/raid1/www/Hosts/bankrupt/TCRLA_Public/191202.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, December 2, 2019, Vol. 20, No. 240

                           Headlines



A R G E N T I N A

AGUA Y SANEAMIENTOS: Fitch Affirms 'CCC' LT Issuer Default Ratings


B A R B A D O S

BARBADOS: Gets US$40MM IDB Loan to Modernize Public Sector
SCOTIABANK: To Restructure Barbados Operations, 20 Jobs at Risk


B O L I V I A

BANCO DE CREDITO: Fitch Downgrades LT IDRs to B+, Outlook Negative


B R A Z I L

BANCO COOPERATIVO: Moody's Affirms Ba2 Global CFR, Outlook Stable
BANCO DAYCOVAL: Fitch Puts BB-(EXP) Sr. Unsec. Notes Rating
BANCO DAYCOVAL: Moody's Rates Proposed USD Sr. Unsec. Notes Ba2
BRAZIL: Farmers Pay the Price of Protecting Insolvent Growers
USJ ACUCAR: S&P Downgrades ICR to 'SD' After Missed Amortization



C H I L E

CHILE: Central Bank to Sell Up to $20 Billion in Interventions
ENJOY SA: S&P Cuts ICR To 'B-' On Weaker Operations, On Watch Neg.


C O L O M B I A

BANCOLOMBIA: Fitch Puts BB+(EXP) Rating to US$ Subordinated Note


M E X I C O

MEXICAN PETROLEUM: Oil Production at 40-Year Low


T R I N I D A D   A N D   T O B A G O

TRINIDAD AND TOBAGO FOOTBALL: May Face Insolvency, Ex-VP Says

                           - - - - -


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A R G E N T I N A
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AGUA Y SANEAMIENTOS: Fitch Affirms 'CCC' LT Issuer Default Ratings
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Fitch Ratings affirmed Agua y Saneamientos Argentinos S.A.'s
Long-Term Local and Foreign Currency Issuer Default Ratings at
'CCC'. In addition, Fitch has affirmed AySA's USD500 million senior
unsecured 6.625% notes due 2023 at 'CCC'/'RR4'.

The notes ranks pari passu in priority with all of AySA's other
senior unsecured debt. The 'RR4' Recovery Rating for the company's
senior unsecured notes reflects an average expected recovery given
default of 31% to 50% and is in line with the Recovery Rating soft
cap established for Argentine corporates.

Aysa's ratings reflect its negative operational cash flow
generation, weak financial profile with disadvantageous cost
structure and capex intensive operations, despite its low business
risk. The ratings also incorporate Fitch's expectation of continued
financial support from the government of Argentina (rated CC),
AySA's majority shareholder and ultimate parent. The company
provides important water/wastewater utility services for the most
economically relevant region in Argentina, which supports the
notching differentiation from its ultimate parent.

Per Fitch's "Government-Related Entity Criteria (GRE Criteria)",
the agency assesses AySA's linkage with the government as 'very
strong' and as moderate to strong incentive of government
support.This is due to Argentina's 90% ownership of the company.
The government also has significant control over AySA's
operational, strategic and financing activities and has a solid
track record of providing support through substantial capital
injections. Fitch's assessment of the government's incentive to
support AySA is based on moderate social and political
implications, due to private-sector players' probable ability to
provide substitutes and that a financial default would not
materially affect the provision of services. In terms of financial
implications, Fitch believes the impact of AySA's default on the
availability and cost of domestic or foreign financing options for
the sovereign and/or other government's subsidiaries would be
strong.

KEY RATING DRIVERS

Relevant Parent Support: AySA is dependent on government capital
injections to support its loss making operations, capex and debt
obligations. The new government's plans are uncertain but Fitch
believes they are unlikely to include sharp reduction in water
subsidies in the short term. The government's capital injections
totaled ARS8.8 billion in the first half of 2019 and ARS14.6
billion in 2018. The company is subject to the Argentine
government's water/wastewater policy with operations and financing
activities controlled by the government, which also validates its
budget, debt issuances and investments. Aysa is a key company for
the implementation of the government's water/wastewater sector
capex plan.

Negative EBITDA: Fitch estimates AySA will continue generating
negative EBITDA of around ARS10 billion in 2019 and ARS12 billion
in 2020. The company's financial profile registered historical
operating losses, with negative EBITDA of ARS9.5 billion during the
LTM ended June 2019 given unbalanced tariff levels and pressured
cost structure. AySA's FCF is also expected to remain negative
projected at ARS30 billion in 2019 down to ARS36 billion in 2020,
pressured by negative operating cash flow generation and capex.
AySA's negative FCF reached ARS27.8 billion in LTM June 2019 due to
ARS24.6 billion of capex and ARS3.3 billion of negative cash flow
from operations (CFFO). The negative FCF was mainly funded with
ARS26.5 billion of capital injection.

Low Business Risk Industry: AySA's water/wastewater operations
present low business risk and benefits from predictable and
resilient demand given its provision of an important utility to the
population under a long-term concession. The company's operations
are regulated and present a monopoly condition in water/wastewater
services in the state of Buenos Aires, which places high entry
barriers. AySA has a track record of adequate water supply
distribution and ample access to water resources from nearby rivers
(La Plata and Parana), which mitigates supply capacity concerns.

Relevant of FX Mismatch: AySA's total debt of ARS25.0 billion at
June 2019 consisted mainly of the unsecured notes (ARS21.2 billion)
and debt with Banco Nacional de Desenvolvimento Economico e Social
(BNDES) of ARS3.6 billion. The company's notes and BNDES obligation
are exposed to FX volatility, which places pressure for additional
government support particularly given the recent relevant
devaluation of the Argentinean Peso. BNDES' debt counts on implicit
government guarantee given its course on the reciprocal payments
and credit agreement (Convenio de Pagamentos e Creditos Reciprocos
- CCR) of the ALADI (Associacao Latinoamericana de Integracao).

Weak Regulatory Environment: The regulatory environment for AySA is
weak given a demonstrated track record of reduced enforceability,
with annual tariff increase ultimately a political decision from
federal government, which poses uncertainty about future regulatory
mechanisms to adjust tariffs. Favorably, AySA carries flexible
capex policy, which benefits the company in the case of inadequate
tariff adjustment or insufficient capital injection from
controlling shareholder. AySA has the challenge to improve its
corporate governance practices in terms of control and transparency
when compared with Fitch's average monitored companies

DERIVATION SUMMARY

AySA's stand-alone credit profile is weak as compared with its main
peers in other LatAm countries owing to its fragile operating
performance, weak regulatory environment and strong dependence on
shareholder to support its negative operating cash flow generation.
This condition compares unfavorably with Companhia de Saneamento
Basico do Estado de Sao Paulo (Sabesp; BB/Stable), a state-owned
company based in Brazil with sound cash flow generation and strong
credit metrics, and Aegea Saneamento e Participacoes S.A.
(BB/Negative), a privately owned company in Brazil with strong
EBITDA margins and robust financial profile.

