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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 9, 2020, Vol. 21, No. 72

                           Headlines



A R G E N T I N A

ARGENTINA: Moody's Cuts Senior Unsec. Ratings to Ca, Outlook Neg.
STONEWAY CAPITAL: Moody's Withdraws Ca Senior Secured Notes Rating


B A H A M A S

BAHAMAS: To Assist Workers Affected by Tourism Fallout


B R A Z I L

BRAZIL: Considers Emergency Coronavirus Loans for Power Sector
JBS SA: Cuts Beef Production at U.S. Facility Amid Covid Concerns


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Economy Grew 5% in Jan. and Feb.


G U Y A N A

GUYANA: Elections Body Agrees to Vote Recount But Awaits Ct. Ruling


M E X I C O

FORD CREDIT: Moody's Cuts LT Senior Unsec. Debt Ratings to Ba2
MEXICO: Coronavirus Pandemic Pummeling Tourism Sector


P E R U

COMPANIA DE MINAS: Moody's Cuts CFR to B1, Outlook Negative

                           - - - - -


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

ARGENTINA: Moody's Cuts Senior Unsec. Ratings to Ca, Outlook Neg.
-----------------------------------------------------------------
Moody's Investors Service downgraded the Government of Argentina's
foreign-currency and local-currency long-term issuer and senior
unsecured ratings to Ca from Caa2. The senior unsecured ratings for
shelf registrations were also downgraded to (P)Ca from (P)Caa2. The
outlook on these ratings has been changed to negative from ratings
under review. This concludes the review for downgrade that was
initiated at the time of the August 30, 2019 rating action.

The Ca rating reflects Moody's expectation that private creditors
will likely incur substantial losses in the current government debt
restructuring process as the economic and financial shock stemming
from the pandemic compounds the funding stress that forces the
government to reduce its upcoming debt payments obligations in the
coming years.

The negative outlook reflects the risk that investor losses under
the government debt restructuring may be beyond levels consistent
with a Ca rating, which typically captures losses of up to 65%.

At the same time Argentina's short-term rating was affirmed at Not
Prime (NP). The senior unsecured ratings for government bonds that
were not restructured after the 2001/2 default were affirmed at
Ca.

Argentina's long-term foreign-currency bond ceiling was changed to
Caa3 from Caa1 and the foreign-currency deposit ceiling changed to
Ca from Caa2. The local-currency country ceilings for bonds and
bank deposits were changed to Caa1 from B2. The short-term
foreign-currency bank deposit ceiling and the short-term
foreign-currency bond ceiling remain unchanged at Not Prime (NP).

RATINGS RATIONALE

LACK OF MARKET ACCESS AND LIQUIDITY STRESS AGRAVATED BY THE
CORONAVIRUS SHOCK POINTS TO A DEBT RESTRUCTURING THAT WILL RESULT
IN SUBSTANTIAL LOSSES TO PRIVATE INVESTORS

Argentina's government has initiated the process of restructuring
about $100 billion in market debt held by private investors as lack
of market access has made it impossible to service its debt as
currently scheduled. Moody's expects a combination of extension of
maturities, lower interest rates and reductions on principal
amounts such that losses to investors ultimately be substantial and
likely to be consistent with a Ca rating, which typically captures
losses between 35% and 65%.

Earlier this year the government published a timetable for the
restructuring of its debt, which was set to finalize by the end of
March. On March 31, the government published the debt
sustainability guidelines that it will use in the debt discussions
with bondholders. Moody's expects that implementation of the
restructuring plan will take weeks, and possibly months, to be
agreed on by all parties involved. More importantly, the
coronavirus pandemic, which the rating agency considers a social
factor under its ESG framework, will only compound the already deep
economic and budgetary challenges facing the government, ultimately
adding to the funding stress and the level of losses likely to be
incurred by bondholders.

