text: TCRLA_Public/190722.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 Monday, July 22, 2019, Vol. 20, No. 145 HeadlinesA R G E N T I N ABALANZ CAPITAL: Moody's Withdraws Caa1 Issuer RatingBANCO DE LA CIUDAD: Moody's Rates Sr. Unsec. Debt B2, Outlook Neg.BUENOS AIRES: Moody's Rates Province's Medium Term Notes B2YPF ENERGIA: Moody's Assigns B2 Rating to $500MM Notes IssuanceYPF ENERGIA: S&P Assigns 'B' Issuer Credit Rating, Outlook StableB R A Z I LAZUL SA: Fitch Publishes BB- LT IDRs, Outlook StableC A Y M A N I S L A N D SGUANAY FINANCE: Fitch Hikes Series 2013-1 Notes Rating to BBD O M I N I C A N R E P U B L I CDOMINICAN REPUBLIC: Leads Region in Making Trade EasierDOMINICAN REPUBLIC: Political Tension Affects EconomyH O N D U R A SHONDURAS: Seeks US$311 IMF Loan for Stability and GrowthM E X I C OENGENCAP HOLDING: Fitch Assigns BB- LT IDR, Outlook StableP U E R T O R I C OINVERSIONES CARIBE: Condado 2 Objects to Disclosure StatementPUERTO RICO: Governor Faces Calls For Impeachment Over ChatsV E N E Z U E L APETROLEOS DE VENEZUELA: Guaido Seeks Protection for Appointed BoardPETROLEOS DE VENEZUELA: Partly Restarts Amuay RefineryX X X X X X X XLATAM: World Bank Mobilizes US$14 billion for Region[*] BOND PRICING: For the Week July 15 to July 19, 2019 - - - - -=================A R G E N T I N A=================BALANZ CAPITAL: Moody's Withdraws Caa1 Issuer Rating----------------------------------------------------Moody's Latin America A.C.R. S.A. announced that it has withdrawnall of its ratings for Balanz Capital Valores S.A.U. for businessreasons.The following ratings of Balanz Capital Valores S.A.U. werewithdrawn:Long-term global local currency issuer rating, previously ratedCaa1Argentinean long-term national scale local currency issuer rating,previously rated Ba1.arLong-term global local currency Senior unsecured MTN rating,previously rated (P)Caa1Argentinean long-term national scale local currency seniorunsecured MTN rating, previously rated Ba1.arLong-term global foreign currency Senior unsecured MTN rating,previously rated (P)Caa1Argentinean long-term national scale foreign currency seniorunsecured MTN rating, previously rated Ba1.arOutlook, previously StableRATINGS RATIONALEMoody's has decided to withdraw the ratings for its own businessreasons.BANCO DE LA CIUDAD: Moody's Rates Sr. Unsec. Debt B2, Outlook Neg.------------------------------------------------------------------Moody's Latin America Agente de Calificacion de Riesgo assigned aB2 global local currency senior unsecured debt rating and a A1.arin Argentinean national scale senior debt rating to Banco de laCiudad de Buenos Aires' XXI Peso-denominated, floating rate seniorunsecured notes. The notes will be due July 2021 and will be issuedunder Ciudad's existing multi-currency senior unsecured program ofUSD1,500 million. The notes will be issued for ARS3,000 million,extendable up to ARS5,000 million, and the proceeds will be usedfor lending to small and medium sized companies in Argentina. Theoutlook on the global scale debt rating is negative; the outlook isstable on the national scale debt rating.The following ratings were assigned to Banco de la Ciudad de BuenosAires' Class XXI notes:Global local currency senior unsecured debt rating of B2; negativeoutlookArgentinean national scale local currency senior debt rating ofA1.ar; stable outlookRATINGS RATIONALECiudad's ratings, which are equal to the highest ratings assignedto any domestically-owned Argentine bank, reflect its goodcapitalization levels and adequate asset risk and liquiditymetrics. However, these credit strengths are offset by risksassociated with Argentina's ongoing economic weakness and which maypressure Ciudad's financial performance in the coming quarters.Ciudad's role as financial agent of the city of Buenos Aires (B2negative) provides it access to stable, low-cost funding,supporting its well-established deposit franchise, and allows thebank to offer financial services to a large base of civil servants,ensuring recurring earnings generation and lower credit risk, whichhelp mitigate the effects of a downturn . Nevertheless, while assetquality remains stronger-than peers, with problem loan ratio at2.9% as of March 2019 and below the 4.1% industry average, Ciudad'sdelinquencies have increased by 137% in the past 12 months toMarch, leading to a 76.4% rise in loan loss provisions, well aboveinflation rates.The loan loss reserve coverage at 78.8% in March 2019, reflects thefact that nearly one-quarter of Cuidad's loan book is made ofsecured mortgage loans. Together with its adequate capitalizationratio (8.6% tangible common equity to risk-weighted assets), itwould help absorb potential increases in loan losses resulting fromthe weak economic scenario.Ciudad's profitability remained strong, resulting from tradinggains and higher-than-peers lending activity, with net income totangible assets increasing to 3.51% in March 2019, up from 2.55% in2018, but distorted by Argentina's very higher inflation rate.Despite uncertainty on growth prospects and= economic recovery inthe second half of 2019, Ciudad continues to gradually reprice newloans at higher rates, which will continue to boost net interestmargins, benefited by the bank's low-cost funding.Ciudad's A1.ar NSR is at the high end of the three NSR categoriesin Argentina that correspond to Moody's B2 global debt ratings,supported by its entrenched market presence in retail banking, thatensures a steady core funding position and recurring earningsgeneration through the cycles.WHAT COULD CHANGE THE RATING UP/DOWNCiudad's ratings are currently at the same level as those of itsshareholder, the City of Buenos Aires, and Argentina's governmentbond ratings. Upward pressure on Cuidad's ratings is limited atthis point as the rating outlook on the sovereign is negative. Adowngrade of Argentina's sovereign rating could put downwardpressure on the bank's global scale rating.Both the GSR and NSR could be downgraded if Ciudad experiences asignificant deterioration in its financial fundamentals without acorresponding deterioration in the government of Argentina'screditworthiness.The principal methodology used in these ratings was ProceduresManual for Rating of Deposits, Debt Instruments and Shares ofFinancial Institutions published in January 2017.BUENOS AIRES: Moody's Rates Province's Medium Term Notes B2-----------------------------------------------------------Moody's Latin America Agente de Calificacion de Riesgo has assigneda B2 Global Scale local currency debt rating and an A3.ar NationalScale in local currency to the Medium Term Notes of the Province ofBuenos Aires. The ratings are in line with the province's long termforeign currency issuer ratings, which carry a negative outlook.RATINGS RATIONALEThe Medium Term Notes have been authorized by the province's 2019law Nº15.077 and by Decree Nº210/19. The notes to be issued underthis program will be secured by the Province, affecting resourcescoming from the federal tax-sharing regime.The assigned debt ratings reflect Moody's view that the willingnessand capacity of the Province of Buenos Aires to honor these notesare in line with the provincial's long-term credit quality asreflected in the B2/A3.ar issuer ratings in local currency.The Province of Buenos Aires intends to issue the notes in twodifferent series, with full amortization once they mature inFebruary and April 2020, respectively. The maximum issuance amountauthorized is ARS10,000 million, which represents 1.1% of the totalrevenues budgeted for 2019. The final terms of the issuance willdepend on the results of the auction process.The assigned B2/A3.ar ratings to the Medium Term Notes are based onpreliminary documentation received by Moody's as of the ratingassignment date. Moody's does not expect changes to thedocumentation reviewed over this period, nor does it anticipatechanges in the main conditions that the Notes will carry. Shouldissuance conditions and/or final documentation of the programdeviate from the original ones submitted and reviewed by the ratingagency, Moody's will assess the impact that these differences mayhave on the ratings and act accordingly.WHAT COULD CHANGE THE RATING UP/DOWNGiven the negative outlook and the difficult operating environment,an upgrade of the ratings is unlikely. However, an upgrade ofArgentina's sovereign rating or a systemic improvement, or both,along with lower idiosyncratic risks arising from this province(that is, for instance, a sustained record of operating surpluses),could exert upward pressure on the province's ratings.A downgrade of Argentina's bond rating or a deterioration in theprovince's liquidity, hindering its ability to service itsshort-term debt service payments in foreign currency, or both,could strain the ratings. In addition, if the province records adeterioration in its operating and financial results, leading tohigher-than-expected debt levels, its ratings could be downgraded.The principal methodology used in these ratings was ProceduresManual for Risk Rating of Sub-Sovereign Governments published inJanuary 2017.YPF ENERGIA: Moody's Assigns B2 Rating to $500MM Notes Issuance---------------------------------------------------------------Moody's Investors Service assigned a B2 rating to YPF EnergiaElectrica S.A. planned note issuance of up to $500 million underits medium term note program. The outlook is negative.The notes will have a 7-year maturity and YPFEE will use theproceeds to partially fund its investment program, repayoutstanding debt and working capital needs.Moody's has reviewed the preliminary draft legal documentationrelated to the debt issuance. The assigned rating assumes thatthere will be no material variation from the drafts reviewed andthat all agreements will be legally valid, binding andenforceable.RATINGS RATIONALEYPFEE B2 rating and negative outlook reflect the stable andpredictable nature of the company's business model, derived fromlong term contracted revenues under long term power purchaseagreements (PPAs) and fixed price capacity payments entered withCammesa (Compania Administradora del Mercado Electrico Argentino,the Government of Argentina's -B2 