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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

          Wednesday, April 22, 2020, Vol. 21, No. 81

                           Headlines



A R G E N T I N A

ARGENTINA: To Make Debt Revamp Proposal to Creditors


C H I L E

CORP GROUP BANKING: S&P Upgrades ICR to 'CCC-', Outlook Negative


C O L O M B I A

LIFEMILES LTD: Moody's Cuts CFR to 'B3', Outlook Neg.


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Economy Will Grow 0% in 2020
DOMINICAN REPUBLIC: Unveils Plan to Guarantee Food Production


J A M A I C A

JAMAICA: Bounce Back of Tourism Sector Critical to Post Recovery
JAMAICA: Listed Cos. Get 15-day Extension to Submit Audited Reports


M E X I C O

ELEMENTIA: S&P Downgrades ICR to 'BB-' on Higher Leverage


P U E R T O   R I C O

FERRELLGAS PARTNERS: Issues $700M of 10% Senior Notes due 2025


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Gets US$50 Million COVID Loan from CAF


U R U G U A Y

NAVIOS SOUTH AMERICAN: S&P Alters Outlook to Neg. & Affirms 'B' ICR

                           - - - - -


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

ARGENTINA: To Make Debt Revamp Proposal to Creditors
----------------------------------------------------
Jorge Iorio at Reuters reports that Argentina is set to make a debt
restructuring proposal to international creditors amid delays
caused by the coronavirus, an economy ministry source said, a key
step as the country looks to strike a deal to avoid default.

Argentina's government is locked in talks to revamp close to $70
billion in foreign currency debt issued under international law to
push back payments that it says the country cannot pay unless given
time to revive stalled economic growth, according to Reuters.

"They don't think it will be tomorrow, it's more likely on April
16. But for sure it will be this week," the person said, declining
to be named as the time frame was not yet public, the report
notes.

Argentina had initially set the end of March as a deadline to reach
a deal with international creditors, but the negotiations were
complicated by the coronavirus outbreak that has sideswiped the
economy and led to a nationwide lockdown, the report relates.

The country's President Alberto Fernandez said in an interview over
the weekend that an offer to holders of Argentine debt was coming
soon, but would have to be manageable for the country, South
America's no. 2 economy, the report says.

The delay in reaching an agreement with bondholders has stoked
risks Argentina may default on its debts. Last week, the country
pushed back around $10 billion of payments on dollar debt issued
under local law until the end of the year, the report 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.

As reported by the Troubled Company Reporter - Latin America on
April 14, 2020, Fitch Ratings upgraded Argentina's Long-Term
Foreign Currency Issuer Default Rating to 'CC' from 'RD' and
Short-Term Foreign Currency IDR to 'C' from 'RD'.  

The TCR-LA reported on April 13, 2020, that S&P Global Ratings
also
lowered its long- and short-term foreign currency sovereign credit
ratings on Argentina to 'SD/SD' from 'CCC-/C'. S&P also affirmed
the local currency sovereign credit ratings at 'SD/SD'. There is
no
outlook on 'SD' ratings.

On April 9, the TCR-LA reported that Moody's Investors Service
downgraded the Government of Argentina's foreign-currency and
local-currency long-term issuer and senior unsecured ratings to Ca
from Caa2.




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

CORP GROUP BANKING: S&P Upgrades ICR to 'CCC-', Outlook Negative
----------------------------------------------------------------
S&P Global Ratings raised its issuer credit and issue-level ratings
on Corp Group Banking S.A. (CG Banking) to 'CCC-' from 'CC'. The
outlook on the issuer credit rating remains negative.

The upgrade follows CG Banking's payment of interest on its bond
within the 30-day grace period, as stated in the issue's indenture.
S&P said, "We continue to view the group as willing to support CG
Banking's cash shortfalls despite the difficult financial
conditions. However, we expect CG Banking to face substantial
challenges to meet its financial obligations in the next six
months, because of heightened uncertainty. This stems from the
impact of the social unrest in Chile and the economic shock from
the COVID-19 pandemic. Therefore, we expect unfavorable valuation
prospects and tighter financing conditions to further pressure CG
Banking's capacity to meet interest payments on a timely basis as
it continues to rely on the group's support to pay its debt service
payments." Moreover, the recent deepening in the Chilean peso's
slide weighs on the entity's finances, given the currency mismatch
of cash flows.

