/raid1/www/Hosts/bankrupt/TCRLA_Public/200325.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

          Wednesday, March 25, 2020, Vol. 21, No. 61

                           Headlines



B R A Z I L

BRAZIL: Government to Allow Companies to Halve Hours and Wages
JBS SA: Misled Shareholders Seek Over $270 Million in Damages
MINERVA S.A.: S&P Alters Outlook to Stable & Affirms 'BB-' ICR


C H I L E

ENJOY S.A.: S&P Places 'B-' ICR on Watch Neg. on Casino Shutdowns


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Closed Border, Tourism Slump
DOMINICAN REPUBLIC: Free Zones Need Not Close


M E X I C O

PLAYA RESORTS: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg.


P A N A M A

COPA AIRLINES: Cancels All Flights as Coronavirus Crisis Spreads


P U E R T O   R I C O

FIRSTBANK PUERTO: S&P Alters Outlook to Stable & Affirms 'BB-' ICR
JJE INC: Plan & Disclosures Hearing Reset to April 29
TOYS R US: Creditor Litigation Trust Sues Ex-CEO, Directors


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Central Bank Reports Big Drop in Energy Prices


V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Restart Production in Two Joint Ventures

                           - - - - -


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B R A Z I L
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BRAZIL: Government to Allow Companies to Halve Hours and Wages
--------------------------------------------------------------
Richard Mann at Rio Times Online reports that Jair Bolsonaro's
government will allow companies to cut workers' wages by up to 50
percent amid the advancing coronavirus crisis.  The initiative
should be submitted to Congress through a Provisional Measure (MP),
according to Rio Times Online.

The Ministry of Economy states that the measure, which requires
individual negotiation, will preserve jobs, the report notes.
"Offering companies and employees the means to overcome this
turbulent period is required, the report relates.  The interest of
both is to preserve jobs and income," said Bruno Dalcolmo, the
Labor Secretary, the report discloses.

Under the rules outlined by the Ministry, companies must continue
to pay at least the minimum wage, the report says.

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


JBS SA: Misled Shareholders Seek Over $270 Million in Damages
-------------------------------------------------------------
Reuters reports that a group of shareholders in JBS SA began
arbitration proceedings against the company, stating they were
misled after the company's IPE in Brazil back in 2007.

According to reporting from Reuters, the US-based law firm DRRT and
Brazilian co-counsel Finkelstein Advogados released a statement on
18 March saying that shareholders are seeking damages of 1.4
billion reais ($271 million) against JBS SA.

The plaintiffs allege that JBS and its executive team released
false and/or misleading information to investors after going
public, the report relays.  They claim the company had become the
world's largest meat packer based on, "bribery and corruption," the
report notes.

They said they had requested arbitration on behalf of 95 former and
current institutional shareholders at the arbitration chamber of
Brazil's stock exchange, B3 SA Brasil Bolsa Balcao, the report
discloses.

The arbitration suit is the latest legal blow to JBS, whose owners
signed a plea deal with Brazilian prosecutors in 2017 confessing to
making illegal payments to scores of politicians to advance their
business interests, the report notes.

The plea deal related to a then three-year old graft probe that
shocked Brazil's political and business establishment, the report
relates.

In February, Reuters reported that JBS would proceed with its plans
to list its international operations in the United States, but
without raising new money from investors, 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.

MINERVA S.A.: S&P Alters Outlook to Stable & Affirms 'BB-' ICR
--------------------------------------------------------------
On March 23, 2020, S&P Global Ratings revised the outlook on the
issuer credit ratings on Minerva S.A. to stable from positive. At
the same time, S&P affirmed its 'BB-' global scale and 'brAA+'
national scale issuer credit and issue ratings on Minerva S.A.

The COVID-19 outbreak has resulted in lower demand from food
service in all markets and FX swings, created restrictions in the
export logistic network, and affected four of Minerva's
slaughtering plants' operations in Brazil; all of which could make
the sector's metrics more volatile. In addition, higher working
capital requirements stemming from clients' requirements for longer
tenors, higher inventories, and still high cattle prices could hurt
margins and cash flows. Those factors should be partially offset by
the gradual return of Chinese demand, higher demand from food
retailers as an alternative to food service, and stronger export
revenues due to currency depreciation. Nonetheless, the extent of
how COVID-19 will further affect the sector adds uncertainty to our
short-term forecast.

Minerva holds a sound liquidity position, with its cash position
boosted after the R$1.0 billion follow-on concluded in February
2020, which S&P expects it will use entirely to reduce short-term
debt and prepay more expensive loans. In addition, it currently
hedges about 50% of its foreign currency debt, offering some
protection to its balance sheet debt from the current currency
depreciation, while export sales will benefit from the weaker
currency.

S&P believes the supply and demand balance in the medium to long
term should continue to be favorable for beef exporters because of
the African Swine Flu (ASF) disruption in China's pork production,
which is a support factor for the current rating on Minerva.




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C H I L E
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ENJOY S.A.: S&P Places 'B-' ICR on Watch Neg. on Casino Shutdowns
-----------------------------------------------------------------
On March 23, 2020, S&P Global Ratings placed its 'B-' issuer credit
and issue ratings on Enjoy S.A. on CreditWatch with negative
implications.