negative - agency overseeing thewholesale electricity market in Argentina). The PPA's are long term(10-20 years) and provide the issuer with fixed payments based onavailability. The PPAs are denominated in US dollars whichmaterially reduces currency mismatches. The assigned ratings alsoincorporate some benefits from the still incipient diversificationprovided by YPFEE's long term contracts with privatecounterparties, notably with YPFEE's main shareholder YPF S.A. (B2,negative). Moody's understands that future contracts with privatecounterparties will be limited to tier 1 Argentine corporations.The rating also assumes that the company will pursue its growthstrategy prudently. Moody's expectation is that leverage willtemporarily surpass debt to EBITDA levels of five times at the peakof the company's investment plan but will decline to debt to EBITDAlevels of two times by 2022. Moody's also expects that YPFEE willmanage its organic growth and development of new projects relyingon well-known technology under fixed price, full Engineering andProcurement contracts (EPC) and long term service agreementsentered with well-known equipment or service providers. Moody'sunderstands that YPFEE's capital expenditures program will amountto more than 20% of the company's total property, plant andequipment (PP&E) for the next 2 years. While large, the investmentprogram is relatively simple and carries moderate execution risks.Liquidity ProfileYPFEE has adequate liquidity. At the end of fiscal the firstquarter of 2019 the company had cash and equivalents over $200million, or an excess of $50 million over its short-term debtmaturities.YPFEE has adequate access to external financing, as demonstrated bythe various financings the company obtained in the last two yearsto fund its projects. The issuance of the notes will contribute toenhance its liquidity profile given the seven-year term of thedebt.What Could Change the rating up/downA further downgrade of the sovereign or evidence of a significantnegative shift in policies or regulations will likely result innegative rating actions for this issuer. Liquidity deterioration ina more challenging operating environment could also create negativepressure on ratings.Additional negative pressure on the ratings could result if YPFEEfinancial policy became more aggressive. Specifically, Moody'swould become concerned should the debt to EBITDA ratio persistabove 5 times beyond 2020 when several of its projects should beoperational. At that point a ratio of CFO pre-working capital todebt below 20% would also create negative pressure on the ratings.Given the negative outlook, a rating upgrade is unlikely at thistime. However, a rating upgrade or outlook stabilization wouldrequire the stabilization of the sovereign rating outlook. Improvedcash generation in relation to debt and lower leverage would alsobe important to consider an upgrade or outlook stabilization.Quantitatively, Moody's would expect YPFEE's debt to Ebitda ratioin the range of two times, cash from operations to debtconsistently over 25% and positive levels of free cash flows.Corporate profileYPFEE is an Argentine power generation company with 1,819 MW ofinstalled capacity in thermal and renewable plants. Since 2017, thecompany has acquired and developed assets for an installed capacityof 723MW with an 634MW of power capacity under development that isexpected to enter operations by 2020. YPFEE was established inAugust 2013 as a spin off from YPF, the company's main shareholder.YPF S.A.(B2, negative) is Argentina's largest energy company, fullyintegrated in oil and gas, majority owned by the government ofArgentina and listed on the Buenos Aires and the New York StockExchange. As part of the company's growth strategy, in March 2018,GE EFS Power Investments B.V., an affiliate of General Electric,subscribed 24.9% of the company's stock.The principal methodology used in this rating was UnregulatedUtilities and Unregulated Power Companies published in May 2017.YPF ENERGIA: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable-----------------------------------------------------------------S&P Global Ratings assigned its 'B' long-term issuer credit ratingto Argentina-based energy generation company YPF Energia ElectricaS.A. (YPF Luz). At the same time, S&P assigned a 'B' rating to theproposed senior unsecured notes.The 'b+' stand-alone credit profile on the company reflects itssmall scale at the 1,819 MW capacity and geographic concentrationwith operations in one country, but with strong EBITDA margins ofabout 65%.The stable outlook on YPF Luz mirrors the one on the sovereign,which caps the ratings on the company. S&P said, "The outlook alsoreflects our view that YPF Luz will post above $200 million inEBITDA in 2019 and $300 million in 2020, backed by 1,224 MW inlong-term, dollar-denominated contracts. As a result, we expect YPFLuz to post average gross debt to EBITDA below 4.0x in the next 2years."The 'B' issuer credit and issue-level ratings on YPF Luz mirror therating on the sovereign and reflect S&P's view that the companyoperates under a still weak, although improving, regulatoryframework.The 'b+' SACP on YPF Luz incorporates its small scale and lack ofgeographic diversification, with operations only in Argentina, aswell as high current and expected debt. The latter is necessary tofinance a considerable investment plan that consists of increasingthe installed capacity to up to about 2,453 MW by 2020 from thecurrent 1,819 MW. On the other hand, the company's profitability isa credit strength, with sustained EBITDA margins above 65% in thepast three years, and operations under domestic regulations andlong-term contracts with dollar-denominated tariffs, which providecertain stability and predictability to the cash flow generation.Finally, the company has a satisfactory track record in terms ofservice reliability and plant availability, with an average rateabove 80% in the past two years. The electricity tariffs andlong-term power purchase agreements (PPAs) provide stability to YPFLuz's cash flow generation and mitigate currency mismatch for thecompany's dollar-denominated debt. Nevertheless, in S&P's view, theregulatory framework for Argentina's electricity industry remainsweaker than those of regional peers, given that the governmentreorganized the sector less than five years ago.===========B R A Z I L===========AZUL SA: Fitch Publishes BB- LT IDRs, Outlook Stable----------------------------------------------------Fitch Ratings has published Azul S.A.'s 'BB-' Long-Term Foreign andLocal Currency Issuer Default Ratings and 'A+(bra)' Long-TermNational Scale rating. Fitch has also published a 'BB-'/'RR4'rating to Azul's USD400 million senior unsecured notes due 2024,that was issued by Azul Investments LLP and guaranteed by Azul andAzul Linhas Aereas Brasileiras S.A. The Rating Outlook is Stable.Azul's ratings are supported by its strong regional market positionin the Brazilian domestic airlines industry and solid operatingmargins, constrained by its limited geographic diversification andFX exposure. The ratings reflect the expectation of improvements inAzul's credit risk profile during 2019-2020, supported by betterindustry fundamentals for the airline industry in Brazil, higheroperating cash flow generation, deleveraging trend, and commitmentto maintain high liquidity ratios to reduce refinancing risk. Theratings further incorporate the vulnerability of the company's cashflow generation to fuel price variations and the inherent risks ofthe airline industry, as well as the carrier's capacity to maintainoperational margins based on its leadership position in the marketswhere it operates.The Stable Outlook reflects Fitch's expectation that Azul willcontinue to manage its growing business in a conservative mannerthat will continue to support a decline in leverage. Fitch's basecase scenario forecasts the company's total and net adjustedleverage/EBITDAR ratios at around 4.5x and 4.0x, respectively,during 2019-2020 compared to 5.4x and 4.6x in 2018.KEY RATING DRIVERSRegional Market Position: Azul's credit profile benefits from itsunique regional airline market position in Brazil, with a strongpresence in underserved markets and limited route overlap withcompetitors (around 31% with GOL and 20% with LATAM). Thispositioning tends to give Azul a better pricing advantage. Azul isthe third largest airline company in Brazil with a market share ofaround 19% as measured by revenues/passenger/kilometer in 2018. Asthis is the company's key market, Azul's operating results arehighly correlated to the Brazilian economy. Due to this limitedgeographic diversification compared to global peers, the company'sFX exposure is high. Azul generates approximately 79% of itsrevenues in Brazilian reals, while around 55% of its total costsand 76% of its total debt are denominated in USD. Better Industry Scenario for 2019: Avianca Brasil's financialdistress and subsequent downsizing has been contributing to ahealthier yield environment as it was the most aggressive domesticplayer in recent years. The combination of market share gains andimprovements in yields should help the airlines to mitigate softeconomic conditions in Brazil, higher fuel prices and FXvolatility. The expectation of a relatively better macroeconomicenvironment in 2020, notwithstanding any reverse due to politicalturbulence, should benefit traffic levels and operating cash flowgeneration. Fitch forecasts Brazil's GDP growth to be 2.2% in 2020.This compares with an average of 1.2% during 2017-2018 and negative0.3% during 2012-2016.Cost Structure to Improve: Azul has been working to expandoperating margins through its fleet renewal plan with the additionof next generation aircraft such as A320Neo and Embraer E2, whichshould result in lower CASK-ex fuel, improved fuel efficiency andincreased revenues due to passenger capacity expansion. Fitchexpects Azul to sustain its EBIT margin in the 11%-12% range during2019 (not considering IFRS impacts), driven by cost reduction,moderate higher passenger yields and expectations of moderatedemand recovery as the Brazilian macroeconomic environmentimproves. These factors