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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, May 7, 2020, Vol. 21, No. 92

                           Headlines



A R G E N T I N A

ARGENTINA: Starts Roadshow in Bid to Restructure $72 Billion Debt
RAGHSA SA: Moody's Rates $78.9MM Senior Unsec. Notes 'Caa2'


B E R M U D A

NCL CORP: Bank Debt Trades at 28% Discount


B R A Z I L

BRAZIL: Guedes Advocates Reducing Int'l Reserves to Cut Gross Debt
BRAZIL: Senate President and Minister Agree R$120BB Relief Package
KLABIN SA: Fitch Affirms LT IDR at 'BB+', Outlook Stable
OI SA: Bank Debt Trades at 94.4% Discount


C O L O M B I A

AVIANCA HOLDINGS: S&P Downgrades ICR to 'CCC-', On Watch Negative


D O M I N I C A N   R E P U B L I C

AEROPUERTOS DOMINICANOS: S&P Cuts Rating to B+ on Traffic Drop
DOMINICAN REPUBLIC: Gets US$650MM IMF Loan to Fight Pandemic
DOMINICAN REPUBLIC: Remittances Nosedive 21% to US$520.1MM


E L   S A L V A D O R

DISTRIBUIDORA DE ELECTRICIDAD: $25MM Debt Trades at 17% Discount
DISTRIBUIDORA DE ELECTRICIDAD: Bank Debt Trades at 17% Discount


J A M A I C A

JAMAICA: PSOJ Raises $110 Million for COVID-19 Relief


M E X I C O

TUNEL DE ACAPULCO: Moody's Cuts Cert. Rating to Ba3, Outlook Neg.


P A R A G U A Y

PARAGUAY: S&P Affirms 'BB/B' Sov. Credit Ratings, Outlook Stable


P U E R T O   R I C O

IGLESIA TABERNACULO: Case Summary & 2 Unsecured Creditors
JJE INC: Plan & Disclosures Hearing Reset to July 22
SPANISH BROADCASTING: Receives $6.5 Million PPP Unsecured Loan
STAR PETROLEUM: May 26 Disclosure Statement Hearing Set


S T .   L U C I A

DIGICEL INTERNATIONAL: Bank Debt Trades at 19% Discount


U R U G U A Y

ACI AIRPORT: Fitch Rates $186MM Senior Secured Notes 'BB+(EXP)'


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Propose Drastic Reform of Oil Industry

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Starts Roadshow in Bid to Restructure $72 Billion Debt
-----------------------------------------------------------------
Pablo Rosendo Gonzalez and Ignacio Olivera Doll at Bloomberg News
report that Argentina and the province of Buenos Aires will start
setting up virtual meetings with institutional investors as they
continue the process of restructuring more than $72 billion in
debt, according to people familiar with the plan.

The national government will call on about 20 institutions and
funds -- including BlackRock, Ashmore and Fintech's David Martinez
-- to present its offer to restructure $65 billion in debt, the
people said asking not to be named because the plan isn't public
yet, according to Bloomberg News.

The main objective of the meetings will be to seek the investors'
opinion about the formal offer, the report notes.  No negotiations
will be held, the report relays.

Buenos Aires planned to call their own bondholders on April 20 or
30 to proceed with a similar roadshow to restructure at least $7
billion in obligations, the people said, Bloomberg News says.

While both administrations are telling their financial advisers --
including Bank of America Corp., HSBC Holdings Plc, Citigroup Inc.
and Lazard Ltd. -- that there won't be a sweetener, the situation
may change if the gap between their offers and investor demands are
close after May 8, Bloomberg News notes.

Bloomberg News notes that while creditor groups rejected the offer
after it was presented, bond prices rose.  That's because, even if
estimates vary, the value of the offer is seen as higher than where
the bonds were trading in secondary markets previously, said the
people, Bloomberg News relates.  Government, adviser and creditor
calculations of the offer's net present value vary in a range
between 46 cents and 33 cents on the dollar, the people added.

A group of holders of bonds of the province of Buenos Aires also
rejected the official offer, according to an emailed statement,
Bloomberg News adds.

                    About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank.  Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

As reported by the Troubled Company Reporter - Latin America on
April 14, 2020, Fitch Ratings upgraded Argentina's Long-Term
Foreign Currency Issuer Default Rating to 'CC' from 'RD' and
Short-Term Foreign Currency IDR to 'C' from 'RD'.

The TCR-LA reported on April 13, 2020, that S&P Global Ratings
also lowered its long- and short-term foreign currency sovereign
credit ratings on Argentina to 'SD/SD' from 'CCC-/C'. S&P also
affirmed the local currency sovereign credit ratings at 'SD/SD'.
There is no outlook on 'SD' ratings.

On April 9, the TCR-LA reported that 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.

RAGHSA SA: Moody's Rates $78.9MM Senior Unsec. Notes 'Caa2'
-----------------------------------------------------------
Moody's Investors Service has assigned a Caa2 foreign currency
rating to Raghsa S.A.'s proposed senior unsecured notes of up to
$78.9 million due 2027. The outlook is negative.

Net proceeds from the proposed issuance will be used primarily for
a tender offer for Raghsa's 2021 and 2024 notes. Raghsa's purpose
for the proposed debt exchange offer is to extend the maturity of
its outstanding financial debt and will not receive any cash
proceeds from the issuance of the proposed notes; therefore, its
indebtedness will not increase.

The rating of the proposed notes assumes that the final transaction
documents will not be materially different from draft legal
documentation reviewed by Moody's to date and assume that these
agreements are legally valid, binding and enforceable.

New Assignments:

Issuer: Raghsa S.A.

Senior Unsecured Global Notes Class IV, Assigned Caa2

RATINGS RATIONALE

Raghsa's Caa2 rating is mainly supported by (1) its expectation of
higher operating cash flow in fiscal year ending in February 2021
resulting from the new lease revenue at the new Centro Empresarial
Libertador office building; (2) Raghsa's high occupancy rates; (3)
healthy tenant base and (4) healthy liquidity profile. The rating
also reflects Raghsa's moderate leverage for the rating category
relative to its high-quality assets, which are mostly unencumbered
and support its liquidity sources.

Raghsa's rating is also supported by the company's strong brand
name and position in the Argentine market, and management's solid
track record in the industry. The company's tenant base is
moderately diversified in terms of industry exposure, but there is
some client concentration, with five tenants representing around
half of the company's lease revenues as of November 2019.

Key rating challenges for Raghsa's ratings are its small size
relative to its industry peers, and the concentration of its
portfolio in four office buildings in the City of Buenos Aires.

In addition, Raghsa has exposure to foreign-exchange risk because
most of its debt is denominated in US dollars. However, this
exposure is mitigated by (1) its revenue base which is indexed to
the depreciation of the Argentine peso because lease fees for
tenants are set in US dollars but payable in Argentine pesos, and
(2) by the company's large holdings of cash and marketable
securities denominated in US dollars relative to cash requirements
in coming years. Accordingly, Raghsa has no significant debt
obligations until the maturity of its class 3 senior unsecured
notes due in 2024 (about $120 million) and because the company has
flexibility to manage the timing of future capital spending.

Raghsa has a good liquidity profile. The company's liquidity and
funding have been historically reliant on internally generated
cash, proceeds from property sales (all of Raghsa's assets are
unencumbered) notes' issuances and, to a lesser extent, bank loans.
Additionally, short term debt maturities of $19.5 million represent
4.2% of total cash and marketable securities of $132.4 million as
of November 2019.

In the proposed transaction, Raghsa offers bondholders of its
dollar-denominated class 2 senior unsecured notes due in 2021
($38.9 million of principal outstanding with an 8.5% coupon) and
class 3 senior unsecured notes due 2024 ($119.7 million of
principal outstanding with a 7.25% coupon) the possibility to
exchange any and all of their holdings for newly issued
dollar-denominated class 4 senior unsecured notes due 2027 with a
coupon of 8.5%. The issuance amount of the new class 4 notes will
not exceed $78,917,000.

Raghsa's primary purpose for the exchange offer is to extend the
maturity of its outstanding financial debt. Bondholders will
receive, for each $1,000 in principal amount of existing class 2
and 3 notes, $1,000 in principal amount of proposed class 4 notes.
As a result, Raghsa will not receive any cash proceeds from the
issuance of the proposed notes and its indebtedness will not
increase.

On April 7, 2020, Moody's downgraded the company´s ratings and the
outlook was revised to negative from ratings under review,
concluding the review for downgrade initiated on September 3, 2019.
The downgrade and change in outlook followed the downgrade of the
Government of Argentina's ratings to Ca from Caa2, with the outlook
changed to negative from ratings under review, on April 3, 2020.
The rating action reflected Moody's view that the creditworthiness
of Raghsa cannot be completely de-linked from the credit quality of
the Argentine government, and thus the rating needs to closely
reflect the risk that the company shares with the sovereign. A
weaker sovereign has the potential to create a rating drag on
companies operating within its borders, and, therefore, it is
appropriate to limit the extent to which the company can be rated
higher than the sovereign, in line with its cross-sector rating
methodology Assessing the Impact of Sovereign Credit Quality on
Other Ratings, published in June 2019.

