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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

          Friday, January 24, 2020, Vol. 21, No. 18

                           Headlines



B R A Z I L

BANCO BRADESCO: Moody's Rates New Sr. Unsec. Notes 'Ba2'
BANCO BRADESCO: S&P Assigns BB- Rating on New Sr. Unsecured Notes
BRAZIL: Has Ambitious Plan to Privatize Over US$36-Bil. in Assets
BRAZIL: Trade Balance Surplus Shrinks in 2019
CONCESSAO METORVIARIA: Moody's Confirms B3 CFR, Outlook Negative



D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Auto Dealers Gripe on Cost of 1st Vehicle Plate


E C U A D O R

ECUADOR SOCIAL BOND: S&P Assigns 'B-' Rating on 2020 Class B Notes


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Uses Foreign Partners to Sell Its Crude


X X X X X X X X

LATAM: New ECLAC Outlines Areas for Improving National Statistics

                           - - - - -


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B R A Z I L
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BANCO BRADESCO: Moody's Rates New Sr. Unsec. Notes 'Ba2'
--------------------------------------------------------
Moody's Investors Service assigned a Ba2 long-term foreign currency
debt rating to the proposed senior unsecured notes to be issued by
Banco Bradesco S.A., through its Grand Cayman Branch. The proposed
notes, which will be issued under its existing $10 billion Global
Medium-Term Note Programme, rated (P)Ba2, will be denominated and
settled in USD, and will be issued in three- and/or five-year
tranches.

The outlook on the debt rating is stable.

The following rating was assigned:

Issuer: Banco Bradesco S.A., Grand Cayman Branch

Senior Unsecured Regular Bond, Assigned Ba2, stable

RATINGS RATIONALE

The Ba2 senior unsecured debt rating assigned to the notes to be
issued by the Cayman Branch incorporates Bradesco's fundamental
credit strength, as evidenced by the bank's ba2 baseline credit
assessment (BCA).

Bradesco's BCA reflects the bank's strong and steady recurring
earnings generation, supported by disciplined risk management and
revenue diversification, which derived from its solid franchise in
retail banking and insurance. These credit strengths support the
bank's robust capital replenishment capacity. In September 2019,
Bradesco reported consolidated net income of BRL17.7 billion for
the first nine months of the year, a 26.4% increase compared to the
same period one year prior. This performance resulted from lower
funding costs and a healthy 11% loan growth in the 12 months ended
September 2019. The credit expansion resulted from higher demand
from consumers and small and medium size companies, also benefiting
from improved credit risk conditions. Growth in higher-yielding
loans in 2019 has helped the bank to offset pressures from
increasing competition on fee earnings, particularly those derived
from card acquiring and asset management.

In September 2019, Bradesco reported a slight increase in problem
loans compared to the previous quarter, to 4.1% of total loans,
from 3.9%. The deterioration was primarily reported in its large
corporate loan book, and was already expected and covered by
provisions. Despite a more favorable risk scenario, Bradesco
maintained a conservative reserve level that covered 8.2% of total
loans in September 2019.

Despite the loan growth and higher dividend payout in the quarter,
Bradesco maintained good capitalization, with Moody's ratio of
tangible common equity to risk weighted assets increasing to 9.7%
in September 2019, from 8.2% one year prior. Moody's views the
bank's capitalization as adequate to support continued growth over
the coming quarters.

Moody's believes Bradesco's exposure to environmental risks is low,
consistent with its general assessment for the global banking
sector. The bank's exposure to social risks is moderate, consistent
with Moody's general assessment for the global banking sector. As
well, governance risks are largely internal rather than externally
driven. Moody's does not have any particular concerns with
Bradesco's governance.

WHAT COULD MOVE THE RATINGS -- UP/DOWN

The Ba2 rating assigned to the senior unsecured notes is in line
with Bradesco's ba2 BCA, which does not incorporate any affiliate
support, and is at the same level of Brazil's sovereign debt rating
of Ba2. Therefore, the ratings on the notes would move in tandem
with the bank's BCA.

Bradesco's BCA could be upgraded if Brazil's sovereign rating is
upgraded, at the same time that asset quality and capitalization
improve from current levels.

Conversely, Bradesco's senior unsecured debt rating could face
downward pressure if Brazil's sovereign rating is downgraded, or if
capital and profitability weaken materially.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks Methodology
published in November 2019.