AySA's efficiency ratios, such as water distribution losses and
connection per employee are weak as compared with these two peers,
which also benefit from improved regulatory environment,
demonstrated financial flexibility and better corporate governance
practices.

KEY ASSUMPTIONS

Continued support from government through capital injections;

  -- A tariff increase of 17% in January 2019 and 27% in May 2019
(as occurred) and in line with inflation thereafter;

  -- Growth in the number of connections of 1% in 2019;

  -- Average annual capex of around ARS30 billion-ARS40 billion;

ISSUE RATINGS BASED ON RECOVERY ANALYSIS

For issuers with IDRs of 'B+' or below, Fitch performs a recovery
analysis for each class of obligations of the issuer based on the
going concern enterprise value of a distressed scenario or the
company's liquidation value. In the case of AySA, Fitch has adopted
the approach to consider the average recovery as the company is a
state-owned company strongly supported by the Argentine government

RATING SENSITIVITIES

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

  -- Upgrade of Argentine sovereign IDR by more than two notches
combined with maintenance of Fitch's perception of strong linkage
and incentive to support between AySA and the sovereign.

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

  -- Start of default or default-like process.

LIQUIDITY AND DEBT STRUCTURE

Weak Liquidity: AySA's liquidity fully relies on the cash injection
from the shareholder given its inability to register internal cash
generation and restricted financial flexibility on a stand-alone
basis. Fitch estimates the company's liquidity profile to remain
weak going forward. AySA's short-term debt coverage by cash balance
was low and on average at 0.4x during 2015-2018.

The company depends on new government transfers to support its bond
coupon payment of USD17 million by Feb. 1, 2020 and BNDES'
principal installment by March 2020 (around USD20 million) as cash
balance as of June 2019 of was not sufficient for both obligations.
Given current government transition there are uncertainties of
level of transfers for the company during the next years.
Notwithstanding, Fitch believes government support should continue
and additional debt issuances by AySA are unlikely.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
Environmental, Social and Governance (ESG) credit relevance is a
score of 3-ESG issues are credit neutral or have only a minimal
credit impact on the entity, either due to their nature or the way
in which they are being managed by the entity. The exception is the
score of 4 on Governance Structure which combined with other
factors could have and implication on its ratings.



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B A R B A D O S
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BARBADOS: Gets US$40MM IDB Loan to Modernize Public Sector
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Barbados will invest in the modernization of the public sector by
increasing the effectiveness of the government to improve the
competitiveness of the country's economy with a loan of US$40
million approved by the Inter-American Development Bank (IDB).

This project aims to achieve greater use of digital channels by
individuals and companies to access public services; greater
efficiency in public sector administration; and the strengthening
of public sector skills to operate in a digital economy.

The project is expected to reduce the transactional costs related
to the provision of services in the public and private sectors by
enabling online public sector transactions, reducing the number of
hours that companies and individuals spend to access those
services, eliminating trips to do each transaction and speeding up
processing times by public officers.  

Barbados is committed to the digital transformation of public
sector administration and to improve the quality of its services
with the formulation and implementation of an updated e-government
strategy, including training of public sector employees.  These
objectives are aligned with the first pillar of the IDB Group's
Country Strategy with Barbados (2019-2023), which proposes
promoting fiscal sustainability and greater efficiency in the
public sector.  

The program will also strengthen the Ministry of Innovation,
Science and Smart Technology and the Ministry of Finance, Economic
Affairs and Investment to lead this transformation, including a
cybersecurity strategy supported by the establishment of a Security
Operations Center (SOC).  

The project will improve the management of human resources in the
public sector, including public employees’ skills and training in
disruptive technologies, using a strategy with a gender and
diversity approach.  

The main beneficiaries of this project will be the citizens of
Barbados, the people who carry out  transactions with the public
sector in the country and the private sector, particularly those
who face high costs to access public services.  In addition, public
sector employees will benefit through training and fair access to
employment opportunities or promotion in the public service for
all, regardless of race, ethnicity, sex or disability.  The
Government of Barbados will also benefit from being able to better
manage its human resources and provide services more efficiently.

The IDB loan has a repayment term of 25 years, a grace period of
5.5 years and an interest rate based on LIBOR.

                           About IDB

The Inter-American Development Bank is devoted to improving lives.
Established in 1959, the IDB is a leading source of long-term
financing for economic, social and institutional development in
Latin America and the Caribbean.  The IDB also conducts
cutting-edge research and provides policy advice, technical
assistance and training to public and private sector clients
throughout the region.


SCOTIABANK: To Restructure Barbados Operations, 20 Jobs at Risk
---------------------------------------------------------------
Caribbean360 reports that Scotiabank says it's undergoing a
necessary restructuring of its Barbados operations.

That's according to a statement issued to local media house,
Barbados Today, although it did not confirm the report that up to
20 workers could lose their jobs in the process, Caribbean360
relates.

"As a result of the completion of the sale of Scotiabank operations
in seven Eastern Caribbean countries, we will be restructuring our
Managing Director's Office in Barbados, particularly the
centralized functions that supported the divested businesses,"
Caribbean360 quotes the Canadian bank as saying.

"We have been discussing these changes with both our employees and
our union partners over the past several months."

Scotiabank recently finalized a US$123 million deal with Republic
Financial Holdings Limited (RFHL) -- the holding company for the
Trinidad-based Republic Bank -- to take over its operations in
seven Caribbean countries -- Anguilla, Dominica, Grenada, St Kitts
and Nevis, St Lucia, St Vincent and the Grenadines and St Maarten,
Caribbean360 discloses.  However, Scotia is continuing to operate
as usual in Antigua and Barbuda and Guyana where they have faced
pushback from regulators and the government, Caribbean360 notes.




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B O L I V I A
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BANCO DE CREDITO: Fitch Downgrades LT IDRs to B+, Outlook Negative
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Fitch Ratings has taken rating actions on Banco de Credito de
Bolivia S.A. and Banco Fassil S.A. following the downgrade of
Bolivia's Sovereign Long-Term Foreign Currency Issuer Default
Rating to 'B+' from 'BB-'. The Rating Outlook remains Negative.

