/raid1/www/Hosts/bankrupt/TCRLA_Public/200311.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, March 11, 2020, Vol. 21, No. 51

                           Headlines



B R A Z I L

BRAZIL: Economy Grows Just 1.1% in 2019, Slowest Rate in 3 Years


C H I L E

CAP SA: S&P Alters Outlook to Negative & Affirms 'BB+' ICR


C O L O M B I A

GILEX HOLDING: Fitch Affirms BB LT IDRs, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Debt Jumps 6.9% to US$38.5 Billion
DOMINICAN REPUBLIC: Manufacturing Activity Index at 3-Month Rise


J A M A I C A

AMERICAN SECURITY DOORS: Seeks Court Approval to Hire Accountant
JAMAICA: Expects Tourism Arrivals to Take a Hit From Coronavirus


P U E R T O   R I C O

BETTERECYCLING CORP: Seeks to Hire Corretjer as Special Counsel


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Private Sector Upset Over New Customs Rule

                           - - - - -


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

BRAZIL: Economy Grows Just 1.1% in 2019, Slowest Rate in 3 Years
----------------------------------------------------------------
The Latin American Herald reports that Brazil's gross domestic
product (GDP) grew in 2019 at a rate of 1.1 percent, down slightly
from the previous year, the Brazilian Institute of Geography and
Statistics said.

That full-year GDP growth figure, the first of rightist Jair
Bolsonaro's presidency, was the slowest of the past three years but
also in line with market expectations, according to The Latin
American Herald.

Brazil's economy has recovered slowly from a severe recession in
2015 and 2016, a two-year span in which the South American giant's
GDP contracted by more than 7 percent, the report notes.

The country's recovery began in 2017 and continued in 2018,
although the economy expanded at just a 1.3 percent clip in each of
those years, the report says.

In the fourth quarter of 2019, Brazil's economy grew 0.5 percent
relative to the previous three-month period and 1.7 percent
compared to the fourth quarter of 2018, the report discloses.

Household consumption (up 1.8 percent), the agricultural sector (up
1.3 percent) and the services sector (up 1.3 percent) contributed
to annual growth in 2019, although the industrial sector reported
just a 0.5 percent expansion as idleness remained high, the report
relays.

Brazilian agribusiness once again was a key engine of the economy,
which was buoyed by the production of corn (up 23.6 percent),
cotton (up 39.8 percent), oranges (up 5.6 percent) and beans (up
2.2 percent), the report notes.

In the services category, the best-performing sub-sectors were
information and communications (up 4.1 percent), real-estate (up
2.3 percent) and trade (up 1.8 percent), the report discloses.

The industrial sector, however, was hampered by a 1.1 percent drop
in the output of the extractive sub-sector, the report relates.
That result was partly due to a poor year for Rio de Janeiro-based
iron-ore giant Vale, whose results were negatively affected by a
tragedy at a mining complex it owned in the southeastern town of
Brumadinho that left 270 dead, the report recalls.

But the construction sector grew 1.6 percent in 2019, its first
positive result after five consecutive years of decline, the report
notes.

In the area of foreign trade, exports fell 2.5 percent and imports
rose 1.1 percent, the report discloses.

The country's GDP per capita rose to 34,533 reais ($7,674) in 2019,
up 0.3 percent in real terms from 2018, the report says.

The country's average unemployment rate remained high in 2019,
coming in at 11.9 percent, the report relates.  Although that was
an improvement from the 12.3 percent jobless rate in 2018, the
decline was mainly due to a rise in informal employment, the report
adds.

The Bolsonaro administration has pursued a policy agenda centered
on structural reforms, spending cuts and a reduction in the state's
footprint on the economy via privatizations and concessions. Its
goal is to boost growth and lower a high public-sector deficit,
which was equivalent to 5.91 percent of GDP in 2019, the report
notes.

But the right-wing president only has managed to push through one
significant reform since taking office in January 2019 -- a pension
overhaul whose most important change was a minimum-age requirement,
the report relays.

As reported in the Troubled Company Reporter-Latin America, Fitch
Ratings in November 2019 affirmed Brazil's Long-Term Foreign
Currency Issuer Default Rating at 'BB-'. The Rating Outlook is
Stable.




=========
C H I L E
=========

CAP SA: S&P Alters Outlook to Negative & Affirms 'BB+' ICR
----------------------------------------------------------
S&P Global Ratings, on March 6, 2020, revised its outlook on the
rating on Chilean mining company to negative from stable. S&P also
affirmed its global scale 'BB+' issuer credit and issue-level
ratings on the senior unsecured notes.

