/raid1/www/Hosts/bankrupt/TCRLA_Public/190910.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, September 10, 2019, Vol. 20, No. 181

                           Headlines



A R G E N T I N A

CAPEX SA: Fitch Downgrades LT FC Issuer Default Rating to 'CCC'
CHUBUT REGALIAS: Moody's Cuts Class VDF A Debt Sect. Rating to B3
RCI BANQUE: Moody's Downgrades LC Issuer Rating to B2


B A H A M A S

BAHAMAS: Death Toll at 23 in Wake of Dorian


B A R B A D O S

BARBADOS: Makes Progress in Implementing Economic Reform Program


B R A Z I L

BRAZIL: Construction Has Cost Increase of 0.44 Percent in August
BRAZIL: Sao Paulo's Cost of Living Index Rises 1.88% in 8 Months
PETROLEO BRASILEIRO: Disclose Record Oil Production in August
TEGMA GESTAO: Moody's Withdraws B1 CFR on Repaid Sr. Unsec. Debt


C A Y M A N   I S L A N D S

CARDINAL HOLDINGS 3: Moody's Affirms B2 CFR, Alters Outlook to Neg.


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Industries See Reputational Crisis in Tourism
DOMINICAN REPUBLIC: MSMEs Demand Transferable Guarantee Law


P U E R T O   R I C O

LA TRINIDAD ELDERLY: Loiza Ponce Objects to Disclosure Statement
PONCE REAL: Oct. 24 Hearing on Disclosure Statement


V E N E Z U E L A

VENEZUELA: 3,000+ Military Troops Deployed to Colombia Border

                           - - - - -


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A R G E N T I N A
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CAPEX SA: Fitch Downgrades LT FC Issuer Default Rating to 'CCC'
---------------------------------------------------------------
Fitch Ratings has downgraded the Foreign Currency Issuer Default
Ratings (FC IDRs) of the following corporates issuers as a result
of Fitch's recent downgrade of Argentina's country ceiling to
'CCC':

  -- Arcor S.A.I.C.

  -- Capex S.A.

  -- Compania General de Combustibles S.A.

  -- IRSA Inversiones y Representaciones S.A.

  -- IRSA Propiedades Comerciales S.A.

  -- Mastellone Hermanos Sociedad Anonima

  -- Pampa Energia S.A.

  -- Telecom Argentina S.A.

The downgrade of the Country Ceiling to 'CCC' reflects the recent
imposition of capital controls as of Sept. 2 and the potential that
they could be tightened further given the sovereign's limited
foreign financing options, especially as the authorities attempt to
prevent a continued decline in international reserves. Fitch
believes the current controls and risks of further tightening could
potentially impair the private sector's ability to access foreign
exchange to meet debt service, in spite of exceptions that have
been included in the controls for debt repayment.

This rating action follows several weeks of extreme financial
instability triggered by the adverse market reaction to the results
of primary elections on Aug. 11. This posed a major setback to
macroeconomic stabilization efforts and sovereign financing
conditions, which led Fitch to downgrade Argentina's sovereign
ratings to 'CCC' on Aug. 16. Following the government's
announcement on Aug. 28 that it would delay repayment on its
short-term debt instruments to alleviate liquidity constraints and
protect central bank international reserves, Fitch downgraded
Argentina's Long-Term IDR to 'RD' on Aug. 30 as the new repayment
schedule took effect.

Fitch subsequently upgraded Argentina's ratings to 'CC' on Sept. 3
following the payment of short-term debt instruments on Aug. 30
under revised terms imposed via presidential decree, which
effectively constitutes the conclusion of an exercise that Fitch
categorized as a 'distressed debt exchange' (DDE). This marks the
first payment on these peso- and USD-denominated short-term
instruments (Letes, Lecaps, Lecer and Lelink) under a new schedule
that extends upcoming repayments by six months through October
2020.

