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                 L A T I N   A M E R I C A

          Friday, October 18, 2019, Vol. 20, No. 209

                           Headlines



B R A Z I L

BRASAGRO FERTILIZANTES: Chapter 15 Case Summary
RENOVA ENERGIA: CFO Steps Down After Wind Farm Sale Talks Fail
RENOVA ENERGIA: Files Bankruptcy Protection to Restructure Debt


G U A T E M A L A

BANCO DE LOS TRABAJADORES: Moody's Ups LT Deposit Ratings to B1


M E X I C O

ELEMENTIA SAB: Moody's Confirms Ba2 CFR & Alters Outlook to Stable


P U E R T O   R I C O

BED BATH: Egan-Jones Lowers Senior Unsecured Ratings to B


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Increase in Food Prices Minimal Under PNM


V E N E Z U E L A

VENEZUELA: To Create Government Funds Denominated in Petros

                           - - - - -


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B R A Z I L
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BRASAGRO FERTILIZANTES: Chapter 15 Case Summary
-----------------------------------------------
Chapter 15
Debtors:            Brasagro Fertilizantes Minerais Ltda.
                    Levindo Lopes, 323 sala 302
                    Bairro Funcionarios, CEP: 30140-170
                    Belo Horizonte, MG
                    Brazil

                             - and -

                    Petrocal Industria e Comercio de Cal SA
                    Levindo Lopes, 323 sala 302
                    Bairro Funcionarios, CEP: 30140-170
                    Belo Horizonte, MG
                    Brazil

Chapter 15
Petition Date:      October 15, 2019

Court:              United States Bankruptcy Court
                    Southern District of Florida (Miami)

Case No.:           19-23832

Judge:              Hon. A. Jay Cristol

Foreign
Representative:     Reinaldo Camargo Do Nascimento
                    Avenida Dr. Helio Ribeiro,
                    525 Sala  2101
                    CEP 78048-250
                    Cuiaba, Brazil

Foreign
Representative's
Counsel:            Bruno De Camargo, Esq.
                    SEQUOR LAW, P.A.
                    1001 Brickell Bay Drive, 9th Floor
                    Miami, FL 33131
                    Tel: (305) 372-8282
                    Email: bdecamargo@sequorlaw.com

                             - and -

                    Gregory S. Grossman, Esq.
                    SEQUOR LAW, P.A.
                    1001 Brickell Bay Drive, 9th Floor
                    Miami, FL 33131
                    Tel: (305) 372-8282
                    Email: ggrossman@sequorlaw.com

Estimated Assets:   Unknown

Estimated Debts:    Unknown

A full-text copy of the petition is available for free at:

               http://bankrupt.com/misc/flsb19-23832.pdf


RENOVA ENERGIA: CFO Steps Down After Wind Farm Sale Talks Fail
--------------------------------------------------------------
Gabriela Mello and Tatiana Bautzer at Reuters report that Claudio
Ribeiro, the Chief Financial Officer of Brazilian renewable energy
firm Renova Energia SA, resigned and a key shareholder gave up its
stake after failed talks to sell heavily indebted wind farm
projects.

According to Reuters, Renova said on Oct. 14 Chief Executive
Officer Cristiano Correa de Barros will temporarily assume the
responsibilities of Mr. Ribeiro.

Separately on Oct. 14, Renova shareholder Light SA said it had sold
its 17.17% stake in the firm to an investment fund for a symbolic
value of 1 real, Reuters relates.

The exits of Light and Mr. Ribeiro follow years of unsuccessful
talks to sell Renova's wind farm projects, which have racked up
debt and raised concerns about their timely completion, Reuters
notes.

Negotiations to sell the projects to AES Tiete Energia SA, a
subsidiary of AES Corp., broke down after six months of
discussions, Reuters recounts.

Renova has been trying to sell some of its wind projects for more
than two years, Reuters states.

According to Reuters, the result is negative for Light and
state-controlled power holding company Companhia Energetica de
Minas Gerais (Cemig), said the analysts led by BTG Pactual's Joao
Pimentel in a note to clients written before Light sold its stake.

Cemig had a debt exposure of BRL768 million (US$186 million) to
Renova, Reuters discloses.  Light, Reuters says, had BRL253
million.  Analysts say that if no other buyer shows up, the only
solution would be for Cemig and Light to step up and finish the
projects, Reuters relays.

But Light has signaled the intention of not taking over with the
sale of the stake to a fund, according to Reuters.