Argentina's total debt as of year-end 2019 was $323 billion
dollars, according to government figures. But the government plans
to restructure only foreign currency debt held by private
investors, estimated by the International Monetary Fund (IMF) to
reach about $97 billion, including both domestic and foreign
legislation obligations. The remainder of the debt is owed to
multilateral or bilateral agencies, including the IMF, as well as
debt owed to other government entities. Although the government has
indicated it plans to restructure only foreign currency debt
Moody's believes that some of the peso debt held by private
creditors may also be restructured. On February the government
postponed the payment of a peso-payable bond due that month to
September of this year after it failed to raise the necessary funds
in the domestic peso market.

Argentina has large upcoming payments to the IMF, reaching over $20
billion per year in 2022/23. Argentina will need to extend those
payments over time but that will require reaching agreement on a
new program with the IMF, which is unlikely until the debt
restructuring with the private sector is finalized and the new debt
profile is deemed by the Fund as sustainable. The IMF recently
estimated that debt sustainability will require Argentina to bring
down total annual debt service to private creditors and
multilateral and bilateral lenders, including both principal and
interest, to no more than 6% of GDP. In Moody's view, such a
restructuring is likely to require substantial losses to investors.
Moody's definition of a debt default includes only payments to
private creditors, not multilateral or bilateral agencies.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects the risks that investor losses under
the government debt restructuring may go beyond a level consistent
with a Ca rating, which typically captures losses of up 65%.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

As a major agricultural exporter, Argentina is moderately exposed
to environmental risks. Agricultural exports, which represent over
50% of the total, are vulnerable to regular climate-related shocks.
In 2018, a major drought was a key factor in that year's economic
crisis, robbing the government of needed foreign-exchange revenue
and contributing to a 2.5% contraction in economic activity.

Social risks also inform its assessment of Argentina's credit
profile. Argentina has a long history of social protests leading to
abrupt policy changes and the current economic crisis could
exacerbate those trends. The economic and employment impact of the
coronavirus crisis, which will be substantial and coming after two
consecutive years of economic recession, will further raise the
risks of social protests and political turmoil. Moody's also
regards the coronavirus outbreak, the consequences of which for
Argentina's credit profile drive this rating action, to be a social
risk under its ESG framework given the substantial implications for
public health and safety.

In terms of governance, Argentina's weak institutional framework is
underpinned by a history of unpredictable and unsustainable
policymaking. Its analysis also incorporates the country's track
record of default and limited success in controlling high
inflation.

GDP per capita (PPP basis, US$): 20,551 (2018 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): -2.5% (2018 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 47.6% (2018 Actual)

Gen. Gov. Financial Balance/GDP: -5.2% (2018 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: -5.2% (2018 Actual) (also known as
External Balance)

External debt/GDP: 53.5% (2018 Actual)

Economic resiliency: b2

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.

On March 31, 2020, a rating committee was called to discuss the
rating of the Argentina, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have materially decreased. The
issuer has become increasingly susceptible to event risks.

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

Moody's would consider stabilizing the outlook if financing
conditions stabilize and the anticipated losses to private
creditors from debt restructuring are less than currently forecast.
Post debt restructuring, upward pressure could emerge if the new
debt profile were to be deemed sustainable and supported by a
credible policy path to fiscal consolidation and economic reforms.

Moody's would downgrade the rating in the event the ongoing debt
restructuring results in losses over 65% to private creditors,
which is inconsistent with the current rating.

STONEWAY CAPITAL: Moody's Withdraws Ca Senior Secured Notes Rating
------------------------------------------------------------------
Moody's Investors Service has withdrawn the Ca senior secured
rating of Stoneway Capital Corporation.

Withdrawals:

Issuer: Stoneway Capital Corporation

Senior secured notes, withdrawn, previously rated Ca

Outlook Actions:

Issuer: Stoneway Capital Corporation

Outlook, Changed to Rating Withdrawn from Stable

RATINGS RATIONALE

Moody's has decided to withdraw the rating because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the rating.



