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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

          Wednesday, March 18, 2020, Vol. 21, No. 56

                           Headlines



A R G E N T I N A

BANCO HIPOTECARIO: S&P Cuts Rating to 'CCC', On CreditWatch Neg.


B R A Z I L

BANCO SANTANDER: Moody's Affirms Ba3 FC Deposit Rating
JBS SA: Mulls Slaughterhouse Suspensions in Brazil
OI SA: Telefonica, TIM Plan Joint Bid for Mobile Business


C H I L E

CORP GROUP BANKING: S&P Lowers ICR to 'CCC-', Outlook Negative
LATAM AIRLINES: Cancels 90% of Flights as Demand Collapse


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Busiest Airport Closes One of its 2 Terminals


E L   S A L V A D O R

TITULARIZADORA DE DPRS: Fitch Affirms Series 2016-1 Loan at BB-


J A M A I C A

JAMAICA: Cruise Lines Agree on Protocol to Deal With Calls


P E R U

PERU LNG: S&P Lowers ICR to 'B' on Significant Gas Price Pressure


T R I N I D A D   A N D   T O B A G O

CARIBBEAN AIRLINES: T&T Border Closure to Impact Air Carrier

                           - - - - -


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

BANCO HIPOTECARIO: S&P Cuts Rating to 'CCC', On CreditWatch Neg.
----------------------------------------------------------------
S&P Global Ratings downgraded Banco Hipotecario to 'CCC' from 'B-',
and lowered the issue-level rating to 'CCC' from 'B-'. All the
ratings remain on CreditWatch with negative implications.

At the beginning of this February, Banco Hipotecario issued two
senior unsecured notes for a total of ARS3.4 billion in the local
market, which will allow the bank to roll over all of its
maturities in the local market for the year. However, Banco
Hipotecario has a large upcoming international market debt maturity
at the end of this year that has not been rolled over yet.

High volatility and investor aversion towards Argentina (and the
Argentine private sector) debt significantly complicated domestic
issuers' access to the international market last year.
Additionally, the ongoing and unclear sovereign debt restructuring
and global developments related to the coronavirus have further
exacerbated this dynamic over the last few quarters.

Banco Hipotecario has built up significant liquidity to face its
maturity, but not enough. Therefore, S&P believes that the bank's
capacity to face its year-end debt maturity has become more
dependent on unforeseen positive developments.

The downgrade on Banco Hipotecario reflects an increased
refinancing risk due to the bank's large international market debt
maturity at the end of this year in the context of very challenging
economic and financial market conditions in Argentina and
globally.




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

BANCO SANTANDER: Moody's Affirms Ba3 FC Deposit Rating
------------------------------------------------------
Moody's Investors Service affirmed all ratings and assessments
assigned to Banco Santander S.A., including its long and short-term
local currency deposit ratings of Ba1 and Not Prime, the long and
short-term foreign currency deposit ratings of Ba3 and Not Prime,
long and short-term provisional foreign currency senior unsecured
MTN ratings of (P)Ba1 and (P)Not Prime, as well as the long and
short-term national scale deposit ratings of Aaa.br and BR-1.
SANB's ba2 baseline credit assessment (BCA), the ba1 adjusted BCA,
the global and national scale counterparty risk ratings, in local
and foreign currencies, and the counterparty risk assessments
(CRAs) were also affirmed. The outlook on the ratings is stable.

At the same time, Moody's has affirmed all ratings and the
counterparty risk assessments assigned to Banco Santander (Brasil)
S.A. -Cayman Branch, including the long and short-term provisional
foreign currency senior unsecured MTN ratings of (P)Ba1 and (P)Not
Prime.