S&P's analysis of CG Banking takes a consolidated approach,
considering the indebtedness at the entity's level and that of its
holding company, Inversiones CorpGroup Interhold Ltda. (Interhold).
CG Banking's debt consists of $500 million notes due 2023 and with
semiannual coupons on March 15 and September 15. Under these notes'
terms and conditions, the company can't incur additional debt and
is subject to restricted payments. Interhold's debt mostly consists
of credit lines for up to $1.1 billion from Itau Unibanco S.A.,
which the former obtained as part of Itau CorpBanca's merger with
Banco Itau Chile. Most of Interhold's debt is with Itau Unibanco,
which in S&P's view is a mitigating factor.




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

LIFEMILES LTD: Moody's Cuts CFR to 'B3', Outlook Neg.
-----------------------------------------------------
Moody's Investors Service downgraded to B3 from B1 LifeMiles Ltd.'s
corporate family and senior secured ratings. The outlook is
negative.

RATINGS RATIONALE

LifeMiles' downgrade to B3 reflects its exposure to the weak credit
profile of its controlling shareholder Avianca Holdings, S.A.
Accordingly, following the closure of Colombia's international air
space to passenger travel, that grounded almost Avianca's entire
air fleet on March 27, Avianca announced that it has temporarily
deferred payments on some long-term leases and on principal
payments on certain loans. The downgrade also incorporates its
expectation that LifeMiles operation will be temporarily hurt by
the global spread of coronavirus affecting consumer spending,
traveling and economic growth.

The rating of the term loan takes into consideration its secured
position within the capital structure of the company and the
existence of a mandatory prepayment clause that obliges the use of
a percentage of excess cash to pay down the term loan. This clause
partly offsets the risk of cash leakage at LifeMiles before
fulfilling its debt payment obligations. LifeMiles' solid corporate
governance framework, particularly Advent International's strong
minority shareholder rights, also mitigates the risk of a potential
cash leakage before the payment of debt obligations. In addition,
LifeMiles liquidity policy of maintaining a minimum cash balance
equivalent to six months of rewards plus two quarters of debt
service also mitigates this risk.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The air passenger
travel sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, the exposure of LifeMiles to air
travel and overall consumer spending has left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions and LifeMiles remains vulnerable to the outbreak
continuing to spread. Still, LifeMiles adequate credit metrics and
liquidity provide it with some cushion to withstand temporary
volatility. Moody's regards the coronavirus outbreak as a social
risk under its ESG framework, given the substantial implications
for public health and safety.

LifeMiles' B3 ratings also incorporates its adequate liquidity and
solid business model being the sole operator of Avianca's frequent
flyer program, its diversified and sticky base of commercial
partners and co-brand credit card growth. The corporate family
rating is at the same level of the senior secured rating given that
it is the only debt in the company's capital structure.

LifeMiles has a strong business model that leverages third-party
commercial partnerships (including co-branded credit card
agreements with the largest banks in its core markets), but its
single largest contributor to gross billings are miles sold to
Avianca and its air partners, accounting for 32% of gross billings.
As such, Avianca's operating problems combined with the effects of
coronavirus hurting consumer spending and air travel also hampers
LifeMiles' operation. Nonetheless, Moody's notes that lower air
travel significantly decreases redemption costs, which represent
over 80% of LifeMiles' cash costs and operating expenses. Moody's
estimates that, absent additional indebtedness, for example to
finance dividend payments, LifeMiles' debt/EBITDA, as adjusted by
Moody's, will reach close to 4.5 times by year-end 2020.

LifeMiles has adequate liquidity. The company cash and cash
equivalents of $108 million as of December 31, 2019 (including $31
million of advance payment of reward seats) can cover 1.6x its
short-term debt. LifeMiles has posted negative free cash flow
(defined as cash from operations minus dividends and capex) in
2017, 2018 and in 2019 resulting from the high dividend payout.
Moody's expects the company will limit its dividend payout in 2020,
at least while the coronavirus impact persists, to further
strengthen its cash position.

