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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

          Thursday, April 2, 2020, Vol. 21, No. 67

                           Headlines



B R A Z I L

AEGEA SANEAMENTO: Moody's Rates BRL305MM Debenture 'Ba2'
BANCO FORD: Moody's Cuts Long Term LC Deposit Rating to Ba2
GERDAU SA: Moody's Affirms Ba1 CFR, Alters Outlook to Stable
JBS SA: 'Misled' Shareholders in Brazil Seek $271MM Damages
VOTORANTIM CIMENTOS: Moody's Affirms Ba1 CFR, Alters Outlook to Neg

VOTORANTIM SA: Moody's Affirms Ba1 Unsec. Notes Rating, Outlook Neg


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Farm, Agroindustry Exports Up 6.7% to US$383MM
DOMINICAN REPUBLIC: Hotel Closures to Impact Wide Sectors


J A M A I C A

JAMAICA: Providing Financial Support for Informal Workers


M E X I C O

SIXSIGMA NETWORKS: Moody's Cuts CFR to B2, On Review for Downgrade


T R I N I D A D   A N D   T O B A G O

TRINIDAD PETROLEUM: S&P Places 'BB' ICR On CreditWatch Negative


U R U G U A Y

ACI AIRPORT: S&P Cuts $200MM Notes Rating to 'BB', On Watch Neg.


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Venezuela Detains More Than 30 Workers


X X X X X X X X

LATAM: Carriers See Bankruptcy Pandemic Risk, Chile Opposes Bailout

                           - - - - -


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B R A Z I L
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AEGEA SANEAMENTO: Moody's Rates BRL305MM Debenture 'Ba2'
--------------------------------------------------------
Moody's America Latina Ltda. assigned Ba2/Aa1.br (respectively, in
global and Brazil's national scale) to AEGEA Saneamento e
Participacoes S.A.'s new debenture issuance of BRL305 million (4th
issuance) due in 2025. The outlook is stable.

AEGEA issued its 4th debentures, senior unsecured non-convertible
in one series totaling BRL305 million. The proceeds will be used to
fund AEGEA's investments and strengthen cash liquidity. The
debentures have cross default provisions with other outstanding
debt from the company as well within the group and contains a Net
Debt to EBITDA financial covenant equal or lower than 3.5x,
verified on a semiannual basis, which could trigger debt
acceleration, among other clauses.

The debenture's rating factors in a one notch down structural
subordination from AEGEA's Corporate Family Rating since AEGEA is a
non-operational holding company and a vehicle for controlling
stakes on the operating subsidiaries. AEGEA largely depends on the
regular payment of dividends up-streamed by its operating
subsidiaries to meet its obligations, equity investment commitments
and potential cash requirements related to its guarantees.

RATINGS RATIONALE

AEGEA's credit profile reflects the company's stable business and
solid positioning as a result of its diversified operations, which
lower its exposure to water scarcity risks. AEGEA's operations
register low volume fluctuations and stable cash flows owing to its
overall transparent and predictable regulatory framework and tariff
mechanism with annual tariff adjustments to pass through inflation.
Expansion targets, quality standards and capital investments are
all pre-settled under the company's concession contracts.

AEGEA's experienced management team and support from shareholders
further contribute to the ratings. Moody's also expects the company
will maintain sound and timely access to the banking and capital
markets and prudently manage its leverage, maintaining discipline
in its financial policy and mitigating cross-currency exposure
risks. In addition, Moody's expects AEGEA will continue to
replicate its successful track record of improving operational
efficiencies for the newer concessions.

The ratings are tempered by AEGEA's significant expansion plan that
together with a track record of high dividend payments will
continue to pressure leverage. New investments and acquisitions
could negatively impact the company's credit quality as well as
material delays or costs overruns on the capital investment
program. The Government of Brazil's rating (Ba2 stable) is also a
constraint, given the domestic nature of the company's operations.

The stable outlook takes into consideration the company will
prudently manage its leverage in line with the current credit
quality and maintain discipline in its financial policy. Also, the
outlook reflects its expectation that AEGEA will be successful in
improving operating performance and implementing its capital
spending plan, with minimal cost overruns as well as receive
shareholder support if needed.

What Could Change the Rating - Up /Down

Moody's does notexpect a rating upgrade in the short to medium term
given the stable outlook. Also, better than-anticipated financial
performance — such that FFO interest coverage stays above 3.0x
and debt/capitalization stays below 55% on a sustained basis —
could also trigger upward rating pressure, but such pressure is
somewhat limited to the sovereign credit quality given the
intrinsic links between AEGEA and the Brazilian sovereign.

On the other hand, a deterioration in the sovereign's credit
quality, as well as its assessment of weaker shareholder support,
could exert downward pressure on AEGEA's ratings. New investments
and acquisitions or a further increase in the already-significant
capital spending plan could also hurt the company's credit quality.
The ratings could also be downgraded if there is a significant and
sustained deterioration in the company's credit metrics and
liquidity or if there is a deterioration in its subsidiaries'
performance or ability to upstream dividends.

Quantitatively, the ratings could be under downward pressure if FFO
interest coverage stays below 2.0x and debt/capitalization remains
above 75% on a sustained basis. AEGEA has cross-default clauses
within the group and operates through a centralized cash management
system. In light of that, ratings could be revised downwards if
there are material delays or cost overruns in its capital
investment program that hurt its revenue or lead to non-compliance
with contractual targets. Its perception of deteriorated stability
and transparency of the regulatory regime would also exert downward
pressure on the ratings.

