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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, February 6, 2020, Vol. 21, No. 27

                           Headlines



A R G E N T I N A

ARGENTINA: Fidelity Calls Bluff on Bond Payment and Wins Big


B R A Z I L

ODEBRECHT SA: Agrees to Extend Monitorship for Another Nine Months


C A Y M A N   I S L A N D S

CHINA FISHERY: Kirkland & Ellis Updates on Noteholders


E C U A D O R

ECUADOR DIVERSIFIED: Fitch Rates New Series 2020-1 Loans B+(EXP)


J A M A I C A

BANK OF JAMAICA: Fitch Alters Outlook on B+ IDR to Positive


M E X I C O

NEUROMETRIX INC: Has $3.8MM Net Loss for Year Ended Dec. 31, 2019


P E R U

CAMPOSOL SA: Fitch Assigns BB- Rating to $350MM Unsec. Notes

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Fidelity Calls Bluff on Bond Payment and Wins Big
------------------------------------------------------------
Scott Squires and Jorgelina Do Rosario at Bloomberg News report
that Fidelity Investments scored a victory over the province of
Buenos Aires by compelling officials there to make good on a $250
million payment they had threatened to withhold.

The Boston-based fund manager rejected the province's demands for a
three-month delay for the payment originally due in January, even
as officials said there was no way the cash-strapped province could
make good on its obligations, according to Bloomberg News.
Fidelity's outsize stake means it was effectively able to block the
proposal, and in the end, the province agreed to pay, Bloomberg
News relates.

It was a surprise win for creditors and an embarrassing defeat for
Buenos Aires Governor Axel Kicillof, who is reviled by investors
for the antagonism he showed in debt negotiations years ago during
his stint as the federal government's economy minister, Bloomberg
News says.  It also fueled speculation that investors will have the
upper hand when it comes time to negotiate with the sovereign as it
seeks to restructure billions of dollars of debt amid a severe
recession and a plunge in the peso's value, Bloomberg News notes.

"The message for bondholders is that they have enough leverage to
negotiate," said Joaquin Bagues, the head of strategy at Portfolio
Personal Inversiones in Buenos Aires, Bloomberg News says.

Buenos Aires, Argentina's largest province, had sought creditors'
consent to push back payments on the note maturing in 2021, which
would create time for negotiations to come up with a sustainable
plan while avoiding a potentially chaotic default, Bloomberg News
notes.  But officials could only get holders of about 50% of the
bonds to sign on to the deal, falling short of the 75% threshold
they needed to change the terms without causing a default,
Bloomberg News relays.

Fidelity is the largest investor in the bonds, holding more than
16% of the total outstanding as of the end of December, according
to data compiled by Bloomberg.  Kicillof called the stake a
"blocking position", lamenting Fidelity's "enormous intransigence"
during negotiations, Bloomberg News notes.

"We want to denounce and repudiate their attitude," Kicillof said,
seemingly showing some of the intemperance investors knew him for
in years past, Bloomberg News notes.  "That fund didn't have the
same constructive attitude, one of dialogue.  It made its own
offer, which was that it wanted to be paid everything but in
installments. That wasn't a viable solution for the province of
Buenos Aires, or for the restructuring process for the nation," he
added.

Bloomberg News relates that Buenos Aires province will use money
from its coffers to make the principal payment, Kicillof said.  The
province will then start the process of restructuring its
foreign-currency debt, alongside the national government's efforts,
Bloomberg News relays.

The move assuaged concerns that Buenos Aires will enter a
tumultuous default that could lead to drawn-out litigation,
Bloomberg News notes. Investors have been viewing Kicillof's
treatment of creditors as a first test as President Alberto
Fernandez formulates his own strategy for seeking debt relief from
both private bondholders and the International Monetary Fund,
Bloomberg News discloses.

"The province always sought to find a constructive solution in good
faith," Kicillof told reporters.

