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       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

          Thursday, December 5, 2019, Vol. 20, No. 243

                           Headlines



B E R M U D A

FLOATEL INT'L: Moody's Cuts CFR to Caa1; Alters Outlook to Neg.


B R A Z I L

BRAZIL: Economy Grows Faster Than Expected in Third Quarter


C H I L E

AUTOMOTORES GILDEMEISTER: Fitch Upgrades LT IDRs to CC


M E X I C O

MEXICO: Clean Energy Sector Gets Renewable Credit Win
MEXICO: Resists U.S. Demands on North American Trade Deal
MEXICO: Stagnant Economy Drive Calls for Bigger Rate Cuts


P A N A M A

PANAMA: IDB Approves $200MM Loan to Promote Economic Growth


P E R U

CORPORACION AZUCARERA: Fitch Lowers LT IDRs to B, Outlook Stable


P U E R T O   R I C O

AMERICAN SECURITY DOORS: Hires Santiago & Gonzalez as Counsel


T R I N I D A D   A N D   T O B A G O

CL FINANCIAL: NEVICOTT Fails in Attempt to Prevent Liquidation


V E N E Z U E L A

PETROLEOS DE VENEZUELA: US Puts 6 Oil Tankers on Sanctions List

                           - - - - -


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B E R M U D A
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FLOATEL INT'L: Moody's Cuts CFR to Caa1; Alters Outlook to Neg.
---------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family rating of
Floatel International Ltd to Caa1 from B3 and its Probability of a
Default Rating to Caa1-PD from B3-PD. Concurrently, Moody's has
changed the outlook on Floatel to negative from stable.
Subsequently, Moody's will withdraw Floatel's ratings for business
reasons.

"Today's action reflects the increased likelihood that the company
may breach its leverage covenant at its first test at the year-end
2020, if it is unable to contract new work in a challenging market
environment", says Martin Fujerik, Moody's analyst for Floatel.

RATINGS RATIONALE

In the 3Q 2019 Floatel posted a significant reduction of EBITDA to
$4 million (from $16 million in the 2Q 2019 and $55 million in the
3Q 2018), on the back of the fleet utilisation rate deteriorating
to 47% in 3Q 2019 from 57% the quarter before and 73% in the 3Q
2018. In addition, the company's firm order book declined to just
$58 million as of end-September 2019 from $136 at the beginning of
the year and of the company's fleet only the Floatel Endurance is
currently booked for operations in 2020.

The market environment remains difficult with limited activity and
pressure on day rates. If Floatel fails to contract work for its
idle vessels in the near future, it may not be able to meet the
6.5x net leverage covenant at its first test at the year-end 2020,
considering that there is a time lag between the contract award and
the ability of the vessels to start operations. The increased
likelihood of such a scenario is reflected in its downgrade and the
negative outlook.

Although diminishing, the company still has a sizeable liquidity
buffer that appears sufficient to weather the next couple of
quarters of weaker results. As of end of September 2019, the
company reported U$90.6 million of cash and cash equivalents on the
balance sheet, further underpinned by $100 million of an undrawn
revolving facility.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.



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B R A Z I L
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BRAZIL: Economy Grows Faster Than Expected in Third Quarter
-----------------------------------------------------------
Bryan Harris and Andres Schipani at The Financial Times report that
Brazil's economy expanded 0.6 per cent in the third quarter,
beating analysts' expectations and bolstering hopes of a cyclical
recovery in Latin America's largest country.

According to the FT, the quarter-on-quarter result, released on
Dec. 3, is likely to galvanise Brazil's top policymakers, including
finance minister Paulo Guedes, who is attempting to revitalise
growth through a sweeping programme of deregulation and
privatisations.

"We are seeing a cyclical recovery," the FT quotes Sergio Vale,
chief economist at MB Associados, as saying. "From now on we might
see a faster recovery. Industry is still suffering from
international headwinds, but there are some segments doing very
well, such as agribusiness and real estate."

Compared with the same quarter last year, the economy grew 1.2 per
cent, above analysts' expectations of 0.9 per cent, the FT says.

"Growth is still gradual because the Brazilian economy today is
still picking up steam after a very severe recession," the report
quotes Luana Miranda, a researcher at the Brazilian Economy
Institute, pointing to a years-long economic crunch between 2014
and 2016, as saying.