Banco Bradesco S.A. is headquartered in Sao Paulo and had
consolidated assets in the amount of BRL1,404.7 billion ($337.7
billion) and shareholders' equity of BRL138.3 billion ($33.2
billion) as of September 30, 2019.


BANCO BRADESCO: S&P Assigns BB- Rating on New Sr. Unsecured Notes
-----------------------------------------------------------------
S&P Global Ratings said that it assigned its 'BB-' issue-level
rating to Banco Bradesco S.A.'s (BB-/Positive/B), through its Grand
Cayman Branch, proposed series of its global medium-term senior
unsecured note program. The offering will have a three and/or
five-year tenor and will be denominated in dollars. The parent,
Banco Bradesco, will use the proceeds primarily for general
corporate purposes.

The rating on the notes reflects their pari passu ranking with
Banco Bradesco's other senior unsecured debt obligations. S&P said,
"As a result, we rate them at the same level as our long-term
issuer credit rating on the bank. Even though the exact amount is
not yet set, the notes shouldn't change Banco Bradesco's funding
base. Therefore, we don't expect this issuance to change our view
of the bank's funding profile."

S&P said, "In our opinion, Banco Bradesco is one of the largest
financial groups in Brazil by providing to its vast client base a
wide range of products and services in the banking, insurance, and
asset management segments. The bank continues to focus on
leveraging its digital platform to foster its growth. Through the
increasing use of its digital platform and automation of processes,
Bradesco continued to improve its efficiency metrics. This,
combined with stronger revenue, has lifted bottom-line results and
net income. On the other hand, we believe the improvement in
capital ratio will be limited because Banco Bradesco should
continue increasing its credit exposures, while distributing a
portion of its profits as dividends.

"Our stand-alone credit profile of Banco Bradesco is 'bbb-'.
However, the bank's large exposure to sovereign risk remains a
rating constraint. The sovereign ratings limit those on Banco
Bradesco because, like other banks operating in Brazil, it has
significant asset exposure in the domestic market and to the
sovereign. Moreover, most of its liquid assets are largely invested
in domestic government bonds. Therefore, we cap our ratings on the
bank at the same level as the sovereign ratings."

  Ratings List

  Banco Bradesco S.A.

   Senior Unsecured   BB-


BRAZIL: Has Ambitious Plan to Privatize Over US$36-Bil. in Assets
-----------------------------------------------------------------
Lise Alves at Rio Times Online reports that the Ministry of Economy
disclosed on January 14 that the Brazilian government intends to
sell about 300 public assets in 2020, bringing in over US$36
billion.

The assets include state-owned companies, such as Eletrobras,
subsidiaries and equity interests, according to Rio Times Online.

"A bloated state does not invest, does not let the private sector
invest and becomes the focus of political corruption," declared
Economy Minister Paulo Guedes earlier this, the report relates.

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


BRAZIL: Trade Balance Surplus Shrinks in 2019
---------------------------------------------
Iolanda Fonseca at Rio Times Online reports that the Brazilian
trade surplus decreased from US$58 (R$240) billion in 2018 to
US$46.7 billion in 2019.

Total trade flow fell 4.6 percent last year as a result of a 6.4
percent reduction in exports and a 2.1 percent drop in imports,
according to Rio Times Online.

The data are from the Foreign Trade Indicator (ICOMEX), released on
Friday, January 17, by the Getulio Vargas Foundation (FGV), the
report notes.

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


CONCESSAO METORVIARIA: Moody's Confirms B3 CFR, Outlook Negative
----------------------------------------------------------------
Moody's America Latina Ltda. confirmed Concessao Metroviaria do Rio
de Janeiro S/A's Corporate Family Ratings at B3 on the global scale
and Ba3.br on the national scale in Brazil. At the same time,
Moody's confirmed the B3/Ba3.br ratings assigned to Linha Amarela
S.A.'s senior secured debentures due in May 2027. The outlook for
all ratings is negative. These actions conclude the review for
downgrade initiated by Moody's on October 29, 2019.

Confirmations:

Issuer: Concessao Metroviaria do Rio de Janeiro S/A

  Corporate Family Rating: B3/Ba3.br

Issuer: Linha Amarela S.A.

