/raid1/www/Hosts/bankrupt/TCRLA_Public/190917.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 17, 2019, Vol. 20, No. 186

                           Headlines



A R G E N T I N A

ARGENTINA: To Present New Budget Amid Economic Woes


B R A Z I L

BRAZIL: US Pledges to Up Trade w/o Bilateral Deal Mentioned
DIAMOND OFFSHORE: Egan-Jones Lowers Senior Unsecured Ratings to B-
FOREVER 21: To Shutter 100 Stores as Part of Bankruptcy Filing
GENERAL MOTORS: Dismisses 185 Engineers in the State of Sao Paulo
OI SA: S&P Alters Outlook to Negative & Affirms 'B' ICR

UNIGEL LUXEMBOURG: S&P Rates New Unsec. Notes Due 2026 'B+


C U B A

CUBA: Moody's Affirms Caa2 Issuer Ratings, Outlook Remains Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Free Zones Create More Jobs, But at a Cost
DOMINICAN REPUBLIC: US$100MM+ Injection Aims to Stabilize Market


M E X I C O

PETROLEOS MEXICANOS: Announces Measures to Strengthen Finc'l. State


P U E R T O   R I C O

CLOUD I Q LLC: Needs Time to Ascertain Cleanup Account Receivable


T R I N I D A D   A N D   T O B A G O

PETROLEUM CO: NiQuan Energy Raises US$120MM for Abandoned Plant


V E N E Z U E L A

VENEZUELA: Colombian Paramilitaries Take Spotlight for Crisis Role

                           - - - - -


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A R G E N T I N A
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ARGENTINA: To Present New Budget Amid Economic Woes
---------------------------------------------------
EFE News reports that Argentina Finance Minister Hernan Lacunza
will present the proposed 2020 budget to the Argentine Congress
this week, a budget that will have to be implemented by whoever
wins the presidential election in October.

Lacunza is scheduled to appear before the lower house's budget
committee, which will probably not debate the proposed budget until
after next month's presidential vote, according to EFE News.

                     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.

Standard & Poor's credit rating for Argentina stands at B with
stable outlook at November 2018. Moody's credit rating for
Argentina was last set at B2 with stable outlook at November 2017.
Fitch's credit rating for Argentina was reported at B with negative
outlook at November 2018). DBRS's credit rating for Argentina is B
with stable outlook.

As reported in the Troubled Company Reporter-Latin America on Sept.
5, 2019, Fitch Ratings has upgraded Argentina's Long-Term
Foreign-and Local-Currency Issuer Default Ratings to 'CC' from
'RD', and its Short-Term Foreign- and Local-Currency IDRs to 'C'
from 'RD'. The issue ratings on Argentina's senior unsecured
foreign-currency bonds remain at 'CC'. Fitch has downgraded the
Country Ceiling to 'CCC' from 'B-'. The rating action follows
several weeks of extreme financial instability triggered by the
adverse market reaction to the results of primary elections on
August 11.

On Sept. 4, 2019, the TCRLA reported that S&P Global Ratings raised
on Aug. 30, 2019, its foreign and local currency sovereign credit
ratings on Argentina to 'CCC-/C' from 'SD'. The outlook on the
long-term ratings is negative. In addition, S&P raised its
short-term issue ratings to 'C' from 'D'. S&P also raised the
national scale rating to 'raCCC-'from 'SD'. S&P said, "The negative
outlook reflects the prominent downside risks to payment of debt on
time and in full per our criteria over the coming months amid very
complex political, economic, and financial market dynamics. S&P
previously lowered its sovereign credit ratings on Argentina to
'SD' from a long-term rating of 'B-' and a short-term rating of 'B'
on Aug. 29, 2019.

On Sept. 3, 2019, the TCRLA reported that Moody's Investors Service
downgraded Argentina's foreign-currency and local-currency
long-term issuer and senior unsecured ratings to Caa2 from B2. The
senior unsecured ratings for shelf registrations were also
downgraded to (P)Caa2 from (P)B2. The outlook on these ratings has
been changed to ratings under review from negative.




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B R A Z I L
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BRAZIL: US Pledges to Up Trade w/o Bilateral Deal Mentioned
-----------------------------------------------------------
EFE News reports that U.S. Secretary of State Mike Pompeo promised
his Brazilian counterpart that exchanges of goods and services
between the two countries will increase but made no mention of a
possible bilateral free-trade deal.