AEGEA is one of the largest private water and sewage players in
Brazil, with 38% market share of the private sector. The company is
present in 58 municipalities in 12 states, through 40 concessions,
5 public-private-partnerships ("PPPs") and 1 subconcession, with 28
years of average remaining concession period. In the last two years
the company announced two additions to its portfolio of assets;
Manaus' concession, which is currently in a turnaround process, and
Corsan's PPP, which the contract is expected to be signed by the
end of March 2020. In December 2019, the company had 1.1 million
active households in the sewage segment and 1.8 million in the
water segment. In 2019, AEGEA posted net revenues of BRL2.1 billion
and EBITDA of BRL1,3 billion, while the FFO interest coverage was
2.1x and Debt to Capitalization 72%, as per Moody's standard
adjustments.

AEGEA's shareholders are Equipav (not rated, 71.6% stake) and the
Government of Singapore's Investment Corporation "GIC" (not rated,
28.4% stake). In December 2019 the company announced the divestment
of the former shareholder International Finance Corporation -- IFC,
whose shares were 79% acquired by Equipav and the remaining 21%
acquired and cancelled by AEGEA.

In light of the coronavirus outbreak and the consequent
deterioration in the economic prospective, Moody's notes AEGEA's
delinquency rate (2.3% as of 2019) could increase during the next
12-18 months and under a scenario where collection of water and
sewage tariff is suspended for low-income households, this could
affect the company's revenues. Moody's estimates these effects
combined would represent a hit of about 5% to the company's cash
generation in the year, not a relevant impact in credit metrics so
far. However, the still uncertain duration of the outbreak as well
as the government measures and severity of the side-effects caused
by the downturn, represent a downside risk to its projection.

The principal methodology used in these ratings was Regulated Water
Utilities published in June 2018.

BANCO FORD: Moody's Cuts Long Term LC Deposit Rating to Ba2
-----------------------------------------------------------
Moody's Investors Service downgraded to Ba2, from Ba1, Banco Ford
S.A.'s long term global local currency deposit rating, as well as
the long-term counterparty risk assessment to Ba1(cr), from
Baa3(cr) and the long-term local currency counterparty risk rating
to Ba1, from Baa3. At the same time, Moody's affirmed the bank's
BCA at ba3 and placed Banco Ford's long-term local currency bank
deposit ratings on review for further downgrade.

The one-notch downgrade and placement on review for downgrade of
Banco Ford's long-term local currency deposit ratings was prompted
by similar actions taken on the ratings of its immediate parent,
Ford Motor Credit Company LLC (Ford Credit, Ba2 long-term senior
unsecured rating, review for downgrade).

RATINGS RATIONALE

Moody's noted that Banco Ford's deposit ratings reflect its role as
a captive financing arm of the auto manufacturing company, being
solely engaged in financing sales of vehicles of Ford Motor do
Brasil. As such, its business strategy and performance are closely
tied to those of its manufacturing company.

The rapid and widening spread of the coronavirus outbreak, the
deteriorating global economic outlook, and falling oil prices are
dampening consumer and business activity and creating a severe and
extensive credit shock across many sectors, regions and markets.
The outbreak will have a direct negative impact on the asset
quality and profitability of banks, and the longer it takes for
households and businesses to resume normal activity, the greater
the economic impact. Moody's views that delinquency rates and loan
default trends will worsen over the next 12 months, following
expected economic deceleration, car dealers' liquidity shortfalls
and sales decline, and rising unemployment rates. Moody's expects
Banco Ford's already volatile, although low asset quality ratios -
that result from its exclusive focus on financing dealer's floor
plans -- could weaken further, despite its historically
better-than-market credit risk, supported by collateralized and
short-term loan book and frequent monitoring of the car dealers'
financial profiles.

In the meantime, lower business volumes, combined with higher
credit and funding costs will weight on Banco Ford's profitability,
with revenues already limited by its monoline business model. This
is offset by a lean operational structure and low operating costs.
In addition, and despite the bank's dependence on concentrated
wholesale funding base, Banco Ford counts with a contingent
liquidity facility made available by its parent company.

Moody's notes that the bank's capital base is moderately well
positioned to absorb credit losses. Banco Ford's Moody's
capitalization ratio, which it measures as tangible common equity
(TCE) relative to risk weighted assets (RWAs), has been, on
average, above 14% over the past five years, after accounting for
the annual dividend payout to its parent company.

The bank's Ba2 local currency deposit rating incorporates one-notch
of uplift from the BCA of ba3 to reflect its assessment of a very
high likelihood of support from its parent, Ford Motor Credit
Company LLC, based on the strategic focus shared between the parent
and the bank.

Environmental, social and governance (ESG) factors play an
important role in Moody's assessment of Banco Ford's credit
quality. As its relationship with Ford Motor Company (Ford, Ba2
corporate family rating, review for downgrade) is key to its
business, the environmental considerations are closely aligned to
those of Ford. While the environmental challenges related to
tightening emissions regulations in key global markets may not
affect Ford's near-term profitability, they could weigh on credit
quality of automakers and their captives globally in the longer
term. Moody's does not have any particular concerns regarding Banco
Ford's governance.

WHAT COULD CHANGE THE RATING -- DOWN/UP

The review for downgrade indicates that a rating upgrade is
unlikely over the next 12-18 months. Because of the support
assumptions incorporated into Banco Ford's rating, a downgrade of
Ford Motor's rating may lead to a downgrade of Banco Ford's
ratings. The bank's ratings could also face negative pressures as a
result of material deterioration of asset quality and
profitability, arising from higher provisions and increase in
funding costs. A consistent decline in profitability could hurt the
bank's ability to replenish capital through earnings, which could
be negative in the long run.

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

Banco Ford is indirectly owned by Ford Motor Credit Company LLC
(USA), which, on its turn, is 100% controlled by Ford Motor Company
(USA). Banco Ford has a mono-line operation that is closely tied to
the volume of cars sold by Ford in Brazil. The bank's core business
is to provide floor plan financing to authorized Ford car dealers
for the acquisition of new vehicles from the automaker.
Headquartered in Sao Bernardo do Campo, in June 2019, it had total
assets of BRL 1.1 billion, equity of BRL 256 million and loans of
BRL976 million.

