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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

          Monday, June 22, 2020, Vol. 21, No. 124

                           Headlines



A R G E N T I N A

ARGENTINA: Bonds Fall to Three-Week Low After Debt Talks Stall
ARGENTINA: Debt Talks Stalled as Gov't & Creditors Disagree


B R A Z I L

COSAN LIMITED: Fitch Affirms 'BB' LongTerm IDRs
COSAN SA: Fitch Affirms BB Foreign Currency IDR, Outlook Negative
GLOBO COMUNICACAO: S&P Affirms 'BB+' ICR Amid Weak Cash Flow
OI SA: S&P Lowers ICR to 'CC' on Potential Debt Haircut


C A Y M A N   I S L A N D S

GFH FINANCIAL: Fitch Affirms LT IDRs at 'B', Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Employers Seek Extension of Salary Support
DOMINICAN REPUBLIC: Food Prices Up Between 20%-200%
DOMINICAN REPUBLIC: New Gov't. Must Adjust Budget Law to Reality


M E X I C O

GRUPO POSADAS: Fitch Cuts IDR to CC & Sr. Unsec. Notes to CC/RR4


X X X X X X X X

[*] BOND PRICING: For the Week June 15 to June 20, 2020

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Bonds Fall to Three-Week Low After Debt Talks Stall
--------------------------------------------------------------
Jorgelina Do Rosario, Scott Squires, and Patrick Gillespie at
Bloomberg News report that Argentina's dollar-denominated bonds
slipped to their lowest level in three weeks after restructuring
talks stalled amid growing animosity between officials and some of
the country's top creditors.

The bonds, which had rallied over the past month on optimism
creditors and the government were nearing a deal, fell after the
two sides said they were at an impasse, according to Bloomberg
News.  Dollar bonds due 2026 dropped 2 cents to 37.7 cents on the
dollar on June 18, their lowest level since May 28, Bloomberg News
notes.

Bloomberg News discloses that officials and creditors failed to
find common ground after two bondholder groups submitted an offer
earlier last week, according to people familiar with the matter.
Argentina and the Ad Hoc Bondholder Group published statements that
pointed to the increasing tension between the parts, with creditors
calling the talks a "failure," Bloomberg News notes.

The lack of a deal suggests around $65 billion in bonds could
languish in default for the foreseeable future, Bloomberg News
discloses.  Argentina has set a deadline of June 19 on its latest
proposal after extending it four times, but the deadline doesn't
have a tangible impact since the country tumbled into default on
May 22 after missing overdue interest payments, Bloomberg News
says.

Neither side budged in talks, said the people, who asked not to be
named because the negotiations are private, Bloomberg News relates.
The two sides agreed to continue without renewing confidentiality
agreements that bar investors involved in the talks from trading
the country's bonds during the discussions, Bloomberg News
discloses.

The Ad Hoc Bondholder Group, one of several that have been most
active in the talks, slammed Argentina for rejecting what it called
a "sustainable and sensible solution," Bloomberg News discloses.
The group, which includes investor heavyweights BlackRock Inc and
Ashmore Group Plc, said its latest proposal would have provided
Argentina with ample fiscal space to handle the country's economic
challenges, including $38 billion of cash flow relief over nine
years, Bloomberg News notes.  It also included the group's toughest
language yet, Bloomberg News adds.

"Given the failure of the bondholder negotiations, our group is now
considering all available rights and remedies in our capacity as
fiduciaries to the millions of savers we serve around the world,"
according to the statement obtained by Bloomberg News.

President Alberto Fernandez noted in a televised interview that the
restructuring talks after the country's 2001 default took over a
year, Bloomberg News notes.

As tensions mount, the government is considering all possible
options, including asking the International Monetary Fund for a new
program sooner than they'd previously planned, according to one of
the people, Bloomberg News discloses.  Previously, the government
had said it would seek a new IMF program after creditor talks were
finalized, Bloomberg News notes.  An Economy Ministry spokesman
didn't immediately reply to a comment request.

              Argentina's Proposal

Argentina said in its own statement that the negotiating process
had shown divergences between the main bondholder groups that could
not be reconciled, Bloomberg News notes.  The country added that
it's seeking all options to restore economic stability, but "that
Argentina cannot responsibly commit to" the creditors proposed
revisions, "some of which are largely inconsistent with the debt
sustainability," Bloomberg News relates.

Argentina's new proposal would begin coupon payments of 0.125% as
soon as next year, according to its latest plan, also published,
Bloomberg News discloses. The proposal reduced the nominal haircut
on some bonds to 3%, and did not include a nominal haircut on Par
and Discount bonds issued in the country's previous debt
restructurings, Bloomberg News relates.  The country would not
begin paying back the new bonds' principal until 2025, unchanged
from its previous plan, Bloomberg News notes.

The country is proposing a "sweetener," also known as a value
recovery instrument, based on exported goods that would pay an
annual extra coupon of up to 0.75% from 2026 to 2046, when payment
conditions are met, Bloomberg News cites.  The country is proposing
using export data from country's tax agency AFIP, and would include
a floor value known as a "backstop floor," Bloomberg News notes.

                  Creditor Proposals

The Ad Hoc group, alongside the Exchange Bondholder group,
submitted a joint proposal that includes its own sweetener tied to
Argentina's gross domestic product for creditors who accept the new
2036, 2038 and 2045 dollar and euro-denominated bonds, Bloomberg
News notes.  The nominal GDP to be used would be the one published
by the International Monetary Fund as part of an annual Article IV,
they suggested, Bloomberg News discloses.

That proposal also calls for half of the accumulating interest to
be paid in cash on the settlement date, and the other half to be
paid through a new dollar bond maturing 2023 for accrued interest,
that would start making payouts in January 2021 at a 4% rate,
Bloomberg News relays.

The Argentina Creditor Committee, Gramercy Funds Management and
Fintech Advisory Inc, submitted their own proposal, which would
deliver $40 billion in debt relief to Argentina until 2028 and
would include the same exit bonds suggested in the country's
revised proposal, according to documents published by the
government, Bloomberg News notes.

The proposal would also include a 1% haircut on Argentina's global
bonds, and would include a export-linked sweetener that would pay
out to creditors between 2024 and 2043, Bloomberg News says.  Under
that plan, no debt would mature under the current presidential
mandate and no bond would pay a coupon above 5%, 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.


ARGENTINA: Debt Talks Stalled as Gov't & Creditors Disagree
-----------------------------------------------------------
Jorge Iorio, Hugh Bronstein, Rodrigo Campos at Reuters report that
Argentina's debt restructuring talks, in a tense final stretch, hit
a roadblock with the government determined not to cede further
ground after making an improved offer and a key creditor group
warning that negotiations had failed.

An Economy Ministry source told Reuters the country was sticking by
its latest proposal with a net present value of around 50 cents on
the dollar and warrants linked to Argentina's farm-driven exports.
The offer was shared with creditors during recent talks, the report
relays.

The South American grains producer is in talks to revamp around $65
billion in foreign debt that has become unsustainable.  The two
sides have been inching closer, though tensions have simmered below
the surface, Reuters says.

"The government believes that the creditors' proposal has an
unsustainable cost for Argentines," said the Economy Ministry
source, who asked not to be identified as the talks were private.
Creditor groups have made counter-proposals during the process, the
report notes.

"The president is not going to cede any further," the source said,
the report relates.

The major "Ad Hoc" bondholder group, including names like Fidelity,
AllianceBernstein and BlackRock, said in a statement that the
Argentine government had "walked away" from a counterproposal it
had made and called the talks a "failure," the report discloses.

Argentina's Economy Ministry released details of the latest version
of its own proposal in a statement, which it said had been shared
with creditors, the report discloses.  It also published two
counterproposals it had received, the report relays.

