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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

          Wednesday, May 27, 2020, Vol. 21, No. 106

                           Headlines



A R G E N T I N A

ARGENTINA: Government, Creditor Offers Differ by 20 Cents/Dollar


B R A Z I L

BRAZIL: Official Sees 10% Drop in GDP in 2nd Quarter
MARANHAO: Fitch Affirms LongTerm IDRs at 'BB-', Outlook Negative
SUL AMERICA: Fitch Alters Outlook on 'BB-' LT IDR to Negative


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: 4-Phase Reopening Leaves Businesses in Limbo
DOMINICAN REPUBLIC: Benefits From DR-Cafta But Faces Challenges
DOMINICAN REPUBLIC: Must Borrow More, Cut Spending, Raise Taxes


E C U A D O R

ECUADOR: Debt Swaps Set to Pay $60 Million After Coupon Delay


J A M A I C A

PALACE AMUSEMENT: Suffers Almost $50MM Loss on 2020 First Quarter


P U E R T O   R I C O

GONZALEZ & COLON: Full Recovery for Banco Santander Under Plan

                           - - - - -


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

ARGENTINA: Government, Creditor Offers Differ by 20 Cents/Dollar
----------------------------------------------------------------
Ignacio Olivera Doll and Ben Bartenstein at Bloomberg News report
that talks have continued since bondholders sent two
counterproposals, but there's a gap of about 20 cents on the dollar
between the government's offer and the most aggressive creditors,
according to people with direct knowledge on the matter.

Argentine officials have asked advisers to work on a new proposal
that incorporates investors' feedback but maintains a three-year
moratorium on debt payments, some of the people said, Bloomberg
News notes.

In an online forum, Economy Minister Martin Guzman said he expected
negotiations to extend past May 22, when the grace period expires
on $500 million of overdue interest payments, Bloomberg News
relates.  Failure to hand over the money or reach an accord by then
would mark the country's ninth default in its 200-year history and
potentially set off a painful court battle if bondholders decide
there's little chance of an agreement and move to file a lawsuit
instead, Bloomberg News says.

"We are having a constructive dialogue with the bondholders,"
Guzman said in the online event.

The Exchange Bondholder Group -- alongside the Argentina Creditor
Committee, Fintech Advisory and Gramercy Funds Management --
submitted a joint proposal to the government that people familiar
with the matter said would give bondholders about 55 cents on the
dollar, Bloomberg News notes.  A separate group that includes
BlackRock Inc., Ashmore Group Plc and Fidelity Investments sent a
plan that the people valued at about 59 cents on the dollar,
Bloomberg News says.

An Economy Ministry spokesman declined to comment.

Negotiations started more than two months ago, and Argentina's
proposal had sought $40 million of debt relief and a three-year
moratorium on debt payments, Bloomberg News notes.  The country,
home to South America's second-largest economy, says it can't meet
its obligations amid high unemployment, a sharp drop in the value
of its currency, accelerating inflation and a deep recession made
worse by the coronavirus pandemic, 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.




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

BRAZIL: Official Sees 10% Drop in GDP in 2nd Quarter
----------------------------------------------------
Lachlan Williams at Rio Times Online reports that amid the impacts
of the coronavirus pandemic, the Brazilian economy is expected to
contract ten percent in the second quarter of 2020 and three
percent in the year-to-date, projects Henrique Meirelles, Sao Paulo
state Secretary of Treasury and Planning.

"The moment we are experiencing is indeed dramatic and requires
urgent and effective action," said Henrique Meirelles, Sao Paulo
state Secretary of Treasury and Planning, according to Rio Times
Online.

To his projection, the former Minister of Treasury in the
government of Michel Temer uses the official estimate of
infectologists on the length of the crisis, with the peak number of
cases in April, 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.