The CreditWatch placement follows the company's suspension of all
operations as of March 20, 2020. It also reflects S&P's view that
Enjoy's profit is likely to fall materially if the pandemic
persists and the suspension continues for a prolonged amount of
time, leading to increased risk of unsustainable capital structure
and covenant breach.

The SCJ, the local regulator in Chile, has ordered the suspension
of all casino and other gaming operations in Chile for two weeks,
and additionally Enjoy has decided to suspend its operations in
Uruguay. S&P said, "We consider a resumption of operations at the
end of that period as highly uncertain, given the ongoing spread of
the coronavirus. We already expected very high leverage of about
6.0x for 2020, assessed the company's liquidity as less than
adequate, and considered that the company needed to sell assets to
prevent its capital structure from becoming unsustainable. If the
operations suspension extends for several weeks or even months, we
believe the company's cash flow generation would weaken
considerably, putting further pressure in the short term on the
company's capital structure, on its acceleration covenants (net
debt to EBITDA of below 6.50x between March and December 2020)
under its domestic bonds, and thus on its liquidity."

The CreditWatch negative placement reflects the potential for a
downgrade of one or more notches over the next few weeks. S&P
expects to resolve the CreditWatch after it assesses the severity
and duration of the impact of COVID-19 on Enjoy's operations and on
its liquidity position and credit metrics.




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

DOMINICAN REPUBLIC: Closed Border, Tourism Slump
------------------------------------------------
Dominican Today reports that Agriculture minister, Osmar Benitez
affirmed that massive consumer products such as rice, eggs and
chickens are guaranteed in the country.

He said there is enough rice to last seven months of Dominican
consumption guaranteed with over 14 million tons, according to
Dominican Today.

Benitez said there are 17.5 million chickens, the report notes.
"An oversupply because the hotel sector that consumes three million
pounds a month due to the coronavirus, this demand fell," the
report relates.

                            Border Trade

He said there is an oversupply of eggs due to the closed Haitian
border where there was a risk trade, so "the Dominican population
has the product guaranteed," the report discloses.

"The country is producing 5,000 eggs per minute, there is no fear,"
said Benitez on Color Vision Channel 9, the report adds.

                  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: Free Zones Need Not Close
---------------------------------------------
Dominican Today reports that free zones, the industrial sector and
agricultural companies can promote teleworking and flexible hours,
but should not close, according to Finance Minister, Donald
Guerrero.

He said those companies must avoid the concentration of personnel
and apply distance regulations in production areas, according to
Dominican Today.

Guerrero stressed that the companies that can operate during the
15-day period are those basic for the population, such as grocery
stores, supermarkets, pharmacies, fuel stations and any that sell
raw or cooked food, the report relates.

                  Regular Transport Schedule

In addition, public transport services such as the OMSA, the cable
car and the subway will maintain their regular schedules and the
private security services "will operate on schedule without
limitation," 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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M E X I C O
===========

PLAYA RESORTS: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg.
----------------------------------------------------------------
Moody's Investors Service has downgraded Playa Resorts Holding
B.V.'s corporate family rating to Caa1 from B2. Moody's has also
downgraded to Caa1 from B2 Playa's senior secured term loan due
2024 and its $100 million revolving credit facility. The outlook
has been revised to negative from stable.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The lodging sector
has been one of the sectors most significantly affected by the
shock given its exposure to travel restrictions and sensitivity to
consumer demand and sentiment. The action reflects the impact on
Playa Resorts of the breadth and severity of the shock, and the
broad deterioration in credit quality it has triggered. Moody's
regards the coronavirus outbreak as a social risk under its ESG
framework, given the substantial implications for public health and
safe.

Given Playa's focus in coastal resorts and reliance on travelers
from the US and Europe, Moody's is anticipating it will follow its
base case assumptions for the passenger airline industry, where the
coronavirus pandemic will lead to severe cuts in passenger traffic
over at least the next three months, including some periods when
fleets are partially or mostly grounded. Industry capacity will be
cut in the second quarter of 2020, in some instances, more than 75%
compared with the second quarter of 2019. These levels reflect
averages for the quarter, with peak cuts as high as 90% to 100% in
April for some carriers, and sustained very high cuts rolling into
May. Supporting its expectation that Playa will be able to downsize
capital expenditure is the fact that the company has already
completed its expansion plan in 2019. Moody's also believes that
the company could close some properties during the outbreak period.
Marketing expenses that increased for Mexican lodging companies
after the cancellation of the touristic promotion council could
also be easily streamed. Nevertheless, it believes that these
measures will not be enough to fully offset the severe decline in
revenues and are still subject to the capacity of the company to
rapidly react.

In addition to the huge impact in activity expected at least over
the next few months, Playa posted weak results in 2019 and
currently has a tight liquidity profile. Accordingly, the company
closed 2019 with an adjusted gross debt to EBITDA of 7.0 times and
EBITA / Interest Expense of 0.8 times. In the same period, the
company reported a 1.3% decline in its comparable total portfolio
occupancy. The main driver for the decline was the Dominican
Republic, where occupancy fell 13.3% due to safety concerns. In
Mexico, where Playa has more than 40% of its capacity, occupancy
remained relatively stable, but at the expense of tariffs. Since
the US included Cancun and Los Cabos in its travel warning in the
3Q17, demand from US travelers has been affected with the main
effect being in the booking curve that has ultimately pressured
tariffs. The warning was modified in 2018, excluding these cities,
but the effect remained and lodging companies have not been able to
recover tariffs yet.