The ministry said creditor demands had varied widely and that some
were "inconsistent" with what the country could meet, the report
says.

Argentina's center-left Peronist President Alberto Fernandez said
in a televised interview with network Telefe that the country would
keep negotiating with creditors to try to reach an accord, but
would not pay more than it was able, the report relays.  "We are
going to pay what we can. Not a millimeter more.  And in that I am
inflexible," Reuters quotes Fernandez.

Argentina, which already improved an original offer made in April,
has long argued that debt sustainability analysis shows it cannot
afford to pay much more, the report notes.  The International
Monetary Fund, a major creditor, has supported that view, Reuters
relays.

"(Creditors) are not recognizing the restrictions that we set out
in the debt sustainability studies that the government and the IMF
did," a second person with knowledge of the negotiations said,
Reuters relays.  "Allowing the NDAs (nondisclosure agreements) to
expire means we reached the limit of what we can give and the
creditors have not acknowledged that the limit had been reached,"
the report relates.

                          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.




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B R A Z I L
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COSAN LIMITED: Fitch Affirms 'BB' LongTerm IDRs
-----------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign Currency and Local
Currency Issuer Default Ratings of Cosan Limited at 'BB'. The
Rating Outlook for the FC IDR is Negative and for the LC IDR is
Stable. At the same time, Fitch has affirmed Cosan Limited's senior
unsecured notes due 2024 and 2029 at 'BB'. The Negative Outlook for
Cosan Limited's FC IDR reflects Brazil's 'BB-'/Negative Outlook.

Cosan Limited's ratings reflect its satisfactory liquidity position
on a stand-alone basis as well as the expected comfortable debt
service coverage through dividends coming from its main subsidiary,
Cosan S.A. (Cosan; FC IDR BB/Negative, LC IDR BB+/Stable, Long-Term
National Scale Rating AAA(bra)/Stable). Cosan and its investment
grade subsidiaries accounted for around 94% of Cosan Limited's
consolidated pro forma revenues, 70% of pro forma EBITDA and 100%
of dividends received in the LTM ended March 31, 2020. The
one-notch difference between Cosan's LC IDR reflects the structural
subordination of Cosan Limited's debt to dividends received from
Cosan.

Fitch expects a consistent inflow of dividends from Cosan over the
next years, while dividends from Cosan Logistica should materialize
only in 2023. The lower dividends to be received by Cosan from its
investees in 2020 should not materially affect the credit metrics
of the holding company and its capacity to distribute dividends to
Cosan Limited. Fitch projects the reduction in dividends received
by Cosan to be temporarily and to return to historical levels in
2021. Fitch assumes Raizen will not pay dividends in 2020, to
preserve cash flow generation amid the economic impact caused by
the outbreak of coronavirus pandemic on sugar and ethanol and
downstream activities, while Comgas's capacity to pay dividends
should not be affected.

Cosan Limited's leverage is high at the holding company level. Net
debt at the holding company significantly increased by about BRL2.7
billion since December 2018 and Fitch sees no rating headroom for
further leverage increase. Cosan Limited's high leverage is
partially mitigated by Cosan's low leverage and strong liquidity,
and considered that investments at Compass Gas e Energia (Compass)
would not impair Cosan's ability to receive dividends from Comgas
and pay dividends to Cosan Limited over the next three years. Lower
dividends from Cosan and/or increased debt at Cosan Limited will
pressure the ratings.

Cosan's ratings are also supported by the company's strong and
diversified asset portfolio of investment grade companies. The
company's investments include operations in sugar and ethanol, fuel
and lubricants, distribution of natural gas, and logistics. The
fuel and lubricants, and distribution of natural gas businesses
enjoy a more predictable cash flow that partly softens the inherent
volatilities of its S&E business. The company also operates in the
logistic industry, through Rumo S.A. (FC and LC IDRs BB/BB+,
Long-Term National Scale Rating AAA(bra)), that presents strong
growth potential and is expected to become a more meaningful source
of dividends to Cosan Limited starting in 2023.

KEY RATING DRIVERS

Robust Asset Portfolio: Cosan Limited is a non-operating holding
company that carries a robust and diversified asset portfolio that
reduces sector concentration risks. The company holds a 64.8%
interest in Cosan, the holding company engaged in S&E and energy
production, as well as distribution of natural gas, lubricants and
fuel, and 72.5% interest in Cosan Logistica S.A.

In the S&E industry, Raizen Energia S.A. (FC and LC IDRs
BBB/Negative, National Scale Rating AAA(bra)/Stable) is the leading
global producer, with an 11% share in Brazil's sugar cane crushed
volumes, and the country's largest generator of energy from sugar
cane bagasse. Raizen Combustiveis S.A. (rated the same as Raizen
Energia) is the second largest fuel distributor in Brazil, with a
20% market share in terms of volumes in 2019, and the acquisition
of Shell's assets in Argentina has increased geographic
diversification. The joint venture with FEMSA will also contribute
to increased business diversification and capture additional value
along the chain through the expansion of the convenience franchise
store business. Fitch expects the fuel distribution business to
account for more than 50% of Raizen's combined EBITDA in the medium
term, which will be important to reduce the Raizen's exposure to
the more volatile S&E business.

Comgas is Brazil's largest natural gas distribution company in
terms of volume billed that operates in a sector with low to
moderate business risk and high growth potential. Comgas's ratings
are sustained by the solid fundamentals of its natural gas
distribution business and historically robust financial profile
with reduced leverage, strong liquidity profile and significant
cash flow from operations. Fitch believes the creation of Compass
in 2020 strengthens Cosan Limited's portfolio of assets by
increasing the Group's presence in the high-growth-potential
Brazilian gas and energy markets.

Cosan Logistica owns 28% of Rumo. Rumo's ratings are supported by
its solid business position as one of the largest railroad
operators in Brazil. The company has competitive advantages over
other transportation options, with relatively high and stable
operating profitability and robust cash flow generation. The
industry fundamentals are strong and benefit from stable demand
throughout the cycles and the rating incorporates Rumo's
conservative capital structure, as well as its sound liquidity
position, with low debt concentration during the strong capex
period. The presence of Rumo contributes to broader Cosan Limited's
business diversification and helps the group to further lessen the
cash flow volatility derived from the S&E business.

Interest Coverage to Remain Adequate: Fitch expects Cosan Limited
to receive sufficient dividends from Cosan to cover coupon payments
on the USD200 million notes due 2024 and USD750 million notes due
2029. Fitch expects a consistent inflow of dividends coming from
Cosan over the next years while dividends from Cosan Logistica
should materialize only in 2023. Fitch projects Cosan Limited to
receive annual dividends of BRL400 million in 2020 and 2021,
sufficient to cover the annual coupon payments of BRL250 million.
Dividends received amounted to BRL234 million in the LTM ended
March 31, 2020. Fitch expects Cosan Limited's EBITDA plus dividends
received to interest paid ratio to average 2.1x over the next three
years, compared with 1.5x expected for 2020, and allow the company
to keep satisfactory repayment capacity. Fitch's base case
projections do not consider lower dividends to Cosan Limited and
Cosan, as a result of the capital structure used to finance
Compass's growth plan.

Limited Rating Headroom: Cosan Limited's leverage is high at the
holding company level. Fitch projects Cosan Limited's net
debt/EBITDA plus dividends received ratio to average 9.3x in the
2020-2022 period, compared with 18x in the LTM ended March 2020.
Cosan Limited's net debt at the holding company significantly
increased by about BRL2.7 billion since December 2018, to BRL3.8
billion as of March 31, 2020, to finance its shares buyback
programs and increase its stake in Cosan. Cosan Limited's high
leverage is partially offset by the company's comfortable debt
maturity profile with no maturities coming due before 2024, and
expectations of meaningful dividends income coming from Cosan.

