---

       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, June 10, 2020, Vol. 21, No. 116

                           Headlines



A R G E N T I N A

AEROLINEAS ARGENTINAS: Argentina to Spend Over $880 Million
ARGENTINA: Good Behavior Won't Deliver It From Economic Pain


B A R B A D O S

BARBADOS: Pandemic Poses Major Challenge for Economy, IMF Says


B R A Z I L

BANCO DO ESTADO DO PARA: Fitch Gives 'BB-' LT IDR, Outlook Negative
BRAZIL: Current Account Deficit May Turn to Surplus This Year


D O M I N I C A N   R E P U B L I C

ALAMBRES DOMINICANOS: Workers Protests on PHASE Program
DOMINICAN REPUBLIC: Pandemic Caused Loss of 473,000 Jobs in April


M E X I C O

ARMOUR SECURE: A.M. Best Keeps B(Fair) FSR Under Review


P U E R T O   R I C O

FERRELLGAS PARTNERS: Posts $15.4 Million Net Loss in 3rd Quarter

                           - - - - -


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

AEROLINEAS ARGENTINAS: Argentina to Spend Over $880 Million
-----------------------------------------------------------
Jorgelina Do Rosario and Carolina Millan at Bloomberg News report
to Argentina may have to dole out at least $880 million in
subsidies this year to keep its state airline afloat, further
weighing on government finances after the nation's ninth sovereign
default.

Aerolineas Argentinas President Pablo Ceriani said the carrier's
budget shortfalls, up from about $680 million last year, will
persist until demand rebounds, which isn't expected for a couple of
years, according to Bloomberg News.  The carrier probably won't
break even for as many as five years after that, he said in an
interview from Buenos Aires.

"One of the conditions for profitability is demand, and that won't
be normal until 2022," Ceriani said from the airline's headquarters
in local airport Aeroparque Internacional Jorge Newbery, Bloomberg
News relays.  "We're planning to curb structural losses in a
sustained way from then onwards. That's the reasonable horizon in
this situation."

Like airlines worldwide, Aerolineas Argentinas's operations have
been paralyzed by coronavirus fallout, Bloomberg News notes.
Argentina implemented some of the earliest and harshest measures in
Latin America to halt the spread of the virus, such as halting
commercial flights until Sept. 1, Bloomberg News says.  But unlike
the airline's global peers, Aerolineas Argentinas is committed to
weathering the crisis without any layoffs for its 12,000 employees,
according to Ceriani, Bloomberg News discloses.

"It's a policy aimed at keeping jobs," he said. "Cutting incomes
hurts workers already going through an economic crisis."

Still, the company now plans to temporarily suspend about 7,500
workers in June and July, according to a person with direct
knowledge of talks with labor representatives, Bloomberg News
relates.  Separately, the airline said that it is in advanced
negotiations to "reprogram" payments to Brazil's Banco Nacional de
Desarrollo Economico y Social (BNDES) and Banco de la Nacion
Argentina, Bloomberg News notes.

Argentina's flagship carrier has depended on subsidies since being
nationalized in 2008, but the gap has been exacerbated by a 50%
plunge in the peso, plus a devastating recession and double-digit
inflation, Bloomberg News notes.  Airlines' two biggest costs are
fuel and planes, both of which are typically paid for in dollars,
Bloomberg News says.  It has managed minimal savings during the
pandemic, including on travel expenses, Bloomberg News relays.

Ceriani expects activity to start recovering in the second half of
2021 and to resume investing in growth after 2022, when it aims to
boost its fleet, including by adding wide-body cargo planes that he
aims will primarily fly to and from China and the U.S as part of a
new focus on cargo shipping, Bloomberg News notes.

In the meantime, it will merge with sister airline Austral Lineas
Aereas, a plan that added to the cargo shipping and a new
maintenance unit, is estimated to allow $100 million in savings
over three years, Bloomberg News notes.  The carrier weighs
blocking middle seats in all cabins as it strategizes for a safe
return to operations, he said.  Restoring flights to each of
Argentina's provincial capitals would mean operating at 25% of
usual activity in the domestic market.  Foreign travel probably
won't start until after November, Ceriani said.