Investors are encouraged by Kicillof's about-face, seeing it as a
sign the province and Economy Minister Martin Guzman view a hard
default as the least-desirable outcome and will instead want a
negotiated settlement, according to Daniel Kerner, a managing
director for Latin America at the Eurasia Group, Bloomberg News
relays.

"The process could be messy, but ultimately it is clear that
neither Guzman nor Fernandez want a default," Kerner wrote in a
note. "If they have to sacrifice something, it will likely be debt
relief, even if they push aggressively at first," Bloomberg News
notes.

The province sparked a plunge in its bonds when it asked holders
last month to accept a delay in the payment, originally due Jan.
26, to May 1, Bloomberg News relays.  Buenos Aires had extended the
deadline on its proposal four times, and improved the terms of its
offer ahead of the deadline, Bloomberg News notes.  The grace
period for the bond payment, after which it would have been in
default, was set to expire Feb. 5, Bloomberg News says.

The province, home to about 40% of Argentina's population, faces
another $700 million in principal payments in June, according a
report published by Portfolio Personal Inversiones, Bloomberg News
notes.  The province has about $3 billion in maturities due this
year, Kicillof said, 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 current president 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.

Moody's credit rating for Argentina was last set at Caa2 from B2
with under review outlook. Moody's rating was issued on Aug. 30,
2019.  S&P Global Ratings, in December 2019, raised its foreign
currency sovereign credit ratings on Argentina to 'CC/C' from
'SD/D'.  S&P's outlook on the long-term sovereign credit ratings is
negative. Fitch Ratings, in December 2019, upgraded Argentina's
Long-Term Foreign-Currency Issuer Default Rating to 'CC' from 'RD',
and its Short-Term Foreign-Currency IDR to 'C' from 'RD'.  DBRS,
Inc. meanwhile downgraded Argentina's Long-Term and Short-Term
Foreign Currency - Issuer Ratings to Selective Default (SD), from
CC and R-5, respectively, also in December 2019.




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B R A Z I L
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ODEBRECHT SA: Agrees to Extend Monitorship for Another Nine Months
------------------------------------------------------------------
Mengqi Sun at The Wall Street Journal reports that Brazilian
construction giant Odebrecht SA has agreed to extend the
monitorship and other terms of its plea agreement with the U.S.
Justice Department for almost nine months, according to court
filings.

Odebrecht pleaded guilty in 2016 to a criminal charge of allegedly
conspiring to violate U.S. foreign bribery laws and entered into a
plea agreement with the DOJ, according to The Wall Street Journal.
The company allegedly paid hundreds of millions of dollars in
bribes to public officials in Brazil and abroad to win lucrative
infrastructure contracts between 2001 and 2016, according to the
plea agreement, the report notes.

As part of the plea deal, Odebrecht agreed to retain an independent
compliance monitor for three years and adopt and implement a
compliance and ethics program, the report relays.  The monitorship
was originally set to expire on Feb. 20, the report notes.

In a letter to the Brazilian company's general counsel last month,
U.S. prosecutors said the company had failed to fulfill obligations
under the plea agreement, the report discloses.  Prosecutors said
the company failed to adopt recommendations made by the monitor and
failed to implement a compliance and ethics program designed to
prevent and detect violations of certain anticorruption laws, the
report says.

The company now has until Nov. 16 to fulfill obligations under the
extended plea agreement, prosecutors said, the report relays.

Odebrecht said in a statement that the temporary suspension and
extension of the monitorship was "due to financial issues with the
monitors" as a result of the company's reorganization, the report
notes.  Odebrecht filed for bankruptcy in Brazil in June and filed
for chapter 15 bankruptcy in New York in August, the report
relays.

The company said pending financial issues with the monitors are "in
an advanced process" of being solved and that it continues to
implement recommendations made to the company, the report notes.

