/raid1/www/Hosts/bankrupt/TCRLA_Public/200630.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, June 30, 2020, Vol. 21, No. 130

                           Headlines



A R G E N T I N A

ARCOR SAIC: Moody's Gives Caa2 Global Scale Rating to Cl. 15 Notes
ARGENTINA: In Perennial Economic Crisis, Faces Worst Year Yet
[*] Fitch Lowers LongTerm IDR of Several Argentine Corporates


B R A Z I L

HYPERA SA: S&P Affirms 'BB+' Global Scale ICR, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Approves Protocol to Reopen Airports
DOMINICAN REPUBLIC: Tax Revenue Plummets 37.7% to US$600MM in May


M E X I C O

GRUPO AEROMEXICO: Denies Recent Bankruptcy Rumors
GRUPO FAMSA: Seeks Chapter 11 Protection
GRUPO POSADAS: Fitch Cuts LongTerm IDRs to 'C'
GRUPO POSADAS: S&P Lowers ICR to 'CC', On CreditWatch Negative


P A R A G U A Y

PARAGUAY: Moody's Affirms Ba1 Issuer & Senior Unsecured Ratings


P U E R T O   R I C O

ASCENA RETAIL: In Talks With Lenders on Potential Bankruptcy


T R I N I D A D   A N D   T O B A G O

CARIBBEAN AIRLINES: Suffers US$14.2MM Loss in 6 Weeks Due to Covid

                           - - - - -


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A R G E N T I N A
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ARCOR SAIC: Moody's Gives Caa2 Global Scale Rating to Cl. 15 Notes
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. has
assigned a rating of Caa2 in the global scale and an B1.ar in the
national scale of Argentina to Arcor S.A.I.C.'s senior unsecured
Class 15 notes for ARS500 millions (extendable to ARS2,500
million). The outlook is negative.

Net proceeds from the proposed issuance will be used for liability
management, capital spending and working capital requirements.

The rating of the proposed notes assumes that the final transaction
documents will not be materially different from draft legal
documentation reviewed by Moody's to date and assume that these
agreements are legally valid, binding and enforceable.

RATINGS RATIONALE

Arcor's Caa2/B1.ar ratings are supported by its solid position as
one of the largest food producers in the region and the largest in
Argentina, with 45 industrial plants in Latin America and
diversified revenue base through exports to 120 countries, and its
long track record of prudent financial policy. Arcor has commercial
offices, distribution networks and/or strategic partnerships in 11
countries, including Argentina, Uruguay, Paraguay, Bolivia,
Colombia, Ecuador, Venezuela, Mexico, United States, Spain and
China. In addition, the company's vertical integration, supported
by the production of a large portion of its key raw materials (corn
syrup, sugar, milk, and corrugated cardboard), is a key competitive
strength and also supports the rating.

The ratings are mainly constrained by the company's high exposure
to the Argentine market, where it generates around 67% of revenues,
although around 35% of local sales are exports. To this regard,
Argentina's weak market conditions since mid-2018, where economic
recession has coupled with high inflation, depreciation of the
Argentine peso and falling consumer demand, have all weighed on the
company's cash generation and overall credit metrics. In
particular, high inflation has fueled labor costs, while currency
depreciation has increased the company's overall cost structure
(46% denominated in foreign currency) and debt (75% denominated in
foreign currency), but this is partially compensated by the
company's sales denominated in foreign currency, currently
representing around 45% of total. Moody's expects the company's
reported EBITDA margin to reach 7%-8% in 2020 (which, in compliance
with IFRS, recognizes the effects of changes in the purchasing
power of the currency by applying the adjustment for inflation),
with reported total debt to EBITDA at around 4.4x in 2020, slightly
above 4.3x reported for fiscal-year 2019.

Arcor was able to maintain regular operations during the Covid-19
outbreak and government's lockdown in Argentina thanks to its role
as a producer of essential goods, specifically consumer food
products. Additionally, since mid-2019 Arcor has been reducing debt
due to lower working capital requirements and, aided by hedges on
interest payments for US dollar denominated debt, and by lower
capital spending requirements, has improved its overall liquidity
profile. Thus, the cash and marketable securities to short term
ratio rose to 75% of as of March 2020, from 60% in December 2019.
Short term debt of ARS14,238 million is mainly comprised of working
capital debt in Argentine pesos, while 80% of its cash and
short-term investment position is denominated in US dollars.

The proceeds of the new senior unsecured notes, which will have an
average maturity around a year, will aid the company's liability
management in the next few months and lengthen the debt
amortization profile. Moody's expects the company to continue
reducing and rolling over its short-term debt as it has done
historically, given the ample amount of revolving credit available
through facilities in different countries, including Argentina,
Brazil and Chile.

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

On April 7, 2020, Moody's downgraded the company's ratings and
changed the outlook to negative from ratings under review,
concluding the review for downgrade initiated on September 3, 2019.
The downgrade and change in outlook followed the downgrade of the
Government of Argentina's ratings to Ca from Caa2, with the outlook
changed to negative from ratings under review, on April 3, 2020.
The rating action reflects its view that the creditworthiness of
the company cannot be completely de-linked from the credit quality
of the Argentine government, and thus the ratings need to closely
reflect the risk that the company shares with the sovereign, in
line with its cross-sector rating methodology, Assessing the Impact
of Sovereign Credit Quality on Other Ratings, published in June
2019.

