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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

          Monday, December 30, 2019, Vol. 20, No. 0

                           Headlines



B O L I V I A

BOLIVIA: Morales Demands Free and Fair Elections


C H I L E

ENJOY SA: S&P Affirms 'B-' ICR, Off CreditWatch Negative


C O L O M B I A

BANCOLOMBIA SA: Discloses Final Tender Results 2020 & 2022 Notes


D O M I N I C A N   R E P U B L I C

AEROPUERTOS DOMINICANOS: S&P Affirms 'BB-' Rating, Outlook Stable


H O N D U R A S

[*] HONDURAS: Facing Prison Crisis


M E X I C O

GRUPO FAMSA: S&P Rates New 9.75% Sr. Secured Notes Due 2024 'CCC-'


P E R U

RUTAS DE LIMA: S&P Cuts Debt Rating Cut To 'B', Outlook Negative


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Secures Temporary Lease Extension
VENEZUELA: Maduro Closes Down Two More News Outlets


X X X X X X X X

[*] BOND PRICING: For the Week December 23 to December 27, 2019

                           - - - - -


=============
B O L I V I A
=============

BOLIVIA: Morales Demands Free and Fair Elections
------------------------------------------------
The Latin Herald Times reports that Evo Morales, who resigned the
Bolivian presidency under pressure from the army, said that the
interim government in La Paz must stop persecuting his supporters
to make sure that the elections planned for 2020 will be free and
fair.

"There can't be elections without democracy," Bolivia's first
indigenous head of state told EFE in an interview in Buenos Aires,
according to The Latin Herald Times.

Morales said that while the crisis in the Andean nation can only be
resolved through a "policy of reconciliation," the prospects for
such an approach appear dim in light of the actions of the de-facto
regime led by right-wing Sen. Jeanine Anez, the report notes.

"To say 'Jeanine out' is sedition and prosecution.  To communicate
with Evo is sedition, prosecution and search.  To raise your voice
to any (government) minister is sedition," he said, referring to
criminal charges brought against himself and prominent members of
his leftist MAS party, the report notes.

The Latin Herald Times discloses that Morales, who has found asylum
in Argentina, will meet with top officials of MAS to initiate the
process of choosing the party's presidential candidate.

The erstwhile president has already excluded himself from the race,
but MAS has named him to direct the campaign, the report relays.

"We will issue an invitation for the national encounter, which will
be in Bolivia or Argentina, and the candidate will emerge from
that," Morales said, the report notes.

Contenders for the MAS presidential nomination include two former
foreign ministers, Diego Pary and David Choquehuanca, and Luis
Arce, who managed the economy for most of Morales' nearly 14-year
tenure, the report relays.

There is also Andronico Rodriguez, a rising star in MAS known to
some as "Evito" – little Evo.

Without expressing a preference, Morales said that MAS will rally
behind a "unity" candidate, the report notes.

Violence erupted in Bolivia a day after the Oct. 20 elections,
driven by claims of fraud from the opposition, the report
discloses.  Morales, who had been in office since 2006, claimed
victory, but then invited the Organization of American States (OAS)
to audit the count and agreed to abide by their judgment, the
report relates.

On Nov. 10, hours before announcing his resignation, Morales
accepted the OAS proposal for a new election, the report notes.
Even so, the army brass went on television to "suggest" that he
step down amid a rebellion by police units and mob violence
targeting the homes and persons of prominent MAS figures, including
the president's sister, the report relays.

"What happened if I didn't resign, they killed me?" Morales asked
rhetorically, defending his decision to leave in order to avoid the
"mutinous police" from carrying out a massacre.

He then pointed to the findings of the Bolivian Ombudsman's Office
that 35 people have died in political violence since Oct. 20, the
vast majority of them being MAS supporters killed by the security
forces during protests against the Anez government, the report
relays.

"If there's one thing I didn't do, it was to use the police and
armed forces against the people," Morales told EFE.

He accused the United States -- which applauded his departure and
has recognized Anez as interim president -- of being behind the
coup, saying that Washington couldn't forgive his regime for
insisting on developing Bolivia's natural gas and lithium under
state control, the report notes.

Morales likewise criticized the OAS, asserting that even if its
claims of voting irregularities were accurate, they would not have
changed the outcome, the report relays.

