/raid1/www/Hosts/bankrupt/TCRLA_Public/191118.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

          Monday, November 18, 2019, Vol. 20, No. 230

                           Headlines



B R A Z I L

BANCO ORIGINAL: Fitch Withdraws B+ Rating on Proposed UDS Sr. Notes
BRAZIL: Fitch Affirms BB- LT IDR, Outlook Stable
CONCESSIONARIA RODOVIAS: Moody's Withdraws Ca Global Scale CFR
PETROBRAS: Delists Shares on Argentina Stock Market


C H I L E

CHILE: Small and Mid-Size Firms Hurt by Protests


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Business Climate Remains Low
[*] DOMINICAN REPUBLIC: Embraces Facial Recognition Tech from China


J A M A I C A

JAMAICA: Commits Additional $200MM to Help Transport Sugar Cane
JAMAICA: World Bank OKs US$40MM to Boost Job Creation


M E X I C O

SERVICIOS CORPORATIVOS: Moody's Assigns B1 CFR, Outlook Stable


V E N E Z U E L A

[*] VENEZUELA: Chavists March Against Fascism and Coup in Bolivia


X X X X X X X X

[*] BOND PRICING: For the Week November 11 to November 15, 2019

                           - - - - -


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B R A Z I L
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BANCO ORIGINAL: Fitch Withdraws B+ Rating on Proposed UDS Sr. Notes
-------------------------------------------------------------------
Fitch Ratings has withdrawn the expected ratings on Banco Original
S.A.'s proposed U.S. dollar senior unsecured notes of 'B+'/'RR4' as
it is no longer expected to convert to final ratings.

The forthcoming debt issuance is no longer expected to proceed as
previously envisaged.

The expected rating on the proposed senior unsecured notes was
assigned on Oct. 28, 2019.

BRAZIL: Fitch Affirms BB- LT IDR, Outlook Stable
------------------------------------------------
Fitch Ratings affirmed Brazil's Long-Term Foreign Currency Issuer
Default Rating at 'BB-'. The Rating Outlook is Stable.

KEY RATING DRIVERS

Brazil's ratings are constrained by high and rising government
indebtedness, a rigid fiscal structure, weak economic growth
potential and a difficult political landscape, including a
fragmented congress and corruption related issues that hamper
timely progress on fiscal and economic reforms. The ratings are
supported by Brazil's large and diverse economy, high per capita
income relative to peers and a capacity to absorb external shocks
underpinned by its flexible exchange rate, low external imbalances,
robust international reserves and deep domestic government debt
markets.

The Brazilian congress recently passed the long-awaited and
much-needed social security reform (SSR), with savings (relative to
a non-reform scenario) of around BRL800 billion (around 11% of
projected 2019 GDP) over the next 10 years (mostly back-loaded).
Some progress has also been made on disinvestment, with Petrobras
and certain public sector banks implementing asset sales in recent
months.

Nevertheless, Brazil's general government debt burden is high, at
around 79% of GDP in 2019 (current BB median: 46.7%), and is
forecast by Fitch to continue rising over the next decade. Fitch
estimates it will likely require an improvement in the primary
budget balance of around 3pp of GDP to stabilize government
debt/GDP, which could be challenging in the current environment of
weak growth performance and divided politics, unless there is an
increase in trend growth or a lasting downward shift in government
borrowing costs.

Fitch estimates the general government (GG) budget deficit to
decline to just below 7% of GDP in 2019, but remain relatively high
compared to the current 'BB' median of 3% of GDP. This year's
primary deficit outcome is expected to be better than the target,
mainly due to the non-recurrent revenues stemming from the
transfer-of-rights oil auctions held on November 6. Fitch forecasts
that average GG deficits to be just over 6% of GDP in 2020-2021,
reflecting a gradual fiscal consolidation pace. Fiscal outcomes
could be better than Fitch's forecasts should material
non-recurrent revenues emerge, although this would not represent a
structural improvement in public finances.

Fitch's 2020 fiscal forecasts are in line with the budget, which
targets a public sector primary deficit target of 1.6% of GDP, and
envisions no real growth in the minimum wage (to which significant
part of pension and other social spending is tied) and public
sector wage and hiring restraint. Additional spending reforms, such
as the ones being proposed and in the pipeline, will be required to
improve prospects for continued compliance with the spending cap
and create more room for discretionary spending, which has been cut
to historically low levels. Despite the passage of the SSR, pension
pressures will continue to lift mandatory spending and the deficit
of the social security system for private sector workers is
expected to remain around 3% of GDP in 2020.