LIST OF AFFECTED RATINGS AND ASSESSMENTS

The following ratings assessment of Banco Ford S.A. were
downgraded:

- Long-term global local-currency counterparty risk rating to Ba1,
from Baa3

- Short-term global local-currency counterparty risk rating to NP,
from P-3

- Long-term global local -currency deposit rating to Ba2 (outlook,
rating under review) from Ba1 (outlook, stable); rating placed
under review for downgrade

- Long-term Brazilian national scale deposit rating to Aa3.br,
from Aaa.br

- Long-term counterparty risk assessment to Ba1(cr), from
Baa3(cr)

- Short-term counterparty risk assessment to NP, from P-3(cr)

- Adjusted baseline credit assessment to ba2, from ba1

The following ratings and assessments of Banco Ford S.A. were
affirmed:

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

- Short-term global foreign-currency counterparty risk rating of
NP

- Short-term Brazilian Counterparty Risk Rating of BR-1

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

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

- Short-term global foreign-currency deposit rating of NP

- Short-term global local -currency deposit rating of NP

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

- Baseline credit assessment of ba3

Outlook Actions for Banco Ford S.A:

- Outlook changed to Rating Under Review from Stable

GERDAU SA: Moody's Affirms Ba1 CFR, Alters Outlook to Stable
------------------------------------------------------------
Moody's Investors Service affirmed Gerdau S.A.'s Ba1 corporate
family rating and the Ba1 ratings of the debt issues of Gerdau
Trade Inc. (guaranteed by Gerdau S.A. and its operating
subsidiaries in Brazil) and of GTL Trade Finance Inc. (guaranteed
by Gerdau S.A. and its operating subsidiaries in Brazil), as well
as the solid waste disposal bonds issued by St. Paul Port
Authority, MN (guaranteed by Gerdau S.A.). The outlook for the
ratings was changed to stable from positive.

Ratings affirmed:

Issuer: Gerdau S.A.

Corporate Family Rating: Ba1

Issuer: Gerdau Trade Inc.

USD 750 million senior unsecured notes due 2023: Ba1

Issuer: GTL Trade Finance Inc.

USD 1,250 million senior unsecured notes due 2024: Ba1

USD 500 million senior unsecured notes due 2044: Ba1

Issuer: St. Paul Port Authority, MN

USD 51 million solid waste disposal revenue bonds due 2037: Ba1

Outlook changed to stable from positive

RATINGS RATIONALE

The change in outlook to stable reflects its expectations that
Gerdau will prudently manage liquidity and expenses to preserve its
metrics and credit quality in the medium term, despite the
deterioration in the operating environment for steel companies as a
consequence of a material deceleration in global economic
activity.

Gerdau's Ba1 ratings are supported by the company's sound liquidity
and flexibility in the current environment which allow it to
withstand short-term shocks caused by the coronavirus outbreak. The
ratings also reflect the company's historically solid cash flow
generation, which reflects its strong market positions in the
several markets it operates, its good operational and geographic
diversification, its cost-driven management, and its conservative
financial policies. Gerdau has generated positive free cash flow
since 2013 and was able to reduce debt levels, partially with the
proceeds from asset divestitures. Constraining the ratings are the
company's exposure to the cyclicality of the steel industry,
especially in Brazil and the US, and the weak industry conditions
globally coming from the coronavirus outbreak.

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 steel sector
has been affected by the shock given its sensitivity to demand and
sentiment. Moody's regards the coronavirus outbreak as a social
risk under its ESG framework, given the substantial implications
for public health and safety.

To respond to the steep decline in demand and lock down
requirements in the market where it operates, Gerdau has suspended
its special steel operations in North America, and its plants in
Argentina and Peru. Moody's estimates that these operations
collectively generate BRL850 million ($170 million) in EBITDA
annually, which would alone increase Gerdau's leverage to around
4.0x in 2020 from 3.4x in 2019, considering one year of suspension.
This, combined with the effect of the sharp depreciation of the
Brazilian real in the company's dollar denominated debt, and other
likely spill-over effects of the coronavirus will strain Gerdau's
credit metrics in the short term. The depth and duration of the
strain remain uncertain, however.

Still, despite the risks associated with the coronavirus outbreak
and the likely strain in credit metrics, Gerdau has a strong
liquidity position, which provides it with flexibility to withstand
short term shocks. Gerdau had a BRL6.3 billion cash position at the
end of 2019, plus a BRL3.2 billion ($800 million) revolver facility
due in 2024 (of which BRL3 billion was available) and only BRL2.8
billion in debt coming due until the end of 2021. The company also
has flexibility to reduce capex and dividend payments to the
minimum required by law, to adjust its cash outflows to the lower
demand environment. Historically, Gerdau has generated positive
free cash flow even during downturns thanks to its financial
discipline and working capital management, but Moody's expects the
liberalization of working capital in the current environment to be
minimal considering potential liquidity squeezes throughout
Gerdau's consumer and supply chains, which could result in limited
free cash flow generation in 2020.

The stable outlook reflects its expectations that Gerdau will
prudently manage liquidity and expenses to preserve its metrics and
credit quality in the medium term, despite the deterioration in the
operating environment for steel companies as a consequence of a
material deceleration in global economic activity.

Negative pressure on the rating or outlook could result from
continued deterioration in global market conditions that lead to
weaker liquidity or persistently high leverage, with total debt to
Ebitda above 3.5x on a sustainable basis (3.4x in 2019), and
interest coverage (EBIT to interest expense) below 3x (3.5x in
2019). A deterioration in volumes and margins in Gerdau's main
markets (namely Brazil and the US), affecting its ability to
generate positive free cash flow or limited flexibility for capex
and dividend reduction could trigger a downgrade. A sharp
deterioration in the controlling shareholders' (Metalúrgica
Gerdau) financial position could also precipitate a downgrade.

