/raid1/www/Hosts/bankrupt/TCRLA_Public/191218.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

          Wednesday, December 18, 2019, Vol. 20, No. 252

                           Headlines



A R G E N T I N A

ARCOR SAIC: Moody's Reviews B3 Sr. Notes Rating for Downgrade
COMPANIA LATINOAMERICANA: Fitch Downgrades LT IDRs to C
IRSA INVERSIONES: Fitch Affirms CCC LT IDR, Outlook Negative
JOHN DEERE: Moody's Rates Class I, II Sr. Unsec. Debt Issuance Caa1


B R A Z I L

JBS SA: Faces New Fraud Charges In Brazil
RODOVIAS DO TIETE: Bankruptcy Highlights Brazil Bond Risks


J A M A I C A

JAMAICA: Looking to Remove Fees Associated With Exports


M E X I C O

MEXICO: Trade Deal Reached Due to Obrador's Good Ties with Trump


P U E R T O   R I C O

ASCENA RETAIL: All Four Proposals Approved at Annual Meeting
BETTEROADS ASPHALT: Lenders Seek to Stop Unauthorized Cash Use
STONEMOR PARTNERS: Settles with SEC Over Alleged Violations


V E N E Z U E L A

VENEZUELA: To Relaunch PetroCaribe Program 2020


X X X X X X X X

[*]LATAM: CARICOM Sugar Producers Pledge to Accelerate Investments

                           - - - - -


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A R G E N T I N A
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ARCOR SAIC: Moody's Reviews B3 Sr. Notes Rating for Downgrade
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.
assigned a rating of B3 in the global scale and an A3.ar in the
national scale of Argentina to Arcor S.A.I.C.'s senior unsecured
notes for up to ARS2,000 million. The ratings are under review for
downgrade.

Net proceeds from the proposed issuance will be used for liability
management, capital spending and working capital requirements.

The rating of the proposed notes assumes that the final transaction
documents will not be materially different from draft legal
documentation reviewed by Moody's to date and assume that these
agreements are legally valid, binding and enforceable.

RATINGS RATIONALE

Arcor's B3/A3.ar ratings are supported by its solid position as one
of the largest food producers in the region and the largest in
Argentina, with 45 industrial plants in Latin America and
diversified revenue base through exports to 120 countries, and its
long track record of prudent financial policy. Arcor has commercial
offices, distribution networks and/or strategic partnerships in 11
countries, including Argentina, Uruguay, Paraguay, Bolivia,
Colombia, Ecuador, Venezuela, Mexico, United States, Spain and
China. In addition, the company's vertical integration by producing
a large portion of its key raw materials (corn syrup, sugar, milk,
and corrugated cardboard), is a key competitive strength and also
supports the rating.

The ratings are mainly constrained by company's high exposure to
the Argentine market, where it generates around 68% of revenues,
although around 35% of local sales are exports. To this regard,
Argentina's weak market conditions since mid-2018, where economic
recession has coupled with high inflation, depreciation of the
Argentine peso and falling consumer demand, have all weighed on the
company's cash generation and overall credit metrics. In
particular, high inflation has fueled labor costs and currency
depreciation has increased the company's overall cost structure
(75% denominated in foreign currency) and debt (71% denominated in
foreign currency), but this is partially compensated by the
company's sales denominated in foreign currency, currently
representing around 45% of total. We expect the company's reported
EBITDA margin to reach 7%-8% in 2019 (which, in compliance with
IFRS, recognizes the effects of changes in the purchasing power of
the currency by applying the adjustment for inflation), with
reported debt to EBITDA at around 4.5x in 2019, up from 4.2x
reported for fiscal-year 2018.

Since mid-2019 Arcor has reduced working capital requirements and,
aided by hedges on interest payments for US dollar denominated debt
and lower capital spending requirements, improved its overall
liquidity profile. Still, we consider Arcor's consolidated
liquidity profile as somewhat tight, with cash and marketable
securities representing 54% of short-term debt as of September
2019, up from 44% in December 2018. Short term debt of ARS17,055
million is mainly comprised of working capital debt in Argentine
pesos, while 84% of its ARS9,226 million in cash as of September
2019 is denominated in US dollars. Also, the proceeds of the new
senior unsecured notes, which will have a maturity of approximately
a year, will aid the company's liability management in the next few
months. We expect the company to continue rolling over its
short-term debt as it has done historically, given the ample amount
of revolving credit available through facilities in different
countries, including Argentina, Brazil and Chile.

In our last rating action dated September 3, 2019, we downgraded
Arcor's global scale ratings to B3 from Ba3 and its national scale
ratings to A3.ar from Aa1.ar and placed them under review for
downgrade. The action followed the downgrade of the Government of
Argentina's rating to Caa2 from B2 and placement of Argentina's
rating under review for downgrade on August 30, 2019. The rating
action reflected our view that a weaker sovereign has the potential
to strain the ratings of companies operating within its borders,
and therefore it is appropriate to limit the extent to which the
companies can be rated higher than the sovereign, in line with our
cross-sector rating methodology, Assessing the Impact of Sovereign
Credit Quality on Other Ratings, published in June 2019. The review
for downgrade of Arcor's ratings reflects the review for downgrade
of the Caa2 Government of Argentine bond rating.

Headquarter in Cordoba, Argentina, Arcor S.A.I.C. (Arcor) is one of
the largest food companies in the country, with around $2.6 billion
in sales in 2018. Arcor is a leading Argentine manufacturer of
cookies, processed food and corrugated cardboard. Arcor is focused
on three business divisions: consumer food products (confectionery,
chocolates, ice cream, cookies, crackers, snacks, cereals and
food), agribusiness and packaging. In addition, the company has its
own power plant in Argentina to supply electricity to several of
its production facilities. The company has presence in 120
countries, 45 plants in Latin America and its total employees are
around 21,200. Arcor's well-known brands include Butter Toffees,
Bon o Bon, Rocklets, Coffler, Cereal Mix, Bagley, Opera, Sonrisas,
La Campagnola, Dos en Uno, Topline and Sapito.

The principal methodology used in these ratings was Procedures
Manual to Rate Companies and/or Securities Issued published in
January 2017.