could be partially offset by fuel costincreases, depreciation of the Brazilian real versus the U.S.dollar and/or increasing capacity from competitors. Fitchanticipates Azul will maintain reasonable capacity management giventhe current competitive environment in the domestic market. Capex to Remain Pressuring FCF: The improving operating cash flowgeneration should reduce Azul's negative FCF during 2019, with thecompany exhibiting FCF generation of negative BRL361 million in2018. Going forward, the fleet expansion program could pressureFCF, but Fitch views Azul as having the capacity to adjust itscapex plan in an economic distress scenario as occurred in2016-2017. FCF levels are projected to be negative BRL50 million in2019 and moving to positive territory during 2020 (BRL50 million).Fitch does not expect dividends to be a cash drain for Azul in theshort to medium term. Deleverage Trend: Fitch's base case scenario indicates a decline inleverage with Azul's total and net adjusted leverage moving toward4.6x and 4.0x, respectively, over the next two years. Thisrepresents an improvement from 5.4x and 4.6x, respectively, in 2018and average of 6.1x and 5.5x during 2016-2017. Fitch's calculationfor these leverage forecasts does not incorporate theimplementation of IFRS16 as of January 2019. DERIVATION SUMMARYAzul's 'BB-' rating is at the same level than LATAM Airlines GroupS.A, (LATAM) and one notch higher than the ratings of GOL LinhasAereas Inteligentes S.A. (B+/Stable). The other main regionalplayer in Latin America, Avianca Holdings S.A. (B-/Rating WatchNegative) faces higher refinancing risks. Among the four companiesAzul has exhibited the highest operating margins during 2017-2019.Azul has a weaker position in the 'BB' rating category relative toglobal peers given its limited geographic diversification andrelatively high leverage; nonetheless its important regional marketposition in the Brazilian market, high operating margins and strongliquidity ratios supports its ratings. These positive factors aretempered by the company's ongoing business growth and operationalvolatility related to its key market, Brazil. FX risk exposure isviewed as a negative credit factor for Azul considering its limitedgeographic diversification; however, the company has implemented acurrency hedge position which limits its exposure inUSD-denominated debt to 35%. Azul has consistently maintained a stronger liquidity position,measured as cash over LTM revenues, when compared to regionalpeers. Fitch anticipates Azul maintaining a liquidity positionaround 18%-20% of its expected annual revenue levels during2019-2020. This liquidity position is higher than those levelsexpected by LATAM and GOL.KEY ASSUMPTIONSFitch's Key Assumptions Within Its Rating Case for the Issuer -- Capacity growth of 15%-20% during 2019-2020; -- Low single-digit yield growth and load factor in the 81%-83%range; -- 2018-2019 EBIT margin around 12%; -- Negative FCF margin in 2019 and slightly positive in 2020, ascapex remains high; -- 2019-2020 liquidity, measured as readily available cash overLTM net revenues, in the 18%-20% range. KEY RECOVERY RATING ASSUMPTIONSThe recovery analysis assumes that Azul would be considered a goingconcern in bankruptcy and that the company would be reorganizedrather than liquidated. Fitch has assumed a 10% administrativeclaim.Going-Concern Approach: Azul's going-concern EBITDA is based on anaverage of 2014-2018 EBITDA that reflects a scenario of intensevolatility in the airline industry in Latin America and Brazil,plus a discount of 20%. The going-concern EBITDA estimate reflectsFitch's view of a sustainable, post-reorganization EBITDA level,upon which Fitch's bases the valuation of the company. TheEV/EBITDA multiple applied is 5.5x, reflecting Azul's good marketposition in Brazil. Fitch applies a waterfall analysis to the post-default enterprisevalue (EV) based on the relative claims of the debt in the capitalstructure. The agency's debt waterfall assumptions take intoaccount the company's total debt at Dec. 31, 2018. Theseassumptions result in a recovery rate for the unsecured bondswithin the 'RR4' range, which per Fitch's criteria leads toequalization of the rating to the IDR.RATING SENSITIVITIESDevelopments That May, Individually or Collectively, Lead toPositive Rating Action -- Liquidity, measured as cash/LTM revenues, consistently above25%; -- Total adjusted debt/EBITDAR consistently below 4.0x; -- Sustainable positive FCF generation; -- FFO fixed-charge coverage sustained around 3x; Developments That May, Individually or Collectively, Lead toNegative Rating Action -- Total adjusted debt/EBITDAR sustained above 5.0x and/or netadjusted debt/EBITDAR above 4.5x; -- EBITDAR margin consistently below 25%; -- Liquidity, cash/ LTM revenues, consistently below 17%; -- Sustained negative FCF at levels resulting in a FCF marginconsistently below negative 5%. LIQUIDITYFitch views the company's liquidity position as a key factor forits 'BB-' rating and expects Azul to remain proactive in itsliability management strategy in order to avoid refinancing risks.Azul held adjusted cash of BRL1.8 billion as of March 31, 2019, perFitch's calculation, which considers only 40% of its marketablesecurities relating to the high yields bonds of TAP. Azul'sshort-term debt was BRL156 million, excluding the BRL1.3 billion ofleasing obligations. Azul's liquidity was 19% of its LTM revenuesas of March 31, 2019. The company has a comfortable debt scheduleamortization, with debt amortizations of BRL526 million during 2019and 2020 and BRL445 million in 2021.FULL LIST OF RATING ACTIONSFitch has published the following ratings:Azul S.A.(Azul) -- Long-Term Foreign Currency IDR 'BB-'; Outlook Stable; -- Long-Term Local Currency IDR 'BB-'; Outlook Stable; -- Long Term National Scale Rating 'A+(bra)', Outlook Stable .Azul Investments LLP -- USD400 million senior unsecured debt issuance 'BB-'/'RR4'.===========================C A Y M A N I S L A N D S===========================GUANAY FINANCE: Fitch Hikes Series 2013-1 Notes Rating to BB------------------------------------------------------------Fitch Ratings has upgraded Guanay Finance Limited's 2013-1 notes to'BB' from 'BB-'. The Rating Outlook has been revised to Stable fromPositive.The transaction is backed by existing and future U.S. and Canadiandollar-denominated ticket receivables originated by LATAM AirlinesGroup S.A. (LATAM). Receivables result from passenger and cargosales booked under IATA code 045 and purchased with a qualifiedcredit, debit or charge card in the U.S. and Canada. Fitch's ratingaddresses timely payment of interest and principal on a quarterlybasis.The rating action on the notes reflects the upgrade of LATAM'sLong-Term Foreign Currency Issuer Default Rating (FC IDR) to 'BB-'from 'B+'. The Corporate Rating Outlook was revised to Stable fromPositive.Guanay Finance Limited Current Rating Prior RatingSeries 2013-1 40066NAA4; LT BB Upgrade; previously BB- Series 2013-1 Reg S USG4182JAA19; LT BB Upgrade; previously BB-KEY RATING DRIVERSOriginator's Credit Quality: Fitch rates LATAM's Long-Term FCIssuer Default Rating (IDR) 'BB-'/Stable. LATAM's rating issupported by its diversified business model, significant regionalmarket position, adequate liquidity, improved margins in keymarkets and slightly better than the 2017 level gross adjustedleverage when compared to 2018.Going Concern Assessment: Fitch assesses LATAM a going concernassessment (GCA) score of 'GC3'. The maximum rating uplift allowedby the GCA score is two notches. However, other risks outlinedresult in a one-notch rating uplift from LATAM's IDR.Adequate Performance: Considering maximum quarterly debt servicefor the life of the transaction, last twelve month average DSCR is4.9x. Flows benefit from a strategically important and strongsecuritized business line.Future Flow Debt: As of 4Q18, outstanding future flow debtrepresented approximately 2% of LATAM's consolidated debt and 3.2%relative to unsecured debt. These percentages are low relative toLATAM's balance sheet and have been improving since closing. Moderate Diversion Risk: The transaction is exposed to potentialdiversion risk despite structural protections. Cash flows could bediverted from the transaction by rerouting sales through adifferent IATA code or processing card payments in a differentjurisdiction. Moderate diversion risk limits uplift of the futureflow rating from the originator's IDR.===================================D O M I N I C A N R E P U B L I C===================================DOMINICAN REPUBLIC: Leads Region in Making Trade Easier-------------------------------------------------------Dominican Today reports that Dominican Republic is one of the LatinAmerica and the Caribbean countries that has shown strongwillingness to enact the World Trade Organization's (WTO) TradeFacilitation Agreement (CFA), which took effect on February 22,2017.While other countries have shown around a 50% willingness, as highas 76% of Dominican authorities have indicated that they'll takemeasures to comply with this agreement, according to DominicanToday.WTO representative, Helen Chang congratulated the country'sleadership in the regional benchmark. "Dominicana has indicatedthat it is already applying the agreement at 76%; that the 24% thatremains is what we have to work on," the report relays.Chang spoke about the CFA's challenges and benefits during abreakfast-panel organized by the American Chamber of Commerce(AmchamDR), the report notes.According to the WTO, the AFC contains provisions to expedite themovement, release and clearance of goods, including goods intransit, the report adds. About Dominican RepublicThe Dominican Republic is a Caribbean nation that shares the islandof Hispaniola with Haiti to the west. Capital city Santo Domingohas Spanish landmarks like the Gothic Catedral Primada de Americadating back 5 centuries in its Zona Colonial district.The Troubled Company Reporter-Latin America reported on April 4,2019 that the Dominican Today related that Juan Del Rosario of theUASD Economic Faculty cited a current economic slowdown for theDominican Republic and cautioned that if the trend