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

A rating downgrade of the Argentine Government's bond rating and/or
lowering of the local country ceiling would likely result in
negative rating actions for the company to maintain the issuers'
current notching gap relative to the sovereign in the absence of
any significant change in its underlying credit quality. A
significant deterioration in the company's liquidity profile can
also lead to a rating downgrade.

A rating upgrade is unlikely at this point given the company's
negative outlook, which reflects the negative outlook of the
Government of Argentina's bond rating.



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B E R M U D A
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NCL CORP: Bank Debt Trades at 28% Discount
------------------------------------------
Participations in a syndicated loan under which NCL Corp Ltd is a
borrower were trading in the secondary market around 72
cents-on-the-dollar during the week ended Fri., May 1, 2020,
according to Bloomberg's Evaluated Pricing service data.

The $1.63 billion facility is a term loan.  The loan is scheduled
to mature on January 2, 2024.   About $1.56 billion of the loan
remains outstanding.

The Company's country of domicile is Bermuda.




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B R A Z I L
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BRAZIL: Guedes Advocates Reducing Int'l Reserves to Cut Gross Debt
------------------------------------------------------------------
Richard Mann at Rio Times Online reports the Minister of Economy,
Paulo Guedes, advocated on Wednesday, April 29, the sale of part of
the international reserves to reduce the size of the gross debt in
proportion to the Gross Domestic Product (GDP).

"That's what we did last year. And the Central Bank can do a little
more," he said during a video conference meeting with retail sector
leaders, according to Rio Times Online.

"That's what we did last year. And the Central Bank can do a little
more," the Economy Minister said, the report relays.

As reported in the Troubled Company Reporter-Latin America on April
10, 2020, S&P Global Ratings revised on April 6, 2020, its outlook
on its long-term ratings on Brazil to stable from positive.  At the
same time, S&P affirmed its 'BB-/B' long- and short-term foreign
and local currency sovereign credit ratings. S&P also affirmed its
'brAAA' national scale rating and its transfer and convertibility
assessment of 'BB+'. The outlook on the national scale rating
remains stable.


BRAZIL: Senate President and Minister Agree R$120BB Relief Package
------------------------------------------------------------------
Arkady Petrov at Rio Times Online reports after negotiations with
the Senate, Minister of Economy Paulo Guedes raised the relief
package for states and municipalities in the Coronavirus crisis to
BRL120 billion, with BRL60 (US$22.6) billion being transferred
directly to the governors and mayors.

In mid-April, the bill presented by the economic team provided for
BRL77.4 billion in financial aid, with BRL40 billion for direct
transfer, according to Rio Times Online.

But Guedes' plan was deemed modest, particularly in view of the
project passed by the Chamber of Deputies, regarded by the
government as a "bombs away!" agenda, the report notes.

The new version of the relief package was submitted to senators
electronically by Senate President Davi Alcolumbre, the report
relays.  The plan is to vote on the bill.

As reported in the Troubled Company Reporter-Latin America on April
10, 2020, S&P Global Ratings revised on April 6, 2020, its outlook
on its long-term ratings on Brazil to stable from positive.  At the
same time, S&P affirmed its 'BB-/B' long- and short-term foreign
and local currency sovereign credit ratings. S&P also affirmed its
'brAAA' national scale rating and its transfer and convertibility
assessment of 'BB+'. The outlook on the national scale rating
remains stable.

KLABIN SA: Fitch Affirms LT IDR at 'BB+', Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed Klabin S.A.'s Long-Term Foreign and
Local Currency Issuer Default Ratings at 'BB+' and national scale
long-term rating at 'AAA(bra)'. Fitch also affirmed the 'BB+' to
Klabin Finance S.A. and Klabin Austria Gmbh's senior notes,
guaranteed by Klabin. The Rating Outlook for the corporate ratings
is Stable.

Klabin's ratings reflect the company's leading position in the
Brazilian packaging sector, large forestry base providing a low
production cost structure, access to inexpensive fiber and a high
degree of vertical integration, which enhances product flexibility
in the competitive but fragmented packaging industry. Because of
its strong market business position in packaging products and
integrated operations, Klabin is a price leader in the domestic
market and is able to preserve more stable sales volume and
operating margins during more instable economic scenarios in Brazil
than its competitors, which have significantly lower scale of
operations and high exposure in production costs. The company also
benefits from its position as a low-cost producer of market pulp,
in the lowest quartile, and maintains pulp production volumes above
90% of nominal capacity.

Klabin's solid liquidity position and low refinancing risk remain
key credit considerations. The analysis considers the investments
in the Puma II project, which will further strengthen the company's
leading market position in the packaging business. Klabin's EBITDA
fell to BRL3.6 billion during 2019, as per Fitch's calculations,
from BRL4.0 billion in 2018 as a result of the weak price
environment. Due to the drop in EBITDA plus the increase in capex
for the project, Klabin's net debt increased to BRL14.5 billion
from BRL12.5 billion and its net leverage ratio increased to 4.1x
from 3.1x, according to Fitch's criteria. This amount of net debt
and the leverage ratios remain within Fitch's expectation in the
midst of the project and result in the maintenance of a Stable
Rating Outlook.

The Stable Rating Outlook reflects Fitch's expectation of strong
operating cash flow, despite the severe economic downturn and weak
pulp prices, benefiting from the depreciation of Brazilian real.
Fitch expects a limited impact on Klabin's packaging business due
to the coronavirus pandemic. Krafliner, coated board and corrugated
boxes' demand should remain relatively stable, supported by the
company's leading position and diversified client base in the more
resilient food sector. Industrial bags is the only segment that
will be significantly affected by weaker demand; this segment
represented 8% of Klabin's sales in 2019.

KEY RATING DRIVERS

Leading Position in the Brazilian Packaging Segment: Klabin is the
leader in the Brazilian corrugated boxes and coated board sectors
with market shares of 18% and 50%, respectively. In the Brazilian
market, the company is the sole producer of liquid packaging board
and is the largest producer of kraftliner and industrial bags, with
market shares of 42% and 56%, respectively. In Fitch's opinion, the
expansion project is very strategic for Klabin and will add 920,000
tons of annual production capacity of kraftliner by 2023,
positioning the company as the world's third largest kraftliner
paper producer. Klabin's strong market shares allow it to be a
price leader in Brazil. The company's competitive advantage is
viewed as sustainable due to its scale, high level of integration
and diversified client base in the more resilient food sector. This
allows Klabin to preserve EBITDA margins above 30% throughout the
cycle, while small players have margins below 15%.

Pulp Mill and Forestry Assets Positive Rating Considerations:
Klabin has a 1.6 million-ton pulp mill that started operations in
2016. Klabin sources much of its fiber requirements from hardwood
and softwood trees grown on 248,000 hectares of plantations it has
developed on 542,000 hectares of land it owns; this ensures a
competitive production cost structure in the future. During
fourth-quarter 2019, the company's cash cost of production was
USD167 per ton, which placed it firmly in the lowest quartile of
the cost curve. The accounting value of Klabin's land was about
BRL2.2 billion as of Dec. 31, 2019, and the value of the biological
assets on its forest plantations was BRL4.7 billion. If needed,
some of the forestry assets could be monetized to lower debt and
improve liquidity.

FCF to Remain Negative: Consolidated adjusted EBITDA is expected to
be around BRL4.4 billion for 2020 and BRL4.6 billion in 2021 and
cash flow from operations of BRL2.8 billion and BRL3.0 billion,
respectively. Klabin generated BRL3.6 billion of adjusted EBITDA
and BRL2.7 billion of cash flow from operations in 2019, as per
Fitch's calculations. Klabin's flexibility and product
diversification will continue to soften the impact of the severe
economic downturn in Brazil and weak pulp prices. Fitch's
projections considered 1% reduction in paper and packaging sales
volume, to 1.8 million tons in 2020, with an increase in 2021
following the start-up of the first phase of Puma II project and
1.5 million tons of pulp for 2020 and 2021. Fitch expects negative
FCF of about BRL1.6 billion in 2020 and BRL955 million in 2021, due
to investments in the Puma II project. Fitch's base case
incorporates total investments around BRL7.5 billion during 2020
and 2021 and no dividends during 2020.