Analysts, as cited by Reuters, said the projects owe BRL960 million
(US$233 million) to state development bank BNDES.


RENOVA ENERGIA: Files Bankruptcy Protection to Restructure Debt
---------------------------------------------------------------
Gabriela Mello at Reuters reports that Brazilian renewable energy
firm Renova Energia SA said in a securities filing on Oct. 16 it
has filed for bankruptcy protection, aiming to restructure a total
debt of around BRL3.1 billion (US$741.70 million).

According to Reuters, the bankruptcy filing comes two days after
key shareholder Light SA sold its 17.17% stake in Renova to an
investment fund for a symbolic value of 1 real, in a decision that
followed failed talks to sell heavily indebted wind farm projects.




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G U A T E M A L A
=================

BANCO DE LOS TRABAJADORES: Moody's Ups LT Deposit Ratings to B1
---------------------------------------------------------------
Moody's Investors Service upgraded to B1, from B3, the long-term
deposit ratings of Guatemala's Banco de los Trabajadores, following
the upgrade of the bank's standalone baseline credit assessment and
adjusted BCA to b2 from caa1. The rating agency also upgraded to
B2, from Caa1, the backed foreign currency senior unsecured debt
rating of Bantrab Senior Trust, a Cayman-Island based trust
guaranteed by Bantrab. The outlook on both Bantrab and BST's
ratings was changed to stable from positive.

At the same time, Moody's upgraded Bantrab's long-term counterparty
risk ratings to Ba3 from B2 and its counterparty risk assessment to
Ba3(cr) from B2(cr). Bantrab's short-term deposit and counterparty
risk ratings of Not Prime as well as the bank's short-term
counterparty risk assessment of Not Prime(cr) were affirmed.

The following ratings and assessments were upgraded:

Issuer: Banco de los Trabajadores:

  Baseline credit assessment, to b2 from caa1

  Adjusted baseline credit assessment, to b2 from caa1

  Long-term local and foreign currency deposit ratings, to B1
  from B3, outlook changed to stable from positive

  Long-term local and foreign currency counterparty risk ratings,
  to Ba3 from B2

  Long-term counterparty risk assessment, to Ba3(cr) from B2(cr)

Outlook Actions:

  Outlook, Changed to Stable from Positive

Issuer: Bantrab Senior Trust:

  Backed long-term foreign currency senior unsecured debt
  rating, to B2 from Caa1, outlook changed to stable from
  positive

Outlook Actions:

  Outlook, Changed to Stable from Positive

The following ratings and assessments were affirmed:

Issuer: Banco de los Trabajadores:

  Short-term local and foreign currency deposit ratings of Not
Prime

  Short-term local and foreign currency counterparty risk ratings
of Not Prime

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

RATINGS RATIONALE

In upgrading Bantrab's ratings, Moody's noted the material
improvements in corporate governance, risk management and control
practices, combined with growing profitability and capital. Bantrab
has taken several credit positive measures to address the
governance shortcomings it faced in 2016, including the replacement
of most of its board of directors and senior management. The
changes have resulted in a gradual recovery of its correspondent
banking relationships, which were key to reduce uncertainties
around Bantrab's ability to pay its cross-border obligations.

Since 2017, Bantrab has undertaken structural changes that led to
improvements in the selection process of board members and to
internal processes regarding anti-money laundering policies, risk
management and compliance functions. These measures demonstrate
management's commitment to operate under best governance and risk
management practices, which have contributed to reduce reputational
risk, leading to a gradual reestablishment of the bank's
correspondent relationships with foreign banks. However, despite
the progress made to date, Bantrab remains exposed to headline and
reputational risks from potential investigations on past events,
and therefore, the recent positive changes in corporate governance
will need to be tested over time.

Bantrab has been able to make timely payments on all coupon
obligations since 2016, and managed to recently add new
corresponding banking relationships. Nevertheless, the lines remain
limited and further diversification of Bantrab's payment channels
would reduce its exposure to the loss of any one of them, lowering
future payment risks.