continues,growth would reach only 4% by 2023. Mr. Del Rosario said that ifthat happens, "we'll face difficulties in meeting internationalcommitments."An ongoing concern in the Dominican Republic is the inability ofparticipants in the electricity sector to establish financialviability for the system.Standard & Poor's credit rating for Dominican Republic stands atBB- with stable outlook (2015). Moody's credit rating for DominicanRepublic was last set at Ba3 with stable outlook (2017). Fitch'scredit rating for Dominican Republic was last reported at BB- withstable outlook (2016).DOMINICAN REPUBLIC: Political Tension Affects Economy-----------------------------------------------------Dominican Today reports that the main representatives of thecountry's economic sector said that the political uncertainty thatthe Dominican Republic is going through affects the economy.The businessmen spoke in those terms at the end of the breakfast ofthe Association of Industries of the Dominican Republic (AIRD),according to Dominican Today.For Celso Juan Marranzini, president of that entity, the countrylives in a climate of concern, the report relays. "It is a momentof prudence and to see how we all work to build trust and reversethat situation," he said, the report notes.Dominican Today discloses that the director of the Center forExport and Investment of the Dominican Republic (CEI-RD), Marius deLeon, said that despite the political situation in the country,this has not significantly affected the growth of trade."We have more than 500 million dollars in projects and you haveseen the last projects inaugurated in the tourism area, which areapproximately 300 million dollars, that are for direct foreigninvestment," said the official, the report says.Regarding exports, De Leon explained that so far this year have 5.6billion dollars with a projection of closing the year with 12billion dollars and an estimated growth of 8.3%, the report notes.Dominican Today relays that the competition in internationalmarkets which is the cause of the country's growth is not the sameas the previous year, causing the Dominican market to adjust themethodology to new times and markets. About Dominican RepublicThe Dominican Republic is a Caribbean nation that shares the islandof Hispaniola with Haiti to the west. Capital city Santo Domingohas Spanish landmarks like the Gothic Catedral Primada de Americadating back 5 centuries in its Zona Colonial district.The Troubled Company Reporter-Latin America reported on April 4,2019 that the Dominican Today related that Juan Del Rosario of theUASD Economic Faculty cited a current economic slowdown for theDominican Republic and cautioned that if the trend continues,growth would reach only 4% by 2023. Mr. Del Rosario said that ifthat happens, "we'll face difficulties in meeting internationalcommitments."An ongoing concern in the Dominican Republic is the inability ofparticipants in the electricity sector to establish financialviability for the system.Standard & Poor's credit rating for Dominican Republic stands atBB- with stable outlook (2015). Moody's credit rating for DominicanRepublic was last set at Ba3 with stable outlook (2017). Fitch'scredit rating for Dominican Republic was last reported at BB- withstable outlook (2016).===============H O N D U R A S===============HONDURAS: Seeks US$311 IMF Loan for Stability and Growth--------------------------------------------------------The International Monetary Fund said Honduras has made significantprogress in restoring economic stability and laying the groundworkfor sustainable growth since completing its IMF-supported economicprogram in December 2017. But poverty remains high, and a largeinformal labor market, strong dependence on agriculture, andviolence continue to challenge economic growth, the IMF said in itslatest economic review.To tackle these structural challenges and to build on previousachievements, Honduras has requested US$311 million in IMF supportto foster their reform agenda and promote inclusive growth. Theauthorities are planning to treat the financing as precautionary,that is, they are not planning to draw on it.In the following interview, Esteban Vesperoni, the IMF's missionchief for Honduras, discusses the details of the economic plan.Honduras has made very good progress under the previous program.Why does the country need new assistance from the IMF?Indeed, Honduras has made great strides reducing macroeconomicimbalances (high imbalances in a country can be a sign of economicand financial stress) and strengthening its policy frameworksupported by the IMF program during 2014-17. Nevertheless,challenges remain. The authorities have maintained prudent policies-- with a low fiscal deficit that over-performed the targets in theFiscal Responsibility Law over the last years -- but thedeteriorating financial situation of the public electricity companyhas strained public finances. This takes places in a context in which poverty is still high andsignificant social and infrastructure spending is needed. Inaddition, an overarching challenge to achieve sustainable inclusivegrowth is associated with the need to improve governance, whichcalls for wide-ranging institutional reforms.What does the new economic plan seek to achieve?The policy mix and structural reforms under the program aim atmaking the economy strong and stable, protecting the mostvulnerable, and supporting jobs and growth that benefit all. Thisnew economic plan is ambitious and comprehensive, and has the keyelements:securing the fiscal position by putting the public electricitycompany on a sustainable path through reforms in the electricitysector and through measures to maintain spending room in the budgetfor investment and social spending;strengthening the monetary policy framework to buffer shocks andmaintain stability; and implementing reforms to improve thebusiness environment and governance, including by stepping upefforts in the fight against corruption. You have mentioned a number of reforms to maintain economicstability, boost growth, and address many structural issues. Howwill the government protect social spending under the plan?This is at the core of the authorities' program. Bold reforms toplace the finances of the public electricity company on asustainable path and efforts to uphold previous revenuemobilization achievements will help maintain space for socialspending. The fiscal program also defines priority spending thatwill be protected going forward and comprises a set of high-impactinterventions aimed at alleviating poverty, fostering investment inhuman capital, and supporting women entrepreneurship andparticipation in labor markets -- such as Criando con Amor, MejoresFamilias, and Ciudad Mujer -- which are critical for long-terminclusive growth.At 46 percent of the total working population, the participation ofwomen in the formal labor market is low compared to Latin Americanpeers. How does the new economic plan aim to support more women inthe workforce?The new economic plan combines new programs with an expansion ofongoing initiatives to promote women entrepreneurship and improveopportunities for women to access education and enter labor marketsby: (i) supporting childcare services; (ii) facilitating credit for women; and (iii) supporting women with young children. Does the plan also include reforms that support strengtheninggovernance and tackling corruption?The authorities are also working on strengthening governance,including by stepping up efforts in their fight against corruption.The planned reforms aim at improving governance and transparency inpublic finance management, the monetary policy operationalframework, and the electricity sector. The authorities are alsoworking with the staff and other development partners to implementreforms aimed at enhancing the rule of law, with the objective ofpreventing the misuse of public funds and improving the businessclimate -- notably by simplifying procedures in publicadministration with the objective to reduce red tape anddiscretion, which can give place to corruption.===========M E X I C O===========ENGENCAP HOLDING: Fitch Assigns BB- LT IDR, Outlook Stable----------------------------------------------------------Fitch Ratings has assigned final Long- and Short-Term IssuerDefault Ratings to Engencap Holding, S. de R.L. de C.V. of 'BB-'and 'B', respectively. The actions follow receipt of changed andfinal conditions for Engencap Holding's acquisition of a 51%controlling stake in TIP de Mexico, S.A.P.I. de C.V (TIP). To complete the acquisition, Engencap Holding raised a five-yearsecured debt loan (syndicated loan) of USD116 million. The 51%controlling stake represents 100% of the voting power in TIP andwill allow Engencap Holding to receive 100% of the dividenddistributions from TIP. The transaction included a call option thatprovides Engencap Holding with the right, but not the obligation,to acquire the remaining 49% of TIP in the coming 5.5 years. Fitch previously published an expected rating based on Engencap'sinitial plan to acquire a 100% stake financed by a public placementof subordinated perpetual notes for up to USD225 million. Fitch hasnow withdrawn the 'B(EXP)' rating on the notes since Fitch nolonger expects to convert it to a final rating within thepreviously envisaged timeline. KEY RATING DRIVERS IDRsEngencap Holding's final ratings reflect that the new terms andconditions of the TIP acquisition did not change Fitch's assessmentof the consolidated company profile. Fitch expects several aspectsof the combined entity's business to be strengthened by an improvedfranchise, asset diversification and a larger business scale. Thecombined financial profile will also benefit from increased profitgeneration (although still lagging behind its sector peers) andfrom a more diversified funding structure. The acquisition fundingvehicle was recently changed from subordinated perpetual notes withan expected 50% equity value to a secured loan for about 50% of theinitial transaction. Fitch does not expect this change to result insignificantly different leverage levels. However, leverage ispressured compared with Engencap Holding's