"This year will likely be the hardest in the history of Aerolineas
Argentinas, just like it will probably be the worst year in the
history of aviation," he said, Bloomberg News adds.

                   About Aerolineas Argentinas

Headquartered in the Torre Bouchard, located in San Nicolas,
Buenos Aires, Aerolineas Argentinas, formerly Aerolineas
Argentinas S.A., is Argentina's largest domestic and international
airline.  It is the national airline and carries around 70% of
Argentina's domestic traffic and 40% of international flights from
Ministro Pistarini International Airport, which is located in
Ezeiza, Buenos Aires.  Aerolineas Argentinas is currently owned in
its majority by the Argentine government, which seized the airline
from Spanish tourism company Grupo Marsans in 2009.

In June 2001, the airline filed for protection from creditors and
went into administration.  In 2002, a Buenos Aires judge accepted
its debt restructuring agreement with creditors.


ARGENTINA: Good Behavior Won't Deliver It From Economic Pain
------------------------------------------------------------
Mac Margolis at Bloomberg News reports that as another debt
deadline came and went, Argentina found itself in a familiar place:
immersed in recession, beholden to the International Monetary Fund
and at cross purposes with private lenders.  If the coronavirus
pandemic has bought Argentina some international indulgence, as the
IMF made clear in a statement on June 1, it hasn't eased the
country's burden or lifted uncertainty, according to Bloomberg
News.

Argentina surely deserves debt relief, but also a credible way
forward, Bloomberg News notes.  Borrower and creditors alike reckon
that a deal will emerge; they have been inching closer for weeks.
Yet the country still needs a path to growth, new investment and
the prospect of fiscal reasonableness beyond the pandemic,
Bloomberg News relates.  And that is where the road map ends.

What's new and heartening is the gentlemanly tone of the talks,
Bloomberg News discloses.  Under President Alberto Fernandez,
respected as a pragmatist and a low-decibel political operator,
there's been none of the nationalist fist-shaking that marked many
of Argentina's past debt imbroglios, notably under former president
Cristina Fernandez de Kirchner (2007 to 2015), who vilified
creditors as vultures and carpetbaggers, Bloomberg News relates.

Now she is Fernandez's vice president and, fortunately, mostly
sidelined as he has orchestrated the national response to the
pandemic, Bloomberg News relays.  Moving decisively, Fernandez
imposed strict social distancing measures in mid-March and targeted
9 million poor in harm's way for emergency cash, Bloomberg News
notes.  Although many Argentines grouse about the restrictions, and
as many as 3 million of the most vulnerable families may have been
overlooked, the quick policy response has hoisted Fernandez's
approval ratings, Bloomberg News notes.  The political windfall has
helped him pressure Argentina's contrarian political class and keep
the fractious ruling Peronist coalition in tow, Bloomberg News
says.  "In a way the pandemic has been a gift for Fernandez, giving
him a purpose and type of leadership he never had," said Argentine
political analyst Bruno Binetti, a nonresident fellow of the
Inter-American Dialogue, Bloomberg News discloses.

That cachet plus the government's more congenial tone have won
Argentina international backing from academia to the Vatican, and
emboldened the government to stand tough with creditors, Bloomberg
News relays.  Hence Economy Minister Martin Guzman's insistence on
holding out for a "sustainable" deal-not  so onerous as to break
South America's second biggest economy and not so niggardly as to
leave Argentina a financial pariah, Bloomberg News relates.

To that end, Guzman has warned of following in the false steps of
his predecessors, who he suggests have gone for the quick fix over
an enduring solution. The 37-year-old scholar built his academic
career documenting such risks, Bloomberg News notes.  "Over the
last four decades, more than half of the restructurings with
private creditors were followed by another restructuring (also with
private creditors) or a default shortly afterwards," he wrote in
2018, while at Columbia University, Bloomberg News relays.

