/raid1/www/Hosts/bankrupt/TCRLA_Public/200407.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

          Tuesday, April 7, 2020, Vol. 21, No. 70

                           Headlines



A R G E N T I N A

ARCOS DORADOS: Moody's Places Ba2 CFR on Review for Downgrade


B A R B A D O S

BARBADOS: Lockdown as Cases Jump to 45


B E R M U D A

SIGNET JEWELERS: Fitch Downgrades LT IDR to B, Outlook Negative


B R A Z I L

OI SA: Kicks Off Renewable Energy Project to Cut Costs By $77MM/Yr


C A Y M A N   I S L A N D S

CORSAIR GROUP: S&P Alters Outlook to Negative, Affirms 'B' ICR


C O S T A   R I C A

INVERSIONES CREDIQ: Fitch Affirms 'B' IDR; Alters Outlook to Neg.


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: 6,000 Firms Seek Access to Assistance Fund
DOMINICAN REPUBLIC: Laid Off Workers Top 118K, Grow By The Hour


J A M A I C A

DIGICEL GROUP: Fitch Downgrades Issuer Default Rating to C
DIGICEL GROUP: In Billion Dollar Debt-Restructuring Plan
JAMAICA: FSSC Endorses BOJ Initiatives to Ensure Fin'l. Stability
JAMAICA: Retailers to Face Heavy Fines, Prison for Price Gouging


M E X I C O

GRUPO KUO: S&P Places 'BB' Global Scale ICR on Watch Negative
GUADALUPE: Moody's Withdraws Ba2 Rating on MXN180MM Enhanced Loan
VOLKSWAGEN BANK: Moody's Affirms Deposit Ratings at Ba2


P E R U

MINSUR SA: Moody's Affirms Ba3 CFR, Alters Outlook to Negative
PESQUERA EXALMAR: S&P Lowers ICR to 'B-', On CreditWatch Negative


X X X X X X X X

LATAM: PAHO Appeals for US$95MM to Help Region Cope With Pandemic

                           - - - - -


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A R G E N T I N A
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ARCOS DORADOS: Moody's Places Ba2 CFR on Review for Downgrade
-------------------------------------------------------------
Moody's Investors Service placed the Ba2 Corporate Family Rating
and senior unsecured ratings of Arcos Dorados Holdings Inc. on
review for downgrade.

Moody's has placed Arcos Dorados' ratings on review for downgrade
because of the current uncertainties related to the spread of the
coronavirus and its view that it could have a greater impact on
Arcos Dorados' business, liquidity and overall credit profile.
Social distancing measures in many countries and economic
implications of the outbreak in Latin America can also delay the
recovery prospects and limit consumers ability and willingness to
spend on fast-food restaurants.

Ratings placed on review for downgrade:

Issuer: Arcos Dorados Holdings Inc.

Corporate Family Rating (CFR): Placed on Review for Downgrade,
currently Ba2

$348 million outstanding Senior Unsecured Notes due 2023: Placed on
Review for Downgrade, currently Ba2

$265 million Senior Unsecured Notes due 2027: Placed on Review for
Downgrade, currently Ba2

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 restaurant
sector has been one of the sectors most significantly affected by
the shock given its sensitivity to consumer demand and sentiment.
More specifically, Arcos Dorados' exposure to widespread location
closures or limited operations, have left it vulnerable in these
unprecedented operating conditions and Arcos Dorados remains
vulnerable to the outbreak continuing to spread. Its action
reflects the impact on Arcos Dorados 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 safety.

The rating review process will focus on: (i) the potential length
and severity of restaurants closures or with limited operations
across Latin America and its impact on Arcos Dorados' revenues,
cash flows and liquidity; (ii) the measures the company can take to
adjust operations and preserve liquidity; (iii) the speed of
recovery once restaurants are able to return to full operations in
the context of a weakened macroeconomic environment; (iv) any
measures governments may take in Latin America to support economic
activity, employment and consumption overtime, which could
positively affect consumers ability to spend on fast food
restaurants.

The ultimate impact the restaurants closures across Latin America
will have on Arcos Dorados revenues, earnings and liquidity in
highly uncertain. Arcos Dorados had $122 million in cash balance at
the end of 2019, and $50 million available under committed credit
facilities, including a $25 million revolver with Bank of America
Corporation, maturing in August 2020, and a $25 million committed
line with JPMorgan Chase Bank, maturing in December 2020. Financial
debt is represented by the 2023 ($348 million) and 2027 ($265
million) bonds, and interest expenses of about $50 million. A
prolonged period of business disruption for Arcos Dorados with weak
recovery prospects would severely impact Arcos Dorados cash
generation and liquidity profile.

The company's major non-operating cash outflow is capital spending,
which is mainly concentrated in the second half of the year. Arcos
Dorados recently announced a 3-year capex plan which establishes
the opening of 285 to 300 restaurants in the 2020-2022 period, for
a capital spending of about $1 billion. Arcos Dorados has full
discretion to the timing of this capital spending, and it now
expects capital spending to be concentrated in 2021 and 2022.

Arcos Dorados credit profile continues to reflect the company's
solid market position in Latin America as McDonald's master
franchisee and its size and scale as the largest independent
McDonald's franchisee worldwide in terms of sales and number of
restaurants (2,293 at the end of 2019). About 46% of Arcos Dorados'
restaurants are free-standing, and offer a combination of take-out,
drive-thru or delivery services, which are now in higher demand in
many markets in Latin America, affected by the coronavirus
quarantine.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings are currently on review for downgrade. Factors that
could result in a downgrade include a wider deterioration in cash
flows driven by a prolonged period of limited operations and
restaurant closures, straining the company's liquidity position,
and if there are clear expectations that the company will not be
able to maintain financial metrics compatible with a Ba2 rating
following the coronavirus outbreak. Specifically, ratings could be
downgraded if Moody's-adjusted debt/EBITDA is expected to remain
above 4.5x or RCF/debt below 15% on a sustained basis after
restaurants resume normal operations. In addition, a downgrade of
Brazil's sovereign rating (Government of Brazil, Ba2 stable) could
strain Arcos Dorados' ratings.

Prior to the ratings review process, Moody's said that an upgrade
would be considered in case of continuous improvement in operating
performance, including sustained recovery in traffic and average
check in real terms in Arcos Dorados' main markets, in particular
in Brazil, showing a resilient performance regardless of the
underlying macroeconomic environment and consumption patterns in
key markets. Any possible upward movement would consider the
company's dividend payout relative to growth investment and
liquidity requirements and its discipline in shareholders'
distribution or share buybacks. Quantitatively, an upgrade also
requires Arcos Dorados to sustain lease-adjusted debt to EBITDA
below 3.5x and adjusted RCF to debt of 20% on a sustainable basis.
Given Arcos Dorados' strong dependence on the Brazilian market, an
upward rating movement would also be subject to its relative
position to Brazil's sovereign ratings.

The principal methodology used in these ratings was Restaurant
Industry published in January 2018.

Headquartered in Buenos Aires, Argentina, Arcos Dorados Holdings
Inc. (Arcos Dorados) is the leading quick-service restaurant
operator in Latin America and the Caribbean. It is also McDonald's
largest independent franchisee globally in terms of systemwide
sales and restaurant count. The company has the exclusive rights to
own, operate and grant franchises of McDonald's restaurants in 20
Latin American and Caribbean countries. In 2019, Arcos Dorados
generated $2.95 billion in net revenues.



===============
B A R B A D O S
===============

BARBADOS: Lockdown as Cases Jump to 45
--------------------------------------
Caribbean360.com reports that Barbados will be on lockdown for a
two-week period, amid an increase in the number of novel
Coronavirus (COVID-19) cases to 45 and concerns that residents have
not been heeding calls to stay indoors and practise social
distancing.

This afternoon, Acting Prime Minister Santia Bradshaw disclosed
that from 5:00 p.m. April 3, the country will be on a 24-hour
curfew that will remain in place until midnight April 14, according
to Caribbean360.com.

During the period, residents will be required to stay at home
except for those needing to go to the pharmacy or seek medical
assistance, or workers of essential services and those doing
business with exempt services, the report relays.

Supermarkets will be closed from 5 p.m. April 3 until further
notice, but village shops will be allowed to be open to service a
maximum of three people at a time. The sale of alcoholic beverages
is banned, the report notes.

The report discloses that the sale of breads from bakeries and
depots will be allowed.

All restaurants remain closed as well, and auto-marts and gas
stations will only open for customers to get mobile phone top-ups
and fuel, the report says.