Moreover, during 2019 Playa and the overall sector faced cost
pressures that further affected profitability. Labor and energy
costs increased due to minimum wage raises throughout the country
and a hike in electric power rates in the Yucatan peninsula.
Likewise, the cancellation of federal budget to promote Mexico's
tourist destinations abroad resulted in higher promotion
expenditures. As a result, Moody's adjusted EBITDA margin declined
to 7.6% in 2019 from 15.8% the prior year.

Playa's cash burn was high over the past few quarters due to a
sizeable investment program. As a result, cash balance declined to
$21 million as of December 30, 2019, from $116 million reported at
the end of 2018. Investments during the year amounted $200 million,
related with renovations and new projects. Now that the company has
concluded its expansion plan, Moody's believes it has ample
flexibility to scale back capex to preserve cash amid the ongoing
crisis. Playa has a comfortable maturity schedule, considering that
total debt is comprised fully by the secured term loan due 2024,
amounting close to $1 billion. Further enhancing Playa's liquidity
is its committed secured $100 million revolving credit facility due
in 2022. However, it notes that covenant restrictions could prevent
Playa to draw the full amount.

The negative outlook reflects its view that at the current stand
point, risks are more tiled to the negative side as there are still
high uncertainty regarding the virus contagion and duration. Under
the current environment, the company could face higher difficulties
than anticipated to adjusts costs and capacity, resulting in a more
rapid deterioration of its credit profile.

Ratings could be downgraded if cash burn continues, threatening
Playa's ability to cover corporate expenses such as interests,
taxes and working capital with internal sources.

Playa Hotels & Resorts N.V. (Playa) owns and/or manages a portfolio
of 23 all-inclusive resorts (8,690 rooms) in beachfront locations
in Mexico, the Dominican Republic and Jamaica. As of September
2019, revenues were $644 million and EBITDA margin of 24.2%. The
company is publicly listed with a market capitalization of around
$1.0 billion. Major shareholders are: Farallon Capital Management
which owns 23.1%, Sagicor 15.1% and TPG 6.6%.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.



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P A N A M A
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COPA AIRLINES: Cancels All Flights as Coronavirus Crisis Spreads
----------------------------------------------------------------
Marcelo Rochabrun at Reuters reports that Panama's Copa Airlines
said it will suspend all operations from March 22 until April 21,
making it the first Latin American carrier to take such a drastic
measure in order to weather the coronavirus crisis.

Air travel in Latin America has become heavily restricted in recent
days, according to Reuters.  Panama and Colombia announced the
suspension of all international travel to their countries, the
report relays.

The restrictions in the region have left airlines scrambling to
sustain their operations and left many passengers stranded without
a viable way to get home, the report discloses.

Colombia's main carrier, Avianca Holdings, said that 5,000
employees, or about a quarter of its workforce, would be taking
unpaid leave, the report notes.

Colombia has canceled all of its international flights and 84% of
its domestic flights within Colombia, the report says.

Meanwhile, Brazil, Latin America's largest economy, remains the odd
country in the region, the report notes.  It has the least
restrictive regulations in place on air travel and its
infrastructure minister, Tarcisio Freitas, said that Brazil is not
planning to shut down any airports, the report adds.



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P U E R T O   R I C O
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FIRSTBANK PUERTO: S&P Alters Outlook to Stable & Affirms 'BB-' ICR
------------------------------------------------------------------
S&P Global Ratings revised its outlooks on six U.S. and Puerto
Rican banks to stable from positive: BancorpSouth Bank, FirstBank
Puerto Rico, Popular Inc., TCF Financial Corp., Texas Capital
Bancshares Inc., and Western Alliance Bank.

At the same time, S&P affirmed its issuer credit ratings on each
institution and its subsidiaries, where relevant:

  BancorpSouth Bank: 'BBB/A-2'
  FirstBank Puerto Rico: 'BB-'
  Popular Inc.: 'BB-/B'
  TCF Financial Corp.: 'BBB-/A-3'
  Texas Capital Bancshares Inc.: 'BB+'
  Western Alliance Bank: 'BBB-'

S&P said, "The outlook revisions primarily reflect our view that
the emerging economic downturn associated with the COVID-19
pandemic, as well as net interest margin pressures given recent Fed
rate cuts, has significantly diminished the probability that we
will raise our ratings on these banks.

"Our ratings on these institutions are all one notch or more below
our 'bbb+' U.S. bank anchor--which is the starting point for the
ratings and reflects our view of economic and industry risks."

Recent actions by the Federal Reserve have increased liquidity for
the banking industry. But the economic fallout and current
ultra-low interest rates will likely lead to substantially lower
earnings and significantly worse asset quality, particularly in
industries more affected by the virus outbreak.

S&P will reassess its outlooks and ratings on these banks as needed
as conditions change, after considering peer relativities at each
rating level.

BancorpSouth Bank

S&P said, "The outlook revision on our ratings on BancorpSouth Bank
reflects our view that the heightened liklihood of an economic
downturn may hurt the bank's loan credit quality, fee income, and
profits. We also believe that the recent large Fed rate cuts pose a
headwind to BancorpSouth's net interest margin and could weigh on
the bank's net interest income, which accounts for 70% of its total
net revenues.