As a result of the Nov. 22, 2018, fatal accident, CAP's pellets
output plummeted last year. Logistics costs increased and volumes
dropped 37% compared to 2018 and 43% compared with 2017, reaching
at only 9.2 million tons last year. Given that the construction of
the new ship loader and its assembly was completed in December 2019
and port services normalized, S&P now expects dispatches to recover
to about 14 million tons in 2020.

The accident reduced cash flow generation and cash position,
resulting in debt to EBITDA of 4.2x in December 2019, compared with
our original expectations of below 2x. Net interest coverage ratio
reached 2.3x at the end of 2019 and forced the company to obtain
consent to relax covenant measures to 2.5x from 2.0x for the
year-end until third quarter of 2020, indicating metrics will take
some time to recover.

The company's debt in absolute terms increased 18% in 2019 compared
with 2018, almost all of the increase corresponded to short-term
bank loans. As of December 2019, CAP's short-term debt accounted
for 49% of total debt, with average term of slightly above two
years. In addition, the company has a domestic bond for UF3 million
($115 million) maturing in July 2021 and another one for the same
amount maturing in September 2021. Liquidity is still sound, given
$340 million in cash position and the company's revolving credit
facilities. However, S&P revised its liquidity assessment to
adequate from strong amid a tighter covenant cushion and
refinancing risks under more difficult circumstances, mainly
because of larger debt maturities at the end of 2021.




===============
C O L O M B I A
===============

GILEX HOLDING: Fitch Affirms BB LT IDRs, Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed Gilex Holding S.a r. L Long-Term Foreign
and Local Currency Issuer Default Ratings at 'BB'. The Rating
Outlook is Stable.

KEY RATING DRIVERS

IDRS AND SENIOR DEBT

GH's ratings are driven by the business and financial profile of
its subsidiaries, particularly its main operating subsidiary, Banco
GNB Sudameris S.A. (GNB, BB+/Stable). GH acts as a non-operating
holding company whose debt repayment capacity is reliant on
dividend income from GNB, owing 94.72% of the bank's shares. GH's
IDRs are one notch below those of GNB, reflecting GH's separate
jurisdiction, the preference of regulatory focus to protect bank
creditors and the potential for regulatory restriction of liquidity
upstreaming to GH in the event of solvency pressures at GNB.
Moderate double leverage, good cash flow metrics and a sound
competitive position in multiple jurisdictions also support GH's
ratings.

Double leverage is at a moderate level (1.11x at September 2019)
and would increase approximately to 1.15x in 2020 once the BBVA
acquisition in Paraguay is completed. GH will leave at the holding
level a cash buffer in excess of $220 million. The cash purchase
will be for approximately USD270 million and is still subject to
regulatory approvals in Paraguay and Colombia. The funds needed to
close the transaction will be financed by a USD57 million cash
position of GNB Paraguay, USD50 million capital injection already
made to GNB and USD173 million from Grupo Vierci, a Paraguay-based
retail-to-media company. At the conclusion of the transaction,
Grupo Vierci will hold 30% stake of the consolidated Paraguayan
bank..

Fitch expects double leverage ratio will remain fairly stable,
reflecting ownership commitment to support GH and GNB business
growth. However, the double leverage would potentially increase in
2020 up to 1.4x in the alternative scenario of complete use of the
USD345 million senior secured notes, except its $25 million minimum
liquidity requirement.

Debt servicing on its liabilities is heavily reliant on dividend
upstreaming from its operating subsidiaries (dividends to interest
expenses ratio at 2.6x for September 2019), which include a
covenant of at least a dividend pay-out ratio of 50% of GNB net
income. Preliminary information for GNB consolidated earnings at
December 2019 reporting a net income figure of USD75 million-USD80
million; meanwhile, the interest expenses should be around USD29.3
million. Conglomerate regulation in the Colombian banking system
regarding consolidated regulatory focus in GH will support the
capacity of its operating subsidiaries to upstream dividends once
fulfilled regulatory requirements both at the subsidiary and
holding level.

The rating assigned to GH's issuance is aligned to the company's
Foreign Currency IDR, as despite being senior secured and
unsubordinated obligations, in Fitch's view, the amount pledged
would have not have a significant impact on recovery rates.

GNB's IDRs are driven by the bank's Viability Rating (VR) of 'bb+'.
The bank's VR is highly influenced by its moderate franchise in
Colombia, Peru and Paraguay and tight capitalization metrics. The
bank's risk policies reflect GNB's ability to conservatively manage
risks and preserve strong asset quality ratios through various
economic cycles, while improving its liquidity profile and asset
liability management.

