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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, March 5, 2020, Vol. 21, No. 47

                           Headlines



A R G E N T I N A

ARGENTINA: Investors Fear IMF Deal Will Let Country Off the Hook
PAMPA ENERGIA: S&P Affirms 'B-' Rating Amid Regulatory Changes


B R A Z I L

RIO OIL: Fitch Affirms BB- Rating on Class 2014-1/2018 Notes


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Botched Elections Harms the Economy
DOMINICAN REPUBLIC: Coronavirus Tentacles Reach Wide Sectors


J A M A I C A

DIGICEL GROUP: To Share Network With Rival to Reboot Cash Levels
JAMAICA: Renews Call for Roll Back of GCT Amid Coronavirus Fallout


M E X I C O

G.D.S. EXPRESS: Seek to Hire Alex Lyon & Son as Auctioneer


P U E R T O   R I C O

RELIANCE MANUFACTURING: Plan Outline Approved, May 13 Hearing Set
TAMARA HOME CARE: Disclosures Conditionally OK'd, March 25 Hrg. Set

                           - - - - -


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A R G E N T I N A
=================

ARGENTINA: Investors Fear IMF Deal Will Let Country Off the Hook
----------------------------------------------------------------
Globalinsolvency.com, citing Reuters, reports that a new program
being discussed by Argentina and its biggest lender, the
International Monetary Fund, could set up private bondholders for
heavy losses without requiring the spending cuts needed to make the
country solvent, investors say.

Argentina and the IMF disclosed last month they would start Article
IV consultations - allowing the Fund to inspect Argentina’s
accounts - as a stepping stone to a possible new program that would
replace a defunct $57 billion loan agreement struck by the previous
government in 2018, according to Globalinsolvency.com.

An IMF technical team is due in Buenos Aires to meet with economy
ministry officials and review the left-leaning government’s
economic plans, the report notes.  The negotiations with the Fund
are part of a broader restructuring of about $100 billion in debt
that Argentina’s government says it cannot pay unless given time
to revive stalled economic growth, the report relays.

                        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.


PAMPA ENERGIA: S&P Affirms 'B-' Rating Amid Regulatory Changes
--------------------------------------------------------------
On March 3, 2020, S&P Global Ratings affirmed its 'B-' ratings on
Pampa Energia S.A. (Pampa), CAPEX S.A., YPF Energia Electrica S.A.
(YPF Luz), and AES Argentina Generacion S.A (AAG). The 'B-'
transfer and convertibility (T&C) assessment on Argentina caps all
these ratings.

S&P also kept the stand-alone credit profile (SACP) on Pampa
('b+'), CAPEX ('b+'), YPF Luz ('b'), and AAG ('b') unchanged.

On Feb. 26, 2020, the Secretariat of Energy published Resolution
31/2020 for base-energy rates for thermal- and hydropower-based
generators. The new regulation is for those power generators that
don't have contracts in any modalities.

The compensation for base energy under the new resolution is
denominated in pesos for all of its components including payments
for monthly available power, generated energy, operated energy, and
by energy produced in hours of maximum thermal and hydro
requirement. The new resolution replaces Resolution 01/2019 that
had the dollar-denominated rates. Rates under then new resolution
were set retroactively starting on Jan. 31, 2020, and the amount to
collect for each power generator will depend on: the generator's
size in terms of its installed capacity in megawatts (MW); and the
type of energy output (thermal or hydro). The rates will be
adjusted on a monthly basis according to an inflation formula that
incorporates Argentina's Consumer Price Index (PCI) and Internal
Wholesale Price Index (IPIM).

S&P said, "We cap our ratings on these companies at the T&C
assessment, because we don't believe they would be able to continue
honoring their foreign-currency obligations under potential
restrictions on access to foreign currency and/or restrictions on
the ability to transfer money abroad. The T&C assessment reflects
our perception of the risk of the sovereign interfering with the
ability of domestic companies to access, convert, and transfer
money abroad, which is essential to service their financial
obligations, many of which are denominated in foreign currency,
particularly the U.S. dollar. Below, we explain the impact of the
recent regulatory changes on each of the four power generation
companies that we rate."

