/raid1/www/Hosts/bankrupt/TCRLA_Public/200521.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Thursday, May 21, 2020, Vol. 21, No. 102

                           Headlines



A R G E N T I N A

AEROPUERTOS ARGENTINA: Moody's Rates Senior Secured Notes 'Caa3'
AEROPUERTOS ARGENTINA: S&P Lowers ICR to 'SD' on Debt Exchange
BUENOS AIRES: S&P Lowers Rating on Par Bonds Due 2035 to 'D'


B R A Z I L

BRAZIL: Banks to Auction Off 515 Properties on Big Discounts
PETROBRAS SA: Sees Record 2019 Gains Wiped Out in Q1 on Impairment


C O S T A   R I C A

REVENTAZON FINANCE: Fitch Cuts $135MM Fixed-Rate Notes to 'B+sf'


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: ASIEX Holds Meeting with Taxman
DOMINICAN REPUBLIC: Pandemic Affects Country's Tourism Sector
DOMINICAN REPUBLIC: Time to Fully Open Businesses Hasn't Come Yet


J A M A I C A

JAMAICA: Urges Industry to Quickly Execute Projects Now On Hold


P A N A M A

MRO HOLDINGS: Bank Debt Trades at 32% Discount


P U E R T O   R I C O

ADVANCE PAIN: June 9 Plan & Disclosures Hearing Set


V E N E Z U E L A

VENEZUELA: Venezuelans Escape Misery but Return to Crisis


X X X X X X X X

LATAM: UN Report Projects GDP for Region to Shrink by 5.4%
[*] Fitch Lowers Ratings on Latin American Airlines

                           - - - - -


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A R G E N T I N A
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AEROPUERTOS ARGENTINA: Moody's Rates Senior Secured Notes 'Caa3'
----------------------------------------------------------------
Moody's Investors Service assigned a Caa3 rating to Aeropuertos
Argentina 2000 S.A. (AA2000) new senior secured exchange notes;
affirms outstanding ratings with a negative outlook.

AA2000 offered to exchange the outstanding $350 million 6.875%
Senior Secured Notes due in 2027 for newly issued 6.875%
Cash/9.375% PIK Class I Series 2020 Additional Senior Secured Notes
due in 2027.

Participant note holders will receive the exchanged, additional
notes that will have identical terms than those of the existing
notes, but the first quarterly interest payment originally
scheduled for May 1, 2020 on the existing notes will be paid in
cash in the form of an interest premium payment or in kind (PIK) by
increasing the principal amount the additional notes to be issued
on the settlement date. Additionally, the new notes will pay the
remaining quarterly interest payments from August 2020 through
February 2021 in kind at a higher rate of 9.375% per annum.
Quarterly amortization will start on May 1, 2021 and continue under
a new principal amortization schedule until maturity. The Series
2020 Additional Notes and the Existing Notes will be secured by the
same collateral on a pro rata and pari passu basis in accordance
with the Indenture and the related collateral documents.

Noteholders who did not participate in the exchange will continue
to receive payment under the existing notes original terms.

Affirmations:

Issuer: Aeropuertos Argentina 2000 S.A.

Corporate Family Rating, Affirmed Caa3

Senior Secured Notes, Affirmed Caa3

Assignments:

Issuer: Aeropuertos Argentina 2000 S.A.

Senior Secured Notes, Assigned Caa3

Outlook Actions:

Issuer: Aeropuertos Argentina 2000 S.A.

Outlook, Remains Negative

RATINGS RATIONALE

The Caa3 rating and negative outlook reflects its view that AA2000
benefits from a dominant market position and strong concession
agreement balanced with the negative effects of a prolonged
suspension of commercial traffic, that could be challenging.

The assigned ratings consider that as a result of the exchange the
company will improve its amortization profile to resume debt
payments in 2021 to better face the ongoing COVID pandemic.

The ratings reflect AA2000's exposure to the fragile operating
environment and macroeconomic conditions in Argentina and are
therefore closely linked to Argentina's sovereign bond rating and
country ceiling (Ca and Caa3 respectively, with a negative
outlook).

Moody's regards the coronavirus outbreak as a social risk under its
Environmental, Social and Governance (ESG) framework, given the
substantial implications for public health and safety that lead to
severe restrictions to air travel and thus cancellations of airline
routes and closing of borders as well as enhanced requirements to
maintain health and safety in the airport operations.

AA2000 negative outlook mainly reflect the negative outlook of the
sovereign and potentially weak recovery of air traffic.

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

Given the negative outlook on the ratings, Moody's does not expect
upward pressures in AA2000 ratings in the near to medium term.

A further downgrade of the sovereign or evidence of a significant
negative shift in policies or regulations will likely result in
negative pressures for AA2000's ratings.

In addition, air traffic restrictions that continue for longer than
expected could also result in negative pressures for AA2000
ratings.

The principal methodology used in these ratings was Privately
Managed Airports and Related Issuers published in September 2017.