Leverage to Increase Due to New Investment Cycle: Fitch expects net
adjusted leverage to increase to about 4.2x in 2020 due to
investments in the expansion project. Net debt is expected to peak
at BRL20 billion in 2022; this compares with BRL14.5 billion at the
end of 2019. Net adjusted leverage is expected to decline to lower
levels only after 2023. Fitch expects Klabin to continue to manage
its capital structure conservatively during the expansion phase and
take proactive steps if leverage exceeds 5.0x. In 2019, net
debt/adjusted EBITDA was 4.1x, according to Fitch's methodology,
pressured by weaker pulp prices and high investments.

Downturn in Pulp Cycle: The market pulp industry is very cyclical;
prices move sharply in response to changes in demand or supply.
Fitch believes prices of bleached eucalyptus kraft pulp delivered
to China have already bottomed out after plummeting to USD480/ton
at YE19 from USD725/ton at YE18. Weaker demand for paper and
packaging in Europe and a slowdown of the Chinese economy will
continue to pressure the recovery of pulp prices. At current pulp
price levels, high-cost producers are already operating at very low
profit margins and may extend their maintenance capex or shut down
their mills to reduce supply. Demand from printing and writing and
specialty papers will decline due to depressed global economies,
but the tissue market is showing signs of increasing demand,
providing a level of support for pulp demand and prices. In 2019,
tissue and fluff end use represented about 50% of market pulp
demand.

Rating Pierces Country Ceiling: Klabin's 'BB+' Long-Term Foreign
Currency IDR is one notch higher than Brazil's 'BB' Country Ceiling
due to a combination of the following factors: exports of about
USD1 billion, approximately USD350 million of cash held outside of
Brazil and the USD500 million unused revolving credit facility. As
of Dec. 31, 2019, the pro forma ratio of EBITDA from exports, plus
cash held abroad and revolving credit facility covered hard
currency debt service over the next 24 months by more than 1.5x. In
line with Fitch's "Non-Financial Corporates Exceeding the Country
Ceiling Rating Criteria" this could allow the company to be rated
up to three notches above the Brazilian Country Ceiling. However,
Klabin's Foreign Currency IDR is constrained by the company's 'BB+'
Local Currency IDR, which is a reflection of the company's
underlying credit quality.

DERIVATION SUMMARY

Klabin has a leading position in the Brazilian packaging segment.
Klabin's size, access to inexpensive fiber and high level of
integration relative to many of its competitors give it competitive
advantages that Fitch views as sustainable. Its business profile is
consistent with a rating in the 'BBB' category.

Klabin's leverage is high compared to Latin America peers Empresas
CMPC (BBB/Stable) and Celulosa Arauco (BBB/Negative). That is a key
reason Klabin, which used to be rated investment grade, is now
rated 'BB+'. Klabin's leverage increased as a result of the
construction of the Puma pulp mill and low pulp prices following
the completion of the mill have prevented a quick deleveraging
process. Klabin's net adjusted leverage should increase to around
4.5x due to the investments in Puma II project and is not expected
to decline to lower levels until 2023.

Klabin is more exposed to demand from the local market than Suzano
(BBB-/Negative), CMPC and Arauco, as these companies are leading
producers of market pulp sold globally. This makes Klabin more
vulnerable to macroeconomic conditions than its peers, which is
also a negative consideration. Positively, its concentration of
sales to the food industry, which is relatively resilient to
downturns in Brazil's economy, and its position as the sole
producer of liquid packaging board, adds stability to operating
results. As a result, should Klabin would lower its net adjusted
leverage to between 2.5x (low pulp prices) and 1.5x (high pulp
prices), it would likely be rated 'BBB-'. These ratios could be
around 1x higher if the company was in the midst of a large
expansion project.

KEY ASSUMPTIONS

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

  -- Paper and packaging sales volume of 1.8 million tons for 2020
and 2.0 million tons for 2021;

  -- 60% reduction in sales volume of industrial bags sales during
2020, with a gradual recovery in 2021 and 2022;

  -- Pulp sales volume of 1.5 million tons in 2020 and 2021;

  -- Average hardwood net pulp price of USD525 per ton in 2020 and
USD575 per ton in 2021;

  -- Average FX rate of 4.9 BRL/USD in 2020 and 4.5 BRL/USD in
2021;

  -- Investments around BRL7.5 billion during 2020 and 2021, of
which about BRL5.5 billion will be invested in the Puma II
project;

  -- No dividends in 2020 and 20% of EBITDA in 2021.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  -- Average net debt/EBITDA ratios of 3.0x or below throughout the
pulp price cycle following completion of the expansion project
could lead to positive rating actions;

  -- Sustained net debt at Klabin of less than USD3.5 billion after
completion of the expansion project would likely lead to a positive
rating action.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

  -- Net leverage ratios higher than 4.5x during the expansion
project could lead to a negative rating action;

  -- Average net debt/EBITDA ratios of 4.0x or higher throughout
the pulp price cycle following completion of the expansion would
lead to a negative rating action;

  -- Sustained net debt at Klabin of more than USD4.5 billion after
completion of the expansion project would likely lead to a negative
rating action;

  -- More unstable macroeconomic environment that weakens demand
for the company's packaging products as well as prices.

BEST/WORST CASE RATING SCENARIO

International scale credit 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

Solid Liquidity: Klabin's solid liquidity position and low
refinancing risk remain key credit considerations. As of Dec. 31,
2019, the company had BRL9.7 billion of cash and marketable
securities and BRL24.2 billion of total debt, of which BRL1.4
billion is due in the short term. Financial flexibility is enhanced
by a USD500 million unused revolving credit facility. Klabin plans
to finance the expansion project with a combination of debt and
operating cash flow.

Fitch expects Klabin to continue to preserve an extended debt
amortization profile and strong liquidity, conservatively
positioning it for the price and demand volatility, which is an
inherent risk of the packaging industry. During 2019, Klabin
successfully concluded its liability management, issuing about
BRL23.0 billion of debt and prepaid approximately BRL6.3 billion,
that significantly improved the company's debt amortization profile
and enhanced liquidity to finance high investments. In
first-quarter 2020, the company also concluded the reopening of its
2049 bond, in the amount of USD200 million. As of December 2019,
Klabin had about BRL1.4 billion due in the short term, BRL420
million in 2021 and BRL1.2 billion in 2022.

As of Dec. 31, 2019, about 71% of total debt was denominated in
U.S. dollars. Total debt of BRL24.2 billion consisted of bonds
(34%), export prepayment (24%), Agribusiness Receivables
Certificate (CRA, 16%), export credit notes (12%), debentures (8%),
BNDES (3%) and others (3%).

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

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).

OI SA: Bank Debt Trades at 94.4% Discount
-----------------------------------------
Participations in a syndicated loan under which Oi SA is a borrower
were trading in the secondary market around 5.6 cents-on-the-dollar
during the week ended Fri., May 1, 2020, according to Bloomberg's
Evaluated Pricing service data.

The $397.4 million facility is a term loan.  The loan is scheduled
to mature on November 30, 2023.   About $115 million of the loan
remains outstanding.

The Company's country of domicile is Brazil.




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C O L O M B I A
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AVIANCA HOLDINGS: S&P Downgrades ICR to 'CCC-', On Watch Negative
-----------------------------------------------------------------
On May 4, 2020, S&P Global Ratings lowered its issuer credit rating
on Colombia-based air transportation company Avianca Holdings S.A.
(Avianca) to 'CCC-' from 'CCC'. S&P also lowered its rating on its
9.0% senior secured notes due 2023 to 'CCC-' from 'CCC' and on its
8.375% senior unsecured notes due 2020 to 'CC' from 'CCC-'. S&P
also kept the ratings on CreditWatch with negative implications.

As the global coronavirus outbreak continues hitting the economy
and demand for air transportation services, the company's liquidity
fell to $540 million as of Feb. 20, 2020. S&P said, "Given that the
company bears high fixed costs of $40 million - $50 million
monthly, including interest expenses, we don't believe Avianca
could meet its senior unsecured debt repayment on May 10, 2020. We
believe the company is at a stage where it has to prioritize the
allocation of available cash between debt repayments or to cover
fixed operating costs while revenue has vanished. We believe this
grim scenario will continue impairing Avianca's ability to restart
its operations once airports reopen and restrictions on air travel
are lifted."

The likelihood of potential default or debt restructuring is
rising.  Avianca's $65.6 million (out of the original $550 million)
of its 8.375% senior unsecured bond mature on May 10, 2020, after

12% of bondholders didn't participate in the exchange offer in
December 2019. S&P said, "We believe Avianca faces the higher
likelihood of default on these notes unless it receives
extraordinary support from shareholders or the Colombian
government. As many other companies suffering from the economic
hit, Avianca is in conversations with the Colombian government to
receive financial support. However, as of this report's date,
neither the company nor the government have made any public
comments regarding future financial aid or the extent of it. Unless
the company receives extraordinary support, we believe Avianca
could enter into a distressed debt refinancing or a miss the debt
payment."