"As of the second quarter, Brazil had not recovered even half the
GDP lost during the recession. We still have a very high
unemployment rate, while business and consumer confidence are still
very low. But things are going on. Families are consuming,
investment is coming, but all slowly and gradually."

Unemployment in Brazil remains high at 11.6 per cent. Growth for
2019 is now forecast to be about 1 per cent, picking up next year
to above 2.2 per cent, the FT discloses.

The FT says focus is now likely to shift to the Brazilian central
bank and whether it will cut interest rates to record lows next
week.

The real, Brazil's currency, last week dropped to record lows
against the US dollar, which analysts attributed in part to
declining interest rates, the report notes. The weakening currency
prompted US president Donald Trump to slap tariffs on Brazilian
steel on Dec. 2 after accusing the South American nation of
devaluing its currency, the FT relates.

"Given the weak pace of the recovery, the central bank will almost
certainly -- despite the recent fall in the currency and likely
rise in inflation -- lower the Selic rate to 4.5 per cent," said
William Jackson, chief emerging markets economist at Capital
Economics, the FT relays.

In the long run, policymakers in Brazil are betting on a series of
economic reforms to kick-start growth, the FT says. In October,
lawmakers passed a landmark pension reform aimed at restoring
confidence in the country's fiscal position, the report recalls.

Now Mr. Guedes is shifting focus to overhauling the byzantine tax
system and cutting the red tape that has deterred investment for
decades, the FT relays.

"Undoubtedly these reforms will have a positive impact, but the
concrete impact of these will only happen in the long run. These
are structural reforms, so they require some time to mature," Ms.
Miranda, as cited by the FT, said.

Analysts, however, have warned that Brazil will next year continue
to be buffeted by international headwinds, including a slowdown in
the US and the ongoing crisis in neighbouring Argentina, the report
notes.

"Our exports are weak for domestic and external reasons -- there is
the trade war, slowing economies and the crisis in Argentina," said
Thiago Xavier, an economist at Tendencias consultancy.



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C H I L E
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AUTOMOTORES GILDEMEISTER: Fitch Upgrades LT IDRs to CC
------------------------------------------------------
Fitch Ratings upgraded Automotores Gildemeister S.p.A.'s Long-Term
Foreign and Local Currency Issuer Default Ratings to 'CC' from 'RD'
(Restricted Default) on completion of the company's debt
restructuring. At the same time, considering the terms and
conditions of AG's recently executed debt exchange offer, Fitch has
assigned a 'C'/'RR5' rating to AG's USD510 million new senior
secured notes due in 2025. Fitch has also withdrawn the ratings of
AG's secured notes due in 2021 that were exchanged for the new 2025
secured notes.

The upgrade of AG's IDRs to 'CC' reflects Fitch's assessment of the
company's capital structure, liquidity, and cash flow generation
resulting from the recently executed debt restructuring. The
ratings reflect AG's limited financial flexibility post debt
exchange completion. The ratings also consider the challenging
business environment the company currently faces in its main
markets - Chile and Peru - with a declining trend in unit sales in
both markets.

KEY RATING DRIVERS

High Credit Risk: AG's 'CC' rating reflects its continued high
leverage and weak liquidity profile, despite ongoing performance
improvement due to sales volume growth and restructuring of debt in
the longer term. The company will need to grow EBITDA and
successfully execute its asset disposal plan to improve financial
flexibility. The ratings incorporate the expectation of the
challenging business environment to continue in AG's main markets
of Chile and Peru during 2020. In recent years, the industry
exhibited aggressive and opportunistic behaviour by new entrants
with historical top players losing market share in these markets
due to a lack of no major barriers to entry.

Proforma Debt Structure: AG's capital structure consists of secured
bank loans and bonds. On a pro forma basis post debt exchange
completion, AG's total debt on-balance sheet is estimated at USD640
million. The USD510 million new senior secured notes mature in
December 2025, with the following scheduled amortization: USD60
million in June 2021, USD35 million in December 2022, USD35 million
in December 2023; and USD380 million in December 2025. The notes
are secured by priority liens on real estate properties with a
value of USD138 million. AG's total pro forma debt also includes
USD104 million of secured bank debt; USD22 million of unsecured
notes due in 2022; and USD3 million of unsecured notes due in
2023.