"At no time did Odebrecht fail its commitment to comply with the
recommendations arising from its leniency agreement," the statement
said, the report discloses.  "Besides the financial pending issues,
Odebrecht has been demonstrating that the company has already
changed its internal processes and its attitudes, always in search
of high standards in ethics, integrity and transparency," the
report says.

Under the agreement, the company could face potential prosecution
if it is found in breach of the plea deal, the report adds.

                           About Odebrecht SA

Odebrecht S.A. -- www.odebrecht.com -- is a Brazilian conglomerate
consisting of diversified businesses in the fields of engineering,
construction, chemicals and petrochemicals.  Odebrecht S.A. is a
holding company for Construtora Norberto Odebrecht S.A., the
biggest engineering and contracting company in Latin America, and
Braskem S.A., the largest petrochemicals producer in Latin America
and one of Brazil's five largest private-sector manufacturing
companies. Odebrecht controls Braskem, which by revenue is the
fourth largest petrochemical company in the Americas.

On June 17, 2019, Odebrecht filed for bankruptcy protection, aiming
to restructure BRL51 billion (US$13 billion) of debt.

The bankruptcy filing comes after years of struggles for Odebrecht,
the biggest of the Brazilian engineering groups caught in a
sweeping political corruption investigation that has rippled across
Latin America, Reuters relayed, as reported by The Troubled Company
Reporter - Latin America.

On August 28, 2019, the Troubled Company Reporter - Latin America,
citing The Wall Street Journal, reported that Odebrecht and its
affiliates filed for chapter 15 bankruptcy, seeking U.S.
recognition of the largest-ever bankruptcy in Latin America.
Odebrecht SA and several of its affiliates has filed for bankruptcy
protection in the U.S. Bankruptcy Court for the Southern District
of New York on Aug. 26.  The case is assigned to Hon. Stuart M.
Bernstein.




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C A Y M A N   I S L A N D S
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CHINA FISHERY: Kirkland & Ellis Updates on Noteholders
------------------------------------------------------
In the Chapter 11 cases of China Fishery Group Limited (Cayman), et
al., the law firm of Kirkland & Ellis LLP submitted an amended
verified statement under Rule 2019 of the Federal Rules of
Bankruptcy Procedure, to disclose an updated list of Ad Hoc Group
that it is representing.

K&E's representation of certain entities that hold, or that act as
investment manager of or advisor to certain funds, controlled
accounts, and/or other entities that hold or are beneficial owners
of the 9.75% Senior Notes Due 2019, the Club Loan Facility
obligations that matured as of 2018, and claims arising under that
certain $35 million facility letter dated August 26, 2014 among
Bank of America, N.A., China Fisheries International Limited
(Samoa), and South Pacific Shipping Agency Limited (BVI).  K&E
previously represented certain entities in their capacities as
holders of the Senior Notes.

K&E represents only the Ad Hoc Group, and does not represent or
purport to represent any entity other than the Ad Hoc Group, in
connection with the Debtors' chapter 11 cases. In addition, the Ad
Hoc Group does not represent or purport to represent any other
entity in connection with the Debtors' chapter 11 cases at this
time.

As of Feb. 3, 2020, the Committee Members and their disclosable
economic interests are:

Burlington Loan Management DAC
Pinnacle 2
Eastpoint Business Park Dublin 3
Ireland

* $65,571,000 principal amount of Senior Notes
* $53,250,000 principal amount of Club Loans

Cowell & Lee Asia Credit Opportunities Fund
15-01 Ruttonjee House
11 Duddell Street
Central Hong Kong
People's Republic of China

* $47,282,000 principal amount of Senior Notes

Monarch Alternative Capital LP
50-52 Welbeck Street
1st Floor
London, United Kingdom
W1G 9HL

* $32,101,000 principal amount of Senior Notes
* $115,629,369 principal amount of Club Loans
* $30,998,083.56 of CF Facility Claims

