                         About Argentina

As reported in the Troubled Company Reporter-Latin America on Aug.
20, 2019, Fitch Ratings has downgraded the sovereign ratings of
Argentina, including its Long-Term Foreign-Currency Issuer Default
Rating to 'CCC' from 'B'. The downgrade reflects elevated policy
uncertainty following the Aug. 11 primary elections, a severe
tightening of financing conditions, and an expected deterioration
in the macroeconomic environment that increase the likelihood of a
sovereign default or restructuring of some kind.

On Aug. 16, 2019, S&P Global Ratings lowered its long-term foreign
and local currency sovereign credit ratings on Argentina to 'B-'
from 'B'. The outlook is negative. S&P said, "We also affirmed our
'B' short-term foreign and local currency sovereign credit ratings.
At the same time, we placed our 'raAA-' national scale rating on
Argentina on CreditWatch with negative implications and lowered our
transfer and convertibility assessment to 'B' from 'B+'."

On July 16, 2019, Moody's Investors Service changed the outlook for
the Government of Argentina to negative from stable. Concurrently,
Moody's has affirmed the B2 foreign-currency and local-currency
long-term issuer and senior unsecured ratings. The senior unsecured
ratings for shelf registrations were also affirmed at (P)B2. At the
same time Argentina's short-term rating was affirmed at Not Prime
(NP). The senior unsecured ratings for unrestructured debt were
affirmed at Ca and the unrestructured senior unsecured shelf
affirmed at (P)Ca.

Back in July 2014, Argentina defaulted on some of its debt, after
expiration of a 30-day grace period on a US$539 million interest
payment.  Earlier that day, talks with a court-appointed mediator
ended without resolving a standoff between the country and a group
of hedge funds seeking full payment on bonds that the country had
defaulted on in 2001. A U.S. judge had ruled that the interest
payment couldn't be made unless the hedge funds led by Elliott
Management Corp., got the US$1.5 billion they claimed. The country
hasn't been able to access international credit markets since its
US$95 billion default 13 years ago. On March 30, 2016, Argentina's
Congress passed a bill that will allow the government to repay
holders of debt that the South American country defaulted on in
2001, including a group of litigating hedge funds that won
judgments in a New York court. The bill passed by a vote of 54-16.




===============
B A R B A D O S
===============

BARBADOS: To Tap Private Sector to Help Refurbish Health Facilities
-------------------------------------------------------------------
Caribbean360.com reports that the Ministry of Health and Wellness
intends to reach out to corporate Barbados for assistance in
refurbishing district hospitals and polyclinics located in areas
where companies do business.

Minister of Health and Wellness Jeffrey Bostic said that following
a successful collaboration between the ministry, the Barbados
Defence Force and a number of private sector organizations to
refurbish award at the Geriatric Hospital, government was
interested in expanding this initiative, according to
Caribbean360.com.

"Recognizing that we do not have all the financial resources, as
Minister of Health and Wellness I made the determination that we
are going to attempt to address the issue across the country with
the polyclinics and district hospitals.

"What we are going to be doing is to build on what we started at
the Geriatric Hospital, but this time we are going to be asking
corporate Barbados to contribute towards the facilities that are
located within the areas where they are doing business and also ask
Barbadians to contribute time and skills to help us get these
things resolved," he said, Caribbean360.com relays.

Minister Bostic said health had also been identified as one of the
priority areas to which Barbadians in the diaspora, who will be
returning home for We Gatherin' next year, will be asked to
contribute, the report discloses.

Meanwhile, Barbados' aging population continues to present a
challenge to government in terms of the availability of
institutionalized care, Caribbean360.com says.

The minister said the number of people seeking placement in
district hospitals was way above the capacity, and even with the
Alternative Care of the Elderly program, where government funded
private health care for 220 persons, there were still not enough
places, Caribbean360.com notes.

The report relays that this was an issue which was high on the
ministry's agenda, he said, and a number of useful ideas were being
examined to tackle the problem.

These include the expansion of the community program which would
allow the elderly to remain in their homes and communities being
cared for by persons trained in the care of the elderly.  The
minister maintained: "We believe that it is important to try to
keep people within communities where they are familiar with the
people and the environment," the report relays.