The measures were announced less than 12 hours after the Acting
Prime Minister imposed limits on operating hours of essential
businesses and put more restrictions on when residents can leave
home, as the confirmed cases of the COVID-19 increased by 11 in a
two-day period, the report notes.

The report relays that she had also said that a mandatory 14-day
quarantine in a Government facility is also now in effect for
anyone entering Barbados, and not just visitors from the United
States and United Kingdom as was the case previously.

Bradshaw said the action had to be taken because some people were
not complying with restrictions, including the 8:00 a.m. to 6:00
p.m. curfew, that went into effect, the report notes.

"These measures were all intended to reduce the amount of
person-to-person contact and exposure of the population and so
reduce the risk of spread of COVID-19.  They were designed to
protect us all. And while we have been heartened by the response of
the majority of Barbadians to these restrictions, we have also
witnessed a significant number who have ignored them and have
continued to put themselves, their families and the entire country
at risk," she said, the report relates.

"This reckless and irresponsible behavior has continued in spite of
the warnings from the COVID-19 Czar, that the Government of
Barbados was prepared to further extend and strengthen the
restrictions should this behavior continue," the report notes.

Among the measures announced that will remain in effect are the
closure of all beaches and parks, banks, and government ministries,
departments and statutory corporations, the report says.

Bradshaw warned that anyone who contravenes the directives could
spend a year in jail or be subject to a fine of BDS$50,000
(US$25,000) or both, if convicted under the Emergency Management
(COVID-19) Order, 2020, the report adds.



=============
B E R M U D A
=============

SIGNET JEWELERS: Fitch Downgrades LT IDR to B, Outlook Negative
---------------------------------------------------------------
Fitch has downgraded Signet Jewelers Limited's ratings, including
its Long-Term IDR to 'B' from 'B+'. The Rating Outlook is
Negative.

The downgrade and Negative Outlook reflects the significant
business interruption from the coronavirus pandemic and the
implications of a downturn in discretionary spending that Fitch
expects could extend well into 2021. Fitch anticipates a sharp
increase in adjusted leverage to the mid-10x range in 2020 from
5.3x in 2019 based on EBITDA declining to approximately $70 million
from $470 million in 2019 on a nearly 30% sales decline to $4.4
billion. Adjusted leverage could improve to the mid-5x in 2021,
assuming sales declines of around 10% and EBITDA declines of around
15% to 20% from 2019 levels. Excluding Signet's recent revolver
draw, which Fitch assumes is repaid in 2021, 2020 adjusted leverage
would be closer to 9.0x. A more protracted or severe downturn could
lead to further actions.

Should Fitch's projections come to fruition, Signet has sufficient
liquidity to manage operations through this downturn. The company
ended 2019 with $375 million of cash and approximately $1.2 billion
in asset-based revolver availability. The company's next debt
maturity is in 2024.

KEY RATING DRIVERS

Coronavirus Pandemic: Fitch expects the impact on revenues for the
global consumer discretionary sector from the coronavirus pandemic
to be unprecedented as mandated or proactive temporary closures of
retailer stores and restaurants in "non-essential" categories
severely depresses sales. Numerous unknowns remain including the
length of the outbreak; the timeframe for a full reopening of
retail locations and the cadence at which it is achieved; and the
economic conditions exiting the pandemic including unemployment and
household income trends, the impact of government support of
business and consumers, and the impact the crisis will have on
consumer behavior.

Fitch envisages a scenario where discretionary retailers are
essentially closed through mid-May with sales expected to be down
80%-90% despite some sales shifting online, with a slow rate of
improvement expected through the summer. Given an increased
likelihood of a consumer downturn, discretionary sales could
decline in the mid- to high-single digits through the holiday
season. Fitch anticipates significant growth in 2021 against a weak
2020, but expects total 2021 sales could remain 8%-10% below 2019
levels. Given the typical timing of a consumer downturn (four to
six quarters), revenue trends could accelerate somewhat exiting
2021, yielding 2022 as a growth year.

Assuming this scenario, Fitch expects Signet's revenue to decline
nearly 30% in 2020 with EBITDA declines close to 80%. In 2021,
Fitch expects revenue to decline around 10%, with EBITDA down 15%
to 20% over the two-year period.

Signet has drawn $900 million of its asset-based revolver, with
remaining availability of approximately $300 million. The company
is also reducing cash expenses, including both capex and operating
expenses, and strengthening investment in its e-commerce
capabilities given store traffic challenges. The company is also
suspending its common dividend of $1.48 per share or around $75
million annually and will be paying-in-kind its preferred dividend.
Fitch estimates that FCF could decline from around $350 million in
2019, which benefitted from a sizable working capital swing, to
modestly negative in the $50 million to $100 million range in 2020,
as EBITDA declines are only somewhat mitigated by working capital
and capex reduction opportunities.

Top-Line Weakness: Signet's same-store sales (SSS) turned negative
in second-quarter 2016 with same-store sales (SSS) at negative 1.9%
in 2016 and weakened further to negative 5.3% in 2017. SSS did
improve in early 2018 but weakened through the end of the year and
through early 2019 before rebounding in late 2019. As a result SSS
in both 2018 and 2019 were near flat. Prior to the onset of the
coronavirus pandemic, Fitch assumed SSS would trend near flat
beginning 2020, assuming Signet's recently enacted merchandising
and marketing initiatives bore some fruit.

Over the last few years, Signet has dealt with intensifying
competition in the specialty jewelry space and an increasing number
of companies competing for the self-gifting customer. Retailers
such as department stores have shown renewed focus on categories
that help differentiate and drive traffic in the face of an
otherwise challenging mid-tier space. Several of these players have
called out fine jewelry as a well-performing category in recent
quarters, and Fitch expects these competitive dynamics to continue
in the near to medium term and to pressure Signet's ability to
stabilize its market share.

Beyond sector dynamics, Fitch believes much of the sales weakness
is due to company-specific factors. Signet's weak performance
suggests the company's brands and merchandise assortment are not
resonating with consumers, as the company has not effectively
responded to changing shopping patterns and preferences and has
lagged on investments in an omni-channel platform (including a
robust customer-facing website) and innovative product design and
marketing.

Fitch believes that the ability to execute effectively on top-line
strategies has been difficult in the face of several challenges the
company has faced over the last few years. Signet faced negative
press around allegations of both diamond swapping during routine
product servicing and poor treatment of female employees, which may
have affected consumer sentiment toward Signet's brands. Execution
missteps associated with the company's credit operations transition
have also recently affected customer experiences and sales
conversion.

Signet has an ESG Relevance Score of 4 for 'Labor Relations and
Practices Risk' due to negative reputational brand damage partly
due to allegations of poor treatment of female employees, which has
a negative impact on the credit profile, and is relevant to the
rating in conjunction with other factors.

Initiatives to Reverse Sales Declines: The company has implemented
a number of initiatives to improve SSS, including increasing the
pace of product innovation, developing product extensions to
encourage repeat visits and investing in its omni-channel platform.
While jewelry's online penetration is expected to remain low
relative to other retail categories, Signet believes a robust
website is a competitive advantage as a complement to the in-store
shopping experience. The company paid $328 million in 2017 to buy
JamesAllen.com, the leading online diamond engagement jeweler,
partially to acquire the company's digital marketing and
product-imaging expertise. JamesAllen.com generated around $245
million of 2019 revenue and Fitch estimates minimal EBITDA; Signet
subsequently wrote down virtually its entire investment in the
company given revised long-term projections.

Significant EBITDA Declines: With $6.1 billion of revenue in 2019
on a base of over 3,200 stores, Signet is a leader in the jewelry
and watch category, with an approximately 7% share of the U.S.
market and leading positions in Canada and the U.K.. Signet's
well-known brands include Kay, Jared, Zales and Piercing Pagoda in
the U.S.; Peoples in Canada; and H.Samuel and Ernest Jones in the
U.K.. Prior to 2016, the company showed good growth, with average
SSS of 5% between 2010 and 2015, which was commensurate with the
recovery in jewelry sales post-recession. Signet acquired the Zale
Corporation in May 2014. Pro forma for the Zale acquisition, Signet
generated $6.1 billion in revenue and roughly $770 million in
adjusted EBITDA in 2013, with Fitch's expectations that EBITDA
would increase to approximately $1 billion in 2016, which Signet
reached a year ahead of schedule.

Following two years of EBITDA at $1 billion, EBITDA in 2017
declined to around $830 million on negative 5.3% SSS and the
mid-year outsourcing of its credit operations and sale of its prime
receivables. EBITDA fell further to $475 million in 2018 due to the
continued impact of the credit operations transactions and lack of
top-line improvement.