  Senior Secured Regular Bond/Debenture: B3/Ba3.br

The outlook for all ratings is negative

RATINGS RATIONALE

Linha Amarela's B3/Ba3.br senior secured ratings incorporate the
company's strong credit metrics, stemming from a low leveraged
capital structure and robust cash flows derived from a long tenured
urban toll road concession. Those strengths are balanced by the
ongoing disputes with the concession authority over contract
amendments signed by a previous administration, which disrupted its
normal toll road's operations last year and exposed the company to
increased political and social risks. The ratings confirmation at
this time considers that, so far, Linha Amarela has been able to
reinstate toll collections by suspending through court the recent
actions taken by the Municipality of Rio de Janeiro (Ba3 stable)
seeking to terminate its concession agreement.

Over the last few months, Linha Amarela received several legal
injunctions at the state level and legal opinions that support the
validity of its concession agreement, reflecting the robust legal
framework in Brazil for private operators of infrastructure
concessions. However, those injunctions are still subject to appeal
at a higher court and a definitive solution has not been achieved
yet. Last December, the company took part in a mediation process
initiated with the Municipality of Rio de Janeiro, seeking to
resolve the dispute through a negotiated solution where the terms
and conditions of its concession contract may be eventually
amended. Moody's sees this as a positive step to regain stability
on the operating environment for the concession; however, the
timing for a resolution remains uncertain.

The negative outlook on the ratings reflects that the timing for a
final resolution on the dispute around the terms of the Linha
Amarela's concession agreement remains uncertain, leading to lower
financial flexibility for the company in the near term.

Linha Amarela currently depends on a waiver from holders of BRL252
million debentures, which contain early payment acceleration
clauses triggered by its November 08 downgrade. To mitigate the
risk of payment acceleration, the company has proposed some changes
in the debenture terms and conditions to increase creditor's
protection and financial compensation. Moody's assumes that the
company will reach a constructive solution with its creditor that
does not involve payment acceleration.

MetroRio's B3/Ba3.br ratings and negative outlook, reflect its
intrinsic credit linkages and cross default provisions with Linha
Amarela's outstanding debt. On a standalone basis, MetroRio has
stable and predictable cash flows stemming from its long-term
concession to operate the subway lines 1 and 2 in the Municipality
of Rio de Janeiro, along with a moderate leverage profile that is
reflected in a Moody's adjusted net debt-to-EBITDA ratio of 3.3x as
of September 30, 2019. The improved connectivity with the new
subway line 4 and expected gradual economic recovery in the service
area are important drivers for future revenues, which are balanced
by its expectation of higher than historical operating costs.

The credit profile of Linha Amarela and MetroRio are also somewhat
linked to that of the parent holding company, Investimentos e
Participacoes em Infraestrutura S.A. - INVEPAR (INVEPAR, unrated),
due to cross default provisions on its existing debt arrangements.
INVEPAR has a high leverage and weak liquidity position, however
the company has made some progress on its business restructuring
plan to achieve a more sustainable capital structure with the sale
of its ownership interest in Concessionaria Auto Raposo Tavares
S.A. (CART, unrated), with proceeds expected to be used to prepay
part of the holding company debt due in April 2021 and support
equity injections in other subsidiaries of the group.

WHAT COULD CHANGE THE RATING UP/DOWN

An upgrade of Linha Amarela or MetroRio's ratings is unlikely at
this time, but stabilization of their outlook will be considered if
there is a constructive resolution to the dispute around the terms
of the Linha Amarela's concession agreement that supports this
company's financial profile to continue to service its debt on
time. Conversely, an adverse regulatory or legal ruling that
affects Linha Amarela's normal course of business, such as a
prolonged suspension of toll tariffs, would increase the pressure
for ratings downgrade. Additionally, failure to obtain waiver from
its creditors may also lead to a multiple notch downgrade, given
its perception of low expected recovery for Linha Amarela's
creditors under an event of default. Ratings downgrade would also
be considered upon INVEPAR's inability to refinance its debt
maturities in April 2021, or if Moody's has visibility of financial
distress at any of its other relevant subsidiaries.

ABOUT METRORIO AND LINHA AMARELA

Concessao Metroviaria do Rio de Janeiro S/A (MetroRio) is an urban
railway passenger transportation company, which has the concession
rights to operate Lines 1 and 2 of the subway system in the City of
Rio de Janeiro comprising an extension of 42 km and 36 stations.
The concession rights granted by the State Government of Rio de
Janeiro in 1998 and regulated by AGETRANSP are valid for a 40-year
period through January 2038. Since September 2016, MetroRio also
operates and maintain Rio de Janeiro's subway system's Line 4,
which added 12.7 kilometers and 5 stations to its operations. In
the last twelve months ended September 30, 2019, MetroRio reported
net revenues (excluding construction revenues) of BRL788 million
and net loss of BRL12 million, as per Moody's standard
adjustments.

