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       T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, July 1, 2020, Vol. 21, No. 131

                           Headlines



A R G E N T I N A

ARGENTINA: Expected to Announce Large Drop in Q1 GDP Growth


B R A Z I L

GENERAL SHOPPING: Fitch Affirms CCC- LT Issuer Default Ratings
RUMO SA: Fitch Rates New $500MM-$750MM Unsecured Notes 'BB'


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Covid-19 Has Forced Closure of Businesses
DOMINICAN REPUBLIC: More Than 150,000 Lost Jobs Due to Covid-19


M E X I C O

GRUPO AEROMEXICO: Will Operate More Flights in July
GRUPO POSADAS: Moody's Lowers CFR to CA, Outlook Negative
[*] Fitch Cuts Ratings on Several BBVA's Latin American Units


P E R U

UNION ANDINA: S&P Alters Outlook to Negative & Affirms 'BB' ICR


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Be Ruthless With Cashflow, Director Tells MSMEs


V E N E Z U E L A

VENEZUELA: Tankers Carrying Oil Stuck at Sea

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Expected to Announce Large Drop in Q1 GDP Growth
-----------------------------------------------------------
Bryan Campbell Romero at Foreign Brief reports that Argentina will
release its first quarter GDP and unemployment figures, amid the
negative economic effects of the COVID-19 pandemic and uncertainty
produced by debt restructuring negotiations.

The COVID-19 crisis has ravaged Argentina's already ailing economy,
according to Foreign Brief.  After a 1.1% year-on-year contraction
in the fourth quarter of 2019 and declining economic activity
during the first two months of 2020, the pandemic has deepened the
country's recession and exacerbated its troubled fiscal position,
the report notes.  Argentina's lockdown, one of the strictest in
Latin America, has forced the closure of many businesses, slashed
industrial activity and exports and left an increasing number of
workers jobless, the report relays.

Argentina defaulted on a $500 million bond interest payment on May
22 and the deadline to produce an agreement to restructure its $65
billion debt has been extended on three occasions, the report
notes.  This poor economic performance will likely force the
government to push for an extension in future bond payments to
maintain liquidity, the report discloses.

Figures are expected to show a large increase to the current 8.9%
unemployment rate and another GDP fall for the first quarter, the
report relays.  The IMF anticipates an annual 5.7% GDP reduction
for the South American nation, the report relays.

                          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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GENERAL SHOPPING: Fitch Affirms CCC- LT Issuer Default Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed General Shopping e Outlets do Brasil
S.A.'s (GSB) Long-Term Foreign and Local Currency Issuer Default
Ratings (IDRs) at 'CCC-'. In addition, Fitch has affirmed the
company's senior secured notes at 'CCC-'/'RR4', perpetual notes at
'CC'/'RR5', and subordinated perpetual notes at 'C'/'RR6'. Fitch
has also affirmed GSB's National Scale rating at 'CCC(bra)'.

KEY RATING DRIVERS

Coronavirus Impact Incorporated: The ratings incorporate an
expected steep deterioration in GSB's operational performance in
2020 as a result of the pandemic, followed by a gradual recovery
taking place in 2021. Fitch anticipates a reduction in GSB's EBITDA
of approximately 60% in 2020, which reflects the effects of the
coronavirus pandemic and GSB's lower asset base. Fitch projects
EBITDA of BRL27 million with negative CFFO of BRL51 million in
2020, reflecting excessive cash interest payments relative to
EBITDA. These measures are below previously forecast 2020 figures
by 60% and more than 100%, respectively. Fitch's base case reflects
negative FCF of BRL160 million in 2020, assuming higher investments
of BRL110 million due to the development of Outlet Premium Grande
Sao Paulo and no dividends distribution. Fitch anticipates a
negative FCF of BRL31 million in 2021, reflecting lower capex and
no dividends.

Increasing Leverage: GSB's financial leverage remains high. The
company's net adjusted debt to EBITDA ratio was 11.9x in 2019,
reflecting the 50% equity credit applied to the subordinated
perpetual notes. Fitch's rating case incorporates continued
deterioration in GSB's capital structure during 2020-2021. Fitch
expects the company's net leverage ratio to be above 20.0x by YE
2021. The company's total debt was BRL1.7 billion as of March 31,
2020, primarily composed of BRL121.6 million in real estate credit
bills, BRL18.0 million in secured loans and financing, BRL610.9
million in perpetual notes, BRL994.1 million in subordinated
perpetual notes and BRL47.0 million in new secured notes.