RATING SENSITIVITIES

IDRS AND SENIOR DEBT

GH's ratings are sensitive to a change in GNB's ratings, and the
rating of the former will likely move in line with potential rating
changes in the latter. However, a material and consistent increase
in GH's common equity double leverage (above 120%), or
deterioration in its debt servicing ability, could negatively
impact GH's rating and widen the difference relative to GNB's
ratings.

The ratings of the notes are sensitive to any change in GH's
Foreign Currency IDR.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Ratings are support driven from its main subsidiary GNB Sudameris.




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

DOMINICAN REPUBLIC: Debt Jumps 6.9% to US$38.5 Billion
------------------------------------------------------
Dominican Today reports that the Dominican Republic continues its
indebtedness policy, increasing the public debt nearly 7% during
January, compared to yearend 2019.

In the first month of 2020, the non-financial public sector debt
rose by US$2.51 billion, compared to December 2019, according to
figures by the Public Credit Directorate, Dominican Today cites.

The country's credit commitments totaled US$38.5 billion at the end
of January, a 6.9% jump compared to the US$35.9 billion that the
Dominicans owed at yearend 2019, 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: Manufacturing Activity Index at 3-Month Rise
----------------------------------------------------------------
Dominican Today reports that the Monthly Manufacturing Activity
Index (IMAM) of the Dominican Republic Industries Association
(AIRD) continued to rise for the second consecutive month, from
53.2 last November to 58.7 in December and up to 62.5 in January
2020.

The variables with the highest increase were "sales volume," from
went from 63.0 in December 2019 to 72.1 in January 2020 and "raw
materials inventory," from 51.5 to 61.8 in the same period,
according to Dominican Today.

The only fall was the variable "term deliveries suppliers," from
63.9 in December 2019 to 49.8 in January 2020, the report notes.

It's of note that when the Index remains above the 50-point
threshold, it reflects that the economic conditions and
perspectives of the manufacturing sector are considered favorable,
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).




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

AMERICAN SECURITY DOORS: Seeks Court Approval to Hire Accountant
----------------------------------------------------------------
American Security Doors Inc. seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire an
accountant to assess market trends and prepare its monthly
operating reports and projections of sales.

The Debtor proposes to employ Anibal Ortiz, an accountant based in
Cabo Rojo, P.R., and pay a monthly fee of $300.

Anibal Ortiz is a disinterested person within the meaning of
Section 101(14) of the Bankruptcy Code.

The accountant holds office at:

     Anibal Ortiz Ortiz, Ph.D.
     P.O. Box 841
     38 Calle Ruiz Belvis
     Cabo Rojo, PR 00623
     Phone: (787) 695-9884
     Email: ate.anibalortiz@gmail.com

                   About American Security Doors

American Security Doors Inc. specializes in the protection and
security of shops, industries and residences.

American Security Doors filed a voluntary Chapter 11 petition
(Bankr. D.P.R. Case No. 19-05840) on Oct. 8, 2019, listing under $1
million in both assets and liabilities.  Judge Edward A. Godoy
oversees the case.  Nydia Gonzalez Ortiz, Esq., at the Law Offices
of Santiago & Gonzalez Law, LLC, is the Debtor's legal counsel.


JAMAICA: Expects Tourism Arrivals to Take a Hit From Coronavirus
----------------------------------------------------------------
Caribbean360.com reports that Jamaica is expecting that it will see
340,000 fewer tourists than it had projected this year in light of
the threat posed by the novel coronavirus (COVID-19) that has
triggered travel restrictions across the globe.

Tourism Minister Edmund Bartlett told the Standing Finance
Committee of the House of Representatives, which is examining the
2020/21 Estimates of Expenditure, that industry projections for
Fiscal Year 2020/21 have been revised downward, according to
Caribbean360.com.

Jamaica has issued travel restrictions for Italy, China, South
Korea, Singapore and Iran, the report notes.

"Current global situations require for us to review some of our
projected out-turns as well as our market strategy and, perhaps, to
cautiously examine where and how we apply the budgetary
arrangements with regards to advertising and promotions for the
fiscal [year]," he said, the report relays.

Bartlett informed that the tourism industry's estimated gross
earnings in fiscal year 2020/21 are now projected at $3.69 billion,
corresponding with visitor arrivals of 4.26 million, which includes
stop over arrivals of 2.73 million and cruise arrivals of 1.53
million, the report discloses.