MARANHAO: Fitch Affirms LongTerm IDRs at 'BB-', Outlook Negative
----------------------------------------------------------------
Fitch Ratings has affirmed the Brazilian state of Maranhao's
Long-Term Foreign- and Local-Currency Issuer Default Ratings at
'BB-' with a Negative Rating Outlook and its Short-Term Foreign-
and Local-Currency IDR at 'B'. The Outlook reflects the sovereign
Outlook of Negative.

Fitch has also affirmed Maranhao's National Long-Term Rating at
'AA-(bra)' and revised the Outlook to Stable from Negative. Fitch
believes that the 'AA-(bra)' rating is compatible with the State's
risk profile. Fitch has lowered the Standalone credit profile to
'bb-' from 'bb' due to the deterioration of metrics expected in the
agency's rating case scenario.

While Brazilian local and regional governments' most recently
available data may not have indicated performance impairment,
material changes in revenue and cost profiles are occurring across
the sector and likely to worsen in the coming weeks and months as
economic activity suffers and some form of government restrictions
are maintained or broadened. Fitch's ratings are forward-looking in
nature, and the agency will monitor developments in the sector for
their severity and duration, and incorporate revised base- and
rating-case qualitative and quantitative inputs based on
performance expectations and assessment of key risks.

KEY RATING DRIVERS

Risk Profile: 'Weaker'

Fitch has assessed State of Maranhao's risk profile at 'Weaker',
reflecting the blend of five weaker and one midrange attributes on
the six key risk factors, which in combination with sovereign
rating of 'BB-' resulted in a weaker risk profile assessment.

Revenue Robustness: 'Weaker'

State of Maranhao presents revenue growth expected to be marginally
positive. The state has a revenue source mostly based on tax
collections and federal transfers. In fact, federal transfers
represented 47.7% of state's operating revenues in 2019. The state
is dependent on this revenue source, which supports this factor
being 'weaker'.

Revenue Adjustability: 'Weaker'

Revenue Adjustability is Weaker, reflecting a low capacity level
for revenue increase in response to downturn. There is low
affordability of additional taxation given that tax tariffs are
close to the constitutional national ceiling. The most relevant
tax, the ICMS has a concentrated taxpayer base, like other
Brazilian states, in which the 10 largest corresponded to around
40% of total tax collections in a stable trend in relation to the
previous two years.

Expenditure Sustainability: 'Midrange'

State of Maranhao presents moderate control over Expenditure growth
prospects, considering that personnel-related expenditures
represented a proportion of around 51% of total expenditures,
comparing adequately with States of Para and Espirito Santo, which
present this factor also as midrange. Operating expenditure has
been increasing slightly slower than operating revenues in the last
years. Responsibilities are moderately countercyclical since the
state is engaged in healthcare, education and law enforcement. In
addition, Maranhao does not present aggressive off-loading of
investments and borrowings, also corroborating the midrange
assessment.

Expenditure Adjustability: 'Weaker'

As per the Brazilian Constitution, there is low affordability of
expenditure reduction especially in salaries. As a result, whenever
there is an unpredictable reduction in revenues, operating
expenditure does not follow automatically. In addition, there is a
high share of inflexible costs since more than 90% of expenditure
consist of mandatory or committed costs. Track record of stimulus
packages for Maranhao is limited, other than tax exemptions given
to companies. There are balanced expenditure rules in place but no
strong track record of application.

Liabilities and Liquidity Robustness: 'Weaker'

There is a moderate national framework for debt and liquidity
management since there are prudential borrowing limits and
restrictions on loan types. The federal government guarantees all
U.S. dollar denominated debt of the state. There is material
off-balance sheet risk stemming from the pension system, which has
been compromising around 26% of personnel expenditures in 2019,
leading this factor to be 'weaker'.

Liabilities and Liquidity Flexibility: 'Weaker'

There is a framework of providing emergency liquidity support from
the federal government via the granting of extended maturity over
the prevalent federal debt portion. Nevertheless, all liquidity is
held at institutions below 'BBB-', leading this factor to be
'weaker'.