KEY RATING DRIVERS

FC IDR Capped by Country Ceiling: The FC IDRs of the eight
Argentine corporate issuers are constrained by the Country Ceiling
of 'CCC'. Fitch believes that a default would most likely be driven
by transfer and convertibility restrictions, not by a material
deterioration of the company's business or financial profiles. In
cases where there is a two-notch or more gap between the FC and LC
IDRs, Fitch's Country-Specific Treatment of Recovery Ratings
criteria allows for Recovery Ratings to be notched above the
Argentina soft cap of 'RR4'; therefore, Fitch has assigned a
Recovery Rating of 'RR3' to Arcor, Capex, CGC, Mastellone Hermanos,
Pampa Energia, and Telecom Argentina and an 'RR2' to IRSA's
outstanding international bonds.

Impact of Capital Controls: The capital control measures announced
by the Argentine central bank (BCRA) on Aug. 30 could adversely
affect corporates liquidity profiles. Argentine exporters have
historically offset the risks of their operating environment
through exports generating revenues in USD, further strengthening
their liquidity profile and limiting an FX risk, as a majority of
corporate issuer's debt are in USD. The measures announced by BCRA
required that any earnings made through commodity exports must be
sold in the domestic FX market within a defined time frame of five
business days after collection or 180 days after the item has been
shipped. Fitch understands that the announcement does not impact
cash held abroad and there is no requirement at this time to
repatriate.

KEY ASSUMPTIONS FOR ARGENTINA

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

  -- Fitch expects growth of the global economy, and that of key
trading partner Brazil, in line with the projections outlined in
the latest Global Economic Outlook.

RATING SENSITIVITIES

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

  -- Developments that alleviate financing constraints and enable
the government to meet its debt service obligations on a sustained
basis.

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

  -- Signs of imminent default on commercial debt obligations; for
example, a formal launch of a debt exchange proposal involving a
material reduction in terms and taken to avoid a traditional
payment default.

FULL LIST OF RATING ACTIONS

Fitch has taken the following rating actions:

Arcor S.A.I.C

  -- Long-term Foreign Currency IDR downgraded to 'CCC+' from 'B';

  -- Long-term Local Currency IDR affirmed at 'B+'; Outlook
Negative;

  -- International senior unsecured notes downgraded to 'B-'/'RR3'
from 'B'/'RR4'.

Capex S.A.

  -- Long-term Foreign Currency IDR downgraded to 'CCC' from 'B-';

  -- Long-term Local Currency IDR affirmed at 'B-'; Outlook
Negative;

  -- Long-term senior unsecured notes downgraded to 'CCC+'/'RR3'
from 'B-'/'RR4'

Compania General de Combustibles, S.A

  -- Long-term Foreign Currency IDR downgraded to 'CCC' from 'B-';

  -- Long-term Local Currency IDR affirmed at 'B-'; Outlook
Negative;

  -- Long-term senior unsecured notes downgraded to 'CCC+'/'RR3'
from 'B-'/'RR4'.

IRSA Inversiones y Representaciones S.A.

  -- Long-term Foreign Currency IDR downgraded to 'CCC' from 'B-';

  -- Long-term Local Currency IDR affirmed at 'B+'; Outlook
Negative;

  -- Long-term senior unsecured notes downgraded to 'B-'/'RR2' from
'B'/'RR3'.

IRSA Propiedades Comerciales S.A.

  -- Long-term Foreign Currency IDR downgraded to 'CCC' from 'B-';

  -- Long-term Local Currency IDR affirmed at 'B+'; Outlook
Negative;

  -- Long-term senior unsecured notes downgraded to 'B-'/'RR2' from
'B'/'RR3'.

Mastellone Hermanos Sociedad Anonima

  -- Long-term Foreign Currency IDR downgraded to 'CCC' from 'B-';

  -- Long-term Local Currency IDR affirmed at 'B'; Outlook
Negative;

  -- Long-term senior unsecured notes downgraded to 'CCC+'/'RR3'
from 'B-'/'RR4'.

Pampa Energia, S.A.