"All of Brazil's efforts give the United States great confidence to
cooperate in new ways. We're going to grow our trade relationship
that already accounts for more than $100 billion annually," Pompeo
said at a joint press conference with Ernesto Araujo at the State
Department, according to EFE News.

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.


DIAMOND OFFSHORE: Egan-Jones Lowers Senior Unsecured Ratings to B-
------------------------------------------------------------------
Egan-Jones Ratings Company, on September 3, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Diamond Offshore Drilling Incorporated to B- from
B.

Diamond Offshore Drilling, Inc. is an offshore drilling contractor.
The company is headquartered in Houston, Texas, United States, and
has major offices in Australia, Brazil, Mexico, Scotland,
Singapore, and Norway. The company operates 17 drilling rigs
including 13 semi-submersible platforms and 4 drillships.


FOREVER 21: To Shutter 100 Stores as Part of Bankruptcy Filing
--------------------------------------------------------------
Forever 21 Inc., the fast fashion retailer known for trendy
offerings and low pricing, is preparing to close at least 100
stores as part of a restructuring that calls for the trendy
retailer to file for Chapter 11 bankruptcy as early as this month,
Bloomberg News reported, citing people with knowledge of the
preparations.

Forever 21 is arranging a financial package that would provide
about $75 million to finance the Chapter 11 case, according to
Bloomberg, citing the people, who asked not to be named discussing
private negotiations.

The bargain apparel firm's plan envisions a Chapter 11 filing,
which would allow the company to keep operating while it works out
a way to pay its creditors and turn the business around.  Even as
these plans firm up, advisers could still strike an agreement that
buys the retailer more time before resorting to bankruptcy, the
people said.

Bankruptcy protection would help the retailer shed unprofitable
stores after expanding too far and too fast in recent years, the
people said, according to Bloomberg.

The Wall Street Journal earlier reported that the retailer was
planning to file for bankruptcy as early as Sunday (Sept. 15).

"Forever 21 is not planning to file for bankruptcy on Sunday," the
retailer said in a statement in response to the WSJ report.

"Our stores are open and it is our intention to continue to operate
the vast majority of U.S. stores, as well as a smaller amount of
international stores, providing customers with great service and
the curated assortment of merchandise that they love and expect
from Forever 21."

The timing of a filing could change, and it's possible, though
unlikely, that the company could be rescued at the last minute, the
New York Times notes.

According to The New York Times, the details that would emerge in a
bankruptcy would puncture the sphere of secrecy that the
family-owned retailer has fervently maintained since its founding
in the 1980s.  The Times also notes that a Chapter 11 filing would
also deal a blow to the chain's American dream success story, which
had already been tarnished over many years by a string of
accusations around copyright and trademark infringement, including
a recent lawsuit from the singer Ariana Grande.

Business Insider notes that back in the day, Forever 21 embodied
the American dream: In 1981, Jin Sook and Do Won "Don" Chang moved
to Los Angeles from South Korea with no money, no college degrees,
and speaking little English.  To make ends meet, Jin Sook worked as
a hairdresser while Don worked as a janitor, pumped gas, and served
coffee.  Until he noticed that "the people who drove the nicest
cars were all in the garment business."  So three years later, with
$11,000 in savings, the Changs opened a 900-square-foot clothing
store called Fashion 21.

Forever 21 presently has more than 800 stores in the U.S., Europe,
Asia and Latin America.

                         About Forever 21

Forever 21, Inc., headquartered in Los Angeles, California --
http://www.forever21.com/-- is a fashion retailer of women's,
men's and kids clothing and accessories and is known for offering
the hottest, most current fashion trends at a great value to
consumers.  This model operates by keeping the store exciting with
new merchandise brought in daily.  Founded in 1984, Forever 21
operates more than 815 stores in 57 countries with retailers in the
United States, Australia, Brazil, Canada, China, France, Germany,
Hong Kong, India, Israel, Japan, Korea, Latin America, Mexico,
Philippines and United Kingdom.

Privately held Forever 21 is owned by its founders, Do Won and Jin
Sook Chang.  A husband and wife team, the Changs immigrated from
South Korea in 1981 and started the chain three years later with a
single 900 square-foot store in Los Angeles and only $11,000 in
savings.

