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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Thursday, December 19, 2019, Vol. 20, No. 253

                           Headlines



A R G E N T I N A

ARCOR SAIC: Moody's Withdraws Review of B3 Sr. Unsec. Notes Rating
ARGENTINA: Raises Export Taxes to Fund New Government's Spending


B E R M U D A

WEATHERFORD INTERNATIONAL: Moody's Assigns B1 CFR, Outlook Stable


B O L I V I A

BOLIVIA: S&P Affirms BB- LT Sovereign Credit Rating, Outlook Neg.


B R A Z I L

JBS SA: Moody's Upgrades CFR to Ba2, Outlook Stable


E C U A D O R

ECUADOR: Egan-Jones Lowers Sr. Unsec. Debt Ratings to CCC+


J A M A I C A

FONTANA PHARMACY: Profit Declines  w/ Opening of New Location
JAMAICA: Opposition Chides Gov't After Growth Rate Revised Downward


M E X I C O

MEXICO: Gov't Says USMCA Labor Inspectors Not Part of Deal


P U E R T O   R I C O

FERRELLGAS PARTNERS: James Schwartz Resigns as GP's Director
SKYTEC INC: Disclosure Statement Hearing Rescheduled

                           - - - - -


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A R G E N T I N A
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ARCOR SAIC: Moody's Withdraws Review of B3 Sr. Unsec. Notes Rating
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Moody's Latin America Agente de Calificacion de Riesgo S.A., has
withdrawn Arcor S.A.I.C.'s B3/A3.ar ratings under review for
downgrade for its senior unsecured notes due 2021 because the
obligations are not outstanding.

The following ratings were withdrawn:

  - Senior unsecured notes due 2021: B3/A3.ar

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because the obligations
are not outstanding.

Headquarter in Cordoba, Argentina, Arcor S.A.I.C. 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.

ARGENTINA: Raises Export Taxes to Fund New Government's Spending
----------------------------------------------------------------
Jonathan Gilbert at Bloomberg News reports that Argentina raised
export taxes as the government seeks to fund spending under new
President Alberto Fernandez.

Bloomberg News notes that after the peso's 37% slump this year, his
administration is replacing a levy of 4 pesos per dollar for many
exports with a fixed charge of 9%, according to a decree in the
official gazette.

But the document didn't specify soybeans in a list of products,
leading Eugenio Irazuegui, head of research at grains brokerage
Enrique Zeni, to interpret that the oilseed, and grains such as
corn and wheat, will revert back to a previous rate of 12%,
according to Bloomberg News.  Because soybeans and processed soy
products already have an additional 18% charge, that would mean
shipments of them are taxed a total of 30%, Bloomberg News says.

Crop crushing and export group Ciara-Cec, whose members include the
so-called ABCD giants of agricultural trading, confirmed in a phone
message that soy will be charged 30%, and corn and wheat 12%,
Bloomberg News notes.

When former leader Cristina Fernandez de Kirchner, a foe to farmers
and now Alberto Fernandez's deputy, left the presidency in 2015,
soy exports were taxed up to 35%, corn 20% and wheat 23%, Bloomberg
News notes.

Bloomberg News discloses that the government said the move --
nearly doubling the rate for corn and wheat, which have enjoyed a
boom in recent years -- was urgent to meet its fiscal needs.

Fernandez took office on Dec. 10 amid a severe economic crisis, and
talks loom with bondholders and the International Monetary Fund,
Bloomberg News relays.  The IMF has lent Argentina the majority of
a record $56 billion credit line. Fernandez says the nation can't
meet its debt obligations if the economy doesn't grow, Bloomberg
News notes.

Fernandez told Radio Mitre that farmers shouldn't be rattled by the
hikes, explaining that he was simply getting rates closer to where
they were a year ago, when the system of 4 pesos per dollar was
brought in, Bloomberg News says.  The currency devaluation since
then had diluted the tax, Bloomberg News discloses.

The move had been widely telegraphed by growers, whose crops are
worth a third of all the nation's export dollars, Bloomberg News
notes.  The head of the Argentine Rural Society, Daniel Pelegrina,
said in a radio interview the new taxes "will have a very big
impact on farmers," Bloomberg News  relays.

Argentina is also enduring a severe drought on the Pampas arable
belt, Bloomberg News adds.