COMPANIA LATINOAMERICANA: Fitch Downgrades LT IDRs to C
-------------------------------------------------------
Fitch Ratings downgraded CLISA - Compania Latinoamericana de
Infraestructura y Servicios's Long-Term Local and Foreign Currency
Issuer Default Ratings to 'C' from 'CCC'. In addition, Fitch has
assigned a long-term rating of 'CCC'/'RR4 (EXP)' to CLISA's
proposed senior secured 2023 notes. Fitch will assign final ratings
to the new notes upon completion of the exchange offer. The
assignment of a final rating is contingent on the receipt of final
documents materially conforming to information already reviewed.

The downgrades follow CLISA's announced launch of a tender offer to
exchange its unsecured notes due in 2023 for new secured notes also
due in 2023, which Fitch considers a distressed debt exchange (DDE)
as per its DDE criteria. In Fitch's opinion, the offering imposes
to bondholders of existing notes, a material reduction in terms of
the existing 2023 notes, as the exchange will eliminate restrictive
covenants and certain events of default included in the existing
2023 senior notes indenture for the bonds that are not tendered.
The proposed amendments require the affirmative vote of Holders of
more than 50% of the outstanding aggregate principal amount of the
existing notes, in accordance with the existing notes indenture.

The exchange offering also proposes an option for the company to
pay-in-kind (PIK) up to 100% of interest payments in July 2020 and
January 2021. Under the proposed offer, interest would accrue at a
rate of 11.5% for relevant periods if CLISA opts for the PIK
option.

If the proposed tender offer is successfully completed, the IDR
will be downgraded to Restricted Default (RD). Subsequently, Fitch
will re-rate CLISA's IDRs to a level that is consistent with the
company's post-exchange capital structure and risk profile, which
would likely be within a low speculative rating range. Upon
completion, any remaining existing bonds will likely be upgraded to
levels below the new notes due to lower levels of credit protection
and priority.

KEY RATING DRIVERS

Exchange Offer Qualifies as DDE: The exchange offer, if agreed,
will consist of a DDE under Fitch's criteria, as existing
bondholders face a material reduction in terms and conditions.
Fitch believes this exchange is way for CLISA to preserve its
liquidity for working capital and to service its upcoming interest
payments in the context of great concerns over Argentina's
macroeconomic prospects. These concerns include the following: high
levels of inflation and interest rates in pesos, currency
devaluation, a decrease in public infrastructure investments due to
budgetary restrictions, and the uncertainty over fiscal, monetary
and infrastructure policies derived from the political transition,
as public authorities have changed at the national, provincial and
municipal levels. Fitch recognizes the positive impact that the
proposed exchange would have on CLISA's liquidity and debt service
capacity, given the proposed option to PIK upcoming interest
payments to help preserve short-term cash.

According to Fitch's DDE criteria, a material reduction in terms
has occurred when an exchange proposes a change from a cash pay
basis to pay-in-kind (PIK), discount basis or other form of noncash
payment, as well as when exchange offers that are accepted if the
tendering bondholder also consents to indenture amendments that
materially impair the position of holders that do not tender.

The existing USD300 million of 9.5% senior unsecured notes due 2023
will be exchanged for new 9.5% senior secured notes due 2023
secured by ordinary shares of Tecsan Ingenieria Ambiental S.A., a
subsidiary within the waste management division. The exchange offer
is subject to 80% participation in terms of the aggregate
outstanding principal amount. Fitch will reassess CLISA's IDR after
completion of the exchange offer.

Significant Counterparty Risk: CLISA's ratings incorporate the
company's exposure to counterparty risk, which is closely linked to
the Argentine public sector, as approximately 80% of the company's
revenues come from various municipalities and provinces; the more
stable waste management business accounts for the majority of this
figure. Fitch expects the cyclical construction business to
experience a material slowdown over the rating horizon, driven by
economic uncertainty in Argentina. Fitch's base case reflects lower
expected budgets for public works and new construction projects in
2020. CLISA would also be pressured the company is unable to win a
bid to continue operating the subway network in the city of Buenos
Aires; the current contract is set to expire in December 2019.

High Regulatory, Political Risk: Approximately 52% of CLISA's
EBITDA is generated in its waste management business, which
includes the urban waste management (UWM) and landfill segments.
The company's UWM serves important cities such as Buenos Aires,
Santa Fe, Neuquen as well as the county of San Isidro. CLISA's main
landfill operations are Norte III and Mar del Plata in Buenos Aires
and the Neuquen landfill. Contract Renewal risk stems from regular
negotiations of public service contracts. The company is vulnerable
to possible delays in collection with the public sector as a major
client. CLISA is also highly exposed to the government through its
construction activities; this segment accounts for approximately
37% of CLISA's consolidated EBITDA. Its main activities relate to
projects being developed by the federal, provincial, and municipal
governments.

DERIVATION SUMMARY

CLISA's operations are primarily focused in Argentina and the
company is experienced and a well-positioned operator in the
construction sector. The company also maintains an important
business position in Argentina's waste management industry serving
the city of Buenos Aires and other important cities and counties
such as, Santa Fe, Neuquen and San Isidro.

CLISA's credit metrics appear slightly weaker when compared with
its regional peers. CLISA's expected EBITDA margin of around 14.8%
in 2020 is somewhat lower than Elementia, S.A.B. de C.V.
(BB+/Stable), Cementos Argos S.A. (BB+/Stable) and Tecnoglass Inc.
(BB-/Stable) with EBITDA margins of 15%, 18.6% and 21.6%%,
respectively, during the same period. CLISA (annual revenues of
around USD740 million) is larger than Tecnoglass (USD 400 millions)
but much smaller than Elementia (USD1.35 billion) and Cementos
Argos (USD2.5 billion). Fitch views CLISA's leverage as moderate
for the rating level. Fitch expects the company's net leverage,
measured as net debt/EBITDA, to increase to 3.4x in 202019. This is
weaker than Tecnoglass' expected net leverage of 2.5x during the
same period.

Cost of funding remains a credit negative for CLISA when comparing
it with peers due to Argentina's macroeconomic environment. In
terms of interest coverage, CLISA's EBITDA/interest ratio is
anticipated to be around 3.5xduring 2019-2020, which is weaker than
expected levels for Elementia (4.0x), Tecnoglass (4.5x) and
Cementos Argos (4.1x) during the same period. Fitch views CLISA's
credit profile as weaker than U.S. peers in the waste management
industry such as Waste Management Inc. (BBB+/Stable) and Waste
Connection Inc. (BBB+/Stable). These companies are stronger in
terms of scale, margins, FCF generation, leverage and operating
environment.

KEY ASSUMPTIONS

The proposed tender offer for its unsecured notes is completed as
expected.