Although unlikely in the short term, the ratings could be upgraded
if Gerdau is able to sustain profitability, as measured by EBIT
margin, at high single digit (8.7% in 2019), while maintaining
strong liquidity and leverage, with total adjusted debt to EBITDA
of around 2.5x and EBIT to interest expense above 4.0x on a
sustained basis. The maintenance of conservative financial policies
would also be required for a rating upgrade.

Based in Brazil, Gerdau S.A. is the leading producer of long steel
in the Americas and one of the largest suppliers of special long
steel in the world, with total capacity of over 20 million tons per
year of crude steel and 16.7 million tons per year of rolled
products. Its US subsidiary, Gerdau Ameristeel Corporation (Gerdau
Ameristeel), is the second-largest long steel producer in North
America. In 2019, Gerdau reported consolidated annual revenue of
around BRL39.6 billion ($10.1 billion converted by the average
exchange rate). The group has operations in 10 countries, with
relevant market shares in Brazil, the US, Canada, Peru, Uruguay,
Argentina, Mexico and Venezuela, along with joint ventures in
Colombia, Mexico and the Dominican Republic.

The principal methodology used in these ratings was Steel Industry
published in September 2017.

JBS SA: 'Misled' Shareholders in Brazil Seek $271MM Damages
-----------------------------------------------------------
Ana Mano at Reuters reports that a group of shareholders in JBS SA
has started arbitration proceedings against the beef company in
Brazil's stock exchange B3 SA Brasil Bolsa Balcao, claiming they
were misled after the company's IPO in 2007.

In a statement, U.S.-based law firm DRRT along with Brazilian
co-counsel Finkelstein Advogados said the shareholders are seeking
damages of BRL1.4 billion ($271 million) against JBS, according to
Reuters.

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

They said they requested mandatory arbitration on behalf of 95
former and current institutional shareholders of the company at the
arbitration chamber of B3, the report notes.

JBS did not immediately respond to requests for comment.

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 discloses.

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

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 initial IPO plans, drafted four years ago, had previously
failed due to a veto from Brazil's development bank BNDES, which is
a shareholder in JBS, and difficult market conditions, 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.

VOTORANTIM CIMENTOS: Moody's Affirms Ba1 CFR, Alters Outlook to Neg
-------------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 rating of Votorantim
Cimentos S.A.'s Corporate Family Rating. At the same time, Moody's
affirmed the senior unsecured notes issued by St. Marys Cement Inc.
and Votorantim Cimentos International S.A., unconditionally
guaranteed by VC, at Ba1. The outlook was changed to negative from
positive.

List of affected ratings:

Affirmations:

Issuer: Votorantim Cimento S.A.

Corporate Family Rating: affirmed at Ba1

Issuer: St. Marys Cement Inc.

$500 million senior unsecured notes due 2027 unconditionally
guaranteed by VC: affirmed at Ba1

Issuer: Votorantim Cimentos International S.A.

EUR153 million senior unsecured notes due 2021 unconditionally
guaranteed by VC: affirmed at Ba1

EUR205 million senior unsecured notes due 2022 unconditionally
guaranteed by VC: affirmed at Ba1

$611 million senior unsecured notes due 2041 unconditionally
guaranteed by VC: affirmed at Ba1

Outlook Actions:

Issuer: Votorantim Cimentos S.A.

Outlook, Changed to Negative from Positive

Issuer: St. Marys Cement Inc.

Outlook, Changed to Negative from Positive

Issuer: Votorantim Cimentos International S.A.

Outlook, Changed to Negative from Positive

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 building
materials sector has been significantly affected by the shock given
its sensitivity to consumer demand and sentiment. More
specifically, the weaknesses in VC's credit profile, including its
exposure to economic growth, cement prices and income, have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and VC remains vulnerable to the outbreak
continuing to spread. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety.

The change in outlook to negative was prompted by the sharp decline
in revenues expected for 2020 as a result of lower demand and lower
profitability scenario for cement, the main products in its
portfolio. From a regionally contained outbreak the virus has
rapidly spread to many different regions denting the demand for
cement globally.

The affirmation of the Ba1 ratings is a result of VC's strong links
to its parent company Votorantim S.A. (VSA; Ba1 negative), along
with improvements in credit metrics and capital structure achieved
by the company until the beginning of the outbreak in March 2020.
As a result of stronger cash generation that allowed a significant
reduction in indebtedness and an even stronger liquidity profile.
The affirmation also takes into consideration the increased share
of revenues and assets outside of Brazil, which increases the
company's geographic diversification, an important factor during
the coronavirus.

VC's Ba1 ratings reflect its leading position in Brazil, its solid
liquidity, large scale, geographic diversification, and integrated
operations, as well as the close links with and strong support from
its parent VSA Since 2016 VSA capitalized VC with BRL4.7 billion,
using proceeds from the IPO of Nexa Resources S.A. (Ba2 stable) and
the sale of Fíbria, demonstrating VSA's willingness and ability to
support its main subsidiary. Moreover, the two companies have
cross-acceleration provisions and guarantees in part of their
outstanding debt, and VSA includes VC as a material subsidiary in
its financial statements.

VC's ratings are constrained by the company's expected weak
operating performance in most of its jurisdictions because of the
coronavirus and its negative effects over the global economy that
will result in weaker credit metrics for the company. The cement
business in Brazil, which represents around 50% of the company's
revenues and 40% of the EBITDA, continues to hold back VC's
financial metrics, based on the country's economic slowdown and
corruption investigations against heavy construction companies.