                         About Argentina

Argentina is a country located mostly in the southern half of
South America.  It's capital is Buenos Aires. Alberto Angel
Fernandez is the President-elect of Argentina after winning the
October 2019 general election. He succeeded Mauricio Macri in the
position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal
year 2019 according to the World Bank.  Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and -- in the recent decades -- increasing poverty.

Standard & Poor's foreign and local currency sovereign credit
ratings for Argentina stands at CCC- with negative outlook. S&P
said, "The negative outlook reflects the prominent downside risks
to payment of debt on time and in full per our criteria over the
coming months amid very complex political, economic, and financial
market dynamics."  Moody's credit rating for Argentina was last
set at Caa2 from B2 with under review outlook. Fitch's credit
rating
for Argentina was last reported at CC with n/a outlook. DBRS's
credit rating for Argentina is CC with under review outlook.  S&P,
Moody's and DBRS ratings were issued on Aug. 30, 2019; Fitch
rating on Sept. 3, 2019.

Back in July 2014, Argentina defaulted on some of its debt, after
expiration of a 30-day grace period on a US$539 million interest
payment.  The country hasn't been able to access international
credit markets since its US$95 billion default 13 years ago.  On
March 30, 2016, Argentina's Congress passed a bill that will allow
the government to repay holders of debt that the South
American  country defaulted on in 2001, including a group of
litigating hedge  funds that won judgments in a New York court.
The bill passed by a vote of 54-16



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B E R M U D A
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WEATHERFORD INTERNATIONAL: Moody's Assigns B1 CFR, Outlook Stable
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Moody's Investors Service assigned new ratings to Weatherford
International Ltd. (Weatherford, a Bermuda incorporated entity)
following its emergence from bankruptcy, including a B1 Corporate
Family Rating, a B1-PD Probability of Default Rating, a Ba2 rating
on its secured ABL and letters of credit facilities and a B2 rating
on the company's senior unsecured notes. The rating outlook is
stable.

"Weatherford has a more sustainable capital structure and greater
financial flexibility after eliminating over $6.2 billion of debt
through a pre-packaged Chapter-11 bankruptcy financial
restructuring process during 2019," said Sajjad Alam, Moody's
Senior Analyst. "While we expect US oilfield services industry
conditions to remain weak in 2020, Weatherford should have a
relatively stable performance given its significantly lower
interest burden, reduced overhead costs, a sizeable liquidity
cushion and a diversified international market presence."

Assignments:

Issuer: Weatherford International Ltd. (Bermuda)

Probability of Default Rating, Assigned B1-PD

Speculative Grade Liquidity Rating, Assigned SGL-2

Corporate Family Rating, Assigned B1

Gtd.Senior Secured First Lien ABL Revolving Credit Facility,
Assigned Ba2 (LGD2)

Gtd. Senior Secured First Lien Letter of Credit Facility, Assigned
Ba2 (LGD2)

Gtd. Senior Unsecured Notes, Assigned B2 (LGD4)

Outlook Actions:

Issuer: Weatherford International Ltd. (Bermuda)

Outlook, Assigned Stable

RATINGS RATIONALE

Weatherford's B1 CFR reflects its large scale, diversified, and
leading market position in several product categories; broad
geographic and customer diversification with a substantial portion
of revenue coming from less volatile international markets; and
numerous patented products and technologies that are well-known and
widely used in the oilfield services (OFS) industry giving the
company some competitive advantage. The rating also reflects
Weatherford's lower debt burden and interest costs and improved
liquidity following its recapitalization. The B1 CFR is restrained
by Weatherford's weak interest coverage due to high interest rate
on its exit notes; potential execution risk surrounding its ongoing
business transformation and rationalization efforts, and limited
free cash flow generation prospects through 2020 in a highly
competitive oilfield services industry environment, particularly in
North America.

The $2.1 billion senior unsecured notes are rated B2 because of the
significant amount of priority-claim secured debt in Weatherford's
capital structure. The $450 million ABL facility and the $195
million LC facility are both secured by a first-lien claim to
Weatherford's assets and they are rated Ba2. The notes and credit
facilities have guarantees from Weatherford International plc (the
parent company incorporated in Ireland), Weatherford International,
LLC (a Delaware incorporated company), as well as from most
material asset owning subsidiaries. The ABL facility is secured by
a first-lien claim to certain accounts receivable, inventory and
rental tools assets and a second-lien claim to other assets,
including real assets. The LC facility has a first-lien claim to
the non-ABL collateral pool and a second-lien claim to ABL
collateral. Weatherford has a complex organizational structure with
assets located across many geographies with comparable product and
service offerings available from other competitors, therefore,
Moody's believes a Ba2 rating is more appropriate for the ABL and
LC facilities than the rating suggested by the Moody's Loss Given
Default Methodology.