Linha Amarela S.A. has the concession to operate the toll road
services of a 17.4 km urban route in the City of Rio de Janeiro,
Brazil. The concession was granted by the Municipality of Rio de
Janeiro (Ba3, stable) in 1994, and toll road operation started in
1998, for a 25-year period. On May 14, 2010, LAMSA signed an
amendment to its concession contract, whereby the Municipality of
Rio de Janeiro (the Granting Authority) granted a 15-year extension
of the Concession, until December 2037. In the last twelve months
ended September 30, 2019, Linha Amarela reported net revenues
(excluding construction revenues) of BRL281 million and net profit
of BRL110 million, as per Moody's standard adjustments.

MetroRio and Linha Amarela are wholly owned by Investimentos e
Participacoes em Infraestrutura S.A. - INVEPAR (INVEPAR, unrated),
a holding company controlled by three of the largest Brazilian
pension funds (PREVI, FUNCEF and PETROS) and the Yosemite FIP.
INVEPAR is the guarantor of MetroRio's 8th debenture's issuance.
MetroRio is the guarantor of part of Linha Amarela's 2nd
debentures' issuance. The MetroRio guarantee is limited to the
amount of an intercompany loan of BRL98 million, as reported on
September 30, 2019.

The principal methodology used in rating Concessao Metroviaria do
Rio de Janeiro S/A was Global Passenger Railway Companies published
in June 2017. The principal methodology used in rating Linha
Amarela S.A. was Privately Managed Toll Roads published in October
2017.




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Auto Dealers Gripe on Cost of 1st Vehicle Plate
-------------------------------------------------------------------
Dominican Today reports that the Dominican Republic's intention to
collect in advance the 17% tax through the first license plate on
imported vehicles and motorcycles concerns dealers who have warned
that if that measure is applied many dealers would go under.

Used Vehicles Importers Association (Asocivu) president Angel
Alberto Then told Listin Diario that, if that provision is applied
to obtain the plate of 100 vehicles, an importer would have to
have, immediately, RD$7 or RD$8 million, without guarantee that you
will recover it, according to Dominican Today.

For the first plate of a vehicle, an importer would pay more than
76,000 pesos, according to Then, the report notes.  That tax is
charged on the CIF value, which includes cost, insurance and
freight, the report relays.

"That is going to raise prices, it will make many companies go
bankrupt. This measure will affect the economy of all those people
that have to do with us and will reduce the tax revenue of the
State because we will import less," said the president of Asocivu,
an organization that groups more than 200 local dealers that import
about 18,000 autos per year, the report discloses.

                      About Dominican Republic

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

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

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

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




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E C U A D O R
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ECUADOR SOCIAL BOND: S&P Assigns 'B-' Rating on 2020 Class B Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'B-' rating to the class B notes
from Ecuador Social Bond S.a r.l.'s series 2020.

The note issuance is a repack securitization backed by a social
bond issued by the Republic of Ecuador. The issuance will fund the
development of affordable housing in Ecuador through loans that
will be available at participating financial institutions to
first-time buyers meeting certain conditions. This would be the
third subsidized social housing program implemented by Ecuador, but
the first social bond for a sovereign issuer in Latin America.

The 'B-' rating reflects:

-- S&P's understanding of the creditworthiness of the social bond,
which it believes to be at the same level as other unsecured
sovereign debt obligations and is linked to the rating of Ecuador.

-- The transaction's payment structure, which mitigates the risk
of shortfalls and payment mismatches between assets and
liabilities.

-- Key credit factors such as prefunded closing and ongoing
expenses that will be held in a bank account with a counterparty
with a minimum creditworthiness in line with the assigned ratings.

-- Key credit risks, including macroeconomic and political factors
that could affect our sovereign credit rating on Ecuador, which
could limit the transaction's credit quality.

-- The transaction's legal structure, asset isolation under the
relevant jurisdictions, and the issuer's legal status, which S&P
understands to be bankruptcy remote.

Since S&P published the presale for this transaction, the discount
rate at which the class B zero-coupon notes were sold to investors,
or the notes' effective yield, is equal to 12.25%.