LIQUIDITY

VC has strong liquidity, based on the maintenance of a large cash
balance in proportion to short-term debt. VC had around BRL3.0
billion cash on hand in the end of 2019 strengthened by $500
million (around BRL2.5 billion) in revolving credit facilities that
mature in 2023. VC's liquidity position including the revolving
credit facilities comfortably covers all short-term debt and all
debt maturities until the end of 2025.

The negative outlook reflects its expectation that VC's revenues,
profitability and credit metrics will deteriorate significantly
during 2020 because of the coronavirus outbreak. On the other hand,
Moody's expects that VC will prudently manage its capital spending
and dividend distributions to maintain adequate liquidity to
service its financial obligations.

WHAT COULD CHANGE THE RATING UP / DOWN

The ratings are unlikely to be upgraded in the short term. Positive
rating pressure would not arise until the coronavirus outbreak is
brought under control, demand for building materials and cement
return to more normal levels. At this point Moody's would evaluate
the balance sheet and liquidity strength of the company and
positive rating pressure would require evidence that the company is
capable of substantially recovering its financial metrics and
restoring liquidity.

Moody's could downgrade VC if:

- There are expectations of deeper and longer declines in volumes
and profitability including a material extension into Q3 2020 as a
result of the coronavirus outbreak, particularly if there is
significant reduction in sources of liquidity

- Wider liquidity concerns increase, for instance due to cost
inflexibility

- Downgrade of VSA's rating

- There are clear expectations that the company will not be able to
maintain financial metrics compatible with a Ba1 rating following
the coronavirus outbreak if:

- Gross adjusted leverage is expected to be sustainably above 4.0x

- RCF/Net Debt is expected to be sustainably below 15%

Headquartered in Sao Paulo and one of the main subsidiaries of VSA,
VC is the sixth-largest cement company worldwide in terms of
installed capacity excluding Chinese companies. For the 2019, VC
reported consolidated revenue of BRL13 billion. The company has
operations in North and South America, Europe, Africa and Asia.

The principal methodology used in these ratings was Building
Materials published in May 2019.

VOTORANTIM SA: Moody's Affirms Ba1 Unsec. Notes Rating, Outlook Neg
-------------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 rating on Votorantim
S.A.'s $240 million senior unsecured notes due 2021 at Ba1. The
rating on the $144 million senior unsecured notes due 2024 issued
by VSA's wholly owned subsidiary Companhia Brasileira de Alumínio
and unconditionally guaranteed by VSA was also affirmed at Ba1. At
the same time, Moody's America Latina affirmed VSA's Corporate
Family Rating at Ba1 in the global scale and its Aaa.br in the
Brazilian national scale. The outlook was changed to negative from
positive.

List of affected ratings:

Affirmations:

Issuer: Votorantim S.A.

$240 million senior unsecured notes due 2021: affirmed at Ba1

Issuer: Companhia Brasileira de Alumínio

$144 million senior unsecured notes due 2024 unconditionally
guaranteed by VSA: affirmed at Ba1

Outlook Actions:

Issuer: Companhia Brasileira de Alumínio

Outlook, Changed to Negative from Positive

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 mining and
building materials sectors have been one of the most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, the weaknesses in VSA's credit
profile, including its exposure to commodity prices and cement
sales, have left it vulnerable to shifts in market sentiment in
these unprecedented operating conditions and VSA remains vulnerable
to the outbreak continuing to spread. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

The change in outlook to negative was prompted by the sharp decline
in revenues expected for 2020 as a result of lower demand and lower
profitability scenario for the main products in its portfolio
including cement, zinc and byproducts, aluminum, energy, long steel
and banking. The orange juice segment has been the exception so
far, benefitting from higher demand from people staying quarantined
at home. From a regionally contained outbreak the virus has rapidly
spread to many different regions denting the demand for cement
globally, shutting down vehicle plants in Brazil, Europe and the US
as well as Zinc mines in Peru.

The affirmation of the Ba1 ratings is a result of VSA's strong
credit metrics and capital structure. The company executed a strong
liability management program over the last couple of years
resulting in a substantial reduction in indebtedness and an even
stronger liquidity profile. Since 2017, VSA amortized around BRL5
billion in debt, including repayments of around BRL4.5 billion
using part of the BRL8.1 billion received in net proceeds from the
sale of Fibria's shares, which also supported VSA's liquidity and
financial flexibility while reaffirming financial discipline.

VSA's Ba1 rating reflects the company's large size; its status as
one of the largest conglomerates in Brazil; and its diversified
business portfolio in cement, zinc and byproducts, aluminum,
energy, orange juice, long steel and banking, which benefits from
different end-market dynamics and mitigates the effect of
cyclicality in any industry.

The rating is also backed by the group's cost-competitive
operations, resulting from high vertical integration, as well as by
its strong liquidity profile and extended debt maturity. VSA's
increased geographic diversification is an additional credit
positive and, while it still generates a substantial portion of its
consolidated EBITDA domestically, the company benefits from leading
market positions in virtually all its operating segments.

Constraining the ratings are the commodity nature of a substantial
portion of VSA's business portfolio (namely zinc and byproducts,
and aluminum) and the improving, but still challenging operating
environment for the company's cement business in Brazil.
Notwithstanding, Moody's expects VSA to maintain adequate leverage
for its rating category following the recent deleveraging
initiatives and asset sales despite the consequences of the
coronavirus outbreak.

LIQUIDITY

Historically, VSA has reported strong liquidity based on the
maintenance of large cash balances compared with short-term debt.
The company's cash balance was around BRL10.7 billion in the end of
2019 comfortably covers all short-term debt and all debt maturities
until the end of 2025. Adding to VSA's strong cash position are
revolving credit facilities amounting to USD1.0 billion, with
maturities in 2023 and 2024.