Weatherford's SGL-2 rating reflects good liquidity through 2020,
supported by over $900 million of total liquidity upon emergence,
including cash and availability under its $450 million ABL credit
facility. The $195 million LC facility is likely to be fully drawn.
The ABL and LC facilities will mature in June 2024, while the
unsecured notes will mature in December 2024. Moody's expects the
company to generate modestly positive free cash flow in 2020 and
cover any intra-quarter funding deficiency with balance sheet cash.
The ABL facility has a springing fixed charge coverage test of 1x,
which is triggered if ABL excess availability is less than the
greater of $50.625 million or 15% of the line cap, which is the
lower of the borrowing base or the commitment amount. The LC
facility has one financial covenant that requires a minimum
liquidity of $200 million. Moody's expects Weatherford to
comfortably meet these covenant thresholds.

The stable rating outlook reflects Moody's expectation for modestly
positive free cash flow and good liquidity through 2020. The CFR
could be upgraded if Weatherford is able to continue to make
progress on its restructuring initiatives, reduce financial
leverage, improve interest coverage and generate free cash flow
consistently. More specifically, the company will need to sustain
an EBITDA/Interest ratio of at least 4x while maintaining the
debt/EBITDA ratio below 3x to be considered for an upgrade. A
downgrade is most likely to occur if the debt/EBITDA ratio rises
above 4x or EBITDA/Interest declines below 2x. Any significant
negative free cash flow generation or decline in liquidity could
also trigger a negative action.

Weatherford International Ltd. (Bermuda) is a wholly-owned
subsidiary of Weatherford International plc, which is incorporated
in Ireland, and is a diversified international company that
provides a wide range of services and equipment to the global oil
and gas industry.

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



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B O L I V I A
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BOLIVIA: S&P Affirms BB- LT Sovereign Credit Rating, Outlook Neg.
-----------------------------------------------------------------
On Dec. 16, 2019, S&P Global Ratings revised its rating outlook on
Bolivia to negative from stable. At the same time, S&P affirmed its
'BB-' long-term foreign and local currency sovereign credit ratings
and its 'B' short-term foreign and local currency ratings. The
transfer and convertibility assessment is unchanged at 'BB-'.

Outlook

The negative outlook reflects the at least one-in-three likelihood
of a downgrade in the next six to 18 months if continued political
uncertainty, poor GDP growth prospects, or further erosion of the
government's fiscal metrics contributes to current account deficits
(CADs) that weaken the country's external profile. The uncertainty
caused by the national elections in 2019, followed by protests and
a change in political leadership, has in S&P's opinion weakened the
country's macroeconomic pillars, resulting in higher government
debt and potentially greater vulnerability to negative external
shocks. Persistent CADs in recent years have eroded Bolivia's once
large external buffers, while large budget deficits have worsened
its fiscal and debt profile. The ability of the current interim
government, and the new government that is expected to take office
early next year, to undertake timely corrective economic policies
could be limited by a polarized political situation and social
tensions. Failure to staunch fiscal erosion and reduce policy
uncertainty could damage the country's external liquidity buffers,
as well as its GDP growth prospects, resulting in a downgrade.

S&P could revise the outlook to stable in the next 12-18 months if
there is a successful transition to a new government in early 2020
that sets the stage for corrective fiscal and other economic
policies that stabilize the economy and directly address fiscal and
external imbalances, including staunching a recent fall in foreign
exchange reserves.

Rationale

The rating reflects Bolivia's weak governing public institutions,
characterized by limited checks and balances and uncertainty about
future policies, as shown by the recent political events. The
ratings also reflect Bolivia's low GDP per capita, which we project
to be around US$3,800 in 2019. Despite substantial improvement in
income and social indicators in recent years, the country remains
poor by global standards. Bolivia's weak fiscal profile and limited
monetary flexibility also weigh on S&P's rating. The rating also
reflects a moderate, though deteriorating, external position and
still-moderate debt burden.