Debt sustainability: 'aa' category

Debt sustainability has been assessed at 'aa'. Fitch's rating case
forward-looking scenario indicates a payback ratio (net direct risk
to operating balance) -- the primary metric of debt sustainability
assessment -- will stay below 5x during five-year scenario horizon,
which justifies the state's debt sustainability 'aa' assessment.

Payback shows a weakness during the forward-looking scenario
horizon of five years mainly due to the impact of the sanitary and
economic crisis on operating balance, thus reflecting in lower
SCP.

For the State of Maranhao, a prolonged coronavirus impact and much
slower economic recovery lasting until 2025 would pressure tax
receipts. Should the issuer be unable to proactively reduce
expenditure or supplement weaker receipts from increased central
government transfers, this may lead to a downgrade.

DERIVATION SUMMARY

State of Maranhao's SCP is assessed at 'bb-', reflecting a
combination of a 'Weaker' risk profile and debt sustainability
metrics assessed in the 'aa' category under Fitch's rating case
scenario. The SCP, positioned at 'bb-', also reflects the peer
comparison.

KEY ASSUMPTIONS

Quantitative assumptions - Issuer Specific

Fitch's rating case scenario is a "through-the-cycle" scenario,
which incorporates a combination of revenue, cost and financial
risk stresses. It is based on the 2015-2019 figures and 2020-2024
projected ratios. The key assumptions for the scenario include:

  - Income tax & fees fines and other operating revenues linked to
inflation;

  - Transfers linked to real GDP growth;

  - Operating expenditures also linked to inflation.

RATING SENSITIVITIES

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

State of Maranhao's Long-Term IDRs could be downgraded if its SCP
deteriorates on a sustained basis in Fitch's rating case scenario.
This could happen if the state deteriorates its operating balance
or increase its debt resulting in an increase of payback ratio
above 5x.

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

Positive rating action on Maranhao's IDR could result from an
improvement of its SCP in conjunction with a Sovereign action of
upgrade, since the State is aligned with the sovereign. Its SCP
could improve if payback ratio maintains on a continued
consistently lower than 5x.

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.

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 State of Maranhao presents a "Human Development, Health and
Education" score of '4' due to its below-average socio-economic
indicators. For other scores, the highest level of ESG credit
relevance is a score of '3' — ESG issues are credit neutral or
have only a minimal credit impact on the entity, either due to
their nature or the way in which they are being managed by the
entity.


SUL AMERICA: Fitch Alters Outlook on 'BB-' LT IDR to Negative
-------------------------------------------------------------
Fitch Ratings has affirmed Sul America S.A.'s Long-Term Local- and
Foreign-Currency Issuer Default Ratings at 'BB-' and Long-Term
National Rating at 'AA-(bra)'; all Rating Outlooks have been
revised to Negative from Stable.

KEY RATING DRIVERS

Fitch revised the Outlooks of SASA's IDRs and National rating to
Negative from Stable, reflecting the economic uncertainties
relating to the coronavirus pandemic, which also reflect the direct
influence and high importance of Brazil's sovereign rating's
negative outlook on the insurance industry profile and operating
environment, and thus on insurer's ratings. However, Fitch believes
that SASA's IDRs reflect the company's favorable business profile
relative to other Brazilian insurers, strong financial performance
and earnings, and adequate capitalization, which are offset by the
weakness in the Brazilian insurance industry profile and operating
environment. The IDRs also reflect the company's significant
exposure to Brazilian government securities and other
non-investment grade securities on an international scale, which,
in turn, negatively affect Fitch's assessment of SASA's investment,
asset risk and capitalization, and leverage credit factors.

These rating actions also included Fitch's assessment of the impact
of the coronavirus pandemic, including its economic impact, under a
set of ratings assumptions. These assumptions were used by Fitch to
develop pro forma financial metrics for SASA that Fitch compared to
both ratings guidelines defined in its criteria and relative to
previously established rating sensitivities for SASA.

