/raid1/www/Hosts/bankrupt/TCRLA_Public/200221.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Friday, February 21, 2020, Vol. 21, No. 38

                           Headlines



A R G E N T I N A

ARGENTINA: IMF Cannot Offer Haircut on Loan
ARGENTINA: Pockets $35 Billion Windfall After Accounting Change
JOHN DEERE: Moody's Assigns Caa1 Rating on Class III Unsec. Debt


B E R M U D A

BERMUDA: EU Removes Country From Tax Matters Watch List


C O L O M B I A

BANCO GNB: Fitch Affirms BB+ Issuer Default Rating, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Schedules Special Municipal Elections


J A M A I C A

JAMAICA: Concerned About Data Breaches at Financial Institutions


P A N A M A

BANCO LA HIPOTECARIA: Fitch Alters Outlook on BB+ IDR to Negative


P U E R T O   R I C O

ASOCIACION DE PROPIETARIOS: Disclosures Hearing Reset to Feb. 27
PONCE REAL ESTATE: Disclosure Statement Hearing Reset to Feb. 27


V E N E Z U E L A

VENEZUELA: U.S. Tightens Restrictions on Country

                           - - - - -


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A R G E N T I N A
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ARGENTINA: IMF Cannot Offer Haircut on Loan
-------------------------------------------
Globalinsolvency, citing Bloomberg News, reports that the
International Monetary Fund, as the lender of last resort, won't
offer a haircut on its Argentina loan after Vice President Cristina
Fernandez de Kirchner called on the institution to take a loss.

"Our legal construct is such that we cannot do measures that may be
possible for others without this big global responsibility,"
Managing Director Kristalina Georgieva said in a Bloomberg
Television interview in Dubai, according to Globalinsolvency.

An IMF technical mission is in Buenos Aires through Feb. 19 to meet
with Argentina officials and assess the country's debt
sustainability, the report notes.

Talks with the IMF, to which Argentina owes $44 billion, will be
key for an even bigger negotiation with bondholders to avoid a
default, the report adds.

                        About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank.  Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

Moody's credit rating for Argentina was last set at Caa2 from B2
with under review outlook. Moody's rating was issued on Aug. 30,
2019.  S&P Global Ratings, in December 2019, raised its foreign
currency sovereign credit ratings on Argentina to 'CC/C' from
'SD/D'.  S&P's outlook on the long-term sovereign credit ratings is
negative. Fitch Ratings, in December 2019, upgraded Argentina's
Long-Term Foreign-Currency Issuer Default Rating to 'CC' from 'RD',
and its Short-Term Foreign-Currency IDR to 'C' from 'RD'.  DBRS,
Inc. meanwhile downgraded Argentina's Long-Term and Short-Term
Foreign Currency - Issuer Ratings to Selective Default (SD), from
CC and R-5, respectively, also in December 2019.


ARGENTINA: Pockets $35 Billion Windfall After Accounting Change
---------------------------------------------------------------
Globalinsolvency, citing Bloomberg News, reports that Argentina may
be in deep financial trouble but its central bank is comfortably
back in the black -- thanks to a small accounting maneuver.

A little-noticed decision by policy makers late last year to change
the way they value government bond holdings transformed the central
bank's balance sheet overnight, turning what had been a net worth
of negative $2 billion into positive $33 billion, according to
Globalinsolvency.

Officials have made little effort to explain the move -- they just
say it's part of a wide-ranging emergency law to shore up the
economy -- but analysts note how it will pave the way for the bank
to start turning over dividends to the cash-strapped government,
the report adds.

                        About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank.  Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

Moody's credit rating for Argentina was last set at Caa2 from B2
with under review outlook. Moody's rating was issued on Aug. 30,
2019.  S&P Global Ratings, in December 2019, raised its foreign
currency sovereign credit ratings on Argentina to 'CC/C' from
'SD/D'.  S&P's outlook on the long-term sovereign credit ratings is
negative. Fitch Ratings, in December 2019, upgraded Argentina's
Long-Term Foreign-Currency Issuer Default Rating to 'CC' from 'RD',
and its Short-Term Foreign-Currency IDR to 'C' from 'RD'.  DBRS,
Inc. meanwhile downgraded Argentina's Long-Term and Short-Term
Foreign Currency - Issuer Ratings to Selective Default (SD), from
CC and R-5, respectively, also in December 2019.