On a consolidated basis, Cosan Limited's leverage is adequate for
the rating category. The net debt/EBITDA was at 2.5x in the LTM
ended March 31, 2020, considering dividends received from
non-consolidated subsidiaries in EBITDA. Fitch expects the group's
deleveraging process to slow down due to Rumo's new cycle of
important investments largely financed with debt.

DERIVATION SUMMARY

Cosan Limited's ratings are supported by its strong and diversified
asset portfolio of investment grade companies, with activities in
distribution of natural gas, S&E, and the sale of fuels and
lubricants. It also benefits from the stable operating performance
and growth prospects of rail road operations represented by Rumo.
Cosan Limited benefits from the robust credit quality of Cosan and
its ability to pay robust dividend over the next few years. The
one-notch difference between Cosan Limited's LC IDR and Cosan's
continues to reflect the inherent structural subordination of Cosan
Limited's debt to dividends received from Cosan, whereas their FC
IDRs are the same due to the cap imposed by Brazil's country
ceiling on Cosan's rating.

Cosan Limited's ratings compare unfavorably with Votorantim S.A's.
(VSA, LT FC/LC IDR BBB-/Negative and National Scale Rating
AAA(bra)/Stable), one of Latin America's largest industrial
conglomerates. VSA has a diversified business portfolio, strong
market position in the industries it participates in, and
geographic diversification with strong operations in the Americas,
while Cosan Limited's assets are primarily located in Brazil and
with a representative share of its cash flow generation capacity in
the more volatile S&E business.

VSA has stronger liquidity than Cosan Limited, but Cosan Limited is
better positioned in terms of cash flow generation compared to both
VSA and Grupo KUO, S.A.B. de C.V.'s (KUO, LT FC/LC IDR
BB/Negative), a Mexican Group with diversified business portfolio
in the consumer, automotive and chemical industries.

KEY ASSUMPTIONS

  -- Stable flow of dividends coming from Cosan of BRL400 million
per year. Fitch projects Cosan receiving over BRL900 million from
Comgas and no dividends from Raizen in 2020. For the next years,
Fitch projects Cosan receiving annual dividends from these
investees of about BRL2.4 billion.

  -- Cosan Logistica starts paying dividends only in 2023;

  -- No additional investments coming from Cosan Limited;

  -- Any new issuance will be used Cosan Limited for liability
management only;

  -- Flexibility of Cosan Limited to reduce payouts to its
shareholders, if necessary.

RATING SENSITIVITIES

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

  -- An upgrade is unlikely and will be linked to an improvement in
the credit profile of Cosan;

  -- A higher representativeness of Rumo and a material increase in
the dividend's inflow coming from the logistics segment could lead
to an upgrade of Cosan Limited's rating over the medium to long
term.

  -- The revision of the Outlook on Brazil's sovereign rating to
Stable from Negative would trigger a revision of the outlook for
Cosan's Limited FC IDR.

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

  -- Expectation of debt service coverage ratio at Cosan Limited
level below 1.0x based on reduced dividends received from Cosan;

  -- Material increase in net leverage arising from new debt issued
to finance either meaningful shares buyback and dividends, or
entrance in new investments;

  -- Deterioration of the credit profile of either Cosan or Cosan
Logistica.

  -- A downgrade of the sovereign rating may also trigger a
downgrade of Cosan Limited's Foreign Currency IDR and ratings for
the associated bond issuances.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: Cosan Limited's debt maturity profile is
evenly spread out and is not expected to pressure the company's
cash flows until 2024, when the USD200 million notes are due. As of
March 31, 2020, the holding company had BRL468 million of cash and
marketable securities and accrued interest on its notes of only
BRL70 million as per Fitch's calculations. Cosan Limited's debt
consisted of a USD200 million bond due 2024 and a USD750 million
bond due 2029 as of March 2020, all of which are protected from
hedging instruments.

The group's strong financial flexibility relative to its access to
the debt and capital markets, in combination with dividends
received from Cosan ensures strong refinancing capacity for Cosan
Limited. Fitch expects Cosan Limited to receive annual dividends of
BRL400 million over the next three years that should provide
adequate repayment capacity for upcoming interest and payout to its
shareholders. Fitch also expects Cosan Limited to receive a more
meaningful dividends inflow from Cosan Logistica, of about BRL90
million, only in 2023. Dividends received amounted to BRL234
million in the LTM ended March 31, 2020. Fitch believes Cosan
Limited has the flexibility to reduce the payouts to its
shareholders if necessary and Fitch forecasts that disbursements
under its shares buyback in 2020 will be limited to the BRL270
million paid in the 1Q20.

Liquidity will benefit from the derivatives gain of about BRL400
million in the 1Q20, as Cosan Limited hedges its FX exposure. In
Fitch's opinion, the hedging strategy adds uncertainties to the
company's cash flow generation.

SUMMARY OF FINANCIAL ADJUSTMENTS

  -- Net derivative balances have been added to Cosan Limited's
consolidated adjusted debt figures;

  -- The consolidated debt also includes the balance of BRL620
million in preferred shares, with final maturity in 2022;

  -- Consolidated EBITDA incorporates all cash dividends received
from Raizen.

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.


COSAN SA: Fitch Affirms BB Foreign Currency IDR, Outlook Negative
-----------------------------------------------------------------
Fitch Ratings has affirmed Cosan S.A.'s Long-Term Foreign Currency
Issuer Default Rating at 'BB', Local Currency IDR at 'BB+' and
National Long-Term rating at 'AAA(bra)'. The Rating Outlook is
Negative for the FC IDR and Stable for the LC IDR and National
Scale Rating. Fitch has also affirmed the ratings on all related
cross border debts at 'BB', as they are unconditionally and
irrevocably guaranteed by Cosan.

Cosan's ratings are supported by the company's strong and
diversified asset portfolio of investment grade companies. The
ratings incorporate the expectation that Cosan's credit metrics
should not be materially affected by lower inflow of dividends in
2020 and that dividends should return to historical levels in 2021.
Fitch's base case scenario assumes no dividends from Raizen in
2020, due to its efforts to preserve cash flow generation amid the
economic impact caused by the outbreak of coronavirus pandemic in
its main two businesses, while Comgas is expected to distribute
about BRL976 million during the year.

Fitch expects Cosan's portfolio of assets to continue providing a
robust flow of dividends, which would cover its negative EBITDA and
interest expenses by over 6.0x over the next three years and pay
enough dividends to support the cash flow needs of its main
shareholder (Cosan Limited, Long-Term LC IDR/Stable and Long-Term
FC IDR BB/Negative). Fitch believes the creation of Compass Gas e
Energia (Compass) in 2020 strengthens Cosan's portfolio of assets
by increasing the group's presence in the high-growth-potential
Brazilian gas and energy markets.

While all the businesses in which Cosan invests were affected by
the coronavirus outbreak, Fitch does not expect material impact on
the credit metrics of its investees, and Raizen and Comgas' ratings
were affirmed in May 2020. Raizen's strong business model will
allow it to preserve a conservative credit profile, partially
offsetting the impact of the outbreak of the coronavirus pandemic
on commodity prices and fuel demand in Brazil and in Argentina.
Although Fitch projects a material reduction in operating cash flow
generation in fiscal 2021, Raizen's credit metrics will not be
materially affected, with sound liquidity, low refinancing risk and
net leverage at 2.0x on average, which provides sufficient headroom
under its rating category. Fitch does not expect cash burn from
operations for Comgas during 2020. The company's sound financial
structure and liquidity profile provide enough buffer to support
the expected challenging operating scenario.