The Troubled Company Reporter-Latin America reported on Nov. 22,
2018, that S&P Global Ratings raised its
long- and short-term local currency sovereign credit ratings on
Barbados to 'B-/B' from 'SD/SD' (selective default). At the same
time, S&P Global Ratings assigned its 'B-' issue-level rating to
Barbados' long- term debt issued in its debt exchange. S&P Global
Ratings also affirmed its 'SD/SD' long- and short-term foreign
currency credit ratings on the country, and its 'D' (default)
ratings on Barbados' foreign-currency issues. Finally, S&P Global
Ratings raised its transfer and convertibility assessment on the
country to 'B-' from 'CC'.



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B R A Z I L
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BANCO VOTORANTIM: Moody's Rates Proposed Sr. Unsec. Notes  Ba2
--------------------------------------------------------------
Moody's Investors Service assigned a Ba2 long-term foreign currency
debt rating to the proposed senior unsecured notes of Banco
Votorantim S.A. The proposed notes, which are part of BV's USD5.0
billion senior unsecured GMTN Program, will be denominated and
settled in USD and will be issued in three- and/or five-year
tranches due September 2022 and September 2024. The outlook on the
debt rating is stable.

The following ratings were assigned:

Issuer: Banco Votorantim S.A.

Senior Unsecured Regular Bond/Debenture, Assigned Ba2, stable

RATINGS RATIONALE

The Ba2 rating on the notes incorporates BV's fundamental credit
strength, as evidenced by its ba3 baseline credit assessment (BCA)
and a one-notch uplift to reflect its assessment of high affiliate
support from parent Banco do Brasil S.A. (BB, Ba2 stable, ba2).
BV's ratings are supported by the gradual improvement in asset
quality and increasing revenue generation, which in turn are driven
by the bank's stronger focus on secured, high-margined lending to
medium-sized companies. Moody's expects BV's profitability and
capitalization to improve in the next 12 months because of lower
credit costs and a more diverse revenue structure, with a growing
contribution from non-interest income from services.

The rating, however, is still limited by BV's lower-than-peers'
Moody's capitalization ratio, which is measured as tangible common
equity to risk weighted assets, and adjusted for most of the large
volume of deferred tax assets in BV's balance sheet. In addition,
BV's predominantly market funding tends to be more expensive and
volatile, a credit negative, but management has sought to extend
the maturity of BV's funding by issuing long-term banknotes in the
domestic market, taking advantage of the high liquidity.

BV's rating is at the same level as Brazil's Ba2 sovereign rating
and the stable outlook on the bank's ratings is in line with the
stable outlook on the sovereign rating.

WHAT COULD CHANGE THE RATING -- DOWN/UP

At the moment, there is limited upward pressure on BV's ratings
owing to the stable outlook on its ratings, which is in line with
the stable outlook on Brazil's sovereign rating, which also caps
BV's deposit and debt ratings at Ba2. Upward pressure on BV's BCA
could result from a further strengthening of BV's profitability and
asset quality and consistent improvement in the bank's
capitalization.

BV's ratings could be downgraded if the bank's asset quality and
profitability weakens materially causing its capitalization ratio
to decline. A deterioration in funding and a meaningful reduction
in liquid resources could also pressure its financial profile
downward.

METHODOLOGY USED

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

Banco Votorantim S.A., is headquartered in Sao Paulo, Brasil, and
reported USD24.4 billion (BRL93.6 billion) in assets and USD2.5
billion (BRL9.7 billion) in shareholders' equity, as of June 2019.

BANCO VOTORANTIM: S&P Assigns 'BB-' Rating to New Sr. Unsec. Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating on Banco
Votorantim S.A.'s (BB-/Stable/B) proposed senior unsecured notes.
The issuance is part of the bank's $5 billion global notes program,
and it will use the proceeds primarily for general corporate
purposes.

S&P's rating on the notes reflects their pari passu ranking with
the bank's other senior unsecured debt obligations. As a result,
the rating is the same as the long-term issuer credit rating on the
bank. The notes are expected to mature in three to five years and
constitute only about 3% of Banco Votorantim's total funding base.
Therefore, this issuance doesn't change our view of the bank's
funding profile and does not increment refinancing risk.