Although the SACP on Pampa remains unchanged at 'b+', the new
resolution, coupled with emergency law 27.541 that was approved on
Dec. 21, 2019, will weaken the company's credit metrics and overall
financial risk profile. Emergency law, as discussed in our recent
article, "Argentine Utility Edenor Downgraded To 'CCC+' From 'B-'
On Law Freezing Electricity Rates, Outlook Remains Negative", froze
rates until at least June 2020, further pressuring Empresa
Distribuidora Y Comercializadora del Norte S.A.'s (Edenor)
operating cash flows and increasing uncertainties over upcoming
rate adjustments. (Pampa is Edenor's main shareholder.) We now
expect gross debt to EBITDA of 3.0x–3.5x and free operating cash
flow to debt of about 5% for 2020 and 2021, compared with our
forecast of about 2.5x and 10%, respectively. S&P's updated
base-case scenario assumes generation revenue exposure of 35% to
base energy.S&P also considers a weaker dividend stream from the
main subsidiaries, Transportadora de Gas del Sur S.A. (TGS) and
Compania de Transporte de Energia Electrica en Alta Tension
TRANSENER S.A. (both rated at B-/Negative/--) given Argentina's
currently fragile macroeconomic conditions and its volatile
regulatory framework for the electricity sector. On the bright
side, Pampa continues to benefit from adequate liquidity with more
than $500 million in cash and equivalents, and no meaningful debt
amortization until 2023.

If the leverage metric rises above 4.0x in the next 12 months, S&P
could revise downwards the SACP. S&P could also revise it if
regulatory conditions worsen, such as the inflation adjustments
below real inflation or a re-negotiation of contracts with Compania
Administradora del Mercado Mayorista Electrico (CAMMESA; the
electricity market clearing house) that could jeopardize cash
predictability.

CAPEX's EBITDA from its oil and gas (O&G) dollar-linked operations
accounts for 60% of total EBITDA, while the remainder comes from
the power generation business. The O&G unit and a conservative
debt, which consists only of an existing bullet bond of $300
million due 2024, allows the company to maintain healthy and robust
credit metrics amid the currently volatile conditions in the
domestic power industry.

S&P said, "Therefore, we trimmed our forecast for annual EBITDA to
$115 million - $140 million and EBITDA margin to 50%-55% for the
next two years from our previous expectations of $135 million -
$150 million and 55%, respectively. Meanwhile, we forecast similar
leverage metrics, with debt to EBITDA and funds from operations
(FFO) to debt remaining at conservative levels, at less than 3x and
30%-40%, respectively.

"We could revise downward CAPEX's SACP if the regulatory framework
for the power industry further erodes due to more regulations of
discretionary nature or if, for instance, inflation adjustments
don't follow the real inflation rate."

The new regulations will affect only about 20% of YPF Luz's power
generation. The company sells the other 80% of its output under
long-term contracts with CAMMESA and other domestic clients, which
provide certain stability and predictability to cash flows. In
turn, this mitigates the currency mismatch between the
peso-denominated rates and its dollar-denominated debt. In
addition, YPF Luz continues developing its considerable investment
plan that consists of increasing the installed capacity to up to
about 2,456 MW by the end of this year from the current 1,819 MW.

YPF Luz posted robust profitability in the past three years. S&P
expects the company to continue doing so, with EBITDA margins in
the 65%-70% range, mainly due to the likely availability of its
plants at about 60% and the entrance of operations of the assets
under construction.

S&P said, "As a result, we expect YPF Luz to improve its cash flows
as it increases its capacity in the next few years amid the current
rate framework. We expect the company to post EBITDA of $250
million - $270 million in 2020 and $300 million - $320 million in
2021, compared with our previous expectations of close to $300
million per year. We expect the company's debt to EBITDA to remain
high in 2020, at about 4.5x, given the financing of the
investments, but to decrease to 4.0x-4.5x in 2021, similar to our
previous expectations.

"If the leverage metric rises to about 5.5x in the next 18 months,
we could revise downwards the SACP. We could also revise it if
regulatory conditions worsen, such as the inflation adjustments
below real inflation or a re-negotiation of contracts with CAMMESA
that could jeopardize cash predictability."

The company has an installed capacity of 2,785 MW in Argentina,
consisting of 1,207 MW at four hydroelectric plants (43% of
installed capacity) and 1,578 MW at three thermal plants (the
remaining 57%). AAG sells its output through base-energy
regulations, and as a result, the new regulations will hit the
company's operations. However, AAG is developing 200 MW in wind
energy that will enter operations in 2020, which will be sold
through the signed long-term, dollar-denominated contracts with
Cammesa and other domestic clients. S&P now expects a lower EBITDA,
$100 million, for the current year and $120 million - $130 million
in 2021, compared with its previous expectations of $110 million -
$120 million and $120 million - $140 million for both years,
respectively.