Environmental, social, and governance (ESG) credit factors for this
rating change:  

-- Health and safety




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

AEROPUERTOS DOMINICANOS: S&P Cuts Rating to B+ on Traffic Drop
--------------------------------------------------------------
On May 5, 2020, S&P Global Ratings downgraded the Dominican
Republic-based airport operator Aeropuertos Dominicanos Siglo XXI
S.A. (Aerodom) to 'B+' from 'BB-'.

Given the outbreak of COVID-19, the Dominican Republic President
declared a state of emergency on March 17, 2020, announcing a
series of measures to avoid the spread of the virus. One of the
first measures was the closing of borders, which has become
effective on March 19 for an initial period of 15 days and was
later extended until mid-May. Therefore, traffic level at Aerodom
collapsed. S&P said, "Particularly, during April, the only flights
available were cargo, and we expect restrictions on international
commercial flights to remain in place at least until June or July
2020. We also expect a sluggish recovery of the air traffic during
the second half of the year, given fragile growth in global economy
that will discourage travelers from buying tickets. As a result, we
project traffic at Aerodom in 2020 to be about 58% lower than in
2019."

S&P said, "Given the traffic drop and flat rates starting in 2020,
we expect the company's adjusted leverage to temporarily rise and
exceed our 6x threshold for a downgrade. We also expect a higher
level of volatility in financial metrics, particularly in the next
12-18 months. More precisely, we project adjusted debt to EBITDA of
around 7.5x, funds from operations (FFO) to debt of 0.8%, and FFO
cash interest coverage of 1.1x for 2020, versus our previous
forecast of 2.5x-3.0x, 15%-20%, and 3.5x-4.0x."

Aerodom is subject to certain financial covenants, including
maintaining a 12-month debt to EBITDA below 4.75x and debt service
coverage ratio (DSCR) above 1.1x on a quarterly basis. S&P said,
"Due to grim industry conditions, we expect the company to struggle
to comply with its covenants. However, our base-case scenario
assumes the obtainment of the waiver because we believe Aerodom has
a good standing in markets thanks to its ownership by VINCI S.A.
(A-/Stable/A-2), and our belief that the current strains should be
temporarily and cash flows to recover."

Environmental, social, and governance (ESG) credit factors for
these credit rating changes:

-- Health and safety risk


DOMINICAN REPUBLIC: Gets US$650MM IMF Loan to Fight Pandemic
------------------------------------------------------------
Dominican Today reports that the Executive Board of the
International Monetary Fund (IMF) approved a US$650  million loan
for the Dominican Republic, as part of the emergency funds to face
the pandemic.

The IMF noted that "the pandemic has significantly weakened" the
country's macroeconomic prospects for 2020 and created financing
needs that require additional support, according to Dominican
Today.

The emergency financial assistance was established under the Rapid
Financing Instrument (RFI), the report notes.  It said the
authorities are also seeking the assistance of other multilateral
institutions, the report relates.

"The severity of the COVID-19 global 'shock' has disrupted the
economy of the Dominican Republic and created urgent needs for
balance of payments and fiscal financing," said IMF Deputy Managing
Director Tao Zhang, the report relays.

                    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.

On April 16, 2020, S&P Global Ratings revised its outlook on the
long-term ratings on the Dominican Republic to negative from
stable. At the same time, S&P affirmed its 'BB-/B' long- and
short-term foreign and local currency sovereign credit ratings.
The transfer and convertibility (T&C) assessment is unchanged at
'BB+'.

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: Remittances Nosedive 21% to US$520.1MM
----------------------------------------------------------
Dominican Today reports that the effects of COVID-19 on the economy
are still being felt in the country.  At the end of March, the
family remittances received by the country nosedived 21% compared
to the same month last year, according to Dominican Today.

According to data published by Dominican Republic's Central Bank,
US$520.1 million were received from abroad last March, or US$145
million fewer than a year ago, when US$665.5 million arrived in
March 2019, the report relays.

The accelerated elimination of jobs caused by measures to halt the
pandemic in the US has led to a fall in remittances in the
Dominican Republic and other LatAm countries, 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.

On April 16, 2020, S&P Global Ratings revised its outlook on the
long-term ratings on the Dominican Republic to negative from
stable. At the same time, S&P affirmed its 'BB-/B' long- and
short-term foreign and local currency sovereign credit ratings.
The transfer and convertibility (T&C) assessment is unchanged at
'BB+'.

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).



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

DISTRIBUIDORA DE ELECTRICIDAD: $25MM Debt Trades at 17% Discount
----------------------------------------------------------------
Participations in a syndicated loan under which Distribuidora de
Electricidad Del Sur SA de CV/El Salvador is a borrower were
trading in the secondary market around 83 cents-on-the-dollar
during the week ended Fri., May 1, 2020, according to Bloomberg's
Evaluated Pricing service data.

The $25 million facility is a term loan.  The loan is scheduled to
mature on August 26, 2023.   About $14.9 million of the loan
remains outstanding.

The Company's country of domicile is El Salvador.


DISTRIBUIDORA DE ELECTRICIDAD: Bank Debt Trades at 17% Discount
----------------------------------------------------------------
Participations in a syndicated loan under which Distribuidora de
Electricidad Del Sur SA de CV/El Salvador is a borrower were
trading in the secondary market around 83 cents-on-the-dollar
during the week ended Fri., May 1, 2020, according to Bloomberg's
Evaluated Pricing service data.

The $25 million facility is a term loan.  The loan is scheduled to
mature on August 26, 2023.   About $20.0 million of the loan
remains outstanding.

The Company's country of domicile is El Salvador.  




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

JAMAICA: PSOJ Raises $110 Million for COVID-19 Relief
-----------------------------------------------------
RJR News reports that the Private Sector Organisation of Jamaica
(PSOJ) has so far raised $110 million through its ongoing PSOJ
COVID-19 Jamaica Response Fund.

It is aimed at mobilizing and distributing resources for the
protection and welfare of Jamaican citizens, according to RJR
News.

Its initial goal is to reach a total of $250 million, to assist in
Jamaica's fight against the COVID-19 pandemic, the report notes.

As reported in the Troubled Company Reporter-Latin America on April
23, 2020, on April 16, 2020, S&P Global Ratings revised its outlook
on Jamaica to negative from stable. At the same time, S&P Global
Ratings affirmed its 'B+' long-term foreign and local currency
sovereign credit ratings, its 'B' short-term foreign and local
currency sovereign credit ratings on the country, and its 'BB-'
transfer and convertibility assessment.



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

TUNEL DE ACAPULCO: Moody's Cuts Cert. Rating to Ba3, Outlook Neg.
-----------------------------------------------------------------
Moody's de Mexico downgraded the Certificados Bursatiles TUCACCB 08
issued by Tunel de Acapulco Banco Invex F/749 to Ba3 from Ba1
(Global Scale, local currency) and Baa1.mx from A1.mx (Mexico
National Scale). The outlook remains negative.

The rating action was triggered by the unprecedented traffic
declines resulting from the restrictive measures and travel bans
imposed to contain the coronavirus outbreak.

RATINGS

Downgrades:

Issuer: Tunel de Acapulco Banco Invex F/749

Senior Secured Certificados Bursatiles TUCACCB 08 due 2034,
Downgraded to Ba3/Baa1.mx from Ba1/A1.mx

Outlook Actions:

Issuer: Tunel de Acapulco Banco Invex F/749

Outlook, Remains Negative

RATINGS RATIONALE

The ratings downgrade reflects the expected material deterioration
of TUCA's liquidity position and financial performance that will be
driven by projected traffic performance.

TUCA's traffic has been historically exposed to the tourism sector
of Acapulco and exhibits highly volatile traffic. In 2019, traffic
dropped by 17.2% after a 2.2% decline in 2018. The recent poor
traffic performance will be further impacted by restrictive
measures and travel bans imposed to contain the coronavirus
outbreak. Its Base Case scenario, is that traffic will materially
drop during April-May and gradually recover towards the end of the
year, but not fully. Revenues are expected to decline close to 30%
in 2020 against 2019 which will lead to operating cash shortfalls
and the need to draw from the Debt Service Reserve Fund.

The DSRF currently holds around MXN $89 million, equivalent to
approximately 9.6 months of debt service, but under its target
level of the next 12 months. Moody's expects that the DSRF will be
used and reduced by as much as 70% at the end of the year but will
cover the debt service for 2020, leaving only around 3 months (half
a coupon) of liquidity available for 2021.

Moody's recognizes that the weak performance is partially
compensated by TUCA's project finance provisions in the structure,
including a cash sweep mechanism, distribution and additional
indebtedness tests, among others. Under the trust cash waterfall,
excess cash is trapped until the debt service reserve is fully
funded. However, given the poor cash generation prospects of the
toll road and the growing amortizing profile of the debt, the
structure will not be able to increase the reserve.