Two years on, Guzman is striving to fashion that thesis into
Argentina's rescue, Bloomberg News discloses.  Yet the problem is
hardly academic. "It's been written that all too frequently debt
deals fall apart and borrowers and creditors find themselves back
at table, Bloomberg News relays.  But the real issue may not be the
debt deal itself.  It also depends on how you perform and follow
through," said Guggenheim Securities LLC senior managing director
Mark Walker, who counsels parties to debt negotiations. "Unless
they formulate and follow sound policies, the best debt deal won't
work," Bloomberg News says.

Argentina has repeatedly come up short in that department,
Bloomberg News notes.  While a carefully designed and cordially
presented restructuring could avert an ugly standoff and bruising
litigation, that's not enough to shield the country from its
chronic dysfunctions. Bloomberg News relays.

Rigid labor relations, dragging productivity, over-taxation of the
most productive sectors and a bureaucracy living beyond its means
weigh on the national balance sheet, Bloomberg News notes.  The
World Economic Forum ranked Argentina 83rd of 141 nations in global
competitiveness last year. Enterprise is hobbled by legal
uncertainties, including flagging perceptions of judicial fairness
(Argentina's judiciary ranks 112th in the world) and policy
stability (118th place), Bloomberg News says.

An insular economy does the country no favors. With exports and
imports combined kicking in just 30% of national wealth, Argentina
languishes, alongside Brazil, as the least open major market in
Latin America, the world's least open trade region, the Banco de
Espana reports, Bloomberg News discloses.

The pandemic has camouflaged these weaknesses, Bloomberg News
relays.  For the moment, Argentine-style big spending and a bloated
state to mitigate the tandem health and economic crises are just
the new global normal, Bloomberg News notes.  With a fiscal deficit
yawning and international credit cut off, Argentina has turned to
the central bank, which is printing about 300 billion pesos ($4.38
billion) a month to ventilate the prostrate economy, or about half
of government  spending, former economy minister Alfonso Prat-Gay
estimated in a recent webinar, Bloomberg News relates.

How the country will sop up the excess pesos once the twin health
and debt emergencies have passed is unclear. "Uncertainty is what
will prevent the economy from recovering. Uncertainty has been the
name of the game for the last 50 years," said Prat-Gay, Bloomberg
News discloses.

Don't bet on a ready pivot to fiscal sobriety, Bloomberg News
relays.  "Since the pandemic, the world has migrated toward the
populist Peronist vision which gives the government a temporary
license to print money," said Adriana Dupita of Bloomberg
Economics.  Will Fernandez leverage his newly minted political
clout to curtail spending and open the economy once the worst is
over? "That's not part of the Peronist gospel," said Dupita,
Bloomberg News notes.

The problem is, a default without fists is still a default. Even if
Argentina and its lenders avoid another messy legal row, a debt
deal won't automatically usher the country back into financial good
graces, Bloomberg News relates.  "The real issue is not litigation,
it's the consequences of default itself and the impact on the
exchange rate, capital flows and market confidence," said Walker,
Bloomberg News says.

No one needs to tell Argentina that nine times ain't the charm,
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 A R B A D O S
===============

BARBADOS: Pandemic Poses Major Challenge for Economy, IMF Says
--------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
concluded the third review of the IMF's extended arrangement under
the Extended Fund Facility (EFF) for Barbados. The completion of
the review allows the authorities to draw the equivalent of SDR101
million (about US$139 million), bringing total disbursements to the
equivalent of SDR 206 million (about US$283 million).

The four-year extended arrangement under the EFF was approved on
October 1, 2018 (see Press Release No. 18/370). Including the
augmentation approved by the Executive Board, the extended
arrangement is for an amount equivalent of SDR 274 million (about
US$377 million).