Fitch developed the pro forma financial metrics using data from
1Q20 to estimate the potential impact of capital exposure to
investment losses. SASA's pro forma ROE resulted in a negative 1.0%
level which is below the previously established rating sensitivity
of a ROAE of less than 8% on a sustained basis. The capitalization
and leverage credit factor saw an increase in its net written
premiums to capital ratio to 2.7x from 2.4x, and a financial
leverage ratio to 27% from 24%, which resulted below the previous
rating sensitivity of an FLR of 31%. The financial performance and
earnings credit factor reflected the potential spike in claims and
resulted in a combined and operating ratio above 100%.

Assumptions for Coronavirus Impact (Rating Case):

Fitch used the following key assumptions, which are designed to
identify areas of vulnerability, in support of the pro forma
ratings analysis:

  -- Decline in key stock market indices by 35% relative to Jan. 1,
2020;

  -- Increase in two-year cumulative high-yield bond default rate
to 16%, applied to current non-investment grade assets on an
international scale, including government securities;

  -- For the health and non-life sectors, a negative impact on the
industry-level accident year loss ratio from coronavirus-related
claims at 3.5 percentage points, partially offset by a favorable
impact from the auto line averaging 1.5 percentage points.

RATING SENSITIVITIES

The ratings remain sensitive to any material change in Fitch's
rating case assumptions with respect to the coronavirus pandemic.
Periodic updates to the assumptions are possible given the rapid
pace of changes in government actions in response to the pandemic,
and the pace with which new information is available on the medical
aspects of the outbreak.

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

  -- A material adverse change in Fitch's ratings assumptions with
respect to the coronavirus impact;

  -- SASA's IDRs and LT National ratings would be negatively
affected by a downgrade in Brazil's sovereign rating (BB-/Negative)
which would lead to a worsening of Fitch's assessment of the
insurance industry profile and operating environment, which would
also deteriorate SASA's investment and asset risk, and
capitalization and leverage credit factors;

  -- SASA's ratings could be negatively affected by a sustained and
material deterioration in profitability and leverage, measured by a
ROE below 8% and a FLR above 31%;

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

  -- A material positive change in Fitch's ratings assumptions with
respect to the coronavirus impact;

  -- A positive rating action is prefaced by Fitch's ability to
reliably forecast the impact of the coronavirus pandemic on the
financial profile of both the sector of the insurance industry and
SASA;

  -- SASA's IDRs and LT National ratings would be positively
affected by an improvement in Brazil's industry profile and
operating environment, driven by a decline in country risk and a
stronger financial market development, which would lead to an
improvement in Fitch's assessment of SASA's investment and asset
risk and capitalization and leverage credit factors.

Stress Case Sensitivity Analysis:

  -- Fitch's Stress Case assumes a 60% stock market decline,
two-year cumulative high-yield bond default rate of 22%, high-yield
bond spreads widening by 600bps and more prolonged declines in
government rates, heightened pressure on capital markets access, a
COVID-19 infection rate of 15% and mortality rate of 0.75%, an
adverse non-life industry-level loss ratio impact of 7 percentage
points for COVID-19 claims partially offset by a favorable 2 points
for auto, and a one-notch lower sovereign rating.

  -- The implied rating impact under the stress case would be a
downgrade of one to two notches.

BEST/WORST CASE RATING SCENARIO

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

Sul America S.A.

  - LT IDR BB-; Affirmed

  - ST IDR B; Affirmed

  - LC LT IDR BB-; Affirmed

  - LC ST IDR B; Affirmed

  - Natl LT AA-(bra); Affirmed

  - Natl ST F1+(bra); Affirmed

  - Senior unsecured; Natl LT A+(bra); Affirmed

  - Senior unsecured; Natl ST F1+(bra); Affirmed




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: 4-Phase Reopening Leaves Businesses in Limbo
----------------------------------------------------------------
Dominican Today reports that although the Dominican Republic
Government announced the 4-phase reopening of several productive
sectors starting May 20, the business leaders are unaware of the
official protocol, since each sector in particular has developed
their own plan based on international research according to the
sector to which they belong.