RATINGS RATIONALE

The affirmation of SANB's ratings and assessments reflects the
bank's strong profitability that has been supported by steady
growth of its customer base, a focused strategy on higher-yielding
consumer loans and improving operating efficiency. SANB's recurring
earnings have consistently improved between 2017 and 2019, with net
income to tangible assets reaching 1.51% average in this period,
from below 1% before 2017, which is in line with its large-bank
peers'. However, Moody's expects the bank's profitability to soften
in 2020 as a result of lower yields on assets due to competition,
low interest rates levels, and a moderation in loan origination
over the next quarters, due to the expected slowdown in economic
activities over the next quarters. Moody's also anticipates SANB
will be able to offset these pressures with continuing cost
discipline and steady growth of fee-based activities. Different
from its main peers, SANB has not yet showed consistent reduction
of its traditional branch network as part of its dynamic digital
transformation, which gives it room to continue to lower operating
costs over the next quarters.

With regard to asset quality, SANB's aggressive expansion into
competitive consumer products and to loans to small and medium size
companies, although largely backed by collaterals, may still expose
the bank to higher credit risks in the event the pace of Brazil's
economic recovery weakens in 2020. This could be compounded by a
global deceleration and the downside risks of the coronavirus
disruptions. In 2019, total loans increased 15.3% in 12 months
ended December, roughly two times the system's average, primarily
on payroll loans and auto finance, as corporate loan growth
decelerated, reducing concentration risks. . In the period,
nonperforming loans stabilized at roughly 3.8% of gross loans at
the end of 2019, just below 3.9% one year prior and 4% in 2017. The
shift in portfolio mix towards higher-yielding loans are
compensated by the high reserve buffer maintained by the bank,
which remained at 6.1% of total loans in 2019.SANB's capital
position, measured by Moody's as tangible common equity relative to
risk weighted assets, declined in 2019 to 7.4%, from the 8.1%
average over the past two years, which is below that of its main
peers. The decline in capitalization was due to a high 76% dividend
payout in 2019, above the average 60% distribution in prior years,
and the rapid loan growth. Nonetheless, Moody's expects SANB's
would reduce unusual dividend payouts to around 50% in a more
stressed economic environment, helping capital to be rebuilt
quickly.

SANB's strong and well-established retail deposit franchise is a
key strength and provides stable access to core deposit funding
that supports the bank's expansion strategy and its profitability.

The Ba1 local currency deposit and senior unsecured MTN ratings
assigned to SANB incorporate a moderate likelihood that the
Brazilian subsidiary would receive support from its parent, Banco
Santander S.A. (Spain), which has a BCA of baa1. Therefore, SANB's
ba2 BCA incorporates one notch of uplift to an adjusted BCA of ba1,
which anchors the local currency deposit and senior unsecured debt
ratings at Ba1. The bank's foreign currency deposit rating of Ba3
is constrained by Brazil's deposit ceiling for foreign currency
deposits.

Moody's believes SANB's exposure to environmental risks is low,
consistent with its general assessment for the global banking
sector. SANB'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 SANB's
governance.

WHAT COULD MOVE THE RATINGS -- UP/DOWN

SANB's ba2 BCA is aligned to Brazil's Ba2 sovereign rating,
reflecting the strong credit interlinks between the sovereign and
banks' creditworthiness. Its ratings would be upgraded if Brazil's
sovereign rating were to be upgraded, and if its asset quality and
profitability support continued strengthening of its
capitalization. .Upward movement on the BCA would depend on an
upgrade at the parent Banco Santander S.A. (Spain)'s baa1 BCA,
currently aligned to Spain's Baa1 sovereign debt rating, which has
a stable outlook.

For the same reasons, SANB's BCA could be downgraded if Brazil's
sovereign rating is downgrade or if the bank asset quality, capital
and profitability metrics deteriorated materially. Negative
pressures on the adjusted BCA as well as its deposits and debt
ratings would arise from a downgrade at the parent's BCA.

METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in November 2019.

Banco Santander (Brasil) S.A. is based on Sao Paulo, Brazil, with
consolidated asset of BRL857.5 billion and total shareholder's
equity of BRL71.5 billion as of December 31, 2019.