Fitch forecasts GG debt to surpass 80% of GDP in 2020, although the
pace of the upward trajectory is slower than seen in recent years.
Medium-term debt dynamics could benefit from faster repayments to
the Treasury on loans to BNDES or the materialization of other
non-recurrent revenues. The government finances itself largely on
the domestic market in local currency and its borrowing costs are
currently benefiting from the central bank's interest rate cuts and
the downward shift and flattening of the yield curve from a year
ago.

On the positive side, the government has recently proposed a
package of constitutional reforms, called "More Brazil Plan" to
improve fiscal management, reduce budgetary rigidities, and
redesign the fiscal relationship between the federal and local
governments. The reform also introduces the possibility of some
automatic spending adjustments for the federal government and
states under certain conditions which could facilitate expenditure
savings. Institutional improvements include the creation of a
fiscal council of the Republic to foster greater fiscal
responsibility and improve the monitoring and coordination of
fiscal risks. Additional reforms are in the pipeline including an
administrative reform to restructure public sector careers and a
tax reform aimed at simplifying the complex system.

However, many of these proposals involve changes to the
constitution, and dilution, delays and shelving of certain reforms
cannot be ruled out. The outlook for continued
legislative-executive cooperation on reforms is unclear while the
relative prioritization and sequencing of reforms can shift. The
Bolsonaro administration's lack of a stable and reliable base in
congress can make reforms difficult and time consuming, especially
those requiring constitutional amendments. The local elections in
October 2020 could also shorten the window for reforms. Finally,
the reform outlook could also suffer should the economy
underperform in the coming months.

Brazil's economy remains sluggish, with Fitch forecasting economic
growth of 0.8% and 2% in 2019 and 2020, respectively (which is
below the forecast 3% and 3.2% for the current BB median for the
respective years). This year, growth has been hurt by a combination
of external headwinds (such as Argentina's economic crisis and the
US-China trade war) and domestic factors. High unemployment, fiscal
and quasi fiscal policy restraint, and transitory factors like the
Vale dam collapse have weighed on growth. A gradual recovery next
year will be underpinned by the ongoing monetary policy easing and
the fading of some transitory shocks. The progress of reforms will
be crucial to encourage greater recovery in confidence and improve
investment prospects in 2020 and 2021. Fitch forecasts growth of
2.5% in 2021.

Brazil's macroeconomic stability is supported by low inflation and
moderate current account deficits. Consumer price inflation (IPCA)
rate reached 2.5% in October and is below the target of 4.25%,
while inflation expectations remain well-anchored around the
targets of 4% and 3.75% for 2020 and 2021, respectively. Subdued
inflation, sluggish growth, and progress on the SSR in congress
along with a more accommodative global monetary policy backdrop has
prompted the central bank to cut rates by 150 bps so far, taking
the benchmark interest rate to a historically low level of 5.0%.

Brazil's current account deficit is expected to widen slightly in
2019 but remain moderate at 2% of GDP. A falling trade surplus
largely reflects the decline in exports. Argentina's economic
crisis has led to a substantial fall in Brazilian exports to its
neighboring country. Fitch forecasts the current account deficit to
remain moderate in 2020-21, averaging 2.2% of GDP but will remain
fully funded by foreign direct investment flows. The central bank
has sold significant foreign exchange in the spot market in recent
months owing to pressure in the spot BRL market, largely emanating
from the corporate repayments of external debt, which have been
refinanced in local markets.

Fitch forecasts international reserves to decline in 2019 although
the reserves buffer will remain robust. At the same time, the
central bank's outstanding FX swaps position has declined. As a
result, the Net Foreign Exchange Position, (gross international
reserves minus foreign currency credit lines and outstanding FX
swaps), a concept emphasized by the central bank, has not
deteriorated despite the spot sales.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Brazil a score equivalent to a
rating of 'BBB-' on the Long-Term Foreign Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
rated peers, as follows:

  -- Macro: -1 notch, to reflect weak growth prospects and
potential, largely underpinned by low investment rate and
structural impediments such as a difficult business environment,
which make it more challenging to consolidate the public finances
and address social pressures.