Barbados continues its strong implementation of the comprehensive
Economic Recovery and Transformation (BERT) plan aimed at restoring
fiscal and debt sustainability and increasing reserves and growth.
The ongoing global coronavirus pandemic poses a major challenge for
the economy, which is heavily dependent on tourism, and is expected
to have a large impact on the balance of payments and the fiscal
accounts.

Following the Executive Board discussion, Mr. Tao Zhang, Deputy
Managing Director and Acting Chair said:

"Barbados continues to make good progress in implementing its
comprehensive Economic Recovery and Transformation plan, with all
performance criteria for end-March 2020 met. Prospects for
continued strong program performance are good.

"The policy response to the global coronavirus pandemic is adequate
with a reduced primary surplus target of 1 percent of GDP for
fiscal year 2020/21 to accommodate significant revenue losses and
support spending on public health and social protection. The
reduction of the primary surplus is financed by additional
resources from international financial institutions, including an
augmentation of the IMF's extended facility.

"The accommodation in fiscal year 2020/21 will be compensated by
higher primary surpluses in the medium term to ensure that the debt
target of 60 percent of GDP in fiscal year 2033/34 is reached.

"State-owned enterprise (SOE) reform remains an essential element
of Barbados' economic program. To secure fiscal space for
investment in physical and human capital, transfers to SOEs need to
decline after the global coronavirus pandemic with a combination of
stronger oversight of SOEs, cost reduction, revenue enhancement,
and mergers and divestment.

"Progress in restoring fiscal sustainability must be safeguarded by
adopting a new central bank law that limits its financing of the
Government to short-term advances and strengthens the central
bank's mandate, autonomy, and decision-making structures.
Addressing the identified deficiencies in the AML/CFT framework is
important going forward.

"A strong recovery after the global pandemic will depend on
accelerating structural reforms. There is much room for improvement
in the business climate. Establishing a credit registry and credit
collateral registry, in addition to broadening the types of
eligible collateral, would facilitate access to credit. In
addition, priority should also given to improving resilience to
natural disasters and climate change."

As reported in the Troubled Company Reporter-Latin America on
April 23, 2020,  S&P Global Ratings affirmed its 'B-/B' long- and
short-term sovereign credit ratings on Barbados, and its 'B-'
issue-level ratings on Barbados' debt. In addition, S&P Global
Ratings affirmed its 'B-' transfer and convertibility assessment.
The outlook is stable.




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

BANCO DO ESTADO DO PARA: Fitch Gives 'BB-' LT IDR, Outlook Negative
-------------------------------------------------------------------
Fitch Ratings has assigned the following ratings to Banco do Estado
do Para S.A.:

  -- Foreign and Local Currency Long-Term Issuer Default Rating
'BB-', Outlook Negative;

  -- Foreign and Local Currency Short-Term IDR 'B';

  -- National Long-Term Rating 'AA- (bra)', Outlook Negative;

  -- National Short-Term Rating 'F1+(bra)';

  -- Support Rating '4';

  -- Viability Rating 'bb-'.

KEY RATING DRIVERS

Banpara's IDRs are derived from its Viability Rating. The VR
reflects the bank's company profile, which includes a robust
regional franchise. However, despite regional relevance, the bank
has a limited market share in the national financial system. The
bank's VR is also highly influenced by Brazil's challenging
operating environment.

The ratings also reflect satisfactory key financial profile
metrics, a moderate risk appetite, adequate management quality and
sound strategies. As a state-owned bank, it plays an important role
in promoting the region's financial development through strong
operations in state public entities, providing services and
granting credits to suppliers and public servants mainly through
payroll-deductible loans. The issuer also plays a relevant role by
servicing regions that are underserved by commercial banks due to
regional difficulties.

Fitch points out that, like other public entities, Banpara is
potentially subject to political influence given its control
structure despite its solid corporate governance structure.

Banpara relies on low-cost retail funding provided by its agency
network and judicial deposits. It has cautiously pursued higher
diversification, issuing Financial Bills (Letras Financeiras) in
the local market. Banpara operates as a commercial bank in
different segments focused mainly on individuals; its activities
are concentrated in the State of Para, where the bank holds around
17% of credit operations through a network of 158 agencies covering
74% of municipalities, representing about 89% of the state's
population.