BCP's Long-Term Foreign and Local Currency IDRs have been
downgraded to 'B+' from 'BB-', and Fassil's Local and Foreign
Currency IDRs have been downgraded to 'B' from 'B+'. The Rating
Outlooks remain Negative.

The downgrade of Bolivia's ratings to 'B+' reflects the rapid and
sustained erosion of external buffers and related macroeconomic
risks, which have intensified amid recent political and social
instability. The Negative Outlook is due to persisting downside
risks to the banks' financial profile stability from social and
political unrest.

KEY RATING DRIVERS

IDRs and VRs

Banco de Credito de Bolivia's IDRs, reflect the support it would
receive from its parent, Credicorp Ltd, if required. Fitch believes
there is a high degree of integration between BCP Bolivia and its
parent. Nevertheless, the IDRs are constrained by Bolivia's Country
Ceiling of 'B+', which, according to Fitch's criteria, captures
transfer and convertibility risks. The Negative Outlook on the
bank's IDRs is in line with that of the sovereign. BCP Bolivia's VR
is highly influenced by the bank's operating environment and its
company profile, which reflects the bank's solid franchise the
benefits of belonging to the Credicorp group.

Fassil's Viability Rating (VR), or standalone creditworthiness,
drives its IDRs. Fassil's high sensitivity to the operating
environment and financial regulation, along with its company
profile and weak profitability highly influence its VR.

The deposits withdrawals of 1.4% in the Bolivian Banking system
from October 18th to November 1st, 2019 have pushed the banking
sector to draw sources of funding from institutional investors
increasing cost of funding. Bolivian FIs, including BCP and Fassil,
have ensured to maintain adequate liquidity in a stress scenario,
nevertheless, if the recent sustained decline in deposits is
prolonged the banks will need to probe their ability to access
external or alternative funding and sustain adequate liquidity
levels.

SUPPORT RATINGS AND SUPPORT RATING FLOOR

BCP Bolivia's support rating (SR) was downgraded from '3' to '4'
and it reflects a limited probability of support due to
uncertainties about Credicorp's ability or propensity to provide
support.

Fassil's SR and Support Rating Floor (SRF) are rated '5' and 'NF',
respectively. In Fitch's view, sovereign support cannot be relied
upon for Fassil, as it is not considered a systemically important
bank.

RATING SENSITIVITIES

IDRs and VRs

BCP Bolivia's IDRs are sensitive to a change in Bolivia's sovereign
and Country Ceiling ratings. Rating actions on the bank's IDRs
would mirror those of the sovereign as BCP Bolivia's IDRs are
constrained by the Country Ceiling. The bank's IDRs are also
sensitive to a change in the parent's willingness to support the
bank.

BCP Bolivia's VR upside potential is limited given the sovereign's
current rating and unstable operating environment. BCP Bolivia's VR
could be negatively affected if the bank's operating profit to risk
weighted assets is consistently below 1%, if its FCC ratio falls
below 7%, or from a relevant deterioration of its access to funding
or its liquidity profile.

Fassil's ratings upside potential is limited given the sovereign's
rating and Negative Outlook. Negative rating actions would follow
from a downgrade in the sovereign's rating. Additionally, sustained
negative or near-to-zero results as well as additional pressures on
FCC to RWA metrics to below 7% could also underpin a downgrade. A
relevant deterioration of its access to funding or its liquidity
profile could also have a negative effect on ratings.

SUPPORT RATING AND SUPPORT RATING FLOOR

BCP Bolivia's support rating is constrained and an upgrade is not
likely as the sovereign currently has a Negative Outlook. Should
Bolivia's sovereign rating be downgraded, the support rating will
also be downgraded.

Upside potential for Fassil's SR and SRF is limited by its company
profile. Substantial market share increase in terms of retail
deposits and systemic importance could result in an upward
revision.

SUMMARY OF FINANCIAL ADJUSTMENTS

Intangible asset calculation was revised to factor in some accounts
by Bolivian GAAP that were classified under other assets and other
accounts receivable. The bank cannot rely on these assets in case
of a liquidation process to pay for financial obligations.
Therefore, prepaid and deferred expenses were classified as
intangibles and deducted from Fitch Core Capital (FCC)
calculation.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Yes. Banco de Credito de Bolivia's IDRs are directly linked to its
parent rating of BBB+. (institutional support driven ratings).
Nevertheless, the IDRs are constrained by Bolivia's Country Ceiling
of 'B+'.

ESG CONSIDERATIONS

BCP Bolivia and Fassil have an ESG Relevance Score of 4 for
Governance Structure due to their exposure to high government
intervention reflected in the mandatory allocation of more than
half their loan portfolio on specific sectors, which has a negative
impact on the credit profile of the banks and is relevant to the
ratings in conjunction with other factors.



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B R A Z I L
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BANCO COOPERATIVO: Moody's Affirms Ba2 Global CFR, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service upgraded certain long-term national scale
ratings of Banco Cooperativo Sicredi S.A. -- a financial
institution that is part of the cooperative group Sistema
Cooperativo Sicredi -- and affirmed all other ratings and
assessments. The national scale ratings that were upgraded include
Sicredi's long-term Brazilian national scale issuer rating to
Aa1.br from Aa2.br as well as its long-term national scale
Corporate Family Rating to Aa1.br from Aa2.br.

The ratings that were affirmed include Sicredi`s Baseline Credit
Assessment and Aadjusted BCA of ba2, the bank`s global CFR of Ba2,
long- and short-term global local currency issuer ratings of Ba2
and Not Prime, long- and short-term Counterparty Risk Ratings of
Ba1 and Not Prime, long- and short-term national scale Counterparty
Risk Ratings of Aaa.br and BR-1, and the short-term Brazilian
national scale local currency issuer ratings of BR-1. In addition,
Moody's affirmed Sicredi's long- and short-term Counterparty Risk
Assessments Ba1(cr) and Not Prime(cr). The outlook remains stable.