  -- Long-term Foreign IDR downgraded to 'CCC' from 'B-';

  -- Long-term Local Currency IDR affirmed at 'B-'; Outlook
Negative;

  -- Long-term senior unsecured notes downgraded to 'CCC+'/'RR3'
from 'B-'/'RR4'

Telecom Argentina S.A

  -- Long-term Foreign IDR downgraded to 'CCC' from 'B-';

  -- Long-term Local Currency IDR affirmed at 'BB-', Outlook
Negative;

  -- Long-term senior unsecured notes downgraded to 'B-'/'RR2' from
'B'/'RR3

CHUBUT REGALIAS: Moody's Cuts Class VDF A Debt Sect. Rating to B3
-----------------------------------------------------------------
Moody's Investors Service downgraded the global scale rating of the
Class VDF A debt securities issued by Fideicomiso Financiero Chubut
Regalias Hidrocarburiferas I to B3 (sf) from Ba3 (sf). The action
follows the downgrade of the key transaction counterparty as well
as the downgrade of Argentina's foreign-currency bond ceiling to
Caa1 from B1.

Fideicomiso Financiero Chubut Regalias Hidrocarburiferas I is an
oil and gas royalties future flow transaction, backed by the rights
of the Province of Chubut in Argentina to collect royalties paid by
Pan American Energy, S.L. Argentine Branch (PAE, the designated
concessionaire under the exploitation and extraction agreement). In
taking the action, Moody's considered the recent downgrade of PAE's
senior unsecured rating to B2 from Ba3.

RATINGS RATIONALE

Moody's has downgraded the global scale rating of the Class VDF A
debt securities to B3 (sf) from Ba3 (sf). The downgrade follows the
downgrade of Argentina's foreign-currency country ceiling for bonds
and notes to Caa1 from B1. The VDF A debt securities are
denominated in US dollars. Moody's notes that the Class A ratings
continue to pierce the Argentine foreign-currency country ceiling
for bonds and notes by one notch based on structural protections,
including: (i) an offshore liquidity reserve account in the US with
The Bank of New York Mellon (rated Aa1 long-term bank deposit
rating; Global Scale) for the benefit of investors, originally
structured to cover two quarterly principal and interest payments
(or 15 months of interest debt service if bondholders instruct the
trustee to use this reserve for interest payments only); the
reserve account is currently funded at an amount equal to 84% of
the VDF A notes given their low current bond factor of 11.1%, (ii)
provisions that allow Banco de Valores S.A. as the Argentine
trustee, in case of a convertibility or transferability event, to
purchase an amount of Argentine government or corporate bonds
denominated in US dollars to be sold in the New York, Zurich or
Montevideo market, so that the amount in US dollars resulting from
the bond sale, net of expenses and taxes, equals the debt service
to be paid to note holders, and (iii) payment-in-kind provisions.

Additionally, the deal's credit profile has deteriorated following
the ratings downgrade of the key transaction counterparty following
the downgrade of the sovereign rating. The senior unsecured global
scale rating of PAE (the operator of the concession generating the
cash flows) was downgraded to B2 from Ba3.

Factors that would lead to an upgrade or downgrade of the rating:

Further changes to Argentina's country ceilings may have an impact
on the ratings of Fideicomiso Financiero Chubut Regalias
Hidrocarburiferas I.

Moreover, changes in the credit profile of key counterparties in
the transaction could also have a rating impact.

The principal methodology used in this rating was "Moody's Approach
to Rating Future Receivables Transactions" published in June 2015.

RCI BANQUE: Moody's Downgrades LC Issuer Rating to B2
-----------------------------------------------------
Moody's Investors Service downgraded RCI Banque Sucursal
Argentina's local currency issuer rating to B2 from Ba2 and placed
it on review for downgrade. This action follows the downgrade of
the Government of Argentina's foreign-currency and local-currency
long term issuer and senior unsecured ratings to Caa2 on review for
downgrade from B2 on August 30, 2019 and the subsequent change in
the country's local currency bond ceiling to B2 from Ba2.