  RATING ASSIGNED

  Ecuador Social Bond S.a r.l. (Series 2020)

  Class             Rating         Amount (mil. $)

  B                 B-                       326.8

  RATING OUTSTANDING

  Ecuador Social Bond S.a r.l. (Series 2020)

  Class             Rating         Amount (mil. $)

  A                 AAA                      230.9




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

PETROLEOS DE VENEZUELA: Uses Foreign Partners to Sell Its Crude
---------------------------------------------------------------
Tsvetana Paraskova at OilPrice.com, citing Reuters, reports that
Venezuela's state-owned oil firm Petroleos de Venezuela, S.A.
(PDVSA) is moving to market its crude oil overseas by enlisting its
joint venture partners, including U.S. supermajor Chevron, to sell
cargoes to buyers in Asia and Africa.

Even with the U.S. sanctions on its oil, PDVSA's partners in the
various joint ventures could market cargoes not breaching those
sanctions, if the oil revenues are used to repay debts of those
joint ventures, sources told Reuters, according to OilPrice.com.  

The U.S. sanctions on Venezuela's oil exports essentially ban U.S.
imports of oil from Venezuela, and the Latin American country saw
its total exports slump in 2019, the report notes.   

Russia's Rosneft has emerged as the biggest trader of Venezuela's
crude oil, as it helps PDVSA sell its oil and arrange the
financing, the report relates.

But now, PDVSA is trying out the new method to sell its oil by
allocating cargoes to joint venture partners in its projects in
Venezuela, according to Reuters' sources and shipping documents it
has reviewed, the report discloses.

Chevron is a partner of PDVSA in the Petropiar and has a license to
operate in Venezuela until January 22, the report relays.  The U.S.
Treasury has renewed Chevron's three-month licenses to continue
operating in Venezuela several times, the report says.

Chevron has lifted three cargoes so far, two in Q4 2019 and one in
January, according to Reuters' sources and the PDVSA documents it
has seen, the report notes.

The report relays that referring to the oil cargo sales, Chevron
spokesman Ray Fohr told Reuters: "Proceeds from these marketing
activities are paid to our joint venture accounts to cover the cost
of maintenance operations, in full compliance with all applicable
laws and regulations."

Meanwhile, Venezuela has managed to gradually increase its crude
oil production in recent months.

According to the latest Reuters survey of OPEC's oil production,
Venezuela managed to raise its output in December, which, if
confirmed in OPEC's figures later this month, would mean that the
country exempt from the OPEC+ cuts and under U.S. sanctions would
have had a three-month streak of rising production, 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.




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X X X X X X X X
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LATAM: New ECLAC Outlines Areas for Improving National Statistics
-----------------------------------------------------------------
The data revolution for sustainable development has heralded a
renewed focus on evidence-based policymaking in policy planning and
implementation, but the legal foundation for the production of
official statistics to inform these processes has lagged among most
Caribbean countries.

By incorporating and supporting the United Nations Fundamental
Principles of Official Statistics (UNFPOS) in national statistical
legislation, Caribbean countries will improve the quality of and
timeliness in the dissemination of official statistics. This can be
achieved by revising current statistical laws or creating new
legislation, as required.

A new policy brief from ECLAC Caribbean highlights areas of
consideration for policy makers to ensure that official statistics
produced by Caribbean countries are of the highest quality and in
conformity with international standards.

Entitled, 'Incorporating the United Nations Fundamental Principles
of Official Statistics in Caribbean national statistical
legislation', the brief explains that "a legal framework which
adequately responds to these challenges is a critical enabling
factor for NSS (National Statistical Systems) to meet their
national statistical obligations as well as to respond to the 2030
Agenda's demand for data."

The 2030 Agenda has brought about a renewed interest in official
statistics, including a recognition of the importance of national
incorporation of the UNFPOS. Therefore, it is an opportune time for
Caribbean countries to review their statistical legislation with a
focus on fully incorporating the UNFPOS in order to facilitate and
improve the production and dissemination of quality official
statistics in the subregion.

To address the gaps in statistical legislation identified in this
Policy Brief, several recommendations are provided for Caribbean
countries seeking to revise their laws. Implementation of these
will ensure that the UNFPOS are fully incorporated in national
statistics acts, laws, and ordinances.

The recommendations include guaranteeing National Statistical
Offices' (NSOs) independence and impartiality; establishing
scientific standards, codes of professional ethics and quality
management frameworks; removing barriers for NSOs to collect
administrative data from other government bodies; and enabling
electronic data provision and dissemination, information-sharing
agreements, and microdata access.



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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

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

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