Institutional and economic profile: Increased uncertainty will
undermine Bolivia's growth prospects.

-- The recent change of political leadership after a disputed
national election demonstrates the weaknesses in Bolivia's
institutional framework and political stability.

-- Increased uncertainty about stability and the direction of
policy after the resignation of former president Evo Morales weighs
on the near-term economic outlook.

-- Growth had already decelerated in the first months of 2019,
given poor exports performance.

In S&P's opinion, political uncertainty and instability has
increased again in Bolivia after many years of relative stability
under former President Evo Morales of the leftist party Movimiento
al Socialismo (MAS). President Morales' decision to seek a fourth
term in office in national elections held in October 2019 created
substantial opposition, including among some of his previous
supporters. The announcement of election results immediately
generated a lot of controversy and public protests, as they were
released with significant delays. Bolivia's electoral authority
formally declared Morales the first-round victor five days after
the vote, but a subsequent audit done by the Organization of
American States (OAS) indicated serious irregularities and fraud.
This led to more protests and violence, eventually resulting in the
president's resignation and departure from the country. An interim
government led by a member of the former opposition has taken
office until elections can be held (likely by the end of March
2020). Morales' party, MAS, has agreed to participate in the new
elections, and social tensions have recently abated. However, in
our view, the changing political dynamics and the country's weak
institutional framework mean the risk remains for more social
unrest before or after the upcoming elections for Congress and the
presidency.

S&P said, "Our assessment of Bolivia reflects its highly
centralized decision-making system, weak independence of
institutions, and low checks and balances. Regardless of who wins
the next elections, the new leadership is likely to confront a
divided Congress and a polarized society, which in our opinion
could limit the capacity to make broad reforms."

The ratings reflect Bolivia's comparatively low national income,
with per capita GDP projected to be US$3,800 in 2019. S&P considers
that the fluid and complex political scenario will delay both
public and private investments, which, coupled with the poor
performance of hydrocarbon exports, could reduce economic growth in
2019 to 2.5%, down from an impressive 4.8% on average over the last
decade. The country's long-term growth prospects remain uncertain
at this point.

The Morales government had pursued an ambitious strategy for
economic growth, relying heavily on revenues from the hydrocarbon
sector to fund large investments by the public sector in energy and
physical infrastructure, as well as social programs that helped
reduce poverty and improve living conditions for most Bolivians,
especially the large indigenous population. S&P expects that the
new government would face difficulties if it tried to make
substantial changes in the general orientation of economic
development policies, at least in the near term.

The natural gas sector is and will likely remain an important
source of growth for the Bolivian economy. Recently, Bolivia and
Argentina renegotiated their long-term gas supply contract. S&P
expects that Bolivia and Brazil will also renegotiate their gas
contract (which expires in by the end of 2019). Given the
significance of the gas exports to Brazil, an unfavorable contract
could hurt the country's exports and weaken its growth prospects.
Future export volumes also depend on boosting the country's natural
gas reserves, which may, in turn, depend on offering more favorable
incentives to private firms for undertaking more exploration and
development.

Flexibility and performance profile: Significant fiscal and
external challenges ahead

-- High and persistent CADs are weakening Bolivia's external
profile.

-- S&P is lowering Bolivia's fiscal and debt assessment following
deteriorating GDP growth and widening budget deficits.

-- Bolivia's monetary flexibility is limited by its de facto fixed
exchange rate with the U.S. dollar.

Bolivia's fiscal trajectory will depend in large part on the new
government's growth strategy, which could potentially shift from
the previous strategy of seeking high GDP growth through public
works. However, the capacity to pass broad reforms and reduce the
fiscal gap rapidly could be limited, given high political
polarization and fear of a new wave of protests. Hence, S&P has
adjusted its forecasts to reflect a worse fiscal profile for the
sovereign.

S&P expecta the general government fiscal deficit to exceed 6% of
GDP in 2019, slightly higher than in 2018. Interim results for 2019
indicate poor revenue collection, following the slowdown in
hydrocarbon royalties, and higher current spending during an
election year. S&P considers that the current interim
administration will likely have limited capacity to change fiscal
policy, other than perhaps reducing capital spending on projects.