"If we give those votes to the opponent, we still win in the first
round," he said.

Morales and other members of his government fled Bolivia for Mexico
on Nov. 11, but traveled to Argentina a month later, after a
friendly leftist government took office in Buenos Aires, the report
relays.

Argentina's new president, Alberto Fernandez, says he will not
allow Morales or any of his associates to be extradited to Bolivia
to face charges of treason and sedition brought against the former
head of state by the Anez government, the report relays.

Despite the threat of arrest, it is only a "matter of time" before
he returns to Bolivia, Morales told EFE.

A few weeks ago, one of Evo's most important international allies,
former Brazilian President Luiz Inacio Lula da Silva, denounced
last month's events in Bolivia as a coup, but added that it had
been a mistake for Morales to seek a fourth consecutive term, the
report says.

"Maybe it was, but it's not that I sought it," Morales said, adding
that Bolivian unions and grassroots organizations asked him to run
again "to continue guaranteeing economic growth" and the
maintenance of the social advances achieved since 2006, the report
notes.

"You don't seek office, the office seeks you."



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

ENJOY SA: S&P Affirms 'B-' ICR, Off CreditWatch Negative
--------------------------------------------------------
On Dec. 23, 2019, S&P Global Ratings affirmed its 'B-' issuer
credit and issue-level ratings on the Chile-based gaming company
Enjoy S.A., and removed them from CreditWatch with negative
implications, where S&P placed them on Nov. 28, 2019.

By obtaining a waiver for the December 2019 covenant measurement,
along with an amendment on the covenants for 2020, the company has
eliminated debt payment acceleration risks in the short term and
bought time to perform asset sales to improve its capital
structure. The net debt-to-EBITDA ratio was amended to equal or
below 6.5x, from 5.5x previously, between March and December 2020,
equal or below 5.5x between March and December 2021, and to equal
or below 5.0x between March and December 2022, from 4.5x
previously. However, the amendment as of March 2021 is pending on
the company's ability to pledge 62.5% of Baluma's, a Uruguayan
subsidiary, shares in favor of domestic bondholders. But, even if
Enjoy is unable to pledge shares in favor of domestic bondholders,
covenant threshold will be 6.5x in 2020. S&P expects the company's
net leverage under covenant definition, which differs from S&P's
adjusted metrics, to remain between 5.0x and 6.0x next year.

To complete the pledge in favor of domestic bondholders, Enjoy
needs to perform the call on its international bond and release the
current pledge in favor of international bondholders. The company
plans to sell real estate assets in Antofagasta, Coquimbo, and
Pucon, and issue additional domestic bonds to raise $200 million it
needs to call the international bond. If Enjoy is unable to
complete the pledge before September 2020, there will be a gradual
step up on domestic bonds' coupon, which in turn would further
increase interest burden and dent cash flows. Additionally, if the
company is unable to complete the pledge before March 2021, the
covenant threshold will remain at 4.5x (instead of 5.5x), which
according to S&P's calculations, Enjoy would breach unless it sells
assets for at least $65 million - $70 million.

The company's 2019 operating performance is poor. S&P said, "We
expect gradual recovery starting in 2020, but Enjoy also has
relatively high committed capital expenditures (capex) for the next
two years. We expect Enjoy to post free cash flow deficits in 2019
and 2020, preventing the company faster deleveraging unless it
sells its real estate assets. We forecast adjusted debt to EBITDA
to be 6.5x-7.0x in 2019, and to slightly improve to close to 6.0x
in 2020 and 2021 amid some recovery in its operations. With this
level of debt, we estimate that Enjoy will use about half of the
EBITDA to pay down interest through 2021."




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

BANCOLOMBIA SA: Discloses Final Tender Results 2020 & 2022 Notes
----------------------------------------------------------------
Bancolombia S.A. disclosed the expiration and final tender results
of the offer by Citigroup Global Markets Inc. (the "Offeror") to
purchase for cash (the "Offer") up to a maximum amount of
US$750,000,000 of the Issuer's outstanding 6.125% Subordinated
Notes due 2020 (the "2020 Notes") and 5.125% Subordinated Notes due
2022 (the "2022 Notes" and together with the 2020 Notes, the
"Notes").  The terms and conditions of the Offer are set forth in
the offer to purchase dated November 25, 2019 (the "Offer to
Purchase").