The previous 2020/21 projections were $4.25 billion in earnings,
with arrivals estimated at 4.6 million, inclusive of stopover
arrivals at 2.96 million, and cruise arrivals at 1.65 million, the
report says.

Bartlett noted that while the industry has grown 5.2 per cent to
date for the 2019/20 fiscal year, which is consistent with overall
projections, the Government is conscious of the possible impact on
bookings as well as aviation activities and the country's
capacities if COVID-19 escalates, the report notes.

"The Budget, this year (2020/21), reflects overall the intention to
enable growth. But you would appreciate that this new projection
would achieve a flat rate of growth. So we would just be about 1.1
per cent, over last year, the report relates.

"Our growth will be driven, however, by very judicious market
arrangements focusing primarily on our three big markets that are
the traditional North American markets and Western Europe . . . .
and South America, that we will be putting a new focus on," he
said, the report discloses.
The Tourism Minister also disclosed that he will meet with the
cruise lines tomorrow, regarding bookings, the report says.

". . . . After which we will have a better sense of how things are
looking down the road. We are talking with our partners to make
sure that there is consensus on the way forward. The business of
ensuring that life continues, despite coronavirus, is a serious
one," he said, the report notes.

Amid health concerns since the outbreak of the virus, cruise lines
travelling to Jamaica recently have either been restricted from
docking or its passengers prevented from disembarking, the report
relates.

The MSC Meraviglia was refused entry to Jamaica by the Ministry of
Health and Wellness when it was learnt that the vessel, which was
heading to Ocho Rios, St Ann, had a sick quarantined person on
board. In addition, Italian passengers were not allowed to
disembark the Costa Luminosa of the Carnival Cruise Lines in Ocho
Rios, the report notes.

Mr. Bartlett said he will be accompanying Health and Wellness
Minister Dr Christopher Tufton, to meet with representatives of
both cruise lines, the report relays.

In the meantime, he informed of the establishment of a steering
committee -- the Stakeholders Crisis Management Team -- which has
been working to develop a protocol for how persons are to conduct
themselves in hotels, in light of the COVID-19 threat, the report
notes.

"The tourism industry is being prepared, firstly with public
education, so that every single person in the industry is going to
be aware of what this Coronavirus is about.  We will be using all
sorts of public relations [strategies] to get the messages across.
It's about educating in terms of hygienic practices…the whole
business of washing your hands and ensuring that you don't touch
your face, and when you cough what you do," Minister Bartlett said,
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.




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

BETTERECYCLING CORP: Seeks to Hire Corretjer as Special Counsel
---------------------------------------------------------------
Betterecycling Corporation seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Corretjer, L.L.C.
as its special counsel.

The firm will represent the Debtor in these proceedings:

     a. Puma Energy Caribe, LLC v. Betteroads Asphalt, LLC and
        Betterecycling Corp., Case No. K CD2015-1546; and

     b. Betteroads Asphalt, L.L.C. and Betterecycling Corporation
        and Union Obreros Cemento Mezclado, Case Nos.
        12-CA-185172; 12-CA-186232; 12-CA-186243; 12- CA-189888;
        and 12-CA-192850.

Corretjer will charge the Debtor an hourly fee of $250.

Corretjer neither holds nor represents any interest adverse to the
Debtor and its bankruptcy estate, according to court filings.  

The firm can be reached through:

     Eduardo J. Corretjer Reyes, Esq.
     Corretjer, L.L.C.
     625 Ponce de Leon Ave.
     San Juan PR 00917-4819
     Phones: (787)751-4618
             (787)751-4568
             (787)282-6108
     Fax: (787) 759-6503

                 About Betterecycling Corporation

Betterecycling Corporation produces gasoline, kerosene, distillate
fuel oils, residual fuel oils, and lubricants.

Based in San Juan, P.R., Betterecycling Corporation filed a
voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr.
D.P.R. Case No. 17-04157) on Jun. 9, 2017.  Judge Enrique S.
Lamoutte Inclan oversees the case.  Lugo Mender Group, LLC is the
Debtor's legal counsel.




=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

TRINIDAD & TOBAGO: Private Sector Upset Over New Customs Rule
-------------------------------------------------------------
Andrea Perez-Sobers at Trinidad Express reports the American
Chamber of Commerce of Trinidad and Tobago (AMCHAM TT) and other
business groups expressed frustration over a new rule implemented
at the Customs and Excise Division that increases the cost of some
goods imported into this country.

The new regulation was introduced in mid-February, according to
Trinidad Express.



                           *********


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 2020.  All rights reserved.  ISSN 1529-2746.

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

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

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


                  * * * End of Transmission * * *