All other ratings of RCI Banque (Baa1 senior unsecured debt and
deposit, stable outlook, baa3 baseline credit assessment or BCA and
baa3 adjusted BCA) remain unaffected by the rating action.

RATINGS RATIONALE

RCI Banque Sucursal Argentina is a branch of RCI Banque, the
captive finance vehicle of the French car manufacturer Renault S.A.
(Baa3 stable), located in Argentina. While RCI Banque's long-term
debt and deposit ratings are Baa1, the local currency issuer rating
of RCI Banque Sucursal Argentina is constrained by the local
currency debt ceiling assigned to Argentina.

The review for downgrade reflects the review for downgrade of
Argentina's Caa2 sovereign rating.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Given the review for downgrade of the Government of Argentina's
ratings, the local currency issuer rating of RCI Succursal Agentina
is unlikely to be upgraded.

The rating would be downgraded if Argentina's local currency debt
ceiling were lowered as a result of a downgrade of the Government
of Argentina's ratings.

PRINCIPAL METHODOLOGY

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



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B A H A M A S
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BAHAMAS: Death Toll at 23 in Wake of Dorian
-------------------------------------------
EFE News reports that the death toll in the Bahamas from Hurricane
Dorian rose to 23 after three bodies were found on Grand Bahama and
Abacos Island, Health Minister Duane Sands announced.

After delivering the new official tally of storm victims, the
minister emphasized that the death toll will rise "much higher"
than 23, according to EFE News.

In addition, he said that the death toll is still at 23 because
only a few people are qualified to officially pronounce dead the
people whose bodies are being found, and until the deaths are
officially confirmed they cannot be added to the list of victims,
the report notes.

He said he knew that it might seem ridiculous to many people but if
the procedure for declaring a person dead is not scrupulously
followed it could have legal and insurance consequences, the report
relays.

The report notes that Sands, who did not provide any details about
where the three bodies were found, said that specialized personnel
will be sent to both islands to embalm the dead at the scene, and
refrigerated containers would be provided to preserve the remains,
which he said are beginning to run out.

He also said that the priority at present is to rescue and provide
urgent assistance to the elderly and the sick, who are being
transferred to islands in the archipelago that were not devastated
by the storm, which struck parts of the Bahamas as a Category 5
hurricane, the most powerful on the five-level scale, the report
discloses.

Meanwhile, Sands said that the country had never experienced a
catastrophe of this kind, adding that he never wants to see another
such event, the report relays.

Aid to hurricane survivors is coming not only from various
governments, including those of the United States, the United
Kingdom and Canada, but also from neighboring countries, as well as
from the tourism sector, the report notes.

Melanie Roach, with the National Emergency Management Agency, said
that about 100 people had been rescued on Abaco and that right now
authorities are working to clear the roadways on Grand Bahama
Island, which are covered with debris, the report relays.

The private tourism sector, which is very important for the economy
of the Bahamas, is also donating vital materials and supplies,
including the Bahamas Hotel and Tourism Association, the Sandals
Foundation -- a luxury tourism chain -- and various cruise lines,
among others, the report notes.

The problem continues to be getting aid to the entire area because
of the closure of maritime ports on both islands, as well as the
destruction of the airports, the report relays.

The aid is being supplied and rescue efforts are under way using
helicopters that are touching down at improvised landing sites such
as baseball fields, the report notes.

Pop singer Rihanna, who is from Barbados, as well as other
well-known celebrities such as singer Lenny Kravitz have added
their voices to the efforts to collect money for the beleaguered
people of the Bahamas, the report notes.

Meanwhile, the Bahamas Paradise Cruise line announced the dispatch
of one of its vessels to the Bahamas loaded with aid, the report
says.

The ship will set sail from Palm Beach, Florida, with food, water,
supplies and volunteers, as well as aid personnel, the report adds.