AEROPUERTOS ARGENTINA: S&P Lowers ICR to 'SD' on Debt Exchange
--------------------------------------------------------------
S&P Global Ratings, on May 19, 2020, lowered the issuer credit
rating on Argentine airport operator, Aeropuertos Argentina S.A.
2000 (AA2000) to 'SD' (selective default) from 'CC'. S&P also
lowered the issue-level rating on its existing 6.875% notes due
2027 to 'D' from 'CC'.

The downgrade follows the announcement of the completion of
AA2000's offer to exchange its senior secured notes due 2027 for
the new notes including the PIK of the four quarterly principal and
interest payments in the next 12 months, which are repaid pro-rata
during the remaining term of the notes. The exchange also includes
a 250 basis point increase in the interest rate during the PIK
period and the interest rate comes back to original offer of 6.875%
afterwards. The total amount of the existing notes that has been
validly tendered for exchange is 86.73%.

S&P viewed the exchange as a tantamount to default.

S&P will re-evaluate the issuer credit and senior secured debt
ratings upon the settlement of the transaction and taking into
account the financial benefits of the exchange.



BUENOS AIRES: S&P Lowers Rating on Par Bonds Due 2035 to 'D'
------------------------------------------------------------
S&P Global Ratings lowered its issue-level rating on the province
of Buenos Aires' long-term par bonds due 2035 (in euros and
dollars) to 'D' from 'CC' after the province missed $22.3 million
interest payment due May 15.

  Ratings List
  
  Downgraded  
                               To From
  Buenos Aires (Province of)
   Senior Unsecured  
    EUR578.248 due 05/15/2035  D     CC
    US$488.428 due 05/15/2035  D     CC




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B R A Z I L
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BRAZIL: Banks to Auction Off 515 Properties on Big Discounts
------------------------------------------------------------
Richard Mann at Rio Times Online reports that at least five banks
will be auctioning 515 Brazilian properties this month, with
discounts ranging up to 70 percent.  The properties on offer are
villas, apartments, land, warehouses, rural areas and commercial
buildings, both occupied and vacant, according to Rio Times
Online.

The properties are located across Brazil, with opportunities in the
following states:

   -- Sao Paulo,
   -- Rio de Janeiro,
   -- Minas Gerais,
   -- Goias,
   -- Bahia,
   -- Mato Grosso do Sul,
   -- Santa Catarina,
   -- Mato Grosso,
   -- Espirito Santo,
   -- Parana,
   -- Rio Grande do Sul,
   -- Tocantins,
   -- Paraiba,
   -- Rio Grande do Norte,
   -- Roraima,
   -- Sergipe,
   -- Ceara,
   -- Maranhao,
   -- Para,
   -- Piaui and Pernambuco.

The average discount offered on properties is around 20 percent,
the report notes.

As reported in the Troubled Company Reporter-Latin America on May
8, 2020, Fitch Ratings has affirmed Brazil's Long-Term Foreign
Currency Issuer Default Rating at 'BB-' and has revised the Rating
Outlook to Negative. The Outlook revision to Negative reflects the
deterioration of Brazil's economic and fiscal outlook, and downside
risks to both given renewed political uncertainty, including
tensions between the executive and congress, and uncertainty over
the duration and intensity of the coronavirus pandemic.

On April 10, 2020, the TCR-LA reported that 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.


PETROBRAS SA: Sees Record 2019 Gains Wiped Out in Q1 on Impairment
------------------------------------------------------------------
Reuters reports that Brazil's Petroleo Brasileiro S.A. (Petrobras)
took a BRL65.3 billion (US$16 billion) impairment on its
exploration and production assets on May 14, warning investors that
changes in consumer behavior resulting from the coronavirus
pandemic were likely permanent.

The impairment led Petroleo Brasileiro, as the firm is formally
known, to book a first-quarter net loss of BRL48.5 billion, more
than the record profit of BRL40.1 billion the Brazilian oil giant
booked in 2019, according to Reuters.  The company wrote off the
entire value of its shallow-water assets, and said it did not
expect to resume production at six high-cost production assets that
are currently for sale, the report notes.

Total impairments came to BRL57.6 billion for its deepwater assets,
including the massive Marlim Sul oilfield, and BRL6.6 billion at
its shallow-water fields, the report notes.  Other unspecified
assets comprised the remaining BRL1.1 billion of writedowns, the
report relays.

The impairment served as a warning by the state-run oil giant that
the oil market may never recover following the novel coronavirus
pandemic, even as some major economies are already attempting to
tiptoe back to normality following widespread lockdowns, the report
says.

The company is now assuming long-term Brent prices of US$50 per
barrel, versus a previous assumption of US$65, it said in its
first-quarter results statement, the report discloses.  The company
projected that 2020 Brent prices would average US$25 a barrel
before increasing US$5 every year until they reach US$50 in 2025,
the report relays.

"The company expects a lower level of demand in the long term,
taking into account . . . structural change in the world economy,
with permanent effects arising from this economic shock, including
changes observed in consumer habits, which tend to be permanent,"
Petrobras said, the report notes.