Forever 21 has annual sales of $3.4 billion and 30,000 employees.


GENERAL MOTORS: Dismisses 185 Engineers in the State of Sao Paulo
-----------------------------------------------------------------
Iolanda Fonseca at Rio Times Online reports that the automotive
multinational General Motors (GM) has dismissed 185 engineers at
its units in the State of Sao Paulo, according to the Sao Caetano
do Sul Metalworkers Union.

The dismissals have also been repudiated by the Union of Engineers
of the State of Sao Paulo (SEESP), according to which the company
has terminated 125 workers with a Voluntary Resignation Plan (PDV)
opened between August 28 and 30, according to Rio Times Online.


OI SA: S&P Alters Outlook to Negative & Affirms 'B' ICR
-------------------------------------------------------
S&P Global Ratings, on Sept. 12, 2019, affirmed its global scale
'B' issuer credit and issue-level ratings and revised the outlook
to negative from stable. At the same time, S&P lowered its national
scale rating to 'brA-' from 'brA' and assigned a negative outlook.

The outlook change reflects the challenges Oi has been facing in
its efforts to resume growth and to generate free operating cash
flows. This is partly due to some delay in the capital injection of
R$4 billion, completed only in January 2019, which has held up the
company's investments. S&P said, "Also, we previously expected Oi's
revenue to grow in 2019. However, the company faced
higher-than-expected disconnections and consequent revenue declines
in fixed lines in the past quarters. As a result, our current
expectation is for revenue to fall in 2019 and 2020, resuming
growth only by 2021."

In order to implement its annual capex plan of about R$7 billion,
Oi intends to divest several assets in the next two years totaling
R$6.5 billion - R$7.5 billion. However, given that this strategy
relies on factors outside the company's control, the timing and
amount for each asset to be sold are uncertain, potentially
resulting in capex delays, hampering the company's operational
turnaround.

Oi's capex strategy focuses on the expansion of fiber to the home
(FTTH) and of the 4G and 4.5G mobile coverage, which should improve
its competitiveness and reduce churn in its customer base through
higher quality services. The company already accomplished a
significant churn reduction in cities where it launched FTTH in
2018. Also, the increasing revenues from FTTH allows for lower
maintenance costs.

Following the 2018 debt restructuring, Oi has a long-term debt
maturity profile, with principal grace period of five or more
years, resulting in no principal debt maturity until 2023, as well
as interest grace period for several of the debt instruments. In
S&P's view, this allows the company to focus on its turnaround
strategy without substantial debt pressures in the medium term.


UNIGEL LUXEMBOURG: S&P Rates New Unsec. Notes Due 2026 'B+
----------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating to Unigel
Luxembourg S.A.'s proposed senior unsecured notes due 2026. S&P
also assigned a '3' recovery rating to the proposed notes, which
indicates an average recovery expectation of 50%-70% (rounded
estimate 65%) in the event of default. Unigel Luxembourg is a
wholly-owned finance subsidiary of Unigel Participacoes S.A.
(Unigel; B+/Positive/--). Unigel, Acrilonitrila do Nordeste S.A.,
Companhia Brasileira de Estireno, Proquigel Química S.A. and
Plastiglas de Mexico S.A. will fully and unconditionally guarantee
the notes.

Unigel plans to use proceeds for liability management, to fund the
tender offer of its outstanding 2024 senior secured notes, as well
pay down the remaining bank loans in its capital structure. S&P
said, "The proposed new issuance is in line with our positive
outlook on Unigel. On September 6, we had revised our outlook on
Unigel to positive from stable due to its stronger liquidity
position and our expectation of rising free operating cash flows
that should improve leverage metrics consistently. "

Under the proposed new senior unsecured notes, Unigel will have
incurrence covenants of net debt to EBITDA below 3.5x. Under S&P's
calculations, the company would have a 25% cushion by December
2019.

Issue Ratings: Recovery Analysis

Key analytical factors

S&P said, "In our recovery analysis, we assume that Unigel will be
able to issue up to $500 million of the proposed senior unsecured
notes to fund the tender offer of the outstanding 2024 senior
secured notes and other bank loans. Unigel's final capital
structure, therefore, will mainly consist of the 2026 notes and
some residual bank loans. We analyze Unigel's recovery under a
going concern, assuming that the company would likely restructure
rather than liquidate in a distress scenario. We evaluate Unigel
using EBITDA multiple valuation, assuming a 5.0x EBITDA multiple
over our expected emergence EBITDA of about R$235 million. The 5.0x
EBITDA multiple follows our standard approach for commodity
chemicals companies. To estimate the minimum capital expenditures
(capex) at default, we use a 3% factor because the company has been
annually spending between R$70 million and R$100 million in
maintenance capex since 2016."