The negative outlook reflects its expectation that VSA's revenues,
profitability and credit metrics will deteriorate significantly
during 2020 because of the coronavirus outbreak. On the other hand,
Moody's expects that VSA will prudently manage its capital spending
and dividend distributions to maintain adequate liquidity to
service its financial obligations.

WHAT COULD CHANGE THE RATING UP / DOWN

The ratings are unlikely to be upgraded in the short term. Positive
rating pressure would not arise until the coronavirus outbreak is
brought under control, consumer demand and commodity prices return
to more normal levels. At this point Moody's would evaluate the
balance sheet and liquidity strength of the company and positive
rating pressure would require evidence that the company is capable
of substantially recovering its financial metrics and restoring
liquidity.

Moody's could downgrade VSA if:

- There are expectations of deeper and longer declines in volumes
and profitability including a material extension into Q3 2020 as a
result of the coronavirus outbreak, particularly if there is
significant reduction in sources of liquidity

- Wider liquidity concerns increase, for instance due to cost
inflexibility

- There are clear expectations that the company will not be able to
maintain financial metrics compatible with a Ba1 rating following
the coronavirus outbreak if:

- Gross adjusted leverage is expected to be sustainably above 3.5x

- EBIT margin is expected to be sustainably below 10%

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

VSA is the holding company of one of Brazil's largest
conglomerates, with a diverse business portfolio that includes
cement, zinc and byproducts, aluminum, energy, long steel, orange
juice, and banking and financial services. In 2019, VSA reported
consolidated net revenue of around BRL31 billion.



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

DOMINICAN REPUBLIC: Farm, Agroindustry Exports Up 6.7% to US$383MM
------------------------------------------------------------------
Dominican Today reports that between January and February this
year, the Dominican Republic exported 383.8 million dollars in
agricultural and agro industrial products.  This compared to the
same period in 2019 shows a positive variation of 6.7%, from
US$359.7 million in 2019 to US$383.8 in 2020, according to
Dominican Today.

According to the report published monthly by the Export and
Investment Center of the Dominican Republic (CEI-RD), the main
products were cigarettes, US$ 112.0 million, cane sugar US$38.6
million, bananas US$41.2 million, cocoa in grain, US$ 21.6 million
and avocado, US$16.0 million, the report notes.

The document of the CEI-RD indicates that in terms of
non-agricultural and non-agro-industrial products rose 12.9%, with
the cut amount of US$1.3 billion, 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: Hotel Closures to Impact Wide Sectors
---------------------------------------------------------
Dominican Today reports that prominent economist, Antonio Ciriaco
Cruz, warned that the closure of hotels nationwide will have an
immediate negative impact on jobs in that sector, on foreign
currency, and in the levels of linkages with other sectors such as
agro, industry and services.

Quoted by Listin Diario, the economist said the temporary closure
announced by the hoteliers (Asonahores), around 100,000 tourists
will possibly stop arriving in the country, which will result in a
lower inflow of foreign currency of around US$136 million, assuming
that tourists spend on average US$136 daily, according to Dominican
Today.

He said employment levels would drop practically by half of those
created in the same period of 2019, which was 327,711 jobs, so the
projected level of employment for the first quarter would be around
164,000 fewer jobs than those created in the first quarter of 2019,
the report notes.

"This would increase unemployment in the sector and in the main
tourist regions of the country. Likewise, the sales of farm
products made by the agricultural sector to the tourism sector will
be reduced between 30% and 40%," 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).



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

JAMAICA: Providing Financial Support for Informal Workers
---------------------------------------------------------
RJR News reports that market vendors, taxi operators, barbers and
hairdressers, among others in the informal sector who are hard hit
by the coronavirus (COVID-19), are to benefit from financial
support.

Minister of Finance and the Public Service, Dr. Nigel Clarke, said
the Government is working on a program that will provide financial
assistance for persons who may not be formally employed but are
incurring losses due to the virus, according to RJR News.

Dr. Clarke said the individuals will have to be verified through
registration authorities, the report notes.

He was speaking at a COVID-19 Digital Town Hall.

                          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.



===========
M E X I C O
===========

SIXSIGMA NETWORKS: Moody's Cuts CFR to B2, On Review for Downgrade
------------------------------------------------------------------
Moody's Investors Service has downgraded SixSigma Networks Mexico,
S.A. de C.V.'s corporate family rating to B2 from B1. Moody's has
also downgraded to B2 from B1 the senior unsecured rating on its
global notes due 2025. All ratings placed on review for further
downgrade.

Downgrades:

Issuer: SixSigma Networks Mexico, S.A. de C.V.

Corporate Family Rating, Downgraded to B2 from B1; Placed Under
Review for further Downgrade

Senior Unsecured Regular Bond/Debenture, Downgraded to B2 from B1;
Placed Under Review for further Downgrade

Outlook Actions:

Issuer: SixSigma Networks Mexico, S.A. de C.V.

Outlook, Changed To Rating Under Review 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. More specifically,
KIO's operations and credit quality will be impacted by the
expected economic recession in Mexico through 2020. The Mexican
government is KIO's main counterparty, accounting for close to 50%
of its revenues, which exposes the company to increased risks of
payment delays and of delays in public contracts renewals.

The downgrade was prompted by its expectation of a severe decline
in top line and cash generation during the coronavirus outbreak in
Mexico, resulting in further weakening KIO's liquidity profile and
a significantly higher leverage through 2021. For 2020, Moody's now
expects the Mexican economy to contract 3.7% In addition to the
risk related with contracts where the government is counterparty,
KIO also faces the risk of a credit deterioration of its corporate
customers. While the pandemic is still contained in Mexico, some of
KIO's corporate customers will see a severe decline in their
operating results, threatening their ability to timely address
commitments contracted with the company.