LifeMiles' largest contributors to gross billings are its financial
partners, which include credit card cobrands (47%) and airlines
(32%), being Avianca its largest customer, responsible for
approximately 27% of gross billings. Around 80% of accrued miles
are redeemed, with 90% being redeemed into air tickets. The 10%
balance is redeemed into hotel nights, merchandise and other
rewards. LifeMiles benefit from Avianca's leading market position
in Colombia and Central America.

LifeMiles has around 9.7 million members, more than 100 mileage
agreements with financial institutions, and more than 723,000
co-branded credit cards. LifeMiles' largest market is Colombia
where it generates 52% of its gross billings. It also operates in
Peru, Costa Rica, El Salvador, Honduras, Guatemala, and the US;
each of which contributes with less than 10% to gross billings.
Moody's forecasts the Colombian economy will grow by a modest 0.5%
in 2020.

The negative outlook reflects its view that the company's operation
and credit metrics can be further affected from weak credit profile
of Avianca and the overall impact of coronavirus and weak economic
conditions in LifeMiles territories of operation.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

An upgrade would require an improvement in Avianca's credit profile
and maintaining ring-fencing provisions that limit cash upstream to
shareholders, as well as the maintenance of adequate liquidity and
profitability. Quantitatively, an upgrade would require LifeMiles
to maintain its adjusted debt/EBITDA lower than 4.0 times on a
sustained basis.

The ratings could be downgraded if the company's profitability or
credit metrics worsen, with adjusted debt/EBITDA remaining above
5.0 times. A deterioration in the company's liquidity or
profitability, or a change in the company's financial policy
leading to excessive cash distribution to shareholders can lead to
a downgrade. Also, any further weakening on Avianca's credit
profile or repetitive amendments to the loan agreement such that
the mandatory prepayment provisions are waived or canceled, and
excess cash flow is not used to pay down debt could result in a
downgrade.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

LifeMiles Ltd. is a coalition loyalty program and the solely
operator of Avianca's frequent flyer program. LifeMiles has 586
active commercial partnerships that allow its members to accrue and
redeem miles for different products and services such as airline
tickets, hotels, and rental cars amongst others. LifeMiles is 70%
owned by Avianca Holdings S.A. and 30% owned by Advent Intl.
LifeMiles reported gross billings of $334 million in 2019.



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

DOMINICAN REPUBLIC: Economy Will Grow 0% in 2020
------------------------------------------------
Dominican Today reports that the Dominican Republic will have zero
growth (0.0%) this year 2020, according to estimates by the World
Bank, an organization that predicts that Latin America and the
Caribbean will have a -4.6% drop as a result of the Covid-19 floods
in the economies.

This will require multiple public policy responses to support the
most vulnerable, avoid a financial crisis and protect jobs,
according to Dominican Today.

This is established in the last semi-annual report of the Office of
the Chief Economist of the World Bank for Latin America and the
Caribbean, called "The Economy in the Times of Covid-19," the
report notes.

He points out that current protection and social assistance
programs should be rapidly expanded, the report relates.
Furthermore, it is likely that different governments should support
the financial sector institutions and the most important sources of
employment, the report notes.

"We must help people meet these daunting challenges and make sure
that financial markets and employers can weather this storm," said
Humberto Lopez, acting vice president for the Latin American and
Caribbean regions, the report relates.

The most affected in its growth will be Grenada with -7.3%, Ecuador
and Mexico -6.%, Brazil -5%, Argentina -5.2%, and El Salvador
-4.3%, 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: Unveils Plan to Guarantee Food Production
-------------------------------------------------------------
Dominican Today reports that the government disclosed a plan to
assist sensitive segments of the agro sector to guarantee continued
food production.

Presidency chief of staff, Gustavo Montalvo, said Agriculture
Minister, Osmar Benitez, will contact the sectors involved and
coordinate the assistance for products, such as chicken, cheese,
and vegetables, especially in greenhouses, according to Dominican
Today.