RATING SENSITIVITIES

The completion of the proposed exchange offer will lead to a
downgrade of the Long-term IDRs to 'RD'. The IDR would be
subsequently upgraded to a rating level reflecting the post-DDE
credit profile.

LIQUIDITY AND DEBT STRUCTURE

Pressured Liquidity Position: The 'CCC' rating reflects Fitch's
concern that reduced access to credit with local banks and
continued economic instability in Argentina could result in
deterioration of CLISA's liquidity position and capital structure.
The company's senior secured private placement of USD27 million in
October provided short-term liquidity relief and was used to repay
financial obligations as well as for capex in the waste management
business. As of Sept. 30, 2019, the company had readily available
cash on hand of ARS2.6 billion and short-term debt of ARS6.3
billion.

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.

CLISA scores a 4 on Governance as the company is still awaiting
final rulings of a legal dispute relating to improper payments as
well as overpricing of a construction project. The company itself
is not legally liable, but the courts have placed an embargo on a
building owned by Benito Roggio e Hijos S.A (a subsidiary of CLISA)
in the city of Cordoba.

CLISA scores a 4 on Financial Transparency, as the company's
financial disclosures are somewhat opaque relative to other issuers
in the region. Scores of 4 indicate factors that are not key
drivers to a rating, but can have an impact in combination with
other factors.

IRSA INVERSIONES: Fitch Affirms CCC LT IDR, Outlook Negative
------------------------------------------------------------
Fitch Ratings affirmed IRSA Inversiones y Representaciones S.A.'s
Long-Term Foreign Currency Issuer Default Rating at 'CCC'. Fitch
has also affirmed IRSA's Long-Term Local Currency IDR at 'B+' and
its senior unsecured notes at 'B-'/'RR2'. The Rating Outlook for
the company's LC IDR is Negative. Fitch has also affirmed IRSA
Propiedades Comerciales S.A.'s Long-Term Foreign Currency IDR at
'CCC'. In addition, Fitch has affirmed IRSA PC's Local Currency IDR
at 'B+'. Fitch has also affirmed IRSA PC's unsecured notes at
'B-'/'RR2'. The Rating Outlook for the company's LC IDR is
Negative.

IRSA's ratings reflect the company's exposure to Argentina's
business climate and economic conditions and its leading business
position in the real estate sector. IRSA's 'CCC' LT FC IDR is
constrained by the Republic of Argentina's 'CCC' country ceiling,
which limits the foreign currency rating of most Argentine
corporates. Fitch's Country Ceilings are designed to reflect the
risks associated with sovereigns placing restrictions upon private
sector corporates, which may prevent them from converting local
currency to any foreign currency under a stress scenario, and/or
may not allow the transfer of foreign currency abroad to service
foreign currency debt obligations. The ratings also factor in the
strong parent-subsidiary linkage between IRSA PC and its parent
company, Inversiones y Representaciones S.A., IRSA PC is viewed as
operationally integral to its parent company.

The rating affirmation of IRSA's notes at 'B-'/'RR2' reflects
above-average recovery expectations for these obligations. Fitch
believes that a default would most likely be driven by transfer and
convertibility restrictions, not by a material deterioration of the
company's business or financial profiles. In cases where there is a
two-notch or more gap between the FC and LC IDRs, Fitch's criteria
allows for Recovery Ratings to be notched above the Argentina soft
cap of 'RR4'.

KEY RATING DRIVERS

Operating Environment and FX Risks Incorporated: IRSA's FC IDR
remains constrained at 'CCC' by the country ceiling assigned to
Argentina. Country ceilings are designed to reflect the risks
associated with sovereigns, placing restrictions upon private
sector corporates, which may prevent them from converting LC to any
FC under a stress scenario, and/or may not allow the transfer of FC
abroad to service FC debt obligations. Devaluation risk is also
present for the company as most of its cash flow is denominated in
Argentine pesos -- approximately 80% of its total revenues -- and
most of its debt is in U.S. dollars. This risk is partially
mitigated by the company's capacity to maintain its rental income
in real terms as tenants pay a peso denominated base rent plus an
additional percentage linked to sales, which indirectly
incorporates the impact of the devaluation of the local currency
against the U.S. dollar.

Strong Parent-Subsidiary Linkage: Fitch views the rating linkage
between IRSA PC and its parent company, Inversiones y
Representaciones S.A., as strong as IRSA PC is operationally
integral to its parent company. The ratings for both entities are
viewed as closely related, with IRSA PC considered as having the
stronger credit profile. Inversiones y Representaciones S.A. owns
86.3% of IRSA PC. The parent-subsidiary strategic and operational
linkages between the aforementioned entities are strong based on
the entities' common management team and decision making process.
IRSA PC's upstream dividends represent a relevant part of IRSA's
cash flow generation, which reinforces the strong credit linkage.

Refinancing Risk Increasing in 2020: IRSA's liquidity strategy
requires significant debt refinancing as it faces debt principal
payments next year - including debt at its subsidiary level IRSA PC
- for a total amount of USD462 million during the second half of
2020. The company's capacity to execute the required liability
management is highly dependent on market conditions, the operating
environment, and access to hard currency. As of Sept. 30, 2019, the
company had cash and cash equivalents of about USD102.2 million.

Largest Player in Argentina: IRSA's ratings incorporate its solid
business position as one of the largest owners and managers of real
estate assets in Argentina, with a combined shopping mall & office
portfolio difficult to replicate. IRSA, through its subsidiary IRSA
PC, owns 15 shopping centers in Argentina with a total GLA of
332,277 square meters (sqm) and eight premium offices with 115,640
sqm as of Sept. 30, 2019. At the same period, the value of the
company's investment properties related to the shopping malls and
office segments is estimated at USD1.3 billion as of Sept. 30,
2019. IRSA PC maintains a high-quality property portfolio resulting
in consistently stable margins and high occupancy rates. IRSA PC
has consistently kept an EBITDA margin of around 75% in the past
several years. As of Sept. 30, 2019, IRSA PC's occupancy levels in
the shopping center and premium offices segments remain healthy at
94.3% and 88.1%, respectively.

DERIVATION SUMMARY

IRSA's FC IDR continues to be constrained at 'CCC' by the country
ceiling assigned to Argentina. Country ceilings are designed to
reflect the risks associated with sovereigns, placing restrictions
upon private sector corporates, which may prevent them from
converting LC to any FC under a stress scenario, and/or may not
allow the transfer of FC abroad to service FC debt obligations.
Importantly, both IRSA and IRSA PC own key parcels of land in
strategic areas of Buenos Aires, which could be sold to improve the
company's liquidity or for new developments.