Simulated default assumptions

-- Simulated year of default: 2023
-- Jurisdiction: Brazil
-- Estimated EBITDA at emergence: R$235 million
-- EBITDA multiple: 5.0x

Simplified waterfall

-- Gross enterprise value (before 5% admin. expenses): R$1.17
billion
-- Total value available to unsecured claims: R$1.1 billion
-- Total senior unsecured debt: R$1.6 billion
-- Expected recovery of senior unsecured debt of 65%

Note: All debt amounts include six months of pre-petition
interest.

  Ratings List

  New Rating
  Unigel Luxembourg S.A.

  Senior Unsecured  B+
  Recovery Rating   3(65%)




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C U B A
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CUBA: Moody's Affirms Caa2 Issuer Ratings, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Investors Service affirmed the Government of Cuba's
long-term foreign-currency and local-currency issuer ratings at
Caa2. The outlook remains stable.

The affirmation of Cuba's Caa2 ratings balances the following key
rating drivers:

1) Cuba's low economic strength will continue to be hindered by
unfavorable near-term growth prospects as a result of a tightening
of US travel restrictions, compounded by the continued loss of
economic support from Venezuela

2) Despite ongoing challenges, the sovereign's credit metrics will
remain broadly stable and in line with peer medians

The stable outlook on the rating reflects Moody's view that upside
and downside risks to Cuba's credit profile remain balanced. The
stable outlook takes into account the stalled process of
rapprochement with the US as well as Moody's expectation that the
tightened travel authorizations and sanctions on Cuba's military
officials and public enterprises adopted over the past three years
will curtail the flow of American visitors to Cuba and strongly
diminish the impetus for foreign investment into the country.
Although US policy toward Cuba may change marginally, Moody's does
not expect that these actions will materially alter underlining
credit conditions in Cuba over the next 12-18 months.

Cuba's long-term and short-term foreign-currency bond and deposit
ceilings remain unchanged at Caa2/NP and Caa3/NP, respectively. The
local currency bond and deposit ceilings remain unchanged at Caa2.

RATINGS RATIONALE

RATIONALE FOR THE AFFIRMATION OF THE Caa2 RATINGS

FIRST DRIVER: CUBA'S LOW ECONOMIC STRENGTH WILL CONTINUE TO BE
HINDERED BY UNFAVORABLE NEAR-TERM GROWTH PROSPECTS AS A RESULT OF A
TIGHTENING OF US TRAVEL RESTRICTIONS, COMPOUNDED BY THE CONTINUED
LOSS OF ECONOMIC SUPPORT FROM VENEZUELA

Cuba's low economic strength reflects moderate economic growth in
recent years and less favorable medium-term growth prospects, as
well as the economy's limited scale, diversification and
productivity. Over the past decade the government has sought to
liberalize the economy, foster a private sector, and move away from
its centrally-planned system. Nevertheless, progress has been slow,
with rollbacks and partial implementation of announced reforms a
regular occurrence. According to official data, Cuba's real GDP
grew 2.2% in 2018, up from 1.8% in 2017. The uptick is primarily
explained by growth in investment, the result of reconstruction
efforts following Hurricane Matthew in October 2016, and Hurricane
Irma in October 2017.

Moody's expects that the construction sector will drag economic
growth in 2019 owing to the culmination of reconstruction activity
and the high base of comparison relative to 2018. More importantly,
effective June 5, 2019, the US revoked the standing authorization
for so-called educational "people-to-people" group travel to Cuba
by US persons when conducted under the auspices of an organization
subject to US jurisdiction. This was a very popular mode of travel
to Cuba by US visitors. It also revoked export authorizations that
had allowed private and corporate aircraft, cruise ships,
sailboats, fishing boats, and other similar aircraft and vessels
that are subject to US jurisdiction to go to Cuba.

