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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

          Tuesday, June 16, 2020, Vol. 21, No. 120

                           Headlines



A R G E N T I N A

ARGENTINA: Moves to New Quarantine Easing Phase in Buenos Aires
NAI ENTERTAINMENT: Moody's Confirms B3 CFR & Alters Outlook to Neg.


B R A Z I L

BRAZIL: Rio Industries Federation Projects 6.4% GDP Drop in 2020


C O S T A   R I C A

BANCO DE COSTA RICA: S&P Lowers ICR to 'B', Outlook Negative


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Respect Election Rules & Results, Firms Warns


J A M A I C A

JAMAICA: Has Sharp Decline in Net International Reserves


M E X I C O

METRORREY: Moody's Assigns 'Ba2' Global Scale Issuer Ratings
MEXICO: Covid-19 on Downward Trend, Further Eases Restrictions


P U E R T O   R I C O

STAR PETROLEUM: Puma Seeks to Defer Deadline to Respond to Plan


X X X X X X X X

TRINIDAD & TOBAGO: $476.5 Million 'Missing' in $100 Note Exchange

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Moves to New Quarantine Easing Phase in Buenos Aires
---------------------------------------------------------------
EFE News reports that Buenos Aires, the Argentine city hardest hit
by the coronavirus, starting June 8 will allow the public to leave
their homes to take walks or jog, thus beginning a new phase in the
national quarantine which, after two-and-a-half months in effect is
being observed more laxly across much of the rest of the country,
where the spread of the virus is under better control.

According to the latest official figures, since March 3, when the
first coronavirus case was reported here, 22,794 people have become
infected, of whom 7,305 are deemed to have "recovered" and 670 have
died, the report notes.

For several weeks now the focus has been on the capital and the
populous urban area surrounding it, with 11,010 cases in Buenos
Aires itself and 8,700 cases in the surrounding area, although the
northern Chaco region is in third place among the provinces with
1,045 cases, according to EFE News.  All three areas are still
seeing newly confirmed cases each day, the report says.

The central city of Cordoba and certain urban nuclei in the
far-southern provinces of Rio Negro and Chubut are also still
experiencing community spread of the virus, which sometimes causes
the potentially deadly Covid-19 pneumonia, especially among the
elderly or those with various comorbidities but also among
otherwise healthy young adults, the report relays.

In all these zones, the social isolation measures imposed by the
Alberto Fernandez government on March 20 will remain in effect
until at least June 28, after the latest extension of the
quarantine initiated, while the country's other 18 provinces are
now entering into a phase of greater economic and social reopening,
the report notes.

"In recent days, I visited provinces where the economy began to
reactivate itself in compliance with the health protocols. Those
provinces, among other things, [on June 9] will begin the phase of
social distancing.  They achieved this thanks to the fact that the
took care of one another.  Let's continue to follow their example,"
the president wrote on Twitter, the report discloses.

In those zones, people will be able to circulate, work and go about
their daily activities while maintaining precautionary health
measures, but certain activities - such as gatherings of more than
10 people - will remain curtailed and the national borders will
remain closed, except for special flights, until Sept. 1, the
report relays.

The Buenos Aires metro area, which is governed by opposition leader
Horacio Rodriguez Larreta, and the 40 municipalities surrounding
the capital, all of them belonging to Buenos Aires province
governed by government-backing Axel Kicillof, contain more than 14
million people, a third of Argentina's population, and together
constitute the country's major industrial zone, the report
discloses.

Starting June 8, and after growing demands to ease the quarantine -
Buenos Aires residents will be able to go out in the evening to
walk, run or ride bicycles in the parks and plazas near their homes
without having to wear facemasks, the report relays.  This after
parental outings with children were also approved, the report
notes.

In addition, some stores - such as clothing and shoe stores - will
be allowed to reopen, provided they continue abiding by social
distancing requirements, but physical attendance at religious
ceremonies and services will still not be allowed, those services
being broadcast online for the faithful along with otherwise
heavily attended cultural events, the report notes.