Given the bank's credit portfolio profile of low-risk products, its
asset quality metrics are comfortable, with a D-H loans ratio of
3.22%. Moreover, when considering NPLs greater than 90 days, the
ratio is reduced to 1.64%, which is low compared to peers. The
coverage ratio of D-H loans is 84% and, when factoring coverage for
NPLs greater than 90 days, the ratio reaches 165%.

Banpara reports profitability ratios above those of its peers, with
an operational profit/risk-weighted assets ratio of 8.6% and a
historical average of 9.7%. As of December 2019, the bank reported
a comfortable ROAE of 24.88%.

Recent profitability was enhanced by credit growth of 27%, namely
in payroll-backed deductible loans and low-cost funding. The
quality of Banpara's capital base is good, with a common equity
Tier 1 ratio of 22.4% as of December 2019 - which was above those
of its peers, provides a sufficient cushion against unforeseen
events and continues to grow its credit.

Support Rating and Support Rating Floor

Banpara's Support Rating of '4' reflects a limited likelihood of
support from its controlling shareholder, the State of Para. Fitch
believes the state would have a high propensity, but may have a
limited capacity, to support the bank if necessary. In Fitch's
opinion, Banpara is strategically important for Para. The bank
serves as the financial agent for the state and plays an important
role in promoting the region's financial development through strong
operations in state public entities, providing services and
granting credits to suppliers and public servants mainly through
payroll-deductible loans.

RATING SENSITIVITIES

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

  -- Material deterioration in asset quality that compromises
profitability indicators, with an operating results/RWA ratio below
5%.

  -- Deterioration in its capital position, with a CET1 ratio of
less than 12% and significant outflows in its funding base that
compromises liquidity.

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

  -- Although the possibility of positive action is limited in the
medium term given the current operating environment, a sustained
recovery of the macroeconomic environment that includes the
reduction of vulnerabilities in the Brazilian economy could support
a revision of the Rating Outlook to Stable.

Fitch's internal analysis of the State of Para is another factor
that may affect Banpara' ratings, as they would be impacted by any
change in the state's financial profile.

In addition, negative actions to the sovereign's IDRs may result in
similar actions for the bank's IDRs.

Support Rating

Banpara's SR could be revised if there is any change in its
strategic importance or changes in the capacity or propensity of
the State of Para to provide support.

National Ratings

Banpara's National Ratings may be upgraded if there is a change in
Fitch's perception of the bank's local relativity towards other
entities.

ESG Considerations

Banpara has an Environmental, Social and Governance (ESG) Relevance
Score of 4 for Governance Structure due to its state-owned nature
that increases potential political interference risks, which in
turn has a negative impact on the credit profile and is relevant to
the ratings in conjunction with other factors.

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.

Banco do Estado do Para S.A.

  - LT IDR BB- New Rating   

  - ST IDR B New Rating   

  - LC LT IDR BB- New Rating   

  - LC ST IDR B New Rating   

  - Natl LT AA-(bra) New Rating   

  - Natl ST F1+(bra) New Rating   

  - Viability bb- New Rating   

  - Support 4 New Rating


BRAZIL: Current Account Deficit May Turn to Surplus This Year
-------------------------------------------------------------
Andrew Rosati and Mario Sergio Lima at Bloomberg News report that
simultaneously grappling with surging deaths from Covid-19,
recession and a weak currency, Brazil at least won't have problem
finding dollars to pay for imports and service its foreign debt in
the aftermath of the pandemic.

As Brazilians stop traveling and spending money abroad, the
country's long-running current account deficit is narrowing fast
and could even become a surplus this year, according to Bloomberg
News.  In April alone, it was a positive $3.8 billion, the highest
ever according to data compiled by Bloomberg.