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B A H A M A S
=============

BAHAMAS: To Assist Workers Affected by Tourism Fallout
------------------------------------------------------
Caribbean360.com reports that thousands of self-employed people who
rely on cruise ship and stopover visitors, but are unable to make a
living during to the COVID-19 lockdown, are getting some government
assistance.

Deputy Prime Minister and Minister of Finance Peter Turnquest
disclosed in the House of Assembly that the government has
partnered with the National Insurance Board to design a temporary
program that will provide weekly payments of US$200 to persons who
meet the eligibility criteria, for a period of up to eight weeks,
according to Caribbean360.com.

"An eligible person can receive up to $1,600 over the eight-week
period.  I am grateful that the Board eagerly accepted this
challenge," Turnquest said in an update on the government's
stimulus measures in response to COVID-19, the report notes.

He added that the government will expand the Unemployment
Assistance for COVID-19 program to other licensed self-employed
persons who are impacted by the COVID-19 Emergency Orders, the
report relates.

Given the aggressive actions taken by the Government in the
interest of public safety, these self-employed persons, outside of
the tourism trade, are also facing the complete loss of income and
the challenge of meeting their financial obligations,
Caribbean360.com notes.  They too will receive a benefit payment of
$200 per week for the length of the quarantine period which at
present will be in place until at least April 8, Caribbean360.com
says.

"I wish to emphasize again that this benefit for self-employed
persons outside of the tourism trade will be paid for a period
corresponding to the period of the ongoing Emergency Orders. NIB
will administer this expansion.  They will announce the related
steps for these persons and applications for this element, which
should begin by next Tuesday, April 7," the Finance Minister said,
the report notes.

He added that the Department of Inland Revenue has indicated that
there are just over 7,000 self-employed persons across The Bahamas
who meet these criteria, the report relates.

The Ministry of Finance is budgeting an initial US$5.9 million to
cover these additional self-employed persons impacted by the
current lockdown, the report adds.
As reported in the Troubled Company Reporter-Latin America on
March 16, 2020, S&P Global Ratings revised the outlook on The
Commonwealth of The Bahamas to negative from stable. At the same
time, S&P Global Ratings affirmed its 'BB+/B' sovereign credit
ratings and 'BBB-' transfer and convertibility assessment on The
Bahamas.



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

BRAZIL: Considers Emergency Coronavirus Loans for Power Sector
--------------------------------------------------------------
Luciano Costa at Reuters, citing an industry group, reports that
Brazil's government is considering an emergency loan package for
energy distributors struggling with lower energy use and facing
lost revenues because of the coronavirus outbreak.

Marcos Madureira, president of Brazilian energy distributors
association Abradee, said the package being negotiated by companies
and the government could involve loans from state development bank
BNDES or a pool of banks, but that the value of the loans and other
details was not yet settled, according to Reuters.

Also, Brazil's Mines and Energy Ministry is indefinitely postponing
projects to auction off energy transmission and generation assets
planned for this year because of the coronavirus, it said in the
Official Gazette, the report notes.

The coronavirus outbreak will also delay the privatization of
state-owned utility Eletrobras, its chief executive officer said,
the report discloses.

The potential loan package under discussion would resemble a
similar measure in 2014 and 2015 that offered about BRL22 billion
($4.2 billion) in loans to the sector as Brazil was entering its
deepest recession on record, Madureira said, the report discloses.

The report says that public and private banks including BNDES,
Caixa Economica Federal, Itau Unibanco and Banco Bradesco
participated in those loans.

Three sources involved in the discussions said on condition of
anonymity that the Mines and Energy Ministry and energy regulator
Aneel were considering the matter, the report relates.

Aneel declined to comment. The Mines and Energy Ministry and BNDES
did not immediately respond to requests for comment.

Energy distributors worry that reduced electricity usage from the
outbreak could result in deep revenue losses, the report relates.