Meanwhile, in the urban belt around the capital, aside from
allowing essential activities, the quarantine will remain rigidly
in effect, especially in the slums, where economic and social
difficulties combine with overcrowding and lack of access to basic
services like potable water, the report discloses.

In the rest of the large province, there are towns without any
infections where life is proceeding relatively normally, the report
says.

The longer the quarantine drags on, the more criticism comes from
the political opposition over the harm it is doing to the already
weakened economy, which has been in recession for two years, at the
same time that the government is saying that the peak of the
infection and fatality curves has not yet been reached and thus the
isolation policy must be maintained to prevent the collapse - or
overwhelming - of the health care system, the report relays.

Cabinet Chief Santiago Cafiero said that if the pandemic would have
occurred during Mauricio Macri's presidency (2015-2019) there would
have been "a catastrophe," a statement that led the Republican
Proposal (PRO) party of the former president to issue a statement
in his defense, the report relays.

The PRO said that Macri "right from the start would have followed
the international recommendation . . . . to find the virus by more
testing, to trace and isolate possible foci of contagion," and it
accused the current government of taking advantage of the pandemic
to "weaken institutions . . .  (and) avoid the oversight of
Congress," the report notes.

In addition to extending the quarantine in Buenos Aires, the
government is also trying desperately to restructure almost $70
billion in foreign debt with its international creditors, a move
that the government claims will - once and for all - avoid a new
default on debt payments that would further complicate the economic
outlook, the report discloses.

Analysts consulted by the Central Bank forecast for this year a
plunge in the GDP of 9.5 percent which - added to worsening
inflation, the rise in poverty and ongoing inequalities in the
exchange markets, all of which predate the pandemic - has worsened
the economic outlook and spurred the government to disburse social
aid funding equivalent to some 2.6 percent of the GDP, the report
says.

Through it all, Fernandez is remaining publicly optimistic and he
said that if the debt problem were to be resolved, Argentina's
economic takeoff would be "magnificent," the report 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.


NAI ENTERTAINMENT: Moody's Confirms B3 CFR & Alters Outlook to Neg.
-------------------------------------------------------------------
Moody's Investors Service has confirmed NAI Entertainment Holdings
LLC's Corporate Family Rating at B3, the Probability of Default
Rating at B3-PD and $260.5 million outstanding senior secured term
loan rating at B3. The outlook is negative. This concludes the
review that was initiated on 24 March 2020.

Confirmations:

Issuer: NAI Entertainment Holdings LLC

Corporate Family Rating, Confirmed at B3

Probability of Default Rating, Confirmed at B3-PD

$260.5 Million ($300 Million originally) Senior Secured
Term Loan B due 2025, Confirmed at B3 (LGD3)

Outlook Actions:

Issuer: NAI Entertainment Holdings LLC

Outlook, Changed to Negative from Rating Under Review

RATINGS RATIONALE

The confirmation of the B3 CFR reflects NAIEH's diminished but
sufficient liquidity to support its operating losses during the
recent period of temporary theatre closures and Moody's expectation
that most of its 74 theatres will resume operations in mid-June to
early July. As the US, Europe and parts of Latin America have begun
to reopen their economies following signs of reduced coronavirus
(a.k.a., COVID-19) infections, NAIEH plans to gradually reopen its
theatres in those regions. NAIEH expects its theatres in Argentina
to reopen over the coming weeks, however its Brazilian operations
will take longer to open because the country is currently a
COVID-19 hotspot with the largest caseload in Latin America. The
company operates 24 theatres in Brazil under the UCI Cinemas brand
and Moody's expects these cinemas to resume operations later in Q3
2020 due to the country's sizable outbreak. The B3 rating reflects
Moody's expectation that leverage will spike temporarily in 2020 to
the 9.5x-10x area (Moody's adjusted, excluding the ViacomCBS
dividend income) or 7x-7.5x (including the dividend income) and
subsequently decline in 2021 to the 8x-8.5x range (excluding the
dividend income) or 6x-6.5x (including the dividend income) as the
virus subsides, NAIEH's theatres resume operations and EBITDA
expands with moviegoers gradually returning to the cinema for what
is expected to be a relatively strong movie slate next year.