Despite lower leverage at its subsidiary IRSA PC, the LC IDRs of
IRSA and IRSA PC have been linked at 'B+'. This linkage reflects
factors that align the credit quality of the company and the fact
that IRSA PC's upstream dividends represent a relevant part of
IRSA's cash flow generation. Also factored in the ratings are is
the parent-subsidiary strategic and operational linkages among
these entities, which are viewed as strong, based on these
entities' common management team and decision-making process as
well as due to the lack of restrictions in cash movements between
them.

The ratings also reflect an experienced and well-positioned real
estate operator with adequate portfolio granularity, limited tenant
concentration, consistent occupancy levels above 95%, and lease
duration between two and three years. Fitch calculates IRSA's
credit metrics excluding operations in Israel In terms of financial
leverage, IRSA's leverage metric, measured as net debt/EBITDA, is
expected to be around 7x during 2020, which is viewed as relatively
weaker when compared with regional peers. Fibra Uno and InRetail
Real Estate are expected to maintain net leverage metrics of 5.5x
and 5.2x, respectively, during the same period.

KEY ASSUMPTIONS

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

IRSA Inversiones y Representaciones:

  -- Execution of major steps in terms of debt refinancing activity
during calendar year 2020;

  -- Net adjusted leverage (measured as total adjusted debt to
adjusted EBITDA) ratio in the 6x to 8x range during 2020-2021;

  -- Interest coverage (EBITDA/gross interest expenses)
consistently in the 1x to 2x range during 2020-2021.

IRSA Propiedades Comerciales:

  -- 2020-2021 EBITDA margin around 70%;

  -- Net leverage ratio around 5x during 2020-2021;

  -- Interest coverage around 2x during 2020-2021.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that IRSA S.A. would be reorganized
as a going-concern in bankruptcy rather than liquidated, Fitch has
assumed a 10% administrative claim. The GC EBITDA estimate reflects
Fitch's view of a sustainable, post-reorganization EBITDA level
upon which Fitch bases the enterprise valuation. An EV multiple of
7.5x EBITDA is applied to the GC EBITDA to calculate a
post-reorganization enterprise value. The choice of this multiple
considered the following factors: similar public companies trade at
EBITDA multiples in the 12x-15x range, Fitch uses a multiple of
7.5x, to estimate a value for IRSA S.A. because this company
benefits from dominant market share, unique brands, higher barriers
to entry, or undervalued assets. It also factor in Argentina's
operating environment. The recovery performed under this scenario
resulted in a recovery level of 'RR2'. The notching above the cap
of 'RR4' -- for bonds issued by Argentinean corporates -- reflects
IRSA's credit profile and ability to operate should a potential
economic or political crisis occur in Argentina.

RATING SENSITIVITIES

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

  -- Developments that alleviate financing constraints and enable
the government to meet its debt service obligations on a sustained
basis.

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

  -- Signs of imminent default on commercial debt obligations; for
example, a formal launch of a debt exchange proposal involving a
material reduction in terms and taken to avoid a traditional
payment default.

LIQUIDITY

High Refinancing Risk: Capital controls are impairing Argentine
corporates' capacity to access international capital markets,
execute liability management processes and service debt. In this
context, IRSA requires executing important debt refinancing
activity during 2020 as it faces debt principal payments -
including debt at its subsidiary level IRSA PC - for a total amount
of USD462 million, due during the second half of 2020. The
company's capacity to execute required liability management is
highly dependent on the market conditions and access to hard
currency during 2020. The ratings factor in the expectation IRSA
will serve its debt due in 2020 through a combination of liability
management, own cash and some assets sales.

As of Sept. 30, 2019, the company had cash and cash equivalents of
about USD102.2 million. In addition, the company had USD101.1
million as investments in financial assets. The company's property
value is estimated at USD1.3 billion as of Sept. 30, 2019,
resulting in the company's net loan to value at around 58% -- this
calculation considers IRSA's consolidated net debt of USD711
million as of Sept. 30, 2019. The company is also in the process of
selling a participation in one of its investments - Condor
Hospitality Trust, a U.S. REIT. IRSA expects to collect
approximately USD29 million from this transaction during the next
few weeks.

Deterioration in Financial Leverage: IRSA's net debt/EBITDA ratio
deteriorated during 2019 as a result of local currency devaluation
versus the dollar. IRSA's net leverage ratio was 6.6x at Sept. 30,
2019. It reflects LTM EBITDA, total debt, and cash and equivalent
levels of USD108 million, USD915.2 million, and USD203.9 million,
respectively. For IRSA's total consolidated debt, USD365.2 million
is allocated under IRSA and USD550 million is under IRSA PC. The
ratings incorporate expectations on the company's key credits of
net debt/EBITDA, net loan-to-value; and, unencumbered assets/net
unsecured debt consistently at levels around 7.0x , 60%, and, 1.5x,
respectively, during 2020.

Debt Related to Operations outside Argentina Non-recourse: IRSA
gained control of the Israeli conglomerate IDB Development
Corporation Ltd. (IDBD) during October 2015. The debt of IDBD is
non-recourse to IRSA and Fitch excludes its debt from the credit
metrics calculation of IRSA. IDBD is one of the largest
conglomerates in Israel. It participates through various
subsidiaries in industry sectors such as: real estate,
supermarkets, insurance, and telecommunications, among others.

ESG Commentary

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.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

IRSA Inversiones y Representaciones S.A.

  -- Long-Term Foreign Currency IDR at 'CCC';

  -- Long-Term Local Currency IDR at 'B+'; Outlook Negative;

  -- Long-term senior unsecured notes at 'B-'/'RR2'.

IRSA Propiedades Comerciales S.A.

  -- Long-Term Foreign Currency IDR at 'CCC';

  -- Long-Term Local Currency IDR at 'B+'; Outlook Negative;

-- Long-term senior unsecured notes at 'B-'/'RR2'.

JOHN DEERE: Moody's Rates Class I, II Sr. Unsec. Debt Issuance Caa1
-------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.,
assigned a Caa1 global scale and a Baa3.ar national scale foreign
currency debt ratings to John Deere Credit Compania Financiera
S.A.'s proposed Class I and Class II senior debt issuances for up
to a combined amount of US dollars $50 million, which will be due
in 12 months. Class II notes will be denominated in Dollars, but
subscribed and payable in Argentine Pesos at the specified exchange
rate.