Said protocols were delivered by the different sectors to the
Economic Commission, but their approval is still unknown, according
to Dominican Today.

However, business leaders assure that they are ready to reopen
based on those particular protocols, the report notes.  In fact,
they have already started to organize everything for employees to
return, the report relays.

In the case of the construction sector, they have already planned
that in the 6,000 works that are paralyzed, they will start in
Phase I of the reopening with about 190,000 employees, of the
300,000 that this sector owns, said Jorge Montalvo, first vice
president of the Dominican Association of Home Builders and
Promoters, 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: Benefits From DR-Cafta But Faces Challenges
---------------------------------------------------------------
Dominican Today reports that 13 years after the Central
America-United States-Dominican Republic free trade agreement
(DR-Cafta) took effect, the Dominican Republic has managed to
increase its exports and become a regional leader in trade with the
U.S.

However, the Dominican Republic faces several challenges within the
DR-Cafta, mainly with some products from the agricultural sector,
according to Roberto Despradel, economist and trade expert, the
report notes.

Among the challenges, Despradel said there are still several
"highly sensitive" agricultural products to conclude the
liberalization calendar, goods that the United States produces and
exports and that it also promotes through different internal
support programs, the report notes.

"There is a great challenge here, because combining the atomicity
of domestic producers with the domestic support of the United
States will make it very difficult to compete.  For our country,
these are products with high economic, social and, therefore,
political sensitivity," he warned, 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: Must Borrow More, Cut Spending, Raise Taxes
---------------------------------------------------------------
Dominican Today reports that the authorities that will lead the
Dominican Republic as of August 16 will have two alternatives to
face the crisis caused by COVID-19 -- continue borrowing or make
adjustments and cuts in spending, in addition to raising taxes.

The economist Antonio Ciriaco, vice dean of the Faculty of
Economics of the Autonomous University of Santo Domingo (UASD),
cautioned that what awaits the Administration as of August 16 will
be "extremely difficult" with a "somber panorama," according to
Dominican Today.

Ciriaco stressed that there is no way that tax collections will be
recovered this year, according to what was projected, the report
notes.

"There are important adjustments to be made at the level of public
spending, that implies cuts, tax increases, but at this juncture
talking about adjustments means further deepening the crisis
because we are in a special period where there is a drop in the
income of the population and a precarious situation in the
operations of the companies," 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.

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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E C U A D O R
=============

ECUADOR: Debt Swaps Set to Pay $60 Million After Coupon Delay
-------------------------------------------------------------
Ben Bartenstein at Bloomberg News reports that investors holding
debt protection for Ecuador are in line to share compensation of
about $60 million after the South American nation struck a deal
with creditors to suspend coupon payments on its foreign debt.

Firms holding the country's credit-default swaps will receive about
65% of the amount covered by the instruments, according to the
final results of an auction to settle the contracts, Bloomberg News
notes.  They get triggered when a borrower fails to pay its debt,
according to Bloomberg News.  Investors use the instruments to make
negative bets on borrowers or as hedges for bond investments,
Bloomberg News relays.

Ecuador, which went 180 years without repaying a bond, has struck a
market-friendly tone under President Lenin Moreno and his Finance
Minister Richard Martinez, though it's now grappling with both a
public health crisis and a downturn in crude oil prices, Bloomberg
News discloses.  The nation has been one of Latin America's
hotspots for the Covid-19 pandemic, Bloomberg News says.

Last month, the government reached a deal with bondholders to delay
interest payments on about $18 billion of foreign debt until
August, Bloomberg News relates.  While the nation's benchmark bonds
due in 2028 have rebounded to 35 cents on the dollar, that
agreement triggered the credit-default swaps, Bloomberg News notes.
That makes Ecuador the second prominent emerging-market this year,
following Lebanon, to activate payments on its CDS, Bloomberg News
discloses.

Some of Ecuador's largest creditors include Ashmore Group Plc,
BlackRock Inc. and Goldman Sachs Group Inc., according to data
compiled by Bloomberg.