Lower Unencumbered Assets Base: GSB possesses relatively low levels
of unencumbered assets following it last debt restructuring in 2019
that reduced bondholders' exposure to a limited group of performing
assets, reducing its financial flexibility. GSB's total assets
value is estimated at BRL973 million as of March 31, 2020.
Encumbered and unencumbered assets values were BRL591 million and
BRL381 million, respectively. The company's net LTV ratio is 150%,
while the company's unencumbered assets to unsecured debt ratio is
low at 0.3x. The ratings also factor in GSB's high FX exposure. All
of the company's cash flow, measured as EBITDA, is generated in
local currency, Brazilian reais, while approximately 92% of its
total debt is denominated in U.S. dollars.

Limited Capacity to Cover Interest Expense: GSB's cash position was
BRL336 million, with short-term debt of BRL25 million at March 31,
2020. Despite the low upcoming debt maturities, the company has
previously exhibited opportunistic behavior, with no specific
target to maintain a minimum cash position. GSB's asset transfer in
2019 further deteriorated its capital structure, resulting in fewer
assets to support debt service. Fitch believes GSB's capacity to
cover interest expenses is tight and will be pressured by local
currency depreciation on its U.S. dollar-denominated debt. Fitch's
base case reflects an interest coverage ratio, measured as an
EBITDA/interest paid ratio, below 1.0x during 2020-2021, compared
with 1.1x in 2019. Fitch believes GSB will continue deferring
interest expenses on its 12% subordinated perpetual notes.

Management Strategy Factor in Ratings: GSB has an ESG Relevance
Score of '5' for management strategy due to its track record of
recurring operational and debt restructuring processes during the
past years due to challenges the company has faced in implementing
its strategy and maintaining competitive positions within its key
markets. GSB's below-average execution of its strategy has
contributed to a materially weaker operational performance and
unsustainable capital structure. The company also has an ESG
Relevance Score of '5' for its governance structure due to the
strong influence on GSB's owners upon management, which has
resulted in decisions related to the company's operational and
financial strategies that have been made to the detriment of its
creditors.

Equity Treatment for Subordinated Perpetual Notes: GSB's
subordinated perpetual notes qualify for 50% equity credit as they
meet Fitch's criteria with regards to deep subordination, with an
effective maturity of at least five years, full discretion to defer
coupons for at least five years and limited events of default.
These are key equity-like characteristics. Equity credit is limited
to 50% given the hybrid's cumulative interest coupon, a feature
considered more debt-like in nature. Since the second half of 2015,
the company has exercised its right to defer the payment of
interest under its 12% perpetual subordinated notes. The interest
payment deferral does not constitute an event of default under the
indenture. Fitch assumes the company will continue deferring
interest payments on the subordinated perpetual notes during the
foreseeable future.

DERIVATION SUMMARY

GSB's 'CCC-' rating reflects the company's track record of
maintaining high financial leverage, negative FCF, weak liquidity
and a shrinking unencumbered assets base. Fitch views GSB's capital
structure as weaker than regional peers such as BR Malls
Participacoes S.A. (BB/Negative); InRetail Real Estate S.A.
(BB+/Stable); and IRSA Propiedades Comerciales S.A. (CCC).

GSB's 'CCC-' rating reflects weakness in several rating
considerations. In terms of net leverage, measured as the net
debt/EBITDA, BR Malls, InRetail Real Estate and IRSA PC had ratios
of 2.5x, 5.8x, and 3.7x respectively, during 2019. In terms of
liquidity and capacity to consistently cover interest expenses paid
with recurrent cash flow generation, BR Malls, InRetail Real
Estate, and IRSA PC had coverage ratios of 5.3x, 2.5x, and 2.6x
respectively, during the period. GSB's net leverage ratio and net
interest coverage ratios were 11.9x and 1.1x during 2019. Fitch
expects some deterioration in these issuers' credit metrics due to
COVID19 in 2020, followed by a recovery trend in 2021. Fitch
expects 2021 net leverage ratios of 2.7x, 5.4x, 7.9x, and 22.4x for
BR Malls, InRetail Real Estate, IRSA PC, and GSB, respectively.

KEY ASSUMPTIONS

Temporary mall closure during 2Q20, gradually resuming operations
from mid-June;

Net revenues reducing by 37% in 2020 and increasing by 7% in 2021,
compared with 2019;

Occupancy rates between 88% and 92% in 2020 and 2021;

A total GLA increase of 24,000 sqm in 2021 due to the launch of
Outlet Premium Grande Sao Paulo;

Capex of about BRL110 million in 2020 and BRL10 million in 2021;

No dividends distribution in 2020-2021.