Despite NAIEH's expected cash burn and negative free cash flow this
year arising from the temporary absence of revenue generation and
EBITDA shortfalls, Moody's expects the company will have sufficient
liquidity to meet its basic cash needs over the next 12-15 months
without the need for external financing. This is supported by cash
balances at 2 April 2020 of approximately $57 million at the
parent, NAI Amusements, Inc. ("NAI"), of which $30 million resides
at NAIEH and access to a new $125 million senior secured revolving
credit facility residing at NAI that is currently undrawn. Internal
liquidity is also supported by approximately $22 million in annual
cash dividends that NAIEH receives from its ownership of 22.6
million shares of ViacomCBS stock. Given the company's reliance on
this dividend income, especially during the suspension of its
operations, the B3 rating embeds Moody's expectation that ViacomCBS
will not reduce or eliminate the dividend over the rating horizon.

NAIEH received cash totaling approximately $13.8 million following
the settlement of interest rate and currency hedges in Q1 2020,
which helped support liquidity. Additionally, the company expects
to receive a sizable Alternative Minimum Tax (AMT) refund
associated with its 2019 tax return filing, which will further
bolster liquidity in the second half of 2020.

The ratings also consider the improvement in the underlying market
value of NAIEH's ViacomCBS shares, a portion of which are pledged
as collateral for the senior secured term loan. After reaching a
low point of roughly 0.7x the value of NAIEH's outstanding secured
debt, in recent weeks the shares have rebounded to recapture some
of their value, but not enough to restore historical over
collateralization levels. The shares are currently valued at around
1.5x the secured debt value.

The B3 CFR incorporates the economic impact from the forced closure
of NAIEH's global theatre circuit in mid-March arising from the
COVID-19 outbreak and ensuing economic recession on the company's
profitability, debt protection measures and liquidity are factored
in the B3 rating. While NAIEH plans to reopen the majority of its
theatres by July to coincide with the scheduled release of two
blockbuster films, Tenet (17 July 2020) and Mulan (24 July 2020),
Moody's believes moviegoer demand will remain challenged as some
consumers avoid public gatherings and the potential for infection
given continuing circulation of the virus in the population.

Notably, Moody's expects OTT video streaming services will reap
benefits as film studios increasingly release movies to online
platforms concurrently with their theatrical release or very soon
thereafter as entertainment shifts back home during the coronavirus
outbreak.

With the global economy in recession this year combined with the
prospect of extended business closures, layoffs and high rates of
unemployment, an erosion of consumer confidence will lead to a
reduction in discretionary consumption. Given these economic
realities, even if NAIEH's theatres reopen by July, Moody's expects
moviegoer attendance will be weak, which will also be affected by
likely reduced seating capacity and social distancing guidelines.

Further, the supply of movies has been impacted since the major
film studios have postponed numerous releases that were scheduled
to open through the end of July. As such, the expected timing for
reopening the company's theatres will negatively impact ticket
sales, especially because cinema operators generate the majority of
their annual revenue during the important May to early September
box office season.

The negative outlook reflects governance risks, specifically the
likelihood that leverage will remain elevated above 8x (Moody's
adjusted, excluding the ViacomCBS dividend income) over the next
two years as a result of the temporary closure of NAIEH's theatre
circuit, secular pressures on moviegoer attendance, increasing
competition from OTT video streaming platforms and dependence on
consumer discretionary spending, which Moody's expects will remain
depressed in 2020 due to the economic recession. The negative
outlook also considers the numerous uncertainties related to the
social considerations and economic impact from COVID-19 on the
company's cash flows, leverage and liquidity. The magnitude of the
impact will depend on the depth and duration of the pandemic, the
impact that government restrictions to curb the virus will have on
consumer behavior, the duration of lockdowns in geographies that
NAIEH operates and the timeline for fully reopening those
economies.