Net general government debt is likely to reach 29% of GDP in 2019
and could approach 40% in 2022. General government debt is likely
to rise by 5.3% of GDP on average in the next two years. Interest
costs will likely rise to around 4% of general government revenue
in 2019 and average 5% in the next three years, reflecting higher
debt stock. However, given that 60% of debt stock is denominated in
foreign currency, potential adverse exchange-rate movements could
raise total debt and interest payments.

The government faces limited contingent liabilities, in S&P's view.
The largest public-sector enterprise is Yacimientos Petrolíferos
Fiscales Bolivianos (YPFB). The company has been largely financed
by the government, including via subsidized loans from
public-sector investment funds managed by the central bank for
specific investment projects. Unlike most of its counterparts in
other countries, the Bolivian Central Bank lends to public-sector
enterprises (mainly to YPFB, the oil and gas company). The
resources come from specific government funds that are managed by
the central bank to finance investment in various projects (and are
distinct from the central bank's foreign exchange assets).

At the same time, contingent liabilities from the banking sector
are limited, based on a low level of reported nonperforming loans
(which could increase next year due to economic deceleration).
Total assets of depositary corporations are below 90% of GDP. S&P
places the Bolivian banking system in our Banking Industry Country
Risk Assessment (BICRA) group '8'. BICRAs are grouped on a scale
from '1' to '10', ranging from what we view as the lowest-risk
banking systems (group '1') to the highest-risk (group '10').

Many years of large current account surpluses had strengthened
Bolivia's external profile, making it a net external creditor at
the beginning of this century. However, the external position has
slowly deteriorated as Bolivia has ran persistent CADs since 2015.
The combination of lower prices for natural gas, weaker
agricultural exports, and low demand from main trading partners,
coupled with increasing imports, caused in large part by high
public-sector spending, resulted in a CAD averaging 5.3% of GDP
during 2015-2018. The performance of gas exports during 2019 has
been disappointing. As a result, S&P estimates that the CAD will
reach 5.5% of GDP in 2019. This, added to the recent political
turbulence, could result in a significant reduction in external
liquidity, absent corrective measures. Bolivia's reported foreign
exchange reserves fell to US$6.6 billion in November 2019 (15% of
GDP) from US$8.9 billion at the end of 2018 and compared with US$15
billion in 2014 (45% of GDP).

Weaker exports in 2020 may be partly compensated for by weaker
imports as the economy decelerates, likely resulting in a trade
deficit of 1.6% of GDP (down from a projected 2.2% in 2019). The
CAD may decline marginally toward 5% of GDP in 2020. As a result,
S&P expects Bolivia's gross external financing needs (current
account payments and public- and private-sector external debt due
by remaining maturity) relative to current account receipts (CAR)
and usable foreign exchange reserves to rise toward 79% in 2019 and
average 91% in 2019-2021. Narrow net external debt (total external
debt, less official foreign-exchange reserves plus public- and
financial-sector liquid external assets) is estimated to be 16% of
CAR this year and grow to 32% by 2022. If the external profile
worsens beyond S&P's current expectations, it could lower the
rating.

Inflation is likely to be 3.4% in 2019, above the 2.3% observed in
2018 given recent price increases after domestic blockades sparked
by political unrest. In recent years, inflation has been anchored
by Bolivia's stable exchange rate. However, inflation could
increase more than S&P expects due to potential future supply
shocks or to any unexpected abrupt changes in the exchange rate.
The stable exchange rate versus the U.S. dollar since 2011 has
anchored inflation expectations and contributed to significantly
lower dollarization in the country. On the other hand, it
constrains monetary flexibility. Over the medium term, careful
steps toward greater exchange-rate flexibility could contain
external vulnerabilities, given persistent CADs and the decline in
foreign-exchange reserves.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Ratings Affirmed; Outlook Action  
                                     To           From
  Bolivia (Plurinational State of)
   Sovereign Credit Rating   BB-/Negative/B    BB-/Stable/B

  Ratings Affirmed  

  Bolivia (Plurinational State of)
   Transfer & Convertibility Assessment   BB-

  Bolivia (Plurinational State of)
   Senior Unsecured                       BB-




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JBS SA: Moody's Upgrades CFR to Ba2, Outlook Stable
---------------------------------------------------
Moody's Investors Service upgraded JBS S.A.'s corporate family
rating to Ba2 from Ba3 and the senior unsecured ratings of its
wholly-owned subsidiaries JBS USA Lux S.A. and JBS Investments II
GmbH to Ba2 from Ba3. The rating of the secured term loan under JBS
USA Lux S.A. was upgraded to Ba1 from Ba2. The outlook for all
ratings is stable.