The ratings on JDC, including the bond being rated today, are under
review for downgrade in line with the review of the Caa2 Argentine
government bond rating.

The following ratings were assigned to JDC's:

Class I senior unsecured debt issuance for up to US dollars $50
million:

Caa1, RUR Global Foreign Currency Debt Rating

Baa3.ar, RUR Argentina National Scale Foreign Currency Debt Rating

Outlook, rating under review

Class II senior unsecured debt issuance for up to US dollars $50
million:

Caa1, RUR Global Foreign Currency Debt Rating

Baa3.ar, RUR Argentina National Scale Foreign Currency Debt Rating

Outlook, rating under review

RATINGS RATIONALE

JDC's debt ratings incorporate one notch of uplift from its
standalone credit assessment of caa2 based on Moody's assessment of
a high probability of support from its ultimate parent, Deere &
Company (A2 stable), reflecting the strategic importance of the
Argentine subsidiary as the captive finance company for
agricultural machinery. The parental support has been evidenced
through several capital injections as well as the provision of
credit lines and guarantees backing specific credit facilities.

At the same time, the ratings incorporate the policy uncertainly
and weakened market conditions amidst high inflation and currency
depreciation, exposing all financial institutions to a challenging
operating environment that weakens their credit profile.

The ratings also factor JDC's modest asset quality and
profitability, its weak capitalization, the exposure to climate
risk and the recessionary conditions in Argentina, characterized by
low economic growth and high inflation rates. JDC finances the
biggest portion of Deere & Company's financed sales of agricultural
machinery in Argentina, where the manufacturer commands important
market share. As a result, JDC's loan volumes are closely aligned
to the manufacturer's activity.

JDC's loan portfolio is highly dollarized given its business model
and its exposure to the agriculture sector. In the first nine
months of 2019, the loan book increased by 8% in dollar terms,
while non-performing loans increased to a very high 9.6% of total
loans, up from the 6.2% in year-end 2018. The deterioration in the
entity's asset quality is explained by Argentina's weak economic
conditions, coupled with the effects of 2018's severe drought that
hurt farmers. Prospects of a favorable crop season will help
mitigate the negative effects of still-high inflation and recession
in 2020, which could drive contraction in the loan book and
continue to affect asset quality.

Rising funding and credit costs and growing expenses pressured
JDC's net income to average managed asset ratio to 0.8% in
September 2019, from 1.3% in 2018. We expect earnings to remain
challenged by the moderation in business volumes over upcoming
quarters amid policy uncertainty at the onset of the new
administration.

To support JDC's operations, its parent company has invested in
JDC's perpetual bonds, and has made capital injections of US
dollars $26.5 million over the past two years. Just recently, in
September 2019, JDC received additional US dollars $5 million that
improved its modest capitalization -- the company's Moody's
tangible common equity to tangible managed assets rose to an
estimated 6% as of September 2019, higher than the 4.15% registered
as of year-end 2018, and its capital exceed its regulatory
requirements by 1.2x. The company expects to receive additional
contributions in 2020.

Moody's noted that JDC's reliance on market funds, typical of
finance companies, is mitigated by credit lines provided by its
parent company, and the gradual diversification of domestic funding
providers. Funding support offsets the credit challenges related to
JDC's weak capitalization, modest asset risk and profitability, and
the lack of diversification inherent in the company's monoline
business model.

Moody's believes governance risks are largely internal rather than
externally driven. Moody's does not have any particular concerns
with JDC's governance.

WHAT COULD CHANGE THE RATING UP/DOWN

An upgrade is unlikely for financial entities in Argentina because
the ratings are on review for possible downgrade. However, the
outlook could be returned to stable following a stabilization of
Argentina's sovereign ratings outlook. JDC's ratings could be
lowered if Argentine sovereign ratings are downgraded due to
further deterioration in the country's operating environment,
and/or a higher-than-expected deterioration of the financial
institutions' asset quality, that would lead to material decline in
profitability and thus, capital ratios, reducing their
loss-absorption capacity amidst a highly negative credit cycle.

The principal methodology used in these ratings was Procedures
Manual for Rating of Deposits, Debt Instruments and Shares of
Financial Institutions published in September 2018.



===========
B R A Z I L
===========

JBS SA: Faces New Fraud Charges In Brazil
-----------------------------------------
Greg Henderson at Drovers reports that Brazilian federal
prosecutors have charged JBS S.A. and its holding firm J&F
Investmentos, along with 14 other individuals, for alleged fraud in
the approval of investments and loans by national development bank
BNDES issued to the beef processor between 2007 and 2011.

Meating Place reports the Brazilian Federal Prosecutor's office is
demanding payment of $5 billion in damage compensation and fines
for the alleged irregularities, according to Drovers.

Allegations of corruption were levied at brothers Joesley, Wesley
and Junior Batista -- all active in the family controlling JBS --
for their dealings with former members of Brazil's federal
government to facilitate the approval of loans that helped JBS
become the world's largest beef processor, the report relays.

Federal Prosecutor Ivan Marx said in a statement that JBS, through
its owners and the use of intermediaries, "paid substantial bribes
to senior government officials to co-opt the BNDES president and
part of his staff," in order to have access to
"larger-than-necessary" loans, the report notes.

He said the company also benefited from the overvaluation of stock
prices in financial operations, and by having the payment of
interests waived, the report discloses.

Meating Place reported JBS said in a statement that it hadn't been
officially notified of the charges, the report relays.  The company
added that all operations involving BNDESPar investment in the
company occurred at market value and followed the Brazilian capital
market's legislation, the report notes.

"JBS is absolutely convinced that all business with BNDESPar was
done with total transparency, seriousness and fairness," the
company said, the report discloses.

An audit, commissioned by BNDES to investigate eight bank-approved
operations for JBS and other J&F companies, found no direct
evidence of corruption, but notes there were limitations to the
investigation as the team did not have access to certain key
documents and witnesses, the report says.

The investigative team comprised of two law firms found "several
instances in which BNDES employees made deviations or made
exceptions to BNDES policies or relevant contracts," according to
the investigation's summary report, the report adds.

As reported in the Troubled Company Reporter-Latin America on Nov.
1, 2019, S&P Global Ratings raised its long-term issuer credit
ratings on Brazil-based protein processor JBS S.A. (JBS) and JBS
USA Lux S.A. to 'BB' from 'BB-'.