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

BARBADOS: Makes Progress in Implementing Economic Reform Program
----------------------------------------------------------------
At the request of the Government of Barbados, an International
Monetary Fund (IMF) team led by Bert van Selm visited Bridgetown
from September 3-6, to discuss implementation of Barbados' Economic
Recovery and Transformation (BERT) plan, supported by the IMF under
the Extended Fund Facility (EFF). A concluding meeting was held
with Prime Minister Mottley on September 6, 2019. To summarize the
mission's findings, Mr. van Selm made the following statement:

"Barbados continues to make good progress in implementing its
ambitious and comprehensive economic reform program.

"All indicative targets for end-June under the EFF have been met.
The target for the government's primary surplus was met with a wide
margin, with the government running a primary surplus of 2 1/2
percent of (annual) GDP in the first quarter of FY2019/20. This
bodes well for achieving the government's primary surplus target of
6 percent of GDP for FY2019/20. International reserves were also
well over program targets at end-June.

"Good progress has been made in implementing end-June and July 2019
structural benchmarks under the EFF. The authorities have completed
a review of the tax system and the Governor General has proclaimed
the recently enacted Financial Management and Audit Act.

"Progress being made by the authorities in furthering good-faith
discussions with external creditors is welcome. Continuing open
dialogue and sharing of information will remain important in
concluding an orderly debt restructuring process.

"The team is looking forward to return to Barbados in November to
conduct the discussions for the Article IV and second review under
the EFF and would like to thank the authorities and the technical
team for their openness and candid discussions."

TCLRA reported on Nov. 22, 2018, 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'.



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

BRAZIL: Construction Has Cost Increase of 0.44 Percent in August
----------------------------------------------------------------
Richard Mann at Rio Times Online reports that the National Civil
Construction Index (Sinapi) registered inflation of 0.44 percent in
August this year.

The rate is lower than the 0.68 percent in July, but higher than
the 0.36 percent in August of last year, according to Rio Times
Online.

According to data released on September 6 by the Brazilian
Institute of Geography and Statistics (IBGE), Sinapi shows
inflation rates of 3.11 percent for the year and 4.50 percent in 12
months, the report notes.  With this, the national cost of
construction per square meter rose to BRL,148.65 (US$280) in
August, the report adds.

As reported in the Troubled Company Reporter-Latin America on May
27, 2019, Fitch Ratings has affirmed Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a
Stable Outlook.

BRAZIL: Sao Paulo's Cost of Living Index Rises 1.88% in 8 Months
----------------------------------------------------------------
Rio Times Online reports that the Cost of Living Index in the city
of Sao Paulo rose 0.07 percent in August.

The inflation index measured by the Intersindical Department of
Statistics and Socioeconomic Studies (DIEESE) registered an
increase of 1.88 percent in the first eight months of 2019 and 3.15
percent in 12 months, according to Rio Times Online.

The sector with the highest increase in August was health care at
0.68 percent, notes the report. The increase was driven by
readjustments in medical plans at 0.97 percent.

As reported in the Troubled Company Reporter-Latin America on May
27, 2019, Fitch Ratings has affirmed Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a
Stable Outlook.

PETROLEO BRASILEIRO: Disclose Record Oil Production in August
-------------------------------------------------------------
Lachlan Williams at Rio Times Online reports that in a statement to
shareholders, Petroleo Brasileiro S.A. (Petrobras), the Brazilian
state-owned oil company said that production in the pre-salt (a
coastal offshore area where the country's largest oil and gas
reserves are located) in August was as high as 2.2 million
barrels.

According to the company, this result represents a new record, the
report notes.

Petrobras' high production signals a positive moment for the oil
sector, which also registered positive results in July, according
to Rio Times Online.

The National Petroleum Agency (ANP), the government's regulatory
body, reported that the country's oil production in July was 2.775
million, the report relays.

As reported in the Troubled Company Reporter-Latin America on
Feb. 25, 2019, S&P Global Ratings raised the stand-alone credit
profile (SACP) on Petrobras to 'bb' from 'bb-'. S&P also affirmed
its global scale ratings on the company at 'BB-' and its Brazilian
national scale rating at 'brAAA'.