The rating action also reflects Bantrab's improved capitalization
evidenced by the increase to 10.6% in 2Q2019, from 6.6% in 4Q2016
of Moody's tangible common equity ratio, which Moody's measures as
the bank's tangible common equity as a percentage of risk weighted
assets, driven by sound and stable profitability, low dividend
payment payouts and slower loan growth. Bantrab's profitability was
a strong 2.5% annualized net income relative to tangible assets in
2Q2019, which is better than the 2.1% in 2018 and to the past ten
years average. The profitability has been supported by wide
interest margins consistent with its consumer lending focus,
contained asset risk backed up by its preferential creditor status
and, more recently, due to improved efficiency metrics.
Additionally, the bank's credit profile continues to be supported
by ample liquidity buffers, which accounted for 44% of tangible
banking assets as of June 2019. These strengths are counterbalanced
by a relatively expensive funding structure, which despite its
limited reliance on market funds, remains concentrated on large
term deposits.

Bantrab's deposit ratings incorporate its assessment of a moderate
probability of support from the Government of Guatemala (Ba1
stable) to the bank in case of stress to reflect Bantrab's relevant
deposit market share of about 8%, which makes it a systemically
important bank. In addition, Bantrab was established by the
Guatemalan government and is largely owned by Guatemalan workers.
Its assessment results in one-notch uplift to the bank's b2 BCA.
However, its assessment of government support to Bantrab's global
bond remains low given the absence of any indication of public
support following the loss of its previous corresponding banking
lines in 2016. Consequently, the B2 rating on BST's bond remains in
line with Bantrab's BCA.

WHAT COULD CAUSE THE RATINGS TO MOVE UP OR DOWN

The ratings could be upgraded if Bantrab's financial fundamentals
and particularly capital, profitability, and funding profile
continue to improve as the bank grows, without hurting its asset
quality. Continued corporate governance enhancements that could
guarantee access to an increasing number of correspondent banking
relationships could create upward rating pressures.

The ratings could be downgraded if recent and expected
organizational changes intended to improve corporate governance
fail to deliver the expected results. The ratings could also be
downgraded if the bank's asset risk, capital, profitability or
funding structure deteriorate materially.

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




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M E X I C O
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ELEMENTIA SAB: Moody's Confirms Ba2 CFR & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service confirmed Elementia S.A.B. de C.V.'s Ba2
corporate family rating and changed the outlook to stable. The
action follows the company's announcement of an agreement reached
to sell its cement assets in Pennsylvania with proceeds used to
reduce leverage. The action concludes the review for downgrade
started on April 12, 2019.

Ratings confirmed:

Issuer: Elementia S.A.B. de C.V.

Corporate Family Rating, confirmed Ba2

Outlook Actions:

Issuer: Elementia S.A.B. de C.V.

Outlook, Changed To Stable from Rating Under Review

RATINGS RATIONALE

On September 27, 2019, Elementia announced an agreement reached
with Lehigh Hanson, Inc., a subsidiary of HeidelbergCement AG (Baa3
positive) to sell its cement assets in Pennsylvania, United States
to for a gross value of $151 million dollars, free of cash and
debt. The assets are part of Elementia's U.S. cement subsidiary
Giant Cement Holding, Inc.

The transaction is still subject to the approval of anti-trust
authorities. Pro forma for the transaction, Moody's estimates debt
to EBITDA as adjusted by Moody's will be 3.6x, down from 4.5x in
the last twelve months (LTM) ended in June 2019. Likewise, interest
coverage will improve to 1.7x in 2019 from 1.1x in the LTM.

Through 2020, credit metrics should continue to improve as most
business lines recover from challenging 2018 conditions. In the
first quarter of 2018, Elementia had an unexpected stoppage in its
cement plant in South Carolina that weighted the entire year in
terms of volume and profitability. In its metals division, margins
compressed as inventory days increased during a period of declining
copper prices. The building systems business was also affected
during the learning curve of the implementation of new technology
and the re-opening of the Indiana plant in the US. However, during
2019, this business has already showed recovery signs supported by
capacity rationalization efforts, cost stabilization and the
ramp-up of the re-opened plant. In the metals business, Elementia
has implemented a strategy to reduce volatility exposure and
working capital cycle that should gradually allow it to recover
EBITDA margins to its historical 10% - 15% range from current low
single digit. Cement in Latin America will benefit from the ramp up
of the Costa Rica grinding facility, the start of the Yucatan's one
and from a cost reduction strategy.

Elementia has not yet concluded the spin-off announced on April
2019, of its metals and building systems divisions from the cement
operations. However, it is currently proposing a structure to be
credit neutral for debtors. When assessing EIementia's credit
profile Moody's is assuming that existing lenders will keep the
same restricted subsidiaries, retaining the same access to cash
flows and that the company will continue to present financials on a
combined consolidated basis.