pre-acquisitionindividual leverage level, which was 5.1x as of YE18. The combined operation will allow Engecap Holdings and TIP toimprove their business scales and increase their target customerbase. Additionally, both entities could benefit from cross-sellingopportunities. The acquisition has positioned the Engencap-Tipentity as one of the largest participants in the Mexican leasingmarket. Nevertheless, its company profile continues to be of aniche nature and a moderate size for the Mexican financial sector.Final conditions for the TIP acquisition resulted in an estimatedmetric of debt to tangible equity of 6.8x in 2018 and a forecastedpro forma metric of 7.0x in 2019. Tangible leverage is mainlyaffected by goodwill originated from the transaction and theincreasing intangibles due to the recognition of customerrelationships and trademarks. Considering the cushion provided byrestricted cash to service debt obligations, the company's net debtto tangible equity ratio (net only of restricted cash) declined to6.2x and 6.4x in 2018 and 2019. The entity is not planning todisburse dividends until the call option is executed in full. Engecap Holding registered standalone operational net losses in2016, 2017 and 2018 as a result of the process of setting upindependent operations. Pre-tax income to assets for 2018 and toaverage assets for 2019 of the combined entity would result in ahypothetic and pro forma 1.7% and 2.4%, respectively. Those metricsconsider an increasing net interest margin and controlledoperational expenses and provisions for credit losses. TIP's proventrack record of earnings generation will immediately benefitEngencap Holding's profitability. Although operational synergiesare not the main objective of this transaction, the entity expectsto reflect savings in its funding costs and incremental originationfrom acquisition. Fitch expects currency risk to remain relevantbut decrease as the company services its USD securitizationtransaction with restricted cash and portfolio amortization.In Fitch's view, the combined profile will present a reasonableimpaired loan metric. As of December 2018, this ratio would havebeen 3.2%, although the agency's asset quality evaluation would bepressured by a low reserve coverage ratio of 51%, according toinitially calculated figures. While impairments compare unfavorablyto Engencap Holding's 2.2% standalone metric due to TIP's higherdelinquencies and higher historical impairment volatility, thisratio is relatively in line with the majority of its peers. BothEngencap Holding and TIP have low historical write-offs, which isalso common in the leasing sector.After the TIP acquisition the combined entity will increase itsfunding diversification, given the greater amount of funding linesfrom TIP, while its unsecured funding will remain at a relativelylow level of around 8% of total funding, behind most of its peers.The combined funding sources include secured credit lines fromcommercial banks, loan securitizations, leasing and unsecuredcredit lines from development banks. Fitch views the creditfacilities that TIP will provide as a positive. Fitch will continue to monitor execution risks from thetransaction. Fitch expects both companies to continue asindependent operations. Even though the entity does not anticipateany other changes in top management apart from the recentannouncement that TIP's CEO will be the combined entity CEO, Fitchbelieves some other managerial or governance changes could resultfrom the acquisition. RATING SENSITIVITIESIDRsThe ratings could be downgraded if the combined company is not ableto consistently sustain a pre-tax income to average assets ratioabove 1% and if its debt to tangible equity ratio is sustainedconsistently above 7x. A material increase in non-performing loansor in concentrations per debtor, coupled with a relevant increasein tangible leverage could also negatively affect ratings. Evidenceof weaknesses in corporate governance or internal controls, or thematerialization of higher than expected costs arising from theintegration process could also pressure ratings downward. Upside potential in the short term is limited. The ratings could beupgraded in the medium term if the company materially strengthensits franchise and competitive position under its new strategy as anindependent leasing company. At the same time, Fitch expects thecompany to achieve and maintain a pre-tax income to average assetsratio consistently above 3%, reduce concentrations per debtor, andsustain a tangible leverage ratio below 6x, while it maintainsasset quality metrics around current levels. In addition, animprovement in the flexibility of its funding mix driven by amaterially larger contribution of unsecured facilities or asignificantly larger portion of unencumbered assets would alsobenefit creditworthiness.Fitch has assigned the following ratings: Engencap Holding, S. de R.L. de C.V.: -- Long-Term Local and Foreign Currency IDRs 'BB-'; OutlookStable; -- Short-Term Local and Foreign Currency IDRs 'B'.Fitch has withdrawn the following rating: -- Subordinated perpetual notes for up to USD225 million'B(EXP)'.=====================P U E R T O R I C O=====================INVERSIONES CARIBE: Condado 2 Objects to Disclosure Statement-------------------------------------------------------------Secured creditor Condado 2, LLC, objects to the disclosurestatement explaining the Chapter 11 plan of Inversiones CaribeDelta.Condado points out that the Disclosure Statement in this case doesnot provide sufficient adequate information that would creditors tomake an informed judgment as to the reasonableness of the Plan ofReorganization.Condado further points out that the Disclosure Statement does notinform or take into account the potential scenario where theObjection to Claim is denied and the Debtor has to pay the totalamount in Proof of Claim No. 7, which is the main claim in theinstant case.Attorneys for Condado: Sonia E. Colon, Esq. Gustavo A. Chico-Barris, Esq. Camille N. Somoza, Esq. PO Box 195168 San Juan, PR 00919-5168 Telephone: (787) 766-7000 Facsimile: (787) 766-7001 Email: email@example.com email@example.com email@example.com About Inversiones CaribeInversiones Caribe owns a parcel of land in Dorado, Puerto Rico,which is valued at $6 million, and a commercial property in Ponce,Puerto Rico, which is valued at $1.4 million.Inversiones Caribe Delta filed a Chapter 11 petition (Bankr. D.P.R.Case No. 19-00388) on Jan. 29, 2019. In the petition signed byCarlos F. Muratti, president, the Debtor disclosed $7,415,061 inassets and $3,619,549 in liabilities. The case has been assignedto Judge Brian K. Tester. Carmen D. Conde Torres, Esq., at C.Conde & Assoc., is the Debtor's counsel.The case is jointly administered with the Chapter 11 case ofPreserba Compania de Desarrollos, Inc. (Case No. 19-00387).PUERTO RICO: Governor Faces Calls For Impeachment Over Chats------------------------------------------------------------Reuters reports that Puerto Rico's embattled governor came undergrowing pressure to resign or be impeached after the leak ofhundreds of vulgar and offensive chat messages, as the Caribbeanisland's trade unions staged another protest march in San Juan.Governor Ricardo Rossello has faced violent street protestsdemanding he step down over the messages about politicaladversaries, according to Reuters.The chats on a private Telegram group were published July 13,adding to Rossello's woes the same week two of his former officialswere arrested by the FBI as part of a federal corruption probe inthe bankrupt U.S. territory, the report relays.The 889 pages of messages revealed by Puerto Rico's Center forInvestigative Journalism showed how Rossello and advisers exchangedmemes and comments that were derogatory, misogynistic andhomophobic, as well as privileged information, the report notes.The governor agreed to convene an emergency meeting with members ofhis political party after a string of U.S. Democratic presidentialcandidates and lawmakers called for his ouster, the report notes.In a report, Puerto Rico's influential bar association cited cleargrounds to impeach the 40-year-old former scientist, based on the"depravity" of the messages. The group's president, Edgardo Roman,recommended the island's legislature begin the process, Reuterssays."According to the analysis we've done on the contents of the chatsmade public, we understand that it is appropriate to start saidimpeachment process," the report said, Reuters relays.Reuters notes that Puerto Rico has never carried out a politicalimpeachment, according to legal experts, and while oppositionlegislators back the process it has yet to gain critical supportfrom lawmakers in Rossello's governing PNP party.The political turmoil comes at a critical stage in the U.S.territory's bankruptcy, Reuters relays. It has also raisedconcerns with U.S. lawmakers who are weighing the island's requestsfor billions of federal dollars for healthcare and for recoveryefforts following devastating hurricanes in 2017, Reuters notes.Rossello has apologized for the messages, saying they were"inappropriate" but not "illegal," and sent tweets showing himcarrying out business as usual, Reuters discloses.Puerto Rico House Speaker Carlos Mendez disclosed the creation ofan independent committee to determine whether Rossello engaged inillegal activity in the chats, the report adds. About Puerto RicoPuerto Rico is a self-governing commonwealth in association withthe United States that's facing a massive bond debt of $70 billion,a 68% debt-to-GDP ratio and negative economic growth in nine of thelast 10 years.The Commonwealth of Puerto Rico has sought bankruptcy protection,aiming to restructure its massive $74 billion debt-load and $49billion in pension obligations.The debt restructuring petition was filed by Puerto Rico'sfinancial oversight board in U.S. District Court in Puerto Rico(Case No. 17-01578) on May 3, 2017, and was made under Title III of2016's U.S. Congressional rescue law known as the Puerto RicoOversight, Management, and Economic Stability Act ('PROMESA').The Financial Oversight and Management Board later commenced TitleIII cases for the Puerto Rico Sales Tax Financing Corporation(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)and the Puerto Rico Highways and Transportation Authority (HTA) onMay 21, 2017. On July 2, 2017, a Title III case was commenced forthe Puerto Rico Electric Power Authority ("PREPA").U.S. Chief Justice John Roberts has appointed U.S. District JudgeLaura Taylor Swain to oversee the Title III cases. The HonorableJudith Dein, a United States Magistrate Judge for the District ofMassachusetts, has been designated to preside over matters that maybe referred to her by Judge Swain, including discovery disputes,and management of other pretrial proceedings.Joint administration of the Title III cases, under Lead Case No.17-3283, was granted on June 29, 2017.The Oversight Board has hired as advisors, Proskauer Rose LLP andO'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategicconsultant, Citigroup Global Markets, as municipal investmentbanker, and Ernst & Young, as financial advisor.Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., atO'Neill & Borges are on-board as attorneys.McKinsey & Co. is the Board's strategic consultant, Ernst & Youngisthe Board's financial advisor, and Citigroup Global Markets Inc. isthe Board's municipal investment banker.Prime Clerk LLC is the claims and noticing agent. Prime Clerkmaintains a case web site athttps://cases.primeclerk.com/puertoricoEpiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,and PREPA.O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto RicoFiscal Agency and Financial Advisory Authority (AAFAF), the agencyresponsible for negotiations with bondholders.The Oversight Board named Professor Nancy B. Rapoport as feeexaminer and to chair a committee to review professionals' fees. Bondholders' AttorneysKramer Levin Naftalis & Frankel LLP and Toro, Colon, Mullet, Rivera& Sifre, P.S.C. and serve as counsel to the Mutual Fund Group,comprised of mutual funds managed by Oppenheimer Funds, Inc., andthe First Puerto Rico Family of Funds, which collectively hold over$4.4 billion of GO Bonds, COFINA Bonds, and other bonds issued byPuerto Rico and other instrumentalities.White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBSFamily of Funds and the Puerto Rico Family of Funds, which hold$613.3 million in COFINA bonds.Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &Lausell are co-counsel to the ad hoc group of General ObligationBondholders, comprised of Aurelius Capital Management, LP, AutonomyCapital (Jersey) LP, FCO Advisors LP, and Monarch AlternativeCapital LP.Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera areco-counsel to the ad hoc coalition of holders of senior bondsissued by COFINA, comprised of at least 30 institutional holders,including Canyon Capital Advisors LLC and Varde InvestmentPartners, L.P.Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to CanyonCapital Advisors, LLC, River Canyon Fund Management, LLC, DavidsonKempner Capital Management LP, OZ Management, LP, and OZ ManagementII LP (the QTCB Noteholder Group). CommitteesThe U.S. Trustee formed an official committee of retirees and anofficial committee of unsecured creditors of the Commonwealth. TheRetiree Committee tapped Jenner & Block LLP and Bennazar, Garcia &Milian, C.S.P., as its attorneys. The Creditors Committee tappedPaul Hastings LLP and O'Neill & Gilmore LLC as counsel. About Puerto RicoPuerto Rico is a self-governing commonwealth in association withthe United States that's facing a massive bond debt of $70 billion,a 68% debt-to-GDP ratio and negative economic growth in nine of thelast 10 years.The Commonwealth of Puerto Rico has sought bankruptcy protection,aiming to restructure its massive $74 billion debt-load and $49billion in pension obligations.The debt restructuring petition was filed by Puerto Rico'sfinancial oversight board in U.S. District Court in Puerto Rico(Case No. 17-01578) on May 3, 2017, and was made under Title III of2016's U.S. Congressional rescue law known as the Puerto RicoOversight, Management, and Economic Stability Act ('PROMESA').The Financial Oversight and Management Board later commenced TitleIII cases for the Puerto Rico Sales Tax Financing Corporation(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)and the Puerto Rico Highways and Transportation Authority (HTA) onMay 21, 2017. On July 2, 2017, a Title III case was commenced forthe Puerto Rico Electric Power Authority ("PREPA").U.S. Chief Justice John Roberts has appointed U.S. District JudgeLaura Taylor Swain to oversee the Title III cases. The HonorableJudith Dein, a United States Magistrate Judge for the District ofMassachusetts, has been designated to preside over matters that maybe referred to her by Judge Swain, including discovery disputes,and management of other pretrial proceedings.Joint administration of the Title III cases, under Lead Case No.17-3283, was granted on June 29, 2017.The Oversight Board has hired as advisors, Proskauer Rose LLP andO'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategicconsultant, Citigroup Global Markets, as municipal investmentbanker, and Ernst & Young, as financial advisor.Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., atO'Neill & Borges are on-board as attorneys.McKinsey & Co. is the Board's strategic consultant, Ernst & Youngisthe Board's financial advisor, and Citigroup Global Markets Inc. isthe Board's municipal investment banker.Prime Clerk LLC is the claims and noticing agent. Prime Clerkmaintains a case web site athttps://cases.primeclerk.com/puertoricoEpiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,and PREPA.O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto RicoFiscal Agency and Financial Advisory Authority (AAFAF), the agencyresponsible for negotiations with bondholders.The Oversight Board named Professor Nancy B. Rapoport as feeexaminer and to chair a committee to review professionals' fees. Bondholders' AttorneysKramer Levin Naftalis & Frankel LLP and Toro, Colon, Mullet, Rivera& Sifre, P.S.C. and serve as counsel to the Mutual Fund Group,comprised of mutual funds managed by Oppenheimer Funds, Inc., andthe First Puerto Rico Family of Funds, which collectively hold over$4.4 billion of GO Bonds, COFINA Bonds, and other bonds issued byPuerto Rico and other instrumentalities.White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBSFamily of Funds and the Puerto Rico Family of Funds, which hold$613.3 million in COFINA bonds.Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &Lausell are co-counsel to the ad hoc group of General ObligationBondholders, comprised of Aurelius Capital Management, LP, AutonomyCapital (Jersey) LP, FCO Advisors LP, and Monarch AlternativeCapital LP.Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera areco-counsel to the ad hoc coalition of holders of senior bondsissued by COFINA, comprised of at least 30 institutional holders,including Canyon Capital Advisors LLC and Varde InvestmentPartners, L.P.Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to CanyonCapital Advisors, LLC, River Canyon Fund Management, LLC, DavidsonKempner Capital Management LP, OZ Management, LP, and OZ ManagementII LP (the QTCB Noteholder Group). CommitteesThe U.S. Trustee formed an official committee of retirees and anofficial committee of unsecured creditors of the Commonwealth. TheRetiree Committee tapped Jenner & Block LLP and Bennazar, Garcia &Milian, C.S.P., as its attorneys. The Creditors Committee tappedPaul Hastings LLP and O'Neill & Gilmore LLC as counsel.=================V E N E Z U E L A=================PETROLEOS DE VENEZUELA: Guaido Seeks Protection for Appointed Board-------------------------------------------------------------------Jef Feeley at Bloomberg News reports that Venezuela's oppositionleader is asking a court in Delaware to protect his boardappointments to the government-owned company that runs one of thebiggest U.S. refiners, Citgo Petroleum Corp.Houston-based Citgo is the biggest asset of Petroleos de VenezuelaSA, and the company has become a target of a bitter and chaoticleadership dispute in the South American country, according toBloomberg News. Juan Guaido was tapped to be president byVenezuela's National Assembly but he has failed to wrest power fromNicolas Maduro, Bloomberg News relays.Guaido, who appointed new directors to PDVSA, asked DelawareChancery Judge to reject a bid by Maduro to replace them with hisown candidates, Bloomberg News relays. The nation's oil industrywas one of the world's largest before the economy collapsed andthousands began fleeing the country, Bloomberg News notes.Since U.S. President Donald Trump declared Guaido as Venezuela'slegitimate president for purposes of U.S. law, that vested him withthe power to appoint the directors and Maduro has no legal groundsfor challenging them, Ken Nachbar, one of Guaido's lawyers, toldMcCormick, Bloomberg News discloses. The judge said she'd rulelater on the issue, Bloomberg News notes.Maduro's attorneys are trying to "throw up enough dust" to obscurethe clarity of U.S. Supreme Court cases certifying Trump'sauthority to recognize foreign governments, Nachbar said, BloombergNews says. McCormick should defer to the executive branch on theissue, he said, Bloomberg News notes.Venezuela is mired in its worst recession, following years ofMaduro's economic policies coupled with a collapse in the country'sall-important oil industry, Bloomberg News relays. Venezuelanofficials are scrambling to keep their hands on Citgo to helpalleviate the country's economic ills, Bloomberg News notes.Bloomberg News discloses that PDVSA counts on Citgo's U.S.refineries to handle Venezuelan crude that translates intodesperately needed hard currency. Creditors have sued around theworld seeking to seize control of the the refiner to satisfy theirdebts, Bloomberg News says.U.S. sanctions against Maduro's authoritarian regime have largelyisolated Venezuela from the global financial system and hamperedfinancing, Bloomberg News relates. In response, the Venezuelangovernment has stepped up sales of gold to firms in places such asthe United Arab Emirates and Turkey, Bloomberg News notes. Settlement TalksGuaido, head of the country's National Assembly, and Maduro, whohas