Given the material EBITDA declines, the company announced a cost
reduction program to protect margins and enable further growth
investments in March 2018, targeting $200 million to $225 million
of net cost savings to be achieved over the next three years. Major
elements of the plan include sourcing savings and back-office
efficiency efforts. Signet net closed 126 stores in 2019 after net
closing over 220 stores in 2018. The store closures are predicated
around optimizing the mall versus off-mall mix of the real estate
portfolio. Given the achievement of $185 million in cost reductions
through the end of 2019, 2019 EBITDA was in line with 2018 at $470
million.

Recent Refinancing: In September 2019, Signet completed a partial
refinancing of its capital structure, which previously included a
$700 million unsecured revolver, approximately $275 million of
unsecured term loans and $400 million of unsecured notes. The
company used proceeds from a new $1.5 billion ABL revolver and $100
million FILO term loan (both due 2024 and which together replaced
Signet's existing revolver) to pay down its existing term loan.
Concurrently, the company successfully tendered $252 million of its
unsecured notes and used ABL proceeds to repay the tendered amount.
The new revolver is governed by a borrowing base inclusive of
Signet's inventory and receivables; the FILO term loan is secured
by the same assets and both instruments have a first lien on
Signet's remaining assets, including intellectual property.

DERIVATION SUMMARY

Signet's downgrade to 'B' and Negative Outlook reflect the
significant business interruption from the coronavirus pandemic and
the implications of a downturn in discretionary spending that Fitch
expects could extend well into 2021. Fitch anticipates a sharp
increase in adjusted leverage to the mid-10x range in 2020 from
5.3x in 2019 based on EBITDA declining to approximately $70 million
from $470 million in 2019 on a nearly 30% sales decline to $4.4
billion. Adjusted leverage could improve to around mid-5x in 2021,
assuming sales declines of around 10% and EBITDA declines of around
15% to 20% from 2019 levels. Excluding Signet's recent revolver
draw, which Fitch assumes is repaid in 2021, 2020 adjusted leverage
would be closer to 9.0x.

Retail peers within the 'B' category include Rite Aid (B-/Stable).
Rite Aid's ratings reflect continued operational challenges, which
have heightened questions regarding the company's longer term
market position and the sustainability of its capital structure.
Persistent EBITDA declines have led to negligible to modestly
negative FCF and elevated adjusted debt/EBITDAR in the low- to
mid-7.0x range, despite some signs of pharmacy sales stabilization
over the past year. Fitch believes that operational challenges
include both a challenged competitive position in retail and, more
recently, sector-wide gross margin contraction resulting from
reimbursement pressure.

Mitigating factors to these concerns include Rite Aid's ample
liquidity of well over $1 billion, supported by a rich asset base
of pharmaceutical inventory and prescription files. Other positives
include the somewhat more stable EnvisionRx pharmacy benefits
manager (PBM) business, representing around 30% of total EBITDA,
and Rite Aid's good real estate position in local markets, somewhat
mitigated by lack of broad-based national presence.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within its Rating Case for the Issuer:

Here are Fitch's projections prior to disruption related to
coronavirus:

  -- Fitch projected steady sales around $6 billion beginning 2020,
reflective of near-flat SSS and limited changes to store count.

  -- EBITDA was projected to expand from $470 million in 2019
toward $500 million over the next two to three years on Signet's
expense initiatives, with margins expanding from the mid-7% range
to above 8%.

  -- FCF was projected at around $100 million annually, and could
have been used for share buybacks. Adjusted debt/EBITDAR, which was
approximately 5.3x in 2019, could have remained in the low-5x
range.

Here are Fitch's revised projections reflecting the significant
business interruption from coronavirus and the ramifications for a
likely downturn in discretionary spending extending well into
2021:

  -- Fitch projects Signet's 2020 revenue could decline nearly 30%
to $4.4 billion and EBITDA could decline over 80% to around $70
million, assuming store closures through mid-May and a slow
recovery in customer traffic for the remainder of the year. While
2021 revenue and EBITDA should significantly rebound from depressed
2020 levels, Fitch expects 2021 revenue of approximately $5.4
billion and EBITDA of around $400 million to be approximately 10%
and 15% to 20% below 2019 levels given that a downturn could
adversely impact discretionary spending through 2021. Fitch's
revenue expectations reflect its views that global retail
discretionary spending will decline around 40% in 1H calendar 2020,
decline mid- to high- single digits in 2H 2020, and sales in
calendar 2021 will be down 8% to 10% from 2019 levels.

  -- Signet's topline could remain near $5.4 billion beginning
2022, with EBITDA trending around $400 million.

  -- FCF in 2020 could be an outflow of between $50 million and
$100 million from an inflow of around $350 million in 2019, largely
due to a $400 million reduction in EBITDA, mitigated by lower cash
taxes and Signet's recent dividend suspension; 2019 FCF also
benefited from a significant working capital swing. FCF in 2021
could improve to around $100 million, assuming dividends are
reinstated. The company has no maturities until 2024.

  -- Adjusted debt/EBITDAR, which was 5.3x in 2019, could climb to
the mid-10x in 2020 and decline to around mid 5x in 2021 on EBITDA
swings. Adjusted debt/EBITDAR in 2020 is impacted by around 1.5x by
Signet's decision to draw $900 million on its credit facility;
Fitch expects this to be repaid in 2021.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action:

  -- An upgrade could occur if sales trends accelerated such that
EBITDA improved toward $500 million, which would yield adjusted
debt/EBITDAR (capitalizing leases at 8x) below 5.5x.

  -- Fitch could stabilize Signet's rating with improved confidence
in Signet's ability to stabilize EBITDA around $400 million, which
would yield around $100 million of annual FCF and adjusted
debt/EBITDAR under 6.0x

Developments That May, Individually or Collectively, Lead to
Negative Rating Action:

  -- A downgrade could occur if Signet's operating trajectory fell
below Fitch's expectations, with EBITDA trending near $300 million,
limited FCF generation and adjusted debt/EBITDAR (capitalizing
leases at 8x) above 6.0x.

BEST/WORST CASE RATING SCENARIO

Ratings of Non-Financial Corporate issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

LIQUIDITY AND DEBT STRUCTURE

On Sept. 5, 2019, Signet announced a refinancing in which the
company would replace its $700 million unsecured revolver with an
ABL revolver due 2024. The company used the proceeds from its new
$1.5 billion ABL revolver and $100 million FILO term loan (both due
2024) to repay its approximately $275 million of unsecured term
loans. Concurrently with this announcement, the company also made a
tender offer for its $400 million of unsecured notes - to be repaid
with ABL proceeds - and subsequently received participation from
approximately $252 million of these notes.

Comfortable Liquidity

As of Feb. 1, 2020, Signet had $270 million borrowed on its ABL
Facility with $1.2 billion in borrowing capacity on the facility.
As of this date, the company had $375 million in cash & cash
equivalents on its balance sheet in an effort to increase financial
flexibility, on March 19, 2020, the company drew an additional $900
million from its senior secured asset-based revolving credit
facility. At the time of drawdown on March 19, the Company had more
than $1.2 billion in cash and an additional $292 million available
on this asset-based revolving credit facility.

In Fitch's recovery analysis, Signet's value is maximized as a
going concern with approximately $2 billion of value. In a
going-concern scenario, Fitch assumes a distressed EBITDA of around
$400 million, which could be achieved if Signet was to accelerate
its store closings and close around one-third of its store base.
The company could close stores at its mall-based banners such as
Kay and Zales as well as smaller regional banners that have been
more challenged, resulting in a post-restructuring revenue base
around $4 billion. Assuming a 10% EBITDA margin, at the lower end
of specialty retailer EBITDA ranges, going-concern EBITDA would be
$400 million. Fitch uses a 5.0x multiple, which is around the 5.4x
median multiple for retail going concern reorganizations, the
12-year retail market multiples of 5x to 11x but lower than the 7x
to 12x for retail transaction multiples. These assumptions yield a
going-concern value of $2 billion.

Fitch's liquidation analysis results in value of approximately $1.8
billion, modestly below its going-concern value. Signet's
liquidation value primarily comes from its inventory, which has
recently trended in the $2.3 billion- $2.5 billion range; Fitch
assumes a 70% advance rate on the cost value of the inventory. The
resulting inventory value of $1.6 billion, plus some fixed assets,
yields Signet's total $1.8 billion liquidation value.