The following ratings and assessments of Banco Cooperativo Sicredi
S.A. were upgraded:

  - Long-term Brazilian national scale Corporate Family Rating to
Aa1.br from Aa2.br

  - Long-term Brazilian national scale issuer rating to Aa1.br from
Aa2.br

The following ratings and assessments of Banco Cooperativo Sicredi
S.A were affirmed:

  - Long-term global Corporate Family Rating of Ba2, outlook
remains stable

  - Long- and short-term global local currency issuer ratings of
Ba2, outlook remains stable and Not Prime, respectively

  - Long- and short-term Counterparty Risk Ratings of Ba1 and Not
Prime, respectively

  - Short-term Brazilian national scale local currency issuer
rating of BR-1

  - Long- and short-term Counterparty Risk Assessments of Ba1(cr)
and Not Prime(cr), respectively

  - Long- and short-term Brazilian national scale Counterparty Risk
Ratings of Aaa.br and BR-1, respectively

  - Baseline Credit Assessment of ba2

  - Adjusted Baseline Credit Assessment of ba2

RATINGS RATIONALE

The affirmation of Banco Cooperativo Sicredi S.A.'s (Sicredi)
ratings and assessments reflect the cooperative system's
consistently low asset risk, strong capitalization and
profitability, and the granular funding structure that has
supported Sicredi's rapid loan growth. Sicredi's ratings also
reflect the complexities involved in operating a large federated
cooperative system as well as the bank's loan concentration to the
agricultural industry. The upgrade of Sicredi`s national scale
issuer rating and CFR specifically reflects its ability to maintain
above average asset risk metrics during economic downturns as well
as sustain its capitalization and profitability metrics at high
levels that are on a par with similarly Aa1.br rated peers.

Sicredi is the central banking entity of Sistema de Credito
Cooperativo Sicredi, a federated credit cooperative system in
Brazil that, as of June 30, 2019, was comprised of 114 credit
unions and more than 4.2 million depositors (members) with presence
in 23 Brazilian states. The Sicredi Group offers traditional
financial services to associates under a common brand and following
centralized risk policies and controls. As per the cooperative
culture, members of Sicredi's individual credit unions are also the
shareholders of those credit unions.

Since 2016, the Sicredi system has expanded its geographical reach
from its historical base in the south of the country to states and
communities in north and northeastern Brazil and the cooperatives
are now present in 23 states, from only 11 three years ago. The
franchise expansion has led to the number of Sicredi's members
increasing by over a third and a larger loan book that grew by an
annual average of 27.3% over this timeframe. Sicredi has built its
franchise primarily across small rural communities and
municipalities, but it has more recently expanded into metro areas
and large cities in Brazil. The Group was able to expand its
operations during Brazil's recent recession, when the broader
banking system was retracting, by using its brand strength to
attract new credit unions in areas where it previously didn`t
operate into its system. At the same time, larger retail banks
began cost reduction programs that involved reducing their branch
numbers in these same areas.

Sicredi's rapid growth contrasts with the modest 1.3% loan growth
for the Brazilian banking system overall in the period 2016-19.
While above-average loan growth can lead to asset quality and
earnings volatility as loans season, the system`s asset risk has
remained relatively stable, as suggested by the 90 day problem loan
ratio averaging 1.5% over the past three years. These problem loans
have been more than sufficiently covered by reserves, which were in
excess of 300%. On the other hand Brazil`s banking system`s average
NPLs during this time were 3.3%, backed by reserves of 197%.
Positively, the Group sets common risk policies and underwriting
standards, such as maximum exposure limits and minimum reserve
coverage ratios, which are then implemented by each credit union
that make up the Sicredi system. In addition, Moody`s notes that
the Group actively monitors actual and potential environmental risk
that could come from its loans to corporate associates and applies
strict underwriting guidelines to manage its potential reputational
risks associated with lending to such companies. That said,
Sicredi`s asset risk is challenged by the high loan growth and by
concentrations in agricultural sector lending, which represented
36% of total loans as of June 30, 2019, although the granularity of
Sicredi's loan portfolio helps mitigate the risk of such
concentrations In addition, Sicredi's recent expansion into new
lines of business that have not traditionally been the core of its
operations such as payroll lending, credit cards and unsecured
consumer loans may lead to uptick in delinquencies as the economy
recovers and competition among banks increase.

Although Sicredi does not report consolidated capital metrics at
the system level, Moody's assesses the capitalization to be strong
and providing a significant cushion against potential losses. Under
the system's by-laws, the Group's credit unions are required to
comply with capital thresholds Sicredi sets that are well above the
regulatory minimum.

Similarly, Sicredi's consolidated profitability metrics have
remained strong and are buoyed by the fact that income from
cooperative lending activities is not taxable under Brazilian tax
law. As of June 2019, net income to tangible assets was 2.9%,
significantly higher than the wider banking system ratio of 1.2%.
This was largely driven by comparably lower funding costs from the
deposits of its members, which accounted for 86% of its total
funding as of June 30, 2019, also reflecting the relevant decline
in interest rates in the period. Moody's notes that market based
funding sources, which make up 19% of total funding, are broadly
onlending from government controlled development banks and expects
the system to continue to rely on associate deposits for its
funding. Operating efficiency has improved modestly to 56%,
suggesting the costs associated with the expansion of Sicredi's
franchise and balance sheet have not been a drag on profitability.
The Group`s developing digital initiatives, encapsulated in its
Woop banking application will also continue to give its credit
unions greater ease in capturing deposits and reaching out to
members to deliver credit products.

Liquidity in the system is strong, with liquid assets accounting
for almost 40% of tangible banking assets. Importantly, credit
unions within the system are also protected by a cross guarantee
whereby the system`s credit unions support one another in the event
that any of them have liquidity or capital needs through a
centrally managed liquidity system operated by its banking entity.
In addition, depositors at each cooperative have protection first
from Sicredi's own guarantee funds and then from the national
deposit guarantee fund for cooperatives (Fundo Guarantidor do
Coopertavismo de Credito).

In assigning Sicredi's ratings, Moody's assesses the financial
strength and creditworthiness of the combined institutions within
the Sicredi group on a consolidated basis, as if they operated as a
single entity. Moody's joint assessment of the Sicredi Group's
financial performance takes into consideration the high level of
cohesion and cooperation among the credit unions and the bank.

Moody's believes Sicredi Group's exposure to social risks is
moderate, consistent with its general assessment for the global
banking sector. As well, governance risks are largely internal
rather than externally driven. Moody's does not have any particular
governance concerns with Sicredi, and does not apply any corporate
behavior adjustment to the bank's scorecard.

WHAT COULD MAKE THE RATING GO UP

Sicredi's BCA is constrained by Brazil's sovereign rating and as
result it would only face upward pressure in the event of an
upgrade in Brazil's bond rating. As the outlook on Brazil's ratings
is stable, there is limited possibility for an upgrade in Sicredi's
ratings.

WHAT COULD MAKE THE RATING GO DOWN

Negative pressure on Sicredi's ratings would derive from
significant weakening in its loan portfolio performance that
pressures Sicredi's profitability and capital generation. A
downgrade in Brazil's ratings would lead to a downgrade in
Sicredi's ratings as well.