Challenging Business Environment: Fitch believes the company's
capacity to improve its debt service ability depends on
significantly improved vehicle sales in the Chilean and Peruvian
markets. The company's high leverage has been driven by poor
operational performance during 2018-2019. AG's declining cash flow
generation and volatile levels of profitability during 2018-2019
reflects the increasing competition, as well as the devaluation of
the local currencies. The company requires a major restructuring in
its business model - removing unprofitable businesses and product
lines - in order to be able to increase its cash flow generation.

DERIVATION SUMMARY

AG recently completed a debt exchange offer for its secured notes
due in 2021. This is the second debt exchange offer completed by
the company during the last five years. AG's ratings are primarily
driven by the company's high leverage, negative FCF generation and
tight financial flexibility. AG benefits from its exclusive
agreement to distribute Hyundai cars in Peru and Chile. The ratings
factor in AG's high business risk. The automotive retail industry
is sensitive to adverse economic conditions and to the volatility
of consumer demand which is influenced by consumer confidence,
discretionary spending, interest rates, credit availability and FX
currency rates. AG also faces intense competition from other car
manufacturers and distributors.

Fitch does not have direct rated peers to the company. AG's closest
peers in other sectors include Brazilian fleet and car rental
industry leaders, Localiza (rated BB) and JSL S.A. (BB), whose
industry risk is considered less volatile. Both companies enjoy
higher profitability and scale than AG. No country ceiling,
parent/subsidiary or operating environment aspects have an impact
on AG's IDR.

KEY ASSUMPTIONS

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

  -- Negative annual revenue growth during 2019-2020;

  -- 2019-2020 average EBITDA margin in the low single digit;

  -- Interest coverage ratio around 0.5x during 2019-2020;

  -- Execution of important asset sales - relative to the company's
liquidity position - through 2020

KEY RECOVERY RATING ASSUMPTIONS

Fitch believes that a debt restructuring would likely occur in a
distressed scenario where the company experiences weak levels of
demand for automobiles and consumer discretionary spending,
alongside intense price competition. Fitch has performed a
going-concern recovery analysis for AG based on the assumption that
the company would be reorganized rather than liquidated. Key
going-concern assumptions are: (i) AG would have a going-concern
EBITDA of about USD16 million. The going-concern EBITDA estimate
reflects Fitch's view of a sustainable, post-reorganization EBITDA
level upon which Fitch bases the valuation of the company. (ii) A
distressed multiple of 5.7x due to the exposure to the auto
industry sector and the company's position as the sole distributor
of the Hyundai brands in Peru and Chile. The recovery performed
under this scenario resulted in a recovery rating of 'RR5' for the
new secured notes due in 2025.

RATING SENSITIVITIES

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

  -- Growth in vehicle sales and operational margins, leading to
improved EBITDA through 2020;

  -- Improved liquidity profile;

  -- Interest coverage ratio trending to levels around 1x.

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

  -- Failure to renew Hyundai contract, next renewal is expected to
occur during December 2019;

  -- Further deterioration of AG's liquidity position;

  -- Execution of a distressed debt exchange;

  -- Defaults on scheduled amortization/interest payments and/or
formally filing for bankruptcy protection.


LIQUIDITY

Limited Capacity to Cover Interests Expenses: Fitch views the
company's liquidity as poor based on its low cash position a
limited capacity to cover interest payments. Despite recent debt
exchange completion, AG's capacity to cover interest expenses with
its cash flow from operations is viewed as tight, adding pressure
to the company's liquidity during 2019-2020. Fitch expects the
company's interest coverage ratio around 0.6x during 2019-2020
period. The company's capacity to maintain adequate liquidity -
through 2019-2020 - will require consistent improvement in cash
flow generation measured as EBITDA, assets sales, coupled with
neutral-to-positive FCF levels. Fitch expects AG's cash position by
the end of 2019 to be around USD30 million, a material improvement
in the company's cash position by the end of 2020 relies in AG's
capacity to execute some important assets sales through 2020.

ESG Commentary

AG has an ESG Relevance Score of 5 for management strategy due to
its track record of recurring operational and debt restructuring
processes during the past years due to challenges the company has
faced in implementing its strategy and maintaining competitive
positions within its key markets. AG's below-average execution of
its strategy has contributed to a materially weaker operational
performance and unsustainable capital structure. The company also
has an ESG Relevance Score of 5 for group structure due to the
strong influence on AG's owners upon its management, which have
resulted in decisions related to the company's operational and
financial strategies that have been made to the detriment of its
creditors. Both the ESG Relevance Score of 5 for management
strategy and governance structure have resulted in the company
entering into a debt restructuring process for a second time during
the last five years.