The $1.5 billion ABL revolver, which is governed by a borrowing
base including inventory and receivables, and the $100 million FILO
Term Loan, which is secured by inventory and receivables, are fully
recovered and are thus rated 'BB/RR1'. The remaining $148 million
in senior unsecured notes, which are pari passu to operating lease
claims, have superior recovery prospects (71% to 90%) and are thus
rated 'BB-'/'RR2'.

The Preferred Equity has good recovery prospects (51% to 70%) and
are thus rated 'B+'/'RR3.'

SUMMARY OF FINANCIAL ADJUSTMENTS

  -- Historical and projected EBITDA is adjusted to add back
non-cash stock based compensation. In 2019, Fitch added back $16.9
million in stock based compensation.

  -- Fitch has adjusted the historical and projected debt by adding
8x annual gross rent expense.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

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

Signet has an ESG Relevance Score of 4 for 'Labor Relations and
Practices Risk' due to negative reputational brand damage partly
due to allegations of poor treatment of female employees, which has
a negative impact on the credit profile, and is relevant to the
rating in conjunction with other factors.



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B R A Z I L
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OI SA: Kicks Off Renewable Energy Project to Cut Costs By $77MM/Yr
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Gabriela Mello at Reuters reports that Brazil's largest fixed-line
carrier Oi SA has kicked off a renewable energy project that will
cut its operating costs by BRL400 million ($77.09 million) per
year, the company said.

The initiative is part of Oi's efforts to gain efficiency as it
strives to revamp its business since filing for bankruptcy
protection in June 2016, according to Reuters.

The report notes that the renewable project, which involves 25
solar, biomass and hydroelectric mills totaling 123 megawatts in
capacity, follows the so-called "distributed generation" model, in
which Oi buys clean energy at lower prices.

"The energy produced will be injected in the local power
distribution network and discounted from Oi's energy bill," the
company said in a statement obtained by the news agency.

The first plant, a solar one based in the southeastern state of
Minas Gerais, was inaugurated and the others are likely to start
operations by year-end, Oi added, the report relays.

The carrier expects to have 60% of its energy consumption coming
from renewable sources by the end of 2020 compared with 15.8% since
2018, the report adds.

                             About Oi SA

Headquartered in Rio de Janeiro, and operating almost exclusively
within Brazil, the Oi Group provides services like fixed-line data
transmission and network usage for phones, internet, and cable,
Wi-Fi hot-spots in public areas, and mobile phone and data
services, and employs approximately 142,000 direct and indirect
employees.

On June 20, 2016, pursuant to Brazilian Law No. 11.101/05 (the
'Brazilian Bankruptcy Law'), Oi S.A. and certain of its
subsidiaries filed for recuperao judicial (judicial reorganization)
in Brazil.

On June 21, 2016, OI SA and its affiliates Telemar Norte Leste S.A.
and Oi Brasil Holdings Cooperatief U.A. commenced Chapter 15
proceedings (Bankr. S.D.N.Y. Lead Case No. 16-11791).  Ojas N.
Shah, as foreign representative, signed the petitions.

Coop and PTIF are also subject to proceedings in the Netherlands.

The Chapter 15 cases are assigned to Judge Sean H. Lane.

In the Chapter 15 cases, the Debtors are represented by John K.
Cunningham, Esq., and Mark P. Franke, Esq., at White & Case LLP, in
New York; and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq., and
Laura L. Femino, Esq., at White & Case LLP, in Miami, Florida.

On July 22, 2016, the New York Court recognized the Brazilian
Proceedings as foreign main proceedings with respect to the Chapter
15 Debtors, and granted certain additional related relief.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on Jan.
9, 2018, Egan-Jones Ratings Company withdrew the 'D' foreign
currency and local currency senior unsecured ratings on debt issued
by Oi SA and the 'D' ratings on the Company's commercial paper on
Sept. 26, 2017.



===========================
C A Y M A N   I S L A N D S
===========================

CORSAIR GROUP: S&P Alters Outlook to Negative, Affirms 'B' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Corsair Group (Cayman) LP
to negative from stable, saying a weak macroeconomic environment
could hurt its revenue growth given its significant exposure to
discretionary consumer spending and lack of recurring revenue.

S&P affirmed its 'B' issuer credit rating on Corsair Group (Cayman)
LP. At the same time, S&P affirmed its 'B' and 'CCC+' ratings,
respectively, on the company's senior secured first-lien term loan
and senior secured second-lien term loan. The respective '3' and
'6' recovery ratings are unchanged, indicating S&P's expectation of
50%-70% (rounded estimate: 55%) recovery on the first-lien and
0%-10% (rounded estimate: 0%) recovery on the second-lien term
loans.

"The negative outlook reflects a deteriorating macroeconomic
environment that we expect to hurt Corsair's operating performance,
such that leverage is expected to remain elevated over 6.5x while
profitability and projected cash flow could weaken further. The
depth and longevity of the anticipated U.S. and European recessions
are significant downside risks to our forecast, and there is
uncertainty regarding near-term consumer discretionary spending.

Moreover, Corsair faces additional risk to top-line growth given
that 2020 is a console transition year, and gaming memory could see
heightened volatility in the current environment. We do note that
the company could see some benefit from increased sales of products
that enable video streaming, as increased remote working could
drive higher demand in the near term," S&P said.

"Our negative outlook on Corsair is based on our expectation that
Corsair will experience a low-single-digit percent organic revenue
decline over the next year. We believe the balance of risks remain
firmly tilted to the downside with respect to the uncertainties
surrounding the U.S. consumer and COVID-19. Both of these factors
could potentially have outsized impacts on Corsair's gaming
system/peripherals revenues," the rating agency said.

S&P's outlook is also supported by its expectation that leverage
will rise to the low-7x area by the end of 2020 and compress to the
mid-6x area in 2021. Its base-case scenario assumes Corsair will
not pursue additional major acquisitions over the next 12 months
and the rating agency expects Corsair to be modestly free cash flow
negative for 2020.

"We could lower the rating over the next year if the company
sustains adjusted debt to EBITDA above 7x or experiences a
significant deterioration in free cash flow. Such a scenario could
occur if the company loses key distribution partners, there is a
sharp decline in discretionary spending, or there is a general
downturn in the PC gaming hardware market," S&P said.

"We could revise the outlook to stable if adjusted debt to EBITDA
is sustained at below 5.5x and we believe management intends to
maintain leverage at or below this level through acquisitions and
business cycles. In addition, we could also stabilize the outlook
if free cash flow improves significantly into positive territory or
if the economy improves significantly," the rating agency said.



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

INVERSIONES CREDIQ: Fitch Affirms 'B' IDR; Alters Outlook to Neg.
-----------------------------------------------------------------
Fitch Ratings has affirmed Inversiones CrediQ Business S.A.'s Long
and Short-Term Issuer Default Ratings at 'B', and has revised the
Rating Outlook to Negative from Stable.

The Negative Outlook reflects that a potential prolonged
deterioration of the operating environment of the different
countries where ICQB operates due to the international crisis
related to the coronavirus pandemic, could result in deterioration
in economic activity and higher unemployment. The later could drive
a rise in loan delinquencies despite the relief measures taken by
ICQB, and increased pressure to access funding.

KEY RATING DRIVERS

ICQB's ratings are highly influenced by its company profile as
reflected by its concentrated business model, which focuses
essentially on vehicle financing sector, where Fitch expects asset
quality and profitability deterioration. Although ICQB has a
regional diversification, the countries where it main subsidiaries
operate: Costa Rica, El Salvador and Honduras, are currently
affected by the spread of the coronavirus. The ratings also reflect
ICQB's assets quality, which remains reasonable for the rating
level, but sensitive to a challenging operating environment. The
ratings also consider the group's profitability, which despite
being sound in previous years, is threatened by the current
situation, and its capitalization ratios supported by income
generation.

Although ICQB's non-performing loans ratios of 2.4% as of June
2019, and profitability indicators are above 4% since 2016, Fitch
expects ICQB's asset quality to weaken further and earnings
challenges to intensify due to weaker business volumes and rising
loan impairment charges. Deferment of payments for those affected
by the virus is a short-term mitigating factor, but ICQB's
concentrated business model is sensitive to the deterioration of
economic activity. Furthermore, difficulties in collection and
recovery of vehicles for clients in default will further increase
auto loan refinance activity.

Due to the nature of ICQB's business, its funding base is
concentrated on institutional sources. As of June 2019, it
represented 81% of the entity's total funding, while the proportion
of unsecured debt as a percentage of total debt was a relatively
low 30.7%. Commercial bank lines account for nearly 60% of total
funding, now becoming more relevant for maintaining sufficient
liquidity to meet payment obligations. Fitch believes that
refinancing risks could increase for the group and financial sector
regionally, as a result of operating environment pressures.