RODOVIAS DO TIETE: Bankruptcy Highlights Brazil Bond Risks
----------------------------------------------------------
BNAmericas reports that the recent bankruptcy protection requested
by Brazilian highway operator Concessionaria Rodovias do Tiete
highlights the risks for investors regarding bonds linked with
infrastructure projects, known locally as debentures.

"Rodovias do Tiete will force investors to better evaluate the
risks involved in each project.  Most investors are only looking
with attention at the returns offered, but fail to measure the
risks," Paulo Petrassi, an investment portfolio manager with a
focus on fixed income assets, told BNamericas."  In my view,
investors are likely to be more selective right now and such
behavior is likely to slow the strong expansion of debenture issues
seen in the recent months and years," he added.

In November, Concessionaria Rodovias do Tiete filed for bankruptcy
protection in order to restructure BRL1.4 billion (US$337 million)
in debts, affecting nearly 18,000 individual investors and
investment funds, the report notes.

Most of the debt is made up of debentures that were issued by the
company in 2013, the report recalls.  In recent years, the issue of
debentures linked with infrastructure projects soared in Brazil due
to tax incentives and investors looking for higher returns, the
report discloses.

Brazilian investors have been migrating from government bonds since
the country's benchmark interest rate (the Selic) is at a record
low level, the report relays.

The federal government has also embarked on a process to promote
capital markets' instruments such as debentures in order to reduce
the role of development bank BNDES in terms of financing for
infrastructure projects, the report notes.

Rodovias do Tiete's problems

In 2009, Rodovias do Tiete won a 30-year concession to operate a
542km stretch of the Marechal Rondon highway, in Sao Paulo state,
the report recalls.

The company paid BRL542 million for the contract and assumed an
obligation to invest BRL1.3 billion in improvement works during the
concession period, the report relays.

In 2013, the company raised BRL1.65 billion from debentures to
finance the improvement works, the report recalls.

Brazil's deep recession in 2015-16 then led to a decline in
passenger traffic that hurt the concessionaire's cash flow, the
report notes.

Rodovias do Tiete is a joint venture between Italian-Brazilian
group AB Concessoes and Lineas International Holding.



=============
J A M A I C A
=============

JAMAICA: Looking to Remove Fees Associated With Exports
-------------------------------------------------------
RJR News reports that the Government is working to remove licences
and fees which hinder exports.

The Ministry of Industry and Commerce disclosed that the Government
dealt with 26 requirements it is planning to remove, according to
RJR News.

It now takes 58 border control hours and US$876 to export goods
from Jamaica, the report notes.

That is a big disparity compared to the rest of the Caribbean and
Latin America, the report adds.

                           About Jamaica

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

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



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

MEXICO: Trade Deal Reached Due to Obrador's Good Ties with Trump
----------------------------------------------------------------
The Latin American Herald reports that Mexico's President Andres
Manuel Lopez Obrador said that the success of the United
States-Mexico-Canada Agreement had been reached because of the good
relationship between him and his US counterpart, adding that there
was mutual respect between the two.

"Everyone was betting that since I am from this land (the southern
state of Tabasco), from the tropics, I was going to fight with
Donald Trump," Lopez Obrador said at a rally in Tabasco's
municipality of Teapa, according to The Latin American Herald.

The report notes that the Mexican leader, popularly known by his
initials (AMLO), recounted how even Trump himself said to him that
"they were betting we would fight, but I don't want to fight with
you," adding that he replied "well, neither do I."

"For there to be a dispute, two sides are needed. We have
understood each other and it has been good and convenient for both
the United States and for Mexico," AMLO added, the report relays.

Lopez Obrador explained that this understanding with Trump came to
be because there was mutual respect between them.

Earlier on Dec. 13, at his daily press conference, Lopez Obrador
urged the US Senate and Canada to ratify the USMCA, following its
ratification by Mexico's Senate with 107 votes in favor and a
single vote against, the report relays.

AMLO said that the Canadian cabinet would probably complete this
pending process early next year, but he added he believed the US'
upper house could pass the ratification soon, the report notes.

He also thanked Mexican senators for their "gesture" on Dec. 12 and
said that there could not have been a better outcome of the
ratification vote than that, the report discloses.

The Senate's rubber-stamp came after last-minute changes were made
earlier in the week following negotiations between the White House
and the Democratic Party's congressional leadership, the report
relays.

Representatives of the three North American governments signed the
new version of the USMCA in Mexico City that included some
amendments regarding labor conditions demanded by the Democrats,
the report notes.

The text modifies a part of the deal signed on Nov. 30, 2018
between AMLO's predecessor, Enrique Pena Nieto, Trump and Canadian
Prime Minister Justin Trudeau, which replaced the controversial
1994 North American Free Trade Agreement (NAFTA), the report adds.



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

ASCENA RETAIL: All Four Proposals Approved at Annual Meeting
------------------------------------------------------------
Ascena Retail Group, Inc., held its Annual Meeting of Stockholders
on Dec. 10, 2019, at which the stockholders:

   (1) elected Katie J. Bayne, Paul Keglevic, Kay Krill, and
       Stacey Rauch as directors with terms expiring at the
       Company's 2022 Annual Meeting of Stockholders, and subject
       to the election and qualification of their successors;

   (2) approved, on a non-binding advisory basis, the
       compensation paid to the Company's named executive
       officers during fiscal 2019;

   (3) approved an amendment of the Company's Third Amended and
       Restated Certificate of Incorporation to effect a reverse
       stock split of the Company's common stock, at a ratio to
       be determined by the Board, and a corresponding reduction
       in the Company's authorized shares of common stock; and

   (4) ratified the appointment of Deloitte & Touche LLP as the
       Company's Independent Registered Public Accounting Firm
       for the fiscal year ending Aug. 1, 2020.

                     About Ascena Retail

Ascena Retail Group, Inc. (Nasdaq: ASNA) --
http://www.ascenaretail.com/-- is a national specialty retailer
offering apparel, shoes, and accessories for women under the
Premium Fashion (Ann Taylor, LOFT, and Lou & Grey), Plus Fashion
(Lane Bryant, Catherines and Cacique), and Value Fashion
(Dressbarn) segments, and for tween girls under the Kids Fashion
segment (Justice).  Ascena Retail, through its retail brands
operates ecommerce websites and approximately 3,400 stores
throughout the United States, Canada and Puerto Rico.