LIST OF AFFECTED RATINGS AND ASSESSMENTS

The following ratings and assessments of Banco Santander (Brasil)
S.A. were affirmed:

  - Long-term global local currency deposit rating of Ba1, stable
outlook

  - Short-term global local currency deposit rating of Not Prime

  - Long-term global foreign currency deposit rating of Ba3, stable
outlook

  - Short-term global foreign currency deposit rating of Not Prime

  - Long-term senior unsecured Medium-Term Note Program rating of
(P)Ba1

  - Short-term senior unsecured Medium-Term Note Program rating of
(P)Not Prime
  
  - Long-term global local currency counterparty risk rating of
Baa3

  - Short-term global local currency counterparty risk rating of
Prime-3

  - Long-term global foreign currency counterparty risk rating of
Ba1

  - Short-term global foreign currency counterparty risk rating of
Not Prime

  - Long-term Brazilian national scale deposit rating of Aaa.br

  - Short-term Brazilian national scale deposit rating of BR-1

  - Long-term Brazilian national scale counterparty risk rating of
Aaa.br

  - Short-term Brazilian national scale counterparty risk rating of
BR-1

  - Baseline credit assessment of ba2

  - Adjusted baseline credit assessment of ba1

  - Long-term counterparty risk assessment of Baa3(cr)

  - Short-term counterparty risk assessment of Prime-3(cr)

Outlook Actions:

Outlook, Stable

The following ratings and assessments of Banco Santander (Brasil)
S.A.- Cayman Br were affirmed:

  - Long-term global local currency counterparty risk rating of
Baa3

  - Short-term global local currency counterparty risk rating of
Prime -3

  - Long-term global foreign currency counterparty risk rating of
Ba1

  - Short-term global foreign currency counterparty risk rating of
Not Prime

  - Long-term counterparty risk assessment of Baa3(cr)

  - Short-term counterparty risk assessment of Prime-3(cr)

  - Long-term senior unsecured Medium-Term Note Program rating of
(P)Ba1

  - Short-term senior unsecured Medium-Term Note Program rating of
(P)Not Prime

Outlook Actions:

Outlook, Stable

JBS SA: Mulls Slaughterhouse Suspensions in Brazil
--------------------------------------------------
Nayara Figueiredo at Reuters reports that JBS SA and Minerva Foods
are considering suspending operations at some slaughterhouses in
Brazil due to supply chain issues from China, JBS and sources close
to Minerva said.

JBS said it had been monitoring the coronavirus implications for
the market and noted that "it is evaluating the implementation of
collective holidays exclusively in some of its bovine processing
units in Brazil," according to Reuters

The company, which also operates in chicken, pork and processed
foods, did not detail in its statement which plants might be
suspended for operations, the report notes.

Market sources said the changes were likely to affect other
companies in the sector, the report says.

"We are discussing several things, but the definition will probably
come out soon," said a source close to Minerva.  The company did
not respond to a request for comment.

Marfrig Global Foods has not announced any slaughter suspensions,
but a source close to the company said it is also following
developments, the report discloses.

Marfrig said operations were normal at present, but declined to
comment further, the report adds.

As reported in the Troubled Company Reporter-Latin America on Dec.
19, 2019, Moody's Investors Service upgraded JBS S.A.'s corporate
family rating to Ba2 from Ba3 and the senior unsecured ratings of
its wholly-owned subsidiaries JBS USA Lux S.A. and JBS Investments
II GmbH to Ba2 from Ba3. The rating of the secured term loan under
JBS USA Lux S.A. was upgraded to Ba1 from Ba2. The outlook for all
ratings is stable.

OI SA: Telefonica, TIM Plan Joint Bid for Mobile Business
---------------------------------------------------------
Gabriela Mello at Reuters reports that shares in Telefonica Brasil
SA and TIM Participacoes SA rose on March 11 trading as both
companies said they are planning a joint offer to buy the mobile
unit of bankrupt Brazilian carrier Oi SA.

The move comes months after the struggling carrier, which filed for
bankruptcy protection in June 2016, told market participants early
in December it had hired financial advisors to put a value on its
mobile unit, according to Reuters.