TEGMA GESTAO: Moody's Withdraws B1 CFR on Repaid Sr. Unsec. Debt
----------------------------------------------------------------
Moody's America Latina Ltda. has withdrawn Tegma Gestao Logistica
S.A.'s B1 (global scale) and Baa2.br (national scale) corporate
family rating and stable outlook. At the time of withdrawal, there
was no instrument rating outstanding.

RATINGS RATIONALE

In February 2019, Tegma Gestao Logistica S.A. amortized the final
installment of its BRL200 million senior unsecured debentures
issued in 2012.

Tegma is a logistics company focused primarily on supply chain
management and products for the automotive industry in Brazil. In
the 12 months ended June 2019, Tegma transported 797,800 vehicles,
representing around 26% of Brazil's light vehicle sales. Tegma also
provides delivery services, warehousing, inventory management and
control, and other logistics solutions to the consumer product
segment. In the same period, Tegma reported consolidated net
revenue of BRL1.3 billion ($344 million), with an adjusted EBITDA
margin of 18.1%.



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

CARDINAL HOLDINGS 3: Moody's Affirms B2 CFR, Alters Outlook to Neg.
-------------------------------------------------------------------
Moody's Investors Service affirmed the corporate family rating of
Cardinal Holdings 3, LP at B2. Concurrently Moody's has affirmed
Capco's probability of default rating at B2-PD, and the instrument
ratings on the USD250 million senior secured term loan B due 2023
and the USD65 million senior secured revolving credit facility due
2022 both borrowed at subsidiary Cardinal US Holdings, Inc. at B2.
Moody's has revised the outlook to negative from stable.

RATINGS RATIONALE

The change of outlook reflects Capco's weaker than expected
performance for H1 2019 including high restructuring and other
exceptional charges which have not reduced as expected following
the carve-out of the company from Fidelity National Information
Services, Inc. (FIS) in 2017. For LTM June 2019 a 4% fall in
revenue compared with FY2018 is due to lower spend on consulting
services by several of Capco's key financial institution clients,
reflecting the potential for volatility in the company's
contractual income. On a Moody's adjusted basis, including
exceptional charges considered by Moody's to be of a recurring
nature, leverage has risen to 5.4x for LTM June 2019 compared with
4.5x in 2018. The continued payment of significant preferred
dividends despite the dip in performance is also a credit negative
and highlights the company's shareholder-friendly financial policy.
This has resulted in retained cash flow (which includes funds from
operations after dividend payments, as adjusted by Moody's) being
negative on an LTM basis.

Governance factors are also a relevant consideration for this
rating. Moody's considers the company's financial disclosure policy
to be weak. Additionally, as already noted, the company's financial
policy strongly favours shareholders, as demonstrated by the high
level of preferred dividends being paid which led to negative
retained cash flow in H1 2019.

The B2 CFR also reflects (i) the small scale in terms of revenue
and concentration on financial services with one customer
accounting for nearly 20% of 2018 revenues; (ii) the cyclicality
and limited revenue visibility beyond six months due to the
consulting nature of the business, and; (iii) the ongoing
competitive and challenging environment for obtaining and retaining
the highly qualified staff essential for the success of the
business.

More positively the B2 CFR reflects (i) the cash flow generative
nature of the business, however Moody's notes the negative retained
cash flow as mentioned; (ii) the company's focus on the sustainable
and growing IT and essential regulatory aspects of the global
financial services sector; (iii) its client base, which includes
large global institutions; and; (iv) its relatively diversified
business across several different countries.

LIQUIDITY PROFILE

Capco's liquidity is adequate and is supported by: (i) cash
balances of USD26.8 million as at June 2019; (ii) a USD65 million
RCF with USD55 million undrawn as at June 2019 and a springing
covenant with large headroom, and; (iii) no significant loan
maturities before July 2022. Although the company generated USD7
million of free cash flow (Moody's adjusted) this was due to a
positive working capital swing which may not be repeated.