"While credit quality metrics have improved over the past several
years, we expect the current economic uncertainty to cause some
credit deterioration in the loan portfolio. Construction and
development, a higher-risk lending activity, is 10% of
BancorpSouth's loans, though the company has meaningfully
diversified the geographical and lending type diversity of its loan
portfolio in recent years.

"We believe the company's healthy capital position, adequate
on-balance-sheet liquidity, and greater geographic and product
diversification than during the last downturn leave it less
vulnerable to individual sectors and will help to sustain it
through what will likely be volatile economic conditions over the
next year."

The bank's regulatory capital ratios increased in 2019 because of
good earnings results and the issuance of preferred stock and
subordinated debt in the latter part of the year.

Outlook

The stable outlook on BancorpSouth indicates that the bank will
maintain adequate capital levels and manage earnings pressure due
to lower market interest rates and higher provision expenses. We
expect nonperforming assets (NPAs) and net-charge offs (NCOs) to
increase.

S&P could lower the ratings if loan performance deteriorates
meaningfully, or if the bank adopts what it views as less
conservative business or financial policies.

Although unlikely in the current economy, S&P could raise the
ratings over the next two years if it believes the bank would
increase its S&P Global Ratings risk-adjusted capital ratio
sustainably above 10%, which could result from a reduction in its
share buybacks, stabilization in its dividend payout ratio, or less
acquisition activity.

FirstBank Puerto Rico

S&P said, "We revised our ratings outlook on FirstBank Puerto Rico
based on our view that the heightened likelihood of an economic
downturn has increased risks to asset quality. Under these
circumstances, we believe that the positive effects of the Banco
Santander acquisition could be muted and synergies may take
somewhat longer to materialize than we had previously anticipated.

"We also believe FirstBank will likely incur higher credit losses
and problem loans over the next year. Overall growth in commercial
and consumer loans should slow as borrowers recoil from the impact
of the COVID-19 pandemic, which has led to a near halt of economic
activity across vast areas of the U.S., including Puerto Rico.

"We believe execution and integration risks from the impending
merger with Banco Santander are manageable, but the recent market
upheaval and asset quality risks could lead to delays in regulatory
approvals and in executing the integration.

"Nevertheless, we believe FirstBank's strong capital position, its
solid market share on the island, and its good on-balance-sheet
liquidity will enable it to withstand potential credit and economic
stress at the current rating level."

Outlook

S&P said, "Our stable outlook acknowledges the potential
competitive advantages for FirstBank from increased scale in its
business franchise following the Banco Santander acquisition, the
improvement in the combined entity's deposit funding and liquidity,
and its strong capital position. On balance, we expect reduced
profitability and higher credit losses in the near term reflecting
ultra-low interest rates and the expected economic contraction in
the U.S.

"We could revise the outlook to positive, or raise the ratings in
the next 12 months, if the bank accretes capital faster than we
currently anticipate, such that our projected S&P Global Ratings
risk-adjusted capital ratio improves and remains above 15%
following the merger. We could also revise the outlook or raise our
ratings if FirstBank Puerto Rico's competitive position and
franchise improves considerably, as evidenced by better revenue
diversification and stronger market share.

"Conversely, we may revise the outlook to negative (which we view
as less likely) if we see outsize deposit outflows hurt FirstBank's
funding, loan performance weakens materially, or the company is
unable to successfully integrate and realize expected synergies
from the acquisition."

Popular Inc.

S&P said, "The outlook revision on our ratings on Popular Inc.
indicates that we expect the net interest margin will decline and
overall profitability will weaken given recent Fed rate cuts and
lower market interest rates. Furthermore, we anticipate the
economic conditions in Puerto Rico and the U.S. will deteriorate,
which will likely hurt the company's loan performance, particularly
among its commercial and consumer borrowers. In addition, we expect
capital ratios to decline very substantially in the first quarter
given the company's $500 million accelerated share repurchase
agreement, which was announced in January, and slowly rebuild
throughout the rest of this year."

Nonetheless, Popular has made substantial financial improvements in
recent years and strengthened its market position in Puerto Rico,
aided by the Doral Bank transaction and the acquisition of certain
assets and liabilities related to Wells Fargo & Co.'s auto finance
business in Puerto Rico.

S&P said, "Furthermore, we view funding and liquidity as solid
following improvements stemming from deposit growth, reduced
wholesale borrowings, and deposit inflows from government-related
entities. Despite significant economic headwinds, we think Popular
is better positioned than other banks based in Puerto Rico to
weather additional challenges, should they arise."

Outlook

S&P said, "The outlook on Popular is stable, reflecting our view
that the rating is unlikely to change within the next 12 months. We
expect the company's net interest margins to decline in 2020 given
lower market interest rates, and loan performance could weaken due
to a slowdown in economic activity. We expect Popular to maintain
conservative business and financial policies amid difficult
operating conditions.

"We could raise the ratings if the bank maintains or improves its
asset quality, capital ratios, and funding and liquidity metrics.
Conversely, we could lower the ratings, which we view as less
likely, if loan performance deteriorates materially or if capital
ratios decline substantially, potentially because of lower
profitability."