the support of the Venezuelan Army, have held talks in Oslo,Norway, seeking to resolve the crisis. The latest round ofnegotiations were scheduled to take place earlier this month in theCaribbean country of Barbados.Maduro's lawyers argued he is still the de facto ruler ofVenezuela, so he has the power to name directors to the state-ownedoil company, Bloomberg News notes. Maduro has turned to Russia andIran for support in the face of American sanctions, Bloomberg Newssays."This isn't a political-question case" that should tie a judge'shands, Quinn Smith, one of Maduro's attorneys, told McCormick,Bloomberg News relays. Guaido's legal team is giving an "overlybroad" reading to court decisions ratifying Trump's power torecognize foreign governments, Smith said in court filings,Bloomberg News discloses.In their suit challenging Guaido's board candidates, Maduro'slawyers argued even though the National Assembly issued aresolution authorizing Guaido to clean house among PDVSA's board,Venezuela's Constitutional Court struck down the statute asunconstitutional, Bloomberg News says."Under Venezuelan law, the decision is binding, final, andunappealable," Maduro's board designees said in the chancery courtsuit, filed in June, Bloomberg News notes.More than 50 other countries have recognized Guaido as Venezuela'srightful leader and a handful of U.S. courts have recognizedGuaido's sole authority to represent Venezuela in Americanlitigation, Bloomberg News relays. None have ruled on whetherGuaido's slate of directors legitimately controls PDVSA's U.S.subsidiaries, Bloomberg News notes. In May, the Guaido directorsapproved a $71 million payment on PDVSA's 2020 bonds, which arebacked by Citgo shares, Bloomberg News adds. About PDVSAPetroleos de Venezuela, S.A. is the Venezuelan state-owned oil andnatural gas company. It has activities in exploration, production,refining and exporting oil as well as exploration and production ofnatural gas.As reported in Troubled Company Reporter-Latin America on June 3,2019, Moody's Investors Service withdrew all the ratings ofPetroleos de Venezuela, S.A. including the senior unsecured andsenior secured ratings due to insufficient information. At the timeof withdrawal, the ratings were C and the outlook was stable.PETROLEOS DE VENEZUELA: Partly Restarts Amuay Refinery------------------------------------------------------Mircely Guanipa at Reuters reports that Venezuelan state oilcompany PDVSA (Petroleos de Venezuela, S.A.) partly restartedactivity at its 645,000 barrel-per-day (bpd) Amuay refinery where ablackout halted operations in early July, four sources withknowledge of the matter said, though it remained well belowcapacity.The refinery's catalytic cracker restarted and was processing68,000 bpd, one of the sources said. Three other sources said twodistilling units were processing a total of 135,000 bpd. Theneighboring 310,000 bpd Cardon refinery remains offline, thesources said, according to Reuters.Outages are frequent at the twin facilities that together form the955,000 bpd Paraguana Refining Center, which has been operatingwell below capacity for years because of chronic operationalproblems aggravated by OPEC member Venezuela's economic crisis, thereport notes. Low output from the refineries, together with sanctions on PDVSA bythe United States as part of its effort to oust socialist PresidentNicolas Maduro, have contributed to fuel shortages throughoutVenezuela in recent months, the report adds. About PDVSAPetroleos de Venezuela, S.A. is the Venezuelan state-owned oil andnatural gas company. It has activities in exploration, production,refining and exporting oil as well as exploration and production ofnatural gas.As reported in Troubled Company Reporter-Latin America on June 3,2019, Moody's Investors Service withdrew all the ratings ofPetroleos de Venezuela, S.A. including the senior unsecured andsenior secured ratings due to insufficient information. At the timeof withdrawal, the ratings were C and the outlook was stable.===============X X X X X X X X===============LATAM: World Bank Mobilizes US$14 billion for Region----------------------------------------------------Trinidad Express reports that the World Bank Group said it hasmobilized more than US$14.4 billion in lending and guarantees tosupport sustainable development and poverty reduction in LatinAmerican and the Caribbean during the 2019 fiscal year that endedlast month.The Washington-based financial institution said this included acombined US$6.4 billion from the International Bank forReconstruction and Development (IBRD) and the InternationalDevelopment Association (IDA) typically referred to as the WorldBank, a record US$6.2 billion from the International FinanceCorporation (IFC) to promote private sector led sustainabledevelopment, and almost US$1.8 billion in guarantees by theMultilateral Investment Guarantee Agency (MIGA), according toTrinidad Express.[*] BOND PRICING: For the Week July 15 to July 19, 2019------------------------------------------------------- Issuer Name Cpn Price Maturity Country Curr ----------- --- ----- -------- ------- ---Noble Holding Internat 5.3 60.5 3/15/2042 KY USDNoble Holding Internat 6.2 62.2 8/1/2040 KY USDYPF SA 16.5 67.3 5/9/2022 AR ARSBanco Macro SA 17.5 65.2 5/8/2022 AR ARSOdebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USDCia Latinoamericana de 9.5 73.9 7/20/2023 AR USDMIE Holdings Corp 7.5 56.2 4/25/2019 HK USDChina Huiyuan Juice Gr 6.5 46.6 8/16/2020 CN USDOdebrecht Finance Ltd 7.0 17.0 4/21/2020 KY USDYida China Holdings Lt 7.0 74.3 4/19/2020 CN USDKrisEnergy Ltd 4.0 40.4 6/9/2022 SG SGDNoble Holding Internat 6.1 62.0 3/1/2041 KY USDUSJ Acucar e Alcool SA 9.9 74.0 11/9/2019 BR USDAvadel Finance Cayman 4.5 55.0 2/1/2023 US USDArgentine Republic Gov 6.9 75.2 1/11/2048 AR USDPolarcus Ltd 5.6 71.8 7/1/2022 AE USDArgentine Republic Gov 8.3 74.5 12/31/2033 AR USDMIE Holdings Corp 7.5 56.4 4/25/2019 HK USDAutomotores Gildemeist 8.3 54.2 5/24/2021 CL USDYPF SA 16.5 67.3 5/9/2022 AR ARSProvincia del Chubut A 4.5 2208 3/30/2021 AR USDArgentine Republic Gov 4.3 70.0 12/31/2033 AR JPYAutomotores Gildemeist 6.8 54.9 1/15/2023 CL USDCia Latinoamericana de 9.5 74.3 7/20/2023 AR USDEnel Americas SA 5.8 32.7 6/15/2022 CL CLPBanco Macro SA 17.5 65.2 5/8/2022 AR ARSProvincia de Rio Negro 7.8 70.3 12/7/2025 AR USDOdebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USDProvince of Santa Fe 6.9 75.2 11/1/2027 AR USDOdebrecht Finance Ltd 7.0 16.5 4/21/2020 KY USDProvince of Santa Fe 6.9 74.7 11/1/2027 AR USDEmbotelladora Andina S 3.5 37.9 8/16/2020 CL CLPUSJ Acucar e Alcool SA 9.9 74.0 11/9/2019 BR USDArgentine Republic Gov 8.3 72.9 12/31/2033 AR USDEmpresa Provincial de 12.5 0.0 1/29/2020 AR USDCia Energetica de Pern 6.2 1.1 1/15/2022 BR BRLProvincia de Buenos Ai 7.9 75.3 6/15/2027 AR USDAES Tiete Energia SA 6.8 1.2 4/15/2024 BR BRLProvincia de Rio Negro 7.8 70.4 12/7/2025 AR USDArgentine Republic Gov 0.5 27.6 12/31/2038 AR JPYPlaza SA 3.5 38.3 8/15/2020 CL CLPBanco Security SA 3.0 5.6 7/1/2019 CL CLPArgentina Bonar Bonds 5.8 75.2 4/18/2025 AR USDCorp Universidad de Co 5.9 64.2 11/10/2021 CL CLPCity of Cordoba Argent 7.9 73.1 9/29/2024 AR USDAutomotores Gildemeist 8.3 54.2 5/24/2021 CL USDProvincia de Cordoba 7.1 72.7 8/1/2027 AR USDArgentine Republic Gov 6.3 74.1 11/9/2047 AR EURProvincia del Chaco Ar 4.0 0.0 12/4/2026 AR USDFospar S/A 6.5 1.2 5/15/2026 BR BRLEmpresa de Transporte 4.3 30.9 7/15/2020 CL CLPArgentina Bonar Bonds 7.6 74.4 4/18/2037 AR USDAutomotores Gildemeist 6.8 54.9 1/15/2023 CL USDSACI Falabella 2.3 50.6 7/15/2020 CL CLPSylph Ltd 2.4 65.1 9/25/2036 KY USDBanco Security SA 3.0 27.4 6/1/2021 CL CLPEmpresa Electrica de l 2.5 63.8 5/15/2021 CL CLPSociedad Austral de El 3.0 17.0 9/20/2019 CL CLPProvincia del Chaco Ar 9.4 74.8 8/18/2024 AR USDArgentine Republic Gov 7.1 75.7 6/28/2117 AR USDProvincia de Cordoba 7.1 74.7 8/1/2027 AR USDMetrogas SA/Chile 6.0 41.6 8/1/2024 CL CLPEsval SA 3.5 49.9 2/15/2026 CL CLP *********S U B S C R I P T I O N I N F O R M A T I O NTroubled Company Reporter-Latin America is a daily newsletterco-published by Bankruptcy Creditors' Service, Inc., FairlessHills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.Chapman, Editors.Copyright 2019. All rights reserved. ISSN 1529-2746.This material is copyrighted and any commercial use, resale orpublication in any form (including e-mail forwarding, electronicre-mailing and photocopying) is strictly prohibited without priorwritten permission of the publishers.Information contained herein is obtained from sources believed tobe 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 membersof the same firm for the term of the initial subscription orbalance thereof are US$25 each. For subscription information,contact Peter A. Chapman at 215-945-7000.. * * * End of Transmission * * *


text: Brian Wood Wildlife Worldwide Speaking at Wanderlust presents: The Solo Travel Panel About An inveterate solo traveller, Brian has worked in the travel industry for more than 30 years planning, organising and leading adventure and special interest trips for both groups and individuals all over the world. With a particular fascination for South America, where he spent some six years living and working, he has visited over one hundred countries, so is well qualified to offer advice. < Back

subset: commoncrawl


text:
FSB Assesses Implementation of Compensation Standards and Principles
FSB published the sixth progress report on the implementation of its principles and standards for sound compensation practices in financial institutions. The report assesses how compensation practices have evolved since 2009. The progress report finds that FSB jurisdictions implemented the principles and standards for sound compensation for all banks that are considered significant for the purpose of the principles and standards. While most banks have put in place practices and procedures that reduce the potential for inappropriate risk-taking, their effectiveness is still being tested. FSB also published a document that provides links to information on the FSB member jurisdictions' national regulation and supervisory guidance on compensation.