JOHN DEERE: Moody's Assigns Caa1 Rating on Class III Unsec. Debt
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.,
assigned a Caa1 global scale and a Baa3.ar national scale foreign
currency debt ratings to John Deere Credit Compania Financiera
S.A.'s proposed Class III and Class IV senior debt issuances for up
to a combined amount of US$50 million. Class III notes will be due
in 20 months, while Class IV notes will be due in 18 months. Class
IV notes will be denominated in Dollars, but subscribed and payable
in Argentine Pesos at the specified exchange rate.

The ratings on JDC, including the bond being rated, are under
review for downgrade in line with the review for downgrade of the
Caa2 Argentine government bond rating.

The following ratings were assigned to John Deere Credit Compania
Financiera S.A.:

Class III senior unsecured debt issuance for up to US$50 million:

   Caa1, Global Foreign Currency Debt Rating, under review for
   downgrade

   Baa3.ar, Argentina National Scale Foreign Currency Debt
   Rating, under review for downgrade

Class IV senior unsecured debt issuance for up to US$50 million:

   Caa1, Global Foreign Currency Debt Rating, under review for
   downgrade

   Baa3.ar, Argentina National Scale Foreign Currency Debt
   Rating, under review for downgrade

RATINGS RATIONALE

JDC's debt ratings incorporate one notch of uplift from its
standalone credit assessment of caa2 based on Moody's assessment of
a high probability of support from its ultimate parent, Deere &
Company (A2 stable), reflecting the strategic importance of the
Argentine subsidiary as the captive finance company for
agricultural machinery. The parental support has been evidenced
through several capital injections as well as the provision of
credit lines and guarantees backing specific credit facilities. JDC
finances the biggest portion of Deere & Company's financed sales of
agricultural machinery in Argentina, where the manufacturer
commands important market share. As a result, JDC's loan volumes
are closely aligned to the manufacturer's activity.

At the same time, the ratings incorporate the policy uncertainly
and weakened market conditions in Argentina amidst high inflation
and currency depreciation, exposing all financial institutions to a
challenging operating environment that weakens their credit
profile. These recessionary conditions have led to JDC reporting
modest asset quality and profitability, and weak capitalization.

JDC's loan portfolio is highly dollarized because it lends
primarily to agricultural sector. In the first nine months of 2019,
the loan book increased by 8% in dollar terms while non-performing
loans increased to a very high 9.6% of total loans, up from 6.2% at
year-end 2018, reflecting the very weak economic conditions, as
well as the effects of 2018's severe drought that hurt farmers'
revenues. Prospects of a favorable crop season will help mitigate
the negative effects of still-high inflation and recession in 2020,
which could drive contraction in the loan book and continue to
affect JDC's asset quality.

To support JDC's operations, its parent company has invested in
perpetual bonds and has made capital injections of US $26.5 million
over the past two years. Just recently, JDC received additional US
$5 million that improved its modest capitalization -- JDC's Moody's
tangible common equity to tangible managed assets rose to an
estimated 6% as of September 2019, higher than the 4.15% as of
year-end 2018, and its capital exceed its regulatory requirements
by 1.2x. The company expects to receive additional contributions in
2020.

Moody's noted that JDC's reliance on market funds, typical of
finance companies, is mitigated by credit lines provided by its
parent company, and the gradual diversification of domestic funding
providers. Funding support offsets the credit challenges related to
JDC's weak capitalization, modest asset risk and profitability, and
the lack of diversification inherent in the company's monoline
business model.

Moody's believes governance risks are largely internal rather than
externally driven. Moody's does not have any particular concerns
with JDC's governance.

WHAT COULD CHANGE THE RATING UP/DOWN

An upgrade is unlikely for financial entities in Argentina because
the ratings are on review for possible downgrade. However, the
outlook could be returned to stable following a stabilization of
Argentina's sovereign ratings outlook.

