---

       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

          Tuesday, February 18, 2020, Vol. 21, No. 35

                           Headlines



A R G E N T I N A

PROVINCE OF NEUQUEN: S&P Affirms 'B-' Currency Ratings, Outlook Neg


B R A Z I L

ODEBRECHT SA: Lawsuit Overthrows Sr. Government Officials in Peru


C O S T A   R I C A

REVENTAZON FINANCE: Moody's Alters Outlook on B1 CFR to Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Agribusinesses Want Shield Against Imports
DOMINICAN REPUBLIC: Electricity Market Must End Improvisation
DOMINICAN REPUBLIC: Medina Submits US$155 Million Loan From IDB


P E R U

MINAS BUENAVENTURA: Moody's Alters Outlook on Ba2 CFR to Negative


P U E R T O   R I C O

JJE INC: Court Conditionally Approves Disclosure Statement
TRINIDAD & TOBAGO: Government Opposition at Odds Over Tax Bills


V E N E Z U E L A

VENEZUELA: Guaido Beaten by Mob Upon Landing in Caracas

                           - - - - -


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

PROVINCE OF NEUQUEN: S&P Affirms 'B-' Currency Ratings, Outlook Neg
-------------------------------------------------------------------
S&P Global Ratings affirmed its long-term 'B-' global scale foreign
and local currency ratings on Neuquen. S&P also affirmed its 'B-'
issue-level ratings on the province's rated secured and unsecured
notes.

OUTLOOK

S&P said, "The negative outlook on Neuquen reflects our view that
the very complex economic and financial market dynamics, and
restructuring of federal government debt could weaken the
provincial finances in the next 12 months. Anecdotal evidence
suggests that energy-related economic activity in the province
slowed in 2019 and remains stalled. Changes in energy pricing
policy and subsidies in 2019, and uncertainty over national
government energy policy continue to delay investment decisions in
the hydrocarbon sector. This is in addition to infrastructure
capacity constraints in the gas sector that restrain the long-term
development of the Vaca Muerta field. This weighs on Neuquen's
economic activity and royalty revenues, which account for almost
40% the provincial budget. The degree of the management's
commitment to fiscal prudence amid ongoing demands for higher
salaries for public-sector employees, and volatile and eroding
revenues will remain a main source of concern for the next 12
months."

Downside scenario

S&P said, "We could lower the ratings on the province in the next
12 months if we perceive that the province's financial commitments
become more unsustainable because, or if, Neuquen faces a near-term
payment crisis. We could also lower the ratings if we were to lower
the transfer and convertibility assessment on the sovereign, which
reflects our view of the likelihood of the Argentine government
restricting domestic entities' access to foreign exchange in order
to cover debt-service obligations."

Upside scenario

S&P could revise the outlook on the province to stable in the next
12 months if macroeconomic and financial conditions in Argentina
stabilize at the national level amid clearer policy signals and
sound execution start to turn around or stabilize private-sector
confidence, diminish market turbulence, and improve access to
market financing.

RATIONALE

S&P revised its assesment of the Neuquen's stand-alone credit
profile (SACP) to 'b-' from 'b', reflecting the slowdown in the
engery sector and lingering policy uncertainties. The SACP also
reflects Neuquen's limited room to maintain fiscal health in the
next months amid more complex economic conditions in Argentina.
Neuquen's budgetary performance has historically been very
volatile, given its high exposure to cyclical hydrocarbon. Although
the sector's performance has been remarkable over the past few
years, S&P considers that its growth to be weaker going forward,
given that drilling activity has fallen off. A pickup largely
depends on the development of appropriate national infrastrucutre
and a more stable and clear national energy strategy. This weighs
on Neuquen's economy, finances, and liquidity.