The affirmation of the ratings also incorporates the expectation of
a temporary increase in Cosan's net debt to EBITDA plus dividends
ratio during 2020, reducing to below 1x in 2021, as Raizen resumes
dividends payments. Fitch estimates that Cosan will maintain a
strong liquidity profile and interest coverage ratios above 6x over
the next two years, in addition to an extended debt maturity
schedule. The company's liquidity also benefits from an undrawn
committed standby facility of BRL501 million. The ratings also
consider the expectation that investments at Compass will not
pressure Cosan's liquidity or impair its ability to receive
meaningful amounts of dividends from Comgas over the next two
years.

Cosan's LC IDR is constrained by the structural subordination of
its debt to dividends received from Raizen Combustiveis S.A. (FC
and LC IDRs BBB/Negative and Long-Term National Scale Rating
AAA(bra)/Stable), Raizen Energia S.A. (LC and FC IDRs BBB/Negative
and Long-Term National Scale Rating AAA(bra)/Stable) and Companhia
de Gas de Sao Paulo (Comgas; FC IDR BB and LC IDR BBB-/Negative,
National Scale Rating AAA(bra)/Stable). The Negative Outlook for
Cosan's FC IDR reflects Brazil's BB-/Negative.

KEY RATING DRIVERS

Robust Asset Portfolio: Cosan's three main assets and sources of
dividends are companies with robust credit quality. In the S&E
industry, Raizen Energia is the leading global producer, with an
11% share in Brazil's sugar cane crushed volumes, and the country's
largest generator of energy from sugar cane bagasse. Raizen
Combustiveis is second largest fuel distributor in Brazil with a
20% market share in terms of volumes in 2019, and the acquisition
of Shell's assets in Argentina has increased geographic
diversification. The joint-venture with FEMSA will also contribute
to increased business diversification and capture additional value
along the chain through the expansion of the convenience franchise
store business. Fitch expects the fuel distribution business to
account for more than 50% of Raizen's combined EBITDA in the medium
term, which will be important to reduce the Raizen's exposure to
the more volatile S&E business. Raizen's investment grade ratings
are based on the combined financial strength of its two operating
companies, as well as their mutual financial support and
cross-guarantees. Raizen is a joint venture and represents an
important investment for its two shareholders, Cosan and Royal
Dutch Shell plc (Shell, IDRs AA-/Stable).

Comgas is Brazil's largest natural gas distribution company in
terms of volume billed that operates in a sector with low to
moderate business risk and high growth potential. Comgas's ratings
are sustained by the solid fundamentals of its natural gas
distribution business and historically robust financial profile
with reduced leverage, strong liquidity profile and significant
cash flow from operations. Comgas's business profile benefits from
its operations in the state of Sao Paulo, the most economically
significant state in Brazil, and from the company's long-term
concession agreement, which includes clauses with non-manageable
cost pass-through that protect its cash flow generation. The
company has favorable growth prospects in the medium and long term
given the expectation of gas-distribution network and customer
base. Fitch believes the creation of Compass strengthens Cosan's
portfolio of assets by increasing Cosan's presence in the Brazilian
gas and energy markets, for which Fitch believes there is high
growth potential.

Interest Coverage To Recover in 2021: Fitch expects a reduction in
interest coverage during 2020 due to lower dividends and to recover
in 2021, as Raizen resumes dividends payments. Fitch's base case
scenario incorporates no dividends from Raizen in 2020 due to its
efforts to preserve cash flow generation amid the economic impact
caused by the outbreak of coronavirus pandemic in its main two
businesses, while Comgas should distribute BRL976 million, and
compares unfavorably with BRL3.4 billion received by Cosan in 2019.
For 2021, Fitch projects dividends of BRL2.3 billion, of which
BRL900 million from Comgas and BRL1.4 billion from Raizen,
improving EBITDA plus dividends/gross interest ratio to a
comfortable level of over 6.5x, from 2.1x projected for 2020.
Higher interest coverage from 2021 onwards will allow the company
to gradually reduce its gross debt by about BRL1.0 billion by 2023.
Fitch's base case projections do not consider lower dividends to
Cosan, as a result of the capital structure used to finance
Compass's growth plan.

Cosan's access to its main investees is limited to dividends, as
the control of Raizen Combustiveis and Raizen Energia are jointly
controlled by Cosan and Shell. Comgas is a regulated concession,
and any intercompany loan to shareholders must be approved by
regulators. Cosan has a long track record of robust cash inflow
from dividends from its investees, and in 2019 the company also
benefited from a BRL1.5 billion capital reduction in Comgas.

Temporary Increase in Leverage: Fitch projects Cosan's net debt to
EBITDA plus dividends received ratio to increase to 3.6x in 2020
and to quickly decline to 0.7x in 2021, as the inflow of dividends
increase next year. Net debt was BRL4.3 billion and total dividend
flow was BRL2.7 billion in the LTM ended March 31 2020, resulting
in a net debt/EBITDA plus dividends received ratio to 1.0x. In the
first quarter 2020, the company prepaid the BRL1.7 billion
debentures issued to finance the acquisition of Comgas' shares.

As of March 31, 2020, total debt at the holding level of BRL4.3
billion consisted of intercompany loans of BRL6.2 billion, which
represent bond issuances by Cosan's fully owned subsidiaries, and
non-voting preferred shares of BRL620 million due 2022. Although
issued by Cosan Luxembourg S.A. and Cosan Overseas Ltd, the
associated debt at both entities is guaranteed by Cosan, which is
ultimately responsible for the payment. Fitch also incorporates net
FX derivative balances of BRL2.5 billion into Cosan's debt.

DERIVATION SUMMARY

Cosan's ratings are supported by its strong and diversified asset
portfolio of investment grade companies, with activities in
distribution of natural gas, S&E, and the sale of fuels and
lubricants. Cosan benefits from the robust credit quality of its
investees and their ability to pay robust dividend over the next
few years. The ratings incorporate the subordination of Cosan's
debt to the obligations of its main investments, as the access to
their cash is limited to dividends received.

Cosan's ratings compare unfavorably with Votorantim S.A.'s. (VSA,
LT FC/LC IDR BBB-/Negative and National Scale Rating
AAA(bra)/Stable), one of Latin America's largest industrial
conglomerates. VSA has a diversified business portfolio, strong
market position in the industries it participates in, and
geographic diversification with strong operations in the Americas,
while Cosan's assets are primarily located in Brazil and with a
representative share of its cash flow generation capacity in the
more volatile S&E business.

VSA has stronger liquidity than Cosan, but Cosan is better
positioned in terms of leverage and cash flow generation compared
to both VSA and Grupo KUO, S.A.B. de C.V.'s (KUO, LT FC/LC IDR
BB/Negative), a Mexican Group with diversified business portfolio
in the consumer, automotive and chemical industries

KEY ASSUMPTIONS

  -- Dividends from Comgas of BRL976 million and no dividends from
Raizen in 2020. For the next years, annual dividends from investees
of about BRL2.4 billion, with Raizen resuming dividends payments in
2021.

  -- Annual dividends paid to shareholders of BRL600 million for
the next years.

  -- BRL320 million of share repurchase in the first quarter 2020
and additional BRL280 million in 2021.

  -- New issuances at the holding level will only be used to
refinance existing debt.

  -- Absence of major new acquisitions and significant capital
injections in subsidiaries.

RATING SENSITIVITIES

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

  -- Upgrade is unlikely and will be linked to an improvement in
the credit profile of Raizen Combustiveis, Raizen Energia and/or
Comgas.

  -- The revision of the Outlook on Brazil's sovereign rating to
Stable from Negative would trigger a revision of the Outlook for
Cosan's FC IDR

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

  -- Deterioration of the credit profiles of Raizen Combustiveis,
Raizen Energia and/or Comgas, and Cosan's interest coverage by
dividends received falling below 2.0x on a sustainable basis.