The ratings on Banco Votorantim reflect its leading market position
in used vehicle financing and its diversified portfolio of products
for corporate clients. The ratings also reflect the bank's stronger
bottom-line results, thanks to the successful implementation of its
revenue diversification and operational efficiency strategy and the
adjustment of risk controls in its consumer finance business, which
improved its asset quality despite the difficult lending conditions
in Brazil. On the other hand, we believe that the bank's results
are subject to the cyclical nature of the vehicle financing
business, which makes its earning metrics more volatile than
peers.

  Ratings List
  Banco Votorantim S.A.

  Issuer Credit Rating    BB-/Stable/B

  New Rating

  Banco Votorantim S.A.

  Senior Unsecured        BB-


JBS SA: Closely Monitoring Cattle Suppliers
-------------------------------------------
Ana Mano at Reuters reports that the world's largest meatpacker JBS
SA is closely monitoring the origin of the cattle it buys in Brazil
amid heightened concerns about environmental preservation and
sustainable business practices, its chief executive said.

Speaking at an industry event in Sao Paulo, JBS Chief Executive
Gilberto Tomazoni said the company is using satellite technology to
monitor a 450,000 square-km (280,000 square mile) area of Brazil to
guarantee it is not buying cattle from deforested areas, according
to Reuters.

"We need to offer what the consumer wants. We cannot do that
without worrying about the environment and animal welfare,"
Tomazoni said, the report notes. "This is fundamental to our
business," he added.

The executive noted a new generation of consumers believe that
"modern agriculture" destroys the planet, the report relays.  He
called that perception misguided given that such up-to-date methods
allow JBS and others to produce more food with far fewer resources,
the report discloses.

His remarks come as fires burning in parts of the Amazon rainforest
have sparked a global outcry against Brazil for allegedly failing
to protect what is widely viewed as a key bulwark against global
climate change, Reuters says.

Last month, local media reported JBS had been buying cattle from
ranchers operating on deforested land in the Amazon, a claim denied
by the company, which is the world's largest producer of beef,
chicken and leather products, the report notes.

In a statement sent to Reuters, however, JBS admitted at the time
that surveying indirect cattle suppliers was challenging due to a
lack of public databases that would allow development of a proper
monitoring system, the report relates.

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.

ODEBRECHT SA: Chapter 15 Case Summary
-------------------------------------
Four affiliates that concurrently filed voluntary petitions for
relief under Chapter 15 of the Bankruptcy Code:

     Debtor                                          Case No.
     ------                                          --------
     Odebrecht S.A. (Lead Case)                      19-12731
     Avenida Luis Viana
     2841 Ed. Odebrecht, Paralela
     Salvador, Slate of Bahia CEP 41.730-900
     Brazil

     Odebrecht Finance Limited                       19-12732
     Odebrecht Participacoes e Investimentos S.A.    19-12733
     ODB International Corporation                   19-12734

Business Description:     The Odebrecht Group, which was founded
                          in Brazil, has operations and
                          representative offices in 27 countries
                          and a diversified portfolio of
                          businesses and investments in
                          engineering and construction,
                          petrochemicals, agroindustry, oil and
                          gas, real estate development and
                          infrastructure and energy investments.
                          Odebrecht S.A. is the holding company
                          that manages this portfolio.  For more
                          information, visit
                          https://www.odebrecht.com/en/home

Chapter 15 Petition Date: August 26, 2019

Court:                    United States Bankruptcy Court
                          Southern District of New York
                          (Manhattan)

Judge:                    Hon. Stuart M. Bernstein

Foreign
Representative:           Marcelo Rossini
                          Rua Lemos Monteiro, 120, 16th andar
                          Butanta, Sao Paulo - SP 05501-050
                          Brazil

Foreign
Representative's
Counsel:                  Luke A. Barefoot, Esq.
                          Richard J. Cooper, Esq.
                          CLEARY GOTTLIEB STEEN & HAMILTON LLP
                          One Liberty Plaza
                          New York, NY 10006
                          Tel: 212-225-2000
                          Fax: 212-225-3999
                          Email: lbarefoot@cgsh.com
                                 rcooper@cgsh.com