  -- Public Finances: -1 notch, to reflect Brazil's high general
government debt burden, which is expected to continue increasing
during the forecast period. Fiscal flexibility is constrained by
the highly rigid spending profile and a heavy tax burden.

  -- Structural Features: -1 notch, to reflect Brazil's fragmented
congress and corruption-related issues that have hampered timely
progress on reforms to improve the medium-term trajectory of public
finances. In addition, high income inequality adds to social
pressures. }

The removal of the -1 notch under Structural Features since the
previous review reflects the passage of the social security reform,
which suggests some easing of the severe political gridlock that
had prevailed in Brazil in recent years. The addition of -1 notch
under Macro reflects Fitch's assessment that structural constraints
to potential growth are better reflected in this pillar of the QO.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centered
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

RATING SENSITIVITIES

The main factors that may, individually, or collectively, result in
positive rating action are:

  -- Passage of credible policy measures to address large fiscal
deficits and medium-term public debt sustainability;

  -- Improved prospects for government debt stabilization, for
example through a track record of fiscal consolidation or lower
government borrowing costs;

  -- An improvement in the economic growth outlook without
increasing macroeconomic imbalances.

The main factors that may, individually, or collectively, result in
negative rating action are:

  -- Rapid growth in the government debt burden; for example due to
setbacks to fiscal consolidation efforts or growth prospects;

  -- A severe deterioration in the sovereign's domestic and/or
external market borrowing conditions.

  -- Sharp erosion of international reserve buffer and the broader
external balance sheet.

KEY ASSUMPTIONS

The global economy performs largely in line with Fitch's Global
Economic Outlook. Fitch assumes that China (an important trading
partner for Brazil) will be able to manage a gradual slowdown and
is forecast to grow at 6.1% in 2019 and 5.7% in 2020. Argentina's
economy will continue to underperform in 2019-20, with growth
forecast to average -2.4% during the period.

ESG CONSIDERATIONS

Brazil has an ESG Relevance Score of 5 for Political Stability and
Rights as World Bank Governance Indicators have the highest weight
in Fitch's SRM and a highly fragmented congress has made timely
passage of corrective policy adjustments difficult; this is highly
relevant to the rating and a key driver with a high weight.

Brazil has an ESG Relevance Score of 5 for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and the corruption related issues exposed in recent years have
severely hit political dynamics and economic activity; this is
highly relevant to the rating and a key rating driver with a high
weight.

Brazil has an ESG Relevance Score of 4 for Human Rights and
Political Freedoms as the Voice and Accountability pillar of World
Bank Governance Indicators is relevant to the rating and a rating
driver.

Brazil has an ESG Relevance Score of 4 for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
a rating driver, as for all sovereigns.

CONCESSIONARIA RODOVIAS: Moody's Withdraws Ca Global Scale CFR
--------------------------------------------------------------
Moody's America Latina Ltda. withdrawn the Ca/Ca.br ratings (global
scale and Brazil national scale respectively) assigned to
Concessionaria Rodovias do Tiete S.A. as a result of the company's
default and filling for judicial recovery.

Withdrawn:

Issuer: Concessionaria Rodovias do Tiete S.A.

Corporate Family Rating: Ca (global scale) and Ca.br (national
scale)

Senior Secured Rating: Ca (global scale) and Ca.br (national
scale)

Outlook, changed to rating withdrawn from negative

RATINGS RATIONALE

On November 8th, Rodovias do Tiete announced that bondholders had
decided to accelerate its debt. The company subsequently file for
judicial recovery with the Brazilian courts on November 11, 2019.
These actions follow the company's inability to reach an agreement
with creditors on a mutually acceptable debt restructuring proposal
in over two years of negotiations. The company is now awaiting the
approval of its judicial recovery request.

Rodovias do Tiete holds a 30-year toll-road concession that ARTESP
granted in April 2009 to expand, operate and maintain a
415-kilometer toll-road system comprising five roads. The roads are
in the State of Sao Paulo: SP-101 (Rodovia Jornalista Francisco
Aguirra Proenca), SP-113 (Rodovia Dr. Joao Jose Rodrigues), SP-308
(Rodovia Comendador Mario Dedini), SP-300 (Rodovia Marechal Rondon)
and SP-209 (Rodovia Prof. Joao Hipolito Martins). The service area
includes 25 municipalities whose largest cities are Bauru, Campinas
and Piracicaba. The traffic profile is diversified and mainly
composed of agricultural and industrial vehicles and commuters.
Heavy traffic accounts for around 53% of total equivalent vehicles,
with light vehicles making up the remaining 47%.