ESG CONSIDERATIONS

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The movie theatre
sector has been one of the sectors most significantly affected by
the shock given its sensitivity to consumer demand and sentiment.

More specifically, the weaknesses in NAIEH's credit profile,
including its exposures to the US, Europe and Latin America have
left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and NAI remains vulnerable to
the outbreak's continuing spread. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety. The action
reflects the impact on NAIEH of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

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

The rating outlook could be revised to stable if NAIEH reopens the
majority of its theatres by July as currently planned, attendance
revives to profitable levels and the company returns to positive
free cash flow generation.

Upward ratings pressure is unlikely over the coming 12-18 months,
especially if the coronavirus outbreak restricts NAIEH's ability to
keep its theatres open or reduces the company's profitability if
overall attendance declines following the reopening of its
theatres. However, over time, an upgrade could occur if the company
experiences positive growth in box office attendance,
stable-to-improving market share, higher EBITDA, expanding margins
and enhanced liquidity, and exhibited prudent financial policies
that translate into an improved credit profile. An upgrade would
also be considered if financial leverage as measured by total debt
to EBITDA was sustained below 7.5x (Moody's adjusted, excluding the
ViacomCBS dividend income) or below 6x (including the dividend
income) and free cash flow as a percentage of total debt improved
to above 1.5% (Moody's adjusted).

The ratings could be downgraded if there was: (i) prolonged closure
of NAIEH's cinemas beyond Q3 2020 leading to a longer-than-expected
cash burn period, an exhaustion of the company's liquidity
resources and an inability to access additional sources of
liquidity to cover higher cash outlays; (ii) poor execution on
timely implementing cost reductions, as necessary; or (iii) limited
prospects for operating performance recovery in H2 2020 and 2021. A
downgrade could also be considered if: (i) the value of the pledged
ViacomCBS shares falls below 1.0x the outstanding secured debt; or
(ii) total debt to EBITDA remains above 8.5x (Moody's adjusted,
excluding the ViacomCBS dividend income) or above 7x (including the
dividend income) after 2020 or free cash flow generation turns
materially negative on a sustained basis.

Headquartered in Norwood, Massachusetts, NAI Entertainment Holdings
LLC is a wholly-owned subsidiary of National Amusements, Inc., a
private media holding company 100% owned and controlled by the
Redstone family, and operates a significant proportion of NAI's
cinema assets through its 22 theatres operating in the US and 52
theatres operating internationally (21 in the UK and 31 in Latin
America). NAIEH also holds approximately 22.6 million of ViacomCBS
shares (15.4 million pledged and 7.2 million unpledged). Revenue
totaled approximately $403.5 million for the twelve months ended 2
April 2020.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.




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B R A Z I L
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BRAZIL: Rio Industries Federation Projects 6.4% GDP Drop in 2020
----------------------------------------------------------------
Xiu Ying at Rio Times Online reports that the Federation of
Industries of the State of Rio de Janeiro (FIRJAN) released its
projections, showing a 6.4 percent drop in the State's Gross
Domestic Product (GDP) in 2020.

Should these projections be confirmed, this will be the worst
result of a historical series that considers data released by the
Brazilian Institute of Geography and Statistics (IBGE) since 2002,
when the methodology was last changed, according to Rio Times
Online.

The federation's estimates show that in the first quarter of the
year there was a 0.6 percent drop compared to the same period, the
report discloses.

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.




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C O S T A   R I C A
===================

BANCO DE COSTA RICA: S&P Lowers ICR to 'B', Outlook Negative
------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit ratings on
Banco de Costa Rica (BCR) and Banco Internacional de Costa Rica
S.A. (BICSA) to 'B' from 'B+' following a similar action on the
sovereign rating. S&P  affirmed its 'B' short-term ratings. The
outlook on the long-term issuer credit ratings remains negative.

Additionally, S&P revised downwards the stand-alone credit profile
(SACP) of BICSA to 'bb-' and that of BCR to 'b+'.