  -- A downgrade of the sovereign rating may also trigger a
downgrade of Cosan's Foreign Currency IDR and ratings for the
associated bond issuances

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: In Fitch's opinion, Cosan will maintain robust
liquidity position over the next two years, benefiting from the
expected robust dividend flow, in addition to a well-laddered debt
maturity schedule. Fitch projects Cosan to report a cash position
of over BRL2 billion and short-term debt relating only to accrued
interest payments on bond issuances outstanding as of 1Q20. As of
March 31, 2020, the holding company reported cash and marketable
securities of BRL2.0 billion and short-term debt of BRL63 million.
The company does not have debt maturities in 2021, and Fitch
estimates payments of BRL450 million of preferred shares and BRL350
million under the 2023 bond notes, net of derivatives, for 2022 and
2023, respectively. Around 75% of its debt is due in five years and
beyond. Cosan's liquidity is reinforced by an undrawn standby
credit facility of BRL501 million.

The absence of dividends payment by Raizen in 2020 should not
materially impact Cosan's liquidity, and Fitch assumes that
dividend payments from Raizen will be resumed in 2021, while Comgas
should keep paying meaningful dividends in the period, estimated by
Fitch at over BRL900 million per year. In 2020, the dividends from
Comgas should provide adequate repayment capacity for upcoming
interest payments and should allow Cosan to distribute dividends of
about BRL600 million to shareholders. For 2021, Fitch expects Cosan
to receive BRL2.3 billion in dividends which should comfortably
cover the payment of interest and dividends. Fitch forecasts
additional cash disbursement of BRL280 million from Cosan's share
buyback program in 2021, on top of BRL320 million spent in 2020

SUMMARY OF FINANCIAL ADJUSTMENTS

  -- Net derivative balances have been added to Cosan's adjusted
debt figures.

  -- Cosan's debt also includes the balance of BRL620 million in
preferred shares, with final maturity in 2022.

  -- EBITDA figures incorporate all cash dividends received from
Cosan's investees.

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.

Cosan Luxembourg S.A.

  - Senior unsecured; LT BB; Affirmed

Cosan Overseas Limited

  - Senior unsecured; LT BB; Affirmed

Cosan S.A.

  - LT IDR BB; Affirmed

  - LC LT IDR BB+; Affirmed

  - Natl LT AAA(bra); Affirmed


GLOBO COMUNICACAO: S&P Affirms 'BB+' ICR Amid Weak Cash Flow
------------------------------------------------------------
S&P Global Ratings revised downward Brazil's largest media
conglomerate, Globo Comunicacao e Participacoes S.A.'s (Globo)
stand-alone credit profile (SACP) to 'bb+' from 'bbb-' on prolonged
weak operating performance and cash generation. Still, S&P affirmed
its 'BB+' issuer credit and issue-level ratings on Globo because
S&P expects it to maintain its strong market position in Brazil and
a positive net cash position in the next several years.

S&P said, "Globo's first quarter results this year already
incorporated some of the pandemic's effects on the advertising
market, which in our view, entered the pandemic still recovering
from the recent financial crisis in Brazil. The country's main
advertisers are decreasing discretionary spending, because their
operations were hit by requirements to contain the spread of the
coronavirus in the country. In addition, many important sports
events were postponed or cancelled. With that, we anticipate a
drastic revenue drop of about 40% in advertising in 2020, which
should take about two years to recover given its high correlation
to economic growth and consumer spending."

Because of social distancing requirements, Globo suspended
production of its soap operas and other content for its streaming
platform, Globoplay, but the company is taking advantage of its
extensive content library to fill the open spaces. This action
resulted in a slight increase in audience share in the first
quarter of 2020. S&P said, "Slightly counterbalancing the very weak
advertising market, we believe Globoplay's subscriber base should
continue growing this year and drive up content/programming
revenues 10% in 2020 versus 2019. Regardless, we believe EBITDA
margins will collapse and cash flow will weaken. We forecast an
EBITDA margin of 3%-4% in 2020, versus our previous expectation of
6%-7%. Improving margins will depend on the advertising market's
recovery and the monetization of investments in content development
and synergies from corporate restructuring. To incorporate the
volatility and uncertainty in the market that's weakening Globo's
performance, we revised its SACP to 'bb+' from 'bbb-'."

S&P said, "We believe Globo will continue facing fierce competition
from digital media, which has been taking a significant share of
advertising from traditional media. In this context, we believe
Globo will need to continue focusing on its digital initiatives to
better position Globoplay and other online business compared to
larger global streaming players. Because the company is putting
efforts into streaming, we expect margins to continue to be weak.
Finally, with a decrease in scale in the past years, measured by
total EBITDA generation, due to the decrease on the advertising
market, Globo has been lagging behind global peers and weakening
its competitive advantages.

"In our view, exclusive content is key to differentiate Globoplay
from the proliferating over-the-top (OTT) platforms. Still,
execution risks exist and could pressure profitability and cash
generation even more. On the other hand, the company finalized the
merger of its subsidiaries at the beginning of this year, and the
synergies expected may provide some room for Globo keep working on
creating original content post-pandemic."

Environmental, social, and governance (ESG) factors relevant to the
rating action:

-- Health and safety


OI SA: S&P Lowers ICR to 'CC' on Potential Debt Haircut
-------------------------------------------------------
S&P Global Ratings, on June 18, 2020, lowered its global scale
issuer credit ratings to 'CC' from 'B-' and its national scale
rating to 'brCC' from 'brBBB-' on Brazil-based telecom operator Oi
S.A.

Although the company is not proposing a haircut to the bond at this
point, S&P's lowering its issue-level rating on it to 'CCC-' to
reflect the heavy capital structure and challenges in completing
the reorganization plan.

On June 16, 2020, Oi announced its proposed amendment to the JRP
that includes the early payment of loans owed to banks and ECAs
with a 60% discount, to be paid in three installments and
contingent on asset sales. If such a payment materializes, S&P
would consider it as equivalent to default, given that the
debtholders would receive less value than the promise of the
original securities.

The proposal also includes the payment of secured debt at par
following the sale of the mobile assets, the possibility of
prepayment through reverse action of the international bond and
general offering debt, and new conditions for non-financial
creditors such as labor and small businesses, and the Brazilian
telecom regulator, Anatel.

The proposed amendment also includes the creation of four IPUs to
isolate the assets Oi intends to sell: mobile, towers, data
centers; and infrastructure assets (InfraCo). According to Oi, the
wireless assets could be sold for at least R$15 billion, the towers
for R$1 billion, and the data centers for R$325 million.
Additionally, Oi could sell part of its share of InfraCo (minimum
of 25% of total capital and maximum of 51% of the voting capital)
for at least R$6.5 billion. Oi expects to complete the sale of the
towers and data centers by the fourth quarter of 2020, part of
InfraCo by the third quarter of 2021, and the mobile assets by the
fourth quarter of 2021. S&P's base-case scenario currently includes
only the sale of the towers and data centers by the end of 2020, so
the additional asset sales could strengthen the company's
subsequent credit quality after the debt haircut, ultimately
depending on its final asset base and capital structure.

The proposal needs absolute majority for each creditholder class,
in line with the approval of the original JRP. Oi expects to hold
the meeting in August 2020, and S&P believes that even if the
amendment is not approved at proposed terms, there is a high
likelihood that an agreement including a haircut to part of Oi's
debt will be reached over the next few months, which supports its
current rating.




===========================
C A Y M A N   I S L A N D S
===========================

GFH FINANCIAL: Fitch Affirms LT IDRs at 'B', Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed GFH Financial Group BSC's Long- and
Short-Term Issuer Default Ratings at 'B'. The Outlook on the
Long-Term IDR is Stable.