In the last 12 months that ended June 2019, the company had
Moody's-adjusted net revenues of BRL230 million and EBITDA of
BRL124 million, with total debt of BRL1.47 billion. Rodovias do
Tiete is owned by a joint venture of Atlantia Bertin Concessoes
S.A. (50%) and Portugal's Lineas International Holdings B.V. (50%).

PETROBRAS: Delists Shares on Argentina Stock Market
---------------------------------------------------
Gabriel Araujo at Reuters reports that Brazil's state-run oil
company Petroleo Brasileiro SA has completed the process of
delisting its shares on the Argentine stock market, it said in a
securities filing on Nov. 11.

Petrobras, as the firm is more commonly known, had originally
scheduled the delisting for Nov. 4, but extended the window by one
week, the report notes.

                      About Petrobras

Petroleo Brasileiro S.A. or Petrobras (in English, Brazilian
Petroleum Corporation - Petrobras) is a semi-public Brazilian
multinational corporation in the petroleum industry headquartered
in Rio de Janeiro, Brazil.  Petrobras control significant oil and
energy assets in 16 countries in Africa, the Americas, Europe and
Asia.  But, Brazil represents majority of its production.

The Brazilian government directly owns 54% of Petrobras' common
shares with voting rights, while the Brazilian Development Bank and
Brazil's Sovereign Wealth Fund (Fundo Soberano) each control 5%,
bringing the State's direct and indirect ownership to 64%.

A corruption scandal was uncovered in 2014 that involved Petrobras.
The scandal related to money laundering that involved Petrobras
executives.  The executives were alleged to get received kickbacks
from overpriced contracts, to the tune of about $3 billion in
total.

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'.



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C H I L E
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CHILE: Small and Mid-Size Firms Hurt by Protests
------------------------------------------------
The Latin American Herald reports that small and medium-sized
businesses in Chile find themselves trapped in a vicious circle of
losses as a result of weeks of massive protests against economic
inequality.

While citizens take to the streets daily to demand deep structural
change, higher pay and pensions and reductions in utility rates,
small-business owners have seen their bottom line battered,
according to The Latin American Herald.

The government estimates that some 6,800 small and mid-size
enterprises have suffered damage to their premises or stock since
the demonstrations began on Oct. 18, the report notes.

Some of those firms are family businesses, built up with years of
hard work and sacrifice, whose proprietors depend on them for their
livelihoods, the report relays.

And even businesses that have been spared physical damage are
losing money due to a sharp decline in customer traffic, restricted
operating hours and problems with suppliers, the report says.

Merchants lost more than $1.4 billion in the first week of
protests, according to the Santiago Chamber of Commerce, and that
total includes $900 million in damage from looting and vandalism,
the report notes.

Retail sales have fallen 10 percent, while turnover in the
hospitality and entertainment sector has plunged 36 percent, the
chamber of commerce said, the report discloses.

In the area around Santiago's Plaza Italia square, the epicenter of
the uprising, many shops and other establishments are shuttered and
plenty have put up wooden planks and even sheets of steel to
protect their property, the report relays.

The Latin American Herald notes that a significant number of
establishments have posted signs reading "Family business, don't
loot" or "Family business on which 4 people depend."  The approach
has proven very effective in deterring vandalism, the report
relays.

Juan Gonzalez, manager of a book store just 50 m (164 ft) from
Plaza Italia, told EFE that he doesn't understand how his shop has
remained unscathed so far, while nearby banks and pharmacies have
been wrecked, the report relays.

"The thing is, they respect us. We stay open every day," he said,
while acknowledging that sales are down 90 percent, the report
notes.

Just around the corner from Gonzalez's store is Rene Cano's
sandwich shop, which has been in business for 10 years, the report
says.  He blames the vandalism on people who infiltrate the
protests, the report discloses.