The hydrocarbon sector's strong momentum allowed Neuquen to
withstand better the impact of Argentina's stressed economy. The
sector generates about 37% of the provincial GDP. Neuquen produces
about 55% of the gas and 30% of the oil in Argentina. The Vaca
Muerta field, located in the province, is the second-largest shale
reserve in the world, attracting substantial private and public
investment. However, the importance of the sector to Neuquen's
economy also exposes the province to movements in variables such as
oil and gas prices as well as the exchange rate. The national
government's freeze on crude and retail fuel prices in
August-November 2019 was followed by the December 2019 emergency
bill, which froze electricity and natural gas rates for at least
six months. Drilling activity in the sector has slowed and will
likely remain subdued until the national government defines its
strategy for the sector, including the development of distribution
infrastructure. The latter is key, given that the distribution of
the gas produced in Neuquen is already operating at its maximum
capacity.

The management of the cyclical revenue continues to be a key
challenge for Neuquen's administration. The degree of the
commitment to fiscal sustainability will influence the province's
credit quality over the coming months, given likely revenue erosion
if production slows down, the Argentine peso moderately
appreciates, and inflation remains high, while public-sector union
demands to preserve their members' purchasing power could intensify
through 2020 and onwards. Given the volatility of the Argentine and
provincial economy, Neuquen focused on correcting its short-term
fiscal imbalances and delayed the discussion of longer-term issues
such as the sustainability of the province's public pension
system.

Amid worsening macroeconomic conditions, the sovereign could
transfer part of the financial stress to the local and regional
governments (LRGs). S&P assesses the institutional framework for
Argentina's LRGs as very volatile and underfunded, reflecting our
perception of the sovereign's very weak institutional
predictability and volatile intergovernmental system that has been
subject to various modifications to fiscal regulations and lack of
consistency over the years, jeopardizing LRGs' financial planning,
and consequently, their credit quality.

The central government's measures to restrain the oil and gas
prices and the acceleration in inflation in the last quarter of
2019 depressed the province's finances last year, after the major
improvement in 2018. The province's ability to increase its
own-source revenues is limited, in our view, given that almost 40%
of its revenue comes from the oil and gas sector. This ultimately
depend on external factors such as international hydrocarbon
prices, foreign-exchange movements, and the national government's
energy policy. At the same time, the province isn't likely to raise
tax rates on other economic sectors, given the impact of the
prolonged recession in Argentina.

In this sense, restraining the rise in public-sector salaries will
prevent finances from the further erosion, given that provincial
payroll represents half of operating expenses. However, amid high
inflation and prolonged recession, it's becoming more difficult for
Neuquen to balance union demands with the need to implement
austerity measures. S&P said, "Therefore, the province would
prefer, in our view, to postpone infrastructure projects. Our
base–case scenario assumes that capex will average 5.9% of total
spending in 2020-2022, down from nearly 9% in 2016-2018. Under
these assumptions, we expect operating surpluses to average 1.8% of
operating revenues in 2020-2022 and deficits after capex average
3.7% of total expenses."

Unfavorable credit market conditions will continue discourage
Neuquen from borrowing heavily. S&P said, "During the next two
years, we assume its borrowings will be limited to the refinancing
of its maturing debt and earmarked funding from Multilateral
Lending Institutions for public works. We project borrowing at $240
million annually for 2020-2022, down from $500 million in
2015-2017. This, coupled with the expected real appreciation of the
peso in 2020-2022, should reduce the province's debt burden to 46%
of operating revenues in 2022 from 54% in 2019. International bonds
represent about 60% of Neuquen's debt stock. This includes the
structured notes TICAP, issued in April 2011. The province used the
proceeds to pay down existing debt and to finance several new
infrastructure projects. We rate these notes as any other direct,
general, unconditional, and unsubordinated obligation of the
province, given that we believe their creditworthiness is directly
linked to that of Neuquen." The notes are secured by hydrocarbon
royalties the province receives from producers (the dedicated
concessionaires) from predetermined areas. In May 2016, Neuquen
announced the exchange of $110.4 million of TICAP notes for TICADE
notes due 2028, benefiting from better market conditions to
refinance its debt and extending the maturity of 69.62% of TICAP
notes.