                   About Ecuador

The Republic of Ecuador is a country in northwestern South America.
The sovereign state of Ecuador is a middle-income representative
democratic republic and a developing country that is highly
dependent on commodities, namely petroleum and agricultural
products.  As of May 12, 2020, Ecuador has defaulted on sovereign
debt in 2020.

On April 3, 2020, Moody's Investors Service downgraded the
long-term foreign-currency issuer and senior unsecured rating of
the Government of Ecuador to Caa3 from Caa1 and changed the outlook
to negative from stable.  Moody's decision to downgrade Ecuador's
rating reflects the increased and now very high probability of a
restructuring, distressed exchange or default on Ecuador's market
debt as a result of the economic and financial shock the country is
experiencing due to the coronavirus outbreak that has led to
extremely tight financing conditions for Ecuador.

On April 13, 2020, S&P Global Ratings lowered its long- and
short-term sovereign credit ratings on Ecuador to 'SD/SD' from
'CCC-/C'. S&P removed the ratings from CreditWatch.  S&P said
Ecuador's already large budgetary financing needs have been
exacerbated by the plunge in global oil prices and the negative
global economic impact of the COVID-19 pandemic. The country is one
of the worst affected by the virus outbreak in the region.

Also, in mid April 2020, Fitch lowered Ecuador's longterm foreign
currency issuer default rating to C from CC.  The 'C' rating
reflects Fitch's view that a sovereign default of some kind is
imminent following the "consent solicitation" made by the
Ecuadorian government to defer external bond payments while it
pursues a comprehensive restructuring.  A deferment in payments, if
agreed to by bondholders, would constitute a distressed debt
exchange in Fitch's view.




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

PALACE AMUSEMENT: Suffers Almost $50MM Loss on 2020 First Quarter
-----------------------------------------------------------------
RJR News reports that Palace Amusement suffered a near $50 million
loss for the January to March quarter.

It recorded a $49.2 million net loss compared to a $43.7 million
profit during the same period last year, according to RJR News.

During the three months, Palace Amusement earned $229 million in
revenue compared to $254.5 million in 2019, the report notes.

The company has not shown movies since COVID-19 restrictions were
imposed in March, the report adds.




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

GONZALEZ & COLON: Full Recovery for Banco Santander Under Plan
--------------------------------------------------------------
Debtor Gonzalez & Colon Investment Group Inc. filed a Plan of
Reorganization and a Disclosure Statement on April 30, 2020.

Under the Plan, Class 1 Secured Claim pertains to Banco Santander
Puerto Rico's Claim No. 1, in the total amount of $105,361.22.
Payment related to claims is to be paid in full with a lump sum
payment of $23,000 and 60 payment of $1,508 with 3.75% interest.
An agreement has been reached and a stipulation will be filed with
the Court upon receiving the same from creditor.

The Plan says there are no general unsecured claims against the
Debtor.

A full-text copy of the Amended Disclosure Statement and Plan dated
April 30, 2020, is available at https://tinyurl.com/yaurfyol from
PacerMonitor.com at no charge.

Counsel for the Debtor:

     Miriam A. Murphy-Lightbourn
     PO Box 372519
     Cayey, Puerto Rico 00737
     Tel: 787-263-2377
     Email: mamurphyli82@gmail.com

            About Gonzalez & Colon Investment Group

Gonzalez & Colon Investment Group Inc., is authorized by Puerto
Rico Department of State to operate as a privately owned
corporation. It Debtor classifies as single asset property,
constituting a single property with 4 commercial units, that
generates substantially all of the gross income of the debtor.

Gonzalez & Colon Investment Group sought Chapter 11
protection(Bankr. D.P.R. Case No. 19-05905) on Oct. 11, 2019.
Miriam A. Murphy-Lightbourn, Esq., at MIRIAM A. MURPHY & ASSOCIATES
PSC, is the Debtor's counsel.



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