The principal Rating Procedure Manual used in assigning these
ratings was the Procedures Manual to Rate Companies and/or
Securities Issued published in January 2017 registered with the CNV
-- Comision Nacional de Valores in Argentina. These ratings have
been assigned through processes that are consistent with those
employed for the assignment of ratings of similar securities or
entities by other affiliates of Moody's Latin America Agente de
Calificacion de Riesgo in other jurisdictions under the methodology
Consumer Packaged Goods Methodology published in February 2020.

Headquarter in Cordoba, Argentina, Arcor S.A.I.C. is one of the
largest food companies in the country, with around $2.2 billion in
sales in 2019. Arcor is a leading Argentine manufacturer of
cookies, processed food and corrugated cardboard. Arcor is focused
on three business divisions: consumer food products (confectionery,
chocolates, ice cream, cookies, crackers, snacks, cereals and
food), agribusiness and packaging. In addition, the company has its
own power plant in Argentina to supply electricity to several of
its production facilities. The company has presence in 120
countries, 45 plants in Latin America and its total employees are
around 21,200. Arcor's well-known brands include Butter Toffees,
Bon o Bon, Rocklets, Coffler, Cereal Mix, Bagley, Opera, Sonrisas,
La Campagnola, Dos en Uno, Topline and Sapito.


ARGENTINA: In Perennial Economic Crisis, Faces Worst Year Yet
-------------------------------------------------------------
Patrick Gillespie at Bloomberg News reports that Argentina was
facing a third year of recession in 2020 even before the
coronavirus hit.  Now with the pandemic's economic shock, some
analysts foresee a record contraction in the crisis-prone country,
according to Bloomberg News.

One of the most pessimistic estimates is from Marcos Buscaglia,
co-founder of Buenos Aires-based consulting firm Alberdi Partners
and former chief Latin America economist at Bank of America Corp,
who sees activity shrinking 13%, Bloomberg News notes.

Yet, forecasts for a near double-digit decline aren't outliers. The
OECD forecasts Argentina's economy will shrink 10% this year and
Goldman Sachs Group Inc.'s Tiago Severo sees a 9.3% drop, Bloomberg
News relates.  A year-end result in line with those estimates would
rival the economy's record plunge of 2002, when gross domestic
product fell 10.8%, according to data compiled by University of
Buenos Aires academics Ariel Coremberg, Daniel Heymann and Pablo
Gerchunoff, Bloomberg News says.

Bloomberg News notes that Argentina, a land of chronic financial
turmoil, has been in the throes of a currency crisis since 2018,
with the capital controls imposed last year only just limiting the
volatility created by political turbulence and inflation hovering
around 50%.  The pandemic prompted the government to order a strict
lockdown on March 20 that some observers say the new administration
has no clear strategy for lifting, Bloomberg News says.

"This is going to be the worst, this year is completely lost," said
Gerardo della Paolera, an Argentine economic historian, Bloomberg
News relates.  The government "went into quarantine and they don't
know how to get out, and that lack of conviction about to how to
get out produces even more economic costs," he added.

The economy contracted 4.8% in the first quarter from the previous
three months, returning to levels last seen at end-2009, while
unemployment rose to 10.4% in the same period, according to
government data published, Bloomberg News notes.  As in other
countries, the full impact of the virus lockdown will only be seen
during the second-quarter, Bloomberg News relates.

                                Deep Decline

By other indicators, Argentina's decline is already of historic
proportions. Looking at seasonally adjusted monthly data,
Argentina's current downturn is sharper than the economic collapse
between 1998 and 2002, when the country's currency peg system
collapsed, Bloomberg News relays.

Back then, from the peak of activity in June 1998 to bottoming out
in March 2002, the economy contracted 21%, Bloomberg News notes.
In this current crisis, the economy has already declined 25% since
March 2018 through April, according to estimates by Argentine
consulting firm Elypsis, Bloomberg News says.

The Economy Ministry didn't reply to a comment request.

Unemployment is already on the rise, Bloomberg News discloses.
Argentina's private sector lost 91,000 jobs in April, the worst
one-month collapse since at least 2003, Bloomberg News notes.  But
even that doesn't capture the full damage, Bloomberg News relates.
President Alberto Fernandez's government banned companies from
laying off employees, Bloomberg News relays.  With the country in
quarantine and companies losing revenue, the share of firms
suspending workers has soared, Bloomberg News notes.

Beyond that, Fernandez recently announced his government would
expropriate soy exporter Vicentin, a move met with protests and
economists warning that such action would deter investment, a key
ingredient for growth, Bloomberg News notes.  LATAM airlines, a
Santiago-based carrier, shuttered domestic operations after 15
years in Argentina, citing an array of operating problems,
including a 30% tax on purchases abroad, Bloomberg News says.

Fernandez's government has also tightened currency controls that
make it difficult to exchange pesos for dollars, Bloomberg News
notes.  With the country again in default since last month, the
administration's efforts to restructure $65 billion in debt with
creditors have stalled, elevating uncertainty about the economy's
road ahead, 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.