A final damper on growth is the continued worsening of the economic
situation in Venezuela, which served as an economic patron to Cuba
in the past two decades by providing subsidized goods, and
acquiring the services of Cuban professionals (in particular,
healthcare). As the Venezuelan economy has deteriorated, this
patronage has dwindled and imposed severe hardships in Cuba with
the government announcing the rationing of basic goods and
foodstuffs in May 2019.

The tightening of US travel restrictions came after the busiest
part of the travel season, which will likely spare Cuba some of the
economic losses in 2019, but will still negatively affect visitor
arrivals in the second half of the year. Overall Moody's believes
that growth will slow significantly to 0.5% in 2019 and that it
will slow further in 2020, remaining broadly flat at 0.1% as the
full force of US sanctions if felt throughout the entire year.
Moody's expects a normalization of GDP growth to 1% in 2021 and for
activity to remain close to 1.5% thereafter.

SECOND DRIVER: DESPITE ONGOING CHALLENGES, THE SOVEREIGN'S CREDIT
METRICS WILL REMAIN BROADLY STABLE AND IN LINE WITH PEER MEDIANS

Cuba's low economic strength, very low institutional strength,
moderate fiscal strength and very high susceptibility to event risk
are traits common among 'Caa'-rated sovereigns that struggle with
structural limitations that hinder economic and fiscal
performance.

Despite the challenging economic environment, the sovereign's
credit metrics remain aligned with those of similarly-rated peers.
Cuba's real GDP growth averaged 2.0% in 2014-18, while the 'Caa'
catergory median for the same period was 1.9%. Fiscal deficits in
Cuba have been larger than for peers as they have averaged 6.6% of
GDP in 2014-18 mainly as a result of the wider deficits in the last
two years driven by hurricane-related spending, while the median
for 'Caa'-rated sovereigns was 5.4% of GDP.

Nevertheless, Moody's estimates that Cuba's 2018 public debt ratio
at 24.2% of GDP remains lower than the general government peer
median of 63.9%. This is partly a reflection of the lack of
official domestic debt data, and Moody's believes that the fiscal
deficit is financed through intra-public sector lending, mainly by
public banks and the central bank. External finances are likely to
remain broadly stable, despite anecdotal evidence of payment
arrears with suppliers, via the tightening of import controls in
order to maintain low current account surpluses.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

In Moody's assessment, Cuba's credit profile is exposed to
environmental risks from the effects of climate shocks in the form
of hurricanes. The country is exposed to hurricanes that have the
potential to cause flooding, loss of crops and life, and damages to
infrastructure, in particular vital hotel infrastructure on which
the country depends to generate foreign exchange. These
considerations have been incorporated into the analysis of the
country's economic strength and its susceptibility to event risk.
Environmental factors represent a longstanding element of Cuba's
credit profile, as recently illustrated by successive impacts from
Hurricanes Matthew in 2016 and Irma in 2017.

Social considerations are not material to Cuba's credit profile.
While an ageing population will weigh on growth potential and raise
government expenditure, Cuba's challenges in economic and fiscal
strength are driven by a range of long-standing factors.

Governance considerations are a key challenge to Cuba's credit
profile and have been primarily incorporated into the "Very Low"
assessment of the sovereign's institutional strength factor. The
policymaking process is opaque, resulting in very limited policy
predictability and a lack of transparency that also negatively
affects data quality.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook on the rating reflects Moody's view that upside
and downside risks to Cuba's credit profile remain balanced.
Moody's expects economic performance will remain subdued and that
the sovereign will marginally reduce its fiscal imbalance, and
maintain broad stability in external finances despite some balance
of pressures that have led to arrears with suppliers.

The stable outlook also takes into account the stalled process of
rapprochement with the US as well as Moody's expectation that the
tightened travel authorizations and sanctions on Cuba's military
officials and public enterprises adopted over the past three years
will curtail the flow of American visitors to Cuba and strongly
diminish the impetus for foreign investment into the country.
Although US policy toward Cuba my change marginally, Moody's does
not expect that these actions will materially alter underlining
credit conditions in Cuba over the next 12-18 months.

WHAT COULD CHANGE THE RATING UP

The stable outlook on the Caa2 rating would be changed positive in
the event of a further easing of US economic sanctions or a renewed
push on domestic reforms that have a material impact on Cuba's
economic prospects. Enhanced data timeliness and transparency would
also be credit positive.