The data sets Latin America's largest economy apart from many of
its neighbors which are either restructuring foreign debt or
relying on the International Monetary Fund for protection,
Bloomberg News notes.  So far this year, the Fund has renewed or
extended flexible credit lines -- which work as a precautionary
measure in moments of stress -- to Mexico, Chile, Colombia and
Peru, Bloomberg News says.

"Next year, many emerging countries could face crises of payments,"
said Armando Castelar, an economist at Fundacao Getulio Vargas in
Rio de Janeiro who headed the economics department at Brazil's
BNDES development bank, Bloomberg News discloses.  "If the current
account deficit continues to decrease, or even zeroes, Brazil will
at least be saved from that," he added.

                            Staying Home

Bloomberg News relates that may not seem like much of a bright spot
when the economy is expected to contract well over 6% this year,
and much of the improvement in the current account comes from sharp
drops in imports and international travel.

Last month, as Brazil became a hotspot for the coronavirus,
President Donald Trump restricted entry of most non-U.S. citizens
coming from the Latin American country, Bloomberg News notes.  But
the pandemic and a sinking currency had already grounded many
Brazilians: Net travel expenses stood at $1.6 billion in April,
less than half of what it was in the same period in 2019, Bloomberg
News says.

Central bank President Roberto Campos Neto attributed a recent
rebound in the real, which still remains the world's
worst-performing major currency, partly to the current account
improvement, Bloomberg News relates.  Before the coronavirus hit,
the bank expected a $41 billion deficit this year, but will review
that forecast on June 25, in their quarterly inflation report,
Bloomberg News discloses.

The current account has also been buoyed by demand for Brazilian
soft commodities, such as beef and soy, from nations like China as
they reopen from lockdown, Bloomberg News says.  That will help
Brazil to run a $2 billion surplus this year, according investment
bank BTG Pactual.

Yet any boost from trade is likely temporary as other more costly
exports, including manufactured goods, fall and the world teeters
on a global recession, BTG Pactual economist Iana Ferrao cautioned,
Bloomberg News notes.

"While we consider the surplus to be an improvement, we do not
believe it to be driven by positive change to Brazil's competitive
structure," she added.

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.




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

ALAMBRES DOMINICANOS: Workers Protests on PHASE Program
-------------------------------------------------------
Dominican Today reports that dozens of employees of the company
Alambres Dominicanos, who have been suspended for more than two
months, stationed themselves in front of that company's facilities,
in the municipality of Haina, to demand that they are returned to
their jobs, as they were notified of a suspension Next, what they
claim is illegal because it violates the provisions of the Labor
Code.

"We require the representatives of the company to stand up, since
they suspended us for 60 days, after which they sent another
suspension until July 1, which is illegal, because the law does not
allow you to do two suspensions in the same year.  Suspensions can
only be for up to 90 days and period," said one of the workers, who
did not want to give his name to avoid retaliation, according to
Dominican Today.

The protesters said that during those 60 days of suspension, about
200 workers have been abandoned by both the company and the
government, as they have not even been included in the FASE
employee assistance program, the report notes.

"The company does not make arrangements for us to be included in
the PHASE program, but neither does it pay us compensatory, so that
with the money we have, we can solve our problems, in the
meantime," said another employee, the report says.

They stated that they are parents and that for all those days
without receiving wages, they have had to go into debt in order to
support their homes, the report relates.

They asked President Danilo Medina and the Minister of Labor,
Winston Santos, to intervene in the situation, in order to seek a
solution to the dire situation that they and their families are
experiencing, the report discloses.


DOMINICAN REPUBLIC: Pandemic Caused Loss of 473,000 Jobs in April
-----------------------------------------------------------------
Dominican Today reports that Foreign Minister Miguel Vargas said
that during April in the Dominican Republic, 473,000 formal jobs
were lost, customs revenues decreased by 39% and exports declined
by 27% as a result of the COVID-19 pandemic.

The official provided these figures during a videoconference
meeting with his counterparts in Latin America and the Caribbean,
convened by the German Foreign Minister, Heiko Maas, with the aim
of seeking ways of cooperation in the common fight against the
coronavirus, according to Dominican Today.