Ascena Retail reported a net loss of $39.7 million for the fiscal
year ended Aug. 4, 2019, a net loss of $1.06 billion for the
fiscal
year ended July 29, 2017, and a net loss of $11.9 million for the
fiscal year ended July 30, 2016.  As of Nov. 2, 2019, the Company
had $3.49 billion in total assets, $3.32 billion in total
liabilities, and $173 million in total equity.

                           *     *     *

As reported by the TCR on Nov. 26, 2019, S&P Global Ratings lowered
its issuer credit rating on Mahwah, N.J.-based women's specialty
apparel retailer Ascena Retail Group Inc. to 'CCC' from 'CCC+' to
reflect the rating agency's belief that it is increasingly likely
the company will pursue a debt restructuring over the next 12
months.

In October 2019, Moody's Investors Service downgraded Ascena Retail
Group, Inc.'s corporate family rating to Caa2 from B3, probability
of default rating to Caa2-PD from B3-PD and senior secured term
loan rating to Caa2 from B3.  The downgrades reflect Moody's view
that Ascena's capital structure is likely unsustainable as a result
of its weak operating performance, high leverage, and negative free
cash flow, creating an elevated risk of a debt restructuring
including a material debt repurchase at a significant discount.

BETTEROADS ASPHALT: Lenders Seek to Stop Unauthorized Cash Use
--------------------------------------------------------------
Firstbank Puerto Rico, Banco Santander de Puerto Rico, the Economic
Development Bank for Puerto Rico, and Banco Popular de Puerto Rico
request the U.S. Bankruptcy Court for the District of Puerto Rico
to prohibit Betteroads Asphalt LLC and Betterecycling Corporation
from using cash collateral and require Debtors for adequate
protection.

The Lenders hold a lien over substantially all of the cash and
proceeds generated by the Debtors including, but not limited to,
revenues derived from rents or use of their real and personal
property, collection of accounts receivables and the proceeds
generated from the sale of inventory or equipment, among others.

Prior to the commencement of these cases, the Lenders properly and
validly foreclosed over the accounts receivables of the Debtors.
The revenues and proceeds derived from these Foreclosed Accounts
Receivables are the property of the Lenders. Accordingly, the
Lenders request that any such proceeds and revenues derived from
the Foreclosed Accounts Receivables be paid directly to the
Lenders, and ordering such account debtors to effectuate such
payments directly to the Lenders.

As additional adequate protection, the Lenders require Debtors
truthful and complete of financial reporting of such collateral,
which includes access to information required to properly account
for, as required under section 363 of the Bankruptcy Code, the
Lenders' cash collateral.

The Lenders claim that the Debtors have engaged in a substantial
diversion of revenue streams and assets to insiders and entities
controlled by officers or family members of the Debtors. This
diversion has been done to, among other reasons, avoid exactly what
the Lenders now request -- the ability to enforce their rights over
their cash collateral.

The Lenders contend that the Debtors have made no effort during
this time to request the Lenders' consent to the use of cash
collateral nor sought an order authorizing such use.

                  About BetterRoads Asphalt
                and Betterecycling Corporation

BetterRoads Asphalt LLC produces warm mix asphalt. Its products are
used in airports, highways, neighborhoods, and environment
projects. Betterecycling Corporation produces gasoline, kerosene,
distillate fuel oils, residual fuel oils, and lubricants.  Both
companies are based in San Juan, Puerto Rico.

On June 9, 2017, alleged creditors commenced involuntary bankruptcy
petitions, under chapter 11 of the United States Bankruptcy Code
(Bankr. D.P.R. Case No. 17-04156), against Betteroads  Asphalt LLC,
under Case No. 17-04156-ESL and Betterecycling Corporation (Case
No. 17-04157-ESL).

On Nov. 30, 2018, the Court entered an "opinion and order"
including findings and concluding that, among other things, the
Petitioning Creditors have satisfied the three-prong requirement
for filing an involuntary petition.

On Oct. 10, 2019, after a five-day evidentiary hearing, the Court
entered an "opinion and  Order" finding, among other things, that
the involuntary petitions were not filed for an improper bankruptcy
purpose or with bad faith.

On October  11,  2019,  the Court entered the "order for relief".

STONEMOR PARTNERS: Settles with SEC Over Alleged Violations
-----------------------------------------------------------
StoneMor Partners L.P. and its General Partner Stonemor GP, LLC
have entered into a settlement agreement with the Securities and
Exchange Commission with respect to alleged violations of the
reporting, books and records, internal accounting controls and
related provisions of the federal securities laws that occurred
prior to 2017 under the Partnership's former management team.
Pursuant to the terms of the Settlement, which resolved the matters
that were the subject of the previously reported investigation by
the SEC's Enforcement Division, and without admitting or denying
the findings in the Settlement: (i) the Partnership and the General
Partner consented to a cease and desist order with respect to
violations of Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the
Securities Exchange Act of 1934, as amended, and the regulations
promulgated thereunder, and (ii) the General Partner agreed to pay
a civil penalty of $250,000, which will be paid with the proceeds
of an intercompany loan.

On Dec. 11, 2019, in connection with the Settlement with the SEC,
StoneMor Partners L.P., Stonemor GP, StoneMor GP Holdings LLC, a
Delaware limited liability company and the sole member of the
General Partner, and Hans Merger Sub, LLC, a Delaware limited
liability company and wholly owned subsidiary of the General
Partner, entered into an amendment of the previously disclosed
Merger and Reorganization Agreement dated Sept. 27, 2018. Pursuant
to the terms of the Merger Agreement, among other things, the
General Partner will convert from a Delaware limited liability
company into a Delaware corporation to be named StoneMor Inc. and
Merger Sub will merge with and into the Partnership with the
Partnership surviving and with the Company as its sole general
partner.

Pursuant to the Third Amendment to Merger Agreement, the parties
agreed to reduce the shares of Common Stock which GP Holdings will
be entitled to receive in the Merger by a number equal to $250,000
divided by the volume weighted average closing price of the
Partnership's common units for the ten trading days ending on the
first business day before closing of the Merger.

                     About StoneMor Partners

StoneMor Partners L.P., headquartered in Trevose, Pennsylvania --
http://www.stonemor.com/-- is an owner and operator of cemeteries
and funeral homes in the United States, with 321 cemeteries and 89
funeral homes in 27 states and Puerto Rico.  StoneMor's cemetery
products and services, which are sold on both a pre-need (before
death) and at-need (at death) basis, include: burial lots, lawn and
mausoleum crypts, burial vaults, caskets, memorials, and all
services which provide for the installation of this merchandise.