The coronavirus has led to widespread lockdowns of non-essential
businesses in Brazil, while citizens are being told to stay home,
the report discloses.  That is causing lost income for many hourly
and informal workers in Brazil, who could be unable to pay their
electricity bills, the report says.

The government sees a loan package as a way to stave off a
potential chain of defaults in the sector, one of the sources said,
the report notes.

On a conference call with investors about the company's latest
earnings, Eletrobras CEO Wilson Ferreira Jr. said privatization
would be delayed, without giving any more details on the projected
time scale, the report relates.

The largest investors in Brazil's energy distribution sector
include Italy's Enel, Spain's Iberdrola via its subsidiary
Neoenergia and China's State Grid via CPFL Energia as well as local
players Energisa e Equatorial Energia, the report discloses.

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

JBS SA: Cuts Beef Production at U.S. Facility Amid Covid Concerns
-----------------------------------------------------------------
Tom Polansek at Reuters reports that JBS USA will reduce beef
production for two weeks at a Pennsylvania facility after managers
displayed flu-like symptoms, the company said, making it the first
U.S. meat plant to cut operations due to worries over the
coronavirus pandemic.

Members of the senior management team at the facility in Souderton,
Pennsylvania, were sent home to monitor their health as a
precaution, JBS said in a statement, according to Reuters.

JBS did not say how much production would be reduced or whether the
employees were being tested for COVID-19, the report notes.

The plant has more than 1,000 workers and is the largest beef
facility east of Chicago, serving customers along the eastern
seaboard and around the world, according to the company, a
subsidiary of Brazil-based JBS SA, the report discloses.

The facility will continue to run "fabrication and ground beef
operations" and should return to normal on April 14, according to
the statement, the report relates.

U.S. live cattle futures have tumbled recently on concerns that the
coronavirus pandemic will shut slaughterhouses and back up supplies
of livestock, the report notes.

Meat plants in Canada have already been shut temporarily due to
concerns about the virus, the report adds.



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

DOMINICAN REPUBLIC: Economy Grew 5% in Jan. and Feb.
----------------------------------------------------
Dominican Today reports that Dominican Republic Central Banker,
Hector Valdez Albizu, said the Dominican economy grew on average 5%
in the first two months, as the result of the incidence of the
cessation of activities caused by COVID-19 that have yet to be
measured.

The official said the GDP grew 5% in February but acknowledged that
there will be difficulties in maintaining that pace in the face of
the challenges posed by the coronavirus and its effects on the
economy, according to Dominican Today.

"There will be difficulties in continuing to maintain that growth
and it will probably drop significantly, but we can solve it due to
the economic fundamentals we have in the medium term," the official
said in a press conference, the report notes.

                    About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.

The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB- with
stable outlook (2016).



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G U Y A N A
===========

GUYANA: Elections Body Agrees to Vote Recount But Awaits Ct. Ruling
-------------------------------------------------------------------
Caribbean360.com reports that the Guyana Elections Commission
(GECOM) has agreed to move ahead with a full recount of votes cast
in the March 2 general and regional elections.

But it says it will not begin until the Court of Appeal rules in
private citizen Ulita Grace Moore's challenge to a March 31
decision of the Full Court that the High Court did not have
jurisdiction to hear her application to block GECOM from moving
ahead with the national recount, according to Caribbean360.com.

In a statement issued, GECOM said it would go ahead with the
recount and it would be done chronologically, beginning from Region
One, Barima-Waini, the report notes.

In a subsequent statement, however, it indicated that it would
await the Court of Appeal decision in Moore's case first, the
report relates.

It said that attorney-at-law Kim Kyte, who is representing GECOM's
Chairman, Retired Justice Claudette Singh in the appeal matter, had
informed the parties and Appellate Court Justices Dawn Gregory
Barnes, Brassington Reynolds and Rishi Persaud that the election
body's further decisions will be held back until the Court hands
down its ruling, the report says.

Justice Gregory-Barnes indicated that the court will soon, the
report discloses.