The report finds that, at most banks, further work is required to validate that practices and procedures operate effectively and cover all compensation-related risks. International supervisory dialog facilitated increased attention to compensation design and implementation, contributing to better practices. Authorities remain focused on compensation practices, with many of them incorporating assessment of compensation practices as part of the ongoing supervisory review processes. The report highlights that for significant banks a number of changes have taken place. Boards appear more active and engaged and compensation processes are now conducted with greater oversight. Compensation arrangements now have longer time horizons, include mechanisms that better align them with effective risk management practices and include a wider range of financial and non-financial risk assessment criteria. Moreover, in recent years, there has been an increased focus on compensation as a tool to address conduct risk, along with a greater emphasis on how results are achieved.
The report assesses several jurisdictions, including Argentina, Australia, Brazil, Canada, China, France, Germany, Hong Kong, India, Indonesia, Italy, Japan, Korea, Mexico, the Netherlands, Russia, Saudi Arabia, Singapore, South Africa, Spain, Switzerland, Turkey, United Kingdom, and the United States. The FSB principles and implementation standards are intended to apply to financial institutions that are significant for the purposes of compensation standards including banks, insurers, and asset managers. In most jurisdictions, the identified institutions are mainly in the banking sector. Fewer jurisdictions have implemented the requirements for the insurance and asset management sectors. The challenge now is to develop frameworks for assessing the effectiveness of compensation policies and practices in balancing risk and reward. As supervisors continue to monitor compensation practices, they will need to ensure that compensation remains aligned with prudent risk-taking and fully reflects the evolving risks and the new areas of vulnerabilities as they emerge.
Related Links
- Press Release
- Progress Report (PDF)
- National Regulation (PDF)
- Principles for Compensation Practices (PDF)
- Implementation Standards for FSB Principles (PDF)
Keywords: International, Banking, Insurance, Securities, Compensation Practices, Progress Report, Operational Risk, Conduct Risk, FSB
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12U Div. I & II Boys' World Championship
7th Grade Girls' World Championship
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10U Boys' Div. I & II World Championship
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Cancelled - AAU Junior Olympic Games
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More Posts
- [Video Tutorial] Learn To Read A Blanket Pattern And Add A Border With Step By Step Instructions
- [Video Tutorial] Super-Easy And So Fun Fin-Tastic Shark Sleep And Snuggle Sack
- [Free Pattern] Perfect Super Squishy Round Crochet Rug Pattern For Nursery
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I love this version of the solid granny squares, especially with a change of colour. I think they are very elegant and stylish an have personality. This Solid Granny Square from Joanne L of Craft Passion is using some very nice techniques to boost up the old fashion granny square. And if you ask me, these grannies are truly amazing
Simply adapt the crochet pattern by adding colors to the square to create a color band, or just leave it in a single color. I used some left over stashed linen yarns to make these solid granny squares. I used the granny square as drinks coasters but the squares can be make into other things upon joining up, the most popular items will be the granny square blanket, top garment, bags, table runners etc.
Image source: Flickr
Thanks to Joanne for article inspiration and featured image.
If you enjoyed this article please share and Like our Facebook page.


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1. Native/Fluent English
2. Perfect Grammar and Punctuation
3. Knowledge of Real Estate and it's terminology
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text: Festival NewsMusic News Good Doogs drop first single "I'm Listening" off debut album, and announced for Falls Festival! written by the partae August 9, 2019 L-R: Andy, Asher, Grudge, Dyl From sold out tour after sold out tour, to a string of constantly catchy-but-meaningful singles, and hilarious music videos, Good Doogs just keep proving they are leading the wave of new surf-punk in Australia. With their latest single "I'm Listening" the trio from Mandurah WA give you something a little bit different. Still catchy AF – with sweet guitar licks, BIG drums, and more singalong moments than you can poke a stick at – the new single is a little heavier than their previous releases, and shows The Doogs have a lot more surprises hidden away. As well as now welcoming Andy officially into the band after the end of the upcoming October 'Andy Is In The Bandy' tour (yay Andy!) making them a 4-piece, and are playing Falls Festival nationally over New Years, the band are also currently writing their debut album, scheduled for release next year. "I'm Listening" will be the first taste of their debut LP. "I'm Listening is a romantic ballad about the courtship process and all the steps from that up to making love. We tried to make the song a little bit more dark and brooding from our normal stuff, and really tried to make it punchy so the guitars hit you like a wall of sound as the chorus comes in." – Grudge "This song is about having sex." – Asher "Effectively the song is about having sex – I just don't really know how to put it into a nice paragraph for you…" – Grudge GOOD DOOGS "I'm Listening" (single) GENRE – INDIE / ROCK PLAY LENGTH – 00:03:01 LOCATION – MANDURAH, WA DOWNLOAD – WAV SINGLE ART – HERE STREAM – HERE UNEARTHED – HERE AIRIT – HERE RELEASE DATE – out now Releasing three singles ("Nothing To Do", "So Dumb" and "Want That") in 2018, and kicking off 2019 strong er than ever with "Nobody/Alone" and "How I Feel" Good Doogs burst out of Mandurah in Western Australia's South-West and toured across the country on a string of headline tours – selling out cap cities time and time again, as well as jumping on tours with the likes of Tired Lion, Fidlar, and DZ Deathrays and playing BIGSOUND, Party In The Paddock, Festival Of The Sun, Groovin The Moo, andThe Hills Are Alive. Now, they give you latest single "I'm Listening", were just announced on the bill for Falls Festival nationally, as well as announced their biggest headline tour to date – taking them from Darwin to Hobart throughout October: GOOD DOOGS 'Andy's In The Bandy' TOUR * with special guests Baker's Eddy Friday 4th Oct – The Zoo, Brisbane QLD * Saturday 5th Oct – Sol Bar, Sunshine Coast QLD * Sun 6th Oct – Yours & Owls, Wollongong NSW Fri 11th Oct – Indi Bar, Scarborough WA * Sat 12th Oct – Here Comes The Sun, Margaret River WA Thurs 17th Oct – The Brisbane Hotel, Hobart TAS * Friday 18th Oct – The Plough Inn, Launceston TAS * Saturday 19th Oct – Stonefest, Canberra ACT Friday 25th Oct – Crowbar, Sydney NSW * Sat 26th Oct – Espy, Melbourne, VIC * Sat 2nd Nov – The Rails, Darwin NT and playing Falls Festival this New Year: Dec 28 – Dec 31 – Falls Festival Lorne, VIC Dec 29 – Dec 31 – Falls Festival Marion Bay, TAS Dec 31 – Jan 2 – Falls Festival Byron Bay, NSW Jan 4 – Jan 5 – Falls Festival Fremantle, WA Tickets on sale now from www.gooddoogs.com 0 comment 0 Facebook Twitter Google + Pinterest the partae The Partae previous post Crooked Colours With Liam next post BIGSOUND TAKES ONE FOR THE TEAM: FYRE FESTIVAL'S ANDY KING UNVEILED AS KEYNOTE ADDRESS AND ANNOUNCES 70+ MORE SPEAKERS WITH FULL PROGRAM RELEASE You may also like N.Y.C.K. Reveal New Single And Stunning Live Video... September 26, 2019 Stag & Dagger – Scotland's most celebrated multi-venue... March 12, 2020 Barns Courtney reveals new single '99' and November... August 27, 2018 Beloved Melbourne trumpeter and vocalist Audrey Powne announces... November 8, 2018 UP DOWN Festival Line Up Announcement – SUNDAY... December 12, 2018 The return of a Berghain favourite Henning Baer October 25, 2019 A Hitch To The Sticks Festival unleashes huge... August 7, 2018 Beatles Treasures Arrive at Melbourne Museum as Revolutions:... April 11, 2019 PITCHFORK MUSIC FESTIVAL PARIS announce 3rd wave of... June 15, 2018 TEENAGE DADS RELEASE ADRENALINE RUSH + TOUR WITH... February 20, 2020 Leave a Comment Cancel Reply


text:
Cllr David Fowles
StanwayParish Council
Committee Membership
- Planning
- Corporate Governance (substitute member)
Parish Clerk: Mr David Lines
Victory Hall, Villa Road
Stanway, Colchester, Essex
Tel: 01206 542221 | Send email
Tue, 18 Aug 2020 19:00
Wed, 19 Aug 2020 19:00
Tue, 01 Sep 2020 10:00
The Borough Council is Colchester Borough Council.
The County Council is Essex County Council.
Committee Membership
Last updated: Wed, 08 Apr 2020 12:21
Parish Clerk: Mr David Lines, Victory Hall, Villa Road, Stanway, Colchester, Essex, CO3 0RH
Telephone: 01206 542221 Email: firstname.lastname@example.com
Essex Police are recruiting Community Special Constables to serve in their community and Stanway Parish Council is willing to contribute to the daily incidental expenses of CSCs dedicated to their area. Follow the link for more details. If you are interested, please get in touch and we shall make the arrangements.
The Stanway Community Centre is re-opening and available for hire. Still under government constraints, the terms and conditions of hire can be found by following the link.
Follow the link to see how Winstree Road may be re-designed and to have your say.
Notice of a formal opportunity to scrutinise the Parish Council's Governance and Financial Return for the year ending March 31st 2020. The Return is backed up with full supporting information. Click on the link to our Finance page and then scroll down to find the document "Annual Accounts - Public Rights".
Follow the link to see how to attend parish council meetings, whether physical or virtual, and what protocols to follow.