RATING OUTLOOK

The negative outlook reflects the weaker than expected performance
in H1 2019, including high restructuring and other exceptional
charges, and ongoing preferred dividend payments, resulting in a
deterioration of the company's credit metrics.

WHAT CAN CHANGE THE RATING UP/DOWN

Given the negative outlook, Moody's anticipates no upward pressure
on the ratings. A stabilization of the negative outlook could
result if revenue generation recovered, exceptional charges being
added back to EBITDA reduced substantially, and the company
generated positive RCF.

Further negative pressure on the outlook could occur if
Moody's-adjusted debt/EBITDA remains sustainably around or
increases above 5.5x, free cash flow turns negative, or liquidity
deteriorates.

STRUCTURAL CONSIDERATIONS

Capco's capital structure includes a $250 million senior secured
term loan B which is pari passu with a $65 million revolving credit
facility (RCF). The guarantee and security package comprises US
subsidiaries of Cardinal Holdings 3, LP and related assets.
However, non-US subsidiaries, which represent more than 50% of
revenue and EBITDA do not provide guarantees or security for the
rated debt.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Cardinal Holdings 3, LP is a consulting business with a focus on
the financial services sector and on IT-related consulting
services. The company is owned 60% by private equity firm CD&R and
40% by Fidelity National Information Services, Inc. (FIS, Baa2
stable).



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

DOMINICAN REPUBLIC: Industries See Reputational Crisis in Tourism
-----------------------------------------------------------------
Dominican Today reports that Herrera Industries Association (ANEIH)
president, Leonel Castellanos, favored a concerted effort by the
private and public sectors to deactivate the reputational crisis in
tourism.

He said the positive perspectives are being diluted, "so we are
obliged to revise our strategy as a country to reverse the effects
of the downward trend and prevent negative situations from being
repeated in the future the country," according to Dominican Today.

"We need to reposition the tourism promotion strategy, since the
indicators of the tourism sector in July 2019, compared to the same
period of 2018, indicate a 16.1% decrease in tourist arrivals,
equivalent to 90,573 tourists below the arrivals of July 2018,"
Castellanos said, as quoted by Listin Diario, the report notes.

He suggests expanding and promoting actions aimed at the
certification and accreditation of the entire tourism industry,
based on international quality standards, the report relays.

"While we must consider that some external variables have
influenced this behavior, we cannot be indifferent to this reality
that reflect the internal economic indicators and therefore we are
obliged to review our strategy as a country to reverse the effects
of this trend and prevent in the future they are repeated," he
added, the report notes.

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).

DOMINICAN REPUBLIC: MSMEs Demand Transferable Guarantee Law
-----------------------------------------------------------
Dominican Today reports that a key economic sector of the country
demands a Law on Transferable Real Estate Guarantees be approved to
energize and secure access to credit for small and medium-sized
businesses.

Former Dominican Confederation of Small and Medium Enterprises
(Codopyme) president Issachar Burgos, said that bill has been
supported from the beginning because it can be an instrument that
facilitates loans for MSMEs, according to Dominican Today.

He said there are few MSMEs that can present transferable
guarantees and for that reason, although they have a good payment
performance, their risk rating is always B and C, so they obtain
loans at higher rates and shorter terms, the report notes.  "In
addition, I understand that this law will facilitate the necessary
technological reinvestment of the industrial sector of MSMEs," he
added.

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).



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

LA TRINIDAD ELDERLY: Loiza Ponce Objects to Disclosure Statement
----------------------------------------------------------------
Loiza Ponce Holdings, LLC, objects to the approval of the
Disclosure Statement explaining La Trinidad Elderly LP SE's Chapter
11 plan.

Loiza Ponce points out that the Disclosure Statement is thus
intentionally deceptive and asserts that the Disclosure Statement
inadequate in terms of providing information to creditors to make
an informed decision regarding the Plan.

Loiza Ponce complains that the Disclosure Statement incorrectly
assumes that its claim is disputed.

According to Loiza Ponce, the Plan also unfairly discriminates
against its claims, despite having originally scheduled it as a
secured creditor.