VCFG, LLC
3600 West 80th Street Suite 225
Minneapolis, MN 55431

* $80,000,000 principal amount of Club Loans

SC Lowy Primary Investments, Ltd.
8 Queens Road Central 17th Floor
Hong Kong
People's Republic of China

* $9,874,000 principal amount of Senior Notes
* $18,500,000 principal amount of Club Loans

Arkkan Capital Management Limited
8 Queens Road Central 23rd Floor
Hong Kong
People's Republic of China

* $7,000,000 principal amount of Senior Notes
* $12,000,000 principal amount of Club Loans

Deutsche Bank, London Branch
c/o: Deutsche Bank AG
Hong Kong Branch
61/F, International Commerce Centre
1 Austin Road West
Kowloon, Hong Kong

* $185,000 principal amount of Senior Notes
* $18,173,076.63 principal amount of Club Loans

Counsel to the Ad Hoc Group can be reached at:

         KIRKLAND & ELLIS LLP
         KIRKLAND & ELLIS INTERNATIONAL LLP
         Patrick J. Nash, Jr., P.C., Esq.
         Gregory F. Pesce, Esq.
         Heidi M. Hockberger, Esq.
         300 North LaSalle
         Chicago, IL 60654
         Telephone: (312) 862-2000
         Facsimile: (312) 862-2200

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/7Puvhs

                    About China Fishery Group

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11895) on June 30, 2016.

In the petition signed by CEO Ng Puay Yee, China Fishery Group was
estimated to have  assets at $500 million to $1 billion and debt at
$10 million to $50 million.

The cases are assigned to Judge James L. Garrity Jr.

Weil, Gotshal & Manges LLP has been tapped to serve as lead
bankruptcy counsel for China Fishery and its affiliates other than
CFG Peru Investments Pte. Limited (Singapore).  Weil Gotshal
replaces Meyer, Suozzi, English & Klein, P.C., the law firm
initially hired by the Debtors.  The Debtors have also tapped
Klestadt Winters Jureller Southard & Stevens, LLP, as conflict
counsel; Goldin Associates, LLC, as financial advisor; RSR
Consulting LLC as restructuring consultant; and Epiq Bankruptcy
Solutions, LLC, as administrative agent.  Kwok Yih & Chan serves as
special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as Chapter 11
trustee for CFG Peru Investments Pte. Limited (Singapore), one of
the Debtors.  Skadden, Arps, Slate, Meagher & Flom LLP serves as
the trustee's bankruptcy counsel; Hogan Lovells US LLP serves as
special counsel; and Quinn Emanuel Urquhart & Sullivan, LLP, serves
as special litigation counsel.




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

ECUADOR DIVERSIFIED: Fitch Rates New Series 2020-1 Loans B+(EXP)
----------------------------------------------------------------
Fitch Ratings assigned a 'B+(EXP)' issue-specific expected rating
to the $200 million proposed series 2020-1 loans to be originated
by Ecuador Diversified Payment Rights. The Rating Outlook is
Stable.

TRANSACTION SUMMARY

The future flow program is backed by U.S.-dollar denominated,
existing and future DPRs originated in the U.S. (AAA/Stable) by
Banco del Pacifico S.A. (BdP) of Ecuador. The majority of DPRs
(99.9% in 2019) are processed by designated depository banks (DDBs)
that have executed account agreements. Fitch's rating addresses
timely payment of interest and principal on a quarterly basis.

KEY RATING DRIVERS

Originator Credit Quality: The rating of this future flow
transaction is tied to the credit quality of the originator, BdP.
The company's Issuer Default Rating (IDR) is highly influenced by
its operating environment. Ecuador's IDR was affirmed on Aug. 21,
2019 at 'B+', and the Rating Outlook was revised to Stable from
Negative.