JDC's ratings could be lowered if Argentine sovereign ratings are
downgraded due to further deterioration in the country's operating
environment, and/or a higher-than-expected deterioration of the
financial institutions' asset quality, that would lead to material
decline in profitability and thus, capital ratios, reducing their
loss-absorption capacity amidst a highly negative credit cycle.

The principal methodology used in these ratings was Procedures
Manual for Rating of Deposits, Debt Instruments, Counterparty
Obligations and Shares of Financial Institutions published in
September 2018.




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B E R M U D A
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BERMUDA: EU Removes Country From Tax Matters Watch List
-------------------------------------------------------
RJR News reports that the European Union (EU) had removed Bermuda
from its tax matters watch list because the British Overseas
Territory was deemed fully compliant with the bloc's tax
standards.

EU finance ministers made the decision on Bermuda, while at the
same time adding the Cayman Islands to its blacklist of countries
deemed to be non-cooperative on tax matters, according to RJR
News.

Also added to the blacklist were Panama, the Seychelles and Palau,
the report adds.




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

BANCO GNB: Fitch Affirms BB+ Issuer Default Rating, Outlook Stable
------------------------------------------------------------------
Fitch Ratings affirmed Banco GNB Sudameris S.A.'s (GNB) Long-Term
Local and Foreign Currency Issuer Default Ratings (IDRs) at 'BB+'.
The Rating Outlook is Stable.

The IDRs are driven by the bank's Viability Rating (VR) of 'bb+'.
The bank's VR is highly influenced by its moderate franchise in
Colombia, Peru and Paraguay and tight capitalization metrics. The
bank's risk policies reflect GNB's ability to conservatively manage
risks and preserve strong asset quality ratios through various
economic cycles, while improving its liquidity profile and asset
liability management.

KEY RATING DRIVERS

GNB is a medium-sized universal bank whose size and geographical
presence increased with acquisitions in Colombia, Peru and
Paraguay. GNB has a local market share in Colombia of approximately
4% of total assets, 2% of total loans and 5% of total deposits at
Sept. 30, 2019. The bank has grown steadily since 2003, increased
market share, and consolidated its business model, achieving
consistent, albeit moderate, performance metrics while maintaining
sound asset quality.

The bank's capital adequacy is relatively tight, although its
overall loss absorption capacity is somewhat enhanced by its ample
loan loss reserves, sound asset quality and conservative risk
management. Like other large Colombian banks, capitalization
remains the bank's main challenge when compared with similarly
rated international peers (universal commercial banks in a 'bbb'
operating environment). The bank's Fitch Core Capital (FCC) ratio
was 9.2% at September 2019 and is supported by GNB's record of
sound earnings generation and shareholder commitment to ensure
adequate capitalization during 2020.

In late January of 2020, the bank received a new capital infusion
equivalent to USD 50 million which will be used mainly to
incorporate BBVA Paraguay into GNB Paraguay (pending regulatory
approval). The combined assets will result in the GNB's Paraguayan
subsidiary becoming the second largest bank in Paraguay and will
represent about 25% of the consolidated group's assets.

Asset quality remains strong and compares very well to domestic and
regional peers. This is a clear strength considering the more
challenging operating environment of the recent years that has
impacted the asset quality in the Colombian market. Fitch expects
the bank's conservative policies, relatively robust underwriting
standards, and adequate risk controls to contribute toward
maintaining solid asset quality in the foreseeable future. The
90-day past due loan (PDL) ratio remains under 2% and was covered
by loan loss reserves that amounted to about 1.7x PDLs. Asset
quality metrics at its Peruvian and Paraguayan subsidiaries are
stable and compare well to local peers.

GNB's profitability remains adequate in view of the bank's
conservative risk appetite along with its moderate business
volumes, the low risk payroll-backed lending segment, and limited
competitive advantages, which generally influences the interest
margins. Sustainable earnings diversification and efficiency
improvements on improving economies of scale are expected to
support the bank's future performance. Operating revenues over Risk
Weighted Assets has recently averaged between 1.5% and 1.7%, a
level slightly below the average of the bank's regional peers.