Loiza Ponce points out that the Plan fails the fair and equitable
test.

Attorneys for Loiza Ponce:

     JORGE I. PEIRATS, ESQ.
     PIETRANTONI MENDEZ & ALVAREZ LLC
     Popular Center - 19th Floor
     208 Ponce de Leon Avenue
     San Juan, PR 00918
     Tel: 787-274-4908
     Fax: 787-274-1470
     Email: jpeirats@pmalaw.com

             About La Trinidad Elderly LP SE

San Juan, Puerto Rico-based La Trinidad Elderly LP SE, which owns
an affordable residential unit apartment building located at
Castillo Street #11, Ponce, Puerto Rico, filed a voluntary Chapter
11 petition (Bankr. D. P.R., Case No. 19-01830) on April 2, 2019.
The Company previously sought bankruptcy protection on Sept. 25,
2018 (Bankr. D. P.R. Case No. 18-05549).

The case is assigned to Hon. Enrique S. Lamoutte Inclan.

The Debtor's Counsel is Wigberto Lugo Mender, Esq., at Lugo Mender
Group, LLC, in Guaynabo, Puerto Rico.

At the time of filing, the Debtor had estimated assets of $1
million to $10 million and estimated liabilities of $10 million to
$50 million.

PONCE REAL: Oct. 24 Hearing on Disclosure Statement
---------------------------------------------------
A hearing on approval of disclosure statement explaining the first
Chapter 11 plan of reorganization of Ponce Real Estate Corp. is
scheduled for October 24, 2019 at 9:30 AM at the United States
Bankruptcy Court, Southwestern Divisional Office, MCS Building,
Second Floor, 880 Tito Castro Avenue, Ponce, Puerto Rico.

Objections to the form and content of the disclosure statement must
be filed and served not less than fourteen (14) days prior to the
hearing.

On the Effective Date of the Plan, Class 4 claimants shall receive
from the Debtors a non-negotiable, interest bearing promissory
note, dated as of the Effective Date, providing for a total amount
of $84,031 to be paid pro-rata to all allowed claimants under this
class, which will be payable in one (1) lump sum payment on or
before the end of the first year of the 1-year plan from the
proceeds of a new mortgage loan obtained from the financing of the
Encarnacion Ward property, a/k/a Tallaboa, located at Penuelas,
Puerto Rico. The proposed dividend payable to this class through
the plan exceeds 100% of the allowed General Unsecured Claims.

A full-text copy of the Disclosure Statement is available at
https://tinyurl.com/yxswr8qc from PacerMonitor.com at no charge.

             About Ponce Real Estate Corp.

Ponce Real Estate Corp., a real estate company headquartered in
Ponce, Puerto Rico, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-06805) on Nov. 24,
2018.

At the time of the filing, the Debtor estimated assets of $1
million to $10 million and liabilities of the same range.  The
Debtor tapped EMG Despacho Legal, CRL as its legal counsel, and
Tamarez CPA, LLC as its accountant.



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

VENEZUELA: 3,000+ Military Troops Deployed to Colombia Border
-------------------------------------------------------------
EFE News reports that Venezuela has deployed more than 3,000
military personnel to the border with Colombia as part of the
orange alert declared by the country's president, an official
said.

"More than 3,000 men and women from the FANB (National Bolivarian
Armed Forces) are in perfect operational readiness along the
Colombian border," said government representative Freddy Bernal in
a statement obtained by the news agency.

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

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

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

Standard and Poor's long- and short-term foreign currency
sovereign credit ratings for Venezuela stands at 'SD/D'
(November 2017).

S&P's local currency sovereign credit ratings on the other hand
are 'CCC-/C'. The May 2018 outlook on the long-term local currency
sovereign credit rating is negative, reflecting S&P's view that
the sovereign could miss a payment on its outstanding local
currency
debt obligations or advance a distressed debt exchange operation,
equivalent to default.

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

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


                           *********


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
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Information contained herein is obtained from sources believed to
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