"Likewise, a much broader medium-term plan will be undertaken to
further strengthen our food sovereignty, the details of which will
be offered soon," Montalvo said in a National Palace press
conference, 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
=============

JAMAICA: Bounce Back of Tourism Sector Critical to Post Recovery
----------------------------------------------------------------
RJR News reports that Jamaica Tourism Minister Edmund Bartlett has
said recovery of Jamaica's tourism industry is critical to the
overall COVID-19 recovery program.

Mr. Bartlett said the pathway for the recovery of tourism will be
led by workers in the industry, according to RJR News.

He said tourism is identified as the main beneficiary of the
Government's stimulus package, because it is the first industry
that is expected to bring back the economy, based on its resilience
and its ability to bounce back fast from mega disruptions and
pandemics, the report notes.

                             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.

JAMAICA: Listed Cos. Get 15-day Extension to Submit Audited Reports
-------------------------------------------------------------------
RJR News reports that the Jamaica Stock Exchange (JSE) is giving
listed companies an extension of 15 days for the submission of
annual, audited and quarterly reports that are due over the period
March to April 2020.

The JSE says it has considered the unavoidable impact on economic
activities and the associated challenges that listed companies and
their auditors face in meeting the reporting requirements,
according to RJR News.

However, the JSE notes that companies must notify the JSE where it
can be foreseen that there is the probability of the delay and the
probable extent of the delay, 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.



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

ELEMENTIA: S&P Downgrades ICR to 'BB-' on Higher Leverage
---------------------------------------------------------
On April 15, 2020, S&P Global Ratings lowered its issuer credit
rating on Mexican building materials company Elementia to 'BB-'
from 'BB'. At the same time, S&P downgraded its $425 million senior
unsecured notes to 'BB-' from 'BB', and affirmed the recovery
rating at '3'.

Temporary shutdowns of Elementia's operations in some of its
markets, coupled with a slowdown in demand, will significantly
pressure revenue and EBITDA generation, keeping leverage elevated
in 2020. Following a year of weaker-than-expected performance due
to difficult conditions for the metals division, a slowdown in
construction activity in Mexico, and non-recurring costs, Elementia
now faces increasing pressures. S&P expects a notable recession in
most of the company's key markets, and negative effects from
shutdowns and containment measures from the coronavirus will
exacerbate the burden on the company's revenue, EBITDA, and cash
generation. In the near-term, Elementia's building system division
will suffer the largest impact, due to its operations in the
Central and South American markets that have been temporarily shut
down. In contrast, some governments are considering cement
production an essential activity, which could modestly support cash
generation, mostly through bulk sales for government projects,
because S&P expects bag sales to take a hit in the next few months
due to rising unemployment. In Mexico, Elementia's bagged cement
sales represent a majority of its revenues, contrary to the U.S.,
where bulk sales do.

S&P continues to expect that Elementia will repay debt with
proceeds of about $151 million--yet to be received--from the
announced sale of cement assets in September 2019. However, in this
complex and evolving scenario, S&P will likely see a contraction in
the company's top-line results and EBITDA for a second year in a
row, hindering our previous expectation that the company will
consistently deleverage its balance sheet to net debt to EBITDA
below 4.0x, when adjusting for financial factoring lines.




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

FERRELLGAS PARTNERS: Issues $700M of 10% Senior Notes due 2025
--------------------------------------------------------------
Ferrellgas, L.P. (the "Operating Partnership") and Ferrellgas
Finance Corp., as co-issuers, issued on April 16, 2020, $700
million aggregate principal amount of their 10.000% Senior Secured
First Lien Notes due 2025 pursuant to an Indenture, dated as of
April 16, 2020, among the Issuers, the Guarantors and Delaware
Trust Company, as trustee and as collateral agent.  The Notes
consist of $575 million aggregate principal amount of 10.000%
Senior Secured First Lien Notes due 2025 priced on April 8, 2020
and $125 million aggregate principal amount of 10.000% Senior
Secured First Lien Notes due 2025 priced on April 13, 2020 in an
add-on offering, in each case, issued in an offering exempt from
registration under the Securities Act of 1933, as amended, in
reliance on Rule 144A and Regulation S thereunder.  The Initial
Notes and the Additional Notes have the same terms, except for the
initial issue price, and were issued as a single class of debt
securities under the Indenture and with the same CUSIP numbers.
The Initial Notes and Additional Notes were issued at prices of
100.000% and 103.000% of par, respectively.