The recount had been requested on March 15 by President David
Granger, who asked the Caribbean Community (CARICOM) to organize
the supervision of the process to allay doubts about the validity
of the results, particularly for the disputed Region Four,
Demerara-Mahaica district, the report says.

That request was agreed to by Opposition Leader Bharrat Jagdeo and
an aide memoire was signed, the report relates.

However, the preparations for the recount were halted after the
injunction was filed by Moore and a CARICOM team that was on the
ground for the recount left the country, the report adds.



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

FORD CREDIT: Moody's Cuts LT Senior Unsec. Debt Ratings to Ba2
--------------------------------------------------------------
Moody's de Mexico downgraded Ford Credit de Mexico, S.A. de C.V.,
Sociedad Financiera de Objetivo Multiple, Entidad Regulada's backed
long-term global local currency senior unsecured debt ratings to
Ba2, from Ba1, and its backed long-term Mexican National Scale
senior unsecured debt rating to A2.mx, from A1.mx. Both ratings
were placed on review for further downgrade. Ford Credit de
Mexico's backed short-term Mexican National Scale senior unsecured
debt program rating of MX-1 was also placed on review for
downgrade. In turn, Moody's affirmed the company's backed
short-term global local currency senior unsecured debt program
rating of Not Prime.

This rating action follows a similar action taken by Moody's on the
ratings of Ford Motor Credit Company LLC (FMC, senior unsecured
rating of Ba2, ratings on review for downgrade) on March 25, 2020,
which, in turn, follows the downgrade of its parent, Ford Motor
Company (Ford, senior unsecured debt ratings of Ba2, rating on
review for downgrade).

Ford Credit de Mexico's ratings benefit from an explicit guarantee
from FMC, which in turn, benefits from support from its ultimate
parent, Ford.

The following ratings were downgraded and placed on review for
downgrade:

Ford Credit de Mexico S.A de C.V, SOFOM, ER (600065473)

  - Backed long-term global local currency senior unsecured debt
ratings to Ba2 from Ba1, outlook changed to rating under review,
from stable (FORD 19, FORD 19-2)

  - Backed long-term Mexican National Scale senior unsecured debt
rating to A2.mx, from A1.mx, rating under review (FORD 19, FORD
19-2)

The following ratings were placed on review for downgrade:

Ford Credit de Mexico S.A de C.V, SOFOM, ER (600065473)

  - Backed short-term Mexican National Scale senior unsecured debt
program rating of MX-1, rating under review

The following rating was affirmed:

Ford Credit de Mexico S.A de C.V, SOFOM, ER (600065473)

  - Backed short-term global local currency senior unsecured debt
program rating of Not Prime

Outlook action:

Ford Credit de Mexico S.A de C.V, SOFOM, ER (600065473)

Outlook changed to ratings under review from stable.

MEXICO: Coronavirus Pandemic Pummeling Tourism Sector
-----------------------------------------------------
EFE News reports that from Mexico's Caribbean coast over to
Acapulco on the Pacific and up the western shoreline to the Sea of
Cortes, beaches and hotels are empty due to the Covid-19 pandemic,
a crisis that is devastating the country's tourist sector and
throwing millions of people out of work.

The desolation is evident in Mexico City's historic downtown, where
hotel occupancy has plummeted 54.6 percent in the past week,
according to the Tourism Secretariat (Sectur), although some
businesses are remaining open, according to EFE News.



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

COMPANIA DE MINAS: Moody's Cuts CFR to B1, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service has downgraded to B1 from Ba2 the
corporate family rating of Compania de Minas Buenaventura S.A.A.
Rating outlook remains negative.

Rating Action:

Issuer: Compania de Minas Buenaventura S.A.A.

Corporate Family Rating, Downgraded to B1 from Ba2

Outlook Action:

Issuer: Compania de Minas Buenaventura S.A.A.

