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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

          Monday, December 9, 2019, Vol. 20, No. 245

                           Headlines



B R A Z I L

BRAZIL: In Danger of Losing United Nations Vote Due to Debt
COFCO: Orders Internal Audit as Brazil Execs Placed on Leave


C H I L E

WOM SA: S&P Assigns 'B+' Issuer Credit Rating


H O N D U R A S

INVESTMENT ENERGY: Fitch Downgrades LT Issuer Default Ratings to B


M E X I C O

BRASKEM IDESA: S&P Assigns 'BB-' ICR, Outlook Stable
CYDSA SAB: S&P Alters Outlook to Negative & Affirms 'BB' CCR


P E R U

TERMINALES PORTUARIOS: S&P Affirms BB+ Rating, Outlook Now Stable


P U E R T O   R I C O

PUERTO RICO AQUEDUCT: Fitch Ups $3.1BB Sr. Lien Bond Rating to 'CC'


T R I N I D A D   A N D   T O B A G O

UNILEVER CARIBBEAN: To Cut 200 Jobs as Part of Restructuring


V E N E Z U E L A

BANCO DEL CARIBE: Fitch Affirms 'CC' LT Issuer Default Ratings
MERCANTIL CA: Fitch Affirms 'CC' LT Issuer Default Ratings

                           - - - - -


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B R A Z I L
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BRAZIL: In Danger of Losing United Nations Vote Due to Debt
-----------------------------------------------------------
Reuters reports that Brazil is in danger of losing its vote at the
cash-strapped United Nations if it does not pay some of the $400
million it owes by the end of the year, U.N. and Brazilian
officials said.

Of Brazil's $415.8 million bill, $143 million is owed for 2019,
they said, Reuters relays.

Under U.N. rules, if a country is in arrears in an amount that
equals or exceeds the contributions due for the previous two years,
it can lose its General Assembly vote unless the country can show
its inability to pay is beyond its control, the report notes.

"There is considerable risk that Brazil, for the first time ever,
will lose its right to vote at the U.N. as of January 1, 2020," the
Economy Ministry's secretary for international relations Erivaldo
Gomes said in a report seen by Reuters.

Brazil is the second-largest U.N. debtor after the United States
and must pay at least $126.6 million by the end of the year to
avoid losing its vote, Mr. Gomes wrote in the report seen by
Reuters.

The Economy Ministry said in an email to Reuters that it asked
Congress on Dec. 3 to approve BRL549 million ($130 million) in
supplementary funding to cover Brazil's U.N. dues. Currently
Comoros, Sao Tome and Principe, and Somalia are subject to this
rule but the 193-member General Assembly voted in October to allow
them to continue to vote.

The United Nations said in October that total arrears were $1.385
billion, of which $860 million is for the $2.85 billion regular
budget for 2019, which pays for work including political,
humanitarian, disarmament, economic and social affairs and
communications, recalls Reuters.

According to Reuters, U.N. officials said then that seven countries
made up 97% of $1.385 billion owed--the United States, Brazil,
Argentina, Mexico, Iran, Israel and Venezuela--while 58 states made
up the rest.

Washington is responsible for 22% of the regular budget and in
October owed some $381 million for prior regular budgets and $674
million for the 2019 regular budget, the report states.

Reuters relates that U.N. spokesman Stephane Dujarric said on Dec.
3 that the United States had since paid some $500 million to the
world body and now owed about $491 million.

Dujarric said 138 of the 193 U.N. member states had now paid their
regular budget dues, but that some $772 million was still owed for
2019, adds Reuters.

COFCO: Orders Internal Audit as Brazil Execs Placed on Leave
------------------------------------------------------------
Andy Hoffman and Isis Almeida at Bloomberg News report that Cofco
International Ltd. has ordered an internal audit of its accounts in
Brazil as it placed two of its top executives in the South American
country on leave, according to people familiar with the matter.

The global trading arm of China's top food company is conducting
the review after rapid expansion meant the Brazil unit, its
biggest, lost control of some of its finances, said the people, who
asked not to be identified because the information is private,
Bloomberg relates. The company is looking into whether the issue,
caused by the continued use of old systems, resulted in losses, the
people said.

According to Bloomberg, Cofco said last month it had placed Valmor
Schaffer, managing director for the grains and oilseeds business in
Brazil, and regional Chief Financial Officer Wander Meyer on leave
and declined to comment on the reason. The fate of the executives,
who ran into major differences working together, will be decided
soon, the people said.