TCF Financial Corp.

S&P said, "We revised our ratings outlook on TCF Financial Corp.
because we think that TCF, like other regional banks, could face
earnings and asset quality pressures in the near term because of
the recent Fed rate cuts and the economic fallout from the COVID-19
pandemic. That said, we believe the company's healthy capital, good
on-balance-sheet liquidity, and greater geographic and product
diversification resulting from the merger, which leave it less
vulnerable to individual sectors, will help to sustain it through
potential industrywide deteriorating economic conditions over the
next year."

Outlook

S&P said, "The stable outlook on TCF reflects our view that in
spite of the economic challenges it could face in the near term,
which could weigh on its earnings and asset quality, the company's
healthy capital and good core deposit funding and on-balance-sheet
liquidity will help to sustain it against growing economic
headwinds. We expect its performance will remain comparable to
similarly rated peers over at least the next two years. Although we
believe that the full integration of the TCF and Chemical
organizations could take longer than we initially anticipated, we
expect that TCF will benefit from the geographic and product
diversification resulting from the merger.

"If, over time, the company is able to take advantage of the
increased scope of its business to deepen its market share and
generate solid, diversified loan growth, while maintaining good
asset quality and adequate core deposit funding, we could raise the
ratings. Additionally, it the company grows capital over time, such
that we expect it to maintain an S&P Global Ratings risk-adjusted
capital ratio above 10% on an ongoing basis, we could raise the
ratings.

"Alternately, if the company's exposure to riskier asset classes
increases substantially, loan performance deteriorates materially,
or funding weakens, we could lower the ratings."

Texas Capital Bancshares Inc.

S&P said, "The outlook revision on our ratings on Texas Capital
Bancshares Inc. (TCBI) reflects the significantly diminished
possibility that we will raise the ratings over the next two years
due to the worsening U.S. and global economies. However, we
continue to believe that the pending merger with Independent Bank
promises greater geographical, lending, and funding diversification
for the combined company. The merger is expected to close by
midyear, though it is unclear whether the approval process could be
extended given current market conditions.

"We believe TCBI, on a stand-alone basis, as well as following the
merger, could face declining asset quality in the near term given
the economic fallout resulting from the COVID-19 pandemic. TCBI has
relatively large exposure to commercial real estate, including
construction, which is 10% of loans. But it has, over the last few
years, lowered its exposure to higher-risk lending, particularly
energy and leveraged lending, which were 5% and 5%, respectively,
of total loans at year-end 2019. TCBI also has a relatively low
exposure to other stressed sectors such as retail and restaurants.

"We also expect the recent deep Fed rate cuts will lower the bank's
net interest margin and earnings. TCBI has a relatively low revenue
contribution from non-interest income, and instead relies mostly on
interest rate spread income. In response to lower interest rates,
TCBI increased its mortgage finance warehouse lending, which has
seen strong growth and has lower duration and interest rate risk.

"The company has maintained strong credit quality over its
two-decade history, and through several downturns. The company does
not have a share buyback plan or common stock dividend, and we
believe its capital position will remain well above regulatory
minimums for the foreseeable future."

Outlook

S&P said, "Our outlook on TCBI is stable based on our expectation
that the company will be able to navigate increasing headwinds from
low energy prices, falling interest rates, and a worsening economy
at the current rating level. The company also has reduced leveraged
lending and energy in the last few years, while keeping a low
exposure to retail. We think the mortgage finance business
contributes to revenue growth, while lowering the bank's credit and
interest rate risks."

S&P could lower the ratings over the next two years if:

-- Merger integration issues arise, or S&P expects TCBI's credit
quality to deteriorate substantially;

-- Energy or construction loan portfolios increase meaningfully as
a proportion of total loans; or

-- The Texas economy weakens significantly.

S&P said, "We could raise the ratings over the next two years if
the company demonstrates resilience through the currently volatile
market and economic conditions and maintains relatively
conservative business and financial strategies. We would also look
for the merged company to maintain low credit losses and exhibit
financial performance in line with higher-rated peers."

Western Alliance Bank

S&P said, "Our outlook revision on Western Alliance Bank (WAB)
indicates the significantly diminished likelihood that we will
raise the ratings given the emerging economic fallout from the
COVID-19 pandemic. While credit quality metrics have improved over
the past several years, we expect the evolving economic downturn
will eventually lead to some credit deterioration in its loan
portfolio. Additionally, like its U.S. regional bank peers, we
expect WAB will face net interest income pressure, higher loans
loss provisions, and reduced earnings capacity in 2020.

"WAB's hotel franchise book may be particularly susceptible to
deterioration. As of Dec. 31, 2019, this portfolio represented 9.1%
of total loans. We expect travel and tourism to decline
significantly in the short term due to the COVID-19 outbreak. As
such, we expect an increase in NPAs and credit losses in this
portfolio.

"Furthermore, given that a majority of the loan portfolio consists
of commercial exposures, we expect an increase in NPAs and NCOs in
2020 due to slower economic growth. We also expect reduced earnings
capacity in 2020 with lower market interest rates constraining net
interest income, which has been approximately 95% of operating
revenue the past several years."