Petrobras reported recurring earnings, before interest, taxes,
depreciation and amortization, or EBITDA, adjusted for some one-off
factors, of BRL36.9 billion, the report relates.

That figure was significantly above the Refinitiv consensus
estimate of BRL32.9 billion, the report notes.

The company said its first-quarter results were not significantly
affected by the economic fallout of the coronavirus pandemic, which
would only be meaningfully felt in coming quarters, the report
says.

It added that it benefited from continued strong exports of crude
and bunker fuel, a product used by ships, the report adds.

                         About Petrobras

Petroleo Brasileiro S.A. or Petrobras (in English, Brazilian
Petroleum Corporation - Petrobras) is a semi-public Brazilian
multinational corporation in the petroleum industry headquartered
in Rio de Janeiro, Brazil.  Petrobras control significant oil and
energy assets in 16 countries in Africa, the Americas, Europe and
Asia.  But, Brazil represents majority of its production.

The Brazilian government directly owns 54% of Petrobras' common
shares with voting rights, while the Brazilian Development Bank and
Brazil's Sovereign Wealth Fund (Fundo Soberano) each control 5%,
bringing the State's direct and indirect ownership to 64%.

A corruption scandal was uncovered in 2014 that involved Petrobras.
The scandal related to money laundering that involved Petrobras
executives.  The executives were alleged to get received kickbacks
from overpriced contracts, to the tune of about $3 billion in
total.

Moody's Investors Service affirmed the 'Ba2' long term foreign
currency credit rating of Petrobras on August 23, 2019.  Outlook is
stable.  S&P Global Ratings revised outlook on Petrobras to stable
and affirmed 'BB-' foreign currency and local currency credit
ratings on April 7, 2020.  Fitch revised outlook on Petrobras to
negative and affirmed 'BB-' long term foreign currency and local
currency credit ratings on May 7, 2020.




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C O S T A   R I C A
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REVENTAZON FINANCE: Fitch Cuts $135MM Fixed-Rate Notes to 'B+sf'
----------------------------------------------------------------
Fitch Ratings has downgraded Reventazon Finance Trust's USD135
million fixed-rate notes to 'B+sf' and maintained the Negative
Outlook on the rating of the notes.

Reventazon Finance Trust      

  - Notes 76138QAA5;      LT  B+sf;  Downgrade

  - Notes REGS G75463AA0; LT  B+sf;  Downgrade

TRANSACTION SUMMARY

The rating action follows Fitch's downgrade of Instituto
Costarricense de Electricidad's ratings to 'B' from 'B+', which in
turn followed the downgrade of Costa Rica's sovereign ratings to
'B' from 'B+'.

The downgrade of Costa Rica's IDRs reflects increased risks of
near-term financing stress due to widening fiscal deficits, a steep
amortization schedule and borrowing constraints, against a
background of economic contraction caused by the effects of the
coronavirus pandemic. The ongoing health crisis comes at a time
when Costa Rica's fiscal space is limited and rapidly narrowing,
raising risks to post-crisis debt sustainability.

The Sovereign's Negative Outlook reflects further downside risks to
debt sustainability amid uncertain prospects for post-crisis fiscal
consolidation, economic growth and borrowing costs. The government
will rely on multilateral loan disbursement this year to secure
budget financing, although further financing risks remain.

KEY RATING DRIVERS

Reliance on ICE Lease Payments: The notes are backed by 100%
participation interest on the Inter-American Development Bank's
B-loan acquired through a participation agreement, which gives the
right to receive payments under IDB's B-loan. ICE lease payments
from a non-cancellable financial lease agreement for the operation
and maintenance of the hydropower plant will cover all payments on
the loan.

Credit Quality of ICE: Given the unconditional and irrevocable
nature of the lease payments, Fitch views the credit risk of these
payments as linked to ICE's credit quality. On May 14, 2020, Fitch
downgraded ICE's Long-Term Foreign Issuer Default Rating to 'B'
with a Negative Outlook. Grupo ICE's ratings are supported by its
linkage to the sovereign rating of Costa Rica (Foreign and Local
Currency IDRs B/Outlook Negative, downgraded on May 8, 2020), which
stems from the company's government ownership and the implicit and
explicit expectation of government support.

Strength of the Lease Payments: To determine the strength of the
lease payment obligation, Fitch considered the role of IDB as
lender of record of the obligation being covered by ICE's payments
tied to ICE's ownership structure. As the IDB will continue to be
the lender of record and administer IDB's B-loan, Fitch believes
the holders of the rated notes will benefit from the B-loan
preferential, de facto, status provided by IDB. Because of this
benefit, the credit quality of the payment obligation is considered
to be in line with other obligations of Costa Rica with the IDB and
therefore was notched upward (one notch) from ICE's IDR.

Preferred Creditor Status of IDB to Costa Rica: Historically,
sovereigns have prioritized certain obligations, such as
obligations from multilateral development banks, when the
government cannot service all of the country's external debt. While
the B-loan is not a direct obligation of the sovereign, Fitch
believes treatment of the IDB as a preferred creditor extends to
ICE as the debtor, since ICE is a strategic government-owned entity
that receives underlying sovereign support.