The province's deteriorating finances have weakened its liquidity.
S&P said, "In our view, free cash and contracted long-term funding
account for only 29% of the province's expected debt service for
the next 12 months, which we estimate at 9% of operating revenues
for 2020-2021. Nevertheless, we believe that Neuquen will service
its debt through internal and external cash flows. We consider
that, compared with the other provinces, Neuquen's access to
external sources of liquidity could be more favorable, given its
previous capital market issuances and royalty income."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  RATINGS LIST

  Ratings Affirmed

  Neuquen (Province of)
   Issuer Credit Rating      B-/Negative/--

  Neuquen (Province of)
   Senior Secured            B-
   Senior Unsecured          B-




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

ODEBRECHT SA: Lawsuit Overthrows Sr. Government Officials in Peru
-----------------------------------------------------------------
Rio Times Online reports that the domino effect of the Odebrecht SA
case affected top Peruvian government officials.

All Ministers in President Martin Vizcarra's cabinet submitted
their resignations, following a political crisis that began with
the resignation of the Minister of Energy and Mines, according to
Rio Times Online.

The controversy erupted a week ago when the Brazilian construction
company brought an international lawsuit against the Peruvian state
for the cancellation of a project to build a gas pipeline in the
south of the country, which the government halted in 2017 for
allegedly being tainted by corruption, the report relays.

                       About Odebrecht SA

Odebrecht S.A. -- www.odebrecht.com -- is a Brazilian conglomerate
consisting of diversified businesses in the fields of engineering,
construction, chemicals and petrochemicals.  Odebrecht S.A. is a
holding company for Construtora Norberto Odebrecht S.A., the
biggest engineering and contracting company in Latin America, and
Braskem S.A., the largest petrochemicals producer in Latin America
and one of Brazil's five largest private-sector manufacturing
companies. Odebrecht controls Braskem, which by revenue is the
fourth largest petrochemical company in the Americas.

On June 17, 2019, Odebrecht filed for bankruptcy protection, aiming
to restructure BRL51 billion (US$13 billion) of debt.

The bankruptcy filing comes after years of struggles for Odebrecht,
the biggest of the Brazilian engineering groups caught in a
sweeping political corruption investigation that has rippled across
Latin America, Reuters relayed, as reported by The Troubled Company
Reporter - Latin America.

On August 28, 2019, the Troubled Company Reporter - Latin America,
citing The Wall Street Journal, reported that Odebrecht and its
affiliates filed for chapter 15 bankruptcy, seeking U.S.
recognition of the largest-ever bankruptcy in Latin America.
Odebrecht SA and several of its affiliates has filed for bankruptcy
protection in the U.S. Bankruptcy Court for the Southern District
of New York on Aug. 26.  The case is assigned to Hon. Stuart M.
Bernstein.




===================
C O S T A   R I C A
===================

REVENTAZON FINANCE: Moody's Alters Outlook on B1 CFR to Stable
--------------------------------------------------------------
Moody's Investors Service affirmed the ratings of Costa Rican
issuers Instituto Costarricense de Electricidad and Reventazon
Finance Trust B1 ratings and changed the outlook to stable.

This follows Moody's rating action in which the agency downgraded
the Government of Costa Rica's ratings to B2 and changed the rating
outlook to stable.

Affirmations:

Issuer: Instituto Costarricense de Electricidad (ICE)

Corporate Family Rating, Affirmed B1

Senior Unsecured Regular Bond/Debenture, Affirmed B1

Issuer: Reventazon Finance Trust

Corporate Family Rating, Affirmed B1

Senior Secured Regular Bond/Debenture, Affirmed B1

Outlook Actions:

Issuer: Instituto Costarricense de Electricidad (ICE)

Outlook, Changed To Stable From Negative

Issuer: Reventazon Finance Trust

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

The affirmation of ICE's B1 ratings, one-notch above the Government
of Costa Rica's rating of B2, considers ICE's stronger credit
profile than the sovereign derived by its dominant position as the
largest vertically integrated utility in the country and relatively
strong financial metrics. The rating also reflects its autonomous
operation regulated by an independent regulator. Importantly, its
positioning of the rating considers that ICE's regulatory framework
will remain stable without negative interference that could affect
its financial standing.