[*] Fitch Lowers LongTerm IDR of Several Argentine Corporates
-------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Local Currency Issuer
Default Rating and senior unsecured bond ratings of Capex S.A.,
Compania General de Combustibles S.A., IRSA Inversiones y
Representaciones S.A., IRSA Propiedades Comerciales S.A. and Pampa
Energia S.A.  In addition, Fitch has affirmed the LT LC IDR and
senior unsecured notes of Arcor S.A.I.C and Mastellone Hermanos
Sociedad Anonima, Telecom Argentina S.A. and note of Tecpetrol
S.A., which is fully guaranteed by Tecpetrol Internacional
(BB/Negative).  The LC IDR Outlook for Telecom Argentina was
revised to Negative from Stable.  The Rating Outlook for Arcor and
IRSA remains Negative.
All Long-Term Foreign Currency IDRs have been affirmed at country
ceiling of Argentina, which is 'CCC'.

The LT LC IDR downgrade reflects the depressed operating
environment, elevated economic and political risk and liquidity and
foreign-exchange risks since the last review.  The government
recently enhanced additional capital controls limiting corporates
access to foreign-exchange markets - requiring the corporates to
tap their international reserves to service USD debt and imports -
further exposing corporates to Argentine peso depreciation.  Fitch
affirmed the LT LC IDRs of Arcor, Mastellone and Telecom Argentina
is reflective of their strong underlying credit profile and
relative independence from the government when compared to
utilities and energy companies.

Argentine corporates LT FC IDR remain constrained by Argentina's
Country Ceiling of 'CCC', which limits the foreign currency rating
of most Argentine corporates.  Fitch's Country Ceilings are
designed to reflect the risks associated with sovereigns placing
restrictions upon private sector corporates, which may prevent them
from converting local currency to any foreign currency under a
stress scenario, and/or may not allow the transfer of foreign
currency abroad to service foreign currency debt obligations.
Arcor's FC IDR is rated one notch above the country ceiling at
'CCC+' reflected by Fitch's expectation that the company will be
able to cover its hard currency interest expense with a combination
of cash, exports earnings and cash flow from subsidiaries outside
of Argentina.

The notch downgrade of the senior unsecured notes is due to
alignment or tightening between the FC and LC IDR, per Fitch's
Country-Specific Treatment of Recovery Ratings Criteria. The
criteria do not allow notching at the security level when the
difference of FC and LC IDRs are within one notch.  Argentina is
categorized under Group D, per the same criteria, and the recovery
rating is capped at 'RR4', which implies a recovery of 31%-50%.

KEY RATING DRIVERS

Challenged Operating Environment: Argentina's economic environment
is depressed and impaired by: declining real GDP, high debt and
inflation.  Fitch estimates Argentina's real GDP will contract by
8.3% in 2020 - after negative average growth rate over the last
three years.  Inflation is expected to average 50% between 2020
through 2022, and government debt to GDP ratio is estimated to be
105% in 2020 and 109% in 2021 - with a majority of government debt
being external 75%-80% over the same time frame.  The government is
currently in negotiations with creditors to restructure its debt,
which may be resolved by the end of July 2020.

Greater Government Intervention: Fitch has observed government
interventions that are negatively impacting corporates and sectors.
Most of the measures are concentrated on inflation and price
controls - precluding companies from increasing prices to
end-users; but in a hyperinflationary environment, these measures
are not sustainable. Further, the government measures question
corporates' autonomy and ability to manage their businesses
effectively.  For example, in the energy sector, the government has
implemented a price floor (Barril Criollo) guaranteeing a price of
$45bbl in 2020, and the government has blocked downstream companies
from increasing prices of refined products at the pump.  In
Telecom's, the government has come to an agreement that required
companies to not adjust pricing with inflation for a brief period
of time. This has also been the case of consumer goods.  Food
producers have not been able to increase prices by inflation at the
request of the government.  Lastly, tariffs for all utilities
(electricity and water) have been on hold since late 2018 and are
expected to remain frozen for 2020 and likely the 1H21.

Increased Capital Controls: Most Argentine corporates haves
maintained a strong liquidity profile, but Fitch believes the
recently announced capital control measures - requiring entities
with assets abroad to first use those resources to service
international obligations before turning to Argentina's official
currency markets - poses significant risks to corporates in
Argentina.  This measure will pressure liquidity, as corporates
will tap into their international reserves to comply; while
simultaneously accumulating cash in Argentina, which Fitch expects
will be more balanced between Argentine Pesos and U.S. Dollar.
This will expose corporates to greater FX risk overtime, as their
interest expense and debt are predominately in U.S. dollars.

Limited Access to Capital: Fitch believes accessibility and cost of
capital to Argentine corporates is limited and at a high cost,
which is exacerbated by the ongoing negotiations between the
federal government and international bond investors.  Amongst
Fitch's rated universe, the majority of debt is in international
bonds.  The prospect of refinancing international bonds maturing in
2020 and 2021 is limited, and Fitch expects companies will pursue
liability management exercises to refinance maturing debt.  The
local capital and bank loans markets are an option, but both are
short term in nature and limited in overall scope.  Fitch does not
expect the local financing market will be able to meet corporates
broader financing needs.

RATING SENSITIVITIES

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

  -- FC IDR is capped by the country ceiling of Argentina and thus
an upgrade can only occur if there is an upgrade of the country
ceiling of Argentina.

  -- LC IDR improved macroeconomic conditions coupled with capital
controls lifted and less government intervention.