GNB is amply funded by customer deposits. The moderate franchise
limits the bank's competitive advantages and generally influences
the funding cost. Deposits come primarily from institutional and
public investors, resulting in higher funding costs and higher
concentrations by depositors, compared to banks with a wider retail
deposit base. Nearly 49% of GNB's consolidated assets are in the
form of cash and securities, as the bank is a market maker of
government securities in Colombia. These holdings also contribute
toward fulfilling the treasury services the bank provides to
institutional customers, while further enhancing its overall
funding and liquidity strategy.

The bank's support rating (SR) of '4' and Support Rating Floor
(SRF) of 'B+' are driven by its moderate systemic importance and
the growing share of retail deposits, although still modest as
compared to local systemically important banks. Fitch believes
there is limited probability that the bank would receive sovereign
support if needed, which underpins its SR and SRF. SRFs indicate
the minimum level to which the entity's Long-Term IDRs could fall
if Fitch does not change its view on potential sovereign support.

GNB's subordinated debt is rated one notch below its VR to reflect
lower expected recoveries in the event of liquidation. There is no
notching applied due to non-performance risk, given the terms of
the issuance, since this is a plain-vanilla subordinated debt issue
without any material going concern loss-absorption features.
Therefore, these securities are entirely considered liabilities by
Fitch, rather than eligible loss-absorbing capital.

RATING SENSITIVITIES

Upside potential for the international ratings is heavily
contingent on a material improvement on capitalization levels,
which is currently one of the weakest elements under Fitch's rating
approach. An upgrade of the VR and IDRs could arise if the bank is
able to reach and sustain a FCC ratio greater than 10%, while
avoiding material deterioration of its other financial and
qualitative credit fundamentals, with consistently better results,
in the form of operating earnings over risk weighted assets greater
than 2%.

Downside pressure for the VR and IDRs would arise from further
deterioration of its FCC ratio (consistently below 8%), especially
if accompanied by negative trends in its profitability and/or asset
quality metrics.

Upside potential for the SR and SRF is limited, as a significant
growth of market share in Colombia is unlikely in the near and
medium term. Should the bank's role as a market maker, or the
market share of retail deposits decrease, the SR and SRF rating
might eventually be revised downward.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity. GNB has an ESG Relevance Score of 4 for governance
structure due to key person risk, which has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors.




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

DOMINICAN REPUBLIC: Schedules Special Municipal Elections
---------------------------------------------------------
Dominican Today reports that Dominican voters will head to the
polls again on March 15 for special make-up municipal elections
after that vote was canceled on the weekend due to technical
problems with the automated voting system that was to be used in a
small percentage of the precincts.

The Central Election Board (JCE) decided upon the new date for the
balloting at a meeting, a little over 24 hours after it found
itself forced to suspend the elections, an unprecedented situation
in the country's history, 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).




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J A M A I C A
=============

JAMAICA: Concerned About Data Breaches at Financial Institutions
----------------------------------------------------------------
RJR News reports that Technology Minister Fayval Williams has
expressed concern about recent data breaches at two financial
institutions - Victoria Mutual Wealth Management, and JN Bank.

She has promised a stringent regime to secure data when the Data
Protection Bill becomes law this year, according to RJR News.

In an interview with Radio Jamaica News, Mrs Williams said it will
not be business as usual in the handling of personal data when the
new legislation is enacted, the report notes.

Under the new regime to come, she said personal data "has to be
handled in a particular way, with extreme care, with security
around it . . .," the report relays.

She added that the government will focus significantly on public
education, informing the Jamaican people "as to their new rights
that will be granted to them under the new Data Protection Act,"
the report notes.

News came that personal information on more than 5 thousand clients
of Victoria Mutual Wealth Management was inadvertently sent out in
an email attachment to about 200 people, the report relays.

JN Bank said it had an incident in which a few of its credit card
customers received a payment reminder bearing the name and address
of another customer, the report notes.

JN Bank disclosed that the breach was traced to one of its software
suppliers and the issue has been rectified, the report says.