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 toll-road
sector has been one of the sectors most significantly affected by
the shock given its sensitivity to consumer demand and sentiment.
More specifically, the weaknesses in TUCA's credit profile,
including its exposure to Mexico have left it vulnerable to shifts
in market sentiment in these unprecedented operating conditions and
TUCA remains vulnerable to the outbreak continuing to spread.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Its action reflects the impact on TUCA of the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

The negative outlook reflects its expectation that traffic
performance will continue to be a key challenge for TUCA, and could
lead to further weakening of key financial metrics and liquidity
pressures.

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

Moody's does not expect upward pressure on the ratings in the near
term. Nonetheless, if TUCA traffic recovers rapidly that leads to
projected DSCR sustainably above 1.0x and maintaining levels of
liquidity, the outlook could change back to stable.

TUCA could be further downgraded if traffic continues to
underperform such that its liquidity position is materially
affected.

Tunel de Acapulco is a 2.9 km. (1.8 miles) tolled tunnel located
North of the Acapulco Bay, a popular tourist destination. It is an
important link to both the Mexico City-Acapulco Toll Road known as
"Autopista del Sol" as well as other key free and toll roads
connecting the area. TUCA operates under a concession granted by
the State of Guerrero (Ba2/A2.mx negative) in 1994 for 25 years;
the term of the concession was extended in 2002 for additional 15
years and currently expires in June 2034. The Certificados
Bursatiles are issued by a special purpose trust (Banco Invex
F/749) to which the cash flows and rights under the concession are
pledged to service debt.

The principal methodology used in these ratings was Privately
Managed Toll Roads published in October 2017.

The period of time covered in the financial information used to
determine Tunel de Acapulco Banco Invex F/749's rating is between
January 1, 2014 and September 30, 2019.



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

PARAGUAY: S&P Affirms 'BB/B' Sov. Credit Ratings, Outlook Stable
----------------------------------------------------------------
On May 5, 2020, S&P Global Ratings affirmed its 'BB/B' long- and
short-term sovereign credit ratings on Paraguay. The outlook
remains stable. At the same time, S&P affirmed its 'BB+' transfer
and convertibility assessment.

Outlook

The stable outlook reflects S&P's expectation that in the next 12
to 18 months the global economic slowdown and the COVID-19 pandemic
will translate into extraordinarily high fiscal deficits and a
rapid increase in government debt for the sovereign. That said, an
economic recovery in 2021 and sustained growth thereafter, in
addition to the government's commitment to fiscal consolidation,
should stabilize any erosion of Paraguay's external profile and its
government debt burden.

Downside scenario

S&P could lower the rating over the next 12 to 18 months if
worse-than-expected economic performance or an inadequate policy
response from the government undermine Paraguay's long-term growth
trajectory and worsen its financial and economic profile. Failure
to stabilize public finances following an expected deterioration in
2020 could significantly increase the net general government debt,
leading to a downgrade.

Upside scenario

S&P could raise its ratings over the next 12 to 18 months if it
sees more effective policymaking and strengthening of public
institutions and governance, thereby reducing the risk of
instability or unexpected changes in economic policy that undermine
investor confidence. Stronger checks and balances between public
institutions and greater predictability and transparency of policy
decisions could improve our institutional assessment of Paraguay.

S&P could also raise its ratings if continued diversification of
the economy increases per capita income and reduces vulnerability
to low commodity prices and adverse weather conditions.
Additionally, S&P could raise its ratings if monetary policy
credibility strengthens, contributing to a sustained decline in
dollarization in the economy, strengthening the central bank's
ability to conduct policy.

Rationale

S&P's ratings on Paraguay reflect the balance between relatively
sound macroeconomic fundamentals and weak political institutions,
low per capita income, limited monetary flexibility, and high level
of dollarization in the financial system. Despite an increase in
government debt due to the impact of the COVID-19 pandemic and
subsequent global downturn, a moderate net external debt profile
and government debt burden sustain the ratings on Paraguay.

On the other hand, Paraguay's weak institutions and evolving
political system affect long-term visibility and predictability of
overall policymaking. Moreover, the economy is vulnerable to
volatility due to its still high economic concentration in a few
commodities and trade partners.

Institutional and economic profile: Paraguay's economy is likely to
contract sharply in 2020, but rapidly recover over the next two
years

-- S&P expects Paraguay's economy to contract 2.5% in 2020 and
recover to about 4.5% in 2021.

-- S&P believes that the government will remain committed to
fiscal consolidation as the economy begins to recover.

-- Despite gradual progress, still developing political
institutions and weak checks and balances limit the predictability
and effectiveness of policymaking.

In March 2020, Paraguay promptly declared a state of national
emergency and implemented a series of measures to contain the
spread of COVID-19, including closing its borders, implementing
mandatory curfews, and suspending of all nonessential activities.
S&P said, "We expect the sudden drop in domestic and external
demand to have a severe impact on Paraguay's economy in 2020, which
will only be partially mitigated by somewhat better agricultural
prospects this year. Under our base-case scenario, the economy
would contract 2.5% in 2020, following a year of zero growth in
2019 due to a severe drought, floods, and heightened political
uncertainty."

S&P projects that the economy will quickly recover in 2021, thanks
to better agricultural prospects and a recovery in external demand.
Paraguay's economy remains concentrated in agricultural products,
making it vulnerable to adverse weather conditions and volatile
commodity prices. Paraguay is one of the largest soybean exporters
in the world, and its export base is concentrated in this commodity
and its byproducts, along with beef and energy. S&P expects GDP per
capita of US$5,100 in 2020 and per capita GDP real growth at an
average of 3% in 2021-2023.

Despite some progress on the economic and institutional front, S&P
believes that the overall implementation and effectiveness of
policymaking remain weak. Limited institutional capacity continues
to constrain Paraguay's economic and human development. For
instance, corruption perceptions remain relatively high and reflect
the country's weak institutional fabric. Currently, almost 24% of
the Paraguayan population lives in poverty, while life expectancy
at birth is below the Latin American average. In addition, the
country ranks poorly in Worldwide Governance Indicators, such as
government effectiveness and rule of law.

Despite the change in government priorities after the COVID-19
outbreak, its agenda includes various structural reforms, such as
modifications to the Fiscal Responsibility Law (FRL) and a new
framework for the pension system in Paraguay. Continued progress in
strengthening the country's institutional framework could boost
private investment, strengthen long-term GDP growth prospects, and
reduce the risk of potential political or policy instability.

Flexibility and performance profile: Paraguay will use its external
and fiscal buffers to contain the impact of the crisis

-- The fiscal deficit is likely to increase to 6% of GDP in 2020,
and the sovereign will finance it through external issuances and
official debt.

-- S&P expects the government to remain committed to medium-term
fiscal consolidation by taking corrective fiscal measures as the
economy recovers from recession.

-- Expectations of inflation remain well-anchored, but monetary
policy flexibility is limited, due in part to a high level of
dollarization in the economy.

S&P expects the general government deficit to widen to 6% of GDP,
from 3% in 2019 as the recession reduces tax revenues and the
government increases spending on health-related goods and services.
The government approved a fiscal package of 4% of GDP in March
2020, which included direct money transfers to individuals, a
reallocation of spending to health care, and the temporary
suspension of taxes. In order to avoid further fiscal slippage, the
government announced progressive cuts to public-sector wages and is
advancing on reforms to increase spending efficiency.

S&P said, "Given the weak economic performance in 2019-2020, we
don't expect significant tax reforms from the government that could
limit the economy's ability to bounce back. Furthermore, Paraguay
ranks relatively low compared with regional neighbors in terms of
physical infrastructure. Spending aimed to close this gap will
continue to constrain the sovereign's fiscal flexibility over the
next years, and the government will have difficulty adhering to
both its investment plans and its fiscal consolidation goals, as
reflected in the gradual convergence toward FRL targets.

"Nevertheless, we expect the government to pursue a fiscal policy
that results in a moderate deficit but still broadly in line with
the FRL, which has served as an anchor for fiscal consolidation. We
expect that general government fiscal deficits will average 2% of
GDP between 2022 and 2023 and that changes in net general
government debt over the next three years will move largely in
tandem with the deficit, averaging 2.5% of GDP. We expect general
government interest payments will average 5.2% of general
government revenues in the next three years."

S&P expects the government to continue financing its deficit
largely from abroad, mainly from international bond issuances,
given the shallow domestic market. Net general government debt
could spike toward 24% of GDP in 2020, as the government pursues a
moderately countercyclical fiscal policy to address the current
crisis. The government's growing issuance of foreign-currency debt
has increased its exposure to exchange-rate movements, as about 80%
of the public sector's debt stock is denominated in foreign
currency. The currency exposure is only partially mitigated by
dollar-denominated royalty inflows from two large hydroelectric
dams. Furthermore, a significant share of external debt is held by
nonresidents, adding further risk to potential sudden changes in
investor confidence and capital outflows.