S&P said, "In addition, we expect AAG to continue to collect the
dollar-denominated funds from the FONINVEMEM (the acronym in
Spanish for the "Fund For Necessary Investments That Allows
Increase The Offer Of Electric Energy In The Wholesale Electric")
of about $60 million per year. Although those funds are not part of
EBITDA, in our view, they're key to mitigate the currency mismatch
risks, particularly because AAG faces dollar- denominated interest
payments of up to $40 million per year (including the interest on
the existing bond and the loan from Overseas Private Investment
Corporation).

"We expect the company to take out a $238 million loan from the
Overseas Private Investment Corporation, which could raise debt to
EBITDA above 5.0x in 2020, but it should decrease to 4.5x-5.0x in
2021.

"In our view, we could revise downward AAG's SACP if its leverage
metric raises above 5.5x in the next 18 months or if the energy
regulatory framework erodes for the reasons we mentioned above. We
could also revise downward the SACP if the funds from the
FONINVEMEM diminish or if they're switched to pesos from dollars."




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B R A Z I L
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RIO OIL: Fitch Affirms BB- Rating on Class 2014-1/2018 Notes
------------------------------------------------------------
Fitch Ratings has affirmed the long-term rating of the series 2014
notes and 2018-1 notes issued by Rio Oil Finance Trust at 'BB-'.
Additionally, Fitch has upgraded series 2014-2 special indebtedness
interests' national scale rating to 'AA(bra)' from 'AA-(bra)'. The
Rating Outlook on the notes is Stable.

The upgrade of the series 2014-2 special indebtedness interests
national scale rating is due to the stabilization of flows from
royalties and special participations and coverage levels above
other rated transactions backed oil and gas royalties exposed to
price risk. Currently, the rating of the notes is constrained by
the rating of Petrobras and Banco do Brasil (BdB).

Rio Oil Finance Trust

  - Cl. 2014-1 76716XAA0; LT BB- Affirmed; previously BB-

  - Cl. 2014-1 REGS USU76673AA72; LT BB- Affirmed; previously BB-

  - Cl. 2014-2; Natl LT AAsf(bra) Upgrade; previously AA-sf(bra)

  - Cl. 2014-3 76716XAB8; LT BB- Affirmed; previously BB-

  - Cl. 2014-3 regs USU76673AB55; LT BB- Affirmed; previously BB-

  - Cl. 2018-1 76716XAC6; LT BB- Affirmed; previously BB-

TRANSACTION SUMMARY

The ratings are not directly linked to the originator's credit
quality. The ratings are based on potential production and
generation risk and are ultimately linked to Petrobras' Issuer
Default Rating, as it is the main source of cash flow generation.
The assigned ratings reflect the transaction's increased liquidity,
mitigation of diversion risk and increased FCF given the
subordination of FECAM payments. Fitch's ratings address timely
payment of interest and timely payment of principal on a quarterly
basis.

The SPV initially issued USD2 billion in series 2014-1 notes,
BRL2.4 billion of series 2014-2 special indebtedness interests and
USD1.1 billion in series 2014-3 notes, and issued an additional
USD600 million in series 2018-1 notes in April 2018. The current
outstanding balance of the program adds up to approximately USD2.7
billion, out of a total program of USD5 billion. All series are
pari passu, and future issuances out of the program will be subject
to certain conditions.

The issuances are backed by royalty flows and special
participations owed by oil concessionaires, predominantly operated
by Petroleo Brasileiro S.A., to the government of the State of Rio
de Janeiro. The State of Rio de Janeiro assigned 100% of these
flows to RioPrevidencia, the state's pension fund and RP sold these
rights to Rio Oil Finance Trust, the issuer.

KEY RATING DRIVERS

Ratings Not Directly Linked to Originator's: RP is an autonomous
government agency that is part of the Secretary of Treasury of RJS
(BB-/AA(bra)/Stable). Performance of the originator will not affect
the collateral as the generation of the cash flow needed to meet
timely debt service is not dependent on either RP or RJS.

Impact of Oil Prices Fluctuations on Performance: The gradual
recovery in oil prices, coupled with the structural changes
incorporated in the sixth rescission waiver and amendment support
the transaction's Annualized Average DSCRs. However, a downturn in
oil price environment may limit royalty and special participation
flows used to pay debt service affecting the transaction rating
level.