Bloomberg relates the people said Cofco's Brazil business, which
accounts for almost 70% of the company's employees, grew too fast
and financial controls fell short as a result of the use of old
systems. These were a legacy from the integration of Dutch grains
trader Nidera BV and Noble Group's agriculture unit, firms acquired
by parent company Cofco Corp.

Cofco Corp. spent about $4 billion on the two acquisitions to form
a global trading business able to compete with
Archer-Daniels-Midland Co., Bunge Ltd., Cargill Inc., and Louis
Dreyfus Co., the storied traders that have dominated the industry
over the past century, Bloomberg says. Since then, it has faced
losses due to the actions of a rogue trader in biofuels and the
discovery of a financial hole in Brazil.

A spokesman for Cofco International said in response to questions
that the two executives remain on leave and declined to comment
further, adds Bloomberg.

COFCO International Ltd. operates agricultural products. The
Company produces, processes, and distributes rice and other related
agricultural products.



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C H I L E
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WOM SA: S&P Assigns 'B+' Issuer Credit Rating
---------------------------------------------
On Dec. 4, 2019, S&P Global Ratings assigned a 'B+' issuer credit
rating to Wom S.A. and 'B+' issue-level rating to its guaranteed
$450 senior unsecured notes.

S&P said, "Our 'B+' issuer credit rating primarily reflects Wom's
high debt to EBITDA of 4.0x-4.5x in 2019, along with smaller
revenue and subscriber base, and narrower diversification than
those of higher rated peers. However, the company's growth strategy
has been very successful, given that it rapidly gained market share
that reached 20% as of September 2019 in Chile's mobile phone
market and we expect it to deleverage substantially in the next two
years amid improved profitability and cash flows."




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H O N D U R A S
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INVESTMENT ENERGY: Fitch Downgrades LT Issuer Default Ratings to B
------------------------------------------------------------------
Fitch Ratings downgraded Investment Energy Resources Limited's
Long-Term Foreign and Local Currency Issuer Default Ratings to 'B'
from 'B+' and placed the ratings on Rating Watch Negative.

The downgrade reflects the challenging conditions in the operating
environment in Honduras faced by IERL's subsidiaries in that
country, caused mainly by the deterioration in the financial
profile of its main counterpart the state-owned Empresa Nacional de
Energia Electrica. The latter led Participaciones Choluteca Dos,
S.A. to missed the payments on its subordinated debt, which is
non-recourse to IERL.

The RWN reflects the uncertainty regarding ENEE's capability to
keep paying its account payables in time and settle the arrears
owed to private generators. The RWN also reflects Choluteca's
current state of missed payments, which the company estimates to
resolve in 2020. Fitch expects to resolve the RWN once Choluteca
clears the default on its subordinated debt.

KEY RATING DRIVERS

Subsidiary's Selective Payment Default: Choluteca is part of the
consolidated profile of IERL and represents 15% of its total
revenues. Choluteca's failure to pay its subordinated loan
constitutes a default event for the total loan balance of the
subsidiary, including senior and subordinated debt, according to
the corresponding debt agreement of the syndicated loan. Fitch
considers that the default on Choluteca is not a direct default by
IERL given that the debt at subsidiary level is non-recourse. The
total loan balance in Choluteca was USD105 million as of June 2019,
and represented 19% of its parent total debt.

Overdue Receivables: Delays in the recovery of receivables from
ENEE have led to a liquidity squeeze in Choluteca, where cash flows
have been enough to serve the senior debt and the reserve account
but not sufficient to cover its subordinated obligations. Payments
to private generators have increased in arrears over the past
couple of years. The main drivers on ENEE's deterioration are the
deficit caused by large technical and non-technical losses, and the
lack of new subsidies from the Honduran government. As of September
2019, over USD40 million in accounts receivable were overdue at
Choluteca and IERL's other plant in the country, Cerro de Hula.

Stable Cash Flows from U.S. Dollar-Denominated Contracts:
Investment Energy Resources Limited's (IERL) has a strong business
profile, characterized by long-term U.S. dollar-denominated
contracts and an adequate cost structure. The company is exposed to
the weak operating environments of Nicaragua (B/Stable), Costa Rica
(B+/Negative) and Honduras (not rated). Fitch's assessment of
transfer and convertibility risk for these countries is consistent
with the 'B' level, which IERL offsets with its diverse geographic
footprint and insurance from the World Bank's Multilateral
Investment Guarantee Agency on some of its generation companies
(GenCos).