Outlook, Remains Negative

RATINGS RATIONALE

The downgrade to B1 from Ba2 reflects Buenaventura's recently
weaker operating results and financial profile, affected by lower
volumes at several of its largest mines (Uchucchacua, Orcopampa and
El Brocal) and weak profitability with negative EBIT margin, and
Moody's expectation that the company's credit metrics will remain
at weak levels at least in 2020 and only gradually recover beyond
2020. The negative outlook primarily 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
base metal prices and a loss of revenue from the current state of
emergency in Peru which is limiting mining operations to critical
operations and maintenance, and will reduce production levels.

Buenaventura's B1 CFR reflects its balanced portfolio of base and
precious metals; good mine diversification, with four wholly-owned
operations, two majority-owned operations and three affiliates; and
adequate corporate governance practices. The rating nevertheless
also considers Buenaventura's geographic concentration in Peru and
its relatively modest revenue size compared with that of its
similarly rated global peers. The rating also incorporates a cost
structure, with scope for further optimization, which currently
results in low profitability.

While the company's ongoing cost optimization program continues to
drive cost savings at the four largest mines directly owned by the
group, Moody's projects still-low production volumes for 2020 at
several mines compared to those of 2017-18, pressures on base metal
prices from the coronavirus outbreak, and the loss of production
volumes from the current state of emergency in Peru, which is
likely to weaken revenue and credit metrics' further during 2020.
It projects Buenaventura's EBIT margin to remain negative in 2020
and its leverage to remain above 4x.

Moody's expects Buenaventura to continue to focus on cost
optimization and extending the life of its existing mines in the
next couple of years, with no large project starting construction
before 2021. Capital spending will therefore continue to be light,
at least in 2020, with investments of around USD 85-105 million.

The weaker operating results in 2019 resulted in a decline in
Buenaventura's cash balance to USD 210 million at the end of
December 2019 from USD 369 million in 2018, reducing its liquidity
cushion. Buenaventura has refinanced its USD 275 million syndicated
credit and, under the new syndicated credit will not face any
amortization in 2020-21. Buenaventura's cash balance will be able
cover the company's USD 55 million short-term debt, the USD 131
million Huanza debt maturing in Q4 2020, which the company intends
to refinance, and some other smaller debt amortization (USD22
million at El Brocal). While Moody's expects that the company's
cash flow from operations will cover its low capital spending in
2020 if the loss of its production volumes remains limited to about
a month, a longer state of emergency in Peru or base metals prices
remaining at currently low levels would result in negative free
cash flow and reduce its liquidity cushion.

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

Buenaventura's rating would be further downgraded if the company's
liquidity deteriorates or if it is unable to improve its
profitability and financial profile in the next 12-18 months.
Quantitatively, a leverage (Moody's adjusted debt to EBITDA) above
4.0x for a prolonged period could result in a downgrade.

A stabilization of the outlook would require a recovery in
production volumes and an improvement in the company's EBIT margin
to the mid to high single-digits in percentage terms, with leverage
around 3.5x. An upgrade would require Buenaventura to reach a
sustainable improvement in its cost position, enabling the company
to better weather material declines in metal prices, and to
maintain a more stable EBIT margin, at least around 10%, with
leverage maintained below 3.5x.

Buenaventura'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,
Buenaventura's credit profile remains vulnerable to the outbreak
continuing to spread given its exposure to base metal 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 this rating was Mining published
in September 2018.

Headquartered in Lima, Peru, Buenaventura is a mining company
engaged in the exploration, mining and processing of gold, silver,
copper, zinc and lead in Peru. In addition to four wholly-owned and
two majority-owned mines, the company has also a stake of 19.58% in
Cerro Verde, one of the world's largest copper mines, 43.65% stake
in Yanacocha, the largest gold mine in Latin America, and 40.1%
stake in Coimolache. Buenaventura is controlled by the Benavides
family and is listed in the New York Stock Exchange and Lima Stock
Exchange. In 2019, the company generated USD868 million in
revenue.



                           *********


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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