Going Concern Assessment: Fitch uses a going concern assessment
(GCA) score to gauge the likelihood that the originator of a future
flow transaction will stay in operation through the transaction's
life. Fitch assigns a GCA score of 'GC1' to BdP based on the bank's
systemic importance and state-owned shareholder. The score allows
for a maximum of six notches above the Local Currency (LC) IDR of
the originator; however, additional factors limit the maximum
uplift.

Notching Uplift from LC IDR: The 'GC1' score allows for a maximum
six-notch rating uplift from the bank's IDR, pursuant to Fitch's
future flow methodology. However, uplift is tempered to two notches
from BdP's IDR due to factors mentioned, including Ecuador's lack
of last resort lender, large beneficiary concentration and high
future flow debt relative to total funding.

Relatively High Future Flow Debt: Total future flow debt including
the proposed issuance is expected to represent approximately 7.0%
of BdP's total funding and 42.2% of non-deposit funding utilizing
financials as of September 2019. Fitch considers the ratio of
future flow debt to overall non-deposit funding to be relatively
high and will not allow the financial future flow ratings up to the
maximum uplift indicated by the GCA score.

Volatility of Future Receivables: BdP processed an average of
approximately $1.54 billion in DPR flows in 2018 and 2019, up from
$1.2 billion in 2017. While flows between 2018 and 2019 remained
nearly flat, the increase from 2017 is mainly related to large
non-recurring capital flows. Fitch believes these flows should not
be relied upon as they are not continuous flows over the course of
business, such as those related to exports. Fitch excluded certain
government related and non-recurring DPR flows from its cash flow
analysis and base case assumption. Historical volatility of the DPR
flows limits the notching differential of the transaction.

Moderate Debt Service Coverage: Fitch expects the pro forma
unadjusted quarterly minimum debt service coverage ratio (DSCR) to
be approximately 20x. Fitch's adjusted base case DSCR is 16.7x the
maximum quarterly debt service for the life of the program when
considering Fitch's 'B+' interest rate stress, rolling quarterly
DDB collections from January 2015 to December 2019 and the
exclusion of certain nonrecurring and government-related DPR flows.
The calculated expected quarterly DSCR is commensurate with the
assigned expected rating. Fitch tested the sustainability of debt
service coverage and believes the transaction can withstand some
stress, including the loss of key beneficiaries and would continue
to support the assigned rating level.

No Lender of Last Resort: Ecuador is a dollarized economy without a
true lender of last resort. While certain mechanisms are in place
to help fend off a banking system crisis, this limits the notching
differential of the transaction.

Reduced Redirection/Diversion Risk: The structure mitigates certain
sovereign risks by collecting cash flows offshore until collection
of the periodic debt service amount, allowing the transaction to be
rated over the sovereign country ceiling. Fitch believes payment
diversion risk is partially mitigated by the account agreements
(AAs) signed by the three correspondent banks processing the vast
majority of USD DPR flows originating in the U.S.

RATING SENSITIVITIES

The credit strength of the transaction is linked to the performance
and credit quality of Banco del Pacifico S.A. The ratings are
sensitive to changes to the bank's LC IDR; the ability of the DPR
business line to continue operating, as reflected by the GCA score;
and changes in the sovereign environment and ratings assigned to
the Ecuadorian sovereign. Additionally, a change in Fitch's view of
the bank's GCA score can lead to a change in the transaction's
rating. Any changes in these variables will be analyzed in a rating
committee to assess the possible impact on the transaction
ratings.

Additionally, although coverage ratios are a key input to the
ratings assigned to the new issuance, the pro forma quarterly
minimum DSCR is estimated to be 16.7x and, therefore, should be
able to withstand some decline in cash flows in the absence of
additional issuances.




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J A M A I C A
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BANK OF JAMAICA: Fitch Alters Outlook on B+ IDR to Positive
-----------------------------------------------------------
Fitch Ratings has affirmed National Commercial Bank of Jamaica
Limited's Long-Term Foreign and Local Currency Issuer Default
Ratings at 'B+'. The Rating Outlooks were revised to Positive from
Stable.