Strong Shareholder: Although the assessment under Fitch's Parent
Subsidiary Linkage Criteria does not result in an explicit notching
uplift to IERL, Fitch views positively the strength of the
company's owner Corporacion Multi Inversiones (CMI). CMI is a
family-owned multinational conglomerate with operations throughout
Central America, the Caribbean, and the U.S. Its operations include
agribusiness, restaurants (including the global chain Pollo
Campero), real estate, electricity generation and finance.

DERIVATION SUMMARY

Compared with other speculative-grade peers in the region, IERL
maintains a relatively diversified asset portfolio supported by
exceptionally long-term contracts (average weighted life of more
than 16 years). IERL's comparatively diverse portfolio is hampered
by exposure to weak operating environments of Honduras, Nicaragua
and Costa Rica, putting additional downward pressure on its overall
risk profile. A similar dynamic exists with its Argentine peer
Genneia S.A. (CCC). Although Genneia presents very strong financial
metrics relative to its rating, its unmitigated exposure to
Argentina's increasingly weak operating environment constrains its
rating.

KEY ASSUMPTIONS

  - Blend of P50 and P75 operating scenarios, depending on
historical performance;

  - ENEE pays down accumulated invoices and are normalized by
2021;

  - Marginal operational efficiencies;

  - No expansion capex;

  - Dividend payments of USD50 million on average for 2021-2022.

RATING SENSITIVITIES

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

  - Fitch would review the Rating Watch Negative if the company
successfully clears the default on its subsidiary subordinated
debt.

Developments That May, Individually or Collectively, Lead to
Negative RatingAction:

  - Failure to settle the default on its subsidiary subordinated
debt;

  - Deterioration of the sovereign ratings and/or applicabl country
ceiling combined with a significant lag in payments;

  - Sustained disruptions in generation capacity due to either
technical or climatological issues; particularly in conjunction
with continued aggressive cash management policy.

LIQUIDITY AND DEBT STRUCTURE

Strong Cash Generation: IERL's modest cost structure and minimal
investment requirements consistently generated strong cash flow.
The agency's forecast IERL's (FCF to be around USD21 million by YE
2019. Fitch expects the company to maintain or exceed these levels
going forward.

ESG CONSIDERATIONS

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

IERL has an ESG Relevance Score of 4 for Management Strategy,
which, combined with other factors, could have an implication on
its ratings.



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

BRASKEM IDESA: S&P Assigns 'BB-' ICR, Outlook Stable
----------------------------------------------------
On Dec. 4, 2019, S&P Global Ratings assigned its 'BB-' issuer
credit rating to Mexico-based polyethylene producer Braskem Idesa.
At the same time, S&P assigned its 'BB-' issue-level rating to the
company's issuance of $900 million, with a '3' recovery rating. The
'3' recovery rating indicates its expectation for meaningful
recovery (50%-90%).

S&P said, "Our 'BB-' rating on Braskem Idesa reflects the company's
focus on the production of a single product (polyethylene, with a
wide range of uses), limiting its product scale; high dependence on
ethane as its sole feedstock; and high debt level. Our rating also
reflects the company's short track record, because it started
operating in mid-2016. In our view, these constraints are partially
offset by Braskem Idesa's position as the largest polyethylene
producer in Mexico, its vertical integration, its EBITDA margins
that are above those of its peers due to a low-cost raw material,
and its diversified customer base."

Due to PEMEX's supply shortfalls of ethane to the company, Braskem
Idesa implemented its "Fast Track" strategy to boost production.
Braskem Idesa maintains an ethane supply contract with Petroleos
Mexicanos (PEMEX; foreign currency: BBB+/Negative/--; local
currency: A-/Negative/--), and since the latter has not been
delivering 100% of the ethane stipulated in the contract, Braskem
Idesa has implemented its "Fast Track" solution in order to make up
for PEMEX's shortfalls and support the plant expansion. This
strategy mainly involves importing ethane from the U.S. using
vessels, delivering it in tanks to terminals, and finally
transporting the ethane by truck to Braskem Idesa's facilities. In
S&P's view, this strategy should help mitigate the ethane
shortfalls from PEMEX.