The combination of higher external debt issuance and adverse
movements in the exchange rate is likely to worsen Paraguay's
external profile. S&P said, "We expect narrow net external debt to
rise to about 20% of current account receipts (CAR) in 2020.
However, we project gross external liquidity ratios to remain
strong and stable, with gross external financing needs estimated at
77% of CAR and usable reserves, given that much of external debt
has long maturities or is owed to official creditors." Paraguay has
been able to boost international reserves through debt issuances.
Such external assets now reach about $8 billion, equivalent to
about 20% of GDP or 11 months of imports.

S&P expects Paraguay to be able to post current account surpluses
of about 0.5% of GDP over the next three years, supported by a
recovery in external demand and higher agricultural prospects.
Paraguay's external openness, along with its export concentration
in both products and destinations, makes it vulnerable to external
shocks. Roughly two-thirds of exports come from soya, beef, grain,
and energy, while about half of exports go to Brazil, Russia, and
Argentina. Another important segment of Paraguay's external sector
is the "Maquila Regime", which waives import duties for a number of
inputs used in the manufacturing of industrial exports, as well as
provides other tax benefits.

Paraguay's flexible exchange rate has helped to absorb negative
external shocks, containing the risk from export concentration. The
Guaraní's recent depreciation relative to the U.S. dollar has
helped to maintain the competitiveness of the country's external
sector.

Since the adoption of the inflation-targeting regime in 2011,
Paraguay has been able to keep inflation in line with the central
bank target and has been slowly strengthening its supervision of
the financial system. S&P said, "We expect inflation to decelerate,
given weaker domestic demand. We expect that the inflation rate
will be in the middle of the central bank's target, at about 4%
through 2022, suggesting a credible policy commitment and
well-anchored inflation expectations."

S&P said, "However, we weigh these strengths against what we view
as still high dollarization in the economy and lack of a track
record in managing financial risks, particularly stemming from
currency mismatches. The highly dollarized Paraguayan economy
reflects an economic structure that's tightly linked to the
external sector. While the risks are somewhat counterbalanced by
revenues also denominated in U.S. dollars from the export sector,
we believe that such levels of dollarization continue to limit
monetary flexibility."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Ratings Affirmed

  Paraguay
   Sovereign Credit Rating                BB/Stable/B
   Transfer & Convertibility Assessment   BB+

  Paraguay
   Senior Unsecured                       BB




=====================
P U E R T O   R I C O
=====================

IGLESIA TABERNACULO: Case Summary & 2 Unsecured Creditors
---------------------------------------------------------
Debtor: Iglesia Tabernaculo De Adoracion Y Alabanza, Inc.
        PR Road 132, Km. 22.9
        Canas Ward
        Ponce, PR 00730

Business Description: The Debtor is a nonprofit religious
                      organization that operates an evangilical
                      church.  The Company owns in fee simple a
                      real property, where the church is located,
                      at PR Road 132, Km. 22.6, Canas Ward, Ponce,

                      PR, having an appraised value of $915,000.

Chapter 11 Petition Date: May 5, 2020

Court: United States Bankruptcy Court
       District of Puerto Rico

Case No.: 20-01752

Debtor's Counsel: Noemi Landrau Rivera, Esq.
                  LANDRAU RIVERA & ASSOCIATES
                  PO Box 270219
                  San Juan, PR 00927
                  Tel: 787-774-0224
                  E-mail: nlandrau@landraulaw.com

Total Assets: $938,025

Total Liabilities: $1,274,467

The petition was signed by Jesus F. Perez Gutierrez, president.

A copy of the petition containing, among other items, a list of the
Debtor's two unsecured creditors is available for free at
PacerMonitor.com at:

                       https://is.gd/H8daLg

JJE INC: Plan & Disclosures Hearing Reset to July 22
----------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico granted the motion of Debtor JJE Inc.
requesting continuance of hearing and rescheduled the hearing on
final approval of the disclosure statement and confirmation of the
plan for April 29, 2020, at 9:00 AM, to July 22, 2020, at 9:00
a.m., at the United States Bankruptcy Court, Jose V. Toledo Federal
Building and US Courthouse, 300 Recinto Sur Street, Courtroom 3,
Third Floor, San Juan, Puerto Rico.

A full-text copy of the order dated April 16, 2020, is available
at
https://tinyurl.com/yahdmeuj from PacerMonitor at no charge.

                        About JJE Inc.

JJE, Inc., is a home health care services provider based in Manati,
Puerto Rico.  JJE, Inc., filed a Chapter 11 petition (Bankr. D.P.R.
Case No.19-02034) on April 12, 2019, and is represented by Victor
Gratacos Diaz, Esq., in Caguas, Puerto Rico.  In the petition
signed by Jenny Olivo, president, the Debtor disclosed $295,244 in
total assets and $1,953,718 in total liabilities.

SPANISH BROADCASTING: Receives $6.5 Million PPP Unsecured Loan
--------------------------------------------------------------
Given the uncertainty in the duration of the COVID-19 pandemic,
Spanish Broadcasting System, Inc. applied for and on April 15, 2020
received $6,478,800 in an unsecured loan funded under the PPP.  The
Company said the PPP Loan is necessary to support the Company's
ongoing operations and enables the Company to avoid further
employee furloughs or layoffs in the near term.  The Company
intends to apply for forgiveness of the PPP Loan after the 8-week
period and will use these proceeds during the 8-week period to
maintain employment and compensation levels and pay benefits, rent
and utilities.  Although, the Company intends to obtain forgiveness
of the PPP Loan in whole or in part, there is no assurance that the
Company will be successful.

The Paycheck Protection Program ("PPP") was established as part of
the Coronavirus Aid, Relief, and Economic Security Act, to provide
unsecured loans as a direct incentive to qualifying small
businesses to keep their U.S. workers on the payroll during the
COVID-19 pandemic.  These unsecured loans will be forgiven as long
as: (1) the loan proceeds are used to cover payroll costs, and most
mortgage interest, rent, and utility costs over the 8 week period
after the loan is made; and (2) employee and compensation levels
are maintained.  Payroll costs are capped at $100,000 on an
annualized basis for each employee.

The COVID-19 pandemic has resulted in the temporary disruptions of
many of the Company's advertisers' businesses thereby impacting the
Company's core source of revenue, which has had a material impact
on Company's operations and financial condition.  In response to
decreasing advertising revenue and cash flow, the Company has
implemented certain measures to reduce costs, including furloughing
some employees, and protect its long-term financial health to
ensure its ability to continue serving its viewers, listeners and
advertisers.

If a portion of the PPP Loan is not forgiven, the remaining portion
will be for a term of two years but can be prepaid at any time
prior to maturity without any prepayment penalties.  The annual
interest rate on the PPP Loan is 1.0% and no payments of principal
or interest are due during the six-month period beginning on the
date of the PPP Loan.

                      Delays Filing of Reports

On March 4, 2020, in response to the potential effects of the
COVID-19 pandemic, the Securities and Exchange Commission issued an
order pursuant to its authority under Section 36 of the Securities
Exchange Act of 1934, as amended (Release No. 34-88318) granting
exemptions from certain provisions of that Act and the rules
thereunder related to the reporting and proxy delivery requirements
for certain public companies, subject to certain conditions.  The
Commission monitored the effects of the COVID-19 pandemic and on
March 25, 2020 modified the exemptions in light of its current
understanding of the circumstances.  For this reason and the
reasons stated in the Original Order, the Commission found that
modifying the exemptions to cover filings due on or before July 1,
2020, pursuant to its authority under Section 36 the Exchange Act,
is appropriate in the public interest and consistent with the
protection of investors (Release No. 34-88465).

Due to the impact of the COVID-19 pandemic on its business, the
Company is relying on the Order issued by the Commission to extend
the May 15, 2020 required filing date of its Form 10-Q. The Company
will also extend the April 29, 2020 required the filing date of its
Definitive Proxy Statement on Form DEF 14A, including the
information omitted from the Company's Annual Report on Form 10-K
for the year ended Dec. 31, 2019, pursuant to General Instruction
G(3) of the Form 10-K, which it expects to include in the Proxy
Statement.