The Issuers received net proceeds from the offerings of the Notes
of approximately $684.7 million, after deducting the initial
purchaser's discount and estimated offering expenses.
Contemporaneously with the closing of the issuance and sale of the
Notes on April 16, 2020, the Operating Partnership used a portion
of the net proceeds therefrom (i) to repay all outstanding
borrowings, together with accrued interest and a prepayment
premium
under the Operating Partnership's existing senior secured credit
facility, (ii) to cash collateralize all of the letters of credit
outstanding under the Existing Credit Facility and (iii) to make a
cash deposit of $11.5 million with the administrative agent under
the Existing Credit Facility, which may be used by the
administrative agent to pay contingent obligations arising under
the Financing Agreement governing the Existing Credit Facility and
which, to the extent not used to pay any such contingent
obligations, will be returned to the Operating Partnership in
certain circumstances.  The Operating Partnership intends to use
the remaining net proceeds for general corporate purposes.

Interest on the Notes will be payable semi-annually in cash in
arrears on April 15 and October 15 of each year, commencing on Oct.
15, 2020, at a rate of 10.000% per annum.  The Notes will mature on
April 15, 2025.

The Notes are jointly and severally guaranteed by the Operating
Partnership's sole limited partner, Ferrellgas Partners, L.P., the
Operating Partnership's sole general partner, Ferrellgas, Inc., and
certain of the Operating Partnership's subsidiaries on a first
lien, senior secured basis.  The Notes will also be guaranteed on a
first lien, senior secured basis by each of the Operating
Partnership's future restricted subsidiaries, other than future
foreign subsidiaries that do not guarantee any of the Issuers' or
the Subsidiary Guarantors' indebtedness.

The Notes and the guarantees of the Notes have the benefit of a
first priority lien on the Issuers' and the Guarantors' tangible
and intangible assets other than certain excluded property, except
that the guarantee by Holdings will be secured only by the limited
partnership interests in the Operating Partnership held by
Holdings.  The Notes and the guarantees of the Notes are subject to
an intercreditor agreement entered into by the Trustee and
Collateral Agent and the securitization agent for the Operating
Partnership's accounts receivable securitization facility, pursuant
to which the Trustee and Collateral Agent for the Notes will
generally be prevented from taking any enforcement or other action
with respect to the accounts receivable assets under that
facility.

At any time prior to April 15, 2022, the Issuers may redeem the
Notes, in whole or in part, at a redemption price equal to 100% of
the principal amount of the Notes, plus a "make-whole" premium as
of, and accrued and unpaid interest, if any, to, but excluding, the
redemption date.  In addition, prior to April 15, 2022, the Issuers
may, at their option, on any one or more occasions redeem all or a
portion of the Notes in an amount not in excess of the net proceeds
of certain equity offerings at a redemption price of 110.000% of
the principal amount of the Notes, plus accrued and unpaid
interest, if any, to, but excluding, the redemption date.  On and
after April 15, 2022, the Issuers may redeem the Notes, in whole or
in part, at the redemption prices (expressed as a percentage of
principal amount) set forth below, plus accrued and unpaid
interest, if any, to, but excluding, the redemption date, if
redeemed during the 12 months beginning on April 15 of the years
indicated below:

                 Year                  Percentage
                 ----                  ----------
                 2022                    105.0%
                 2023                    102.5%
                 2024 and thereafter     100.0%

Additionally, if the Notes become due and payable prior to their
stated maturity, including upon acceleration, the applicable
make-whole or redemption price premium, as the case may be, shall
be due and payable as if the Notes had been redeemed on that date.

If the Operating Partnership experiences certain changes of
control, each holder of Notes may require the Issuers to repurchase
all or a portion of its Notes at 101% of the principal amount, plus
accrued and unpaid interest, if any, to, but excluding, the
repurchase date.  Additionally, if the Operating Partnership or its
restricted subsidiaries sell assets, under certain circumstances,
the Issuers will be required to use the net proceeds to make an
offer to purchase Notes at an offer price in cash in an amount
equal to 100% of the principal amount of the Notes, plus accrued
and unpaid interest, if any, to, but excluding the repurchase
date.