WHAT COULD CHANGE THE RATING DOWN

Evidence of increased stress on Cuba's external finances, along
with deteriorating economic prospects due to external shocks and
reform reversal that jeopardizes the small amount of progress
achieved on economic liberalization, would put downward pressure on
the credit profile.

GDP per capita (PPP basis, US$): [not available] (also known as Per
Capita Income)

Real GDP growth (% change): 2.2% (2018 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 2.4% (2018 Actual)

Gen. Gov. Financial Balance/GDP: -8.1% (2018 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: 1.9% (2018 Estimate) (also known as
External Balance)

External debt/GDP: 24.2% (2018 Estimate)

Level of economic development: Low level of economic resilience

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.

On September 11, 2019, a rating committee was called to discuss the
rating of the Cuba, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals, including
its economic strength, have not materially changed. The issuer's
fiscal or financial strength, including its debt profile, has not
materially changed. Other views raised included: The issuer's
institutional strength/ framework, have not materially changed. The
issuer's governance and/or management, have not materially changed.
The issuer's susceptibility to event risks has not materially
changed.

The principal methodology used in these ratings was Sovereign Bond
Ratings published in November 2018.




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Free Zones Create More Jobs, But at a Cost
--------------------------------------------------------------
Dominican Today reports that free zone companies create three times
more employment, but each job costs five times more in terms of the
income that is no longer received than each job created under the
standard tax regime.

The figures, which is the result of a World Bank study, is
contained in the analysis "Tax incentives for companies in Latin
America and the Caribbean," conducted by Oxfam and the Economic
Commission for Latin America and the Caribbean (ECLAC ), according
to Dominican Today.

Dominican Today, citing the report, relates reiterates that due to
tax incentives, Free Zone companies create a significantly higher
number of jobs than companies that are outside this regime, but at
a very high fiscal cost.

The analysts stress that the results of the investigation seem to
indicate that tax incentives are not an efficient means of
promoting job growth, especially in the Free Zones, Dominican Today
notes.  "Fiscal incentives aren't the main determinants of foreign
investment in the region, but economic growth, the existence of
infrastructure and economic openness are the elements that
investors take most into account when making decisions," the report
adds.

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: US$100MM+ Injection Aims to Stabilize Market
----------------------------------------------------------------
Dominican Today reports that as of Sept. 16, 2019, the Central Bank
will start injecting more than US$100 million into the exchange
market to stabilize it and allay fears of a possible global
economic recession impacting the country, as well as the
uncertainty among local agents due to the unfolding electoral
process.

Central banker Hector Valdez Albizu, said the measure will be
coordinated with commercial banks, according to Dominican Today.

He said the Central Bank has about US$7.7 billion in international
reserves "that can be used to attend episodes of high volatility in
the exchange market," the report notes.

"The stability of the currency market is not negotiable and we have
a commitment to maintain an orderly and stable exchange market,"
Valdez Albizu said in a statement obtained by the news agency.

"The situation of the international environment, together with the
trade war between the United States and China and the escalation in
geopolitical tensions in different areas of the world, have caused
an appreciation of the US dollar internationally and, with it,
pressures exchange rates in advanced and emerging economies that
have been exacerbated in recent months," the report relays.

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).




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M E X I C O
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PETROLEOS MEXICANOS: Announces Measures to Strengthen Finc'l. State
-------------------------------------------------------------------
Petroleos Mexicanos disclosed the pricing of global notes
denominated in U.S. Dollars (the "New Money Securities"), and the
commencement of two liability management transactions consisting of
fifteen separate exchange offers targeting certain series of PEMEX
outstanding short-term maturity notes due 2022 through 2025 and
long-term maturity bonds due 2041 through 2048 (the "Exchange
Offers").

The offering of New Money Securities and the Exchange Offers are
part of a series of measures recently announced by PEMEX intended
to improve its financial condition.  The Exchange Offers are
separate from and in addition to the cash tender offers announced
by PEMEX.

New Money Securities

The New Money Securities will be issued under PEMEX's
US$102,000,000,000 Medium-Term Notes Program, Series C, will
constitute unsecured obligations of PEMEX and will be jointly and
severally guaranteed by Pemex Exploracion y Produccion, Pemex
Transformacion Industrial and Pemex Logística, and their
respective successors and assignees.

PEMEX intends to use the net proceeds from the sale of the New
Money Securities for general corporate purposes, including the
repayment of short-term loans.