The company's strong polyethylene market position in Mexico,
coupled with its operating efficiencies and low-cost feedstock,
supports EBITDA margins that are above those of other industry
players. S&P said, "In our view, Braskem Idesa is focused on
maximizing its production efficiency and using a low-cost strategy
for feedstock purchases. We believe that the company will benefit
from better polyethylene-ethane spreads with the long-term ethane
supply contract with PEMEX, even though PEMEX has been delivering
about 70% of Braskem Idesa's ethane needs." Braskem Idesa will also
benefit from diversifying its sources of ethane feedstock, giving
it a price advantage over other plastic producers. These actions
are positioning Braskem Idesa as the largest polyethylene producer
in Mexico, with a current market share of high- and low-density
polyethylene of about 34%. However, there is growth potential in
the domestic market given the high demand for polyethylene in
Mexico, so the company could main its strong market share position,
while continuing to export to several countries. This low-cost
strategy that boosts Braskem Idesa's operating efficiencies, its
vertical integration, and increasing sales volume and geographic
diversification will translate to more competitive EBITDA margins
of about 47% compared with other industry peers with EBITDA margins
of 15%-20%.

Future investments will enhance the company's current production
while continuing its low-cost strategy. In terms of investments,
S&P's view favorably Braskem Idesa's longer-term plan to develop an
ethane import terminal and a pipeline to connect it with the
company's complex. This terminal will potentially increase
production capacity; however, this investment is still in the
negotiation stage and construction and start-up could last up to
two-three years.

Braskem Idesa's strategy will support its deleverage plan. S&P
said, "We expect the company's debt-to-EBITDA to peak at 5.6x in
2019 due to lower polyethylene prices. However, we expect some
recovery in 2020 because the "Fast Track" plan will be in full
operation, increasing its volume production, coupled with the
expectation of a slight recovery in sale prices. Therefore, we
expect the company will deleverage with debt-to-EBITDA of 3.7x by
2020."

Braskem Idesa's refinancing plan will add financial flexibility,
improving its credit metrics in upcoming years. The company issued
a $900 million bond that it will use to prepay part of its current
project finance debt. This refinancing will give Braskem Idesa more
flexibility in its current capital structure, with a more
comfortable debt maturity profile. In addition, given the company's
refinancing plan, as well as the expected growth in EBITDA
generation, S&P expects EBITDA interest coverage ratios to improve,
reaching 2.3x for 2019, 3.3x for 2020, and almost 5.0x and above
after that.

S&P said, "We do not consider rating support from the parent.
Braskem Idesa is a joint venture where Braskem S.A.
(BBB-/Negative/--) owns 75% of the project and Grupo Idesa S.A. de
C.V. (CCC/Negative/--) owns the remaining 25%. Despite the fact
that Braskem has the majority of shares in Braskem Idesa, according
to the shareholders agreement, neither shareholder has absolute
control. Therefore, we don't consider any rating support from
Braskem Idesa's main shareholder, Braskem.

"The stable outlook on Braskem Idesa reflects our expectation that
its operations will continue to improve. We also expect an increase
in its production of polyethylene as projected, and consider that
it will supply Mexico's demand for this product according to market
estimates. We also expect that Braskem Idesa will keep deleveraging
under the new planned capital structure, posting a debt-to-EBITDA
ratio below 4.0x in the next 12 months if polyethylene prices
recover.

"A negative rating action is possible in the next 12 months if,
contrary to our expectations, Braskem Idesa's operating and
financial performance worsens. This could happen if the company
doesn't deleverage at the expected pace and continues to post a
debt-to-EBITDA ratio above 5.0x and an EBITDA interest coverage
ratio below 2.0x consistently. Such a scenario could occur if
performance is weaker than expected, resulting in worsening EBITDA,
or if the company implements an aggressive capital investment plan
that would require higher-than-expected debt. In addition, if the
expected increase in production capacity does not materialize,
prices are lower, or the Mexican economy slows, this could hurt
Braskem Idesa's profitability and cash flow generation, leading to
a weaker liquidity position.