Fitch has also affirmed the 'B'/'RR4' senior unsecured Long-Term
Rating of the USD500 million 2025 certificates issued through GFH
Sukuk Company Limited. GFH SCL is a special purpose vehicle,
incorporated in the Cayman Islands as a trust for charitable
purposes, with its share capital held by Walkers Fiduciary Limited.
GFH SCL was established solely to issue certificates (sukuk).

KEY RATING DRIVERS

GFH's IDRS

GFH's IDRs reflect the real estate concentrations in its investment
portfolio, its current dependence on transactional gains for a
significant element of its profitability and its short track record
of managing its fast-growing treasury activities. The ratings also
take into account management's strategic objective of reshaping
GFH's business model towards more stable and recurring revenue
sources, such as fee generation and lower-risk, lower-return
investments.

GFH's USD5.9 billion consolidated assets at end-2019 included
USD1.3 billion of development properties in UAE, Bahrain, North
Africa and India and USD0.5 billion of investment property in UAE,
Bahrain and Morocco. Development projects are large in scale and so
individually material in value. Progress with their construction
has picked up in recent years after several years of limited
activity following the global financial crisis, but in Fitch's view
the end market for major real estate developments could again
become depressed in the current economic environment. The timelines
for eventual completion of projects is lengthy, and in Fitch's view
exposes their ultimate realisation values to significant project
risks. The investment element comprises principally land rather
than buildings, so is also exposed to potential valuation movement,
without yielding significant rental income in the meantime.

GFH's 2019 consolidated profit of USD67 million was a fourth
successive year of meaningful net income after several previous
years of limited positive return. However, it was also a 42%
reduction from 2018. In Fitch's view, GFH's earnings have above
average exposure to variability on account of the materiality in
any given period of individual deal-related gains. Moody's views
positively management's aim of reshaping the group's business model
away from significant exposure to illiquid investments towards a
greater focus on fee revenues and income-generating investments,
and the support for these initiatives of Abu Dhabi Financial Group,
which held a 9.7% stake in GFH as of end-2019 and whose Chief
Executive Officer chairs GFH's board of directors.

GFH's wholesale banking license means it is regulated for capital
by the Central Bank of Bahrain. Total owners' equity reduced by 9%
in 2019 to USD1.3 billion, as the year's earnings were offset by
dividends, net treasury share purchases and reserve movements on
the partial buyout of non-controlling interests in subsidiaries. In
conjunction with continued growth in the balance sheet, and the
risk weighting applied to GFH's asset classes, this reduced GFH's
common equity Tier 1 ratio to 14.0% from 16.5% a year earlier.

GFH owns significant assets outside Bahrain, and Bahrain's
sovereign rating (BB-/Stable) does not cap GFH's Long-Term IDR at
its current level. However, the operating environment still exerts
an influence on GFH's prospects, both in relation to its own local
real estate investments and via the commercial banking activities
of majority-owned subsidiary Khaleeji Commercial Bank (KHCB). KHCB
has generated only modest profitability in recent years, and
recorded a loss of BHD15 million (USD40 million) in 2019,
principally as a result of increased impairment recognition on
older financing assets as it seeks to refocus its business towards
more profitable areas. This should help clean up its balance sheet,
but in Fitch's view, macro-economic pressure from the COVID-19
pandemic and 2020's slump in oil prices may continue to delay KHCB
from contributing significant earnings to GFH in the near term.

GFH has continued to grow its money market activities, as reflected
in liquid assets accounting for an average of 24.3% of assets in
2019, compared with 9.7% in 2018, and 'treasury and other income'
is now a separately reported caption on GFH's income statement. In
principle this enhances balance sheet liquidity, but the increased
scale of treasury function requires careful management of the
maturities of the money market deposits these shorter-term assets
support. Since the global financial crisis, GFH has been able to
pay down a significant portion of the secured term financing
previously held. However, in Fitch's view, it remains exposed to
liquidity risk in respect of the high proportion of long-term
assets it continues to hold alongside its treasury investments, and
the lack of fungibility of both capital and liquidity between the
parent entity and KHCB as a separately regulated subsidiary. Sukuk
issuance of USD500 million in two tranches in 2020 has helped
strengthen near-term liquidity.

GFH SCL SUKUK

The US dollar certificates' ratings are driven solely by GFH's 'B'
Long-Term IDR. This reflects Fitch's view that default of these
senior unsecured obligations would reflect the default of GFH in
accordance with Fitch's rating definitions. The Recovery Rating of
'RR4' reflects Fitch's expectation of average recoveries in the
event of a default.

RATING SENSITIVITIES

The Stable Outlook on GFH's Long-Term IDR reflect Fitch's view that
the company has sufficient headroom relative to its rating to
absorb the expected negative impact from the currently more
challenging operating environment.

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

Major impairment within the group's real estate portfolio, leading
to erosion of capital via associated need to write down asset
values.

Any material weakening of GFH's liquidity profile emerging either
from a reduction in investor appetite to maintain placements within
GFH's recently fast-growing and as yet still young deposit book, or
from need to inject additional funding into GFH's longer-term
assets, notably its real estate development projects.

Deterioration in the operating environment in Bahrain, which either
gives rise to significant asset quality problems within KHCB's
financing assets or depressed buyer demand for GFH's own local real
estate initiatives.

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

Replacing GFH's real estate investments with a less concentrated
and lower-risk asset portfolio, subject to the valuations achieved
on exit while maintaining (or improving) other financial profile
metrics, notably earnings and leverage.

Development of a track record of consistent profitability from a
business model with greater recurring income and less reliance on
capital gains.

GFH SCL SUKUK

GFH SCL's sukuk rating is principally sensitive to changes in GFH's
IDR. The ratings could also be sensitive to any changes to the
roles and obligations of GFH under the sukuk's structure and
documents.

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.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).




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

DOMINICAN REPUBLIC: Employers Seek Extension of Salary Support
--------------------------------------------------------------
Dominican Today reports that although the economy is in the second
phase of the gradual reopening, various business sectors in the
Dominican Republic consider that they have not yet had a
substantial economic takeoff, so they call on the Government to
extend the employee assistance program until the end of July, to
avoid layoffs.

They refer to the PHASE I and II programs through which the
Government contributes up to 8,500 pesos of the salary of the
employees, both suspended and active, of the companies that
qualify, according to Dominican Today.

Victor Perez, from the Ferreteros Cooperativa de la Linea Noroeste,
stated that although in the first weeks of the reopening that
sector experienced an increase in sales of hardware materials, the
volume is already decreasing, the report relays.

"Although we do not want to, we will be forced to cancel 15 percent
of the employees in that sector of the Northwest Line," he
emphasized to EL DIA, the report notes.

Likewise, Issachart Burgos, former president of the Dominican
Confederation of Small and Medium Enterprises (Codopyme), indicated
that this program has been of great help to the private sector in
preserving employment, but if it does not continue until the end of
July, it will lose that objective, the report discloses.

In the same way, he considered that the Pa Ti 'program should also
be extended since it only covered two fortnights for the informal
ones, the report relays.

"We still haven't recovered. The Government must value continuing
to support the business community with this assistance," emphasized
Burgos, the report notes.

                         Estimates

The small businessman estimated that nearly 200,000 suspended
employees could exit the labor market, including those who work in
sectors that remain closed, the report relays.  He gave as example
restaurants, cafes, dining rooms, and other businesses that will
open in the fourth phase, estimated for July, the report
discloses.