ICQB has exhibited adequate and stable capitalization and leverage
levels supported by stable income generation. Its capital ratios
are generally in line with risk and keep a reasonable capacity to
absorb unforeseen losses. As of June 2019, the tangible leverage
ratio (debt to tangible equity) was 5.0x. Fitch believes that even
with a further deterioration of the loan portfolio's asset quality,
lower expected portfolio growth could relieve pressures on capital
and leverage.

RATING SENSITIVITIES

Negative Factors That Could Lead to a Downgrade: --ICQB's IDR could
be downgraded due to a sharp deterioration in asset quality such as
NPL ratios above 5%, that pressures the entity's profitability and
capitalization metrics and increasing its debt to tangible equity
ratio above 7x, as well as a disruption of its funding stability.
Positive Factors That Could Lead to an Upgrade: --The outlook could
be revised to Stable if Fitch evaluates that the entity's financial
profile remains resilient to the economic and financial
consequences related to the pandemic. Over the medium term, the
ratings can be upgraded if the entity is able to maintain good
credit quality metrics (i.e. % of impaired loans consistently below
2.5%), together with sustained enhancement in the scale of its
operations, while maintaining a good financial performance,
sustained access to funding and prudent asset-liability
management.

BEST/WORST CASE RATING SCENARIO

Ratings of Financial Institutions issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

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



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

DOMINICAN REPUBLIC: 6,000 Firms Seek Access to Assistance Fund
--------------------------------------------------------------
Dominican Today reports that Dominican Republic Economy Minister
Juan Ariel Jimenez said that some 6,000 companies have applied to
qualify for the Employee Assistance Fund (FASE).

"So far we have received requests from more than 6,000 companies.
We believe that this number is going to increase, many of these
companies are SMEs (small and medium-sized), but we are
anticipating a considerable number of companies," the report quoted
Mr. Jimenez as saying.

Interviewed by phone on El Despertador Channel 9, the official said
the Government has a budget to benefit more than 700,000 workers,
the report notes.

He added that the numbers change constantly because "every minute a
new company sends us the information," he added.


                    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: Laid Off Workers Top 118K, Grow By The Hour
---------------------------------------------------------------
Dominican Today reports that as of noon on March 6, 8,879 companies
had laid off 118,375 workers, a figure that grows by the hour,
Labor Minister, Winston Santos, told Diario Libre.

He said there are more and more notices of suspensions and that,
just between 8:00 a.m. April 6 until noon, more than 10,000 new
workers got the pink slip, according to Dominican Today.  "In the
early hours of March 30, 107,831 workers affected by the
suspensions of 8,056 companies were registered," the report
relays.

The head of Labor office added that he fears the situation will
continue, the report notes.  "The temporary deletions of contracts
that were registered at the noon cut already represent 5% of the
number of people working in the formal sector of the economy, which
amounted to 2,299,153 people by the end of 2019," 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
=============

DIGICEL GROUP: Fitch Downgrades Issuer Default Rating to C
----------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Ratings (IDRs) of
Digicel Group Limited (DGL3), Digicel Group Two Limited (DGL2) and
Digicel Group One (DGL1) Limited to 'C' from 'CC', 'CC', and 'CCC',
respectively, following the suspension of interest payments on the
DGL2 and DGL1 instruments. Fitch has also downgraded the DGL1
instruments to 'C'/'RR4' from 'CCC/'RR4' and affirmed the ratings
on the DGL2 and DGL3 instruments at 'C'/'RR5'.

The group has disclosed ongoing discussions with creditors
regarding a debt exchange and a reduction in principal. Fitch
indicated in November 2019 that the company would likely have to
restructure debt at multiple levels, due to Digicel's unsustainable
financial structure and imminent refinancing risk.

KEY RATING DRIVERS

Non-Payment of Interest: On March 30, 2020, Digicel entered a
30-day grace period and deferred interest payments on its DGL1 and
DGL2 obligations. Per Fitch's Ratings Definitions, IDRs of 'C'
indicate a default-like process has begun, including the issuer has
entered into a grace or cure period following non-payment of a
material financial obligation.

Debt Restructuring Likely: On March 27, 2020, Digicel announced
discussions with creditors regarding potential transactions
involving debt exchanges at a discount to the existing principal
values. While the negotiations are ongoing, Fitch expects that
Digicel will restructure debt at multiple levels.

DERIVATION SUMMARY

Digicel's solid business profile, with leading mobile market shares
in its well-diversified operational geographies supported by
network competitiveness, is stronger than that of speculative-grade
peer Oi S.A. (B-/Stable). However, Oi has lower refinancing risk
and stronger liquidity, owing to the extension of principal and
interest payments on its restructured debts. Digicel's competitive
position is stronger than Telecom Argentina's (CCC), which suffers
from exposure to the macroeconomic turmoil of Argentina and is
capped by the country ceiling. However, Telecom Argentina's strong
capital structure enables its notes to be rated 'B-'. Digicel's
financial profile is materially weaker than its regional
diversified telecom peers in the speculative-grade categories,
including Millicom International Cellular S.A. (BB+/Stable) and
Cable & Wireless Communications Limited (BB-/Stable).

Digicel's ratings are negatively affected by its operating
environment in the Caribbean and South Pacific; however, no country
ceiling was in effect for these ratings. Under its
"Country-Specific Treatment of Recovery Ratings Criteria," Fitch
caps Digicel's debt instruments at 'RR4'; therefore, the
instruments' ratings are capped at the issuers' IDRs.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action:

  -- Fitch expects that the company will undertake a debt
restructuring at multiple levels in the near term; at that time,
Fitch will take such actions as appropriate.

Developments that May, Individually or Collectively, Lead to
Negative Rating Action:

  -- Fitch expects that the company will undertake a debt
restructuring at multiple levels in the near term; at that time,
Fitch will take such actions as appropriate.

BEST/WORST CASE RATING SCENARIO

Ratings of non-financial corporate issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon, and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

LIQUIDITY AND DEBT STRUCTURE

Digicel has weak liquidity, due to its persistently negative FCF,
high cash interest burden and limited financial flexibility.
Readily available cash at the consolidated level stood at USD126
million as of Dec. 31, 2019, excluding USD21 million of restricted
cash, versus short-term debt of USD234 million. Digicel's
subsidiary, Digicel International Finance Limited, has an undrawn
credit facility, but leverage covenants may inhibit its ability to
draw on it.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

Digicel Group Limited and its subsidiaries score a 4 on Exposure to
Environmental Impacts, due to their operations in a hurricane-prone
region. Digicel Group Limited and its subsidiaries score a 4 on
each of Governance Structure, Group Structure, and Financial
Transparency. Fitch has concerns about board independence from the
controlling shareholder, the willingness and ability of the company
to potentially move assets, and the timing and quality of the
group's financial disclosure.

Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact on the
entity(ies), either due to their nature or to the way in which they
are being managed by the entity(ies).

DIGICEL GROUP: In Billion Dollar Debt-Restructuring Plan
--------------------------------------------------------
RJR News reports that The Irish Times newspaper has reported that
businessman Denis O'Brien may end up handing over 49 per cent of
his Digicel phone empire under a complicated debt-restructuring
plan aimed at creditors writing off US$1.7 billion of what they are
owed.

The move would reduce Digicel's total debt by almost 25 per cent
from its current level of  US$7 billion, which is viewed by the
company and bondholders as unsustainably high following years of
declining earnings, according to RJR News.

According to the Irish Times, Digicel said that it is looking for
current investors in a series of  bonds, including $1.3 billion of
notes that are due next April, to exchange their securities for
bonds of  lower value, the report notes.

The biggest write-offs are being sought from bondholders who
already agreed in early 2019, after months of  hard negotiations,
to delay getting their money back, the report says.

Two categories of  bondholders are being offered, as an incentive
to sign up to the deal, a total of  US$200 million of  convertible
notes in a new company being set up near the top of  the group's
corporate tree, called Digicel Group 0.5 Limited, which will
ultimately own its assets across the Caribbean, Asia Pacific and
Central American markets, the report notes.

According to documents relating to the deal, the bonds would be
convertible into a 49 per cent stake in the group if they remain
outstanding three years after the debt restructuring, the report
discloses.

The Irish Times said Digicel and Mr. O'Brien, who owns 99.9 per
cent of the company, will be highly motivated to redeem the bonds
in the interim, helped by the fact that the group will have a much
lower debt pile as well as signs that earnings have stabilized in
recent quarters, the report says.