Preferred shares in Oi rose as much as 18% on March 11, while TIM
stocks surged up to 8.3% and Telefonica Brasil climbed 4.4% before
trimming earlier gains.

TIM and Telefonica Brasil informed Oi's advisor Bank of America of
their interest in kicking off talks for a potential acquisition of
all or part of Oi's mobile division, the report relates.  If their
bid is successful, the two companies would divide up that business,
securities filings showed, without disclosing how the division
would be, the report says.

Telefonica, the Brazilian subsidiary of Spain's Telefonica SA,
operates Brazil's largest wireless carrier under the brand Vivo.
TIM, which is controlled by Telecom Italia SpA (TLIT.MI), said it
had informed its board of directors of their approach, the report
discloses.

It is not the first time that TIM and Telefonica join forces to
broaden their operations amid an increasingly competitive market.
In December, both signed network-sharing agreements involving 2G,
3G and 4G networks, the report says.

In a separate filing, Oi said the joint bid attempt, which it
described as "sounding out the market," showed that there was
interest in its mobile operation, the report relates.

"So far, however, there is no commitment from Oi or any other third
parties to materialize such disposal nor has any biding instrument
been signed," Oi added, the report discloses.

In September, Reuters reported that Oi was in talks with the two
firms to sell assets and avoid insolvency.

Executives from all three major carriers in Brazil -- Telefonica
Brasil, TIM and America Movil SAB de CV's (AMXL.MX) Claro -- said
at the time they could consider a deal with Oi, the report says.

Analysts at BTG Pactual see TIM and Telefonica Brasil's joint offer
for Oi's mobile unit as positive for all players involved, the
report notes.

"As they will not compete with each other for the asset, preventing
the entry of a new competitor and capturing great synergies with
the deal," they wrote. Oi, in turn, will have the opportunity to
raise cash to partially pay its debt and accelerate investments in
fiber-to-the-home (FTTH), BTG analysts added, the report adds.

                    About Oi S.A.

Founded in the 1960s, Oi S.A., formerly known as Telemar, is a
large fixed telephone operator and mobile telephone operator in
Brazil.  It is headquartered in Rio de Janeiro.  Oi's major
subsidiaries include Telemar and Brasil Telecom.

In 2013, Oi announced its merger with Portugal Telecom, the
largest
telecommunication company in Portugal, in order to strengthen the
Brazilian firm and simplify its ownership structure. In June 2015,
Portugal Telecom was acquired by Altice Group.

On June 20, 2016, Oi filed for a US$19 billion (R$65 billion)
bankruptcy protection, the largest on record for Brazil.

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings in September 2019, affirmed its global scale 'B'
issuer credit and issue-level ratings on Oi S.A. and revised the
outlook to negative from stable.  At the same time, S&P lowered
its
national scale rating to 'brA-' from 'brA' and assigned a negative
outlook.



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C H I L E
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CORP GROUP BANKING: S&P Lowers ICR to 'CCC-', Outlook Negative
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit and issue-level
ratings on Corp Group Banking S.A. (CG Banking) to 'CCC-' from
'CCC'. The outlook on the issuer credit rating remains negative.

S&P said, "We base the rating action on the increasing financial
pressure on CG Banking to meet its financial obligations in the
next six months, because it continues to rely on the group's
support to pay its debt service payments. In our view, the dividend
stream from Itau CorpBanca (BBB+/Stable/A-2) won't be sufficient to
cover CG Banking's interest payments throughout 2020, which would
force the group to sell other non-strategic assets. Despite the
group's willingness to support cash shortfalls, market conditions
are deteriorating fast, with heightened uncertainty amid Chilean's
social and political challenges and the global economic backdrop.
In this context, we expect unfavorable valuation prospects and
tighter financing conditions to further pressure CG Banking's
capacity to meet interest payments on a timely basis." Moreover,
the recent deepening in the Chilean peso's slide weighs on the
entity's finances, given the currency mismatch of cash flows.