The affirmation on the rating assigned to Reventazon Finance Trust
follows the affirmation of ICE's ratings. Reventazon is highly
dependent on ICE's financial performance given the obligations that
ICE has assumed under the contractual arrangements as sponsor,
off-taker, EPC contractor, lessee and operator.

Given that ICE is fully owned by the Costa Rican government, it
falls under the scope of Moody's rating methodology for
government-related issuers. ICE's Baseline Credit Assessment, which
is a representation of the group's intrinsic creditworthiness
before taking into account possible extraordinary support from the
sovereign is b1. ICE's BCA captures its key role as an autonomous
government entity and its dominant position in the market, its
fully regulated nature and government ownership which creates
linkages with Costa Rica.

The Costa Rican government does not guarantee ICE's debt
obligations rated by Moody's. However, Moody's believes that there
is a "high" likelihood of government extraordinary support in the
case of financial distress for several reasons including
reputational given the company's status as a major government-owned
entity and its strategic importance to the country's economy
overall. Furthermore, Moody's views that the government of Costa
Rica and ICE are exposed to common risk factors as capture by the
"high" default dependence assigned to ICE.

The creditworthiness of Reventazon Finance Trust reflects the
credit profile of ICE, as the project is highly dependent on ICE's
financial performance given the obligations that it has assumed
under the contractual arrangements. In addition, ICE is required to
pay any shortfall of funds to service the debt, including any
accelerated debt service following a termination event of the key
contractual arrangements.

The stable rating outlook of ICE and Reventazon Finance Trust
follows from the stable outlook of the rating of the Government of
Costa Rica and Moody's expectation that the operating environment
under which these companies operate will remain supportive.

WHAT COULD CHANGE THE RATING UP

The rating could be upgraded if the rating of the Government of
Costa Rica is upgraded and ICE continues to record Cash Interest
Coverages above 2.5x and Funds from Operations to Debt of 10%.

Reventazon's rating could face upward pressure if ICE's rating is
upgraded.

WHAT COULD CHANGE THE RATING DOWN

A further downgrade of the Government of Costa Rica could lead to a
negative rating action for ICE. Additionally, if ICE's indebtedness
increases significantly above anticipated levels such that the
credit metrics deteriorate and cash flow interest coverage falls
below 2.0x or RCF to debt declines below 6% for an extended period,
it also could generate negative pressures on the ratings.

A downgrade of ICE's ratings would also likely result in a
downgrade of Reventazon Finance Trust's ratings.

The principal methodologies used in rating Instituto Costarricense
de Electricidad (ICE) were Regulated Electric and Gas Utilities
published in June 2017, and Government-Related Issuers published in
June 2018. The principal methodology used in rating Reventazon
Finance Trust was Regulated Electric and Gas Utilities published in
June 2017.



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

DOMINICAN REPUBLIC: Agribusinesses Want Shield Against Imports
--------------------------------------------------------------
Canned Agro Food Producers Association  (Afconagro) president Felix
Garcia called on the agricultural authorities to protect industrial
tomato producers against an eminent increase in imports before
entry of more deductions resulting from the RD-CAFTA free trade
agreement between the Dominican Republic, Central America and the
United States.

"Afconagro, an institution integrated by the agribusinesses
Transagrícola (Linda), Peravia Industrial (La Famosa) and
Victorina Agroindustrial, request guarantees from our government
authorities the adequate supply of the demand of the Dominican
people and our neighbors in tomato paste and other derivatives of
category with fair quality and prices, but we require your firm
support for our agribusiness and commercial operations," he said.

"That is why, in Afconagro we call attention to our government
authorities, so that as do other countries with which we have
agreements, study and explore alternatives that guarantee the
continuity of the agricultural sector, a development pillar in our
country, especially monitoring imports of finished products,"
Garcia said.