Although Costa Rica has defaulted in the past (1981), neither the
sovereign nor ICE have ever defaulted on debt issued by a preferred
creditor. Currently, IDB's share of Costa Rica's external debt is
approximately 17.9% and historically has been within 12% to 13%,
which makes it an essential preferred creditor for the country.

Adequate Liquidity: The rated fixed-rate notes benefit from a debt
service reserve account equivalent to the next principal and
interest payment due amount. This liquidity provides certainty in
case the transaction is exposed to temporary liquidity shock. As of
November 2019, the external account had sufficient liquidity to
cover debt service on the issued notes payment due in May 2020.

RATING SENSITIVITIES

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

  -- As the transaction is on Outlook Negative, Fitch does not
currently anticipate developments with a high likelihood of
triggering an upgrade. Nevertheless, the rated notes' ratings are
linked to the LT FC IDR of ICE; hence, an upgrade of ICEs IDR would
trigger an upgrade of the rated notes in the same proportion.

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

  -- The rated notes' ratings are linked to the LT FC IDR of ICE;
hence, a downgrade of ICE's IDR would trigger a downgrade of the
rated notes in the same proportion.

A rating action of ICE not tied to a rating downgrade of the
sovereign may not trigger a rating action on the notes if Fitch's
view on the strength of the payment obligation is not affected by
such rating action. Additionally, changes in Fitch's view of the
treatment of the IDB as a preferred creditor may trigger a rating
action on the notes.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

CRITERIA VARIATION

Fitch's "Single- and Multi-Name Credit Linked Notes Rating
Criteria," dated Feb. 12, 2020, establishes that the credit quality
of the primary risk contributors in a credit linked notes
transaction is typically determined by an IDR assigned by Fitch.
However, in some situations, a committee would consider using the
actual bond rating (e.g. senior unsecured rating, subordinate
rating) of an asset in place of the IDR.

For this transaction, it has been determined that the credit
quality of the primary risk contributor is not commensurate with
the IDR or any particular bond rating of the obligor, as sovereign
ratings do not directly address all forms of obligations. To
determine the credit quality of the sovereign obligation and its
notching from the sovereign IDR, Fitch incorporated perspectives
from its sovereign group. During the analysis, it was determined
that the appropriate notching uplift from the primary risk
contributor would be one notch.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

No third-party due diligence was provided to or reviewed by Fitch
in relation to this rating action.

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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The ratings are linked to the credit risk of ICE as measured by its
Long-Term IDR.



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

DOMINICAN REPUBLIC: ASIEX Holds Meeting with Taxman
---------------------------------------------------
Dominican Today reports that the Dominican Association of Foreign
Investment Companies (ASIEX) held a virtual discussion with
Internal Taxes (DGII) director Magin Diaz.

The objective was to address the post-Covid-19 challenges and the
new facilities implemented to benefit taxpayers in the face of the
current pandemic, according to Dominican Today.

It was attended by the business leadership of foreign investment in
the Dominican Republic, who had the opportunity to exchange views
and receive valuable guidance on the future prospects of the DGII
in the face of the crisis, the report notes.

Diaz highlighted that since the declaration of a State of Emergency
in the Dominican Republic, the DGII has implemented facilities in
favor of taxpayers with certain fiscal commitments, the report
relays.  "Among them, the exemption from the payment of the Income
Tax in advance in May, payment agreements for the IRS declaration
of individuals and others," the report adds.

                   About Dominican Republic

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

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

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

Standard & Poor's credit rating for the Dominican Republic stands
at BB- with negative outlook (April 2020). Moody's credit rating
for the Dominican Republic was last set at Ba3 with stable outlook
(July 2017). Fitch's credit rating for the Dominican Republic was
last reported at BB- with negative outlook (May 8, 2020).


DOMINICAN REPUBLIC: Pandemic Affects Country's Tourism Sector
-------------------------------------------------------------
Dominican Today reports that on May 7 the World Tourism
Organization (UNWTO) released estimates on the impact of the
pandemic on the world tourism sector.

It said in a statement that international tourism had contracted by
22% during the first quarter and that contraction could reach 60%
to 80% by year end, according to Dominican Today.

The contraction to March meant 67 million fewer tourists, or
US$80.0 billion in lost income, the report notes.

"The world is facing an unprecedented health and economic crisis.
Tourism has been hit hard, and millions of jobs are at risk in one
of the sectors of the economy that employs the most labor," said
UNWTO Secretary-General Zurab Pololikashvili, the report relays.

The Dominican Republic, the tourism leader in the Caribbean and
Latin America, is no exception to the pandemic that collapses the
countries' health system and paralyzes their economies, the report
notes.

In a normal year like 2018, the tourism sector generated foreign
exchange for the country for US$6.6 billion and was an important
catalyst for economic growth due to its trade links with the rest
of the sectors of the economy, the report adds.