On December 13, 2019, the Offeror purchased US$485,992,000
aggregate principal amount of the Notes that were validly tendered
and not validly withdrawn as of 5:00 p.m., New York City time, on
December 9, 2019 (the "Early Tender Date").  The Offeror has
accepted for purchase an additional US$47,000 in aggregate
principal amount of 2020 Notes and US$4,460,000 in aggregate
principal amount of 2022 Notes that were validly tendered and not
validly withdrawn following the Early Tender Date and on or prior
to 11:59 p.m., New York City time, on December 23, 2019 (the
"Expiration Date"). Settlement for these additional Notes is
expected to be December 26, 2019 (the "Final Settlement Date").
Holders that validly tendered after the Early Tender Date and prior
to the Expiration Date, and whose Notes are accepted for purchase,
will be entitled to receive total consideration of (i) US$999.25
for each US$1,000 principal amount of the 2020 Notes, and (ii)
US$1,035.00 for each US$1,000 principal amount of the 2022 Notes,
plus accrued and unpaid interest in respect of their purchased
Notes from the last interest payment date to, but not including,
the Final Settlement Date.

Citigroup Global Markets Inc. and J.P. Morgan Securities LLC acted
as the dealer managers for the Offer.  Persons with questions
regarding the Offer should contact Citigroup Global Markets Inc. at
(800) 558-3745 (toll-free) or (212) 723-6106 (collect), or J.P.
Morgan Securities LLC at (866) 846-2874 (toll-free) or (212)
834-7279 (collect).

This press release is for informational purposes only and is not a
recommendation, an offer to purchase, or a solicitation of an offer
to sell with respect to any securities.



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

AEROPUERTOS DOMINICANOS: S&P Affirms 'BB-' Rating, Outlook Stable
-----------------------------------------------------------------
On Dec. 23, 2019, S&P Global Ratings affirmed its 'BB-' ratings on
the Dominican Republic-based airport operator Aeropuertos
Dominicanos Siglo XXI S.A. (Aerodom).

Aerodom's operating performance has quickly recovered from PAWA
Dominicana's bankruptcy in January 2018, posting a growth of about
12% as of December 2019 thanks to solid economic conditions in the
country (with expected GDP growth of about 5% for the next three
years), together with additional routes and frequencies
incorporated in 2019.

S&P said, "We expect an annual traffic growth of about 4% for the
next three years, which lead to EBITDA of $135 million - $140
million for 2020 and 2021. We expect Aerodom to use the projected
EBITDA to pay O&M and administrative costs, capital expenditures of
about $20 million in 2020 and $10 million in 2021 and dividends of
about $5 million and $40 million, respectively (in line with the
company's expectations to distribute 100% of net income). This will
result in debt to EBITDA of 2.7x in 2020, while FFO to debt will
remain in the 15%-20% area, which is still consistent with our
current assessment of the company's financial risk profile."

The credit rating on Aerodom reflects its operations in only one
country, where the company doesn't operate the busiest airport
(Punta Cana). Moreover, although Aerodom operates six out of the 10
airports in the country, only one airport accounts for more than
75% of the company's total passenger traffic. However, the
offsetting factors are an adequate regulatory framework, the
company's strong profitability with the EBITDA margin of 75%-80%,
and low expected levels of investments because Aerodom already
completed all of the mandatory capital expenditures per the
concession contract.




===============
H O N D U R A S
===============

[*] HONDURAS: Facing Prison Crisis
----------------------------------
EFE News reports that Honduras is facing a crisis in its
penitentiary system after riots at two prisons left 37 dead,
killings attributed to groups seeking to prevent government
intervention in the country's prisons, a situation amid which a
local organization has called for the support of the Inter-American
Commission on Human Rights (IACHR).

The two incidents, in which more than 10 other inmates were
injured, occurred at a prison in the town of El Porvenir, near
Tegucigalpa, where 19 prisoners died and at a prison in Atlantida
province, where on Nov. 30 another 18 inmates were killed,
according to EFE News.