                     About Dominican Republic

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

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

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

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


DOMINICAN REPUBLIC: Electricity Market Must End Improvisation
-------------------------------------------------------------
Dominican Today reports that Energy and Mines Minister Antonio Isa
Conde urged the Dominican Republic's electricity market "to end the
era of improvisation and concentrate on achieving an increasingly
technical, planned, monitored and measured sector."

The official spoke in the discussion "Planning of the Electrical
System in a Renewable Future" organized by the power companies
(ADIE) and the Wartsila company, with exhibitions and panels of
officials and executives, according to Dominican Today.

All the players in the country's electricity market "must place the
planning chip to take advantage of the new technologies in energy
generation, transport and distribution," Isa said in a statement
obtained in a news agency.

"But above all, for the successful integration of renewable
energies into the interconnected electricity system, a fact that
impacts favorably from the economic point of view with lower costs
and better prices and from the environmental point of view the
reduction of pollutant emissions to the atmosphere and alignment
with the Sustainable Development Goals (SDGs)," the report notes.

                     About Dominican Republic

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

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

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

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


DOMINICAN REPUBLIC: Medina Submits US$155 Million Loan From IDB
---------------------------------------------------------------
Dominican Today reports that President Danilo Medina submitted to
Congress a US$155 million loan from the Inter-American Development
Bank to be allocated to the electricity sector to "increase the
operational efficiency" of the distributor Edesur.

According to the contract signed Oct. 21, 2019 between the State
and the IDB, "the specific objective is to support the
implementation in EDESUR of the first stage of the Master Plan for
the Expansion of the Distribution System (PMESD)," the report
notes.

The loan, introduced via the Senate on January 23, has as its main
component the construction and habilitation of new substations and
their grids, at a cost of US$63.45 million, according to Dominican
Today.

                     About Dominican Republic

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

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

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

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




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

MINAS BUENAVENTURA: Moody's Alters Outlook on Ba2 CFR to Negative
-----------------------------------------------------------------
Moody's Investors Service changed the outlook on Compania de Minas
Buenaventura S.A.A.'s rating to negative from positive and affirmed
its corporate family rating at Ba2, reflecting the company's weak
operating results in 2019 and Moody's expectations that credit
metrics will remain soft in the next 12 to 18 months.

RATINGS RATIONALE

The change in outlook to negative primarily reflects Buenaventura's
weak operating results during 2019, affected by lower volumes at
several of its largest mines, and Moody's expectation that
operating results and credit metrics are unlikely to show material
recovery in the next 12 to 18 months. While the company's ongoing
cost optimization program continues to drive cost savings at the
four largest mines directly owned by the group, Buenaventura's
still-low projected production volumes for 2020 at several mines
compared to those of 2017-18, and metal prices which Moody's
expects to be range bound compared with those of 2019, will limit
revenue growth and credit metrics' improvements during 2020.
Moody's estimates that Buenaventura's EBIT margin was negative for
the full-year 2019 and its leverage (Moody's-adjusted gross
debt/EBITDA) in excess of 3x, and projects that the company's
credit metrics will only gradually improve in 2020 with EBIT margin
staying at levels much below those reported in the past.

Buenaventura has an ongoing cost efficiency program, called
"debottlenecking program", that drove cost efficiencies at its
largest fully-owned mines of close to USD 25 million in 2018 and
USD 31 million in the nine months to September 2019. But these were
offset by materially lower production volumes at the Uchucchacua,
Tambomayo and Orcopampa mines. Moody's expects Buenaventura to
continue to focus on cost optimization and extending the life of
its existing mines in the next couple of years, with no large
project starting construction before 2021. Capital spending will
therefore continue to be light, at least in 2020, with investments
of around USD 85-105 million.

Buenaventura's Ba2 CFR reflects its balanced portfolio of base and
precious metals; good mine diversification, with four wholly-owned
operations, two majority-owned operations and three affiliates; and
a track record of prudent financial policies and adequate corporate
governance practices.

The rating nevertheless also considers Buenaventura's geographic
concentration in Peru and its relatively modest revenue size
compared with that of its similarly rated global peers. The rating
also incorporates a cost structure which has been affected by
ageing mines and some execution risks related to future growth
projects.