The same was requested by Evelyn Veras, owner of the Cutpoint
Beauty Center salon, in Cerro de Gurabo, Santiago, who highlighted
the need to continue with these supports, the report relays.  "At
first, I did not agree with those programs because the employees
got comfortable and did not want to return to work, but given the
situation now, I want them to continue it," he said, the report
adds.

He explained that if they do not continue supporting them, he will
have to lay off part of his staff because he is not producing so
there is nothing to maintain them; but neither does he have to pay
the labor benefits, the reoprt notes.

On the other hand, Mario Lama, president of the National
Organization of Companies (ONEC), indicated that it should be
evaluated whether the government is capable of sustaining employee
assistance for another month, which he considered necessary to
avoid layoffs and terminations, the report says.

He added that it must be considered that the Government has reduced
collections and increased social assistance, the report discloses.

On his side, Francis Mateo, an electrical appliance entrepreneur,
said that for the revival of the economy, loans at low-interest
rates are required for companies, 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).


DOMINICAN REPUBLIC: Food Prices Up Between 20%-200%
---------------------------------------------------
Dominican Today reports that even though sellers of agricultural
products claim that their merchandise is being damaged by
overproduction associated with products that were destined for
export, food in the basic basket in the Dominican Republic has
increased between 20 and 100 pesos in recent weeks.

An example of this is that the pound of chicken that cost between
40 and 42 pesos is currently between 60 and 70 pesos, the pound of
garlic went from 100 pesos to 200, while the yautia, which cost 20
pesos, is currently in 50, according to Dominican Today.  "You buy
vegetables, such as cabbage lettuce, cabbage and chili peppers that
currently cost twice as much," said Juan Hernandez, president of
the Merchants Association, the report notes.

He explained that the pound of kidney beans went from costing
between 30 and 35 to 55 pesos, while the can of Crisol jumbo oil,
as it is known by merchants, rose from 475 to 700 pesos, the report
says.

Meanwhile, the tuna that had a value of 80 pesos costs 100 pesos;
the pound of cassava (yuca), which sold for 6 to 7, currently costs
15 to 20 pesos, and the pound of sweet potato, which ranged from 8
to 7 pesos, now costs 20 pesos, the report discloses.

He stressed that not only the cost of food affects them, but also
the damage to produce from overproduction and abundance caused by
the tourist drought, the report relays.

In this sense, the administrator of the Dominican Markets for
Agricultural Supply, Claudio Jimenez, confirmed that there is an
oversupply due to excess products, 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).


DOMINICAN REPUBLIC: New Gov't. Must Adjust Budget Law to Reality
----------------------------------------------------------------
The Dominican Today reports that the modification of the Budget Law
2020 in the Dominican Republic, approved by the Senate, only
corresponds to the emergency situation generated by Covid -19, and
not to the needs that will be generated at the end of the year,
economists affirm.

Economists consider that it does not contemplate the current
macroeconomic reality of the country, but neither does it foresee
the extension of social assistance for suspended private sector
employees and challenges the next government to execute a budget
with limitations, the report relays.

The aforementioned project reallocates the budget of various
institutions, such as ministries of Agriculture, Tourism, Finance,
Industry and Commerce, Energy and Mines, Economy Planning and
Development, Defense, Sport and Recreation and others, to be
allocated to the ministries of Health and of Public Works, the
Presidency of the Republic, Central Electoral Board and others,
according to the report.

The new amount of approved expenditures is more than a thousand
billion pesos, the news source relays.

The Dominican Today relates that according to Juan del Rosario,
director of the Socioeconomic Research Institute of the Faculty of
Economics of the Autonomous University of Santo Domingo, this
budget falls short of what is happening in the Dominican economy,
since, in his opinion, it was not prepared to cover the fiscal
deficit of 300 billion pesos, but as a corrective way for the
crisis generated by the Covid-19 pandemic.

He said that in case the government finds itself in a scenario of
continuing with the expenses generated by the pandemic, it will
have to look for new alternatives to generate resources because
those RD$150 billion will not be enough to solve the problem, the
report cites.

On his side, Ernesto Selman, executive vice president of the
Regional Center for Sustainable Economic Strategies (CREES), argued
that since this budget modification is not realistic, it could
affect execution from a new government and at the same time force
it to make new adjustments so that it can serve as an instrument of
development and not in favor of private interests, The Dominican
Today relays.

Likewise, Antonio Ciriaco, vice dean of the Faculty of Economics of
the Autonomous University of Santo Domingo, expressed that the
budget leaves a gap to increase the need for external and domestic
financing since it only includes social assistance from the Phase I
and Phase II programs, the "Pa 'ti y Quedate en Casa" (For you and
stay at home) program up through this month.  He noted that this
budget authorizes the Government, through the amendment of article
19 of that law, to negotiate and arrange public credit operations
for budget support of up to US$2,950,000,000.  He explained that
this would imply more financing for the new Government in the event
of this continuing with the social programs since that article
modifies 59 that at the beginning of the year authorized the
Government to issue bonds for 1 billion dollars, but had
subsequently issued $2.5 billion, which means it can only issue
$450 million.

Economist Guillermo Caram, former governor of the Central Bank,
said that the budget modification has technical, legal, and public
policy errors, but that it needs to be approved.
However, Dominican Today relates that he questioned the reduction
of the budget for entities such as Agriculture and Tourism, since
they are two key sectors for the recovery of the economy and now
more than ever they require investment in agricultural production
and investment in safe tourism.

                      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
===========

GRUPO POSADAS: Fitch Cuts IDR to CC & Sr. Unsec. Notes to CC/RR4
----------------------------------------------------------------
Fitch Ratings has downgraded Grupo Posadas, S.A.B. de C.V.'s Local
and Foreign Currency Long-Term Issuer Default Ratings to 'CC' from
'CCC+'. Fitch has also downgraded Posadas' USD393 million senior
unsecured notes due 2022 to 'CC/RR4' from 'CCC+/RR4'. In addition,
Fitch has downgraded Posadas' National Scale Long-Term Rating to
'CC(mex)' from 'B-(mex)'. Simultaneously, Fitch withdrew the
National Scale LT Rating for commercial issues.

Posadas' downgrade reflects the continued pressure on the company's
liquidity position from cash burn resulting from weaker than
expected hotel operations. Social distancing measures implemented
by the authorities kept hotels in Mexico practically closed from
late March to mid-June 2020. Fitch estimates pressures on
operations to continue during the 3Q20 due to current measures to
contain the spread of coronavirus in Mexico, which prevents the
company's hotels from operating above 30% of occupancy during the
summer high season. Posadas' liquidity is pressured by the latter
and debt service requirements. Posadas' cash and equivalents as of
March 31, 2020 was MXN1,192 million and Fitch estimates monthly
cash requirements of around MXN90 million-100 million. Cash burn
intensity is expected to decrease as hotels gradually resume
operations. In Fitch's view, Posadas' liquidity position is
pressured by coupon payments related to the company's senior notes,
due June 30, 2020, which amount to USD15.5 million (around MXN346
million). Exposure to depreciation of the Mexican peso to the U.S.
dollar has added additional pressure on the company's leverage.

The 'RR4' Recovery Rating assigned to the senior notes' issuance
indicate average recovery prospects given default. 'RR4'-rated
securities have characteristics consistent with historically
recovering 31%-50% of current principal any related interest.

The ratings were withdrawn due to Commercial Purposes.

KEY RATING DRIVERS

Weaker Than Expected Operations: Restrictions on hotel operations
in response to social distancing measures from the global health
crisis led to closed hotels since March 23, 2020. Posadas' hotels
will gradually resume operations starting in mid-June with limited
occupancy. The speed of reopening will be slower and the operating
environment will be more challenging than initially forecasted.
Fitch's base case scenario now assumes that occupation rates return
to levels seen in 2019 until the months of November and December
2020, absent additional lockdown measures by the authorities.