PEMEX priced an issue of:

   -- 6.490% Notes due 2027 (the "2027 Notes"), for an aggregate
principal amount of US$1,250,000,000. The 2027 Notes were issued at
a price of 99.954%, plus accrued interest (if any) from September
23, 2019. Interest is payable on January 23 and July 23 of each
year, commencing on January 23, 2020. The 2027 Notes will mature on
January 23, 2027.

   -- 6.840% Notes due 2030 (the "2030 Notes"), for an aggregate
principal amount of US$3,250,000,000. The 2030 Notes were issued at
a price of 99.939%, plus accrued interest (if any) from September
23, 2019. Interest is payable on January 23 and July 23 of each
year, commencing on January 23, 2020. The 2030 Notes will mature on
January 23, 2030.

   -- 7.690% Bonds due 2050 (the "2050 Bonds"), for an aggregate
principal amount of US$3,000,000,000. The 2050 Bonds were issued at
a price of 99.899%, plus accrued interest (if any) from September
23, 2019. Interest is payable on January 23 and July 23 of each
year, commencing on January 23, 2020. The 2050 Bonds will mature on
January 23, 2050.

A full text copy of the complete press release is available at:

                         https://is.gd/DbtrqR

Petroleos Mexicanos engages in the exploration, exploitation,
refining, transportation, storage, distribution, and sale of crude
oil and natural gas in Mexico.  The Company was founded in 1938 and
is based in Mexico City, Mexico.

As reported in the Troubled Company Reporter-Latin America on
June 12, 2019, Petroleos Mexicanos filed with the U.S. Securities
and Exchange Commission its annual report on Form 20-F, disclosing
a net loss of MXN180,419,837,000 on MXN1,681,119,150,000 of total
sales for the year ended Dec. 31, 2018, compared to a net loss of
MXN280,850,619,000 on MXN1,397,029,719,000 of total sales for the
year ended in 2017.  

The audit report of KPMG Cardenas Dosal, S.C., states that PEMEX
has suffered recurring losses from operations, has a net capital
deficiency and net equity deficit.  These issues, together with its
fiscal regime, the significant increase in its indebtedness and the
reduction of its working capital raise substantial doubt about its
ability to continue as a going concern.

The Company's balance sheet at Dec. 31, 2018, showed total assets
of MXN2,075,197,268,000, total liabilities of MXN3,534,602,700,000,
and MXN1,459,405,432,000 in total deficit.




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

CLOUD I Q LLC: Needs Time to Ascertain Cleanup Account Receivable
-----------------------------------------------------------------
Cloud I Q, LLC requested the U.S. Bankruptcy Court for the Eastern
District of Wisconsin to extend the exclusive periods in which it
may file a Chapter 11 plan of reorganization and solicit
acceptances of such plan through Feb. 13, 2020 and April 13, 2020,
respectively.

The Debtor's Chapter 11 case was filed in order to rehabilitate and
reorganize itself by facilitating the collection of an Account
Receivable due as a result of the cleanup performed by the Debtor
and its subcontractors in the Commonwealth of Puerto Rico as more
fully set forth in the Adversary Complaint filed in Case No.
19-2110 pending before the Court.  The Complaint has been served
but Answers have not yet been filed by all of the Defendants.

The Debtor claims that the litigation is complex and deals with
governmental units of both the Commonwealth of Puerto Rico and the
United States government and individuals and companies who and
which the Debtor worked with on the debris cleanup from Hurricane
Maria. It is anticipated that the litigation will continue for a
significant period of time.

While discovery will commence shortly, given the number of parties
involved, the uncertainty as to the payment by the Federal
Emergency Management Agency to the Commonwealth of Puerto Rico or
certain municipalities for which the Debtor performed work needs to
be ascertained as to amount and entity or individual paid.

Further, there is a large Note due the Debtor for funds advanced
which is sought to be collected in the pending Adversary
Proceeding. Each aspect of the Adversary Proceeding requires a
determination of the facts and circumstances surrounding that
aspect of the proceeding, all of which will be time consuming.

The Debtor estimates that litigation will take between nine months
and one year and it will be difficult to propose a Plan of
Reorganization without knowing how much will be likely collected
from the Defendants in the Adversary Proceeding. Hence, the Debtor
asserts that an extension of the exclusivity period is necessary.