Ratings actions:

Issuer: JBS S.A.

LT Corporate Family Ratings: upgraded to Ba2 from Ba3

Issuer: JBS Investments II GmbH

$1000 million GTD global notes due 2026: upgraded to Ba2 from Ba3

$750 million GTD global notes due 2028: upgraded to Ba2 from Ba3

Issuer: JBS USA Lux S.A.

$245mm GTD GLOBAL NOTES due 2021: upgraded to Ba2 from Ba3

$150mm GTD NOTES due 2024: upgraded to Ba2 from Ba3

$750mm GTD SR GLOBAL NOTES due 2024: upgraded to Ba2 from Ba3

$150mm GTD NOTES due 2025: upgraded to Ba2 from Ba3

$900mm GTD GLOBAL NOTES due 2025: upgraded to Ba2 from Ba3

$900mm GTD GLOBAL NOTES due 2028: upgraded to Ba2 from Ba3

$1000mm GTD GLOBAL NOTES due 2029: upgraded to Ba2 from Ba3

$400mm GTD NOTES due 2029: upgraded to Ba2 from Ba3

$1250mm GTD GLOBAL NOTES due 2030: upgraded to Ba2 from Ba3

$1900mm GTD SR SEC TERM LOAN due 2026: upgraded to Ba1 from Ba2

The outlook for all ratings is stable

RATINGS RATIONALE

The upgrade of JBS's ratings to Ba2 is supported by the reduction
in financial leverage and liquidity risk as a consequence of
stronger operating performance and successful liability management
initiatives between September 2018 and September 2019 that resulted
in the extension of debt maturities and reduced funding costs. In
addition, the company fully repaid the Normalization Agreement,
established in May 2018 for a total amount of BRL12.2 billion ($2.9
billion), and originally due in 2021. The full repayment of the
Normalization Agreement released about BRL7.8 billion in
collateral.

JBS's Ba2 ratings are supported by the strength of its global
operations as the world's largest protein producer and its
substantial diversification across protein segments, geographies
and markets. JBS' strategy to expand its global footprint into
value-added processed food segments has improved its business
profile and will lead to more stable and stronger operating margin
and cash flow over time. JBS's robust liquidity position also
support the ratings. The company has a cash balance of $1.9 billion
at the end of September 2019, plus $1.9 billion available under
committed credit facilities, and no significant debt maturities
until at least 2023.

Corporate governance concerns continue to weigh on the company's
credit profile, and the risks related to a series of judicial
processes, investigations and litigations, which can directly or
indirectly involve JBS and its shareholders. J&F signed a leniency
agreement that reduced JBS's exposure to any future liability,
however, the risk is not fully eliminated. JBS continues to be
controlled by the Batista family.

In May 2019, JBS implemented financial policies, including clear
targets for leverage, minimum cash levels and dividends. Those
policies support a more conservative financial management, moderate
leverage, and strong free cash flow generation. In addition, the
company has implemented several internal controls since 2018,
including policies and guidelines on product donations,
sponsorship, offering and/or receiving gifts, and conflict of
interest, among others. Overtime, these initiatives will provide
support in key risk areas of JBS's governance and risk oversight.

The ratings are also constrained by the inherent volatility in the
protein industry, which is subject to risk factors such as weather
conditions, diseases, supply imbalances and global trade variables,
and the company's history of aggressive growth via acquisitions,
impacting leverage.

The stable outlook reflects its expectation that JBS's operational
performance will remain strong, including in the beef segment,
which represents about 50% of the company's EBITDA (USA and Brazil
beef segments), as well as in processed and prepared foods segments
in the US, Brazil and its export business. The stable outlook also
reflects its expectation that strong cash flows from operations
will allow JBS to further reduce funding costs and leverage.

An upgrade would be subject to the overall earnings stability of
JBS, sustained conservative financial policies, and further
reduction of event risks related to litigations and investigations
directed to the company and controlling shareholders. An upward
rating movement would also require JBS to maintain a strong
liquidity position, low leverage and improve coverage metrics, with
leverage, measured by total debt/EBITDA, sustained below 2.5x and
interest coverage, measured by EBITA/interest expense, improving
towards 5x.