Rationale

S&P said, "On June 9, 2020, we lowered our global scale ratings on
Costa Rica to 'B' from 'B+', reflecting our expectations of a
deeper contraction in GDP and more persistent deterioration of the
government's fiscal profile in 2020 and 2021. The outlook remains
negative."

S&P said, "The downgrades of the two banks, both of which we
consider as government-related entities, mirror the similar action
on Costa Rica. Furthermore, we rarely rate government-related
financial institutions higher than the sovereign rating on their
controlling government because we consider it unlikely that these
institutions would remain unaffected by developments in their local
economies especially under fiscal and external stress scenarios.

"We revised downwards BCR's SACP to 'b+' from 'bb-' following a
drop in its anchor (which is the average risk for banks operating
in the country), which stems from higher industry risk for Costa
Rica. Additionally, we revised downwards the SACP on BICSA to 'bb-'
from 'bb' because the currently difficult market conditions have
led us to believe that the bank no longer compares with peers with
business positions that we view as adequate. Following the crisis
in 2016 that shrank BICSA's balance sheet, the bank's profitability
improved, but it has been unable to regain the same growth pace in
lending and operating revenue. This factor, coupled with BICSA's
relatively small market share and low profitability for the past
four years, are more consistent with a moderate business position
assessment."




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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: Respect Election Rules & Results, Firms Warns
-----------------------------------------------------------------
Dominican Today reports that the National Business Council (Conep)
demanded that all those who participate in the elections on July 5
respect the rules and their results, for which they will use their
efforts so they are safe, free and transparent.

The statement came in the framework of a meeting with the
presidential candidate for the People's Force, Leonel Fernandez,
with the aim of learning about their governing proposals for the
next four-year term, according to a statement from the CONEP, the
report notes.

"From the CONEP, we are fully aware of the global and national
scenario we are experiencing. We are going through a health crisis
of greater dimensions.  Facing it and mitigating its effects is
everyone's responsibility. The private sector has assumed this
responsibility and we reaffirm our commitment to the country," said
its president Pedro Brache, according to Dominican Today.

                      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).




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J A M A I C A
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JAMAICA: Has Sharp Decline in Net International Reserves
--------------------------------------------------------
RJR News reports that there has been a sharp dip in Jamaica's Net
International Reserves (NIR).

The Bank of  Jamaica (BOJ) is reporting that the NIR declined by
US$228 million in May, according to RJR News.

At the end of the month, the reserves were at a little over US$2.9
billion, the report notes.

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 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.

The TCR-LA also reported that Fitch Ratings, in April 2020, 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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M E X I C O
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METRORREY: Moody's Assigns 'Ba2' Global Scale Issuer Ratings
------------------------------------------------------------
Moody's de Mexico assigned first time issuer ratings to Sistema de
Transporte Colectivo Metrorrey (Metrorrey) of Ba2 (Global Scale
rating) and A2.mx (National Scale rating). The outlook is
negative.

At the same time, Moody's assigned Ba1/A1.mx debt ratings to
Metrorrey's enhanced loan of MXN 1.4 billion from Banorte.

The loan is payable through a trust (F/78465, Banca Afirme as
trustee), to which Metrorrey has pledged 60.34% of its operating
revenue. The State of Nuevo Leon (Ba2/A2.mx negative) is jointly
and severally liable to repay the loan and pledged 3.1% of the
remaining revenue of its debt paying trust (F/4584, Monex as
trustee). The loan is denominated in Mexican pesos with an original
maturity of 20 years and will pay variable interest rate plus a
spread. The loan was disbursed on January 2020 and has no grace
period for principal payments.

RATINGS RATIONALE

RATINGS RATIONALE FOR THE ISSUER RATINGS

The Ba2/A2.mx issuer ratings, with a negative outlook, are based on
the State of Nuevo Leon's ratings (Ba2/A2.mx negative outlook) and
reflect the company's strategic importance to the State and the
very strong operational and financial linkages between Metrorrey
and Nuevo Leon. Metrorrey is a decentralized public body that
provides public transportation services in the Metropolitan area of
Monterrey at Nuevo Leon, which is of critical importance to the
state's economy.