The impact of the pandemic for the Dominican tourism industry,
which directly represents 8% of GDP, "is incalculable," with a
decrease of 600,000 tourists compared to April of the previous
year, while around 90% of direct jobs of the sector are currently
suspended, the report notes.

"Considering that the industry is supplied by 45% from local
suppliers, we are talking about more than 700,000 affected jobs;
that is to say, 16% of the country's workforce," pointed out the
chancellor, the report relates.

Given the panorama that is presented in the country and in the
region, Vargas stated in the virtual meeting that the countries of
Latin America and the Caribbean should work collectively and focus
on mitigating the socioeconomic crisis, the increase in poverty and
the food insecurity that the coronavirus pandemic will leave, the
report notes.

"We are facing a multifaceted crisis. The necessary measures
implemented to deal with the COVID-19 pandemic have necessarily
given way to a profound economic and social crisis," said the
Dominican diplomat at the meeting, in which the executive secretary
of the Economic Commission for America also participated. Latina
and the Caribbean (Cepal), Alicia Barcena, the report relays.

Likewise, Vargas proposed that the region work "in the design of
the best strategies to reopen the economies of the region," and
warned that the most affected countries will be those with medium
incomes, which have little fiscal margin to reconcile the increase
in spending and the decrease in economic income, the report notes.

These nations will not be able to make the public investments
necessary to achieve the Sustainable Development Goals (SDGs), for
which reason the foreign minister said that, to counteract this
perspective, "exceptional access to soft financing will be required
under favorable conditions for income countries. means, and
extensive debt restructuring," he said, the report discloses.

After analyzing the economic and social consequences of the
pandemic, the virtual meeting concluded with a "Joint Declaration
of the Ministers of Foreign Affairs of the Countries of Latin
America and the Caribbean and of Germany," the report relays.

In the document, the diplomats indicated that the united fight
against the pandemic and the mitigation of its socioeconomic
consequences are the highest priority of the common initiative of
the countries participating in the virtual meeting, the report
notes.

They also recognized that they will provide access to treatment and
a vaccine against COVID-19 for all people when available, the
report relays.

Foreign ministers also pledged to advocate for sustainable
approaches within international organizations, such as the
International Monetary Fund (IMF), noting that "debt restructuring
measures should be addressed as appropriate," the report notes.

In accordance with the provisions of the joint declaration, during
its next presidency of the Council of the European Union, Germany
will advocate that these objectives be met within the framework of
the intensification of relations with Latin America and the
Caribbean, the report relays.

In Latin America, according to data from John Hopkins University,
the country most affected by the coronavirus is Brazil with 555,383
cases and 31,199 deaths, the report notes.  They are followed by
Peru, with 170,039 cases and 4,634 deaths, and Chile with 108,689
cases and 1,888 deaths, the report says.

In late May, the World Health Organization (WHO) identified Latin
America as the new epicenter of the pandemic, the report adds.

                      About Dominican Republic

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

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

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

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




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

ARMOUR SECURE: A.M. Best Keeps B(Fair) FSR Under Review
-------------------------------------------------------
AM Best has maintained the under review with developing
implications status for the Financial Strength Rating of B (Fair),
the Long-Term Issuer Credit Rating of "bb" and the Mexico National
Scale Rating of "a.MX" of Armour Secure Insurance S.A. de C.V.
(Armour) (Mexico).

The Credit Ratings (ratings) were placed under review with
developing implications on Dec. 6, 2019, following an announcement
that AXA XL had entered into an agreement to acquire Armour. This
transaction is still pending regulatory approval from the Mexico
regulator, Comision Nacional De Seguros y Fianzas (CNSF), as
operations were put on hold due to the COVID-19 pandemic. The
ratings will remain under review until the transaction is
successfully completed and AM Best can fully assess the financial
and operational impacts of the acquisition.