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

  -- The country ceiling of Argentina is currently at the lowest
level (CCC) allowed under Fitch's sovereign criteria; therefore, a
downgrade of FC IDR would be due Fitch's belief that a default of
some kind appears probable or a default or default-like process has
begun for the corporate, which will be represented by 'CC' or 'C'
rating.

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.

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).

IRSA Inversiones y Representaciones S.A.

  - LT IDR CCC; Affirmed

  - LC LT IDR B-; Downgrade

  - Senior unsecured; LT CCC+; Downgrade

Capex S.A.

  - LT IDR CCC; Affirmed

  - LC LT IDR CCC+; Downgrade

  - Senior unsecured; LT CCC; Downgrade

Telecom Argentina S.A.

  - LT IDR CCC; Affirmed

  - LC LT IDR B+; Affirmed

  - Senior unsecured; LT B-; Affirmed

IRSA Propiedades Comerciales S.A.

  - LT IDR CCC; Affirmed

  - LC LT IDR B-; Downgrade

  - Senior unsecured; LT CCC+; Downgrade

Mastellone Hermanos Sociedad Anonima

  - LT IDR CCC; Affirmed

  - LC LT IDR CCC+; Affirmed

  - Senior unsecured; LT CCC; Affirmed

Tecpetrol S.A.      

  - Senior unsecured; LT BB; Affirmed

Compania General de Combustibles S.A.

  - LT IDR CCC; Affirmed

  - LC LT IDR CCC; Downgrade

  - Senior unsecured; LT CCC; Downgrade

Arcor S.A.I.C.

  - LT IDR CCC+; Affirmed

  - LC LT IDR B+; Affirmed

  - Senior unsecured; LT B-; Affirmed

Pampa Energia S.A.

  - LT IDR CCC; Affirmed

  - LC LT IDR CCC; Downgrade

  - Senior unsecured; LT CCC; Downgrade




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B R A Z I L
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HYPERA SA: S&P Affirms 'BB+' Global Scale ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings, on June 26, 2020, affirmed its 'BB+' global
scale and 'brAAA' national scale issuer credit ratings on
Brazil-based pharmaceutical company, Hypera S.A.

S&P said, "We view Hypera's announced acquisition of the Buscopan
and Buscofem brands, and a portfolio of 11 brands from Takeda's
Brazilian operations as complimentary to its business and in line
with its growth strategy focused on consumer health and on the
prescription drugs segment. In our view, the purchases add
well-known brands in the domestic market to the company's
portfolio, allowing for strong growth prospects, along with
expertise in therapeutic classes. The acquisitions also affirm
Hypera as a market leader in the consumer health and raise its
market share in the prescription drugs segment. The company will
finance both transactions totaling approximately R$4.6 billion (net
of the amount of $161 million, which Hypera will receive for the
sale of Latin American brands to Eurofarma Laboratórios S.A.)
mostly with debt. Approvals from antitrust are likely to be granted
only by the end of the year. Consequently, we forecast higher
leverage with debt to EBITDA of 2.5x-3.0x by the end of 2020 and
should converge towards 1.5x in the next two years. We believe
Hypera will integrate acquired portfolios with no major problems,
enabling the company's profitability to rise and its leverage to
fall. Still, because of higher leverage than in previous years,
we're revising our assessment of Hypera's financial risk profile to
modest from minimal.

"After Hypera worked to diminish inventory at distributors and
point of sales for the consumer health and prescription drugs
segments in the first quarter of 2019, we expect inventory levels
to stabilize in 2020. However, revenue plummeted 11.5% and EBITDA
margin dropped to 20.5% in 2019 from more than 30% in previous
years. In 2020, we expect the inventory management, coupled with
mix of products and greater discipline in costs and expenses, to
enable margins to rise to about 32%. We forecast margins close to
35% in 2021 through synergy gains from lower costs and products
development. In addition, we expect lower working capital needs, at
R$200 million – R$300 million, in the next two years, which also
incorporate recent negotiations extending days of payables."
However, Hypera will continue working on the development and launch
of new drugs/products, and a new inventory reset, if needed, could
spike leverage and dent profitability, triggering a negative rating
action.

Despite Hypera's completion of an internal probe in May 2020, which
confirmed bribe payments from the company's executives in exchange
for benefits, Brazilian authorities are continuing the
investigation. The company's internal probe announced that Mr.
João Alves de Queiroz Filho (Hypera's main shareholder) will
reimburse the company for a total amount of R$110.6 million and
made recommendations to improve Hypera's compliance program and
strengthen internal controls. These findings haven't triggered a
rating action at this point. But if Brazilian authorities find
evidence of graver irregularities and impose a fine that would
prevent deleverage, S&P could lower ratings.

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

-- Strategy, execution, and monitoring




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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: Approves Protocol to Reopen Airports
--------------------------------------------------------
Dominican Today reports that the Civil Aviation Board (Junta de
Aviacion Civil or JAC) approved the corresponding protocol to
reactivate air services in the Dominican Republic.

It said that to face the pandemic it establishes measures
compatible with the essential requirements to guarantee safety,
sanitary protection and the confidence of the traveling public,
according to Dominican Today.

"This protocol must be implemented at all airports in the country
and must be complied with by passengers, crews, employees and
visitors of airport terminals," JAC director Luis Ernesto Camilo
said in a statement addressed to the aeronautical and airports
community, the report notes.