The principal methodology used in these ratings was Banks
Methodology published in November 2019.

BANCO DAYCOVAL: Fitch Puts BB-(EXP) Sr. Unsec. Notes Rating
-----------------------------------------------------------
Fitch Ratings assigned an expected rating of 'BB-(EXP)' to Banco
Daycoval's (BB-/bb-/Stable) senior unsecured notes. The size of
this issuance through Daycoval's Sao Paulo Branch is yet to be
determined. The notes will be issued in U.S. Dollars, with a
maturity of five years and interest on the notes payable
semiannually.

The expected rating assigned to Daycoval's new issuance corresponds
to the bank's Issuer Default Ratings and ranks equal with other
senior unsecured debts. This issuance is part of a Euro Medium-Term
Notes program of up to USD2 billion and its proceeds shall be used
for general corporate purposes.

The final rating shall depend upon the final documents conforming
to the information already received by Fitch.

KEY RATING DRIVERS

The notes are expected to be rated at the same level of Banco
Daycoval's IDR, since they rank equal with other senior unsecured
debts.

Daycoval's ratings reflect its solid company profile, underpinned
by a stable franchise and business diversification that is
relatively higher than other midsized banks in Brazil; consistent
and strong performance track record maintained through the cycles;
and comfortable capitalization. It also reflects the bank's
conservative asset and liability management and strong liquidity,
which would mitigate risks arising from potential volatility in its
wholesale-based funding structure. Daycoval's VR, and consequently
IDRs, remain constrained by the sovereign rating, as the bank does
not have the characteristics required for a bank to be rated above
the sovereign. The bank's VR also captures the limitations imposed
by the operating environment.

RATING SENSITIVITIES

The ratings of the bank and its issuance could be negatively
affected by a sovereign rating downgrade or a revision of the
sovereign Rating Outlook to Negative and/or a severe deterioration
in earnings that led to a fall in the operating profit/RWA ratio to
below 2% and the FCC ratio below 12% on a sustained basis.

An upgrade in Daycoval's ratings is unlikely as its ratings are
constrained by the sovereign.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.

BANCO DAYCOVAL: Moody's Rates Proposed USD Sr. Unsec. Notes Ba2
---------------------------------------------------------------
Moody's Investors Service assigned a Ba2 foreign currency debt
rating to the proposed USD-denominated senior unsecured notes to be
issued by Banco Daycoval S.A. The proposed notes will be issued
under the existing $2 billion Euro Medium Term Note Program, rated
(P)Ba2, and due in five years from the issuance date. The outlook
on the rating is stable.

Assignment:

Issuer: Banco Daycoval S.A.

Foreign Currency Senior Unsecured Debt Rating, Ba2 Stable

RATINGS RATIONALE

Moody's explained that the foreign currency senior unsecured debt
rating derives from Daycoval's Ba2 global local currency deposit
rating, which, in turn, reflects the bank's baseline credit
assessment (BCA) of ba2. The rating does not benefit from any
uplift from systemic support considerations because of Daycoval's
modest share of the deposits market in Brazil.

Daycoval's ba2 baseline credit assessment (BCA) reflects the bank's
consistent earnings generation, which is supported by disciplined
business and risk profiles characterized by adequate asset quality
and capitalization. , factors that compare well to those of other
midsized Brazilian banks. Daycoval's loan book to small and medium
size companies (SME), which is predominantly collateralized, has
reported superior asset risk metrics, as indicated by historically
lower-than the 3% system average problem loan ratio over the past
four years, and a robust reserve coverage of 5.3% of total loans.
In addition, Daycoval maintains strong capital position, measured
as tangible common equity as a proportion of risk weighted assets
(TCE/RWA), of 12.6%, which is above the median for its peer banks.

The ba2 BCA acknowledges Daycoval's diversified asset mix, which
supports recurring earnings. As of 3Q2019, Daycoval had reported
robust profitability , with income to tangible assets at 2.69%,
which is high compared to similar rated banks in Brazil. Daycoval's
36.2% loan expansion in the twelve months to September is well
above the system's growth rate and reflects the ability to serve
its SME client base with short-term, secured loans. For that
reason, credit costs have been largely stable. However, a more
competitive scenario in 2020, and the effect of the low interest
rates particularly on SME loans will likely pressure Daycoval's
margins in the next quarters. Margins remained strong at around
10.44% as of September 2019, per Moody's calculation, but lower
than the 11.9% in the same period in 2018, despite the higher loan
volumes and lower cost of funding in the period.

Moody's believes Daycoval's exposure to environmental risks is low,
consistent with its general assessment for the global banking
sector. The bank's exposure to social risks is moderate, consistent
with Moody's general assessment for the global banking sector. As
well, governance risks are largely internal rather than externally
driven. Moody's does not have any particular concerns with
Daycoval's governance at this point, as the bank has historical
demonstrated conservative risk management practices.

WHAT WOULD CHANGE THE RATING UP/DOWN

Upward rating pressure would depend on an upgrade of the sovereign
rating, provided that the bank's standalone fundamentals, including
its asset quality, profitability and capital, remain strong.

However, Daycoval's ratings could be downgraded if the sovereign
rating is downgraded, because the bank's BCA is aligned to the
sovereign rating. Downward pressure on the BCA could also arise
from a substantial deterioration in the bank's asset quality that
could hurt its capital and reserves, and/or if the bank's
profitability weakens materially.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks Methodology
published in November 2019.

Banco Daycoval S.A. is headquartered in Sao Paulo, and had
consolidated assets in the amount of BRL32.43 billion and
shareholders' equity of BRL3.74 billion as of September 30, 2019.

BRAZIL: Farmers Pay the Price of Protecting Insolvent Growers
-------------------------------------------------------------
Tatiana Freitas and Fabiana Batista at Bloomberg News report that a
Brazilian court ruling allowing individual farmers to seek
bankruptcy protection through proceedings typically used by
companies is having an unwelcome side effect: pricier credit for
all growers.

When Guilherme Scheffer was planning this year's crop, he was
surprised to hear lending rates weren't falling in line with the
nation's benchmark. Banks told him rates would be 1 percentage
point lower if it weren't for the easing of bankruptcy protection
rules, Bloomberg says.

"Banks say the entire sector is at greater default risk," Bloomberg
quotes Mr. Scheffer as sayin. His group grows soybeans, corn and
cotton on 165,000 hectares (400,000 acres) in Mato Grosso state and
has been publishing audited balance sheets for a decade, Bloomberg
notes.