The weaker operating results in 2019 resulted in a decline in
Buenaventura's cash balance to USD 280 million at the end of
September 2019 from USD 369 million at the end of December 2018,
reducing its liquidity cushion. Nevertheless, Buenaventura
maintains an adequate liquidity profile supported by a still large
cash balance, providing full coverage of the company's USD 166
million of debt maturing within a year (as of September 2019),
which Moody's expects the company to refinance, and its expectation
that the company will generate slightly positive free cash flow in
2020, mainly supported by low capital spending and some increase in
its operating cash flow generation. Buenaventura can occasionally
receive dividends from its affiliates, which can further add to its
liquidity sources (in April 2019, it received a USD 31 million
dividend from Cerro Verde).

Buenaventura's rating would be downgraded in case it becomes clear
that no material improvements in production levels and EBIT margin
will be observed in the next few quarters. A deterioration in the
company's liquidity or failure to return to positive free cash flow
during 2020 could also result in a downgrade.

An upgrade is unlikely in the short term. A stabilization of the
outlook would require a recovery in production volumes and a
substantial improvement in the company's EBIT margin to at least
7%, with leverage (Moody's-adjusted debt/EBITDA) at or below 3.0x.
A rating upgrade would require Buenaventura to successfully
implement new projects, ensuring the company's future production
growth, while maintaining its good metal and mine diversity. An
upgrade would also require Buenaventura to reach a sustainable
improvement in its cost position, enabling the company to better
weather material declines in metal prices and to maintain a more
stable EBIT margin, at least in the double-digits in percentage
terms.

The principal methodology used in these ratings was Mining
published in September 2018.

Headquartered in Lima, Peru, Buenaventura is a mining company
engaged in the exploration, mining and processing of gold, silver,
copper, zinc and lead in Peru. In addition to four wholly-owned and
two majority-owned mines, the company has also a stake of 19.58% in
Cerro Verde, one of the world's largest copper mines, 43.65% stake
in Yanacocha, the largest gold mine in Latin America, and 40.1%
stake in Coimolache. Buenaventura is controlled by the Benavides
family and is listed in the New York Stock Exchange and Lima Stock
Exchange. In the 12 months to September 2019, the company generated
USD0.9 billion in revenue.




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

JJE INC: Court Conditionally Approves Disclosure Statement
----------------------------------------------------------
Judge Mildred Caban Flores has conditionally approved the
Disclosure Statement explaining the Chapter 11 Plan filed by JJE
INC.

A hearing for the consideration of the final approval of the
Disclosure Statement and the confirmation of the Plan and of such
objections as may be made to either will be held on March 11, 2020,
at 9:00 a.m. at the U.S. Bankruptcy Court, Jose V. Toledo U.S. Post
Office and Courthouse Building, 300 Recinto Sur Street, Courtroom
3, Third Floor, in San Juan, Puerto Rico.

Acceptances or rejections of the Plan may be filed in writing by
the holders of all claims on/or before 14 days prior to the date of
the hearing on confirmation of the Plan.

Any objection to the final approval of the Disclosure Statement
and/or the confirmation of the Plan shall be filed on/or before 14
days prior to the date of the hearing on confirmation of the Plan.

                         About JJE Inc.

JJE, Inc., is a home health care services provider based in Manati,
Puerto Rico.  JJE, Inc., filed a Chapter 11 petition (Bankr. D.P.R.
Case No.19-02034) on April 12, 2019, and is represented by Victor
Gratacos Diaz, Esq., in Caguas, Puerto Rico.  In the petition
signed by Jenny Olivo, president, the Debtor disclosed $295,244 in
total assets and $1,953,718 in total liabilities.


TRINIDAD & TOBAGO: Government Opposition at Odds Over Tax Bills
---------------------------------------------------------------
Anna Ramdass at Trinidad Express reports that Trinidad and Tobago
Finance Minister Colm Imbert said the Government could not risk
having important legislation failing in the Parliament and
affecting this country's relationship with the Global Forum.