FULL LIST OF RATING ACTIONS

Fitch has taken the following rating actions:

Automotores Gildemeister S.p.A.

  -- Foreign Currency Issuer Default Rating (IDR) upgraded to 'CC'
from 'RD';

  -- Local Currency IDR upgraded to 'CC' from 'RD'.

Fitch has also assigned a new rating of 'C'/'RR5' to AG's USD510
million new senior secured notes due in 2025.

Fitch has withdrawn the ratings of AG's exchanged secured notes due
in 2021.



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

MEXICO: Clean Energy Sector Gets Renewable Credit Win
-----------------------------------------------------
Bloomberg News reports that Mexico's clean energy industry was
handed a big win on Nov. 28 after a federal court reversed an
earlier decision on a renewable credits rule change that critics
said would have been damaging to the sector.

After clean energy companies, including American power generator
AES Corp. and Italian utility giant Enel SpA, filed for injunctions
in courts across Mexico, a federal judge in Mexico City reversed a
lower court decision of the rule change on Nov. 28, Bloomberg
relates citing people familiar with the case who asked not to be
identified as the information isn't public.

According to Bloomberg, the companies are fighting a decision by
the Energy Ministry to grant old, government-run renewable power
projects credits that were designed to spur the development of new
wind and solar farms. Bloomberg says the credits are sold to large
electricity users that are required by the government to use
certain amounts of renewable power.

The decision "is an important step towards safeguarding the value
of renewable energy assets in the country," said James Ellis, a
BloombergNEF analyst based in Sao Paulo. "Mexico's renewable energy
auctions have secured some of the cheapest energy available
anywhere in the world to the benefit of the CFE, and ultimately the
Mexican consumer."

Bloomberg says critics of the rule change worry that granting older
projects the credits -- certificates known as CELs -- will reduce
their value and undermine clean energy investment. While the
appeals court decision technically only guarantees the value of the
credits for the company that requested the initial injunction, Zuma
Energia subsidiary Santa Maria 1, lower courts are likely to follow
suit. If more injunctions are upheld in lower courts, the changes
will effectively be halted country-wide. There are at least 16
injunctions filed that are currently pending, the people, as cited
by Bloomberg, said.

Bloomberg, citing court documents, discloses that another company
obtained a provisional suspension in the first circuit as well,
though the name of the company is withheld. Three more temporary
injunctions were granted in related cases, the people said.

Bloomberg notes that the decision is a blow to the administration
of President Andres Manuel Lopez Obrador, where the Energy Ministry
is seeking to help the state-run electric company CFE. But industry
groups including the Mexican Association of Wind Energy and the
Mexican Association of Solar Energy have argued that changing the
policy governing CELs undermines the initial calculation that
prompted clean energy generators to invest in Mexico in the first
place, the report states.

While the Energy Ministry could appeal the case one more time
before a Mexican court of appeals, the case would likely drag on
for months while the suspension of the rule change remains in
place, adds Bloomberg.

The Wall Street Journal on Nov. 21 reported that at least half a
dozen clean-energy companies are taking legal action against the
Mexican government over changes in regulations they say reduce the
value of their investments and put the country's environmental
targets at risk.

The Journal relates that the companies said a government decision
in October allowing state utility Comision Federal de Electricidad,
or CFE, to obtain clean-energy credits for old power plants such as
hydroelectric stations changes the rules under which they invested.

MEXICO: Resists U.S. Demands on North American Trade Deal
---------------------------------------------------------
Dave Graham at Reuters reports that Mexico's president on Dec. 2
pushed back against U.S. efforts to subject his country's labor
market to external oversight under a new North American trade deal,
and said the Mexican Senate should be consulted before new changes
are signed off.

According to Reuters, Mexico approved the United
States-Mexico-Canada Agreement (USMCA) earlier this year, but U.S.
ratification has been held up by Democratic lawmakers seeking to
have stricter enforcement of new Mexican labor rules enshrined in
the deal.

Speaking at a regular morning news conference, President Andres
Manuel Lopez Obrador said there was no need for supervision of
Mexico's labor standards because his government was fully committed
to strengthening workers' rights, Reuters relates.

"We don't accept that there should be some sort of inspectors
checking on whether a company is sticking to what is established by
law," the veteran leftist said, Reuters relays.