                   About Dominican Republic

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

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

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

Standard & Poor's credit rating for the Dominican Republic stands
at BB- with negative outlook (April 2020). Moody's credit rating
for the Dominican Republic was last set at Ba3 with stable outlook
(July 2017). Fitch's credit rating for the Dominican Republic was
last reported at BB- with negative outlook (May 8, 2020).


DOMINICAN REPUBLIC: Time to Fully Open Businesses Hasn't Come Yet
-----------------------------------------------------------------
Dominican Today reports that in a meeting with president Danio
Medina, Dominican labor unions said that the time to fully open
businesses hasn't come yet.

Their representatives say that what is pertinent is to maintain the
regulatory measures "to prevent the spread of coronavirus from
multiplying and wait at least fifteen more days to see what the
real behavior of the virus will be on society," according to
Dominican Today.

They stated that to achieve the decrease in the spread of
coronavirus, it is necessary to comply with the security measures
established by the authorities of the Ministry of Public Health,
such as avoiding crowds, maintaining distance, the use of masks and
frequent washing of hands, the report notes.

"Bypassing these provisions implies opening the doors to the virus,
and that is what has been happening in recent days as the number of
infections has increased, we must be aware that the important thing
is to preserve life," said the representatives in a statement
obtained by the news agency.

                   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 the Dominican Republic stands
at BB- with negative outlook (April 2020). Moody's credit rating
for the Dominican Republic was last set at Ba3 with stable outlook
(July 2017). Fitch's credit rating for the Dominican Republic was
last reported at BB- with negative outlook (May 8, 2020).




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J A M A I C A
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JAMAICA: Urges Industry to Quickly Execute Projects Now On Hold
---------------------------------------------------------------
RJR News reports that Prime Minister Andrew Holness has encouraged
players in the construction industry to proceed with speed and
alacrity in executing projects that were put on hold due to the
onset of COVID-19.

Mr. Holness said despite the Government giving the go-ahead for the
resumption of construction activities as part of efforts to
facilitate a gradual reopening of the economy, there may be
lingering concerns by some developers, according to RJR News.     

However, he argues that if the developers delay that may exacerbate
recession in the economy, the report notes.

Mr. Holness was speaking at the ground breaking and tour of the
redevelopment and expansion project being undertaken by Factories
Corporation of Jamaica at the Garmex Freezone Complex on Marcus
Garvey Drive in Kingston, the report adds.

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings revised on April 16, 2020 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.

On April 17, 2020, the TCR-LA reported that Fitch Ratings has
revised Jamaica's Outlook to Stable from Positive. The Long-Term
Foreign-Currency Issuer Default Rating is affirmed at B+. The
Outlook change reflects the shock to Jamaica from the coronavirus
pandemic, which is expected to lead to a sharp contraction in its
main sources of foreign currency revenues: tourism, remittances and
alumina exports.




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P A N A M A
===========

MRO HOLDINGS: Bank Debt Trades at 32% Discount
-----------------------------------------------
Participations in a syndicated loan under which MRO Holdings Inc is
a borrower were trading in the secondary market around 68
cents-on-the-dollar during the week ended Fri., May 15, 2020,
according to Bloomberg's Evaluated Pricing service data.   

The $223.3 million facility is a Term loan.  The facility is
scheduled to mature on October 25, 2023.  As of May 15, 2020, the
amount is fully drawn and outstanding.

The Company's country of domicile is Panama.




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

ADVANCE PAIN: June 9 Plan & Disclosures Hearing Set
---------------------------------------------------
Judge Enrique S. Lamoutte has conditionally approved the Disclosure
Statement proposed by Advance Pain Management and Rehabilitation
Institute Inc., explaining the Debtor's Chapter 11 Plan.

In connection with the Disclosure Statement approval, the
Bankruptcy Court also established the following dates and
deadlines:

   * Acceptances or rejections of the Plan may be filed in writing
by the holders of all claims on/or before 10 days prior to the date
of the hearing on confirmation of the Plan.

   * Any objection to the final approval of the Disclosure
Statement and/or the confirmation of the Plan shall be filed on/or
before ten (10) days prior to the date of the hearing on
confirmation of the Plan.

   * The Debtor will file with the Court a statement setting forth
compliance with each requirement in Section 1129, the list of
acceptances and rejections and the computation of the same, within
seven working days before the hearing on confirmation.

   * June 9, 2020, at 2:00 p.m. at the U.S. Bankruptcy Court, U.S.
Post Office and Courthouse Building, 300 Recinto Sur, Courtroom No.
2, Second Floor, San Juan, Puerto Rico is the hearing for the
consideration of the final approval of the Disclosure Statement and
the confirmation of the Plan.

A copy of the Disclosure Statement Order dated May 1, 2020, is
available at https://tinyurl.com/y8tcjobp from PacerMonitor at no
charge.

                About Advance Pain Management

Advance Pain Management and Rehabilitation owns and operates
ambulatory health care facilities. Ambulatory surgery centers (or
outpatient surgery centers) are health care facilities where
surgical procedures not requiring an overnight hospital stay are
performed.