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

GRUPO FAMSA: S&P Rates New 9.75% Sr. Secured Notes Due 2024 'CCC-'
------------------------------------------------------------------
S&P Global Ratings assigned its 'CCC-' issue-level and '3' recovery
ratings to Grupo Famsa S.A.B. de C.V.'s (GFamsa's) new 9.75% senior
secured notes due December 2024. The '3' recovery rating indicates
S&P's expectation for meaningful recovery (50%-90%) in the event of
a default. At the same time, S&P withdrew at the issuer's request
its 'CCC-' issue-level and '3' recovery ratings on the company's
7.25% senior unsecured notes due June 2020.

On Dec. 17, 2019, GFamsa announced the settlement of the exchange
offer, validly tendering US$80.9 million for US$140 million of its
existing 2020 notes. The new notes will mature on Dec. 15, 2024,
while outstanding US$59.1 million of its 2020 notes remain due June
1, 2020.

ISSUE RATINGS – RECOVERY ANALYSIS

Key analytical factors:

-- S&P said, "We assigned our 'CCC-' global scale issue-level
rating on GFamsa's 9.75% senior secured notes due 2024. We also
assigned our '3' recovery rating, indicating a meaningful recovery
prospect (50%-90%; rounded 70%) in the event of a payment
default."

-- In an event of default, the senior secured notes will have a
first-priority security interest in the collateral. As defined in
the 2024 notes indenture, the collateral consists of: (i) 100% of
the shares of the common capital stock of certain subsidiaries,
(ii) related intercompany debt, and any proceeds from the sale of
(i) and (ii). Moreover, any claim for the difference between
US$80.9 million outstanding of 2024 notes and the potential
realized proceeds from the collateral will rank pari passu with
GFamsa's all other unsecured unsubordinated debt obligations.

-- S&P's simulated default scenario assumes a payment default in
2020, stemming from the company's inability to refinance its notes
ahead of their maturity date.

-- S&P values GFamsa on a going concern basis, given its belief
that the company would continue to have a viable business model in
an event of default.

Simulated default assumptions:

-- Simulated year of default: 2020
-- EBITDA at emergence: about MXN1.2 billion
-- Implied enterprise value multiple: 5.0x
-- Jurisdiction: Mexico

Simplified waterfall:

-- Gross enterprise value at default: about MXN6.0 billion
-- Administrative costs: about MXN300 million
-- Net enterprise value at default: about MXN5.7 billion
-- Priority claims and first lien debt: about MXN260 million
-- Realized proceeds from collateral value available to secured
notes creditors: about US$60 million
-- Senior secured notes: about US$85 million*
-- Recovery expectations for secured debt creditors: 50%-90%
(rounded estimate 70%)**
-- Residual value available to unsecured creditors: about MXN4.3
billion
-- Unsecured debt claims: about MXN7.3 billion**
-- Recovery expectations for unsecured debt creditors: 50%-90%
(rounded estimate 55%)**

*All debt amounts include six months' prepetition interest.

**Rounded estimate down to the nearest 5%.

  Ratings List

  New Rating  
  Grupo Famsa S.A.B. de C.V.

  Senior Secured  
   US$80.922 mil 9.75% nts due 12/15/2024    CCC-
   Recovery Rating                           3(65%)

  Not Rated Action  
                               To      From
  Grupo Famsa S.A.B. de C.V.

  Senior Unsecured  
   Local Currency              NR      CCC-
   Recovery Rating             NR      3(50%)




=======
P E R U
=======

RUTAS DE LIMA: S&P Cuts Debt Rating Cut To 'B', Outlook Negative
----------------------------------------------------------------
On Dec. 23, 2019, S&P Global Ratings lowered its issue-level rating
on Peru-based toll road operator, Rutas de Lima S.A.C. (RdL or the
project) to 'B' from 'BB'. The outlook on the rating is negative.

S&P said, "The downgrade mainly incorporates our view of higher
volatility of RdL's CFADS stemming from unexpected social and
political instability in Peru that would depress GDP growth in 2020
and subsequent years, and therefore, lower-than-expected traffic.
Although we still project a relatively low minimum DSCR of about
1.05x , which is in line with our previous base-case assumptions,
we believe the ratio is now more vulnerable and could drop to 1x if
the conditions are only marginally worse than what we currently
expect."