The debt restructuring plan is aimed at saving US$130 million in
annual interest payments, the report adds.

                    About Digicel Group

Digicel Group is a mobile phone network provider operating in 33
markets across the Caribbean, Central America, and Oceania
regions.

The company is owned by the Irish billionaire Denis O'Brien, is
incorporated in Bermuda, and based in Jamaica.

As reported in the Troubled Company Reporter-Latin America on
November 22, 2019, Fitch Ratings downgraded the Long-Term Foreign
Currency Issuer Default Ratings of all of the rated entities in the
Digicel corporate structure, including: Digicel Group Limited, to
'CC' from 'CCC-'; Digicel Group Two Limited to 'CC' from 'CCC-';
Digicel Group One Limited to 'CCC' from 'B-'; Digicel
Limited to 'CCC' from 'B-'; and Digicel International Finance
Limited to 'B-' from 'B'. The Rating Outlooks on DGL1 and DL have
been removed, while the Outlook on DIFL has been revised to
Negative from Stable.

JAMAICA: FSSC Endorses BOJ Initiatives to Ensure Fin'l. Stability
-----------------------------------------------------------------
RJR News reports that the Financial System Stability Committee
(FSSC) of the Bank of Jamaica (BOJ) has endorsed initiatives being
undertaken by the institution to ensure adequate foreign currency
and Jamaica Dollar liquidity, in light of the COVID-19 outbreak.

The BOJ has collaborated with commercial banks to ensure that there
is no disruption to critical banking and payment services, by
making available the real time gross settlement system, which
facilitates electronic payments, according to RJR News.

The central bank has also asked financial institutions to defer any
extraordinary investment transactions that could adversely impact
the price of foreign exchange, until the COVID-19 onset has been
curtailed, the report relates.

In a statement, the FSSC said that while the COVID-19 pandemic may
create new challenges for managing financial system stability, it
is optimistic that the BOJ's measures will support normal
functioning of the financial system, including the payment system,
the report adds.

                           About Jamaica

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

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


JAMAICA: Retailers to Face Heavy Fines, Prison for Price Gouging
----------------------------------------------------------------
Caribbean360.com reports that as of March 31, retailers found to be
charging customers excessive prices for goods during the novel
coronavirus (COVID-19) crisis can be fined up to J$2 million
(US$14,805) or sentenced to two years in prison.

The provision has been made in the Trade (Sale of Goods During
Period of Declaration of Disaster Area) Order 2020, which has been
approved in the Senate, according to Caribbean360.com.

The measure is being undertaken to stamp out recent cases of price
gouging stemming from the COVID-19 crisis, the report notes.

Under the Order, no person whose business includes the retail sale
of goods shall sell any necessary goods to another person at a
price higher than the price charged immediately before the coming
into force of the Disaster Risk Management (Declaration of Disaster
Area) Order, 2020, on March 18, the report relates.

The report discloses that the only exception is if that person
proves that the difference in the price in question is attributable
solely to the cost to business concerned for obtaining the
particular goods.

Covered are any items used or intended for use as food or drink;
personal care items such as soap, cleaning products, antibacterial
products, toiletries, alcohol, hand sanitisers, bleach, and gloves;
and medical supplies, including surgical masks and prescription and
non-prescription medication, the report notes.

Minister of Foreign Affairs and Foreign Trade, Senator Kamina
Johnson Smith, who introduced the Order in the Senate, said it is
aimed at protecting consumers, the report discloses.

"Unfortunately, it has been that various business enterprises have
sought to exploit the current situation by increasing prices of
goods without apparent justification, and this is being called
price gouging.  The Government now, therefore, seeks to protect
consumers by promulgating the Trade (Sale of Goods During Period of
Declaration of Disaster Area) Order 2020," she said, the report
says.

Johnson Smith pointed out that agricultural goods are not included
in the Order at this time, the report discloses.

"The relevant Ministry has determined that it will keep the matter
under review such that if it does become necessary, then they will
issue a similar Order, but under the Agriculture Product Act," she
said, the report says.

Leader of Opposition Business in the Senate, Donna Scott Motley
said the Order aims to protect the most vulnerable members of the
population, the report notes.

Under the Order, the Consumer Affairs Commission (CAC) has been
authorized, on behalf of the Industry Minister, to demand that
books, accounts and other documents relating to the particular
business be provided so that claims of price gouging can be
investigated, the report adds.

                           About Jamaica

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

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



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

GRUPO KUO: S&P Places 'BB' Global Scale ICR on Watch Negative
-------------------------------------------------------------
On April 2, 2020, S&P Global Ratings placed its 'BB' global scale
and 'mxA' national scale issuer credit and issue-level ratings on
Grupo KUO S.A.B. de C.V. on CreditWatch with negative
implications.

The CreditWatch negative placement reflects uncertainty about the
magnitude of COVID-19's impact on KUO's operations and financial
metrics in 2020.

Uncertain impact of COVID-19 on KUO's operations.  The CreditWatch
negative placement reflects S&P's view that Grupo KUO's debt to
EBITDA could remain above 4.0x following operational challenges
confronting its auto parts and chemical units due to the pandemic's
effect on respective markets, which could slow the rise in the
group's EBITDA.

The auto parts business could be battered by production shutdown.
Earlier this year, the group started operations of its DCT
transmissions plant, providing this product to Ford and GM.
However, on March 2020, those manufacturers announced that they
closed their plants due to the COVID-19 outbreak. S&P believes this
could slow the production ramp-up at the DCT plant, delaying the
rise in total EBITDA during 2020.

The petrochemical business is facing rising inventories costs and
drop in demand.  Moreover, the dramatic fall in oil price will
cause a depreciating effect on the styrene and butadiene
inventories in the upcoming months. This comes while this business
unit is shifting its output to a more durable set of products,
after demand for its single-use applications fell in key markets
following campaigns against their use. These factors could reduce
revenue and operating margins in 2020.

The pork meat segment posts solid performance.  On the other hand,
S&P expects this segment to deliver a double-digit revenue increase
in 2020. This is mainly driven by an increase in exports amid a
higher demand in China and some Southeast Asian countries, given
that the African swine fever, which has severely hit the region's
pork supply, has resulted in higher export volumes and prices.
Additionally, the segment's volumes will further rise due to the
ramp-up of one of two pork farms during 2020.

Grupo KUO's deleveraging could take longer than expected.  The
trends in the three segments could result in a slower-than-expected
deleveraging, given that the group faces challenges to achieve
EBITDA growth in line with our previous expectations. S&P said,
"After reaching the peak of its investment cycle during 2019, we
previously expected that Grupo KUO's EBITDA would improve
significantly, which would lower its debt to EBITDA below 4.0x.
However, if the auto parts and chemical business units (which
contribute about 45% of total revenue) perform below our base-case
scenario, the group's debt to EBITDA could surpass our 4.0x
trigger."

CreditWatch

S&P said, "We expect to resolve the CreditWatch negative listing in
the next 90 days, once we have more clarity on the impact that the
COVID-19 pandemic will have on Grupo KUO's operations, revenue, and
EBITDA, and consequently, its deleveraging. We could lower the
rating if the petrochemical product prices and/or auto parts volume
sales are below our expectations, causing the group's debt to
EBITDA to remain above 4.0x."


GUADALUPE: Moody's Withdraws Ba2 Rating on MXN180MM Enhanced Loan
-----------------------------------------------------------------
Moody's de Mexico S.A. de C.V has withdrawn the Ba2 (Global Scale,
local currency) and A2.mx (Mexico National Scale) ratings on the
Municipality of Guadalupe's enhanced loan with Bansi with an
original amount of MXN 180 million.

RATINGS RATIONALE

The ratings have been withdrawn following the prepayment of the
loan on March 19, 2020 by the Municipality of Guadalupe.

The principal methodology used in these ratings was Enhanced
Municipal and State Loans in Mexico Methodology published in May
2019.

The period of time covered in the financial information used to
determine Municipality of Guadalupe's rating is between January 1,
2015 and December 31, 2019.

VOLKSWAGEN BANK: Moody's Affirms Deposit Ratings at Ba2
-------------------------------------------------------
Moody's de Mexico has placed on review for downgrade Volkswagen
Bank, S.A.'s and Volkswagen Leasing, S.A de C.V.'s backed long-term
global local currency senior unsecured debt ratings of A3 and its
backed long-term Mexican National Scale Senior Unsecured debt
ratings of Aaa.mx.