Estimated Assets:         Unknown

Estimated Debt:          Unknown

A full-text copy of Odebrecht S.A.'s petition is available for
free
at:

            http://bankrupt.com/misc/nysb19-12731.pdf


                      About Odebrecht SA

Odebrecht S.A. -- www.odebrecht.com -- is a Brazilian conglomerate
consisting of diversified businesses in the fields of engineering,
construction, chemicals and petrochemicals. Odebrecht S.A. is a
holding company for Construtora Norberto Odebrecht S.A., the
biggest engineering and contracting company in Latin America, and
Braskem S.A., the largest petrochemicals producer in Latin America
and one of Brazil's five largest private-sector manufacturing
companies. Odebrecht controls Braskem, which by revenue is the
fourth largest petrochemical company in the Americas.

On June 17, 2019, Odebrecht filed for bankruptcy protection,
aiming
to restructure BRL51 billion (US$13 billion) of debt.

The bankruptcy filing comes after years of struggles for
Odebrecht,
the biggest of the Brazilian engineering groups caught in a
sweeping political corruption investigation that has rippled
across
Latin America, Reuters relayed, as reported by The Troubled
Company
Reporter - Latin America.

On August 28, 2019, the Troubled Company Reporter - Latin America,
citing The Wall Street Journal, reported that Odebrecht and its
affiliates filed for chapter 15 bankruptcy, seeking U.S.
recognition of the largest-ever bankruptcy in Latin America.
Odebrecht SA and several of its affiliates has filed for
bankruptcy
protection in the U.S. Bankruptcy Court for the Southern District
of New York on Aug. 26.  The case is assigned to Hon. Stuart M.
Bernstein.



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

DOMINICAN REPUBLIC: Industrial Activity Rebounds in July
--------------------------------------------------------
Dominican Today reports that Dominican industrial activity posted a
notable jump in July, reflecting collective expansion throughout
the composition of the Monthly Manufacturing Activity Index (IMAM),
the indicator that the Dominican Republic Industries Association
(AIRD), uses to assess the sector's performance.

The AIRD said the behavior of its most important measuring
instrument raised its score in July to 64.6, from 53.2 in the
previous June, for a displacement 11.4 points, "which implied an
improvement of 21.42 percent of manufacturing activity," according
to Dominican Today.

It said that July's behavior showed "a fairly favorable trend and
positive expectations in the situation," the report notes.

"Of the five variables that make up the index, the two most
important in the perception of the interviewees were sales volume
and production volume," the AIRD said in a statement obtained by
the news agency.

"When IMAM remains above the 50-point threshold it reflects that
the economic conditions and perspectives of the manufacturing
sector are considered favorable," Dominican Today relates.

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: To Strengthen Fiscal Stability with $75MM IDB Loan
-----------------------------------------------------------
Ecuador will strengthen its fiscal stability framework by
optimizing the ownership of public companies of the executive
function with a loan of $75 million approved by the Inter-American
Development Bank (IDB).  This reform program aims to recalibrate
the country's growth engines, acting as a catalyst for private
sector development and improving the competitiveness of the economy
for all its citizens.

The project hopes to increase the number of public companies
aligned with the corporate governance principles of the
Organization for Economic Cooperation and Development, including
fiscal governance comparable to that of the private sector,
reformulate the institutional framework of the state's ownership
function, and increase the efficiency of the oil and gas,
electricity, and aviation sectors.

Likewise, the project aims to support the implementation of the new
Organic Law Public Companies, including the participation of women
in their board of directors, the development and financing of the
collection function on these companies in the Internal Revenue
Service and the publication Annual audited financial statements of
companies. The project will support the merger of state oil
companies, Petroecuador and Petroamazonas, and efficiency
improvements in the management of the Electric Corporation of
Ecuador and the National Electricity Corporation.

As a result of the program, the reduction of the tax burden derived
from public companies from the executive function is expected,
measured as the amount of budgetary allocations-transfers from the
General State Budget to public companies, of 4.2 percent of GDP in
2018 at 3.2 percent of GDP in 2022.

The IDB loan, for $75 million, has a repayment term of 25 years, a
grace period of five and a half years and an interest rate based on
LIBOR.