The tight financial linkages are illustrated by the fact that the
State of Nuevo Leon and Metrorrey are joint obligors for the
enhanced loan of MXN 1.4 billion from Banorte, Metrorrey's only
outstanding debt. Moreover, should Metrorrey need to acquire
additional debt it would need approval from the state.

The linkages also reflect the primary funding from Nuevo Leon to
support Metrorrey's operations. Similar to other mass transit
companies in Mexico, Metrorrey is unable to finance its operations
solely from the fare box and other own source revenues. As a
result, it relies heavily on government subsidies; and this
dependence on government funding has been growing over time. In
2019, Metrorrey received 65% of total revenue from the state
government in order to cover operating expenditures and
infrastructure spending.

The operational links between these entities are reflected in
governance arrangements in which the state governor nominates the
company's director and the majority of the board members are state
and municipal government officials. Additionally, the state exerts
strong oversight over Metrorrey's activities including the approval
of its budget, tariff increases and additional debt acquisition.

Given these strong financial and operational linkages, Moody's
believes that it is not meaningful to assess Metrorrey's credit
profile on a standalone basis. In consequence, Metrorrey's rating
is derived from the application of Moody's Government-Related
Issuers (GRIs) methodology rated based solely on Moody's
expectation of ongoing and extraordinary support from the State of
Nuevo Leon.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

In Moody's view, environmental risks are not material to
Metrorrey's credit profile. While it is exposed to environmental
hazards that might disrupt services, such as flooding, these risks
are not material for the rating, given Metrorrey's strategic role
for public transportation and the support coming from the State of
Nuevo Leon.

Social risks are not material to Metrorrey's credit profile.
Metrorrey is exposed to social unrest risks including strikes and
protests. Nevertheless, these risks are not material for the
rating, given the support coming from the State of Nuevo Leon. The
coronavirus outbreak represents a social risk for Metrorrey's
support provider given the significant impact on public health as
well as the related negative economic shock.

Governance considerations are material to Metrorrey's credit
profile. The governance framework is intrinsically intertwined with
the supporting government, the State of Nuevo Leon, which exerts
strong oversight and takes key decisions.

RATINGS RATIONALE FOR THE ENHANCED LOAN

The Ba1/A1.mx debt ratings reflect the underlying creditworthiness
of the State of Nuevo Leon (Ba2/A2.mx negative), supported by the
following legal and credit enhancements embedded in the loan:

1. The legal validity of the trust structure, which authorizes the
trust to be used as a mechanism to service the debt.

2. An irrevocable mandate to the state's paying trust with Monex to
transfer 3.1% of Nuevo Leon's remaining revenues of its debt paying
trust to Metrorrey's paying trust with Afirme. There are 16
enhanced loans embedded in the trust with Monex for which the state
pledged 54.4% of the General Participaciones Fund.

3. Estimated cash flows coming from Nuevo Leon's paying trust that
generate moderate debt service coverage ratios. Under Moody's base
case scenario, cash flows within the trust are projected to provide
1.9x debt service coverage for the loan at the lowest point until
May 2037. Under Moody's stress case scenario, estimated cash flows
are projected to provide 1.3x debt service coverage, at the lowest
point until May 2037. While from June 2037 to November 2039, the
coverage is lower than 1.0x - some of the enhanced loans embedded
in the trust have a shorter maturity than Metrorrey's loan-, the
state has the obligation to maintain during the life of the loan at
least 1x debt service coverage.

4. A moderate level of reserves of 2 months of debt service in
Metrorrey's paying trust with Afirme, providing cushion against
payment delays.