"We support the cause, we support the reasons for the march," he
said, the report notes.  "But the issue is the disturbances that
happen afterward. There are a lot of young bucks who infiltrate the
march and begin to take advantage of the circumstances and look for
shops they can loot.  That is the big problem."

Cano, whose business is off by 60 percent, says that he is starting
to have problems staying current with payments to suppliers and
employees, the report says.

The Chilean government has announced plans for roughly $16 million
in subsidies and loans to aid small and mid-sized businesses hurt
by the protests, the report notes.

Authorities have also offered affected business-owners flexibility
in meeting their tax obligations, the report adds.



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

DOMINICAN REPUBLIC: Business Climate Remains Low
------------------------------------------------
Dominican Today reports that the Association of Industries revealed
that the Business Climate Index continued to decline for the second
consecutive quarter from 64.5 in January-March 2019 to 61.7 in
April-June 2019 and 57.3 in the July-September quarter of this
year.

The AIRD indicated that this decrease was due to a decrease in the
balance of opinion of businessmen about the Dominican economy, the
international economy, the branch and the climate to invest,
according to Dominican Today.

While the Industrial Confidence Index continued to increase
slightly from 57.9 in January-March 2019, to 58.1 in April-June,
and 58.3 in the July-September period, the report notes.  This
implies an increase in confidence to increase industrial production
in the near future, the report says.

When comparing the third quarter of 2018 with the third quarter of
2019, the information reveals that the Industrial Confidence Index
experienced a rise, while the Business Climate Index remains
similar, the report discloses.

The Industrial Confidence Index measures the perceptions that the
industrialists have regarding the behavior of sales, production,
and inventories in the industries, thus indicating the existing
probabilities that the industrialists increase or not their
production in the short term, the report relays.

For the third quarter of 2019, the increase in real production was
below the expectations reflected in the survey for the second
quarter of 2019, the report notes.  While expectations for June
2019 were 31.0, the actual production report was 16.0, the report
says.

According to the report released by the AIRD, the balance of
opinion was positively at 19.0 compared to the same period of the
previous year, the report notes.

Production expectations for the fourth quarter of 2019
(October-December) are 21.0, which implies a probable growth of the
same, the report relays.

In terms of the balance of opinion in relation to the value of
sales in the industries for the second quarter, they remained below
expectations, because while the expectations were 24.0 they
remained in the real perception in 19.0, the report relays.  The
expectations for the first quarter of 2019 are at 16.0, the report
notes.

The percentage of companies that exported decreased in this third
quarter of 2019 from 79% (April-June 2019) to 76% (July-September
2019), the report adds.

                     About Dominican Republic

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

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

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

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

[*] DOMINICAN REPUBLIC: Embraces Facial Recognition Tech from China
-------------------------------------------------------------------
Dominican Today reports that at a time of wide concern in the
United States on the use of Chinese surveillance and facial
recognition technologies, the Dominican Government said that it's
expanding the surveillance camera system with equipment acquired
from several suppliers, in acquisitions "which are carried out with
total transparency."

The 911 National Emergency Service said the facial recognition
cameras, referred to by US Senator Marco Rubio, and donated by
China, have been used to strengthen the security system and citizen
surveillance, according to Dominican Today.

Technology specialist, Hiddekel Morrison, told Listin Diario that
this type of video surveillance system allows the application of
more intelligent security, the report notes.

"This incorporates a set of records of what is recorded as facial
biometric recognition, we talk about biometrics . . . that is
measured; and this facial recognition is one of the most common
components in the most recent generations of video surveillance
cameras," the report relays.

                     About Dominican Republic

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

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

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

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



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J A M A I C A
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JAMAICA: Commits Additional $200MM to Help Transport Sugar Cane
---------------------------------------------------------------
RJR News reports that the government is providing an additional
$200 million for the transportation of sugar cane from Monymusk in
Clarendon to the Worthy Park Estate in St. Catherine and Appleton
Estate in St. Elizabeth.

This is for the 2019/2020 crop, according to RJR News.

A similar sum was provided for the 2018/19 crop, the report notes.

The commitment was given by Agriculture Minister Audley Shaw, the
report relays.

Despite the challenges facing the sector, including factory
closures, Mr. Shaw said the sugar industry, in 2018, contributed
0.5 per cent to gross domestic product, the report discloses.