Tight Liquidity Headroom: Fitch estimates that the effect on the
company's operations from closed hotels during April, May and the
first half of June could result in a monthly cash burn of around
MXN90 million-100 million. Cash burn intensity is expected to
decrease as hotels gradually resume operations; all hotels are
expected to reopen by the end of July. Posadas' liquidity position
might be compromised for the rest of the year given estimated cash
burn and scheduled debt service payments. Therefore, Fitch does not
rule out the possibility that Posadas could evaluate a debt
restructuring process in the mid-term in order to achieve a capital
structure that is sustainable in the long term. If operating
conditions improve or cash burn intensity decreases, Posadas would
have favorable prospects to improve its capital structure.

Negative Estimated FCF: Fitch estimates Posadas will generate
negative FCF in 2020, as occupancy levels are low and costs for
health and sanitizing initiatives increase. FCF is a key factor to
stabilize the company's liquidity. FCF will continue to be
pressured by cash outflows related to 2017's tax settlement; strict
control over costs, expenses and working capital management should
allow Posadas to preserve liquidity; in addition, the company
suspended all non-essential investments.

FX Exposure: Posadas is exposed to the depreciation of the Mexican
Peso against the U.S. dollar, since most of its debt is dollar
denominated and only about 27% of its revenues are generated in
hard currency. This normalized level of revenues covers USD30.9
million of interest expense annually. The remaining revenues are
not directly denominated in USD, but increases in hotel daily rates
usually tend to follow movements in the USD/MXN exchange rate. In
addition, the company's strategy is to maintain USD denominated
cash balances. As of March 31, 2020, 74% of the company's cash
balance was denominated in USD (approximately USD38 million), while
98% of its debt balance was denominated in this currency (USD393
million).

DERIVATION SUMMARY

Posada's 'CC' ratings reflect that default is probable. The
company's financial flexibility has diminished since the
coronavirus crisis started and its liquidity position continues to
deteriorate. Posadas' rating reflects weak operational results,
expected negative FCF and pressured liquidity. Its liquidity
position is tight compared with debt service coverage. Negative CFO
could deplete cash on hand and limit the company's financial
flexibility. The material deviation from the company's expected
deleveraging path pressured the company's capital structure.

In Fitch's view, the company's deteriorated financial and liquidity
metrics are in line with the 'CC' category. Posadas' financial
profile, liquidity and financial flexibility compares unfavorably
to peers in the 'B' category, such as NH Hotels Group S.A.
(B-/Negative).

KEY ASSUMPTIONS

Fitch's Key Assumptions Within the Agency's Rating Case for the
Issuer

  -- Hotel closures in response to social distancing measures and
limited occupancy rates as operations gradually recover will affect
revenues in 2020; Fitch expects a recovery during 2021;

  -- Future growth focuses on managed properties so portfolio mix
moves away from owned and leased properties;

  -- Sales for the vacation club segment materially decrease
significantly during 2020;

  -- Pressured KPI´s in the short- to medium term;

  -- EBITDA margins lower than previously estimated;

  -- Capex reflect expected recurring maintenance capex;

  -- Tax settlement payment outflows continue until 2023.

KEY RECOVERY RATING ASSUMPTIONS

The 'RR4' Recovery Rating assigned to the senior notes' issuance
indicates average recovery prospects given default. 'RR4'-rated
securities have characteristics consistent with historically
recovering 31%-50% of current principal and related interest.

The recovery analysis assumes that Grupo Posadas, S.A.B. de C.V.
would be reorganized as a going-concern in bankruptcy rather than
liquidated. Fitch has assumed a 10% administrative claim. The
going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganization EBITDA level upon which Fitch
bases the enterprise valuation.

The post-reorganization EBITDA assumption is MXN647.6 million; it
represents an 8.3% discount from an already stressed EBITDA
generation scenario during 2019. This stressed EBITDA covers annual
interest payments reflecting a distressed level of revenue
generation across business lines. An EV multiple of 5.0x was used
to calculate post organization valuation based on the industry
multiple, which was adjusted for the country risk.

Fitch calculates recovery prospects for the senior unsecured notes
in the 31% to 50% range based on waterfall approach. This level of
recovery results in the company's senior unsecured notes being
rated the same as its IDR of 'CC'/'RR4'. The 'RR4' Recovery Rating
assigned to the senior notes' issuance indicates average recovery
prospects given default.

RATING SENSITIVITIES

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

Fitch does not anticipate any positive rating actions in the near
future, but the following actions could be beneficial for the
company's rating:

  -- Operating metrics in both owned and leased hotels that
stabilize toward historic levels;

  -- Strengthening in FCF to bolster liquidity position;
  
  -- Improved liquidity risk profile and a strengthened balance
sheet structure.

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

  -- Continued pressure in the company's liquidity profile;

  -- Increased perceived risk of a potential default;

  -- Failure to set a clear refinancing strategy for the senior
notes.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Weakening Liquidity and Refinancing Risk Exists: Posadas' financial
flexibility is gradually diminishing as the company has been using
cash to maintain operations while hotels remained closed. The debt
service of the Sr. Notes for 2020 amounts USD30.9 million
(semiannual payments in June and December). Posadas faces material
scheduled debt payments when the senior notes mature in June 2022.
Posadas' cash position includes a U.S. dollar position of USD38
million as of March 31, 2020.

Cash and equivalents as of March 2020, including MXN348 million
from asset sales in early 2020, is sufficient to cover coupon
payments in June. However, monthly cash burn rate is high. Around
one third of Posadas' normalized revenues are denominated in U.S.
dollars; this continues to provide a natural hedge for coupon
payments.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch adjustments for operating lease treatment under IFRS 16.
Also, income from the sale of assets is included in revenues on
Posadas' financial statements; Fitch takes these nonrecurring items
out of operating profits.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).

Grupo Posadas, S.A.B. de C.V.

  - LT IDR CC; Downgrade

  - LC LT IDR CC; Downgrade

  - Natl LT CC(mex); Downgrade

  - Natl LT WD(mex); Withdrawn

- Senior unsecured; LT CC; Downgrade




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

[*] BOND PRICING: For the Week June 15 to June 20, 2020
-------------------------------------------------------
  Issuer Name              Cpn     Price   Maturity  Country  Curr
  -----------              ---     -----   --------  -------   ---
Corp Universidad de Co     5.9    64.2   11/10/2021    CL     CLP
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
Enel Americas SA           5.8    32.7    6/15/2022    CL     CLP
Empresa Provincial de     12.5     0.0    1/29/2020    AR     USD
Odebrecht Finance Ltd      7.0    17.0    4/21/2020    KY     USD
SACI Falabella             2.3    50.6    7/15/2020    CL     CLP
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
Empresa de Transporte      4.3    30.9    7/15/2020    CL     CLP
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Energetica de Pern     6.2     1.1    1/15/2022    BR     BRL
Yida China Holdings Lt     7.0    74.3    4/19/2020    CN     USD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Plaza SA                   3.5    38.3    8/15/2020    CL     CLP
Banco Security SA          3.0     5.6     7/1/2019    CL     CLP
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
MIE Holdings Corp          7.5    56.4    4/25/2019    HK     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Banco Security SA          3.0    27.4     6/1/2021    CL     CLP
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
China Huiyuan Juice Gr     6.5    46.6    8/16/2020    CN     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
KrisEnergy Ltd             4.0    40.4     6/9/2022    SG     SGD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
Empresa Electrica de l     2.5    63.8    5/15/2021    CL     CLP
Sociedad Austral de El     3.0    17.0    9/20/2019    CL     CLP
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Esval SA                   3.5    49.9    2/15/2026    CL     CLP



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
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