Imbert refuted Opposition Chief Whip David Lee's claim that the
Government "shut down" the debate on the adoption of the Joint
Select Committee (JSC) Report on the Mutual Administrative
Assistance in Tax Matters Bill, the Tax Information Exchange
Agreements Bill and the Income Tax (Amendment) Bill, according to
Trinidad Express.

Lee stated the Opposition had agreed since that it would support
the bill when it came before the House at the next sitting, the
report relays.

He said the act of not submitting a minority report was a clear
indicator that not only was the Opposition prepared to act in the
national interest but it would have paved the way for productive
debate, one which would have aired holistic views but ended with a
positive outcome for our nation, the report discloses.

Lee stated that the Opposition was willing to lend support although
the Government, in a "disingenuous manner", prevented Opposition MP
Dr Bhoendradatt Tewarie from contributing to the debate, the report
relate.

"As a matter of fact, as Opposition Chief Whip, when I realized
that the Government was adjourning the debate, I urged the
Government bench from across the aisle to "take the vote".  To our
disbelief, they adjourned the House of Representatives for the next
two weeks," he stated, the report relays.

"Our approach at the debate was never to play politics but we also
had a duty to highlight the fact that despite this Government's
rants on the urgency of passing this legislation, it is they who
prolonged the completion of work at the JSC level for over two
years. We had a duty to inform the Government that our compliance
could have been improved if they had been more proactive as they
have been in office for over four and half years controlling both
the legislature as well as executive," he added.

Lee stated that the population must take full notice that T&T's
non-compliance and presence on the Global Forum blacklist falls
squarely on this Government as it is they who lacked the political
will to go forward with passing the legislation, the report note.

He reiterated that the Opposition would support the bill when the
report is returned to the Parliament, the report relays.

Contacted by the Express for comment, Imbert described Lee's
release as "deliberate misinformation," the report discloses.

"The Opposition was asked repeatedly in the debate whether they
were supporting the legislation or not.  In fact, the Attorney
General sat down twice and gave way to the Member for Caroni East
and the Member for Naparima so that they could state categorically
whether the UNC was supporting the legislation or not.  Both MPs
refused to say anything," he stated via message, the report
relates.

Imbert said Caroni East MP Dr Tim Gopeesingh also alleged that the
UNC members on the JSC had submitted a minority report raising a
number of concerns "which was simply not true," the report notes.

The minister stated that Lee also chose not to inform the Leader of
Government Business or himself, as the Minister piloting the Global
Forum Bills, whether they were supporting the legislation, the
report says.

"This story about shutting down the debate therefore is nonsense.
In typical fashion, the UNC is trying to dig itself out of a hole
because they were embarrassed during the debate.  We, on the other
hand, could not risk a vote because of their behaviour and
unwillingness to say whether they were supporting the legislation
or not, because if the bills had failed (they require a special
majority), we could not bring them back in this parliamentary
term," the report notes.

"This would have further damaged our relationship with the Global
Forum and created all sorts of problems for Trinidad and Tobago
citizens. However, now that the UNC has finally agreed to support
the bills, we will complete the debate and committee stage at the
next sitting of Parliament," said Imbert, the report adds.




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

VENEZUELA: Guaido Beaten by Mob Upon Landing in Caracas
-------------------------------------------------------
EFE News reports that Venezuela opposition leader Juan Guaido,
recognized as Venezuela's legitimate interim president by more than
50 nations, was pushed and beaten by a pro-government mob that
awaited him at the Simon Bolivar International Airport, which
serves Caracas, upon his return from a 23-day international tour
that included the United States.

Just as he left the air terminal, about 200 people accosted Guaido
and reportedly began beating him, both with their fists and with
assorted blunt objects, also attacking his wife Fabiana Rosales and
several opposition lawmakers who recognize him as head of the
National Assembly and were on hand to welcome him home, according
to EFE News.

               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.



                           *********


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

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

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

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

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

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


                  * * * End of Transmission * * *