The review process will focus on (i) KIO's ability to collect
receivables in the current environment; (ii) the refinancing of
short term debt and liquidity measures taken by the company; (iii)
other measures taken by the company to alleviate balance sheet and
credit metrics stress.

KIO's ratings continue to reflect its position as the leading
independent data center operator in Mexico, offering a wide range
of IT solutions for private and public customers. The company is
well positioned to compete for large contracts to provide solutions
to firms and government related entities. Moreover, the mission
critical nature of most of the services it provides reduces the
probability of large cancellations. On the other hand, the ratings
incorporate KIO's weak liquidity and revenue concentration in
Mexico, with a particularly large exposure to the Government of
Mexico and to some large contracts. Additionally, the rating takes
into consideration the strong competition, relatively high capital
intensity and large working capital movements, which constrain free
cash flow generation, and the company's still weak operating
margin.

KIO's liquidity has been historically weak, strained by high
working capital needs and short-term maturities under finance
leases. As of the end of Q3 2019, KIO held MXN1.2 billion in cash
and cash equivalents, while its short-term debt amounted to MXN2.9
billion. Over the past few years cash generation has also proved
sensitive to delays in accounts receivable collection, preventing
the company to timely address short-term maturities under finance
leases, becoming dependent on short-term bank lines and shareholder
capital contributions to cover these needs. Partially offsetting
KIO's liquidity risks is its consideration of a strong sponsor with
ample availability to support the company in case of need and
proved willingness to support the company considering equity
injections it has had in the past. KIO is a private company
controlled by Tresalia Capital, a Mexican based private equity
fund. Tresalia is ultimately controlled by the Aramburuzabala
family, founders of Grupo Modelo. Although this is a qualitative
consideration as there is no explicit support Tresalia gives to
KIO.

WHAT COULD CHANGE THE RATING UP / DOWN

Moody's could downgrade KIO in case its liquidity deteriorates
further than expected, with collections weakening from current
levels as a result of the coronavirus outbreak, particularly if not
matched by additional sources of liquidity.

The ratings are unlikely to be upgraded in the short term. Positive
rating pressure would not arise until the coronavirus outbreak is
brought under control. At this point Moody's would evaluate the
balance sheet and liquidity strength of the company and positive
rating pressure would require evidence that the company is capable
of substantially recovering its financial metrics and restoring
liquidity headroom within a 1-2 year time horizon.

Headquartered in Mexico City, SixSigma Networks Mexico, S.A. de
C.V. (KIO) provides managed IT infrastructure services to
government and corporate customers, primarily in Mexico. The
company was founded in 2002 and since then has been engaged in
managed IT infrastructure service solutions, critical connectivity,
collocation and cloud computing. For the 12 months ended September
2019, its revenue was close to MXN7.3 billion (around $375
million). The company is privately owned, controlled by Tresalia
Capital, the Aramburuzabala family office.

Headquartered in Mexico City, SixSigma Networks Mexico, S.A. de
C.V. (KIO) provides managed IT infrastructure services to
government and corporate customers, primarily in Mexico. The
company was founded in 2002 and since then has been engaged in
managed IT infrastructure service solutions, critical connectivity,
collocation and cloud computing. For the 12 months ended September
2019, its revenue was close to MXN7.3 billion (around $375
million). The company is privately owned, controlled by Tresalia
Capital, the Aramburuzabala family office.

The principal methodology used in these ratings was Communications
Infrastructure Industry published in September 2017.



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

TRINIDAD PETROLEUM: S&P Places 'BB' ICR On CreditWatch Negative
---------------------------------------------------------------
On March 27, 2020, S&P Global Ratings placed its long-term 'BB'
issuer credit and issue-level ratings on Trinidad and Tobago-based
oil and gas company Trinidad Petroleum Holdings Ltd. (TPH) on
CreditWatch with negative implications.

S&P said, "We placed TPH on CreditWatch negative to reflect the
heightened risk of a downgrade in the next 90 days or so if the
company fails to preserve its financial profile and liquidity. TPH
is currently exposed to profit loses amid the sharp drop in crude
oil prices and industry's lower demand stemming from the COVID-19
crisis.

"Our latest revision to our crude oil and gas price assumptions
reflect the price war between Saudi Arabia and Russia as well as a
likely massive drop in demand due to COVID-19. The revised price
deck includes an average annual price assumption for Brent crude
oil of $30 per barrel (bbl; previous $40/bbl) for 2020 and $50/bbl
(versus $50/bbl) for 2021. We believe these prices will weaken
TPH's financial position, undermining its liquidity that could
require the extraordinary financial support from the government to
meet its operating and financial commitments.

"We may lower the rating by at least one notch if TPH doesn't take
effective and timely actions to preserve its financial profile amid
the significantly depressed oil market conditions. This could occur
if TPH's production drifts significantly from our expectations, or
if oil prices remain below our current price deck and the company
is unable to reduce costs, resulting in lower EBITDA."




=============
U R U G U A Y
=============

ACI AIRPORT: S&P Cuts $200MM Notes Rating to 'BB', On Watch Neg.
----------------------------------------------------------------
On March 27, 2020, S&P Global Ratings lowered its debt rating on
ACI Airport Sudamerica S.A.'s $200 million notes to 'BB' from 'BBB'
and placed it on CreditWatch with negative implications.

S&P said, "The downgrade of ACI reflects our expectations of a
significant decline in revenue during the first half of the year
due to a 40%-50% plunge in traffic and 40% in duty-free sales,
which will erode financial metrics. Our new expectations are based
on the measures the Uruguayan government and airlines have taken so
far in order to prevent the virus from spreading further. Although
there's uncertainty regarding the duration of the suspension of
flights, which makes it difficult to forecast the total impact on
the project's financial metrics for 2020 and the subsequent years,
we now expect minimum and average DSCRs of 1.10x in 2020 and 1.60x,
respectively, versus the previous forecast of 1.40x and 2.65x,
respectively.