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

An upgrade/downgrade of Nuevo Leon's ratings will result in an
upgrade/downgrade of Sistema de Transporte Colectivo Metrorrey's
issuer and debt ratings. Additionally, if the State of Nuevo Leon
changes the current composition of enhanced loans and pledged
revenues embedded in the Monex trust leading to lower than expected
debt service coverage, the ratings of the enhanced loan of MXN 1.4
billion from Banorte could face downward pressure.

The methodologies used in these ratings were Enhanced Municipal and
State Loans in Mexico Methodology published in May 2019.


MEXICO: Covid-19 on Downward Trend, Further Eases Restrictions
--------------------------------------------------------------
EFE News reports that Mexico's government said there are signs of a
downward trend in the country's Covid-19 crisis and announced that
hotels and other accommodations can start to operate and
recreational activities will now be permitted as part of its phased
economic reopening plan.

Starting immediately, hotels are allowed to operate at 25 percent
capacity, restaurants are authorized to deliver orders,
hairdressing services can be performed at people's homes, parks are
permitted to operate at 25 percent capacity (though children's play
areas still are off-limits) and sporting events can be held behind
closed doors, according to EFE News.

The same rules remain in place for supermarkets, which still are
restricted to 50 percent capacity and just one person per household
inside the store at one time, the report notes.

Health authorities have authorized these activities even though the
coronavirus health alert is still at its highest "red" level in all
31 states and the capital (Mexico City), the report relays.

"Medical personnel are trying to save lives and treat people in
need, even though the epidemic in our country remains stable and is
trending downward, albeit slowly; there are indications of that,"
Health Secretary Jorge Alcocer said, the report discloses.

A week into the government's "new normality" economic reactivation
plan, Mexico finds itself in the most critical phase of its
coronavirus fight with around 120,000 confirmed cases and roughly
14,000 Covid-19-related deaths, the deputy secretary of health
prevention and promotion, Hugo Lopez-Gatell, said, the report
relays.

Under the country's traffic light health alert system, all 32
federal entities are still classified as "red," he noted, adding
that in terms of coronavirus-related hospitalizations there is an
upward trend in 23 states and a downward trend in just three, the
report notes.

During the current phase of reopening, Lopez-Gatell said the
activities of gyms, movieplexes, theaters, museums, shopping malls,
houses of worship, concert halls, bars and nightclubs -
establishments that some state governments have allowed to reopen -
should remain suspended, the report discloses.

Even so, the deputy health secretary acknowledged that some sectors
of the economy must be reactivated despite the risk of contagion,
the report relays.

"An appropriate balance (must be struck) between the goal of
economic reactivation, social wellbeing and wealth generation,
especially for families that depend on these economic spaces for
their livelihoods, and on the other hand (the goal of) ensuring
that the number of people who come together in public spaces is
very controlled," he said, the report notes.

The hospital bed occupancy rate for severe acute respiratory
infections currently stands at 46 percent, meaning that 10,346 beds
are occupied and 12,318 are available at 795 hospitals, the report
relays.

The use of ventilators (by critically ill patients) stands at 38
percent, meaning 2,979 intensive-care beds are occupied and 4,805
are available, the report says.

Mexico currently ranks seventh worldwide in terms of deaths
attributed to Covid-19 and 14th in confirmed coronavirus cases,
according to the latest figures from Johns Hopkins University's
Coronavirus Resource Center, the report notes.

The report discloses that even so, President Andres Manuel Lopez
Obrador, whose administration has sought to persuade - rather than
force - people to comply with coronavirus measures, hailed Mexico's
management of the pandemic as exemplary.

"Mexico has been a role model worldwide because we've managed to
flatten this curve and avoid hospital saturation without coercive
measures," he said at his daily news conference at the National
Palace in Mexico City, the report adds.




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

STAR PETROLEUM: Puma Seeks to Defer Deadline to Respond to Plan
---------------------------------------------------------------
Puma Energy Caribe, LLC, on March 18, 2020, filed with the
Bankruptcy Court its Disclosure Statement and Chapter 11 Plan of
Reorganization.

On March 23, 2020, the Court entered an order scheduling the
hearing to consider the approval of Debtor's Disclosure Statement
for May 26, 2020.