The bank said it has contacted the affected customers and
apologized, the report notes.

The Technology Minister said the Data Protection Bill, now before a
Joint Select Committee of Parliament, will be tabled in the House
of Representatives shortly, the report says.

The bill provides guidelines on how personal data should be
collected, processed, stored, used and disclosed in physical or
electronic form, the report adds.

                            About Jamaica

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings in September 2019 raised its long-term foreign and
local currency sovereign credit ratings on Jamaica to 'B+' from
'B'. The outlook is stable. At the same time, S&P Global Ratings
affirmed its 'B' short-term foreign and local
currency sovereign credit ratings on the country. S&P Global
Ratings also raised its transfer and convertibility assessment to
'BB-' from 'B+'.

RJR News reported in June 2019 that Steven Gooden, Chief Executive
Officer of NCB Capital Markets, warned that the increasing
liquidity in the Jamaican economy might result in heightened risk
to the financial market if left unchecked.  This, he said, is
against the background of the local administration seeking to
reduce the debt to GDP to 60% by the end of the 2025/26 fiscal
year, which will see Government repaying more than J$600 billion
which will get back into the system, according to RJR News.




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P A N A M A
===========

BANCO LA HIPOTECARIA: Fitch Alters Outlook on BB+ IDR to Negative
-----------------------------------------------------------------
Fitch Ratings revised the Rating Outlook on the Long-Term Issuer
Default Ratings of Grupo ASSA and Banco La Hipotecaria, S.A. to
Negative from Stable, and has affirmed their IDRs at 'BBB-' and
'BB+', respectively. In addition, Fitch has affirmed Banco La
Hipotecaria's Viability Rating (VR) at 'bb-'.

These rating actions follow Fitch's Outlook revision of Panama's
Long-Term IDRs to Negative from Stable. In light of a potential
sovereign rating downgrade, the downgrade of a Panamanian operating
environment's score could be triggered only by a sustained
deceleration of economic growth or from pressure on macroeconomic
metrics, which could influence performance across the financial
institutions.

Consequently, Grupo ASSA's Negative Rating Outlook reflects
increased downside risks for the multi-jurisdictional operation and
performance, given the potential impact that operating environments
in Negative Outlook such as Panama, Nicaragua and Costa Rica could
have on Fitch's blended operating environment assessment, which is
a higher importance factor for the rating.

Banco La Hipotecaria's Negative Rating Outlook mirrors the Rating
Outlook revision of parent Grupo ASSA.

KEY RATING DRIVERS

Grupo ASSA : Grupo ASSA, S.A. y Subsidiarias' IDRs are highly
influenced by the regional operating environment, due to its
business risk exposure across countries with different
macroeconomic conditions. The ratings also reflect Grupo ASSA's
company profile as a holding company primarily invested in the
insurance business, in addition to its majority stake in two
banking operations and a non-controlling stake in several
Panamanian companies.

Banco La Hipotecaria: Banco La Hipotecaria's IDR reflects the
probability of support from its ultimate shareholder, Grupo ASSA,
if required. The bank's VR was affirmed at 'bb-'. Fitch does not
foresee a downgrade of the VR in the event of a downgrade of the
Panamanian operating environment.

NATIONAL RATINGS

No changes are expected in Banco La Hipotecaria's National scale
ratings in light of a potential downgrade of the sovereign, since
these ratings are local relative rankings of creditworthiness
within a particular jurisdiction. Fitch does not expect these
relativities to change in the event of a moderate downgrade in the
sovereign rating; therefore, no rating actions have been taken on
the national scale ratings.

RATING SENSITIVITIES

Grupo ASSA: The IDRs are sensitive to changes in Fitch's assessment
of Grupo ASSA's multi-jurisdictional operating environment. Grupo
ASSA's IDR would also be sensitive to significant and consistent
weakening of its financial profile resulting from deterioration of
its main subsidiaries or core investments from a relevant weakening
of the operating environments in which it operates.

Banco La Hipotecaria: Changes in Banco La Hipotecaria's IDR would
reflect modifications in its shareholder's risk profile or changes
in the assessment of its ability, or willingness, to provide
support to its subsidiary.