"ACI's principal and interest payments on its $200 million notes
amortize on a semi-annual basis: May 29 and November 29 of each
year. As of this report's date, the project has $17 million in cash
available to pay the next debt service on its notes due May and on
the notes of Puerta del Sur (the asset) due April, which total
about $14 million. We believe the CFADS for 2020, together with the
remaining cash of $3 million, will be sufficient to pay the
amortization payments in October and November.

"However, we could lower the rating if traffic performance were
significantly weaker than expected during 2020, with an annual
traffic drop higher than 35%, leading to DSCR metrics below 1x
under our base case scenario in which case we will need to use the
six-month DSRA to cover the following debt service."




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

PETROLEOS DE VENEZUELA: Venezuela Detains More Than 30 Workers
--------------------------------------------------------------
Deisy Buitrago and Vivian Sequera at Reuters report that at least
38 workers from Venezuela's state oil company Petroleos de
Venezuela, including the president of maritime subsidiary PDV
Marina, were detained on accusations of trafficking fuel,
Venezuelan Interior Minister Nestor Reverol said, describing the
accusations as "treason."

The move comes just days after other state officials were detained
and amid a shakeup at PDVSA after President Nicolas Maduro last
month named a committee to restructure the OPEC nation's oil
industry, which is struggling under U.S. sanctions designed to
force Maduro's ouster, as well as years of mismanagement,
corruption, and declining cash flow, according to Reuters.

The president of PDV Marina, Oswaldo Vargas, was escorted without
handcuffs from the Caracas headquarters of the country's maritime
authority, the INEA, by agents from Venezuela's military
intelligence agency DGCIM, six sources confirmed to Reuters.

In addition to Vargas, agents also detained his assistant, six
members from the Paraguana refinery's dispatch service and 30 crew
members from PDV Marina's "Negra Hipolita" tanker, the minister
said during a live broadcast on state television, the report
relates.

Reverol did not say whether the entire group was taken into
custody, nor their current whereabouts, the report discloses.

"This is not simply an act of diverting fuel, it is also an act of
treason ( . . . ) because people are lining up at service stations
for fuel because of U.S. empire's sanctions," Reverol added, the
report relates.

He said they learned about the case from oil workers and DGCIM
agents, the report notes.

"We had been denouncing that Oswaldo Vargas used oil tankers for
fuel trafficking," Eudis Girot, one of the executives of the
country's oil workers federation, told Reuters.

According to Reverol's account, the Negra Hipolita ship left
Paraguana on March 5 loaded with 126,000 barrels of fuel bound for
the port of La Guaira, near Caracas, but allegedly turned off the
radar and GPS system, the report says.

The ship allegedly changed course to sail between Venezuela and the
Netherlands Antilles, "where they illegally sold hydrocarbons to
unknown individuals through a transfer operation to a vessel with a
"Colombian flag," said the state television news anchor, without
offering other details, the report notes.

Cesar Vladimir Romero Salazar assumed the presidency of PDV Marina,
according to a March 6 official gazette, the report discloses.

Law enforcement authorities arrested two managers in the PDVSA
trade and supply division after being accused of collaborating with
Washington, the report says.  The government also has moved to
seize the assets of six private shipping agents over debt owed to
PDVSA, the report notes.

In addition, the head of the lubricants division of PDVSA was
arrested on allegations of corruption, the report relates.

Hundreds of arrests and investigations for corruption and
mismanagement in the oil industry have been carried out in recent
years under the command of Major General Manuel Quevedo, president
of PDVSA and oil minister, the report discloses.  The
investigations have contributed to the massive departure of
personnel that affects the state, 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.



===============
X X X X X X X X
===============

LATAM: Carriers See Bankruptcy Pandemic Risk, Chile Opposes Bailout
-------------------------------------------------------------------
Marcelo Rochabrun at Reuters reports that Latin American airlines
need prompt government aid or many of them could go out of business
as the global coronavirus outbreak forces widespread flight
cancellations, the chief of regional airline association ALTA
said.

However, Chile's economy minister dismissed the idea of providing
aid to the country's flagship carrier, the largest in the
continent, according to Reuters.

ALTA Chief Executive Luis Felipe de Oliveira has been sending
letters to governments throughout the region about the
"unprecedented" coronavirus crisis, he said in a phone interview,
adding to the global pressure from airlines seeking bailouts, the
report notes.

"If the governments do not take drastic and immediate action there
could be a bankruptcy pandemic in the region," he added.

In the United States, where airlines are much more profitable than
in Latin America, carriers are pushing for a $50 billion aid
package, the report relays.

Brazil's government has signaled empathy toward the industry, but
did not issue a lifeline that airlines had expected on March 16,
the report relays.

A spokesman for Brazil's Infrastructure Ministry said details of
the aid for airlines were still being worked out, the report
discloses.

Chile, home to LATAM Airlines Group, brushed off incoming LATAM CEO
Roberto Alvo's comments that airlines worldwide will need
government help.

"I have heard through social media . . . that the airline LATAM was
asking for government aid," Economy Minister Lucas Palacio said,
according to local outlet Emol, the report notes.

"I want to be super clear about this," he said. "We are
prioritizing people, and I think it's rushed.  I think it's wishful
thinking, for one company to be asking something of that nature,"
he added.

LATAM is appealing to governments, the carrier said, without
elaborating, the report notes.  "We're in conversations with the
governments where we operate to evaluate how we can confront this
crisis," the report discloses.

De Oliveira said the stakes were high and more than 50% of flights
in Latin America could be canceled, the report adds.


                           *********


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 * * *