Advance Pain Management and Rehabilitation filed a petition under
Chapter 11 of Title 11, United States Code (Bankr. D.P.R. 19-03941)
on July 11, 2019. In the petitions signed by Dr. Renier Mendez,
president, the Debtor disclosed $69,818 in assets and $122,108 in
liabilities.

Isabel M. Fullana, Esq., at Garcia-Arregui & Fullana, PSC,
represents the Debtor.




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

VENEZUELA: Venezuelans Escape Misery but Return to Crisis
---------------------------------------------------------
Hector Pereira at EFE News reports that millions of Venezuelans
fled the country's political and economic crisis last year and
thousands have made arduous return journeys due to the coronavirus
pandemic.

One family who made this trip was Vanessa Machado, her husband
Rafael Pena and their seven-year-old son Israel, according to EFE
News.

They spent a total of 28 days in quarantine before returning to
their home in the Catia neighbourhood in Caracas, the report
notes.

Vanessa, 37, tells EFE that they decided to go back because they
had had no income for more than a month due to business closures in
Norte de Santander, Colombia, where they had lived.

On April 13, they broke the quarantine and left for Venezuela with
10 suitcases between them, knowing that the border was closed,
transportation was scarce and there were many dangers, the report
relays.

"We had to go through the trails (illegal routes) and pay," she
said, the report discloses.

The fee was not always answered with money, with some of the armed
groups that patrol the border asking for mobile phones or food as
payment, the report relays.

"That was one of the hardest parts. You go in there, you don't know
what awaits you, what is there ahead (. . . .) at that moment, you
are at their mercy," Rafael, 55, added, the report notes.

They crossed unknown rivers and trails before being transferred by
the Venezuelan military to a checkpoint, where they went through a
disinfection tunnel, were tested for Covid-19 and put into
isolation with around 1,000 other returnees, the report relays.

Rafael describes the conditions at the centre: sleeping on mats on
an asphalt floor, waiting for hours to use the bathroom, water
unsuitable for human consumption and food shortages, the report
discloses.

Rafael adds that there were seven "horrible" days when it rained
and not everyone had a roof over their heads, the report relays.

On the eighth day, the family was taken to a classroom in a
military institution that had been converted into a shelter, where
they spent another week undergoing medical evaluations, the report
notes.  They then embarked on the 26-hour trip overland to get to
Caracas, the report says.

Some people helped them during this journey by giving them fruit
but others who shouted "sick" at them, the report relays.

Before they reached the capital, they did not know that a third
quarantine awaited them, this one 14 days long, before the
government allowed them to return to their homes, the report
discloses.

The family of three was confined to a hotel room with pensioner
Marisol Carrero, 61, who had accompanied them during the journey
and who also lives in Catia, the report notes.

Gone is the illusion of seeking a better life in another country,
now they are enjoying the tranquillity of being at home, the report
notes.

"It took us 28 days to get to our house, I marked it out," says
Rafael, the report adds.

                               Venezuela

Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South America, consisting of a
continental landmass and a large number of small islands and islets
in the Caribbean sea.  The capital is the city of Caracas.

Hugo Chavez was president to Venezuela from 1999 to 2013.  The
Chavez presidency was plagued with challenges, which included a
2002 coup d'etat, a 2002 national strike and a 2004 recall
referendum.  Nicolas Maduro was elected president in 2013 after the
death of Chavez.  Maduro won a second term at the May 2018
Venezuela elections, but this result has been challenged by
countries including Argentina, Chile, Colombia, Brazil, Canada,
Germany, France and the United States who deemed it fraudulent and
moved to recognize Juan Guaido as president.

The presidencies of Chavez and Maduro have challenged Venezuela
with a socioeconomic and political crisis.  It is marked by
hyperinflation, climbing hunger, poverty, disease, crime and death
rates, social unrest, corruption and emigration from the country.

S&P Global Ratings, in May 2019, removed its long- and short-term
local currency sovereign credit ratings on Venezuela from
CreditWatch with negative implications and affirmed them at
'CCC-/C'. The outlook on the long-term local currency rating is
negative. At the same time, S&P affirmed its 'SD/D' long- and
short-term foreign currency sovereign credit ratings on Venezuela.

Moody's credit rating (long term foreign and domestic issuer
ratings) for Venezuela was last set at C with stable outlook in
March 2018.  Meanwhile, Fitch's long term issuer default rating for
Venezuela was last in 2017 at RD and country ceiling was CC. Fitch,
on June 27, 2019, affirmed then withdrew the ratings due to the
imposition of U.S. sanctions on Venezuela.




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

LATAM: UN Report Projects GDP for Region to Shrink by 5.4%
----------------------------------------------------------
RJR News reports that the United Nations World Economic Situation
and Prospects mid-2020 report says Gross Domestic Product in Latin
America and the Caribbean is projected to shrink by 5.4 per cent
this year -- the largest contraction in the region's history.