Camilo added that the reopening of air and airport operations is
scheduled for the first of July, the report relates.

                      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: Tax Revenue Plummets 37.7% to US$600MM in May
-----------------------------------------------------------------
Dominican Today reports that in May, tax revenue stood at RD$34.8
billion (US$600.0 million), with which the fall deepened precisely
in the month in which the government decided to start the
de-escalation process.

Data from the Ministry of Finance indicate that 21.04 billion pesos
less than a year earlier entered during this period, which meant a
year-on-year drop of 37.7%, according to Dominican Today.

Amid the emergency declaration to prevent the spread of COVID-19,
the Dominican government had to order the cessation of
non-essential economic activities and the closure of the borders
since March 19, the report notes.  Two months later, on May 19, it
allowed the economy to begin to revive in a four-phase program, the
report relays.

Much of what stopped entering the government coffers is related to
household consumption, the report says.  ITBIS (VAT) collection,
one of the largest sources of income for the Dominican State, went
from 88.25 billion pesos between January and May of last year to
73.3 billion pesos in the same period of 2020, a drop of 17% in one
year, 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).




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M E X I C O
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GRUPO AEROMEXICO: Denies Recent Bankruptcy Rumors
-------------------------------------------------
airlinegeeks.com, citing Businessinsider.mx, reports that Grupo
Aeromexico SAB de CV transported 135,000 passengers in May, 92.4%
less compared to the same month in 2019.  The Mexican carrier did
not escape the bad results and recently made a public statement in
which it declared that during the past month, the airline served
124,000 national travelers and 11,000 international passengers,
according to airlinegeeks.com.

During May, Aeromexico carried out 83 long-range cargo charter
operations, which represented 66.7% of the airline's capacity, the
report notes.  These flights were directly contracted by the
federal government in order to transport medical equipment from
China to Mexico, the report relates.

Yahoo Finance reported that the Grupo Aeromexico SAB de CV bonds
with 2025 mature date lost almost a third of their value after
people with knowledge of the matter said that the company is
evaluating its options to file for Chapter 11 bankruptcy protection
in the United States because the pandemic is paralyzing air travel
around the world, the report notes.

Due to this rumor, Aeromexico Chief Financial Officer Ricardo
Sanchez Baker insisted that the carrier could keep up with debt
payments, despite the airline's bonds plummeting amid bankruptcy
speculations, the report dicloses.  In addition, the Mexican
airline declared it did not initiate or made the decision to
initiate a reorganizing procedure under the Chapter 11 U.S.
bankruptcy law, the report relays.

Reportur stated that the company is analyzing different
alternatives to successfully keep flying in the short and medium
terms, specifically looking at an orderly restructuring of its
financial commitments without having any effect on its operations,
the report notes.

In a web conference, the Aeromexico Group Executive Director in
Institutional Relations, Sergio Allard, declared that the airline
is working on strategic plans to continue its operations, the
report relates.  Although Delta Air Lines owns 49% of Aeromexico
and obtained financial assistance from the U.S. government, the
U.S. carrier cannot inject capital into the Mexican carrier, the
report notes.  Delta received financial support through the CARES
Act, which was accumulated from U.S. taxpayers, so the funds must
be used to maintain connectivity and jobs in the U.S. Allard also
specified that the carrier has many options to move forward and
affirmed that Delta has stated that it will continue as an
Aeromexico shareholder, the report disclose.

On the other hand, Allard stated that due to the COIVD-19 pandemic,
the Mexico City International Airport will reach its saturation
levels again in four or five years and therefore he agrees with the
decision made by the Ministry of Communications and Transportation
to cancel the construction of Terminal 3 in the Benito Juarez
International Airport, the report says.

Allard pointed out that the new terminal was previously needed due
to capacity issues at the airport, because as it would have added
17 gates to the airport, the report relays.  However, with
diminished demand, Allard said: "I agree that all airport
infrastructure projects may be postponed for about two years at
least," the report adds.

                          About Grupo Aeromexico

Headquartered in Mexico City, Mexico, Grupo Aeromexico SAB de CV
operates as an airline.  As reported in the Troubled Company
Reporter-Latin America, Egan-Jones Ratings Company, on June 12,
2020, downgraded the foreign currency senior unsecured rating on
debt issued by Grupo Aeromexico SAB de CV to B- from BB-. EJR also
downgraded the rating on FC commercial paper issued by the Company
to C from A3.


GRUPO FAMSA: Seeks Chapter 11 Protection
----------------------------------------
Julia Love at Reuters reports that Mexican retailer Grupo Famsa
said it was seeking Chapter 11 bankruptcy protection in the United
States and expects to continue normal operations during the
process.

In a statement to the Mexican stock exchange, Famsa said it had
enough cash on hand to finance its operations while it seeks
protection in the U.S. courts, according to Reuters.

In late March, ratings agency Fitch Ratings downgraded Famsa's
credit rating, warning that the company was in danger of defaulting
if it did not restructure its short-term debt, the report notes.

Like other companies worldwide, Mexican firms have been hard hit by
the coronavirus pandemic, the report relates.  Mexican airline
Aeromexico said it was analyzing its options for restructuring its
short- and medium-term financial commitments.