Future Production Risk: The transaction benefits from growth in
production levels as it increases the total royalty flows.
Depressed oil prices have led Petrobras to reduce production
targets on multiple occasions. Therefore, sustained low oil prices
could translate into further capital expenditure cuts by
Petrobras.

Cash Flows Support Rating: The current levels of AADSCRs of over 3x
partially mitigate the exposure of the transaction to fluctuations
in oil prices and production levels at the current rating level.
Going forward, and considering Law 12,734 is implemented after
2019, Fitch expects AADSCRs to be over 3x for the life of the
transaction.

Ample Liquidity for Timely Payment: The transaction benefits from
liquidity in the form of a Debt Service Reserve Account and a
Liquidity Reserve Account. Funds in deposit in these two accounts
shall at all times be sufficient cover three principal and interest
payments, which Fitch considers sufficient to keep debt service
current on the notes under different stress scenarios.

Largest Obligor Rating Cap: Petrobras' rating is the ultimate cap
for the proposed transaction, as it is the main source of cash flow
generation. Petrobras carries local and foreign currency (LC/FC)
Issuer Default Ratings of BB-/AA(bra)/Stable. The company is
majority controlled by the federal government of Brazil and has the
rights to E&P of the vast majority of Brazil's oil fields.

Potential Exposure Political Risk Partially Mitigated: The state's
liquidity constraints, evidenced by various delays in commercial
and other payments, have heightened the transactions political risk
exposure. However, provisions included in the sixth rescission
waiver and amendment, such as the rescission of the trapping of
excess cash and of the early amortization period, will increase the
cash flows returned to the state, and, in turn, decrease the
transaction's exposure to potential political risk.

Oil Revenues Dedicated Account Modification Mitigates Redirection
Risk: Pursuant to the Oil Revenues Dedicated Account Modification
Legislation, the RioPrevi Oil Revenues initially deposited to the
RJS Oil Revenues Dedicated Account are no longer required by
legislation to be deposited into a state-owned account. Oil
revenues assigned to this transaction are instead deposited into an
account under the name of the issuer. This change in the account
mitigates potential redirection of flows to RJS. As Banco do Brasil
(BdB) cannot be replaced as a collection bank, the transaction is
directly linked to the credit quality of BdB (BB-/AA(bra)/Stable).

Legal Changes May Affect Collateral Stability: Although, to date,
no amendments affecting the distribution of royalties for the
existing concession regime have been implemented, provisions
regarding the change in allocation percentages incorporated in Law
12,734 are currently under review. The transaction was analyzed
assuming the law will change and DSCRs remain sufficiently robust
and commensurate with the expected ratings.

True Sale Valid Under Brazilian Law: Collateral backing this
transaction was transferred to RP by RJS through a state decree,
making RP the legal owner of the royalties. This transfer gives RP
the right to sell the collateral into the trust.

Transfer and Convertibility Risk: Series 2014-1, 2014-3 and 2018-1
notes are exposed to transfer and convertibility risk as royalty
flows are paid in an account in Brazil in reals. This exposure caps
the rating of the transaction at the country ceiling of Brazil,
which is currently 'BB'. To partially mitigate operational risk
that may arise from transferring and converting flows on a daily
basis to an off shore account, the transaction contemplates reserve
funds that covers three principal and interest payment.

RATING SENSITIVITIES

The ratings are capped by the credit quality of Petrobras, the main
obligor generating cash flows to support the transaction, and to
the sovereign rating and country ceiling assigned to Brazil.

The transaction is exposed to oil price and production volume
risks. Declines in prices or production levels significantly below
expectations may trigger downgrades.

Additionally, the ratings are sensitive to the rating of BdB as a
direct counterparty to the transaction.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

No third-party due diligence was provided or reviewed in relation
to this rating action.



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D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: Botched Elections Harms the Economy
-------------------------------------------------------
Dominican Today reports that the Industrial Associations Federation
(FAI) president Ramon Porfirio Baez, warned that the crisis caused
by the suspended February 16 municipal elections impacts the
economy and all sectors.

Mr. Baez said the national productive level has slowed as a result
of the situation, while calling on political actors to reach an
agreement for transparency, according to Dominican Today.

"There is a crisis, which impacts the Dominican economy, the
national life in every way. We've been talking about it for 15
days, the level of productivity has slowed down because of that,"
Baez said, the report adds.

                     About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.

The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB- with
stable outlook (2016).