It said average per capita income is expected to decline to the
lowest level in more than a decade and with unemployment rising
sharply, large numbers of people will fall into poverty, according
to RJR News.

The region is expected to return to moderate growth in 2021,
supported by a global economic recovery, the report notes.


[*] Fitch Lowers Ratings on Latin American Airlines
---------------------------------------------------
Fitch Ratings has downgraded the Foreign Currency Issuer Default
Rating of LATAM Airlines Group, and the Foreign and Local Currency
IDRs of Azul S.A. and GOL Linhas Aereas Inteligentes S.A. one or
two notches, to 'B-'. All ratings remain on Rating Watch Negative.

Elevated uncertainty regarding the size and duration of the cash
flow burn during the next 12 months were key factors supporting the
rating action, as was the deterioration of the financial
flexibility enjoyed by these airlines. The coronavirus pandemic has
resulted in sharp drops in airline passenger activity due to travel
bans, social distancing and sharp economic downturns in the region
and throughout Europe and North America.

The downgrades take into account the expectation of a slow recovery
period, as well as the sharp deterioration of local currencies and
the mismatch between revenues that are primarily generated in local
currency and debt and lease obligations that are mostly payable in
U.S. dollars or Euros.

KEY RATING DRIVERS

Coronavirus Assumptions: The downgrades reflect increased credit
risk for the sector as a result of negative FCF, diminished
liquidity positions and weaker balance sheets. The airlines have
responded to the challenging environment with capacity reductions
ranging from 75%-93%, in domestic markets, up to 95%, in
international markets, during the 2Q20. The timing of a recovery
remains uncertain as the virus spreads in the region and more
restrictive measures are imposed that should stifle demand. Fitch's
base case scenario envisions a 55% drop in RPKs (Revenue Passenger
Kilometres) for 2020 from 2019 and that 2021 levels will remain 22%
below 2019 along with pressured yields. Since mid-March, all
issuers have announced, in different terms and magnitude, lease
payment and aircraft delivery deferrals, renegotiations with
suppliers and significant reduction in personnel expenses.

Extent of Cash Flow Burn Remains Uncertain: The timing and
intensity of the cash flow burn during the remainder of 2020 is the
key credit concern, as financial flexibility is limited in terms of
the issuers' abilities to access new credit lines. During 2Q20,
Fitch projects that LATAM's cash flow burn will be about USD600
million and that Azul and GOL will have around BRL800 million and
BRL900 million of cash burn. In the case of GOL, this amount does
not include any cash inflow from Boeing. Per Fitch's criteria and
estimates, readily available cash amounts as of March 31, 2020 were
USD1.7 billion for LATAM, BRL1.3 billion for Azul (excludes TAP,
SGPS, S.A.'s bonds) and BRL1.8 billion for GOL (excludes cash held
at Smiles).

BNDES Support Remains Essential: In terms of government support, so
far only Brazil has made a public announcement of financial support
through its development bank, BNDES (Banco Nacional de
Desenvolvimento Economico e Socia). Negotiations continue and final
terms have not been concluded. The expectation is that there will
be a credit line of around BRL2 billion (USD340 million to 400
million) given to each of the three largest airlines operating in
the domestic market in Brazil. This cash inflow is a key credit
consideration at this point and any major delay or failure to reach
an agreement could lead to additional rating actions. In the case
of LATAM, the company would be expected to use these funds only for
its Brazilian operations, which would limit the liquidity boost
provided to the company by BNDES, as the majority of its debt
agreements are at the holding company in Chile. LATAM is in
discussions with the governments of Chile and Peru.

DERIVATION SUMMARY

LATAM Airlines Group S.A.

LATAM is well positioned in the 'B' rating category relative to its
regional peers given its diversified business model and significant
regional market position. The company's financial flexibility has
diminished since the coronavirus crisis started and its liquidity
position is deteriorating. The company's rating is currently at the
same level of Azul S.A and Gol Linhas Aereas Inteligentes S.A.,
which are also facing cash flow pressure. LATAM is rated lower than
global players Delta Air Lines (BB+/Neg), United Continental
Holdings, Inc. (BB-/Neg), and American Airlines Group, Inc.
(B/Neg). These issuers started the crisis with stronger liquidity
positions and have more financial flexibility.

Azul S.A.

Azul's 'B-' rating is at the same level as LATAM and GOL. Azul has
a weaker position in the 'B' rating category relative to global
peers given its limited geographic diversification and relatively
high leverage; nonetheless it has an important regional market
position in the Brazilian market that has resulted in higher
margins. These positive factors are tempered by the company's
ongoing business growth and the high volatility of the Brazilian
market. FX risk exposure is viewed as an additional negative credit
factor for Azul given its lack of geographic diversification. The
company's limited financial flexibility given the impact of the
coronavirus on the sector and its deteriorating liquidity position
have resulted in a Rating Watch Negative being assigned to its 'B-'
ratings.

GOL Linhas Aereas Inteligentes S.A.