Spanish Broadcasting said, "The effects of the COVID-19 pandemic
have limited the ability of the Company's employees to conduct
normal business activities, including the preparation and review of
the Form 10-Q and Proxy Statement.  The Company is following the
recommendations of governmental health authorities to minimize
exposure risk for its employees, including having most employees
work remotely.  As a result of the Company's reduced workforce due
to furloughs, the limited size of the Company's accounting staff,
limited access to the Company's facilities and certain technology
systems that the Company's staff relies on to prepare its Form 10-Q
and Proxy Statement, the Company has experienced difficulties in
completing the normal closing processes and internal reviews that
are required to timely file the Form 10-Q and Proxy Statement.  The
Company expects to file the Form 10-Q on or before June 29, 2020,
which is 45 days from the Form 10-Q's original filing deadline of
May 15, 2020.  The Company expects to file the Proxy Statement,
including the Part III Information, no later than June 13 (which is
45 days from the Proxy Statement's original filing deadline of
April 29, 2020).  If the Form 10-Q and Proxy Statement are filed by
June 29, 2020 and June 13, 2020, respectively, they will be deemed
filed timely by the Commission.  
  
"In light of the continuing developments related to the COVID-19
pandemic, the Company intends to include the following revised risk
factor discussion in the Form 10-Q, as such discussion may be
updated to reflect events subsequent to the date of this report.  
The Company originally included a version of this risk factor in
its Annual Report on Form 10-K for the year ended  
Dec. 31, 2019 but is updating such risk factor to reflect new
developments related to the ongoing impact of the COVID-19 pandemic
on the Company's operations.

"The COVID-19 pandemic has adversely affected and could continue to
adversely affect our business, financial position, results of
operations, liquidity and cash flows.

"The COVID-19 pandemic is adversely affecting, and is expected to
continue to adversely affect, our operations.  It has also impacted
many of our advertisers, which have temporarily suspended
operations.  Our advertising revenue, and in particular cash
advertising sales, makes up the majority of our revenue, and, like
other radio and TV broadcast companies and similar businesses that
depend on advertising spend, we are experiencing a decline in this
revenue stream due to the COVID-19 pandemic.  In response to this
current health crisis, governmental authorities have imposed
certain restrictions, including travel bans and recommendations on
the limitation of social gatherings, which have directly impacted
our ability to continue producing concerts and special events while
those restrictions remain in place.  Following a series of orders
issued in our markets, New York, Los Angeles, Puerto Rico, Miami,
Chicago and San Francisco, we have had to cancel events until
further notice, which has reduced revenue and had a negative impact
given the importance of these events to our audience and
advertisers.  In addition, our radio and TV station operations have
been affected.  Although our physical locations remain open, there
is limited access and our employees are working remotely.  We have
also had to implement certain measures to reduce costs, including
furloughing some employees.  The health dangers of the COVID-19
pandemic, the length of time it will last, the impact these things
will continue to have on the general economy and in the markets in
which we operate, are unknowns at this time, and may be unknown for
some time to come.  While we believe that our radio and TV
businesses will prove ultimately resilient in the face of a
possible recession, the factors mentioned in the last sentence make
it difficult to predict with certainty or precision the continuing
negative impact of the COVID-19 pandemic on our business, financial
position, results of operations, liquidity and cash flows, and that
impact could continue to be material."

                     About Spanish Broadcasting

Spanish Broadcasting System, Inc. (SBS) --
http://www.spanishbroadcasting.com/-- owns and operates radio   
stations located in the top U.S. Hispanic markets of New York, Los
Angeles, Miami, Chicago, San Francisco and Puerto Rico, airing the
Tropical, Regional Mexican, Spanish Adult Contemporary, Top 40 and
Urbano format genres.  SBS also operates AIRE Radio Networks, a
national radio platform of over 275 affiliated stations reaching
95% of the U.S. Hispanic audience. SBS also owns MegaTV, a network
television operation with over-the-air, cable and satellite
distribution and affiliates throughout the U.S. and Puerto Rico,
produces a nationwide roster of live concerts and events, and owns
a stable of digital properties, including La Musica, a mobile app
providing Latino-focused audio and video streaming content and
HitzMaker, a new-talent destination for aspiring artists.

Spanish Broadcasting recorded a net loss of $928,000 for the year
ended Dec. 31, 2019, compared to net income of $16.49 million  for
the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$469.04 million in total assets, $549.34 million in total
liabilities, and a total stockholders' deficit of $80.30 million.

Crowe LLP, in Fort Lauderdale, Florida, the Company's auditor since
2013, issued a "going concern" qualification in its report dated
March 30, 2020, citing that the 12.5% Senior Secured Notes had a
maturity date of April 15, 2017.  Cash from operations or the sale
of assets was not sufficient to repay the notes when they became
due.  In addition, at Dec. 31, 2019, the Company had a working
capital deficiency.  These factors raise substantial doubt about
its ability to continue as a going concern.

STAR PETROLEUM: May 26 Disclosure Statement Hearing Set
-------------------------------------------------------
On March 18, 2020, debtor Star Petroleum, Corp. filed with the U.S.
Bankruptcy Court for the District of Puerto Rico a disclosure
statement and chapter 11 plan of reorganization.

On April 16, 2020, Judge Enrique S. Lamoutte ordered that May 26,
2020, is the hearing on the approval of the disclosure statement,
and the hearing on the motion for use of Bautista Cayman Asset
Company's collateral.

A full-text copy of the order dated April 16, 2020, is available
at
https://tinyurl.com/ycba3pwx from PacerMonitor at no charge.

                   About Star Petroleum Corp.

Star Petroleum, Corp., based in Toa Alta, PR, filed a Chapter 11
petition (Bankr. D.P.R. Case No. 20-00558) on Feb. 5, 2020.  In the
petition signed by Sami Abraham, president, the Debtor disclosed
$6,782,500 in liabilities.  CHARLES A. CUPRILL, PSC LAW OFFICES,
serves as bankruptcy counsel to the Debtor.



=================
S T .   L U C I A
=================

DIGICEL INTERNATIONAL: Bank Debt Trades at 19% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Digicel
International Finance Ltd is a borrower were trading in the
secondary market around 81 cents-on-the-dollar during the week
ended Fri., May 1, 2020, according to Bloomberg's Evaluated Pricing
service data.

The $1.1 billion facility is a term loan.  The loan is scheduled to
mature on May 27, 2024.   About $1 billion of the loan remains
outstanding.

The Company's country of domicile is St. Lucia.





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

ACI AIRPORT: Fitch Rates $186MM Senior Secured Notes 'BB+(EXP)'
---------------------------------------------------------------
Fitch Ratings assigned an expected 'BB+' rating to ACI Airport
SudAmerica, S.A.'s $186 million senior secured notes due in 2032 in
exchange for the existing $200 million ($186 million outstanding)
senior secured notes. The Rating Outlook for the New Notes is
Negative.

In addition, Fitch has revised the Watch of the 'BB' rating of the
Existing Notes to Positive, from Negative.

RATING RATIONALE

The rating of the proposed exchange offer is driven by Carrasco
International Airport's strategic but modest traffic base and its
strong O&D share of passenger traffic, coupled with a fully
amortizing and fixed rate debt. Structural subordination to Puerta
del Sur S.A.'s debt is mitigated by the very low likelihood of
dividends' lock out until 2022 and by a springing guarantee for the
new notes only from then onwards. In Fitch's rating case, the
minimum Debt Service Coverage Ratios are 0.7x in 2022 and 1.1x in
2023, which constrains the rating to non-investment grade. Average
DSCR is 1.3x and maximum leverage, measured by Net Debt/EBITDA, is
18.8x in 2020, but returns to levels below 5.0x from 2022 onwards.

The Negative Outlook on the new notes reflects concerns about the
duration of the coronavirus pandemic and its effects on traffic
volumes over the next few years.

The Positive Watch on the Existing Notes reflects the absence of
liquidity shortfalls over the short to medium terms in Fitch's
Rating Case in light of the proposed Exchange Offer. The Rating
Watch will be resolved once the outcome of the Exchange Offer is
known. Should the Exchange Offer be successful, but some Existing
Notes remain untendered, the rating of the new notes and existing
notes will be equalized. In case the Exchange Offer is not
successful, the rating of the Existing Notes should again be placed
on Negative Watch.

Fitch does not consider the proposed Exchange Offer to be a
distressed debt exchange because it does not impose a material
reduction in terms compared with the original contractual terms.

KEY RATING DRIVERS

Main Airport in a Country with Modest Catchment Area [Revenue Risk
- Volume: Midrange]:

Located in Uruguay's capital city, MVD is the main international
gateway to Uruguay with approximately 85% of the country's flights
and a catchment area with 3.4 million people. MVD is almost
exclusively an O&D airport with less than 1% of passengers
transferring to other destinations. CAGR for 2000-2019 was 3.6%,
despite Uruguay's sovereign crisis in 2000-2003 and the bankruptcy
in 2012 of the country's flagship carrier, Pluna, which led to
traffic losses of 19.0% in both periods. The carrier concentration
is considered moderate, with Latam Airline Group S.A. (Latam;
B+/Negative Watch) accounting for 33% of the passengers.