"We could raise the rating in the next 12-18 months if the company
outperforms our expectations by posting strong revenue growth and
increased profitability, coupled with stronger cash flow generation
and credit metrics, with a debt-to-EBITDA ratio consistently below
4.0x and an EBITDA interest coverage ratio above 3.0x. This could
happen if the company were able to increase sales volumes in line
with growing demand for polyethylene, combined with better spreads,
while quickly deleveraging."

CYDSA SAB: S&P Alters Outlook to Negative & Affirms 'BB' CCR
------------------------------------------------------------
S&P Global Ratings revised its outlook on CYDSA S.A.B. de C.V. to
negative from stable, reflecting the company's higher debt and the
pressures on revenues and EBITDA due to lower prices of certain
chemicals.

S&P said, "We're affirming our ratings on the company, including
the 'BB' long-term and 'B' short-term corporate credit rating and
its 'BB' senior unsecured debt ratings. Our recovery rating of '4'
on the notes, indicating our expectation for a meaningful recovery
(30% to 50%) in the event of a payment default, remains unchanged.

"We revised the outlook to negative because the company's
debt-to-EBITDA ratio will peak at about 3.5x and funds from
operations (FFO) to debt to about 16.5% by the end of 2020, given
the additional up to $120 million notes issuance. CYDSA is planning
to build a new chlorine caustic soda plant, which will use the
newest technology in the market (membrane cell technology). We
expect EBITDA to increase given the main benefits from the new
technology, including a 30% reduction in energy consumption,
optimization of the use of raw materials, increased product
quality, and improved environmental performance. Despite the weaker
leverage metrics, CYDSA will maintain a comfortable debt maturity
profile and solid EBITDA that will allow the company to reduce its
leverage in the upcoming years.

"The existing Coatzacoalcos plant operates with the mercury cell
technology, which regulation requires to be substituted with the
one based membrane cell by 2025. Additionally, the latter
technology carries lower operational costs than the one based on
membrane cell technology. We expects the new plant to start
operations in 2022. Given that CYDSA already operates the membrane
cell technology at two of its other chlorine caustic soda plants
(García, in the state of Nuevo Leon and Santa Clara, in the state
of México) it already has the know-how to implement this new
technology at the new plant, which in our opinion, will shorten the
ramp-up period.

"We also expect management to remain committed to maintaining a
conservative and prudent financial policy. Once the new plant is
completed in 2022, we expect the leverage reduction to be a
priority. In particular, our current assessment of the company's
financial policy incorporates its commitment to keep its
debt-to-EBITDA ratio below 2.5x."




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P E R U
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TERMINALES PORTUARIOS: S&P Affirms BB+ Rating, Outlook Now Stable
-----------------------------------------------------------------
On Dec. 4, 2019, S&P Global Ratings revised the outlook on
Terminales Portuarios Euroandinos Paita S.A. to stable from
positive and affirmed the debt rating at 'BB+'.

S&P said, "In a global economic recession, we expect Paita's
financial performance to continue being resilient, although with a
smaller debt servicing cushion. Given our view of an increasing
likelihood of a recession in the U.S.--which would affect the
global economy globally--in the next 12 months, we reassessed our
downside scenario, particularly considering that Paita's exports
represent more than 60% of total volumes handled at the port, and
of these, 30% are exports to the U.S.

"Our current rating on Paita also reflects its exposure to other
variables, such as commodity prices, terms of trade, and climate
changes. Particularly, the "El Niño" phenomenon slowed the growth
of both agricultural and ocean-based products (in terms of TEUs)
that were shipped through the port in 2016 and 2017. We now assume
a more stressed scenario of a five-year cycle of volume decrease of
5.5% starting from 2022 until the end of the concession.

"However, these factors are partially counterbalanced by our view
of the favorable concession agreement that includes a clear tariff
adjustment mechanism, service quality, and mandatory investments,
with a detailed schedule and triggers properly defined in terms of
capacity reached. Paita can adjust tariffs annually based on the
projected U.S. CPI up to a maximum tariff established by the
regulator, which is updated every five years. The next adjustment
will be in October 2024, and we believe it will be above the
current tariffs adjusted by inflation levels. Thus, we don't expect
any limits on future prices. Paita also benefits from being the
second largest Peruvian port in terms of containers, after Callao
port, and the first in terms of refrigerated container cargo
exports, which allows it to absorb a significant portion of new
demand.

"Although operating performance this year was in line with our
expectations, and we believe volumes and tariffs will continue
increasing, the higher-than-expected capital investments for the
following three years will weaken projected financial metrics.