Instead, Mexico is ready to accept panels made up of
representatives of the United States, Mexico and a third country
reviewing standards over an extended period, Lopez Obrador said,
according to Reuters.

Mexican senators should be entitled to give their opinion on what
he described as an addendum to the accord, because they would need
to ratify any additions, he said.

Reuters says the president noted Mexican business associations
rightly regarded the imposition of monitors on its labor market as
a provision which could impede investment.

According to Reuters, Mexico's powerful CCE business association
said it was extremely concerned about some of the U.S. labor
demands, describing them as "extreme and totally unacceptable."

"We have the impression that some U.S. players are trying to apply
pressure to stop a deal," the CCE said in a statement. "Respect for
Mexican sovereignty is not negotiable."

Mexico's chief USMCA negotiator, Jesus Seade, was on Dec. 3
traveling to Washington for more talks, the government said, the
report relays.

Reuters adds that Mr. Seade said last week tweaks could be made to
how labor disputes are handled to enable an accord, but was
cautious on whether a deal was possible this year.

Gearing up for the November 2020 U.S. presidential election,
Democrats have been under pressure from American trade unions to
ensure that Mexico does not backslide on commitments to strengthen
the rights of organized labor in the country, Reuters says.

Juan Montes at The Wall Street Journal reported on Nov. 29 that Mr.
Obrador had urged U.S. House Democrats to ratify the
U.S.-Mexico-Canada trade agreement, a key engine for Mexico's
faltering economy, saying his country has met its commitments
regarding labor issues.

The Journal related that in a letter sent on Nov. 26 to House
Speaker Nancy Pelosi (D., Calif.), Mr. Lopez Obrador said Mexico
has allocated more funds in next year's budget to implement changes
in Mexican labor laws.

MEXICO: Stagnant Economy Drive Calls for Bigger Rate Cuts
---------------------------------------------------------
Anthony Harrup at The Wall Street Journal reports that two Bank of
Mexico board members pressed their arguments this month for faster
interest-rate cuts as the economy stagnated and showed signs of
further weakening, minutes to the meeting showed on Nov. 28.

According to the Journal, the central bank lowered the overnight
interest-rate target on Nov. 14 by a quarter percentage point to
7.5% in a 3-2 vote. Two members voted for a half-point reduction,
as they also did at the September meeting.



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P A N A M A
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PANAMA: IDB Approves $200MM Loan to Promote Economic Growth
-----------------------------------------------------------
Panama will promote sustainable economic growth by improving its
competitiveness with a digital environment and boosting its
emerging sectors with a $200 million loan approved by the
Inter-American Development Bank (IDB).

In order for Panama to maximize its capacity to sustain high
performance in the long term, it is key to focus its efforts on an
environment that adopts digital technology to facilitate business
operation.

In this sense, the project aims to generate the conditions that
drive productive development, the adoption of quality standards and
innovation, as well as contributing to developing additional
sources of income generation with export potential, such as
creative and cultural industries (ICC), the information and
communications technology (ICT), and tourism industries.

This is the first of a series of two operations, independent but
technically linked, under the Policy Based Programmatic Loan (PBP)
modality.

The project will focus on the digitalization of processes with high
demand, such as building permits from the Municipality of Panama or
commercial movements in the Colon Free Zone, as well as encouraging
private investment, protection of personal digital data and digital
signature.  Additionally, reforms will be included to promote the
follow-up to the National Industrial Competitiveness Program, the
promotion of the National Quality System and the Regional
Innovation Systems.

It will also seek to improve institutionality, public-private
coordination, the internationalization of CCIs and the
strengthening of human capital for creativity and culture.  On the
other hand, a strategy for the development of ICT industries will
be promoted, which includes the promotion of new digital financial
models, electronic invoicing and research. Finally, the
institutional framework will be strengthened to provide
sustainability and continuity to Panama's tourism promotion efforts
and to connect the cultural supply and demand of the tourism
sector.

The IDB loan of $200 million has a repayment term of 15 years, a
grace period of 5.5 years and an interest rate based on LIBOR.

              About Inter-American Development Bank

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.




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P E R U
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CORPORACION AZUCARERA: Fitch Lowers LT IDRs to B, Outlook Stable
----------------------------------------------------------------
Fitch Ratings downgraded Corporacion Azucarera del Peru S.A.'s
Long-Term Foreign and Local Currency Issuer Default Ratings to 'B'
from 'B+'. In addition, the senior notes were downgraded to
'B'/'RR4' from 'B+/RR4'. The Rating Outlook is Stable.