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

FERRELLGAS PARTNERS: Posts $15.4 Million Net Loss in 3rd Quarter
----------------------------------------------------------------
Ferrellgas Partners, L.P., reported a net loss attributable to the
company of $15.39 million on $412.13 million of total revenues for
the three months ended April 30, 2020, compared to net income
attributable to the company of $20.46 million on $479.63 million of
total revenues for the three months ended April 30, 2019.

For the nine months ended April 30, 2020, Ferrellgas reported a net
loss attributable to the company of $12.53 million on $1.22 billion
of total revenues compared to net earnings attributable to the
company of of $6.79 million on $1.40 billion of total revenues for
the same period during the prior year.

As of April 30, 2020, the Company had $1.72 billion in total
assets, $602.81 million in total current liabilities, $2.15 billion
in long-term debt, $76.13 million in operating lease liabilities,
$52.17 million in other liabilities, and a total partners' deficit
of $1.15 billion.

The Company's propane operations reported that total gallons sold
for the quarter were 246.8 million, down from 264.1 million gallons
in the prior year due to warmer termperatures than prior year and
the widespread slowdown of the economy due to COVID-19, partially
offset by customer growth.  Gross margin cents per gallon were 8
cents, or 10 percent higher than the prior year due to wholesale
propane prices that were approximately 50 percent lower than the
prior year.  The Company continues its aggressive operating
strategies in gaining market share.  This strategic focus resulted
in over 22,000 new customers and over 3,900 new tank exchange
selling locations, or approximately three and seven percent more
than prior year, respectively.  Additionally, the Company
successfully issued $700M of senior first lien notes due 2025.

Proceeds were used to repay the senior secured credit facility, to
collateralize letters of credit and for general corporate
purposes.

As previously announced, the Company indefinitely suspended its
quarterly cash distribution as a result of not meeting the required
fixed charge coverage ratio contained in the senior unsecured notes
due June of 2020.  Additionally, Ferrellgas has engaged Moelis &
Company LLC as its financial advisor and the law firm of Squire
Patton Boggs LLP to assist in its ongoing process to address its
upcoming debt maturities.  The Company does not intend to comment
further on its progress in this regard or on potential options
until further disclosure is appropriate or required by law.  For
that reason, and in view of the information the Company otherwise
makes available in earnings releases and quarterly and annual
reports, the Company has suspended the practice of holding
conference calls with investors, analysts and other interested
parties in connection with periodic reporting of financial results
for completed periods.

A full-text copy of the Quarterly Report is available for free at
the Securities and Exchange Commission's website at:

                       https://is.gd/DFIPZe

                         About Ferrellgas

Ferrellgas Partners, L.P., through its operating partnership,
Ferrellgas, L.P., and subsidiaries, serves propane customers in all
50 states, the District of Columbia, and Puerto Rico.

Ferrellgas reported net loss of $64.54 million for the year ended
July 31, 2019, a net loss of $256.82 million for the year ended
July 31, 2018, and a net loss of $54.50 million for the year ended
July 31, 2017.  As of Jan. 31, 2020, the Company had $1.47 billion
in total assets, $754.88 million in total current liabilities,
$1.73 billion in long-term debt, $84.55 million in operating lease
liabilities, $45.26 million in other liabilities, and a total
partners' deficit of $1.14 billion.

                          *    *    *

As reported by the TCR on March 18, 2020, Moody's Investors Service
downgraded Ferrellgas Partners L.P.'s Corporate Family Rating to
Caa3 from Caa2.  "Ferrellgas's downgrade is driven by the company's
continued high financial leverage and the very high likelihood that
the partnership will complete a full debt recapitalization in the
near-term," said Arvinder Saluja, Moody's vice president.

The TCR also reported in October 2019 that S&P Global Ratings
lowered its issuer credit rating on Ferrellgas Partners L.P. to
'CCC-' from 'CCC'.  The downgrade was based on S&P's assessment
that Ferrellgas' capital structure is unsustainable given the
upcoming maturity of its $357 million notes due June 2020.



                           *********


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 * * *