Moody's also affirmed VW Bank's long- and short-term global local
and foreign currency deposit ratings of Ba2/Not Prime and long-term
counterparty risk assessment of Ba1(cr). Moody's also affirmed VW
Bank's long- and short-term Mexican National Scale local currency
deposit ratings of A2.mx/MX-1. The stable outlook on VW Bank's
deposits ratings remains unchanged.

The rating agency also affirmed VW Leasing's short-term global
local and foreign currency debt ratings of Prime-2 and short-term
local and foreign Mexican national scale debt ratings of MX-1.

This rating action follows a similar action taken by Moody's on the
ratings of Volkswagen Financial Services AG (VW FS AG, senior
unsecured debt rating of A3, on review for downgrade) on March 27,
2020, which in turn, follows the placing on review for downgrade of
the ratings of Volkswagen Aktiengesellschaft (Volkswagen AG, issuer
rating of A3, on review for downgrade) on March 25, 2020.

Both VW Leasing's and VW Bank's backed senior unsecured debt
ratings benefit from an explicit guarantee from VW FS AG. VW Bank's
deposit ratings benefit from Moody's assessment of very high
support from its parent VW FS AG.

The following ratings of Volkswagen Bank, S.A. (821153838) were
placed on review for downgrade:

- Backed long-term global local currency senior unsecured debt
ratings of A3, outlook changed to ratings under review, from stable
(VWBANK 18)

- Backed long-term Mexican National Scale local currency senior
unsecured ratings of Aaa.mx, ratings under review (VWBANK 18)

The following ratings of Volkswagen Leasing, S.A de C.V.
(820591608) were placed on review for downgrade:

- Backed long-term global local currency senior unsecured debt
ratings of A3, outlook changed to ratings under review, from stable
(VWLEASE 17, VWLEASE 17-2, VWLEASE 18, VWLEASE 18-2, VWLEASE 19,
VWLEASE 19-2).

- Backed long-term Mexican National Scale local currency senior
unsecured ratings of Aaa.mx, ratings under review (VWLEASE 17,
VWLEASE 17-2, VWLEASE 18, VWLEASE 18-2, VWLEASE 19, VWLEASE 19-2)

The following ratings and assessments of Volkswagen Bank, S.A.
(821153838) were affirmed:

- Baseline Credit Assessment of b2

- Adjusted baseline credit assessment of ba2

- Long-term global local currency deposit rating of Ba2, outlook
remains stable

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

- Long-term global foreign currency deposit rating of Ba2, outlook
remains stable

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

- Long-term counterparty risk assessment of Ba1(cr)

- Short-term counterparty risk assessment of Not Prime(cr)

- Long-term Mexican National Scale local currency deposits rating
of A2.mx

- Short-term Mexican National Scale local currency deposit rating
of MX-1

The following ratings of Volkswagen Leasing, S.A de C.V.
(820591608) were affirmed:

- Backed short-term global local currency senior unsecured debt
program rating of Prime-2

- Backed short-term global foreign currency senior unsecured debt
program rating of Prime-2

- Backed short-term Mexican National Scale local currency senior
unsecured debt program rating of MX-1

- Backed short-term Mexican National Scale foreign currency senior
unsecured debt program rating of MX-1

Outlook action:

Volkswagen Leasing, S.A de C.V. (820591608)

Outlook changed to ratings under review, from stable.

Volkswagen Bank, S.A. (821153838)

Outlook changed to ratings under ratings from stable .

RATINGS RATIONALE

Moody's placed VW Bank's and VW Leasing's senior unsecured debts
ratings on review for downgrade following a similar action on VW FS
AG's ratings.

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 auto sector
has been one of the sectors most significantly affected by the
shock given its sensitivity to consumer demand and sentiment,
leaving it vulnerable to shifts in market sentiment in these
unprecedented operating conditions. Moody's further regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

Because VW FS AG is an integral part of the car manufacturer's
business model, the rating agency believes it would be similarly
affected by the aforementioned risk factors. VW FS AG benefits from
a direct control and profit and loss transfer agreement with
Volkswagen AG and close strategic links with its car manufacturing
parent.

The ratings of VW Bank's and VW Leasing's senior unsecured debts
reflect a full irrevocable and unconditional guarantee from VW FS
AG.

The parental guarantees for VW Bank and VW Leasing explicitly meet
most of Moody's Core Principles for credit Substitution; namely
they (1) are irrevocable and unconditional; (2) promise full and
timely payment of the underlying obligations; (3)cover payment-not
merely collection; (4) extend as long as the term of the underlying
obligation; (5) are enforceable against the guarantor, and (6) are
governed under German law, a jurisdiction hospitable to the
enforcement of guarantees.

The guarantees do not specify that any transfer, assignment or
amendment of the guarantee by the guarantor will not result in a
deterioration of the credit support provided by the guarantee.
Nevertheless, this weakness is offset by (i) the strategic fit and
importance of VW Bank's and VW Leasing's operations for the German
parent, (ii) the fact that the three companies share the name, and
(iii) the reputational risk that a default by VW Bank or VW Leasing
would represent for VW FS AG and its ultimate parent, car
manufacturer Volkswagen AG.

VW Bank's and VW Leasing's Aaa.mx Mexican national scale senior
unsecured debt rating is the sole Mexican national scale
corresponding to its A3 global senior unsecured debt rating. VW
Bank's and VW Leasing's senior unsecured debt ratings, which are
covered by the guarantee from VW FS AG were place on review for
downgrade, mirroring the review for downgrade on the guarantor's
ratings.

AFFRIMATION OF VOLKSWAGEN BANK'S Ba2 DEPOSITS

Moody's affirmed VW Bank's Ba2 long-term deposit ratings in line
with the rating agency's assessment of a very high likelihood of
affiliate support, if needed, from its parent VW FS AG. As such, VW
Bank's deposit ratings benefit from three notches of uplift from
its b2 BCA solely from affiliate support assumptions.

VW Bank's b2 BCA reflects its good levels of profitability that
complement a strong capitalization through a full earnings
retention strategy. However, the BCA is limited by VW Bank's high
concentration on car financing to individuals, reflected on null
diversification on its loan portfolio, and full dependence on the
sales of Volkswagen cars, all of which could lead to high
volatility in terms of loan portfolio growth and revenues. Although
the bank depends heavily on market funding, refinancing risks are
mitigated by the full and unconditional guarantee on VW Bank's debt
issuances by its parent.

The outlook for VW Bank's deposit ratings remains stable in line
with Moody's assessment of very high affiliate support from VW FS
AG.

VW Bank's A2.mx Mexican national scale deposit rating is the sole
Mexican national scale rating corresponding to its Ba2 global scale
deposit rating.

The global spread of the coronavirus is resulting in simultaneous
supply and demand shocks. Moody's expects these shocks to
materially slow economic activity, particularly in the first half
of this year. Moody's forecasts a decline in Mexico's GDP of about
3.7% in 2020 followed by a modest recovery for 2021 of 0.9%.

The full extent of the economic costs will be unclear for some
time. Fear of contagion will dampen consumer and business activity.
The longer it takes for households and businesses to resume normal
activity, the greater the economic impact. Fiscal and monetary
policy measures will likely help limit the damage in individual
economies. The coronavirus outbreak will have a direct negative
impact on the asset quality and profitability of banks and finance
companies, in some cases in a pronounced manner, for example for
undiversified entities with material exposure to high-risk sectors
and small and medium-sized enterprises. Moody's also views risks to
be elevated for business models reliant on spread income, equity
indices and sustained low rates.

Factors that would lead to an upgrade or downgrade of the ratings:

VW Bank's Ba2 deposit ratings could be upgraded if the bank
improves its liquidity position and achieves more stable core
earnings while maintaining strong capitalization.

However, VW Bank's and VW Leasing's A3 backed senior unsecured debt
ratings are unlikely to be upgraded given that they are on review
for downgrade.

VW Bank's Ba2 deposits ratings would likely to be downgraded if its
profitability declines significantly, or capital levels or asset
quality deteriorates substantially.

VW Bank's and VW Leasing's A3 backed senior unsecured debt ratings
will be downgraded if VW FS AG's rating is downgraded in line with
the review.



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

MINSUR SA: Moody's Affirms Ba3 CFR, Alters Outlook to Negative
--------------------------------------------------------------
Moody's Investors Service has changed the outlook on Minsur S.A.'s
rating to negative from stable and affirmed at Ba3 its corporate
family rating and the rating on its USD450 million bond due 2024.

Affirmations:

Issuer: Minsur S.A.

LT Corporate Family Rating, affirmed at Ba3

USD450 million senior unsecured notes due 2024, affirmed at Ba3

Outlook Actions:

Issuer: Minsur S.A.