The sector earned US$57 million in foreign exchange and accounted
for 100,000 jobs, the report adds.

                           About Jamaica

As reported in the Troubled Company Reporter-Latin America on Oct.
1, 2019,  S&P Global Ratings, on Sept. 27, 2019, raised its
long-term foreign and local currency sovereign credit ratings on
Jamaica to 'B+' from 'B'. The outlook is stable. At the same time,
S&P Global Ratings affirmed its 'B' short-term foreign and local
currency sovereign credit ratings on the country. S&P Global
Ratings also raised its transfer and convertibility assessment to
'BB-' from 'B+'.

RJR News reported in June 2019 that Steven Gooden, Chief Executive
Officer of NCB Capital Markets, warned that the increasing
liquidity in the Jamaican economy might result in heightened risk
to the financial market if left unchecked.  This, he said, is
against the background of the local administration seeking to
reduce the debt to GDP to 60% by the end of the 2025/26 fiscal
year, which will see Government repaying more than J$600 billion
which will get back into the system, according to RJR News.

JAMAICA: World Bank OKs US$40MM to Boost Job Creation
-----------------------------------------------------
RJR News reports that the World Bank approved a US$40 million loan
for Jamaica to boost income opportunities and job creation in rural
areas.

The funds will be allocated under the second phase of the Rural
Economic Development Initiative, according to RJR News.

The project will improve access to markets and resilience to
climate change for about 200 agricultural and rural tourism micro,
small, and medium enterprises, the report notes.  It will also
provide training for public sector institutions and partners, the
report relays.

Around 70,000 people are expected to benefit from investments in
productive activities, training, and capacity building, with
inclusion of youth and women as a priority, the report adds.       
   

                           About Jamaica

As reported in the Troubled Company Reporter-Latin America on Oct.
1, 2019,  S&P Global Ratings, on Sept. 27, 2019, raised its
long-term foreign and local currency sovereign credit ratings on
Jamaica to 'B+' from 'B'. The outlook is stable. At the same time,
S&P Global Ratings affirmed its 'B' short-term foreign and local
currency sovereign credit ratings on the country. S&P Global
Ratings also raised its transfer and convertibility assessment to
'BB-' from 'B+'.

RJR News reported in June 2019 that Steven Gooden, Chief Executive
Officer of NCB Capital Markets, warned that the increasing
liquidity in the Jamaican economy might result in heightened risk
to the financial market if left unchecked.  This, he said, is
against the background of the local administration seeking to
reduce the debt to GDP to 60% by the end of the 2025/26 fiscal
year, which will see Government repaying more than J$600 billion
which will get back into the system, according to RJR News.



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M E X I C O
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SERVICIOS CORPORATIVOS: Moody's Assigns B1 CFR, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service assigned a B1 Corporate Family Rating to
Servicios Corporativos Javer, S.A.B. de CV. The outlook is stable.

RATINGS RATIONALE

Javer's B1 rating reflects its leading presence in markets such as
the states of Nuevo Leon and Jalisco, which include Mexico's
second- and third-largest metropolitan areas. The rating also takes
into account Javer's ability to adapt its product mix to changing
operating conditions. Additionally, the company has prudent
financial policies, evidenced by its focus on improving its capital
structure and reducing foreign-exchange exposure, which have
resulted in a more resilient credit profile. Balancing these credit
positives are pressure on cash generation in the short term arising
from a more difficult operating and economic environment. Although
the company has been focusing on reducing leverage and improving
its capital structure, slower growth will maintain leverage high
through 2020, limiting its rating.

The stable outlook reflects its view that Javer's credit profile
will remain resilient amid more challenging operating conditions
due to its strong market position and flexible product portfolio.
As current projects ramp up, cash generation should strengthen
allowing Javer to resume debt reduction in late 2020 . The stable
outlook also considers its expectation that liquidity will remain
adequate with internal and external resources being enough to cover
cash needs and timely address debt maturities.

Javer's rating could be downgraded if credit metrics weaken beyond
current levels because of unanticipated challenges in reaching
sales targets or because of missteps in land acquisition strategy.
A drop in profitability because of a deterioration in the company's
product mix, coupled with cost pressures, could also result in a
rating downgrade. Quantitatively, if gross margin declines below
20% and Debt/capitalization remains above 55%, without prospects to
de-lever, the B1 rating could come under pressure. Any sign of
liquidity deterioration could also trigger a negative rating
action.