"Based on our new projections, we expect that mandatory stage III
works (detailed in our base-case assumptions), which will be
triggered once the project reaches 300,000 TEUs per year, will
start in 2020 instead of 2026 (as per our expectations last year).
Consequently, the project will need to fulfill the restrictive
reserve account (with about $13 million) that it will use to fund
stage III works , in the following three years instead of eight,
which will decrease the projected cash flow available for debt
service.

"We now expect a minimum and average DSCR in our base case scenario
of about 1.80x in 2019 and 2.85x, respectively, compared to our
previous expectations of 2.03x in 2018 and 3.33x, respectively."




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P U E R T O   R I C O
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PUERTO RICO AQUEDUCT: Fitch Ups $3.1BB Sr. Lien Bond Rating to 'CC'
-------------------------------------------------------------------
Fitch Ratings upgraded the following Puerto Rico Aqueduct and Sewer
Authority bonds to 'CC' from 'C':

  -- Approximately $3.1 billion in outstanding senior lien revenue
bonds, series A, B, 2012A and 2012B;

  -- Approximately $285 million in outstanding revenue refunding
bonds, series 2008A and 2008B (guaranteed by the Commonwealth of
Puerto Rico).

Fitch has removed the ratings from Negative Watch.

SECURITY

The series A, B, 2012A and 2012B senior lien revenue bonds are
secured by a gross lien of all authority revenues related to
PRASA's combined water and sewer system (the system), as defined in
the amended master agreement of trust (the MAT), senior to all
other debt or expenses of PRASA.

The series 2008A and 2008B revenue refunding bonds are payable from
system revenues subordinate to all PRASA obligations except
Commonwealth of Puerto Rico (the commonwealth) supported
obligations and obligations payable from surplus revenues. The
series 2008A and 2008B revenue refunding bonds are further secured
by a guaranty of the commonwealth. Currently, the commonwealth
guaranty provides no rating enhancement.

KEY RATING DRIVERS

UPGRADE ON FEDERAL OBLIGATIONS RESTRUCTURING: The upgrade to 'CC'
from 'C' and removal of the Rating Watch Negative reflects the
annual cash flow relief provided from PRASA's July 2019
restructuring of its commonwealth guaranteed federal state
revolving fund (SRF) loans and Rural Development, Rural Utilities
Service program (RUS) bonds, which, combined with other proposed
initiatives outlined in PRASA's revised fiscal plan dated June
2019, will help to reduce a $241 million gap over fiscals
2019-2024.

CASH LEVELS IMPROVING: PRASA's monthly cash balances, including
funds for operations and debt service, have trended upward over
roughly the past two years and totaled $742 million at the end of
September 2019, more than double those of November 2017.

AUDIT CONCERNS: PRASA's most recent audited performance (fiscal
year ended June 30, 2017) was extremely weak, with a minimal 1.1x
debt service coverage based on net revenues. Cash decreased
slightly for the year and was just 44 days. PRASA's auditor (Kevane
Grant Thornton LLP) continued to note that financial difficulties
experienced by PRASA raise substantial doubt about its ability to
continue as a going concern, although fiscal 2017 audited results
do not take into consideration the July 2019 restructuring of the
SRF/RUS obligations. Results for fiscal years 2018 and 2019 are not
available.

RATING SENSITIVITIES

DEMONSTRATED VIABILITY: While the restructuring of the federal SRF
and RUS obligations provides meaningful relief, significant
concerns persist as to PRASA's capacity to meet its ongoing
financial needs. Execution of proposed structural changes that
eliminate forecasted deficits while continuing to pay senior lien
and series 2008A and 2008B revenue refunding bonds according to
their stated terms will be critical to rating improvement.

In addition to the sources of information identified in Fitch's
applicable criteria specified, this action was informed by
information from Lumesis.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
Environmental, Social and Governance (ESG) credit relevance is a
score of 3. This signals that 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.