Outlook

S&P said, "The stable outlook on WAB reflects our expectation that
the bank will maintain adequate capital levels and solid liquidity
and funding metrics despite challenges it could face over the next
two years due to the emerging economic downturn. We expect the
commercial loan portfolio's credit quality metrics to weaken,
particularly the hotel franchise book. In addition, WAB will face
earnings pressure due to ultra-low interest rates and higher
provision expenses.

"We continue to view the bank's large commercial loan portfolio and
exposure to hotels cautiously from a credit perspective. We could
revise the outlook to negative or lower the ratings within the next
two years if the bank's loan credit quality decreases more than
expected, or if the bank's capital ratios decline significantly.

"We could raise the ratings if the bank maintains strong loan
performance and demonstrates resilience through the currently
volatile market and economic conditions, or if we project WAB's S&P
Global Ratings risk-adjusted capital ratio will rise and remain
above 10%."

  Ratings List
  
  Ratings Affirmed; Outlook Action  
                                 To                From
  BancorpSouth Bank
   Issuer Credit Rating     BBB/Stable/A-2     BBB/Positive/A-2

  FirstBank Puerto Rico
   Issuer Credit Rating     BB-/Stable/--      BB-/Positive/--

  Popular Inc.

  Popular North America Inc.
   Issuer Credit Rating     BB-/Stable/B       BB-/Positive/B

  Banco Popular de Puerto Rico
   Issuer Credit Rating     BB+/Stable/--      BB+/Positive/--

  Popular International Bank Inc.
   Issuer Credit Rating     BB-/Stable/--      BB-/Positive/--

  TCF Financial Corp
   Issuer Credit Rating     BBB-/Stable/A-3    BBB-/Positive/A-3

  TCF National Bank
   Issuer Credit Rating     BBB/Stable/A-2     BBB/Positive/A-2

  Texas Capital Bancshares Inc.
   Issuer Credit Rating     BB+/Stable/--      BB+/Positive/--

  Texas Capital Bank N.A.
   Issuer Credit Rating     BBB-/Stable/--     BBB-/Positive/--

  Western Alliance Bank
   Issuer Credit Rating     BBB-/Stable/--     BBB-/Positive/--


JJE INC: Plan & Disclosures Hearing Reset to April 29
-----------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico granted the motion of Debtor JJE Inc.
requesting continuance of hearing and rescheduled the hearing on
final approval of the disclosure statement and confirmation of the
plan for March 11, 2020, at 9:00 AM, to April 29, 2020, at 9:00
a.m., at the United States Bankruptcy Court, Jose V. Toledo Federal
Building and US Courthouse, 300 Recinto Sur Street, Courtroom 3,
Third Floor, San Juan, Puerto Rico.

A full-text copy of the order dated March 5, 2020, is available at
https://tinyurl.com/wmbrzhv from PacerMonitor at no charge.

                         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.

TOYS R US: Creditor Litigation Trust Sues Ex-CEO, Directors
-----------------------------------------------------------
The TRU Creditor Litigation Trust on March 12 filed a lawsuit in
New York Supreme Court.  The hundred-page Complaint alleges fraud
and breaches of fiduciary duty by senior executives and corporate
directors in connection with the ill-fated bankruptcy and later
liquidation of Toys "R" Us.

The TRU Trust, which was charged with investigating and bringing
claims against the former directors and officers of Toys "R" Us for
their wrongful acts, uncovered substantial evidence of wrongdoing.

The Complaint includes a laundry list of specific examples, quoting
extensively from Toys "R" Us' own internal emails made available to
the Trust under a Bankruptcy Court Order.

"Toys "R" Us is yet another unfortunate example of corporate greed
resulting in executives and private equity firms benefiting at the
expense of others," said Greg Dovel, attorney for the TRU Trust.
"The Defendants prioritized their own financial well-being, as well
as the financial well-being of three private equity companies,
ahead of the company that they were entrusted to run.  They
siphoned desperately-needed funds out of Toys "R" Us as it tumbled
into bankruptcy and then misrepresented TRU's financial situation
to induce toymakers to provide goods on credit.  Some toymakers
lost almost everything."

It has been widely reported that private-equity firms KKR, Bain
Capital, and Vornado Realty Trust acquired Toys "R" Us in 2005 for
about $6.6 billion, financed with over $5 billion in debt secured
by Toys "R" Us' own assets.  They took millions of dollars of fees
out of the company, leaving it overleveraged and unable to pay down
its debt.

The Complaint lays out the following facts:

   * Improper Executive Bonuses" Just days before filing for
bankruptcy, CEO David Brandon caused Toys "R" Us to pay $16
million
in bonuses to top executives.  Although his compensation was
already above market, Brandon included a $2.6 million bonus for
himself.  The officers and directors had these bonuses paid just
before bankruptcy to avoid any scrutiny by the Bankruptcy Court.

   * Wrongful Advisory Fees" Directors, hand-selected and
employed by private equity firms Bain, KKR, and Vornado, had Toys
"R" Us pay millions of dollars in "advisory fees" to these same
private equity firms, even though TRU was strapped for cash and
unable to pay its overwhelming debt.