LATAM AIRLINES: Cancels 90% of Flights as Demand Collapse
---------------------------------------------------------
RJR News reports that LATAM Airlines Group, the largest carrier in
Latin America, cancelled 90% of its international flights as demand
collapsed and countries shut down borders, leaving the region
increasingly isolated.

LATAM is the region's main carrier to the United States, followed
by American Airlines which said it would cancel most flights to
Latin America, including all those to Brazil, according to RJR
News.

In the region, Argentina, Peru and Ecuador have imposed tough
isolation measures that led the vast majority of flights to those
countries to be canceled, the report relates.

Chile has said it will close down borders on March 17.

                      About LATAM Airlines

LATAM Airlines, formerly LAN Airlines S.A. and Lan Chile, is an
airline based in Santiago, Chile, and is one of the founders of
LATAM Airlines Group, Latin America's largest airline holding
company.

As reported in the Troubled Company Reporter-Latin America on
Feb. 14, 2019, Fitch Ratings has assigned a final rating of
'B+'/'RR4' to LATAM Airlines Group S.A.'s USD600 million unsecured
notes issued through its fully owned subsidiary LATAM Finance
Limited. The assignment of the final ratings follows the receipt
of
documents confirming the information already received. The final
ratings are the same as the expected rating assigned to the senior
unsecured notes on Jan. 28, 2019.



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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: Busiest Airport Closes One of its 2 Terminals
-----------------------------------------------------------------
Dominican Today reports that in the heels of hundreds of suspended
flights to and from Europe, the Punta Cana International Airport
will close one of its terminals starting today, March 18.

The Puntacana Group said Terminal B will be closed as of 11 p.m.
and that its operations will be carried out entirely in Terminal A,
until further notice, according to Dominican Today.

"In case of receiving any additional dispositions, we will notify
them immediately through the corresponding channels," the Puntacana
Group said, 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).



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E L   S A L V A D O R
=====================

TITULARIZADORA DE DPRS: Fitch Affirms Series 2016-1 Loan at BB-
---------------------------------------------------------------
Fitch Ratings affirmed the outstanding series of the Titularizadora
de DPRs Limited program. The Rating Outlook is Stable.

RATING ACTIONS

Titularizadora de DPRs Limited

Series 2016-1 Bank Loan;             LT BB- Affirmed

Series 2019-1 Variable Funding Loan; LT BB- Affirmed

TRANSACTION SUMMARY

The future flow program is backed by existing and future U.S.
dollar-denominated diversified payment rights (DPRs) originated by
Banco Cuscatlan de El Salvador, S.A. (BC). The majority of DPRs are
processed by designated depository banks (DDBs) that have signed
acknowledgement agreements (AAs).

The series 2019-1 variable fund loan funded on Sept. 30, 2019 and
the outstanding balance of the program after the Feb. 15, 2020
payment is USD128.75million. Fitch's ratings address timely payment
of interest and principal on a quarterly basis.

KEY RATING DRIVERS

Originator's Credit Quality: The rating of the transaction is tied
to the credit quality of the originator, Banco Cuscatlan de El
Salvador, S.A. (BC) The Long-Term (LT) Issuer Default Rating (IDR)
is limited by El Salvador's Country Ceiling of 'B' and is driven by
the potential support that Fitch believes BC would receive from its
shareholder, Imperia Intercontinental, an affiliate of Grupo Terra,
if needed. Fitch's assessment of the group's financial ability is
strongly linked to that of Petroholding, S.A. de C.V.

Going Concern Assessment (GCA): Fitch uses a GCA score to gauge the
likelihood that the originator of a future flow transaction will
stay in operation throughout the transaction's life. Fitch assigned
BC a GCA score of 'GC2' based on the bank's moderate systemic
importance and potential support from Petroholdings, allowing for a
maximum uplift of four notches. However, Fitch tempers notching
uplift for this transaction taking into account the constraints
mentioned.