DOMINICAN REPUBLIC: Coronavirus Tentacles Reach Wide Sectors
------------------------------------------------------------
The Dominican Today reports that the tourism, air travel and
international entertainment industries will be the sectors that
will receive the most negative effects of the first case of
coronavirus in the Dominican Republic, economists say.

This disease is added to the various factors that have impacted the
Dominican economy, including the fall of tourism and the political
crisis following the suspension of the municipal elections in
February, according to The Dominican Today.

The situation aggravates the tension from which different sectors
try to recover, the report notes.

According to economist Miguel Ceara Hatton, although the mortality
rate of the virus is low, it will have an impact on the economy,
since China, the motor of the world economy, will lower its growth
rate, which limits hopes of progress that the country had after
signing agreements with that nation, the report relays.

                         Havoc in Sectors

The tourism industry is feeling the brunt of virus with the
suspension of travel to Italy, a country from which 11,000 tourists
arrived in January this year, which can be further aggravated if
reservations are canceled for fear of contagion, Ceara said, the
report relates.

In that regard, Rafael Rosario, of the Santo Domingo State
University (UASD) Economics Faculty, warned the fall in tourism
could generate tension in sectors such as agriculture and
consumption, the report adds.

                     About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.

The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB- with
stable outlook (2016).




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

DIGICEL GROUP: To Share Network With Rival to Reboot Cash Levels
----------------------------------------------------------------
RJR News, citing The Irish Times newspaper, reports that Digicel
Group is in talks to form a network-sharing partnership with a
rival in one of its markets in order to reboot cash levels.

The move comes as Digicel deals with ongoing interest payments on
its almost US$7 billion debt, according to RJR News.

The Irish Times quoted sources as saying that Digicel executives
told bondholders on a call that the group's liquidity levels remain
tight but manageable, the report notes.

The executives reportedly signaled the network joint venture talks
without identifying which of the 32 markets in which Digicel
operates across the Caribbean, Central America and Pacific islands
is subject to the plan, the report says.

According to the Irish Times, while Digicel is estimated to have
raised more than US$150 million from the sale of mobile towers in
Jamaica, El Salvador and French West Indies in the past three
years, a network-sharing accord would be a first for the group, the
report discloses.

It added that Digicel would be able to raise proceeds by selling
assets into a joint venture vehicle, which would be able to raise
debt finance in its own right, the report relays.

A partnership with another operator would also result in an overall
reduction in future capital expenditure demands, the report adds.

                       About Digicel Group

Digicel Group is a mobile phone network provider operating in 33
markets across the Caribbean, Central America, and Oceania
regions.

The company is owned by the Irish billionaire Denis O'Brien, is
incorporated in Bermuda, and based in Jamaica.

As reported in the Troubled Company Reporter-Latin America on
November 22, 2019, Fitch Ratings downgraded the Long-Term Foreign
Currency Issuer Default Ratings of all of the rated entities in the
Digicel corporate structure, including: Digicel Group Limited, to
'CC' from 'CCC-'; Digicel Group Two Limited to 'CC' from 'CCC-';
Digicel Group One Limited to 'CCC' from 'B-'; Digicel
Limited to 'CCC' from 'B-'; and Digicel International Finance
Limited to 'B-' from 'B'. The Rating Outlooks on DGL1 and DL have
been removed, while the Outlook on DIFL has been revised to
Negative from Stable.


JAMAICA: Renews Call for Roll Back of GCT Amid Coronavirus Fallout
------------------------------------------------------------------
RJR News reports that Opposition Leader Dr. Peter Phillips is again
urging the government to roll back the General Consumption Tax
(GCT) to make more money available to Jamaicans as the country
braces for the economic fallout from the coronavirus.

In a news release, Dr. Phillips said priority should also be placed
on job security, according to RJR News.

He commented on the issue while speaking at a public meeting in
Golden Spring, St. Andrew to install Krystal Tomlinson as the PNP
candidate for the St. Andrew West Rural constituency, the report
adds.

                           About Jamaica

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings in September 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.




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

G.D.S. EXPRESS: Seek to Hire Alex Lyon & Son as Auctioneer
----------------------------------------------------------
G.D.S. Express, Inc. and its affiliates seek permission from the
U.S. Bankruptcy Court for the Northern District of Ohio to employ
Alex Lyon & Son Sales Managers and Auctioneers, Inc.

The firm will assist in the marketing and sale of the Debtors'
assets, most of which consist of trucks, trailers, and containers
used in their long-haul and waste haul transportation services.