Conversely, ratings could be upgraded if Javer is able to maintain
the current profitability levels, while reducing leverage below 45%
of debt/total capitalization (from 48% as of September 2019). A
positive rating action would also require liquidity to remain
strong.

Headquartered in the city of Monterrey, Mexico, Servicios
Corporativos Javer, S.A.B. de CV is one of the country's largest
house developers, specializing in the construction of low- and
middle-income housing. The company operates in the states of Nuevo
Leon, Aguascalientes, Tamaulipas, Jalisco, Queretaro, Quintana Roo,
the state of Mexico and Mexico City. Javer is the largest supplier
of Mexican Workers' Housing Fund (Infonavit) homes in the country
and in the states of Nuevo Leon, Aguascalientes, Jalisco and Estado
de Mexico. For the 12 months ended September 30, 2019, Javer
reported revenue of around MXN7,383 million and a gross margin of
27.1%.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.



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

[*] VENEZUELA: Chavists March Against Fascism and Coup in Bolivia
-----------------------------------------------------------------
The Latin American Herald reports that Chavists mobilized in
Caracas in answer to the anti-regime protests and to repudiate what
they consider a coup d'etat against Evo Morales, who last week
resigned the presidency of Bolivia.

Called upon to march by the ruling PSUV party, the Chavists came
from the four corners of the Venezuelan capital to the downtown
area where various leaders of the so-called Bolivarian Revolution
addressed the crowds, according to The Latin American Herald.

Leftist incumbent Nicolas Maduro did not attend the demonstration
but told the crowd by telephone that the turnout was a "victory for
peace," the report notes.

"May no one be mistaken about Venezuela . . . peace has triumphed
once more today," said the Chavist leader, who repeated his support
for Morales, his political ally and personal friend, and denounced
the "massacre" in Bolivia, a reference to the protests over the
past few days, the report relates.

Maduro estimated that 1 million people attended the Chavista march,
which moved along streets in west and central Caracas, the report
notes.

The march went off in the usual festive atmosphere with the
participants mostly dressed in red, the color of the Bolivarian
Revolution, and displayed symbols of public institutions like the
Superintendency of Banks and the national film archive, the report
says.

The demonstrators danced and sang slogans to show their support for
Maduro and eventually for Morales, as was also seen on posters, the
report notes.

The Chavist rally was widely covered on state TV channels and has
the participation of hundreds of people who came from other
regions, the report adds.

                        About Venezuela

Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South Ameri ca, 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.



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

[*] BOND PRICING: For the Week November 11 to November 15, 2019
---------------------------------------------------------------
  Issuer Name              Cpn     Price   Maturity  Country  Curr
  -----------              ---     -----   --------  -------   ---
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
KrisEnergy Ltd             4.0    40.4     6/9/2022    SG     SGD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
MIE Holdings Corp          7.5    56.4    4/25/2019    HK     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Empresa de Transporte      4.3    30.9    7/15/2020    CL     CLP
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
SACI Falabella             2.3    50.6    7/15/2020    CL     CLP
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Banco Security SA          3.0    27.4     6/1/2021    CL     CLP
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
Enel Americas SA           5.8    32.7    6/15/2022    CL     CLP
Empresa Provincial de     12.5     0.0    1/29/2020    AR     USD
Cia Energetica de Pern     6.2     1.1    1/15/2022    BR     BRL
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
China Huiyuan Juice Gr     6.5    46.6    8/16/2020    CN     USD
Odebrecht Finance Ltd      7.0    17.0    4/21/2020    KY     USD
Yida China Holdings Lt     7.0    74.3    4/19/2020    CN     USD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Plaza SA                   3.5    38.3    8/15/2020    CL     CLP
Banco Security SA          3.0     5.6     7/1/2019    CL     CLP
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Corp Universidad de Co     5.9    64.2   11/10/2021    CL     CLP
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
Empresa Electrica de l     2.5    63.8    5/15/2021    CL     CLP
Sociedad Austral de El     3.0    17.0    9/20/2019    CL     CLP
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Esval SA                   3.5    49.9    2/15/2026    CL     CLP


                           *********


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

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

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

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

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

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


                  * * * End of Transmission * * *