Given the ongoing process for the spin-off and management
restructure, transparency and visibility on strategic plans have
weakened. Its rating assumes continued access to adequate
information to continue to properly monitor Elementia's rating.

The outlook is stable, reflecting its view that, pro-forma for the
asset sale, Elementia's credit metrics will remain adequate for the
Ba2 rating and that ongoing efforts to turn around main businesses
will allow the company to improve profitability and cash
generation.

The rating could be downgraded should missteps implementing the
current strategy to turnaround Elementia's operations arise.
Specifically, such that debt to EBITDA as adjusted by Moody's
remains above 4.0 times and profitability further deteriorates from
the already weak 6.6% EBITA margin in the LTM ended in June 2019.
Any deterioration in Elementia's liquidity profile will also result
in negative rating pressure.

Conversely, the rating could be upgraded if adjusted debt to EBITDA
remains below 2.5x and EBIT/interest expense remains above 4x on a
sustained basis. A positive rating action will also require
Elementia to maintain strong liquidity, certainty on strategic
plans and strong commitment from management to maintain prudent
financial policies.

The principal methodology used in this rating was Global
Manufacturing Companies published in June 2017.




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

BED BATH: Egan-Jones Lowers Senior Unsecured Ratings to B
---------------------------------------------------------
Egan-Jones Ratings Company, on October 8, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Bed Bath & Beyond Incorporated to B from BB-. EJR
also downgraded the rating on commercial paper issued by the
Company to B from A3.

Bed Bath & Beyond Inc. is an American chain of domestic merchandise
retail stores. Bed Bath & Beyond operates many stores in the United
States, Puerto Rico, Canada, and Mexico. Bed Bath & Beyond was
founded in 1971. It is currently part of the S&P 500 and Global
1200 Indices.




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

TRINIDAD & TOBAGO: Increase in Food Prices Minimal Under PNM
------------------------------------------------------------
Ria Taitt at Trinidad Express reports that increases in food prices
have been minimal under the People's National Movement (PNM), with
prices going down for certain items in contrast to the large
increases under the Kamla Persad-Bissessar administration.

So said Trade Minister Paula Gopee-Scoon during the budget debate
in Parliament on Oct. 14 as she rubbished the claim by the
Opposition Leader that food prices had increased by 14 per cent
during the PNM’s tenure, according to Trinidad Express.




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

VENEZUELA: To Create Government Funds Denominated in Petros
-----------------------------------------------------------
Jose Antonio Lanz at Decrypt reports that the government of
Venezuela is making a strong push to further legitimize the
country's state-backed cryptocurrency, the petro, and end its
dependence on the U.S. dollar.

According to Decrypt, on Oct. 16, President Nicolas Maduro
announced during a state broadcast that he will soon create several
government funds, denominated in petros, as a way to encourage
economic development.  Mr. Maduro said additional resources will
also be granted to the administrative division of each state in
petros, Decrypt relates.

"I am assigning 1 million bimonthly petros as of November to all
the states and the protectorates -- through the corporations we are
going to create -- as an investment modality for their free use in
the attention of their priorities," Decrypt quotes
Mr. Maduro as saying during the broadcast.

"In concrete terms, this means, my compatriots, that we are
assigning between 1,354,000 euros and 3,249,600 euros to governors
and protectorates."

The announcement follows Mr. Maduro's acknowledgement that his
government owns an undisclosed amount of Bitcoin and Ethereum as
part of its international reserves, and that he plans to develop a
mechanism to pay debts and charge for services using crypto to
bypass U.S. sanctions, Decrypt notes.

During his speech, Mr. Maduro announced the creation of several
other petro funds for agricultural and industrial development, as
well as for the procurement of supplies and raw materials that
cannot be acquired through traditional means due to the blockade on
the country's accounts, Decrypt discloses.

These funds include a stash of 1 million petros devoted to
agricultural development; more than 600,000 petros for industrial
inputs and machinery; 4 million petros for the telecommunications
sector; the equivalent of 9 million euros in petros for 70 national
road works projects; and $2 million-worth of petros for a joint
fund with China, Decrypt states.

Mr. Maduro, as cited by Decrypt, said these funds would be backed
by fiat, such has U.S dollars or euros, or its equivalent in, er,
more petros, though he did not elaborate.

                        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.



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

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

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

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Information contained herein is obtained from sources believed to
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