The downgrades reflect weak operating performance, higher leverage,
and a slower pace of deleveraging than initially anticipated due to
the company's weak operating performance following a sustained
period of lower sugar prices. Fitch previously expected Coazcucar's
net debt to EBITDA ratio to reach about 4.5x by 2019. It now
expects the net leverage ratio to trend toward 6.5x.

KEY RATING DRIVERS

High Leverage: The company's leverage remains high for the rating,
and the path to deleveraging has been slower than previously
anticipated by Fitch due to weak international sugar prices and low
profitability. Fitch expects Coazucar's net debt to EBITDA to trend
to 6.5x in 2019, down from about 8.3x (LTM ending Sept. 30, 2019).
Fitch expects to see deleveraging going forward despite the current
environment of low sugar prices. The low prices are due to moderate
capex and improved EBITDA, as a result of increased volume growth
with the ramp-up of sugar production from Agrolmos in Peru.

EBITDA Margin Rebound Expected: Coazucar's EBITDA margins are not
expected to return to historically high levels of 40% in the near
term, but they should improve toward 20% by 2020 from current
levels of around 15%. Fitch expects a rebound of EBITDA in 2019
thanks to increased sales volumes due to higher sugar production
from Agrolmos and better operating efficiencies. Fitch forecasts
the company's EBITDA to be close to PEN250 million in 2019 compared
with EBITDA PEN134 million in 2018. Sugar sale volumes increased by
23% for the nine-months to September 2019. In 2018, the company's
performance was affected by a significant decline in sugar prices
of about 20% year-on-year. Fitch anticipates low single digit
growth in sugar prices for 2019. Peruvian local production and
consumption are expected to increase by 11.6% and 1.5% in 2020,
respectively.

Shareholder Support: Coazucar's shareholders, the Rodriguez family,
have demonstrated their financial commitment to preserving the
company's liquidity. In 2018, the shareholders injected PEN95
million in cash to Coazucar. Despite this incremental funding,
historical shareholder support in the form of capital injections
has not been transformational regarding the group's capital
structure, as Coazucar's leverage remains high. The Rodriguez
family's other investments include Gloria S.A., the leading dairy
company in Peru, and Yura S.A., the leading cement producer in
southern Peru.

Product and Geographic Concentration: The ratings incorporate risks
associated with product concentration in sugar, which represented
83% of Coazucar's revenues, alongside alcohol with 13% and other
by-products 4%, as of YTD September 2019. By nature, the sugar
industry is volatile and exposed to fluctuations in commodity
prices and external factors such as the El Nino phenomenon.
Coazucar is geographically concentrated in Peru, with about 69% of
its revenues generated in the country; it also has operations in
Ecuador. EBITDA from Peruvian operations accounted for 76% of total
EBITDA for the nine months to Sept. 30, 2019.

Currency Risk: Coazucar is exposed to currency risk, and Fitch
estimates that about 71% of the company's debt is still mostly
dollar-denominated without any hedge against local currency
depreciation. About 47% of revenues are in U.S. dollars due to the
group's operation in Ecuador and contracts in U.S. dollars for
exports and refined sugar. The balance of revenues is generated in
Peru. In this market, Coazucar's revenues follow the trend of the
dollar-denominated international prices of sugar, while its costs
are mainly in Peruvian soles.

ESG CONSIDERATION

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. Coazucar has an ESG Relevance Score of 4 on governance due
to the concentration of ownership. Scores of 4 indicate factors
that are not key drivers to a rating but can have an impact in
combination with other factors.

DERIVATION SUMMARY

Coazucar's ratings reflect its dominant domestic position as the
largest sugar producer in Peru, with about 55% market share. The
company benefits from its proximity to owned sugarcane fields and
low dependence on third-party producers. This position enables the
company to price sugar in the domestic market at a high premium
compared with international prices, which is not the case for
Brazilian companies in the same sector rated by Fitch.

Coazucar also benefits from the support of the Rodriguez family,
who has been supporting the company's liquidity by injecting cash
into the company since 2016.

The rating is tempered by Coazucar's high business risk inherent to
an industry characterized by intense price volatility and
performance exposure to weather conditions. Coazucar's operations
in Ecuador diversify its production base but entails higher
sovereign risk than Peru.