On May 13, 2020, Puma made an appearance in the case and requested
an extension of seven days to submit its position regarding the
Disclosure Statement filed by Debtor.

On May 14, this Honorable Court rescheduled the Disclosure
Statement hearing scheduled for this case for July 15, 2020.

Despite Puma's best effort, it has not been able to complete the
review of all information necessary to confirm the assertions made
by Debtor in its Disclosure Statement.

As such, Puma requests an extension of time, until July 1, 2020, to
obtain and review all pertinent information regarding its interests
and allow for the parties to reach an agreement as to potential
objections to the Disclosure Statement.

Attorneys for Puma Energy Caribe LLC

     CARLOS INFANTE
     ESTRELLA, LLC
     P.O. Box 9023596
     San Juan, Puerto Rico 00902-3596
     Tel.: (787) 977-5050
     Fax: (787) 977-5090
     Email: cinfante@estrellallc.com

                     About Star Petroleum Corp.

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




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

TRINIDAD & TOBAGO: $476.5 Million 'Missing' in $100 Note Exchange
-----------------------------------------------------------------
Trinidad Express reports that the Central Bank of Trinidad & Tobago
said that the demonetization program that was meant to replace
cotton-based $100 notes with polymer notes resulted in $7.69
billion being exchanged and $476.5 million not being submitted to
local financial institutions or the Central Bank.

The data is contained in a new paper co-written by Central Bank
Governor Dr Alvin Hilaire and Central Bank researcher Dr Reshma
Mahabir, according to Trinidad Express.

The paper was referenced in the Monetary Policy Report May 2020,
which was published, the report notes.

The demonetization of the cotton-based $100 note took place between
December 9, 2019, and April 1, 2020, the report relays.

The paper estimates that there were 81.7 million, cotton-based $100
notes in circulation before the demonetization program, the report
discloses.  Those notes, in total would have been worth $8.17
billion, the report relays.

The Central Bank estimates 94.2 per cent of the notes valued $8.17
billion were returned to the Central Bank, the report relates.

According to the extract in the Monetary Policy Report: "This means
that missing money amounted to $476.5 million.  Compared to the
experiences of India and Kenya, this was a significant proportion
that was not returned. Hilaire and Mahabir (2020) do make the point
that not all the missing money would be illegal gains as some
persons were not able to meet the deadlines for redemption, while
some cash is being held as evidence in legal proceedings," the
report discloses.

The Monetary Policy Report states that the Hilaire and Mahabir
paper cites information from the Financial Intelligence Unit that
indicate a significant rise in the number of suspicious activity
transactions reports in the December 2019 to April 2020 period, the
report relays.

Investigations into these reports will determine if
persons/companies were engaged in tax evasion/money laundering or
other illegal activities, the report states.

The Hilaire and Mahabir paper also probed whether one benefit of
demonetisation would have been the increased use of electronic
financial products, the report notes.

The Monetary Policy Report notes the demonetisation exercise took
place at one of the busier shopping times, where there is usually a
peak in the use of credit and debit cards, the report report
notes.

"Information from the Central Bank suggests that while a peak did
occur in December 2019, the use of cards fell to the
pre-demonetization levels in the first quarter of 2020.  Hilaire
and Mahabir (2020) conclude that demonetization did not appear to
have altered the trends in the use of cards and point of sale.
They note that more formal testing of this hypothesis needs to be
undertaken," the report states.

Hilaire and Mahabir (2020) also noted that before the end of 2019,
there was a significant increase in the value of deposits in
commercial banks as persons relinquished $100 cotton notes in their
possession, the report notes.

An increase in the number of deposit accounts was also noted, which
suggested an increase in the level of financial inclusion in the
country. The bulk of redemptions of $100 cotton notes at the
Central Bank also occurred in the last two weeks of December 2019.
By the beginning of 2020, currency in circulation had fallen
significantly, according to the Monetary Policy Report, the report
adds.



                           *********


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

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