   * Misrepresentations and Fraudulent Concealment David
Brandon and other Defendants represented to toymakers that Toys "R"
Us would be able to pay for goods shipped on credit throughout the
bankruptcy process because Toys "R" Us had secured $3.1 billion in
new financing.  But by mid-December 2017, company directors and
officers learned that the company could not meet financial
milestones required by the lenders, which meant the financing would
terminate, and Toys "R" Us would not have the ability to pay for
goods shipped on credit.  Defendants concealed and never disclosed
the truth. Instead, Defendants Brandon, Michael Short (former CFO),
and Richard Barry (former CMO) continued throughout January,
February, and early March 2018, to misrepresent the status of Toys
'R' Us financial condition and to urge vendors to ship more product
on credit. When Toys "R" Us liquidated in March 2018, the toymakers
lost over $600 million.

   * Wrongful Decision to Take on $3.1 Billion in DIP Financing and
Pledge all Remaining Assets to Lenders For years, the
Defendants took money out of Toys "R" Us and underinvested in
critical resources. As a result, in 2017, Toys "R" Us was at a
financial crossroads. To satisfy their fiduciary duties, Defendants
should have carefully considered all possible paths to determine
which would be in the best interest of all stakeholders. Instead,
Defendants took Toys "R" Us down the path of obtaining $3.1 billion
in debtor-in-possession (DIP) financing that could benefit
themselves and the private equity firms to whom they were beholden
to the detriment of Toys "R" Us and its creditors. In doing so,
they abdicated their fiduciary duties. The DIP financing strategy
was a foolish, ill-considered, and selfish gamble that cost Toys
"R" Us more than $500 million.

The case is TRU Creditor Litigation Trust v. David A. Brandon,
Joshua Bekenstein, Matthew S. Levin, Paul E. Raether, Nathaniel H.
Taylor, Joseph Macnow, Wendy A. Silverstein, Richard Goodman,
Michael Short, Richard Barry, New York Supreme Court, Case No.
651637/2020.

A copy of the Complaint is available at
http://www.dovel.com/tru-complaint  

                      About Dovel & Luner

Dovel & Luner is a high-stakes business litigation law firm
handling a variety of cases on a contingency-fee basis in courts
across the country.

                       About Toys "R" Us

Toys "R" Us, Inc., was an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey, in
the New York City metropolitan area.  Merchandise was sold in 880
Toys "R" Us and Babies "R" Us stores in the United States, Puerto
Rico and Guam, and in more than 780 international stores and more
than 245 licensed stores in 37 countries and jurisdictions.

Merchandise was also sold at e-commerce sites including Toysrus.com
and Babiesrus.com.

On July 21, 2005, a consortium of Bain Capital Partners LLC,
Kohlberg Kravis Roberts, and Vornado Realty Trust invested $1.3
billion to complete a $6.6 billion leveraged buyout of the
company.

Toys "R" Us became a privately owned entity but still filed with
the U.S. Securities and Exchange Commission as required by its debt
agreements.

Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017.  In addition, the Company's Canadian
subsidiary voluntarily commenced parallel proceedings under the
Companies' Creditors Arrangement Act ("CCAA") in Canada in the
Ontario Superior Court of Justice.  The Company's operations
outside of the U.S. and Canada, including its 255 licensed stores
and joint venture partnership in Asia, which are separate entities,
were not part of the Chapter 11 filing and CCAA proceedings.

The Company's consolidated balance sheet showed $6.572 billion in
assets, $7.891 billion in liabilities, and a stockholders' deficit
of $1.319 billion as of April 29, 2017.

Judge Keith L. Phillips presides over the Chapter 11 cases.

In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis
International LLP serve as the Debtors' legal counsel.  Kutak Rock
LLP serves as co-counsel.  Toys "R" Us employed Alvarez & Marsal
North America, LLC as its restructuring advisor; and Lazard Freres
& Co. LLC as its investment banker.  It hired Prime Clerk LLC as
claims and noticing agent.  Consensus Advisory Services LLC and
Consensus Securities LLC, serve as sale process investment banker.
A&G Realty Partners, LLC, serves as its real estate advisor.

On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors.  The Committee retained
Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott
Rivers, P.C., as local counsel; FTI Consulting, Inc., as financial
advisor; and Moelis & Company LLC as investment banker.

Grant Thornton is the monitor appointed in the CCAA case.

                       Toys "R" Us UK

Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores and
3,000 employees, was sent into administration in the United Kingdom
in February 2018.

Arron Kendall and Simon Thomas of Moorfields Advisory Limited were
appointed Joint Administrators on Feb. 28, 2018.  The
Administrators now manage the affairs, business and property of the
Company.  The Administrators act as agents only and without
personal liability.

                   Liquidation of U.S. Stores

Toys "R" Us, Inc., on March 15, 2018, filed with the U.S.
Bankruptcy Court a motion seeking Bankruptcy Court approval to
start the process of conducting an orderly wind-down of its U.S.
business and liquidation of inventory in all 735 of the Company's
U.S. stores, including stores in Puerto Rico.

                         Propco I Debtors

Toys "R" Us Property Company I, LLC and its subsidiaries own fee
and leasehold interests in more than 300 properties in the United
States. The Debtors lease the properties on a triple-net basis
under a master lease to Toys-Delaware, the operating entity for all
of TRU's North American businesses, which operates the majority of
the properties as Toys "R" Us stores, Babies "R" Us stores or
side-by-side stores, or subleases them to alternative retailers.