GRUPO POSADAS: Fitch Cuts LongTerm IDRs to 'C'
----------------------------------------------
Fitch Ratings has downgraded Grupo Posadas S.A.B. de C.V. Long-Term
Local and Foreign Issuer Default Ratings to 'C' from 'CC'. In
accordance with these downgrades, Fitch has also downgraded the
company's senior unsecured notes due 2022 to 'C/RR4' from 'CC/RR4'.


The downgrade follows Posadas' announcement that it will not meet
the company's senior unsecured notes' USD15.5 million coupon
payment due June 30, 2020. The company also announced that it does
not intend to make the payment during the 30-day cure period. An
uncured interest payment will lead to a downgrade of the IDRs to
'RD'. Once the uncured period for interest payment expires it will
lead to a downgrade of the IDRs to 'RD'.

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

KEY RATING DRIVERS

Tight Liquidity: The downgrade reflects the company's confirmation
that it will not make the USD15.5 million coupon payment on its
2022 senior unsecured notes which is due on June 30, 2020. Fitch
estimates that the effect on the company's operations from closed
hotels during April, May and the first half of June resulted in a
monthly cash burn of around MXN90 million-100 million, which
pressures its liquidity. Cash burn intensity could decrease as
hotels gradually resume operations and recover occupancy levels.
The weakening of the Mexican peso with regards to the U.S. dollar
adds pressure on operations, liquidity and leverage ratios.

Expected Debt Restructuring: The company announced that it has
hired advisors to evaluate strategic options, which Fitch believes
could include a debt restructuring process in the mid-term in order
to achieve a sustainable capital structure. Posadas was already
evaluating strategies to relief debt service during 2020; in this
sense, Posadas was able to defer the debt service of its bank debt
for several months.

Challenging Industry Environment: 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 challenging. Fitch's base case scenario 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.

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 pressured for
cash outflows related to 2017's tax settlement; in 2020 the company
suspended all nonessential investments to preserve cash.

DERIVATION SUMMARY

Posadas' rating of 'C' indicates has entered a default or
default-like process. The company's financial flexibility has
diminished since the coronavirus crisis started, and its liquidity
position continues to deteriorate. Posadas' rating reflects the
company's announced decision not to pay the coupon payment due June
30, 2020 nor during the 30-day cure period.

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;

  -- Sales for the vacation club segment materially decrease 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' issuances
indicate 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 premium.

Fitch calculates recovery prospects for the senior unsecured notes
in the 31% to 50% range based on the waterfall approach. This level
of recovery results in the company's senior unsecured notes being
rated the same as its IDR of 'C'/'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. An uncured interest payment will lead to a downgrade
of the IDRs to 'RD'. After a debt restructuring process is
completed, the IDRs would be reassessed to reflect the new capital
structure and credit profile of the issuer.

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

  -- An uncured payment default on any material financial
obligation would lead to a downgrade of the IDRs to 'RD'.

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

Weak Liquidity and Refinancing Risk Exists: Posadas' financial
flexibility declined as the company has been using cash to maintain
operations while hotels remained closed. Posadas' cash position as
of March 31, 2020 was MXN1,192 million and includes a U.S. dollar
position of USD38 million.

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&P Lowers ICR to 'CC', On CreditWatch Negative
--------------------------------------------------------------
S&P Global Ratings, on June 26, 2020, lowered its long-term global
scale issuer credit and issue-level ratings to 'CC' from 'CCC+' on
Mexico-based lodging company, Grupo Posadas S.A.B. de C.V.
(Posadas) and its senior unsecured notes due 2022. S&P also placed
ratings on CreditWatch with negative implications.

Posadas announced its decision to not fulfill its upcoming interest
payment of about $15.5 million due June 30, 2020 and within its
30-day grace period on its $392.6 million outstanding senior
unsecured notes due 2022. The company's decision follows a
prioritization of liquidity towards its operations and dealing with
the coronavirus pandemic, which S&P considers as a transformational
event for the global lodging sector.

Posadas announced it has hired legal and financial advisors to
review its operating and financial strategy, and to evaluate
alternatives for its capital structure in the near term, along with
bondholders and other stakeholders.

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Health and safety




===============
P A R A G U A Y
===============

PARAGUAY: Moody's Affirms Ba1 Issuer & Senior Unsecured Ratings
---------------------------------------------------------------
Moody's Investors Service has affirmed the Government of Paraguay's
Ba1 issuer and senior unsecured bond ratings. The outlook remains
stable.

The key drivers behind the rating decision were:

(1) Track-record of prudent fiscal policy, and proposed fiscal
     reforms will support debt stabilization after the
     coronavirus shock subsides, with debt metrics comparing
     favorably to peers;

(2) Low susceptibility to event risk, reflecting Paraguay's
     strong international reserves position and limited exposure
     to funding pressures

Paraguay's economy posted high average economic growth and
maintained a low and relatively stable government debt burden
relative to peers. In 2020, the coronavirus-induced shock will lead
to a GDP contraction and higher debt metrics. Paraguay is facing
the shock with strong fiscal metrics and limited external
vulnerabilities. These features, along with the track record of
prudent fiscal policy will support the sovereign's credit profile
as the pandemic abates. Moody's expects economic growth to resume
next year and debt metrics to stabilize at levels close to those
projected for 2020, continuing to compare favorably with peers.