GOL's current capital structure compares well with those of the
other two main airlines in Latin America rated 'B-' by Fitch: LATAM
and Azul. The rating equalization between the three airlines
reflects high uncertainty surrounding cash flow burn during 2020
and the speed and degree to which the industry will recover. GOL's
ability to adjust its business model and downsize its fleet is
positive and could benefit its cost structure and profitability. FX
risk exposure is viewed as an additional negative credit factor for
GOL given its lack of geographic diversification. Similar to the
ratings for Azul and LATAM, the 'B-' rating for GOL along with the
Rating Watch Negative reflect limited financial flexibility for the
sector and high levels of cash burn during throughout 2020, as well
as the high level of uncertainty surrounding the scope of recovery
during 2021.

KEY ASSUMPTIONS

Key Assumptions in Fitch's rating case include a steep drop in
demand through 2020, with full recovery only occurring by 2022.
During 2020 Fitch's base case includes revenues down roughly 90%
through the second quarter of the year, down as much as 70% in the
third quarter, and down 40% in the fourth quarter for domestic
focused carriers and closer to 50% for carriers with more
international exposure. Fitch incorporates the company's efforts to
reduce variable costs, including salary & wages, marketing
expenses, services operations as well as capex reduction and
deferral of aircraft deliveries as already announced.

RATING SENSITIVITIES

The resolution of the RWN will depend on the severity of the impact
on issuer's operating cash flow generation in 2Q20 and perspectives
for the 2H20.

LATAM

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

  -- Failure to preserve liquidity and refinance short term
     financial and leasing obligations;

  -- Delay and/or failure to obtain government support;

  -- Prospects of total adjusted debt/EBITDAR sustained above
     7.0x and/or net adjusted debt/EBITDAR above 6.0 x by 2021.

AZUL

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

  -- Failure to preserve liquidity and refinance short term
     financial and leasing obligations;

  -- Delay and/or failure to obtain government support;

  -- Prospects of total adjusted debt/EBITDAR sustained above
     7.0x and/or net adjusted debt/EBITDAR above 6.0x by 2021.

GOL

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

  -- Failure to preserve liquidity and refinance short term
     financial and leasing obligations;

  -- Delay and/or failure to obtain government support;

  -- Prospects of total adjusted debt/EBITDAR sustained
     above 7.0x and/or net adjusted debt/EBITDAR above
     6.0x by 2021.

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

LATAM Airlines Group S.A.

LATAM held cash of USD1.5 billion as of Dec. 31, 2019, compared
with short-term debt of USD1.8 billion and total debt of USD10.4
billion. LATAM had in place a senior secured revolving credit
facility of USD600 million, which has a combination of aircraft,
spare engines and spare parts as collateral. Considering the
current scenario of tight liquidity, and seeking to boost its cash
position LATAM has fully withdrawn this RCF.

Azul S.A.

Azul held adjusted cash of BRL1.6 billion as of March 31, 2020, per
Fitch's calculation, which considers only 40% of its marketable
securities relating to the high yields' bonds of TAP. At the same
period, Azul's total adjusted debt was BRL20.6 billion, with BRL4.3
billion due in the short term (BRL2.4 billion relates to leasing
obligations). The company does not have major capital market debt
coming due in the next 12 months. Azul does not have a committed
standby credit facility.

GOL Linhas Aereas Inteligentes S.A.

As of Dec. 31, 2019, the company had BRL2.6 billion of cash and
marketable securities and BRL14.5 billion of total debt. The
company's ongoing refinancing strategy over the last few quarters
gave an important relief for the company's refinancing risks during
2020. During 2020, GOL faces BRL3.9 billion of maturities with an
important capital market debt coming due in August (USD300 million
of term loan). GOL's financial flexibility is somewhat limited by
having around BRL1 billion of its cash position at its 52.6%
subsidiary, Smiles. GOL does not have a committed standby credit
facility.

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).

AZUL Investments LLP      

  - Senior unsecured; LT B-; Downgrade

GOL Linhas Aereas Inteligentes S.A.

  - LT IDR B-; Downgrade

  - LC LT IDR B-; Downgrade

  - Natl LT BB(bra); Downgrade

Gol Finance Inc.      

  - Senior unsecured; LT B-; Downgrade

LATAM Airlines Group S.A.

  - LT IDR B-; Downgrade

  - Natl LT BB(cl); Downgrade

  - Nat Equity Rating Segunda Clase(cl); Downgrade  

  - Senior unsecured; Natl LT BB(cl); Downgrade

Gol Finance      

  - Senior unsecured; LT B-; Downgrade

Azul S.A.

  - LT IDR B-; Downgrade

  - LC LT IDR B-; Downgrade

  - Natl LT BB(bra); Downgrade(bra)

LATAM Finance Limited      

  - Senior unsecured; LT B-; Downgrade

GOL Linhas Aereas S.A.

  - LT IDR B-; Downgrade

  - LC LT IDR B-; Downgrade

  - Natl LT BB(bra); Downgrade(bra)



                           *********


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
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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.
.


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