Outlook, Changed To Negative from Stable

RATINGS RATIONALE

The change in Minsur's outlook to negative reflects the exposure of
the company to the breadth and severity of the credit shock caused
by the spread of the coronavirus outbreak, primarily through lower
tin prices and a loss of revenue from the current state of
emergency in Peru[1]. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. At the same time, the
affirmation of Minsur's Ba3 ratings recognizes the company's
low-cost operations and adequate liquidity profile, which places
the company in a more resilient position to withstand challenges in
this operating environment.

The Government of Peru on March 16 declared a 15-day state of
emergency, which was subsequently prolonged to 12 April, to try and
contain the spread of coronavirus within the country. Following the
guidance from MINEM, Peru's energy and mining ministry, Minsur is
limiting its activities to critical operations and maintenance
during the one-month period of the state of emergency, which will
reduce its production levels in Peru.

Minsur's Ba3 ratings remain supported by the company's high
margins, along with its position as the third-largest tin producer
worldwide. The company's credit quality is additionally supported
by low costs and high-grade ore, largely because of its ownership
of the San Rafael mine, the world's largest tin-producing
underground mine. The company's track record of strong credit
metrics and liquidity is also credit positive. On the other hand,
Minsur's concentration in tin, which accounts for most of its
revenue, exposes the company to a single metal's price volatility.
Therefore, although considering some diversification through gold
production at Pucamarca, Minsur generates most of its sales from a
single mine. In addition, the rating also recognizes the execution
risks related to its large Mina Justa project.

Minsur's operating profile will be transformed through its
expansion into copper with the large USD1.6 billion Mina Justa
project, which Minsur was expecting to finalize in 2020. The
project's construction phase will result in a sharp increase in
leverage and temporary negative free cash flow, with credit metrics
then improving again rapidly once production starts in 2021.

Minsur maintains an adequate liquidity position supported by cash
and cash equivalents of USD346 million (as adjusted by Moody's) at
year-end 2019 and a limited amount of debt maturing in the
following 12 months (about USD50 million). The large Mina Justa
project will be funded with a USD900 million syndicated credit and
USD700 million of cash from Minsur and its partner in the project.
Minsur which owns 60% of the project will contribute in total about
USD420 million which it will fund through its internal cash,
reducing its cash balance during 2020 to a level that Moody's
expect to still remain adequate.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Minsur's ratings could be downgraded if its profitability and cash
generation materially deteriorate, for example, if tin prices
remain at currently low levels for a prolonged period or the state
of emergency in Peru is extended. Negative pressure could also
arise if the company faces disruptions in its expansion projects,
mainly represented by Mina Justa, with delays in construction or
higher-than-expected capital spending straining liquidity, leverage
and interest coverage metrics. Quantitatively, negative pressure
could arise if EBIT margin falls below 10%, leverage (total
adjusted gross debt/EBITDA) remains at 4.0x or above after the
completion of Mina Justa, and interest coverage (adjusted
EBIT/interest expenses) remains below 2.5x on a consistent basis.

An upward rating movement would require evidence that the company
is on track to execute its growth and diversification strategy
while maintaining adequate liquidity to carry out its operations
and meet debt obligations. Quantitatively, a positive action would
also require its leverage to be below 3.0x and interest coverage to
remain above 3.5x on a consistent basis.

Minusr's credit profile could be impacted by the rapid and widening
spread of the coronavirus outbreak, deteriorating global economic
outlook, and asset price declines, which 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 sector has been affected by the shock
given its sensitivity to demand and sentiment. More specifically,
Minsur's credit profile remains vulnerable to the outbreak
continuing to spread given its high exposure to tin prices and
overall global economic growth. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety.

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

Headquartered in Lima, Peru, Minsur is a majority-owned subsidiary
of the Peruvian conglomerate Inversiones Breca S.A. The company is
primarily a producer and seller of tin, mined from its San Rafael
mine, located in the Puno region of Peru, and a producer and seller
of gold, mined from its Pucamarca mine, located in the Tacna region
of Peru. Through its subsidiaries, Minsur has other mining and
smelting assets in Peru and Brazil, producing tin, as well as
niobium and tantalum alloys as by-products at Taboca, in the
northern region of Brazil. Minsur reported revenue of USD712
million in 2019.

PESQUERA EXALMAR: S&P Lowers ICR to 'B-', On CreditWatch Negative
-----------------------------------------------------------------
On April 2, 2020, S&P Global Ratings lowered its global scale
issuer credit and issue-level ratings on Peru-based fishing company
to 'B-' from 'B' and placed them on CreditWatch with negative
implications.

During 2019, Exalmar's EBITDA decreased due to lower catch volumes
and higher-than-expected costs, caused by an unusual dispersion of
the anchovy biomass. The company also incurred higher costs related
to anchovy purchases to third parties, which represented about 51%
of the total processed volumes, steepening the drop in the
company's margins. As a result, EBITDA margin fell to 22% in 2019
from 36% in 2018. As Exalmar's profitability took a hit and working
capital requirements increased, the company's liquidity
deteriorated due to lower cash flows and increasing short-term debt
to support its operations.

S&P expects the company's cash flows to continue taking a hit due
to a global economic slowdown triggered by COVID-19, which would
shrink fishmeal consumption. In addition, the potential disruption
in global logistics and a slowdown in shipments to the company's
main customers in Asia, Americas, and Europe could erode Exalmar's
top-line growth prospects. Such disruptive business conditions
could also intensify working capital needs as inventory and
receivables could increase beyond our current expectation, which
could ratchet pressure on the company's liquidity.

As of December 2019, the company had about $82 million in
short-term debt maturities in relation to its working capital
facilities. Our liquidity assessment on Exalmar incorporates its
access to domestic short-term debt financing, although the global
financing crunch could represent a liquidity concern if the company
also encounters more restrictive financing conditions in the
upcoming months. Therefore, potential threats to Exalmar's ability
to refinance debt would result in a downgrade. One factor
supporting the company's access to short-term financing are
warrants, which are credit facilities secured by the company's
fishmeal inventories.

Exalmar's business reflects its vulnerability to external factors
such as weather conditions, the timely start of fishing seasons,
approval of the respective quotas, and international demand for its
products. S&P said, "However, we expect the north-center quota
related to the first season of 2020 to be around 2 million tons. We
also expect Exalmar to reach a higher fishing share of the global
quota through owned quota and third-party purchases that are to
increase around 18%. Favorable fishing conditions could support the
company's 2020 revenue, enhancing cash flows while operating
efficiencies could stabilize costs, raising EBITDA and EBITDA
margins to around 23%. As a result, we expect the company to post
debt to EBITDA of around 4.2x for 2020 and 4.0x in 2021."




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

LATAM: PAHO Appeals for US$95MM to Help Region Cope With Pandemic
-----------------------------------------------------------------
Caribbean360.com reports that a donor appeal from the Pan American
Health Organization (PAHO) is seeking US$94.8 million to fund
priority public health measures to help countries in Latin American
and the Caribbean face the novel Coronavirus (COVID-19) pandemic.

The funds will be used to carry out PAHO's COVID-19 Response
Strategy, which in alignment with the World Health Organization
(WHO) aims to save lives and slow transmission of the virus to
mitigate the impact of the pandemic on health systems and
population health, with a focus on countries that most need help,
according to Caribbean360.com.

The requested resources will support the strategy through September
2020; as the pandemic evolves, the needs are expected to increase,
the report notes.

"The spread of COVID-19 is accelerating in the Americas and we need
to intensify actions to stop it," said PAHO Director Dr Carissa
Etienne, the report relates. "This new virus has shown that it can
overload health services even in the most developed countries.  We
need to invest more to protect the most vulnerable, including
health workers, and to save lives."

The report notes that Brazil reported the first imported case in
Latin America and the Caribbean on February 26.  Within a month,
the virus had spread to 48 countries and territories in the
hemisphere, the report relates.

As of April 1, 51 countries and territories in the Americas had
reported 216,912 confirmed cases and 4,565 deaths from COVID-19. In
the past 10 days, confirmed cases have increased tenfold, the
report notes.  Currently, the United States is the country with the
majority of cases in the world and 86 per cent of cases in the
Americas, the report says.

PAHO's strategy has five priority lines of action: early detection
of COVID-19 cases through existing surveillance systems; ensuring
capacity and sufficient tests and reagents for timely laboratory
diagnosis; infection prevention and control in health services;
optimizing the capacity of local health systems to manage cases and
provide care safely; and information dissemination to help people
understand their risks and motivate them to take measures to
protect themselves and their loved ones, 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.

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