The Positive Rating Outlook on NCBJ's IDRs reflects the recent
revision of the sovereign Rating Outlook to Positive, as the bank's
ratings are directly tied to the operating environment constraining
the IDRs given the bank's systemic importance in the country as the
largest bank by total assets and deposits. Fitch believes expected
improvements on the operating environment could benefit the bank's
financial profile.

KEY RATING DRIVERS

IDRs AND VR

NCBJ's IDRs are driven by its Viability Rating (VR) or standalone
creditworthiness, which is highly influenced by Jamaica's operating
environment and the bank's company profile. Fitch considers the
bank's intrinsic exposure to the Jamaican economy is high through
its investment exposure to the Bank of Jamaica and Government of
Jamaica treasury notes. NCBJ is the largest bank in Jamaica, with a
consolidated market share by assets and loans of 38% and deposits
of 32% at September 2019. It enjoys leadership in all major sectors
through its diverse corporate and retail banking as well.

NCBJ's capitalization continues to be supported by sound
profitability, earnings retention and moderate asset growth of
6.89% at September 2019. The bank's capital ratio of Tangible
Common Equity to Tangible Assets improved in 2019 to 16.09% from
14.69% in 2018 from improvements in capital reserves as well as
retained earnings. The banks regulatory ratio stabilized at 12.88%
at fiscal 2019 close to the regulatory requirement of 12.50%;
however, the company has been able to make regular transfers from
its retained earnings account (not considered within the regulatory
capital) in order to sustain the metric above the minimum, which is
expected to continue.

NCBJ's impaired loans to gross loans have been at reasonable levels
for its rating category over the past three years. Impaired loans
to gross loans stood at 2.46% fiscal 2019 an improvement from the
3.15% average for 2015-2018. No significant concentration is
observed as top 20 exposures made up 57% of FCC at fiscal 2019, an
improvement over fiscal 2018 (+70% FCC). Reserve coverage was 122%
of impaired loans when taking into account non-distributable
reserves in capital at 2019 and an improvement from 2018. As the
bank grows its loan book, NCBJ's impairments are expected to remain
within the bounds for its rating category. Asset quality evaluation
is also heavily influenced by the bank's relatively high exposure
to the sovereign through its investment portfolio (30% of the total
assets).

NCBJ continues to report strong profitability higher than its
immediate peers. NCBJ's Operating Profit to Average Total Assets of
3.05% in fiscal 2019 although declined modestly over fiscal 2018,
continues to outperform its immediate peer average. The bank will
continue to focus on improving efficiencies. Net Income continued
to benefit from gains in securities portfolio, net fees and
commissions as well as gains in its insurance business. Fitch
expects profitability will continue to remain commensurate with the
bank's current rating.

NCBJ loans to customer deposits was at a solid 87.58% in fiscal
2019 an increase from 80.41% in fiscal 2018. This increase was
partly due to the bank's strategy to resort to other sources of
funding as customer deposits at the system level where observed to
grow at a slower pace than loan growth in fiscal 2019. Total
customer deposits represented 57% of the bank's total funding at
fiscal 2019 while its top 20 depositors made up 27% of total
funding at the same period. However, liquidity is relatively
constrained by the entity's high exposure to speculative-grade
issuances as they could become less liquid in a stress scenario.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating Floor of 'B+' is equalized with the sovereign
rating, reflecting NCBJ's systemic importance. Despite the
government's record of extraordinary support to the banking system
during prior crises, NCBJ's Support Rating of '4' reflects
uncertainties about the sovereign's capacity to provide future
support in light of its high level of indebtedness.

RATING SENSITIVITIES

IDRs AND VR

Fitch believes that NCBJ's IDRs and VR would follow any further
upgrades to the sovereign's ratings due to the bank's relatively
sound business and financial profile.