Ecuador is a country straddling the equator on South America's west
coast. Its diverse landscape encompasses the Amazon jungle, Andean
highlands, and the wildlife-rich Galapagos Islands. In the Andean
foothills at an elevation of 2,850m, Quito, the capital, is known
for its largely intact Spanish colonial center, with decorated
16th- and 17th-century palaces and religious sites, like the ornate
Compania de Jesus Church.

As reported in the Troubled Company Reporter-Latin America on
Aug. 20, 2019, Egan-Jones Ratings Company, on August 5, 2019,
downgraded the foreign currency and local currency senior unsecured
ratings on debt issued by the Republic of Ecuador to B- from B.




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

BBVA BANCOMER: Fitch to Rate Tier 2 Sub. Preferred Notes BB+(EXP)
-----------------------------------------------------------------
Fitch Ratings expects to rate BBVA Bancomer, S.A., Institucion de
Banca Multiple Grupo Financiero BBVA Bancomer (BBVA Mexico)'s
benchmark-size Basel III-compliant Tier 2 subordinated preferred
capital notes an expected long-term rating of 'BB+(EXP)'. The final
rating is contingent on the receipt of final documents conforming
materially to the preliminary documentation.

The proposed notes will have a 15-year maturity and a call option
on the tenth anniversary of the issuance date. The proceeds will be
used to fund a concurrent tender offer to repurchase a portion of
two old-style legacy subordinated notes, strengthen capital ratios
and for general corporate purposes.

KEY RATING DRIVERS

BBVA Mexico's upcoming Basel III-compliant Tier 2 subordinated
preferred capital notes expected long-term rating of 'BB+(EXP)' is
three notches below the bank's 'bbb+' viability rating, which is
the anchor rating. According to Fitch's criteria, one notch is
taken for loss severity plus two notches for non-performance risk.

The two-notch drop for non-performance risk considers that
according to applicable local regulation, coupon deferral will
likely be triggered at relatively high levels of capitalization
requirements before the write-down occurs. Mandatory coupon
deferral will be activated if the total net capital ratio (total
capitalization ratio) declines below 8% or the Tier 1 capital ratio
declines below 6% of the Tier 1 capital ratio, plus any applicable
capital supplement (systemically important and countercyclical bank
supplements). Coupon deferral will also occur if the Mexican
regulator classifies BBVA Mexico as "Class III or IV" under the
Mexican Capitalization Requirements.

The notes do not imply increased non-performance risk, given the
relatively low trigger of loss absorption (CET1 equal to or below
4.5%) that Fitch considers to be effectively the point of
non-viability (PONV); the reasonable capitalization level of the
bank supported by sound earnings; as well as the strong supervision
of the local regulator, factors that the agency believes partially
mitigate the likelihood of breaching a trigger event.

The one notch taken for loss severity reflects the issue's
subordinated preferred debt status and its below-average recovery
prospects in a liquidation scenario relative to the bank's senior
debt. The notes will rank subordinated to all senior debt, pari
passu to all subordinated preferred debt and senior to subordinated
non-preferred debt and all classes of capital stock.

BBVA Mexico's viability rating (VR) is highly influenced by its
dominant and leading franchise in the Mexican banking system
through a strong market share above 22% in terms of loan portfolio
and customer deposits, as well as leadership in most business
lines. Fitch also considered BBVA Mexico's recurrent and adequately
diversified revenue stream through a well-anchored business model.
The ratings are also highly influenced by Mexico's operating
environment. BBVA Mexico's sound and resilient financial profile
are also factored in the VR.

BBVA Mexico's Fitch Core Capital (FCC) to adjusted RWAs ratio is
weaker than local (seven largest Mexican banks) and regional peers
(large Latin American commercial banks in investment grade
countries). This ratio was 11.9% at the end of June 2019, while the
net capital ratio stood at 14.2%. However, Fitch also considers the
stability of the bank's capital position and the ordinary support
that could potentially come from its parent if required, although
not a base scenario at present, in its capitalization assessment.

RATING SENSITIVITIES

The notes' rating will likely mirror any change in its VR as these
issue ratings are expected to maintain the same relation to BBVA
Mexico's intrinsic profile. Fitch expects that under most
circumstances, the Basel III Tier 2 notes will remain rated three
notches below the bank's VR.