In addition, the rating action reflects S&P's perception of
increasing regulatory risk following the suspension of payments to
RdL at the Chillon toll plaza since 2017, and the revision, which
started seven months ago, of the terms of the concession contract
after the government issued a directive to review it under the
Proceso de Evaluacion Conjunta.

During the protests in January 2017, the newly opened Chillon toll
plaza in the south-north direction of the Panamericana Norte toll
road was destroyed. Consequently, the municipality of Lima
suspended the implementation of the toll for the remainder of the
concession term, resulting in a loss of revenue for the project,
which we initially incorporated in our DSCR metrics estimate. The
project and Lima are in currently in arbitration over the
suspension of the Chillon toll plaza, which S&P expects to be
completed in 2020.

S&P expects the renegotiation of the concession contract to
continue during 2020, including potential modifications in the
pending investments and the mechanism to adjust tariffs, which will
be temporarily suspended starting in 2020.




=================
V E N E Z U E L A
=================

PETROLEOS DE VENEZUELA: Secures Temporary Lease Extension
---------------------------------------------------------
Paul Dobson at venezuelanalysis.com reports that Venezuela's
state-run oil company PDVSA has managed to temporarily extend its
lease on Curacao's Isla Refinery.

The agreement will allow PDVSA to continue to use the refinery for
a maximum of one additional year as part of a "transition" to a new
operator, according to a statement from the state-run refinery
owner Refineria di Koursou (RdK), according to
venezuelanalysis.com.

The deal was reached during a meeting between PDVSA President
Manuel Quevedo and RdK representative Marcelino de Lannoy in
Caracas, and reportedly includes a commitment by PDVSA to invest in
maintenance during 2020, the report notes.

Sitting a mere 140 kilometres of Venezuela's northern coast, the
Isla Refinery has a capacity to process 335,000 barrels per day
(bpd) of crude oil into conventional fuels, polymers,
petrochemicals, asphalt and raw waxes, as well as lubricating oils,
the report relays.  It also provides storage facilities for
Venezuelan oil-based products, the report discloses.

PDVSA has leased the premises continuously since 1985, but RdK is
considering switching operators to avoid coercive measures from
Washington, the report notes.  The firm began talks with European
industrial conglomerate Klesch Group in September, but no further
details have yet been disclosed, the report relays.

Despite a modest rise in output in October, Venezuela's oil
production continues to be less than half that of 2018, with
bottlenecks reported in processing, distribution, and sales in
recent months as US sanctions continue to bite, the report
relates.

The Trump administration first imposed crippling financial
sanctions on the industry in 2017, going on to decree an oil
embargo last January, prohibiting US entities from dealing with
PDVSA, the report notes.

Sanctions were further expanded to a blanket ban on dealings with
the Venezuelan state in August, which threatened secondary
sanctions against third party actors, the report notes.

Since then, the US Treasury Department has directly targeted
non-US, Caribbean-based shipping firms working with PDVSA, in a bid
to further hamper Venezuelan crude exports, the report relays.

In May, RdK was granted a sanctions exemption from the US
Treasury's Office of Foreign Assets Control (OFAC), which allowed
the firm to continue working with PDVSA until January 2020,
venezuelanalysis.com notes.  According to RdK spokespersons, the
Washington permit allows for an additional one-year grace period
during which the refinery may generate income for maintenance and
salaries but not return a profit, the report notes. Neither PDVSA
nor the OFAC have commented on the lease renewal.

              ConocoPhillips Pushes to Seize CITGO

PDVSA is also facing further trouble over its foreign assets in the
United States, after US oil company ConocoPhillips filed a lawsuit
to seize shares in its CITGO subsidiary, the report notes.

ConocoPhillips was awarded US $2 billion in settlement by the
International Chamber of Commerce last year over the 2007 seizure
of its Venezuelan-based assets, the report relays.  This figure was
increased to US $8.5 billion by the World Bank's International
Centre for Settlement of Investment Disputes (ICSID) in April 2019,
a ruling which the Venezuelan government does not recognize, the
report notes.

ConocoPhillips spokesperson Daren Beaudo told press that PDVSA has
paid the firm $754 million so far, but he also claimed that Caracas
fell US $12 million short of the third quarter amount due and has
not paid any of the fourth quarter installments, the report
relays.