Paraguay's long-term foreign currency bond ceiling remains
unchanged at Baa3, while the short-term foreign currency bond
ceiling remains unchanged at P-3. The long-term foreign currency
deposit ceiling is unchanged at Ba2, and the short-term foreign
currency deposit ceiling at NP. Paraguay's long-term local-currency
bond and deposit ceilings remain at Baa3.

RATINGS RATIONALE

RATIONALE FOR THE RATING AFFIRMATION AT Ba1

TRACK-RECORD OF PRUDENT FISCAL POLICY AND REFORMS WILL SUPPORT DEBT
STABILIZING AFTER THE CORONAVIRUS-INDUCED SHOCK SUBSIDES

Paraguay is facing an economic shock related to the global spread
of the coronavirus, which will result in an economic contraction of
2.5% in 2020. Moody's expects the economy to resume positive growth
next year, with GDP growth around 4%.

At year-end 2019, government debt was less than 25% of GDP, and
Moody's expects it will increase to close to 32% this year. Moody's
projects debt to stabilize around 35% of GDP over the next three
years. The interest-to-revenue ratio will remain relatively low at
7% in 2020. Compared to peers, Paraguay's debt level will remain
well below the Ba median of 63% of GDP and debt affordability will
remain stronger than that of similarly-rated peers given a Ba
median of 12%.

Moody's expectation of debt stabilization is supported by
Paraguay's track record of compliance with the fiscal
responsibility law, which imposes a ceiling on fiscal deficits of
1.5% of GDP and 3% of GDP at times of exceptionally low growth.

Given the magnitude of the coronavirus shock, Paraguay's fiscal
deficit will reach 6% of GDP in 2020. Moody's expect it will drop
to 3.5% of GDP next year, and gradually converge to the 1.5%
deficit target by 2023. The authorities are considering measures to
enhance the effectiveness of fiscal policy and the FRL at times of
crisis, a decision that will contribute to strengthen the
macroeconomic policy framework, supporting fiscal consolidation
efforts and policy predictability in the coming years. Additional
structural reforms intended to reduce the wage bill of the civil
service, boost human capital, and improve the social safety net
will improve competitiveness, and will create fiscal space for
increased infrastructure spending; an area where Paraguay still
lags on a comparative basis.

LOW SUSCEPTIBILITY TO EVENT RISK REFLECTS A STRONG INTERNATIONAL
RESEVE POSITION AND LIMITED EXPOSURE TO FUNDING PRESSURES

Paraguay has limited reliance on capital market funding, given low
fiscal deficits and access to multilateral lending. Although some
80% of government debt is foreign-currency denominated, refinancing
and exchange rate risks are mitigated by a relatively large share
of multilateral and bilateral debt with long maturities. Paraguay's
global bonds also have long maturities of 10 and 30 year. In
addition, the government has a steady stream of foreign exchange
revenues from electricity exports to Brazil and Argentina,
generated by the Itaipú and Yacyreta dams, which creates a natural
hedge on the sovereign's balance sheet.

Over the past decade, Paraguay's external accounts have reported
favorable results with the current account posting on average
annual surpluses of 1% of GDP. Paraguay's vulnerability to external
shocks is limited given the country's low stock of external debt
around 42% of GDP in 2019, adequate reserve buffer, and flexible
exchange rate. Gross international reserves have increased steadily
over the past years reaching $8.5 billion in May 2020, or 22% of
GDP. Moody's estimate of Paraguay's External Vulnerability
Indicator stands at 94% in 2020 compared to the 67% median for
Ba1-rated peers.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's assessment that policymakers
will continue to comply with Paraguay's fiscal responsibility law,
contributing to stabilize the government's debt burden within the
next three years, following the pandemic. Expectation of robust
growth and improving fiscal performance post-crisis are balanced
against downside risks to growth related to the weak economic
performance Moody's projects for Paraguay's regional trading
partners, as well as rising external borrowing to finance
infrastructure investment.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Paraguay is exposed to environmental risk as a result of the
importance of the agricultural sector for the economy's output as
well as subsistence farming.

Social considerations have limited implications for Paraguay's
credit profile. Moody's considers the coronavirus outbreak as a
social risk. Higher healthcare expenditures related to the
coronavirus outbreak will weaken fiscal metrics in 2020, but will
have a limited impact on the overall credit profile.

Paraguay is exposed to governance risk to some degree. Moody's
assessment reflects the Worldwide Governance Indicator scores for
Paraguay, balanced against the effectiveness of macroeconomic
policies. The passage of a number of laws including the Fiscal
Responsibility Law, the Law to Modernize the State's Financial
Administration and the Public-Private Partnership Law, and the new
proposals to improve economic policy effectiveness signal improving
policy framework.

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

Upward pressure on the rating could result from improvement in the
effectiveness of macroeconomic and fiscal policies, including
approval of the proposals to reform the civil service, increase
labor formalization, and expand the social safety net, in addition
to steady improvements in Paraguay's governance indicators.
Enhancing the fiscal policy framework to increase predictability in
response to shocks, and continued compliance with the Fiscal
Responsibility Law and successful completion of growth-enhancing
infrastructure investments would also be supportive of the rating.

Downward pressure on the rating could result from a marked
deterioration in fiscal indicators, including interest-to-revenue
indicators, and a significant rise in government debt and/or a
significant and prolonged deterioration in the external accounts,
leading to an increase in external vulnerability.