StoneMor reported a net loss of $72.70 million for the year ended
Dec. 31, 2018, compared to a net loss of $75.16 million for the
year ended Dec. 31, 2017.  As of Sept. 30, 2019, the Company had
$1.73 billion in total assets, $1.77 billion in total liabilities,
$57.50 million in total redeemable convertible preferred units, and
a total partners' deficit of $104.02 million.

                           *    *    *

As reported by the TCR on Feb. 14, 2019, Moody's Investors Service
downgraded StoneMor Partners L.P.'s Corporate Family rating to Caa2
from Caa1 and Probability of Default rating to Caa3-PD from
Caa1-PD.  The Caa2 CFR reflects Moody's concern that if pre-need
cemetery selling and liquidity pressures do not abate while the
senior secured credit facility is being refinanced, a distressed
exchange or other default event could become more likely.

As reported by the TCR on July 3, 2019, S&P Global Ratings affirmed
its 'CCC+' issuer credit rating on StoneMor Partners L.P.  The
outlook remains negative.  S&P said, "The rating affirmation
reflects our view that despite the removal of near term maturities
and sufficient liquidity over the next twelve months, we continue
to view StoneMor's capital structure as unsustainable in the long
term given our projection for persistent free cash flow deficits."



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

VENEZUELA: To Relaunch PetroCaribe Program 2020
-----------------------------------------------
telesurenglish.net reports that Venezuela's President Nicolas
Maduro announced the relaunch of the PetroCaribe program in the
first half of 2020 during the 17th summit of the Bolivarian
Alliance for the Peoples of America (ALBA-TCP) in Cuba.

"We have decided to relaunch with great force for the first half of
the year 2020, the PetroCaribe project, the Miracle Mission and
ALBA Cultural  (. . .) ALBA has demonstrated the practical capacity
to impact in the lives of our peoples," Maduro declared, according
to telesurenglish.net.

The program was launched on June 29, 2005, by former Venezuelan
President Hugo Chavez, under which the country supplies oil to
other Caribbean countries on favorable financing terms, the report
relays.

The historic agreement allowed Caribbean nations access to gas and
oil without the adverse consequences of intermediation, prevailing
market prices, and speculation, the report notes.

The report discloses that Chavez's idea was the resolve
"asymmetries in access to energy resources through new favorable,
equitable and fair exchange schemes between the countries of the
Caribbean region," without state control of the supply of
resources.

The payment system allows for the purchase of oil at market value
for five to 50 percent upfront with a grace period of one to two
years, the remainder can be paid through a 17-25 year financing
agreement with one percent interest rates if oil prices are above
US$40 per barrel, the report relates.

If these countries lack the liquidity to pay off what's owed,
Venezuela makes an exception by accepting payment in goods and
services, the report notes.  For instance, Cuba pays part of its
through medical, educational, and athletic services, while
Nicaragua pays with meat and milk, the report says.

There are a total of 17 members; 12 of the members are from the 15
member Caribbean Community (excluding Barbados, Montserrat, and
Trinidad and Tobago). The others are Cuba, Nicaragua, the Dominican
Republic, Bahamas, and Haiti, the report notes.

During the ALBA summit, Maduro urged the international body and its
member-states to also relaunch the social program Operation
Miracle, which offers ophthalmologic procedures and eyecare for
impoverished countries and communities in the region, the report
discloses.

It was launched in 2004 by late revolutionary leaders, Fidel
Castro, and Chavez. During its first year, only Venezuelan patients
were treated but in 2005 it was extended to other Caribbean,
Central and South American countries, the report recalls.
Initially, patients had to travel to Cuba for treatment, but in
2006 the program set up ophthalmology centers in several nations,
which as right-wing governments took over were dismantled, the
report notes.

The program offers 100 percent free optometry consultations, exams,
surgeries and medications to low-income people, the report adds.

                         About Venezuela

Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South America, consisting of a
continental landmass and a large number of small islands and
islets in the Caribbean sea.  The capital is the city of Caracas.

Hugo Chavez was president to Venezuela from 1999 to 2013.  The
Chavez presidency was plagued with challenges, which included a
2002 coup d'etat, a 2002 national strike and a 2004 recall
referendum.  Nicolas Maduro was elected president in 2013 after
the death of Chavez.  Maduro won a second term at the May 2018
Venezuela elections, but this result has been challenged by
countries including Argentina, Chile, Colombia, Brazil, Canada,
Germany, France and the United States who deemed it fraudulent and
moved to recognize Juan Guaido as president.

The presidencies of Chavez and Maduro have challenged Venezuela
with a socioeconomic and political crisis.  It is marked by
hyperinflation, climbing hunger, poverty, disease, crime and death
rates, social unrest, corruption and emigration from the country.

Standard and Poor's long- and short-term foreign currency
Sovereign credit ratings for Venezuela stands at 'SD/D' (November
2017).

S&P's local currency sovereign credit ratings on the other hand
Are 'CCC-/C'. The May 2018 outlook on the long-term local currency
sovereign credit rating is negative, reflecting S&P's view that
the sovereign could miss a payment on its outstanding local
currency debt obligations or advance a distressed debt exchange
operation, equivalent to default.

Moody's credit rating (long term foreign and domestic issuer
ratings) for Venezuela was last set at C with stable outlook
(March 2018).

Fitch's long term issuer default rating for Venezuela was last set
at RD (2017) and country ceiling was CC. Fitch, on June 27, 2019,
affirmed then withdrew the ratings due to the imposition of U.S.
sanctions on Venezuela.



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

[*]LATAM: CARICOM Sugar Producers Pledge to Accelerate Investments
------------------------------------------------------------------
RJR News reports that CARICOM sugar producers, including Jamaica,
have pledged to accelerate investments to meet regional market
demand.

Regional Trade Ministers met last month and agreed on the
incremental protection of CARICOM produced sugar, according to RJR
News.

Regional producers have met some of CARICOM's annual sugar demand.
But two thirds of that demand continues to be filled with extra
regional imported sugar dumped in CARICOM markets tariff free, the
report notes.

This has forced some CARICOM producers out of their own market, the
report adds.


                           *********


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

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

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

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

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

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


                  * * * End of Transmission * * *