The company report lower profitability and weak credit metrics
compared with other rated companies in the sector, such as Jalles
Machado S.A. (BB-/Stable). The company is also less diversified in
terms of geographies and products than Tereos SCA (BB-/Stable).

Fitch expects Coazucar to gradually deleverage in the coming years
thanks to increased production volume, as production from Agrolmos
mill increases.

KEY ASSUMPTIONS

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

  - High-single digit revenue growth driven by volumes;

  - Capex of about PEN115 million in 2019;

  - Net leverage trending towards 5.5x in 2020.

KEY RECOVERY RATING ASSUMPTIONS

Fitch believes that a debt restructuring would likely occur under
stressed economic conditions and external shocks such as climatic
events or international commodity price pressure. Therefore, Fitch
has performed a going concern recovery analysis for Coazucar that
assumes that the company would be reorganized rather than
liquidated.

Key going-concern assumptions are:

  - Coazucar would have a going concern distressed EBITDA of about
PEN156 million. This figure takes into consideration factors such
as climatic events, production shutdowns and low commodity prices;

  - A distressed multiple of 6x due to the exposure to the
agribusiness sector and strong market share in Peru;

  - A distressed enterprise value of PEN0.8 billion (less 10% for
administrative claims);

  - Total debt of about PEN1.7 billion.

The recovery performed under this scenario resulted in a recovery
level of 'RR4', reflecting average recovery prospects.

RATING SENSITIVITIES

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

  - Net leverage below 4.5x on a sustainable basis;

  - Support from the shareholder that would be transformational for
the group's capital structure;

  - Visibility regarding the refinancing of the 2022 senior
unsecured notes.

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

  - Deterioration of liquidity;

  - Net leverage above 5.5x by 2020;

  - Lack of incremental support from the group's shareholder.

LIQUIDITY

Weak Liquidity: Coazucar's liquidity is weak. As of Sept. 30, 2019,
the company had PEN40 million in cash and equivalents versus
short-term debt of PEN281 million (mainly working capital debt).
Fitch expects Coazucar's shareholders to continue to support the
company's liquidity. Of the total debt, 17% is short term, and
USD243 million in international bonds is due in 2022.

FULL LIST OF RATING ACTIONS

Fitch has downgraded the following ratings:

Corporacion Azucarera del Peru S.A.

  -- Long-Term Foreign Currency IDR to 'B' from 'B+';

  -- Long-Term Local Currency IDR to 'B' from 'B+'

  -- Senior unsecured debt to 'B'/'RR4' from 'B+/RR4-'.

The Rating Outlook is Stable.



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

AMERICAN SECURITY DOORS: Hires Santiago & Gonzalez as Counsel
-------------------------------------------------------------
American Security Doors Inc. seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire the Law
Offices of Santiago & Gonzalez Law, LLC as legal counsel to
represent the company in its Chapter 11 case.

Nydia Gonzalez Ortiz, Esq., the firm's attorney who will be
handling the case, will charge an hourly fee of $250 and will
receive reimbursement for work-related expenses.  Other associates
of the firm will charge $125 per hour.

Santiago & Gonzalez Law received $4,000 as retainer fee.

Ms. Ortiz assures the court that her firm and its attorneys are
disinterested persons as defined in Section 101 (14) of the
Bankruptcy  Code.

The firm can be reached at:
    
     Nydia Gonzalez Ortiz, Esq.
     Law Offices of Santiago & Gonzalez Law, LLC
     11 Betances Street
     Yauco, PR 00698
     Tels: (787) 267-2205/267-2252
     Email: bufetesg@gmail.com

                        About American Security Doors Inc.

American Security Doors Inc. specializes in the protection and
security of shops, industries and residences.

American Security Doors filed a voluntary Chapter 11 petition
(Bankr. D.P.R. Case No. 19-05840) on Oct. 8, 2019, listing under $1
million in both assets and liabilities. Nydia Gonzalez Ortiz, Esq.,
at the Law Offices of Santiago & Gonzalez Law, LLC, is the Debtor's
legal counsel.



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

CL FINANCIAL: NEVICOTT Fails in Attempt to Prevent Liquidation
--------------------------------------------------------------
Rickie Ramdass at the Trinidad Express reports that the National
Energy Vehicle Infrastructure Corporation of Trinidad and Tobago
(NEVICOTT) has failed in its attempt to prevent CL Financial (CLF)
from disposing of Methanol Holdings (Trinidad) Ltd and Holiday Inn
at Trincity as part of its liquidation process.