The ratings could be downgraded if the company's operating
performance weakens, its financial policy becomes more aggressive
or its liquidity deteriorates. A downgrade could be triggered by
events that can increase liquidity risk, including litigations and
M&A. Quantitatively, the ratings could be downgraded if total
debt/EBITDA stays above 3.5x, and cash flow from operations/debt
stays below 20% for a prolonged period. All credit metrics
incorporate its standard adjustments.

The principal methodology used in these ratings was Protein and
Agriculture published in May 2019.

Headquartered in Sao Paulo, Brazil, JBS S.A. is the world's largest
protein producer in terms of revenue, slaughter capacity and
production. The company is the leader in beef, chicken and leather,
and it is the second-largest pork producer in the US. The company
has a presence in over 190 countries, with large scale and
diversification.

For the 12 months ended September 2019, JBS reported consolidated
revenue of BRL194.7 billion ($50.3 billion), with an adjusted
EBITDA margin of 10.5%. JBS USA Beef, which represents the beef and
lamb operations in the US, Canada and Australia, is the company's
largest business segment, accounting for 43.1% of its total revenue
for the 12 months ended September 2019. Pilgrim's Pride Corporation
(Pilgrim's Pride, Ba3 stable), including Moy Park (UK poultry),
accounted for 21.8% of the total revenue, while the US pork
business contributed 11.6%. JBS S.A. Brasil (Beef Brazil)
represented 15.3% of the total revenue for the same period.
Brazil-based Seara S.A. (Seara), which comprises poultry, pork and
processed foods operations, was responsible for 9.9% of revenue.



=============
E C U A D O R
=============

ECUADOR: Egan-Jones Lowers Sr. Unsec. Debt Ratings to CCC+
----------------------------------------------------------
Egan-Jones Ratings Company, on December 12, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Republic of Ecuador to CCC+ from B-.

Ecuador is a country straddling the equator on South America's west
coast. Its diverse landscape encompasses Amazon jungle, Andean
highlands and the wildlife-rich Galapagos Islands. In the Andean
foothills at an elevation of 2,850m, Quito, the capital, is known
for its largely intact Spanish colonial center, with decorated
16th- and 17th-century palaces and religious sites, like the ornate
Compania de Jesus Church.




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

FONTANA PHARMACY: Profit Declines  w/ Opening of New Location
-------------------------------------------------------------
RJR News reports that expenses associated with the opening of its
Waterloo Square location resulted in a decline in profit at Fontana
Pharmacy for the quarter ended September 30.

Net profit amounted to $18.3 million down from $42.3 million in
2018, according to RJR News.

However, revenues were up 8.8 percent at $920.7 million, the report
notes.

Operating expenses increased by 21 percent due mainly to the
impending opening of the Waterloo Square location.

Additional expenses were incurred to recruit and train the new
team, for store set-up as well as increased marketing and
promotional activities ahead of the October opening, the report
relays.

Fontana said now that the Waterloo Square store has opened, it is
encouraged by the response from customers and is anticipating
healthy growth in revenues, the report relates.

JAMAICA: Opposition Chides Gov't After Growth Rate Revised Downward
-------------------------------------------------------------------
RJR News reports that the Government is being criticized by the
Parliamentary Opposition for the downward revision of the country's
economic growth rate.

In a statement, Opposition Spokesman on Finance, Mark Golding,
argued that growth has slowed, according to RJR News.

Latest data from the Planning Institute of Jamaica show that
economic growth was revised to 0.3% in the second quarter of the
fiscal year, the report notes.

Mr. Golding said the sharp drop should be of grave concern to
Jamaicans, the report says.

He said the economy is faltering at a time when Jamaica has exited
the IMF program and should be moving forward with confidence, 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: Gov't Says USMCA Labor Inspectors Not Part of Deal
----------------------------------------------------------
EFE News reports that Foreign Relations Secretary Marcelo Ebrard
said that the requirement for labor inspectors in the implementing
legislation introduced in the US Congress for the United
States-Mexico-Canada Agreement (USMCA) was not a major issue
because the Mexican government was the only entity that could
authorize them to perform their jobs.

"The attaches will not be able to go to any establishment in our
country because our regulations do not allow it, nor will they ever
be allowed to do so," Ebrard said during a press conference at the
National Palace, according to EFE News.