According to Bloomberg, the ruling opens the door to thousands of
individual farmers to use the country's equivalent of Chapter 11.
The decision also affects trading houses that put up funding for
growers in return for crops months later. Last season,
international firms accounted by 30% of soybean funding in Mato
Grosso, Bloomberg relates citing the state's rural economy
institute Imea.

"These requests are eroding the legal safety of the model that has
funded this gigantic expansion of Brazil's agriculture," said Andre
Nassar, head of soybean processors group Abiove, an organization
that represents Cargill Inc. and Bunge Ltd. among others, Bloomberg
relays.

As Brazil's central bank slashes the benchmark lending rate this
year, commercial banks' lending margins in all sectors have fallen
30%. But in agriculture, they have remained little changed,
according to Itau BBA, adds Bloomberg.

"For good payers, it means higher interest rates," Pedro Fernandes,
agribusiness director at the bank, said by telephone relays
Bloomberg. "For producers with high leverage levels, it means
credit scarcity."

USJ ACUCAR: S&P Downgrades ICR to 'SD' After Missed Amortization
----------------------------------------------------------------
On Nov. 28, 2019, S&P Global Ratings lowered its global scale
issuer credit rating on Brazilian sugarcane processor USJ Acucar e
Alcool S/A (USJ) to 'SD' (selective default) from 'CCC+'. S&P
lowered the rating after the company missed the amortization and
coupon payments of the outstanding amount of the 2019 notes
totaling $8.7 million and $400,000, respectively, due Nov. 9, 2019.
The company also missed the coupon payment of the 2021 notes,
totaling almost $200,000. The total outstanding amount of the 2021
notes is $3.9 million, but the company is still within the grace
period. S&P lowered the issuer credit rating to 'SD' because it
understands the company is still current on other obligations such
as the 2023 notes, which warranted the option to accrue interest.

In addition, S&P lowered the issue-level rating on USJ's senior
unsecured notes to 'D' from 'CCC-'. S&P also withdrew the recovery
rating on the notes due 2019, because it does not typically assign
or maintain recovery ratings for an entity rated 'D' or 'SD'.




=========
C H I L E
=========

CHILE: Central Bank to Sell Up to $20 Billion in Interventions
--------------------------------------------------------------
Reuters reports that Chile's central bank will sell up to $20
billion in foreign currency interventions starting Dec. 2 in a bid
to stabilize the local currency, the monetary authority said in a
statement on Nov. 28 after the peso hit a new all-time low.

Reuters relates that the intervention program is to last through
May 29, 2020, the statement said. Chile's peso plummeted to a new
low for the second day in a row at market close on Nov. 28
following more than a month of protests over inequality that turned
increasingly violent again last week, says Reuters.

"The events that have occurred in our country in recent weeks have
affected the normal functioning of the economy," the bank's
statement said, Reuters relays.

According to Reuters, the program will consist of a possible
$10 billion in dollar sales on the spot foreign exchange market and
up to another $10 billion in sales of "exchange hedging
instruments".

"This exceptional measure is consistent with our monetary policy,
based on inflation targeting and exchange rate flexibility," the
statement, as cited by Reuters, said.

It said it would "continue to use all the tools available" to
maintain the normal functioning of internal and external payments,
and achieve its 3% annual inflation target, Reuters relays.

At least 26 people have been killed, more than 13,000 have been
injured and 25,000 detained amid demonstrations, looting and arson
attacks on supermarkets, metro stations, hotels and churches,
according to Reuters. Tuesday night [Nov. 26] saw almost 100 arson
and looting attacks and clashes with police around the country,
Reuters relates.

The bank was expected to slash its benchmark interest rate to 1.5%
in December, Reuters notes citing a monthly poll of analysts
published on Nov. 12, as ongoing unrest and sputtering growth
plague the copper-producing South American nation.

Reuters adds that analysts said they expected consumer prices to
remain unchanged in November, but rise slightly by 0.1% in
December, with annual inflation expected at 2.7% percent, just
below the bank's target.

ENJOY SA: S&P Cuts ICR To 'B-' On Weaker Operations, On Watch Neg.
------------------------------------------------------------------
On Nov. 28, 2019, S&P Global Ratings lowered its issuer credit
rating on Enjoy S.A. to 'B-' from 'B' and placed the rating on
CreditWatch with negative implications.

On Oct. 17, the Chilean government announced a fare increase for
the Santiago metro, sparking social unrest and violent protests in
the largest Chilean cities that have affected the normal operation
of casinos and resorts since then. All of Enjoy's operations in
Chile remained closed for over a week in October and since then,
have only operated intermittently. S&P believes this will
negatively affect revenues from Chilean operations by about 20%
year-on-year in the fourth quarter of 2019. Additionally, amid
weaker growth prospects for Chile in 2020, the potential
persistence of some level of demonstrations even during the first
months of next year, and some curtailment of Enjoy's operating
expenses and capital expenditures (capex) in an attempt to prevent
cash position from weakening further, S&P has adjusted downwards
its revenue and EBITDA expectations for next year as well.

Social turmoil has increased political uncertainty in the country,
which has translated into a sharp depreciation of the domestic
currency in October. Although S&P believe there might be some level
of overshooting and that the peso could recover some ground towards
the end of the year, S&P estimates depreciation could increase
Enjoy's debt levels by about 5%-10% by year-end, since almost 40%
of the company's debt is denominated in dollars and remains
unhedged.

As part of a cost control strategy, Enjoy revised and somewhat
limited its food and beverage (FF&BB) and entertainment offers at
most of its casinos in 2018. While this effectively allowed Enjoy
to reduce expenses, it had an unexpected significantly negative
effect on its core gaming business revenues in the last quarter of
2018 and first half of 2019. Management has revised this business
strategy, improving the value proposition to its visitors again and
providing a full entertainment experience. This new strategy was
already delivering very good results in the third quarter.

Additionally, the weak economic conditions in Argentina have been
affecting the business in Uruguay since mid-2018. Enjoy is
increasingly working on attracting high-net-worth customers from
other markets, mostly the U.S., to offset the weaker inflow from
Argentina in its Uruguayan operation. However, considering the very
uncertain scenario in Argentina, S&P doesn't expect revenues to
recover to 2017 levels in 2019 and 2020.