The US firm was unsuccessful in its efforts to seize PDVSA tankers
entering the Isla refinery and a PDVSA storage facility in
neighboring Bonnaire in May this year, declaring at the time that
it "will pursue all available legal avenues to obtain full and fair
compensation for our expropriated investments in Venezuela," the
report discloses.

CITGO, which is currently under the administration of an ad-hoc
board named by Venezuelan opposition leader Juan Guaido, is
estimated to be worth US $8 million, the report relays.  49.9
percent of the firm's assets are tied up as collateral in 2016 loan
deals between PDVSA and Russian oil giant Rosneft, while the
remaining 50.1 percent is collateral to holders of PDVSA's 2020
bond, the report notes.

Last month, theTreasury Department moved to temporarily block the
seizure of Venezuelan state assets in the US. Commenting on the
measure, Beaudo said that ConocoPhillips is "working closely with
the US government to determine the best course of action," the
report relays.

The oil company adds its name to a list of firms looking to seize
CITGO shares over payment disputes, including Canadian mining giant
Crystallex and PDVSA's 2020 bond holders, the report notes.

In August, Crystallex was granted permission to seize CITGO's
assets as part of an unpaid US $1.2 billion settlement for the 2008
nationalisation of its Venezuelan operations, but is yet to take
action, the report discloses.

ConocoPhillips lawyers have argued that the US firm should receive
"the same treatment" as their Canadian counterparts, the report
adds.

                          About PDVSA

Founded in 1976, Petroleos de Venezuela, S.A. (PDVSA) is the
Venezuelan state-owned oil and natural gas company, which engages
in exploration, production, refining and exporting oil as well as
exploration and production of natural gas.  It employs around
70,000 people and reported $48 billion in revenues in 2016.

As reported in Troubled Company Reporter-Latin America on June 3,
2019, Moody's Investors Service withdrew all the ratings of
Petroleos de Venezuela, S.A. including the senior unsecured and
senior secured ratings due to insufficient information. At the time
of withdrawal, the ratings were C and the outlook was stable.

Citgo Petroleum Corporation (CITGO) is Venezuela's main foreign
asset.  CITGO is majority-owned by PDVSA.  CITGO is a United
States-based refiner, transporter and marketer of transportation
fuels, lubricants, petrochemicals and other industrial products.

However, CITGO formally cut ties with PDVSA at about February 2019
after U.S. sanctions were imposed on PDVSA.  The sanctions are
designed to curb oil revenues to the administration of President
Nicolas Maduro and support for the Juan Guaido-headed party.

VENEZUELA: Maduro Closes Down Two More News Outlets
---------------------------------------------------
Havana Times reports that Venezuelan authorities must immediately
allow local news outlets Telecaribe and Venepress to resume their
work informing the public and cease their harassment of independent
media, the Committee to Protect Journalists said.

On December 18, agents from Venezuela's intelligence services,
known as SEBIN, shuttered the Caracas office of local news agency
Venepress and the Puerto La Cruz office of television broadcaster
Telecaribe, according to Venepress news editor Israel Barbuzano,
who spoke to CPJ via phone, according to Havana Times.  Authorities
have barred staffers from entering either office to access their
equipment, Barbuzano said, the report notes.

Venepress, an online news agency founded in 2017, is owned by
Telecaribe, an independent television broadcaster, Barbuzano said.
Venepress publishes news articles online and also licenses videos
for use by Telecaribe and other local broadcasters, he said, the
report relays.

Havana Times discloses that the shutdowns are part of an
investigation into alleged money laundering initiated by Caracas
district prosecutor Jean Karin Lopez Ruiz, who accused Venepress of
funneling money to Venezuelan opposition figure Juan Guiadó,
according to news reports.  However, lawyers for Venepress and
Telecaribe said they have not been told why the outlets were shut
down, and have not seen any warrants or government notices
authorizing the raids, Barbuzano said, the report relays.

"The raid and shutdown of Telecaribe and Venepress, without due
process and transparency, are the most recent examples of the
Venezuelan regime's ongoing crackdown on independent media," said
CPJ South and Central America Program Coordinator Natalie
Southwick, in New York, the report notes.  "Venezuelan authorities
should immediately allow the channel to resume broadcasting and the
news agency to be fully operational," he added.