  -- PRASA has an ESG Relevance Score of 4 for "water use in
operations; water utilities' financial targets for water quality,
leakage, and usage" due to a high unbilled water rate, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors;

  -- PRASA has an ESG Relevance Score of 4 for "exposure to extreme
weather events (e.g. risk of drought and flooding)" due to
hurricane and drought effects, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors;

  -- PRASA has an ESG Relevance Score of 4 for "product
affordability and access" due to a high utility charges, which has
a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors;

  -- PRASA has an ESG Relevance Score of 4 for "complexity,
transparency and related-party transactions" due to its
relationship with the Commonwealth of Puerto Rico and its
instrumentalities, which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors;

  -- PRASA has an ESG Relevance Score of 4 for "quality and timing
of financial disclosure" due its delay in annual financial and
operating information, which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.



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T R I N I D A D   A N D   T O B A G O
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UNILEVER CARIBBEAN: To Cut 200 Jobs as Part of Restructuring
------------------------------------------------------------
Trinidad Express reports that more than 200 workers from the
Unilever Caribbean Ltd (UCL) will lose their jobs in the coming
days.

The Champs Fleurs-based manufacturing and distribution company,
with brands such as Lipton and Dove, has a statement confirming
that it would initiate a "retrenchment exercise as a result of a
restructuring of its operations in Trinidad and Tobago.

"The decision was taken by the board of directors of UCL after
exhaustive analyses of the current operations to ensuring the
economic viability of the organisation," the statement said.

"UCL recognises that this process has been difficult for its
employees, their families, and entire communities in Trinidad and
Tobago. The company extends its appreciation for the outstanding
service and contribution over the past years made, and reaffirms
its commitment to supporting its employees during this difficult
time," it said, Trinidad Express relays.

According to the report, UCL said the decision came despite and
after a number of improvement initiatives were undertaken in all
areas of the operation over the past two years.

"In the prevailing domestic and global competitive environment the
measures have not yielded the results required to keep the company
viable," it said.

In August, it was reported that Unilever was looking to cut jobs
amid financial difficulty, recalls Trinidad Express.

At the time, the company had said the factors which had contributed
to this were a "weak domestic economy and challenging global
environment."

In its latest release, the company noted that in the six months
since the news became public, "UCL has operated strictly in
accordance with its legal requirements when contemplating such
actions and as a consequence had engaged in consultation with the
Oilfields Workers' Trade Union (OWTU), the recognised majority
union for workers employed by the company. These extensive
discussions were conducted with the objective of reaching a
mutually agreeable outcome in the interest of all concerned,"
Trinidad Express relays.

The OWTU represents 285 employees at UCL, the report notes.

According to the report, the company said it will continue to
prioritise the safety of all personnel and will actively pursue the
well-being of the people and the operations of the company. UCL
will abide by and operate in accordance with all legal obligations
in all matters relating to this decision."

Trinidad Express adds that the company said it plans to sharpen the
focus of its core business to ensure long-term sustainability of
its operations in Trinidad and Tobago and the region.



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

BANCO DEL CARIBE: Fitch Affirms 'CC' LT Issuer Default Ratings
--------------------------------------------------------------
Fitch Ratings affirmed Banco del Caribe, C.A., Banco Universal's
Long-Term Foreign and Local Currency Issuer Default Ratings at 'CC'
and Viability Rating at 'cc'.

KEY RATING DRIVERS

VR AND IDRS

Bancaribe's VR drives its IDRs. The operating environment highly
influences the bank's VR. The analysis of asset quality and
profitability ratios, company profile and risk management under
hyperinflationary conditions is not meaningful at this time.
Bancaribe's Long-Term IDR was affirmed at 'CC' as Fitch continues
to believe that the bank will meet its deposit obligations given
the high level of liquidity in the domestic market even if the bank
were to fail.

Historically, capitalization has been the weakest financial factor
of Bancaribe; however, since YE 2018, capital benefited from
unrealized gains on its U.S. dollar-denominated securities, due to
the significant depreciation of the currency. Tangible common
equity to tangible assets increased to 13.74% at YE 2018 from 3.4%
at YE 2017. At June 2019, the ratio decreased to 12.09%, and
compares well with the average of the banking system. Nevertheless,
with the hyperinflationary environment, organic capital generation
is limited relative to asset growth, and the agency believes
capital and leverage ratios could remain under pressure.

SUPPORT RATING AND SUPPORT RATING FLOOR

The banks' Support Rating (SR) of '5' and Support Rating Floor
(SRF) of 'NF' reflect Fitch's expectation of no support. Support
cannot be relied upon given Venezuela's weak fiscal position and
lack of a consistent policy on bank support.