SUPPORT RATING AND SUPPORT RATING FLOOR

Fitch views the sovereign's propensity to provide timely support to
NCBJ as high due to the bank's systemic importance, but the SR has
limited upside potential due to the weakness of the government's
creditworthiness. NCBJ's Support Rating Floor would be affected by
a change in Jamaica's sovereign rating due to its systemic
importance.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's analysis is at the consolidated level. As NCBJ does not
calculate consolidated risk weighted assets, Fitch estimates this
figure by referring to the proportion of unconsolidated risk
weighted assets to total unconsolidated assets and multiplying this
ratio to consolidated assets.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

NCB Financial Group Limited Ratings are Driven by National
Commercial Bank of Jamaica Limited Ratings.

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.




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

NEUROMETRIX INC: Has $3.8MM Net Loss for Year Ended Dec. 31, 2019
-----------------------------------------------------------------
NeuroMetrix, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net loss
applicable to common stockholders of $3,773,014 on $9,272,522 of
revenues for the year ended Dec. 31, 2019, compared to a net income
applicable to common stockholders of $23,605 on $16,090,138 of
revenues for the year ended in 2018.

The audit report of Moody, Famiglietti, & Andronico, LLP, states
that the Company has suffered recurring losses from operations,
negative cash flows from operating activities and has an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $6,893,686, total liabilities of $4,363,452, and stockholders'
equity of $2,530,234.

A copy of the Form 10-K is available at:

                       https://is.gd/MHDoy7

NeuroMetrix, Inc., a healthcare company, develops and markets
products for the detection, diagnosis, and monitoring of peripheral
nerve and spinal cord disorders.  The Company develops wearable
neuro-stimulation therapeutic devices and point-of-care neuropathy
diagnostic tests to address chronic health conditions, including
chronic pain, sleep disorders, and diabetes.  It operates in the
United States, Europe, Japan, China, the Middle East, and Mexico.
The Company has a strategic collaboration with GlaxoSmithKline.
NeuroMetrix, Inc. was founded in 1996 and is headquartered in
Waltham, Massachusetts.




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P E R U
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CAMPOSOL SA: Fitch Assigns BB- Rating to $350MM Unsec. Notes
------------------------------------------------------------
Fitch Ratings assigned a final rating of 'BB-' to Camposol S.A's.
USD350 million, seven-year senior unsecured notes, and guaranteed
by Csol Holding Ltd. Proceeds from the notes will be used to
refinance existing debt.

The assignment of the final rating follows the receipt of documents
conforming to information already received. The final rating is the
same as the expected rating assigned to the senior unsecured notes
on Jan.17, 2020.

KEY RATING DRIVERS

Leading Position in Peru: Camposol is a vertically integrated
producer of food products such as avocados, blueberries,
tangerines, mangoes, grapes. The company controls the entire value
chain, from research and product development, growing fields,
processing facilities, and sales and distribution channels.
Camposol benefits from the worldwide trend of consuming healthier
and more convenient products. The company's most profitable
products are blueberries and avocados. Direct to retail sales
represented 43% of revenues for the LTM ending Sept. 30, 2019.
North America is the company's most important market, accounting
for 59% of revenues, while Europe and Asia account for 29% and 10%,
respectively.

Adequate Leverage: Fitch expects the company's net leverage to be
in the 2.0x-2.5x range during 2020, which is a decline from 3.2x in
2019. Camposol's EBITDA is projected to fall to USD120 million in
2019 from USD153 million in 2018. For 2020, Fitch projects that the
company's EBITDA will climb to about USD170 million. Growth during
2020 is due to higher planted hectares and the recovery of avocado
yields, as about 60% of the fields are in the high-yield phase.
Camposol's strong 2018 performance was due to higher volumes of
blueberries, as well as secondary products like grapes, mangoes and
tangerines. Performance in 2019 was hindered by lower avocado
production due to lower yields as avocados are subject to an
alternate bearing cycle, which was intensified by high production
in previous years, and a delay in blueberry harvesting.