SEBIN agents searched Venepress' offices for 10 hours and
confiscated administrative paperwork but did not take any
journalism equipment, according to news reports and Barbuzano, the
report relays.

Barbuzano told CPJ that he suspected the closures were part of a
wider government offensive against Maximilian Camino, a part-owner
and president of Telecaribe and co-director of Venepress, the
report discloses.  Camino has publicly supported Guiado in opinion
columns written for the news agency, the report notes.

Venezuela's banking oversight agency, the National Superintendent
of Banking Institutions, froze the accounts of Camino and 14 others
in November for allegedly giving illicit financial support to
Guaidó, according to news reports, the report relays.

CPJ's calls to the National Superintendent of Banking Institutions
and Communications Ministry were not returned.

Barbuzano told CPJ that Telecaribe has not broadcasted since the
raid, and said that Venepress would likely be forced to stop
publishing soon without access to its equipment, offices, and
funding, the report notes.

                          About Venezuela

Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South America, consisting of a
continental landmass and a large number of small islands and
islets in the Caribbean sea.  The capital is the city of Caracas.

Hugo Chavez was president to Venezuela from 1999 to 2013.  The
Chavez presidency was plagued with challenges, which included a
2002 coup d'etat, a 2002 national strike and a 2004 recall
referendum.  Nicolas Maduro was elected president in 2013 after
the death of Chavez.  Maduro won a second term at the May 2018
Venezuela elections, but this result has been challenged by
countries including Argentina, Chile, Colombia, Brazil, Canada,
Germany, France and the United States who deemed it fraudulent and
moved to recognize Juan Guaido as president.

The presidencies of Chavez and Maduro have challenged Venezuela
with a socioeconomic and political crisis.  It is marked by
hyperinflation, climbing hunger, poverty, disease, crime and death
rates, social unrest, corruption and emigration from the country.

Standard and Poor's long- and short-term foreign currency
Sovereign credit ratings for Venezuela stands at 'SD/D' (November
2017).

S&P's local currency sovereign credit ratings on the other hand
Are 'CCC-/C'. The May 2018 outlook on the long-term local currency
sovereign credit rating is negative, reflecting S&P's view that
the sovereign could miss a payment on its outstanding local
currency debt obligations or advance a distressed debt exchange
operation, equivalent to default.

Moody's credit rating (long term foreign and domestic issuer
ratings) for Venezuela was last set at C with stable outlook
(March 2018).

Fitch's long term issuer default rating for Venezuela was last set
at RD (2017) and country ceiling was CC. Fitch, on June 27, 2019,
affirmed then withdrew the ratings due to the imposition of U.S.
sanctions on Venezuela.



===============
X X X X X X X X
===============

[*] BOND PRICING: For the Week December 23 to December 27, 2019
---------------------------------------------------------------
  Issuer Name              Cpn     Price   Maturity  Country  Curr
  -----------              ---     -----   --------  -------   ---
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
Empresa Electrica de l     2.5    63.8    5/15/2021    CL     CLP
Sociedad Austral de El     3.0    17.0    9/20/2019    CL     CLP
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
KrisEnergy Ltd             4.0    40.4     6/9/2022    SG     SGD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
MIE Holdings Corp          7.5    56.4    4/25/2019    HK     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Empresa de Transporte      4.3    30.9    7/15/2020    CL     CLP
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
SACI Falabella             2.3    50.6    7/15/2020    CL     CLP
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Banco Security SA          3.0    27.4     6/1/2021    CL     CLP
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
Enel Americas SA           5.8    32.7    6/15/2022    CL     CLP
Empresa Provincial de     12.5     0.0    1/29/2020    AR     USD
Cia Energetica de Pern     6.2     1.1    1/15/2022    BR     BRL
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
China Huiyuan Juice Gr     6.5    46.6    8/16/2020    CN     USD
Odebrecht Finance Ltd      7.0    17.0    4/21/2020    KY     USD
Yida China Holdings Lt     7.0    74.3    4/19/2020    CN     USD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Plaza SA                   3.5    38.3    8/15/2020    CL     CLP
Banco Security SA          3.0     5.6     7/1/2019    CL     CLP
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Corp Universidad de Co     5.9    64.2   11/10/2021    CL     CLP
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Esval 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 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 2019.  All rights reserved.  ISSN 1529-2746.

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