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

FERRELLGAS PARTNERS: James Schwartz Resigns as GP's Director
------------------------------------------------------------
James K. Schwartz resigned from the Board of Directors of
Ferrellgas, Inc., Ferrellgas Partners' general partner, in order to
address multiple personal matters and the impact upon his health
associated with a previous injury.  Upon Mr. Schwartz's departure,
the size of the Board was decreased to six members.

On Dec. 3, 2019, the Board appointed Pamela A. Breuckmann to serve
as a member of the Board's Audit Committee.  The Board determined
that Ms. Breuckmann is "independent" under the corporate governance
rules of the New York Stock Exchange and Rule 10A-3 promulgated
under the Securities Exchange Act of 1934, as amended.  The current
size of the Audit Committee is three members.

                       About Ferrellgas

Headquartered in Overland Park, Kansas, Ferrellgas Partners, L.P.,
through its operating partnership, Ferrellgas, L.P., and
subsidiaries, is a distributor of propane and related equipment and
supplies to customers in the United States.  The Company serves
residential, industrial/commercial, portable tank exchange,
agricultural, wholesale and other customers in all 50 states, the
District of Columbia and Puerto Rico.

Ferrellgas reported a net loss of $64.54 million for the year ended
July 31, 2019, a net loss of $256.82 million for the year ended
July 31, 2018, and a net loss of $54.50 million for the year ended
July 31, 2017.  As of Oct. 31, 2019, Ferrellgas had $1.44 billion
in total assets, $777.06 million in total current liabilities,
$1.73 billion in long-term debt, $88.77 million in operating lease
liabilities, $36.91 million in other liabilities, and a total
partners' deficit of $1.19 billion.

Grant Thornton LLP, in Kansas City, Missouri, the Company's auditor
since 2013, issued a "going concern" qualification in its report
dated Oct. 15, 2019, citing that the Partnership has $357 million
in unsecured notes due June 15, 2020 that are classified as current
in the consolidated financial statements and its current
liabilities exceeded its current assets by $667 million and its
total liabilities exceeded its total assets by $1,139 million.  The
Partnership's business plan contemplates restructuring or
refinancing its long-term arrangements and reducing outstanding
indebtedness.  The Partnership's ability to achieve the foregoing
elements of its business plan, which may be necessary to permit the
realization of assets and satisfaction of liabilities in the
ordinary course of business, is uncertain and raises substantial
doubt about its ability to continue as a going concern.

On July 23, 2019, Ferrellgas was notified by the New York Stock
Exchange, Inc., that it is no longer in compliance with the NYSE's
continued listing standards because the average closing price of
the Company's common units over a consecutive 30-day trading period
was less than $1.00 per unit.  The Company has a period of six
months following the receipt of notice to regain compliance. During
this time the Company's common units will continue to be listed and
trade on the NYSE.

                            *   *   *

As reported by the TCR on Oct. 22, 2019, S&P Global Ratings lowered
its issuer credit rating on Ferrellgas Partners L.P. to 'CCC-' from
'CCC'.  The downgrade is based on S&P's assessment that Ferrellgas'
capital structure is unsustainable given the upcoming maturity of
its $357 million notes due June 2020.

SKYTEC INC: Disclosure Statement Hearing Rescheduled
----------------------------------------------------
The hearing on approval of disclosure statement of Skytec Inc. was
rescheduled for December 18, 2019 at 10:00 AM at the United States
Bankruptcy Court, Southwestern Divisional Office, MCS Building,
Second Floor, 880 Tito Castro Avenue, Ponce, Puerto Rico.

Judge Edward A. Godoy of the U.S. Bankruptcy Court for the District
of Puerto Rico issued the order.

A full-text copy of the order is available at
https://tinyurl.com/tdsmcdy from PacerMonitor.com at no charge.

           About Skytec Inc.

Skytec, Inc., is a privately-held company based in Puerto Rico
that provides wireless telecommunication solutions. Skytec sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R.
Case No. 18-05288) on Sept. 12, 2018. In the petition signed by
Henry L. Barreda, president, the Debtor disclosed $2,119,734 in
assets and $5,848,090 in liabilities. Judge Enrique S. Lamoutte
Inclan oversees the case. The Debtor tapped Fuentes Law Offices,
LLC as its legal counsel.


                           *********


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

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

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

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

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

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


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