Alex Lyon will be paid a commission of 8.5 percent of the sales
price, which would include the majority of expenses.  The firm will
also charge a buyer's premium of 5.9 percent on the assets sold and
will charge separately for transportation costs.

Alex Lyon and its principals and professionals are "disinterested
persons" within the meaning of Section 101(14) of the Bankruptcy
Code.

                       About G.D.S. Express

G.D.S. Express, Inc. -- http://www.gdsexpress.com/-- is a
family-owned trucking company that provides services in 48 states,
with general freight and garment-on-hangers service in both the
U.S. and Mexico. It operates with 75 owner operators and 60 company
trucks.  Headquartered in Akron, Ohio, G.D.S. Express was founded
in 1990 by Jack Delaney, a former Roadway Express executive.

G.D.S. Express and its affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Ohio Lead Case No. 19-53034)
on Dec. 27, 2019.  At the time of the filing, G.D.S. Express had
estimated assets of less than $50,000 and liabilities of between $1
million and $10 million.  Judge Alan M. Koschik oversees the cases.
Brouse McDowell, LPA is the Debtors' legal counsel.

The U.S. Trustee for Region 9 appointed a committee of unsecured
creditors on Jan. 15, 2020.  The committee is represented by
Levinson LLP.    




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

RELIANCE MANUFACTURING: Plan Outline Approved, May 13 Hearing Set
-----------------------------------------------------------------
Judge Brian K. Tester has approved the Disclosure Statement
explaining the Chapter 11 Plan filed by Reliance Manufacturing Inc.


The Debtor and parties-in-interest may now solicit acceptances or
rejections of the Debtor's Plan of Reorganization.

Objections to claims must be filed prior to the hearing on
confirmation. The Debtor will include in its objection to claim a
notice that if no response to the objection is filed within thirty
(30) days, the motion will be considered and decided without the
actual hearing.

Any objection to confirmation of the Plan must be filed on/or
before seven days prior to the date of the hearing on confirmation
of the Plan.

The Bankruptcy Court will convene a hearing on May 13, 2020 at 2:00
p.m. to consider confirmation of the Plan.

A copy of the Disclosure Statement Order dated Feb. 14, 2020, is
available at https://tinyurl.com/tefldb7 from PacerMonitor at no
charge.

                 About Reliance Manufacturing

Reliance Manufacturing, Inc., is a privately-held home builder in
San Juan, Puerto Rico.  Reliance Manufacturing sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case
No.18-05778) on Oct. 1, 2018. In the petition signed by Gilberto
Media Safon, president, the Debtor disclosed $441,201 in assets and
$2,788,977 in liabilities. Judge Hon. Brian K. Tester oversees the
case. The Debtor tapped MRO Attorneys at Law, LLC as its legal
counsel; and Tamarez CPA, LLC as its accountant.


TAMARA HOME CARE: Disclosures Conditionally OK'd, March 25 Hrg. Set
-------------------------------------------------------------------
Judge Brian K. Tester has conditionally approved the Disclosure
Statement explaining the Chapter 11 Plan filed by Tamara Home Care
Inc.

The Debtor and parties-in-interest may now solicit acceptances or
rejections of the debtor's Plan of Reorganization.

Any objection to the final approval of the Disclosure Statement
and/or the confirmation of the Plan will be filed on/or before ten
(10) days prior to the date of the hearing on confirmation of the
Plan.

The Bankruptcy Court will convene a hearing on March 25, 2020 at
2:00 p.m. to consider final approval of the Disclosure Statement
and confirmation of the Plan.

A full-text copy of the Disclosure Statement Order dated February
13, 2020, is available
at https://tinyurl.com/v7n6m2 from PacerMonitor at no charge.

                  About Tamara Home Care Inc.

Founded in 2010, Tamara Home Care Inc. is a privately-held company
that provides home health care services.  It is a small business
debtor as defined in 11 U.S.C. section 101(51D).

Tamara Home filed under Chapter 11 of the Bankruptcy Code (Bankr.
D.P.R. Case No. 19-04539) on Aug. 9, 2019, listing under $1 million
in both assets and liabilities.  Judge Brian K. Tester oversees the
case. Jesus Enrique Batista Sanchez, Esq., at The Batista Law
Group, P.S.C., is the Debtor's legal counsel.



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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

Troubled Company Reporter-Latin America is a daily newsletter
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USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2020.  All rights reserved.  ISSN 1529-2746.

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