Besides the weaker operating performance, Enjoy also has relatively
high committed capex for the next two years. In June 2018, Enjoy
was awarded the renewal of the licenses of Vina del Mar, Pucón,
and Coquimbo casinos and a new casino in Puerto Varas. S&P said,
"While we consider this positive from a business perspective, in
the shorter term it further pressures the company's cash flow. We
expect Enjoy to run free cash flow deficits in 2019 and 2020. We
forecast adjusted debt to EBITDA to be 6.5x-7.0x in 2019 and to
slightly improve to close to 6.0x in 2020 and 2021 amid some
recovery in its operations. With this level of debt, we estimate
that Enjoy will use about half of the EBITDA to pay down interest
through 2021. However, we consider that the company could sell some
real estate assets and repay expensive debt in order to alleviate
its balance sheet and cash flow."

Considering the way debt-to-EBITDA is defined under domestic bonds
covenants (which differs from S&P's adjusted metrics), S&P
estimates leverage could be between 5.5x and 5.8x by the end of the
year, above the 5.5x threshold defined in covenants. Therefore,
unless the company is able to negotiate a waiver or amendment to
the covenants, it could breach them and face debt acceleration.

The negative CreditWatch placement indicates a potential downgrade
if Enjoy does not manage to comply with financial covenants under
domestic bonds without obtaining a waiver, and there is increased
risk of debt acceleration. S&P said, "We intend to solve the
CreditWatch in the next 90 days,because there will be more
visibility about the company's progress in negotiating with
bondholders. Additionally, we could downgrade Enjoy if it does not
manage to significantly revert performance deterioration during the
next twelve months." Management faces the challenge of implementing
successful strategic initiatives to grow revenue and EBITDA in
order to improve cash flow from operations, to reduce leverage, and
improve the cushion under covenants and interest coverage by 2020

Enjoy is the largest Chilean gaming operator, with 38.8% of market
share as of June 2019. It owns and operates casinos and related
hospitality and entertainment facilities including hotels,
restaurants, bars, convention centers, and spas, among others.
Enjoy owns and operates 12 casinos and 12 hotels in Chile,
Argentina, and Uruguay.

-- GDP growth in Chile of 2.4% in 2019 and about 2.8% and 3.0%,
respectively, in 2020 and 2021.

-- Chile's inflation of 2.2% in 2019 and about 3.0% in 2020 and
2021.

-- S&P estimates a 3% and 1% contraction in GDP in Argentina in
2019 and 2020, respectively, and a recovery of about 1.5% in 2021,
affecting the number of visitors to Enjoy's Urguayan operations.

-- S&P expects revenues to decrease by about 5% in 2019, mainly
driven by lower revenues in casinos in the northern and southern
Chile due to poor management decisions that affected the first half
of the year's results, and because of the impact of the social
unrest in the fourth quarter. In addition, in Uruguay revenues
continue to be dampened by the recession in Argentina and sluggish
economy in Brazil. However, S&P expects revenues to recover by
about 6% in 2020 and 5% in 2021 due to increased visits in all
casinos after a very weak 2019, underpinned by an improved value
proposition and full-year operations under the Enjoy brand of two
recently acquired casinos in Chile (San Antonio and Los Angeles).
Additionally, the return to historical hold levels in Uruguay and
Santiago would also boost revenue growth.

-- A decrease in EBITDA margin in 2019 because of a fall in
revenues and several strategic initiatives that didn't yield
positive results as expected.

-- Higher margins starting in 2020, reflecting better top-line
growth while maintaining part of the cost efficiency initiatives
implemented in the past year. Largely flat margins in 2021, since
despite good revenue growth the company will be affected by higher
taxes following the licenses renewal.

-- S&P assumes capex for the license renewals of about $120
million through early 2022 and maintenance capex of about 3.5% of
revenues annually.

Based on these assumptions, S&P arrives at the following credit
measures:

-- Adjusted EBITDA margin of 17.0%-17.5% in 2019, 18.5%-19.0% in
2020 and 2021, compared with 18.2% in 2018;

-- Funds from operations (FFO) to debt between 5% and 10% through
2021, compared with 7.2% in 2018;

-- Adjusted debt to EBITDA between 6.5x and 7.0x in 2019 and about
6.0x in 2020 and 2021, compared with 5.3x in 2018; and

-- EBITDA interest coverage between 1.7x and 2.0x through 2021,
compared to 1.8x in 2018.

S&P assesses Enjoy's liquidity as less than adequate, because it
expects sources of liquidity to fall slightly short in the next 12
months. On the positive side, Enjoy has no relevant amortization
until 2022 when its international bond comes due. On the other
hand, the cushion to absorb high-impact, low-probability events is
tight, considering committed capex under license renewal.
Additionally, S&P forecasts potential breach of acceleration
covenants in 2019 and tight cushion in 2020 and 2021. The latter
could hinder execution of committed capex under license renewal if
the company needs to persistently curtail capex to maintain cash
levels to contain net debt.

Principal Liquidity Sources

-- Total cash and equivalents for CLP53.6 billion as of September
2019; and

-- Expected FFO generation of about CLP21 billion in the next 12
months as of September 2019.

Principal Liquidity Uses

-- Short-term maturities for CLP39 billion as of September 2019;

-- Working capital needs for about CLP3 billion in the next 12
months; and

-- Capex of about CLP 37 billion for the next 12 months.

Enjoy's international and domestic bonds are subject to financial
covenants. Following a waiver obtained at a domestic bondholders
meeting held in June 2019, covenants under the international bond
are now the strictest, but these are incurrence covenants, while
domestic bonds' covenants are of acceleration.

International bonds

-- Enjoy's consolidated fixed-charge coverage ratio must be
greater than 2.0x; and

-- Net debt to EBITDA of below 4.5x.

Additionally the notes include limits on restricted payments, asset
sales, events of license loss, and limits on dividend payments and
transactions with affiliates.

Domestic bonds

Following the amendments at a bondholder's meeting in June:

-- Net debt to equity of below 5.50x between June 2019 and
December 2020; and

-- Net debt to EBITDA of below 4.5x as of March 31, 2021.

-- Total net debt of less than CLP370 billion (adjusted every year
by inflation);

-- Maintain total free assets for 1.5x not guaranteed financial
obligations; the ratio was 2.82x as of Sept. 30, 2019; and

-- Limits on assets sales and dividend distributions.

Compliance

S&P said, "We believe the company will breach covenants this year
unless they are able to negotiate a waiver or a new amendment with
bondholders. Additionally, we forecast limited cushion under
acceleration domestic bond covenants of about 5% in 2020 and
breaching again in 2021 (when the covenant threshold becomes more
harsh)."