SUMMARY OF FINANCIAL ADJUSTMENTS

Banco La Hipotecaria: Intangibles, deferred tax assets and other
deferred assets were deducted from the Fitch Core Capital, as Fitch
believes those are non-loss absorbing assets.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.

Grupo ASSA and Banco La Hipotecaria have an ESG credit relevance
score of 4 for Group Structure driven by an organizational
structure more complex than other issuers'. This has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.




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P U E R T O   R I C O
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ASOCIACION DE PROPIETARIOS: Disclosures Hearing Reset to Feb. 27
----------------------------------------------------------------
The hearing on disclosure statement of Debtor Asociacion De
Propietarios Condominio Radio Centro scheduled for Feb. 20, 2020
has been rescheduled for Feb. 27, 2020, at 9:30 a.m. at the United
States Bankruptcy Court, Southwestern Divisional Office, MCS
Building, Second Floor, 880 Tito Castro Avenue, Ponce, Puerto
Rico.

Objections to the form and content of the disclosure statement
should be in writing and filed with the court and served upon
parties in interest at their address of record not less than 14
days prior to the hearing. Objections not timely filed and served
will be deemed waived.

A copy of the order dated January 28, 2020, is available at
https://tinyurl.com/v73a3tr from PacerMonitor at no charge.  

                About Asociacion De Propietarios
                       Condominio Radio Centro

Asociacion De Propietarios Condominio Radio Centro sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R.
Case No. 19-02202) on April 23, 2019.  At the time of the filing,
the Debtor was estimated to have assets of less than $100,000 and
liabilities of less than $500,000. Gloria Justiniano Irizarry,
Esq., at JUSTINIANO'S LAW OFFICE, is the Debtor's counsel.


PONCE REAL ESTATE: Disclosure Statement Hearing Reset to Feb. 27
----------------------------------------------------------------
The Feb. 20 hearing on the Disclosure Statement of Ponce Real
Estate Corp. has been rescheduled to Feb. 27, at 9:30 a.m. at the
United States Bankruptcy Court, Southwestern Divisional Office, MCS
Building, Second Floor, 880 Tito Castro Avenue, Ponce, Puerto
Rico.

Objections to the form and content of the disclosure statement
should be in writing and filed with the court and served upon
parties in interest at their address of record not less than 14
days prior to the hearing.  Objections not timely filed and served
will be deemed waived.

A copy of the order dated Jan. 28, 2020, is available at
https://tinyurl.com/twtyg4v from PacerMonitor at no charge.  

                   About Ponce Real Estate Corp.

Ponce Real Estate Corp. as registered in the Department of State of
Puerto Rico on February 11, 1955, under registry number 4514, as a
domestic for-profit-corporation, operating the business of owning
to lease real estate properties for commercial and/or residential
purposes.  Its principal place of business is located at 49 Mendez
Vigo Street, Ponce, Puerto Rico 00730, which is property of PRE.
Mr. Francisco I. Vilarino Rodriguez a/k/a Frank Vilarino is the
sole owner and president.

Ponce Real Estate Corp. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-06805) on Nov. 24, 2018.
At the time of the filing, the Debtor was estimated to have assets
of $1 million to $10 million and liabilities of the same range.

The Debtor tapped EMG Despacho Legal, CRL as its legal counsel, and
Tamarez CPA, LLC as its accountant.




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

VENEZUELA: U.S. Tightens Restrictions on Country
------------------------------------------------
RJR News reports that the United States has tightened financial
restrictions on Venezuela, blacklisting a subsidiary of Russian
state oil company, Rosneft, that the Donald Trump's administration
has said provides a lifeline to Nicolas Maduro's government.

The sanctions imposed by the U.S. Treasury Department increase
pressure on Russia, which the US sees as the main backer of Mr.
Maduro's government, according to RJR News.

The Trump administration has accused the subsidiary, Rosneft
Trading SA, of propping up the Venezuelan oil sector and actively
evading American sanctions, the report adds.

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.



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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
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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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