Uplift from LT IDR: The GCA score of 'GC2' allows for a maximum
uplift of four notches from the originator's IDR; however, uplift
is tempered to two notches due to factors mentioned, including the
fact that BC's IDR is support-driven, the program size as a
percentage of non-deposit funding, the potential exposure to
diversion risk and El Salvador's lack of last resort lender.

Future Flow debt Size: Considering the outstanding balance of
USD128.8 million as of the February 2020 payment, BC's total
outstanding FF debt is estimated to represent approximately 8.7% of
the bank's consolidated liabilities and 57% of non-deposit funding
considering year-end 2019 financials. While Fitch considers these
ratios adequate enough to differentiate the credit quality of the
transaction from the originator's LT IDR, the future flow debt size
is a constraint on the DPR rating.

Strong Program Performance: The reported quarterly maximum debt
service coverage ratio (DSCR) has been close to 70x on average
since the 2016 disbursement. BC's DPR business line is supported by
the bank's well-regarded franchise, branch network and longstanding
relationships with key corporate clients.

Potential Redirection/Diversion Risk: The structure mitigates
certain sovereign risks by collecting cash flows offshore until
collection of periodic debt service amount. In Fitch's view,
diversion risk is partially mitigated by the acknowledgments signed
by two DDBs. The largest DDB, Citibank N.A., has been processing
more than 75% of DPR flows this past year. While the trend is
decreasing, the agency believes the DDB concentration still exposes
the transaction to a higher degree of diversion risk than other
Fitch-rated Central American DPR programs. The future flow rating
reflects this exposure.

RATING SENSITIVITIES

The credit strength of the transaction is linked to the performance
of BC. The future flow ratings are sensitive to changes in the
credit quality of Banco Cuscatlan de El Salvador, S.A., the ability
of the DPR business line to continue operating (as reflected by the
GCA score) and the performance of the DPR program. A downgrade of
the bank's IDRs may trigger a downgrade to the future flow ratings.
In addition, severe reductions in coverage levels or an increase in
the level of future flow debt as a percentage of the bank's
liabilities could result in rating downgrades.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

No third-party due diligence was provided to or reviewed by Fitch
in relation to this rating action.

ESG CONSIDERATIONS

ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).



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J A M A I C A
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JAMAICA: Cruise Lines Agree on Protocol to Deal With Calls
----------------------------------------------------------
Caribbean360.com reports that Minister of Tourism Edmund Bartlett
and Health and Wellness Minister Dr. Christopher Tufton say the
world's major cruise lines have committed to working closely with
the government regarding stringent health protocols for visiting
ships, in wake of the Coronavirus (COVID-19) that is spreading
across the globe and putting a damper on international travel.

This commitment follows a crucial meeting with the executives of
MSC and Carnival Cruise Lines, according to Caribbean360.com.

The discussions had come after Jamaica turned away cruise ships
carrying thousands of passengers over COVID-19 fears, the report
notes.

"All parties are fully committed to putting people and their
well-being first and we have committed to ensure that the sector
can effectively help to mitigate against the spread of the
Coronavirus," Bartlett and Tufton reported, the report relates.

"Health security remains a critical part of destination assurance
so I am pleased about the outcome of this meeting which forms part
of our effort to prevent and mitigate the spread of the virus," the
Tourism Minister added.

Chief Medical Officer Dr. Jacqueline Bisasor-McKenzie, who was
among the other officials attending the meeting with
representatives of the cruise lines, outlined the health protocols
which, after rigorous discussions with the cruise lines, were
accepted, the report adds.

The protocols are:

   1. Copy of the Medical Logs since the start of the voyage.
Jamaica requests that travel history, temperatures and the presence
or absence of respiratory symptoms be recorded and submitted for
review.

   2. Travel History for all persons in the Medical log. Any person
who has a fever and/or respiratory symptoms who has been in a
country where there is transmission of COVID-19 should be
immediately isolated and close contacts quarantined (refer to the
WHO document on Management of Public Health risks on ships).