                       About Cloud I Q LLC

Cloud I Q LLC, a Wisconsin-based IT solution provider, filed a
Chapter 11 petition (Bankr. E.D. Wis. Case No. 19-23680) on April
19, 2019.  In the petition signed by Jason Neilitz, member, the
Debtor estimated $0 to $50,000 in assets and $1 million to $10
million in liabilities.  The Hon. Michael G. Halfenger oversees the
case.  Paul G. Swanson, Esq., at Steinhilber Swanson LLP, serves as
bankruptcy counsel.




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

PETROLEUM CO: NiQuan Energy Raises US$120MM for Abandoned Plant
---------------------------------------------------------------
Trinidad Express reports that Niquan Energy Trinidad (NiQuan), the
energy start-up that purchased the rights to Petrotrin's abandoned
Gas-to-Liquids (GTL) plant, went to market in May to raise US$100
million.

The company issued a bond, for an 18-month term to meet its
construction completion date of December 31, 2019, repay
indebtedness and for general corporate purposes, according to
Trinidad Express.

In May, NiQuan also received an equity injection of US$20,206,485.
The local collateral agent for the bond is Republic Bank, the
report notes.

                       About Petrotrin

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.




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

VENEZUELA: Colombian Paramilitaries Take Spotlight for Crisis Role
------------------------------------------------------------------
The Latin America Herald reports that the crisis in Venezuela took
another turn for the worse when the country's prosecution announced
it was investigating the leader of the opposition after he was seen
in controversial pictures alongside members of a Colombian
paramilitary group.

The head of the National Assembly, Juan Guaido -- who has been
recognized as Venezuela's interim president by more than 50
countries -- appeared in photographs with members of Colombia's
criminal organization known as Los Rastrojos ("The Stubbles"),
according to The Latin America Herald.

The images were released by the head of the pro-Chavista parallel
legislative known as the Constituent National Assembly (ANC),
Diosdado Cabello, who accused Guaido of being backed by armed
Colombian militias, the report relays.

Leftist incumbent Nicolas Maduro called the pictures "the mother of
all scandals" and claimed Guaido was in cahoots with Los Rastrojos,
the report notes.

"His criminal alliance with the paramilitary drug trafficking ring
Los Rastrojos is a tremendous scandal," Maduro said in a speech
televised on state broadcaster VTV, adding that the people pictured
alongside Guaido had helped the opposition leader leave the country
in February despite a court order preventing him from exiting
Venezuela, the report discloses.

According to Maduro, Los Rastrojos smuggled Guaido through the
border with Colombia so that he could attend an anti-Chavista
concert in the city of Cucuta and participate in a bid to introduce
a caravan with humanitarian aid into Venezuela, the report says.

The Latin America Herald relates that Maduro said Los Rastrojos
took over control of a border crossing so that "Queen Guaido could
pass, the 'narco' queen, the queen of the south," an allusion to a
popular soap opera about Mexican drug cartels.

The embattled president added that he was sure that former
Colombian President Alvaro Uribe had ordered Los Rastrojos to take
care of Guaido's protection and extraction from Venezuela, the
report notes.

The report says that Guaido countered that Maduro was attempting to
distract people with the photographs in a bid to draw attention
away from its own scandals.

Guaido told reporters before attending celebrations for the 78th
anniversary of the opposition Democratic Action (AD) party that he
doesn't ask people who take pictures with him for their criminal
records, the report notes.

The government said that the pictures were taken on Feb. 22, the
day Guaido illegally crossed the border, the report relays.

In an earlier interview with Colombian radio station Blu Radio,
Guaido had denied knowing the two alleged criminals featured in the
images, the report notes.

The Colombian government, meanwhile, said it was satisfied with
Guaido's explanation, the report relays.

"What Juan Guaido has done is titanic, and because of that --
beyond his explanations, which I think are satisfactory -- what we
need to do every day is express our unrestricted support for the
Venezuelan people to quickly recover their freedom," said Colombian
President Ivan Duque at an event in the city of Barranquilla, the
report notes.

Los Rastrojos is a crime ring derived from the demobilized United
Self-Defense Groups of Colombia (AUC) whose activities include drug
trafficking and contraband through the border between the
neighboring South American nations, especially in the area
surrounding Cucuta, the report adds.

                        About Venezuela

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

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

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

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

S&P's local currency sovereign credit ratings 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
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.
.


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