The Trinidad Express relates that NEVICOTT has also been denied an
application to have CL Financial release its audited financial
statements for the period 2017 to 2019.

It had filed an application at the High Court for injunctive
relief, seeking an order from the court to stay the sale of both
Methanol Holdings and Holiday Inn, the report says.

                      About CL Financial/CLICO

CL Financial was one of the largest privately held conglomerate in
Trinidad and Tobago. It was originally founded as an insurance
company and has since expanded to be the holding company for a
diverse group of companies and subsidiaries.

CL Financial is the parent company of Colonial Life Insurance
Company (Trinidad) Limited (Clico).  CLICO is now the Company's
insurance division.

CL Financial however experienced a liquidity crisis in 2009 that
resulted in a "bail out" agreement by which the government of
Trinidad and Tobago loaned the company funds ($7.3 billion as of
December 2010) to maintain its ability to operate, and obtained a
majority of seats on the company's board of directors.

The companies to be bailed out were: CL Financial Ltd (CLF);
Colonial Life Insurance Company Ltd (CLICO); Caribbean Money Market
Brokers Ltd (CMMB); Clico Investment Bank (CIB) and British
American Insurance Company (Trinidad) Ltd (BAICO).

As reported in the Troubled Company Reporter-Latin America in July
2017, CL Financial Limited shareholders vowed to pay back a TT$15
billion (US$2.2 billion) debt to the Trinidad Government.



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

PETROLEOS DE VENEZUELA: US Puts 6 Oil Tankers on Sanctions List
---------------------------------------------------------------
Servet Gunerigok at Anadolu Agency reports that the U.S. on Dec. 3
targeted six oil tankers in new Venezuela-related sanctions,
escalating pressure on the government of President Nicolas Maduro.

The report says the Treasury Department added five
Venezuela-flagged and one Panama-flagged vessels linked to
Venezuela's state-owned oil company, Petroleos de Venezuela,
S.A.(PDVSA), to its sanctions list.

"Today's action further targets the former Maduro regime's
corruption in the oil sector and the mechanisms used to transport
oil to the Cuban regime in return for security and intelligence
assistance," the department in a statement said.

According to the report, Treasury Deputy Secretary Justin Muzinich
accused Cuba and Venezuela of circumventing sanctions by changing
the vessels' names and facilitating the flow of oil from Caracas to
Havana.

"The United States will continue to take necessary action to
protect the people of Venezuela," the report quotes Mr. Muzinich as
saying.

Anadolu Agency relates that the U.S. no longer recognizes Maduro as
the legitimate president of Venezuela, instead throwing its weight
behind opposition leader Juan Guaido, whom it recognizes as the
country's interim president.

Washington has been focusing on economic and diplomatic pressure
against Venezuela, imposing sanctions on Maduro and top officials
as well as several governmental departments as it seeks the
president's resignation, the report says.

Cuba, along with Bolivia and Mexico, have thrown support behind
Maduro, Anadolu Agency relates.

Since the beginning of the year, Venezuela has been embroiled in
political unrest as Maduro and Guaido engage in a struggle for
leadership amid a dire economic crisis in the Latin American
nation, says Anadolu Agency.

                           About PDVSA

Founded in 1976, Petroleos de Venezuela, S.A. (PDVSA) is the
Venezuelan state-owned oil and natural gas company, which engages
in exploration, production, refining and exporting oil as well as
exploration and production of natural gas.  It employs around
70,000 people and reported $48 billion in revenues in 2016.

As reported in Troubled Company Reporter-Latin America on June 3,
2019, Moody's Investors Service withdrew all the ratings of
Petroleos de Venezuela, S.A. including the senior unsecured and
senior secured ratings due to insufficient information. At the time
of withdrawal, the ratings were C and the outlook was stable.

Citgo Petroleum Corporation (CITGO) is Venezuela's main foreign
asset.  CITGO is majority-owned by PDVSA.  CITGO is a United
States-based refiner, transporter and marketer of transportation
fuels, lubricants, petrochemicals and other industrial products.

However, CITGO formally cut ties with PDVSA at about February 2019
after U.S. sanctions were imposed on PDVSA.  The sanctions are
designed to curb oil revenues to the administration of President
Nicolas Maduro and support for the Juan Guaido-headed party.


                           *********


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

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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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