GDP per capita (PPP basis, US$): 13,507 (2019 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 0% (2019 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 2.8% (2019 Actual)

Gen. Gov. Financial Balance/GDP: -2.8% (2019 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: -1.2% (2019 Actual) (also known as
External Balance)

External debt/GDP: 42.4% (2019 actual)

Economic resiliency: ba2

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.

On June 23, 2020, a rating committee was called to discuss the
rating of the Paraguay, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have materially increased. The
issuer's institutions and governance strength, have materially
increased. The issuer's fiscal or financial strength, including its
debt profile, has materially decreased.

The principal methodology used in these ratings was Sovereign
Ratings Methodology published in November 2019.

The weighting of all rating factors is described in the methodology
used in this credit rating action, if applicable.



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

ASCENA RETAIL: In Talks With Lenders on Potential Bankruptcy
------------------------------------------------------------
Bloomberg News reports that Ascena Retail Group is in talks with
lenders for a possible Chapter 11 filing due to the disruption
brought by COVID-19 pandemic on business.

The bankruptcy filing could come as soon as July and allow the
company to keep some of its brands operating while it seeks to sell
others, according to the report.

Ascena reportedly could sell three of its brands including
Catherines in a court-supervised sale process, while keeping Ann
Taylor and Loft as part of the company when it emerges from
bankruptcy.

                   About Ascena Retail Group

Ascena Retail Group, Inc. (Nasdaq: ASNA) --
http://www.ascenaretail.com/-- is a national specialty retailer
offering apparel, shoes, and accessories for women under the
Premium Fashion (Ann Taylor, LOFT, and Lou & Grey), Plus Fashion
(Lane Bryant, Catherines and Cacique), and Value Fashion
(Dressbarn) segments, and for tween girls under the Kids Fashion
segment (Justice). Ascena, through its retail brands, operates
ecommerce websites and approximately 2,800 stores throughout the
United States, Canada, and Puerto Rico.

Ascena Retail reported a net loss of $661.4 million for the fiscal
year ended Aug. 3, 2019, a net loss of $39.7 million for the year
ended Aug. 4, 2018, and a net loss of $1.06 billion for the year
ended July 29, 2017.  As of Feb. 1, 2020, the Company had $3.07
billion in total assets, $2.99 billion in total liabilities, and
$76.6 million in total equity.

                          *    *    *

As reported by the TCR on March 20, 2020, S&P Global Ratings raised
its issuer rating on Ascena Retail Group Inc. to 'CCC-' from 'SD'
and maintained the 'D' rating on the term loan due August 2022.
S&P said, "The rating action reflects our view of the likelihood of
a conventional default or a broad-based restructuring of Ascena's
capital structure in the next six months. Our opinion considers the
company's unsustainable capital structure, its still significant
debt burden following the repurchases, and our expectation for weak
performance amid a highly challenging operating environment.  The
rating also reflects our view that the recent coronavirus outbreak
in the U.S. will further pressure store traffic and limit
conventional refinancing prospects."

As reported by the TCR on April 16, 2020, Moody's Investors Service
downgraded Ascena Retail Group, Inc.'s corporate family rating to
Caa3 from Caa2. Ascena's Caa3 CFR is constrained by Moody's view
that default risk is elevated as a result of the company's high
leverage, 2022 debt maturities, and expectations for declining
earnings over the next 12-18 months.




=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

CARIBBEAN AIRLINES: Suffers US$14.2MM Loss in 6 Weeks Due to Covid
------------------------------------------------------------------
RJR News reports that Caribbean Airlines suffered a US$14.2 million
loss in six weeks due to the COVID-19 pandemic.

This was disclosed by Allyson West, an official in Trinidad and
Tobago's Ministry of Finance, according to RJR News.

She said estimated losses at Caribbean Airlines were racked up from
March 23 to April 30, the report notes.

West gave the information in the Senate in response to United
National Congress Senator Wade Mark's query, the report relays. She
said the negative impact started in March due to a drop in demand
for air travel and was exacerbated by the closure of Trinidad and
Tobago's borders, the report discloses.

Despite air travel being restricted, she said Caribbean Airlines
was still required to maintain its operating systems, the report
notes.

During his COVID-19 update, Prime Minister Dr. Keith Rowley noted
that it was very costly to keep the airline going even while the
fleet was grounded, the report relates.

Dr. Rowley said one of the first actions to cushion the continuing
losses may be chartered services to get people to destinations or
back home, the report adds.

                        About Caribbean Airlines

Caribbean Airlines Limited - http://www.caribbean-airlines.com/-
provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty free
store in Trinidad.  Caribbean Airlines Limited was founded in 2006
and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited, quit after just
17 months on the job. The 48-year-old Canadian national, citing
personal reasons, resigned with immediate effect.  His resignation
was accepted by the airline's board of directors. Mr. DiLollo was
appointed Caribbean Airlines CEO in May 2014, following the sudden
resignation of Robert Corbie in September 2013.

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline made
a loss of US$60 million, inclusive of its Air Jamaica
operations, and the airline planned to break even by 2017. Mr.
Howai told the Parliament that a five-year strategic plan had been
completed and was in the process of being approved for
implementation.

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.



                           *********


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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