RATING SENSITIVITIES

VRS AND IDRS

Upside potential to the bank's ratings is limited in the near term
due to the current crisis. While not Fitch's base case due to
capital controls and domestic market liquidity, a persistent
nominal decline in deposits would pressure ratings. A sustained
decline in the banks' regulatory capital ratio, either due to
nominal growth or losses, which increases the risk of some form of
regulatory intervention, could also lead to a downgrade.

SUPPORT RATING AND SUPPORT RATING FLOOR

In Fitch's opinion, Venezuela's propensity or ability to provide
timely support is not likely to change. As such, the SR and SRF
have no upgrade potential at this time.

SUMMARY OF FINANCIAL ADJUSTMENTS

Regulatory Risk Weighted Assets were adjusted to reflect risk from
the compulsory loans.

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.

Bancaribe has an ESG Relevance Score of 4 for Financial
Transparency due to the distortion of financial indicators from
hyperinflation and limited regulatory transparency, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

MERCANTIL CA: Fitch Affirms 'CC' LT Issuer Default Ratings
----------------------------------------------------------
Fitch Ratings affirmed Mercantil, C.A. Banco Universal's Long-Term
Foreign and Local Currency Issuer Default Ratings at 'CC' as Fitch
expects this bank to continue meeting its deposit obligations in
the absence of government intervention given the domestic market's
high liquidity. As such, Fitch views the probability that the
depositors will have to bear losses is lower than the probability
of the banks' failure. Fitch notes that this Venezuelan bank has no
international market debt outstanding.

KEY RATING DRIVERS

Mercantil's Viability Rating (VR) drives its IDRs. The operating
environment highly influences the banks' VRs. The analysis of asset
quality and profitability ratios, company profiles and risk
management under hyperinflationary conditions is not meaningful to
the ratings at this time.

Fitch has been concerned about the bank's ability to maintain
capitalization under hyperinflationary conditions. While Fitch
expects this bank to continue meeting regulatory requirements for
capitalization due to currency depreciation and favorable risk
weighting of assets, the bank's tangible common equity/tangible
assets ratios can decline to critically low levels, indicating a
limited ability to deal with unexpected losses in the future.
However, as of Sept. 30, 2019, the tangible common equity/tangible
assets ratio shows an improvement to 33% vs a ratio of 23.5% as of
Dec. 31, 2018. This third quarter ratio compares well to the
average of the banking system. Capital ratios are likely to remain
under pressure over the foreseeable future due to inflation-induced
growth not being fully offset by internal capital generation.

Mercantil's liquidity metrics remain satisfactory as the bank's
customer deposits account for 100% of the bank's funding at Sept.
30, 2019, relatively unchanged from the last few years. The bank's
well-known franchise and reputation for conservative management has
attracted a stable depositor funding base. Retail demand deposits
account for the majority of Mercantil's funding base, however, this
is closely followed by deposits from SMEs and large corporations.
Loans only represent 36% of customer deposits as of September 2019.
Given the bank's high level of liquid assets, the large negative
mismatch between short-term assets and liabilities is manageable as
long as domestic monetary market conditions remain liquid and any
potential liberalization of capital controls is measured. Most
liquid assets consisted of cash and bank deposits, which
represented nearly 40% of total assets.

The bank's Support Rating (SR) of '5' and Support Rating Floor
(SRF) of 'NF' reflect Fitch's expectation of no support. Support
cannot be relied upon given Venezuela's weak fiscal position and
lack of a consistent policy on bank support.

RATING SENSITIVITIES

Upside potential to Mercantil's ratings is limited in the near term
due to the current crisis. While not Fitch's base case due to
capital controls and domestic market liquidity, a persistent
nominal decline in deposits would pressure ratings. A sustained
decline in the bank's regulatory capital ratio, either due to
nominal growth or losses, which increases the risk of some form of
regulatory intervention, could also lead to a downgrade.

Venezuela's propensity or ability to provide timely support is not
likely to change. As such, the SR and SRF have no upgrade potential
at this time.

SUMMARY OF FINANCIAL ADJUSTMENTS

Regulatory risk-weighted assets were adjusted to reflect the risk
from compulsory loans.

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.

Mercantil has an ESG Relevance Score of 4 for Financial
Transparency due to the distortion of financial indicators from
hyperinflation and limited regulatory transparency, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.


                           *********


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
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USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
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Chapman, Editors.

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

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