Toys "R" Us Property was founded in 2005 and is headquartered in
Wayne, New Jersey. Toys 'R' Us Property operates as a subsidiary of
Toys "R" Us Inc.

Company LLC, MAP Real Estate LLC, TRU 2005 RE I LLC, TRU 2005 RE II
Trust, and Wayne Real Estate Company LLC -- Propco I Debtors --
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
E.D. Va. Lead Case No. 18-31429) on March 20, 2018.  The Propco I
Debtors sought and obtained procedural consolidation and joint
administration of their Chapter 11 cases, separate from the Toys
"R" Us Debtors' Chapter 11 cases.

The Propco I Debtors estimated assets of $500 million to $1 billion
and liabilities of $500 million to $1 billion.

Judge Keith L. Phillips presides over the Propco I Debtors' cases.

The Propco I Debtors hired Klehr Harrison Harvey Branzburg, LLP;
and Crowley, Liberatore, Ryan & Brogan, P.C., as co-counsel.  The
Debtors also tapped Kutak Rock LLP.  They hired Goldin Associates,
LLC, as financial advisors.



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

TRINIDAD & TOBAGO: Central Bank Reports Big Drop in Energy Prices
-----------------------------------------------------------------
RJR News reports that the Central Bank of Trinidad and Tobago
(CBTT) said a significant fallout of the COVID-19 pandemic for the
country has been the dramatic drop in energy prices as the demand
for fuel declined on account of the slowdown of industrial
production and sharp reduction in airline carriage.

The CBTT said this, coupled with discord among the Organization of
the Petroleum Exporting Countries and non-OPEC countries, has
resulted in the West Texas Intermediate oil price hovering around
the US$30 price point, compared to US$50-US$60 earlier in the year,
according to RJR News.

In its March Monetary Policy statement, the CBTT said the impact on
the twin republic's fiscal and external balances will likely spill
over to the growth outlook, the report notes.



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

PETROLEOS DE VENEZUELA: To Restart Production in Two Joint Ventures
-------------------------------------------------------------------
Reuters reports that Venezuela is set to resume production in two
joint oil ventures in the country's Orinoco Oil Belt.

Petrocedeno, run by PDVSA together with France's Total and Norway's
Equinor, as well as Petromonagas, run by PDVSA with Russia's
Rosneft, are scheduled to restart operations in May and July,
respectively, according to Reuters.

Both ventures operate heavy crude upgraders that had their
operations shut down last year as inventories piled up in the wake
of the US oil embargo imposed in January 2019, the report notes.
At the time, Venezuela's heavy crude upgraders were supplying
500,000 barrels per day (bpd) to US refiners, the report relates.

The facilities are being converted into blending plants in order to
produce the Merey grade favored by Asian markets, the report
discloses.

The announcements came in the wake of a new wave of sanctions and
threats from the US Treasury Department against the Caribbean
country's oil industry, the report relates.  Following financial
sanctions against PDVSA in August 2017 and a January 2019 oil
embargo, Washington imposed a blanket ban on all dealings with
Venezuelan state entities in August 2019, the report says.

The August executive order also authorized secondary sanctions
against third party actors dealing with Caracas. After reiterated
threats, the Treasury Department sanctioned Russia's Rosneft for
its purchases of Venezuelan crude, the report notes.  With
sanctions driving away buyers, Rosneft has been reportedly
purchasing up to 60 percent of the country's output before
rerouting it to other destinations, the report says.

The Petropiar project, operated jointly with California-based
Chevron, was converted into a blending facility last year before
being reverted to an upgrader in January, the report relates.
Chevron has been granted consecutive sanctions waivers by the US
Treasury to continue its Venezuela operations, the report notes.

Alongside the punishing effects of US sanctions, Venezuela's main
industry has also suffered from corruption, lack of maintenance,
brain drain and underinvestment, the report relates.  Output has
fallen precipitously from averages of 1.911 million bpd and 1.354
million bpd in 2017 and 2018, respectively, to 793,000 in 2019, the
report discloses.

The report relays that President Maduro recently created an
all-powerful commission to overhaul the oil industry, headed by
Economy Vice President Tareck El Aissami.

The commission has proceeded to request the resignation of all
company vice presidents, the report notes.  The head of the
company's lubricants division, Oscar Aponte, was reportedly
arrested on corruption charges, the report says.  A statement
issued by the restructuring commission accused Aponte of smuggling
products and collecting bribes on overpriced contracts, the report
relates.

A few days earlier, two managers from PDVSA's supply and trading
division were also arrested and accused of leaking confidential
information to US authorities, the report discloses.

The case sparked outrage among relatives and popular movements, who
have claimed that the pair were being targeted for their efforts to
root out corruption in the oil industry, the report notes.

The report relates that the restructuring comes as PDVSA reportedly
moves to seize assets from shipping agencies over debts.  According
to Reuters, the agencies have unpaid charges to PDVSA and
Venezuela's maritime authority INEA related to the use of oil
terminals and other services such as tugboats and anchorage.

US sanctions have increased companies' reluctance to engage in
direct transactions with PDVSA, while international banks have also
shied away from working as intermediaries in payments involving
Venezuelan state entities, the report adds.

                            About PDVSA

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

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

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

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


                           *********


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 * * *