   3. Temperature log of all persons, including within the last 24
hours prior to arrival, traveling from the countries with travel
restrictions within the past fourteen (14) days. Jamaica recommends
that persons with a travel history to countries with transmission
of COVID-19 be monitored on board as if in home/self-quarantine.

   4. Updated Maritime Declaration of Health within four (4) hours
of the ship's arrival.

The World Health Organization's Emergency Committee has declared
COVID-19 a global health emergency, given the rise in new cases
outside China, 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 E R U
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PERU LNG: S&P Lowers ICR to 'B' on Significant Gas Price Pressure
-----------------------------------------------------------------
On March 16, 2020, S&P Global Ratings lowered its issuer credit and
issue-level ratings on Peru LNG S.R.L. (PLNG) to 'B' from 'BB+'.

S&P said, "Amid more volatile and record-low gas prices, we expect
Peru-based natural gas liquefaction company Peru LNG S.R.L.'s
(PLNG) leverage to remain at very high levels until at least 2022.
We revised our base-case scenario and now expect net debt to EBITDA
to peak at about 9x-10x in 2020 and close to 7.5x in 2021 versus
our previous expectations of 4.0x-4.5x for 2020 and below 4.0x by
2021.

"Although our ratings already incorporate certain exposure to
commodity prices, we see lower contractual protection under the
current scenario of particularly low gas prices, exacerbating cash
flow volatility.

"The downgrade reflects PLNG's still very-high leverage, pushing
its previously expected deleveraging into 2022. The weaker
operating and financial performance are related to recurrent
unplanned stoppages and dependence upon natural gas prices for both
Henry Hub (HH) and non-Henry Hub markers, which have traded at very
low levels in the past few months.

"Our updated base-case scenario includes revised HH gas prices of
$2.00 per million British Thermal Units (mmBTU) in 2020 and $2.25
per mmBTU in 2021 (versus $2.5 per mmBTU and $2.75 per mmBTU,
respectively) and average non-HH markers of $4 per mmBTU and $5 per
mmBTU for the next two projected years, respectively--lower than we
previously expected ($6.3 per mmBTU and $7 per mmBTU,
respectively). Gas prices have continued to decline this year due
to the oversupply in the U.S. and demand concerns related with the
coronavirus. We now anticipate EBITDA of about $80 million-$90
million for 2020, rising to $110 million-$120 million (down from
our previous expectation of $170 million for both years), leading
to net debt to EBITDA of 9x-10x in 2020 and near 7.5x for 2021,
which compares negatively to our previous estimates of 4.0x-4.5x
for 2020 and below 4.0x by 2021."




=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

CARIBBEAN AIRLINES: T&T Border Closure to Impact Air Carrier
------------------------------------------------------------
RJR News reports that Trinidad and Tobago Prime Minister Dr. Keith
Rowley's disclosure that the country's borders will be locked to
all non-nationals for the next 14 days will have significant
ramifications for the national airline, Caribbean Airlines.

Dr. Rowley made the announcement at a news conference following a
Special Cabinet Meeting, according to RJR News.

He said that exemptions will be given to health workers who may
need to enter the country, the report discloses.

He said the Government will look at the Heritage and Stabilization
Fund to help sustain the country, the report relays.

Four persons have tested positive for COVID-19 in the twin island
republic, the report adds.

                   About Caribbean Airlines

Caribbean Airlines Limited - http://www.caribbean-airlines.com/-
provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited, quit after just
17
months on the job. The 48-year-old Canadian national, citing
personal reasons, resigned with immediate effect.  His resignation
was accepted by the airline's board of directors. Mr. DiLollo was
appointed Caribbean Airlines CEO in May 2014, following the sudden
resignation of Robert Corbie in September 2013.

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline
made
a loss of US$60 million, inclusive of its Air Jamaica operations,
and the airline planned to break even by 2017. Mr. Howai told the
Parliament that a five-year strategic plan had been completed and
was in the process of being approved for implementation.

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.



                           *********


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

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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.
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