Inflation and Exchange Adjusted Tariffs [Revenue Risk - Price:
Midrange]:

Revenues are 95% denominated in USD with Aeronautical revenues
adjusted by a global index that considers foreign exchange and
inflation rates. Tariffs do not decrease under the adjustment
scheme, and increases must be approved by the Uruguayan government
pursuant to a decree. No increase in tariffs is assumed over the
life of the concession in Fitch's cases. An additional tariff was
set by the Minister of Finance - Security Tariff (Tarifa de
Seguridad) - to fund the installation of the SISCA System (Sistema
Integral de Seguridad Y Control Aerorportuario), a new security
system at the airport. The tariff was set at USD5.76 per passenger,
and has been charged from the users since Feb 2018.

No Significant Investments Needed [Infrastructure Development &
Renewal: Stronger]:

The airport's current capacity of 4.5 million passengers per year
is well below Fitch's Rating Case forecast of 2.4 million
passengers at concession end. Under the amended concession
agreement, which extended the term of the concession through 2033;
the new taxiway construction (USD10 million) was extended until the
end of the concession, with no other significant mandatory
investments needed in the remaining term. Additional investments
related to the SISCA System are fully funded by the new Security
Fee charged from the users since February 2018 and, therefore, are
neutral to the rating.

Subordinated Fixed Rate Amortizing Issuance [Debt Structure:
Midrange]:

The proposed exchange offers to repurchase and exchange any and all
existing notes aims at alleviating liquidity pressures on the
short-term in light of the coronavirus outbreak. Under the new
notes, ACI is entitled to extend and defer up to three instalments
of principal and interest of the existing notes. The deferred
amount will be incorporated to the notes outstanding balance and
its amortization schedule will be the same of the existing notes.
Fitch's revised rating case considers that all note holders will
accept the exchange, but no rating change is foreseen in case only
80% of the notes are exchanged, which is the minimum required
according the transaction documents.

Both existing and new notes are fixed rate and fully amortizes over
the life of the debt. A "springing guarantee" covenant requires the
opco to issue a guarantee only for the new note's debt service
following the payment in full of opco debt, which is expected to
occur in 2022. The existing notes won't count with anymore with the
guarantee from the opco. Cash flow available for debt service for
both notes is structurally subordinated to the notes issued at the
opco level and subject to dividend distribution tests through
maturity of the opco notes in October 2022. The existing notes also
benefits from an irrevocable standby letter of credit that supports
the obligations related to six months debt service reserve account,
while the new notes count with such security only after May 2023.

Financial Summary:

In Fitch's rating case, the minimum DSCR is 0.7x in 2022 while
average DSCR in the 2021-2031 period is 1.3x. The Lock Up Distance
Ratio (DSCR at OpCo level over Lock Up - 1.70x) of 2.3x on average
from 2021 to 2022 doesn't result in a rating constraint. ACI
reaches peak Net Debt/EBITDA of 18.8x in 2020, decreasing to below
5.0x from 2022 onwards.

PEER GROUP

Sociedad Concessionaria Operadora Aeroportuaria Internacional,
S.A., the concessionaire of El Dorado International Airport in
Bogota (Senior Secured Notes BBB-/ Negative Watch) is ACI's closest
peer in Fitch's Portfolio. Both airports are the main gateways in
their respective countries, but OPAIN has a bigger and much more
stable passenger's profile and doesn't present any liquidity
shortfall in Fitch's Rating Case, which justify OPAIN's higher
rating, despite the lower average DSCR (1.2x at OPAIN against 1.3x
at ACI). OPAIN's Negative Watch reflects greater number of DSCRs
below the 1.2x threshold over the debt term compared to prior
review, which is below the range for the rating category according
to the applicable criteria.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  -- Existing notes: The Positive Watch will be resolved once the
outcome of the Exchange Offer is known.

  -- New notes: The Negative Outlook may be revised to Stable upon
the identification of clear signals of a sustained traffic
recovery.

Factors that could, individually or collectively, lead to negative
rating action/downgrade (applicable to existing and new notes):

  -- Difficulties in preserving liquidity.

  -- Traffic reduction in 2020 greater than 50% along with longer
than expected recovery.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Public Finance 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 three 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.

TRANSACTION SUMMARY

In light of the coronavirus outbreak and the negative effect on
passenger traffic, ACI is proposing to exchange the Existing Notes
for New Notes, which will allow for up to three instalments of
principal and interest deferral, meaning that the May 2020,
November 2020 and May 2021 instalments may be deferred. The
exchange is optional and a minimum of 80% of the note holders must
accept it in order for it to be effective. The outstanding amount
of the existing notes is USD186 million as of March 2020.

The new notes will be pari-passu with the existing notes and will
have the fixed interest rate of 6.875% for the current outstanding
amount and an additional of 100bps applicable over the deferred
instalments.

FINANCIAL ANALYSIS

As a result of the negative environment facing airports, Fitch has
revised its key enplaned passenger assumptions into three new
cases.

SECURITY

The security package supporting the new notes is typical for
project financings and includes a pledge of 100% of the shares of
the opco and a covenant to issue a guarantee from the entity; a
pledge of 100% of the shares of Cerealsur S.A., direct owner of
PDS's shares, and a guarantee from the entity; all of the issuer's
property; and all present and future payments, proceeds and claims
of any kind with respect to the foregoing.

The new notes include a 'springing guarantee' covenant, which
requires the opco to issue a guarantee of the rated debt following
the payment in full of the opco debt in October 2022. Therefore,
the rated debt will become pari passu with all senior unsecured
debt at the opco because of the guarantee.

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

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).



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

PETROLEOS DE VENEZUELA: Propose Drastic Reform of Oil Industry
--------------------------------------------------------------
Carlos Camacho at The Latin American Herald reports that a Reform
Plan began circulating in government circles, which outlines a
number of drastic changes to Venezuela's all-important oil
industry, including putting oil refining in the hands of private
enterprise for the first time since the 1976 nationalization as
well as eliminating a number of companies, including PDV Marina,
the shipping arm of the industry.  Those are just a few of the
profound changes to the state-owned oil company PDVSA and the
Venezuelan oil industry in the Maduro Regime's new plan, according
to The Latin American Herald.

Oil analysts and investment bankers told the Latin American Herald
Tribune (LAHT) that the document is a genuine blueprint of what can
be expected of Petroleos de Venezuela, S.A. (PDVSA) now that is
being run (since the day before the plan started being
disseminated) by Tareck El Aissami, a hard-line "Madurista", with a
$10 million reward on his head in the U.S.A. where he is sanctioned
and stands accused of drug trafficking, the report notes.  (The
U.S. Treasury has already seized $500 million in accounts linked to
the 45 year old El Aissami, who has worked in government his whole
life.)

The tone of the document is somber, bordering on depressing,
beginning with the words: "Currently, Venezuela's oil production is
no longer strategic for the world in view of the existence of new
producers and the decline of national production, the report
relays.  In view of this situation, in order to achieve the
objective of increasing production and returning to Venezuela the
leading role in the oil world, it is necessary and urgent to
restructure Petroleos de Venezuela S.A. (PDVSA)," the report
discloses.

The plan admits that 24 of PDVSA's 46 oil joint ventures are not in
production, the report says.

The business units that PDVSA maintains in countries such as
Bolivia, Ecuador and Uruguay, where chavismo has fallen out of
power with government changes, would be eliminated, according to
the document, the report notes.

Despite the fact that such a plan has to, by law, go through the
National Assembly, the document supposedly prepared by PDVSA's
"Executive Planning Directorate" does not mention the legislative
body (the only authority recognized by the international community)
even once, the report relays.

The current "Hydrocarbons Law", one of Hugo Chavez's prides, is
mentioned exactly three times, but only to point out the need to
repeal a series of taxes detailed in it, such as the famous
"exorbitant profits" tax that Chavez insisted on so much, the
report notes.

The plan not only discards many of the reforms implemented by
Chavez since 1999, but also many of the achievements of the 1976
oil nationalization, such as the national ownership of refineries,
the report discloses.

Of 46 joint ventures that PDVSA has, the plan recommends keeping
its majority shares in only five (Sinovensa, Petromonagas,
Petropiar, PetroBoscan and Petrozamora) and selling the other 41 --
either partially (reduce the participation), merge them or give
them in license, the report relates.

In 24 of the 46 mixed companies it is recommended to reduce the
participation, that is to say, to sell the shares, until PDVSA
holds only 50.1%, that is to say, the minimum allowed by the
current Hydrocarbon Law, the report notes.

For example, in some of these companies, such as Petrosanfelix
(which is not producing), PDVSA now has 100% of the shares and is
looking to cut that government share to 50.1%, the report adds.


                            About PDVSA

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

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

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

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


                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2020.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


                  * * * End of Transmission * * *