High Investment: Fitch expects Camposol to generate low FCF after
dividends and interest payments due to the acquisition of land and
investments in fields for blueberries, avocados and other crops
such as tangerines in the future. Fitch expects Camposol to invest
heavily over the next two years due to the group's expansion plan
outside of Peru. The company's expansion into Colombian avocado
production will allow it to supply the U.S. and other Northern
Hemisphere markets during periods when output is low in Peru.
Operating profit contribution from new crops and overseas
operations will be limited over the next two years, as planted
crops need time to reach maturity.

IPO and Shareholder Support: Camposol may contemplate an IPO in the
mid-term, depending upon market conditions. Fitch would view the
IPO positively, as it is intended to accelerate the company's
expansion by using equity and allows the company to diversify its
sources of funding as well as corporate governance.

Exposure to Price and Climatic Risks: Camposol is exposed to price
and production yield fluctuation, and external factors such as the
El Nino or La Nina weather phenomena, which could damage cause
logistical issues. In the last five years, the company has faced
several El Nino phenomena, but the negative impact has been limited
due to the location of the plantations, far from the mountains,
which mitigate normal agricultural risks (heavy rains, frost, heat
waves, hail) as well as possibilities of landslides. Fitch views
positively the investments in a new plantation outside Peru as it
will ultimately reduce production risk.

DERIVATION SUMMARY

Camposol's rating reflects the company's medium-sized operational
scale. Camposol displays a business profile that is unique in
Fitch's commodity rated portfolio due to the nature of products
sold (avocados, blueberries and others); other peers are mainly in
the sugar and ethanol segments such as Jalles Machado (BB-) or
Corporacion Azucarera del Peru (B). Camposol operates in a
high-risk commodity industry where performance is subject to
external shocks such as climatic events, plant disease, natural
disasters and potential supply and demand imbalances creating yield
and price volatility of its products.

Camposol S.A. ratings are linked to Csol Holding ltd due to the
strong legal, operational and strategic linkage. Camposol S.A. is
the main operating subsidiary of Csol holding Ltd, and the senior
unsecured bonds issued by Camposol S.A. are guaranteed by Csol
holding Ltd. Both entities share the same executive team.

KEY ASSUMPTIONS

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

  -- EBITDA of about USD120 million in 2019;

  -- Refinancing of the existing debt by the new unsecured bond
issuance;

  -- Net debt/EBITDA trending toward 2.5x by 2020.

RATING SENSITIVITIES

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

  -- Improved geographical diversification of the production base;

  -- Net leverage below 2.0x on a sustained basis;

  -- IPO of the company and debt repayment;

  -- Strong positive FCF.

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

  -- Net leverage above 3.0x on a sustained basis;

  -- EBITDA interest expense coverage below 2.0x;

  -- Failure to refinance the secured debt with the existing bond;

  -- Weak liquidity.

LIQUIDITY

Adequate Liquidity: Camposol's liquidity is adequate due to its
cash on hand and good access to local banks to finance working
capital requirements. The company's debt is mainly composed of
working capital lines with secured banks lines that the company
intends to refinance with the launch of the new unsecured bond. The
upcoming debt refinancing will enhance the group's financial
flexibility due to the release of collaterals.

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. Camposol has an ESG Relevance Score of 4 on governance
for ownership concentration due to the Dyer Coriat family's control
over the company.

FULL LIST OF RATING ACTIONS

Fitch Assigns Final Rating to the Following:

Camposol S.A.

  - Senior unsecured bond 'BB-'.

Fitch currently rates the following:

Csol Holding Ltd

  -- Long-Term Foreign-Currency IDR 'BB-';

  -- Long-Term Local-Currency IDR 'BB-'.

Camposol S.A.

  -- Long-Term Foreign-Currency IDR 'BB-';

  -- Long-Term Local-Currency IDR 'BB-';

The Rating Outlook is Stable.



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

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