The Indenture contains customary affirmative and negative covenants
restricting, among other things, the ability of the Operating
Partnership and its restricted subsidiaries to incur additional
indebtedness and guarantee indebtedness, pay dividends or make
other distributions (including distributions to Holdings) or
repurchase or redeem their capital stock, redeem or repurchase
certain debt, make certain other restricted payments or
investments, sell assets, incur liens, enter into transactions with
affiliates, enter into agreements restricting subsidiaries’
ability to pay dividends, and consolidate, merge or sell all or
substantially of such entity's assets.  The Indenture also
restricts the ability of Holdings and the General Partner to
consolidate, merge or sell all or substantially all of its assets
and restricts the ability of the General Partner to engage in
certain activities.

The Indenture also contains customary events of default including,
among other things, the failure to pay interest for 30 days,
failure to pay principal when due, failure to observe or perform
certain other covenants or agreements in the Indenture for 45 days
after notice is given by the trustee or the holders of 25% of the
outstanding principal amount, cross-acceleration to certain
material indebtedness, failure to pay certain judgments and certain
events of bankruptcy with respect to the Issuers or certain
significant subsidiaries or groups of subsidiaries.

On April 16, 2020, upon repayment of the outstanding borrowings
under the Existing Credit Facility and the making of related
payments, the Existing Credit Facility and the related Financing
Agreement, dated as of May 4, 2018, among the Operating
Partnership, the General Partner, certain subsidiaries of the
Operating Partnership, as guarantors, the lenders party thereto,
TPG Specialty Lending, Inc., as administrative agent, collateral
agent and lead arranger, and PNC Bank, National Association, as
syndication agent, were terminated, except with respect to
provisions of the Financing Agreement that, by its terms, survive
the termination of the Financing Agreement.

                         About Ferrellgas

Ferrellgas Partners, L.P., through its operating partnership,
Ferrellgas, L.P., and subsidiaries, serves propane customers in all
50 states, the District of Columbia, and Puerto Rico.

Ferrellgas reported net loss of $64.54 million for the year ended
July 31, 2019, a net loss of $256.82 million for the year ended
July 31, 2018, and a net loss of $54.50 million for the year ended
July 31, 2017.  As of Jan. 31, 2020, the Company had $1.47 billion
in total assets, $754.88 million in total current liabilities,
$1.73 billion in long-term debt, $84.55 million in operating lease
liabilities, $45.26 million in other liabilities, and a total
partners' deficit of $1.14 billion.

                          *    *    *

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

As reported by the TCR on March 18, 2020, Moody's Investors Service
downgraded Ferrellgas Partners L.P.'s Corporate Family Rating to
Caa3 from Caa2.  "Ferrellgas's downgrade is driven by the company's
continued high financial leverage and the very high likelihood that
the partnership will complete a full debt recapitalization in the
near-term," said Arvinder Saluja, Moody's vice president.



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

TRINIDAD & TOBAGO: Gets US$50 Million COVID Loan from CAF
---------------------------------------------------------
Trinidad Express reports that Carcas-based Development Bank of
Latin America, also known as CAF, confirmed that the hemispheric
lending institution has approved a US$50 million loan to T&T to
mitigate the COVID-19 health crisis in T&T.

The loan was first mentioned by Finance Minister Colm Imbert at a
news conference, during which he said he expected to tap about
US$450 million in loans from various international institutions,
according to Trinidad Express.

In a statement, CAF said the US$50 million loan aims to strengthen
T&T's capacity to respond to and prevent the crisis caused by
COVID-19, through direct financial resources and the recognition of
expenses and investments aimed at reducing risk or mitigating the
impact of the pandemic in the health of the population, the report
notes.

In addition to the loan, CAF said, it made a US$400,000 donation to
T&T on April 3 to bolster its fight against the spread of the
coronavirus, the report relates.

CAF said the monies approved so far will be complemented by further
anti-cyclical support to mitigate the effects of the epidemic on
economic activity, the report relates.  Anti-cyclical policy refers
to strategy by governments to increase spending during economic
downturns and decrease spending during booms, the report
disclsoes.