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

ATLANTIC LNG: Cut Staff by 20% in Two Years
-------------------------------------------
Leah Sorias at Trinidad Express reports that liquefied natural gas
producer Atlantic LNG reduced its headcount by 9 per cent last
year, however, the company's non-tax contributions to the T&T
economy increased by 7.6 per cent that year.

According to its 2018 Sustainability Report, compared to 2017,
there were 54 fewer people working at Atlantic last year as the
company's headcount was reduced to 567 employees in 2018 from 621
in 2017, Trinidad Express notes.

Atlantic's total non-tax contribution in 2018 increased to US$423
million from US$392.9 million in 2017, an increase of 7.6 per cent,
according to Trinidad Express.

In 2017, Atlantic also cut jobs, but reduced spending by 10 per
cent, the report recalls.  Last year, Atlantic announced that
around 50 of its permanent staff were offered VSEP packages as a
gas supply shortfall hampered the facility's production, Trinidad
Express relates.

The company lamented at the time that it was facing the toughest
period in its 20-year history, the report notes.

"Global LNG prices remain at depressed levels and at the same time,
Atlantic continues to suffer from unprecedented levels of gas
supply shortfall.  Over the last two years, the severe gas supply
shortages have resulted in facility utilization rates of less than
70 per cent," the company said at the time, Trinidad Express adds.

PETROLEUM CO: TPHL Quamina Needs to Quit, Moonilal Says
-------------------------------------------------------
Trinidad Express reports that OROPOUCHE East Member of Parliament
Dr. Roodal Moonilal is calling for the immediate resignation of
newly appointed chairman for Trinidad Petroleum Holdings Ltd (TPHL)
Michael Quamina on the grounds of apparent bias and conflict of
interest.

Speaking during the United National Congress (UNC) Forum at the
Debe High School, Moonilal said Quamina, who is also Prime Minister
Dr Keith Rowley's personal attorney, "cannot serve two masters"
given his new role as chairman and that of the attorney to the
Prime Minister, according to Trinidad Express.

TPHL is an integrated national oil and gas company in Trinidad and
Tobago, established as part of the reorganization of Petroleum
Company of Trinidad and Tobago Limited.

State-owned Petroleum Co. of Trinidad & Tobago (Petrotrin) closed
it oil refinery in November last year.

Prior to closure, Petrotrin underwent a corporate reorganization
that started in the last quarter of 2018.  The T&T government
insisted that the reorganization was necessary to improve the
company's efficiency.

As a result of the reorganization, Petrorin's refining business was
shut down and new entities were created: three operating
subsidiaries (Heritage Petroleum Company Limited, Paria Fuel
Trading Company and Guaracara Refining Company Limited), and the
new holding company, TPH, to which the international bonds were
transferred from Petrotrin.




=============
U R U G U A Y
=============

URUGUAY: IDB OKs $30M Loan to Finance Research & Innovation Program
-------------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a loan of $30
million to finance a program that will contribute to increasing
public and private investment in research and innovation in
Uruguay.

This is the second individual operation within the framework of a
Credit Line for Investment Projects approved by the IDB in October
2017, to foster innovation, entrepreneurship, human capital
development and research in the country.

The program will finance specific activities to increase the
generation of new scientific-technological knowledge and its
application to the productive sector and society, including
projects of applied scientific-technological research and sector
projects, acquisition and updating of complex
scientific-technological equipment , training of technicians for
its operation, scholarships for post-doctorates in the country, and
the valuation of knowledge through instruments of intellectual
property protection.

Similarly, it will increase the availability of financing for
business innovation projects, and joint projects or initiatives
between companies, entrepreneurs and institutions and scientific
and technological centers for innovation.

Additionally, the institutional capacities of the National Research
and Innovation Agency, the executing agency for this program, will
be strengthened, particularly in the evaluation of tools to promote
innovation in companies.

Among the beneficiaries of the program are an estimated 450
researchers from public and private scientific-technological
institutions, and 300 companies that will develop innovation
activities.

The IDB loan of $30 million has a repayment term of 25 years, a
grace period of five and a half years, and an interest rate based
on LIBOR.




                           *********


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
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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.
.


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