===============
C O L O M B I A
===============

BANCOLOMBIA: Fitch Puts BB+(EXP) Rating to US$ Subordinated Note
----------------------------------------------------------------
Fitch Ratings assigned a 'BB+(EXP)' rating to Bancolombia's
upcoming U.S.-dollar subordinated notes. The notes for an amount
and maturity date yet to be determined, will be placed in the
global markets and will have a national scale rating of 'AA-(col)'
assigned by Fitch. The final rating is contingent on receipt of
final documents conforming materially to the preliminary
documentation.

KEY RATING DRIVERS

The upcoming issuance is expected to be rated two notches below
Bancolombia's viability rating of 'bbb', to reflect loss severity
exclusively. There will be no notching due to incremental
non-performance risk.

The notes do not incorporate going-concern loss-absorption
characteristics given the relatively low write-off trigger
(Regulatory CET1 at or below 4.5%), which, in Fitch's view, would
only be effective at the point of non-viability, and also
considering the fact that coupons are not deferred or cancellable
before the principal write-off trigger is activated. As such, no
notches are deducted from the VR for incremental non-performance
risk. If Bancolombia's capital ratio falls below 4.5%, the
outstanding principal amount of these notes may be permanently
reduced to the extent required to restore the bank's capital ratio
to 6%. This full write-down feature of the notes heavily influences
the two notch loss severity applied.

The securities, which are expected to comply with local Tier II
capital requirements, will rank junior to all senior unsecured
creditors, pari passu with all other present or future Tier II
capital subordinated indebtedness and senior to the bank's capital
stock, including any other instrument that may qualify as Tier I
capital according to local banking regulation.

Bancolombia will use the proceeds of the issuance of the notes to
replace a portion of the existing old notes and for general
corporate purposes.

RATING SENSITIVITIES

The expected subordinated debt rating is sensitive to a change in
Bancolombia's VR. The rating is also sensitive to a wider notching
from the VR if there is a change in Fitch's view on the
non-performance of these instruments on a going concern basis,
which is not the baseline scenario.



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

MEXICAN PETROLEUM: Oil Production at 40-Year Low
------------------------------------------------
Mamela Fiallo Flor at PanAm Post reports that since 1979, the
state-owned company Mexican Petroleum (Pemex) had not produced as
little crude oil as it does now. Instead of opening the Mexican
market to the world, the government of Andres Manuel Lopez Obrador
(AMLO) insists on closing it and monopolizing it, the report says.
The result has been disinvestment and now a drop in production.

"Throughout the last decade, Pemex has not been able to generate
sufficient resources to finance its operating and investment
expenditure, as well as to meet the financial cost of its debt and
its fiscal obligations," says Manuel Molano, director of the
Mexican Institute for Competitiveness (IMCO), who affirms that
Mexican Petroleums (Pemex) is technically bankrupt, according to
PanAm Post.

PanAm Post, citing figures from the National Hydrocarbons
Commission (CNH), says oil production in Mexico has regressed to
the level where it was 40 years ago. In October 2019, Pemex
extracted 1,616 million barrels of crude a day, a figure it had not
dipped to after 1979 when the state oil company produced more than
1,615 million barrels a day, the report states.

PanAm Post says that it should be noted that although the figure is
similar in both periods, the numbers indicate contrasting results.
The 1979 value was a success, and the 2019 number is a failure.
This is because, at the end of the 1970s, Mexico broke the
historical production record following the discovery of the
Cantarell mega-fields. From there, it continued to climb to its
peak with 3.4 million barrels of crude oil per day in 2003.

But since 2009, a decline began, PanAm Post relates. The annual
expenses of the Mexican oil company were higher than its income.
This led Pemex to incur growing debts, to the point that its
financial obligations grew 113% in real terms, from USD32.5 billion
to about USD103 billion in the last ten years, PanAm Post notes.

In the last decade, oil production has halved from about 3.5
million to 1.7 million barrels per day.

And in 2019, it reached its lowest mark in four decades. The
gravest aggravating factor in this collapse would be the lack of
funding for infrastructure damaged by overexploitation, according
to PanAm Post.

AMLO did not create this situation, but he has failed to overcome
it, and things have only got worse, relates PanAm Post.

For economist Jorge Suarez Velez, author of The Next Great Drop in
the World Economy ("La proxima gran caida de la economia mundial"),
Lopez Obrador is leading Mexico into the abyss, PanAm Post says.
The under-financing of the oil sector has led to a reduction in
production. The most visible case is the bidding of the Dos Bocas
Refinery that AMLO canceled.

Instead of receiving USD8 billion through private investment, the
president decided to preserve the oil monopoly and use state funds
to put Pemex, a bankrupt state-owned company, in charge, PanAm Post
says. So not only did no money enter Mexico, but public spending
increased since it will be Mexican citizens who finance it, PanAm
Post adds.

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.




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

TRINIDAD AND TOBAGO FOOTBALL: May Face Insolvency, Ex-VP Says
-------------------------------------------------------------
Sports Desk reports that Trinidad and Tobago Football Association
(TTFA) board member Selby Brown has insisted the body must move
quickly to address an avalanche of financial issues, which
threatens to drag the association into insolvency.

According to Sports Desk, Mr. Brown, who previously served as a
first vice president under the David John-Williams administration,
failed in his bid to get re-elected as second vice president's
position in Sunday's elections, losing to United TTFA candidate
Clynt Taylor.

With the association facing debts in the region of US$7,108,608, in
a large part due to a culmination of several lawsuits, Mr. Brown
insisted that the new administration must hit the ground running,
the report says.

"The delegates have spoken and that democracy must be respected,
and I wish the United TTFA visionaries well. Most of those who
served the previous regimes were the ones who incurred the huge
debt of the TTFA of some TTD40 million and celebrated the added two
judgments in the amount of TTD8.4 million last week. That does not
include a further TTD15 million that Mr. Jack Warner claims is owed
to him by the TTFA and confirmed by TTFA President Raymond Tim Kee
in a letter dated November 2015," Mr. Brown told
insideworldfootball.

Sports Desk says the former vice president insisted that as well as
the administrative issue, there were issues to solve off the field
as well.

"The vote by delegates for the United TTFA is No problem. They all
intend to get billions from NIKE. Did they ask themselves the
question: Why would a brand associate itself with a team that lost
14 out of 15 games?  What exactly is the benefit to the brand?
Unless the United TTFA plans to provide Nike with a new slogan;
'Wear NIKE and Lose'," Mr. Brown, as cited by Sports Desk,
continued.

"I look forward to the TTFA urgently receiving the promised Nike
sponsorship millions to avoid the TTFA from being declared bankrupt
or avoiding insolvency."


                           *********


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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