"These emergency funds will back the Government of Trinidad and
Tobago in its efforts to fight Covid-19 from different fronts, from
improving health services to preserving the country's economic
resilience," said Luis Carranza, CEO of CAF, the report relates.

To cope with the effects of the pandemic in Latin America, early in
March 2020 CAF offered its member countries an emergency regional
credit line of USD$50 million per country for health emergency
investments, and in April 2020 approved a regional anti-cyclic
facility of US$2.5 million, the report relates.

In the last four years, CAF has become the financial agency the T&T
Government goes to when it needs low-interest loans that are
disbursed quickly, the report discloses.

On March 3, CAF had approved a US$200 million loan to T&T to
support the management, planning and investment of the country's
tourism infrastructure through better institutional and regulatory
frameworks, the report relates.

Those funds are to be managed by the Ministry of Finance and will
support different initiatives such as the upgrade of the National
Tourism Policy; the strategic plan for the Trinidad and Tobago's
Airports Authority; the development of a National Maritime Policy
and Strategy; the analysis to develop ports and logistics hub in
the country, specifically in Port of Spain; and the development and
integration of the Port Community System (PCS) in the ports'
logistic chain, the report notes.

In addition, the tourism-sector loan includes actions to improve
other tourism infrastructure linked to beaches, airports,
connectivity between islands and access to sectors that are
attractive to visitors, the report says.

"We are working closely with the government of Trinidad and Tobago
to support the implementation of its development plan that promotes
the diversification of the country's economy through better levels
of productivity, better infrastructure, and the improvement of
processes and regulatory frameworks to optimise the maritime and
air logistics of the country, " said Carranza, in the March 3, news
release obtained by the news agency.



=============
U R U G U A Y
=============

NAVIOS SOUTH AMERICAN: S&P Alters Outlook to Neg. & Affirms 'B' ICR
-------------------------------------------------------------------
On April 15, 2020, S&P Global Ratings revised its outlook to
negative from stable and affirmed its 'B' issuer credit and
issue-level ratings on Navios South American Logistics Inc. (Navios
Logistics).

Despite the attempt to tap debt capital markets in 2019, Navios
Logistics didn't refinance its $98 million outstanding term loan B
due November 2021 and $375 million senior unsecured notes due April
2022. As a result, refinancing risk is rising, exacerbated by the
currently capital-market crunch as a result of the pandemic
outbreak.

S&P said, "We believe COVID-19 will push Latin America into a
recession in 2020, with the region recording its weakest growth
since the 2008-2009 global financial crisis. This, combined with
the low fuel prices, will likely reduce Navios Logistics' grain
port terminal and bulk operations by about 10% in 2020 from 2019.
As a result, we expect 2020 revenue and adjusted EBITDA will fall
to about $210 million and $90 million, respectively, from $228
million and $102 million in 2019.

"We now view Navios Logistics' liquidity as less than adequate
because the company faces amortization for $475 million in
2021-2022, with access to debt capital markets currently
constrained and its limited ability to absorb adverse high-impact
and low-probability events without refinancing. The
20-year-take-or-pay contract with Vale International S.A. (a
subsidiary of Vale S.A. [BBB-/Negative/--]), with a minimum of more
than $40 million in EBITDA, could help refinance the company's
capital structure once COVID-19 is contained and the knock-on
effect on capital markets eases. If the company is unable to
refinance its debt in the next six months, liquidity pressures
would rise, with $98 million becoming due in less than one year.
This would lead us to lower the ratings to 'B-'."

About $40 million of Navios Logistics' EBITDA comes from a
long-term contract with Vale International, so cash flows from that
operation are fairly stable and predictable. The company has a
dominant position in the operations of barge and cabotage
transportation in the Hidrovia, but these contribute a small
portion to total EBITDA and are located in two riskier
jurisdictions: Argentina (SD/SD) and Paraguay (BB/Stable/B).

In S&P's opinion, Navios Logistics is a strategically important
subsidiary of Navios Maritime Holdings Inc. (Navios Holdings),
contributing almost 60% to the group's EBITDA in 2019. Navios
Logistics' stand-alone credit profile (SACP) of 'b' is at the same
level as the group credit profile.



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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
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
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of the same firm for the term of the initial subscription or
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