Recovery Rating Assumptions: The recovery analysis assumes that GSB
would be considered a going-concern in bankruptcy and that the
company would be reorganized rather than liquidated. Fitch has
assumed a 10% administrative claim. GSB's going concern EBITDA is
based on the expected level of EBITDA in 2021. The going-concern
EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which Fitch bases the
valuation of the company. The going-concern EBITDA is 10% below the
2021 EBITDA to reflect the company's operational performance when
facing a distress scenario. An EV multiple of 6x is used to
calculate a post-reorganization valuation and reflects a mid-cycle
multiple. The USD9 million secured notes due in 2026 have been
assigned a Recovery Rating of 'RR4'. The bespoke analysis indicated
the potential for a higher recovery; however, Fitch capped the
ratings at 'RR4' in accordance with its "Country Specific Treatment
of Recovery Rating Criteria," which caps recovery ratings in Brazil
at 'RR4' due to concerns about issues such as creditor's rights
during a debt restructuring or the consistent application of the
rule of law. The perpetual notes have been notched down one notch
for the IDR and the subordinated perpetual notes two notches to
indicate below average or poor recovery prospects in the event of a
default.

RATING SENSITIVITIES

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

  -- Material improvement in the company's liquidity and financial
leverage through some combination of the following actions: equity
injection, asset sales with limited impact on cash flow generation,
and lower FX exposure.

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

  -- Further deterioration of GSB's liquidity position;

  -- Execution of a distressed debt exchange;

  -- Defaults on scheduled amortization/interest payments and/or
formally filing for bankruptcy protection.

LIQUIDITY AND DEBT STRUCTURE

Limited Financial Flexibility: GSB's capacity to cover interest
expenses and taxes with its cash flow from operations is viewed as
tight, adding pressure to the company's liquidity during 2019-2020.
Fitch's rating case incorporates continued deterioration in GSB's
capital structure during 2020-2021. Fitch expects the company's net
leverage ratio to be above 20.0x by YE 2021.

SUMMARY OF FINANCIAL ADJUSTMENTS

Equity Treatment Given Equity-Like Features: GSB's subordinated
perpetual notes qualify for 50% equity credit as they meet Fitch's
criteria with regard to deep subordination, remaining effective
maturity of at least five years, full discretion to defer coupons
for at least five years and limited events of default.

ESG CONSIDERATIONS

GSB has an ESG Relevance Score of '5' for management strategy due
to its track record of recurring operational and debt restructuring
processes during the past years due to challenges the company has
faced in implementing its strategy and maintaining competitive
positions within its key markets. GSB's below-average execution of
its strategy has contributed to a materially weaker operational
performance and unsustainable capital structure. The company also
has an ESG Relevance Score of '5' for its governance structure due
to the strong influence on GSB's owners upon management, which has
resulted in decisions related to the company's operational and
financial strategies that have been made to the detriment of its
creditors.

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


RUMO SA: Fitch Rates New $500MM-$750MM Unsecured Notes 'BB'
-----------------------------------------------------------
Fitch Ratings has assigned a 'BB' rating to Rumo S.A.'s USD500
million to USD750 million proposed senior unsecured notes. The
notes will be issued by its wholly owned subsidiary, Rumo
Luxembourg S.a.r.l. and will be unconditionally and irrevocably
guaranteed by Rumo. The notes will mature in 2027. Proceeds will be
used to enhance the company's liquidity.

Fitch currently rates Rumo's Long-Term Foreign Currency (FC) Issuer
Default Rating (IDR) 'BB' and Long-Term Local-Currency (LC) IDR
'BB+'. Rumo's unsecured bonds due in 2024 and 2025 are rated 'BB'.
The Rating Outlook for the LC IDR is Stable. The Rating Outlook for
the FC IDR is Negative, constrained by Brazil's 'BB-'/Negative
Outlook, due to the Country Ceiling or its direct link to the
Sovereign rating. The Outlook for the Sovereign Rating was revised
to Negative from Stable on May 5, 2020.

The rating is supported by Rumo's 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. The rating incorporates
Rumo's conservative capital structure, as well as its sound
liquidity position, which are important credit factors, with low
debt concentration during the strong capex period. The company has
consistent access to the local and international debt and capital
markets, even under more restrictive credit scenarios. Rumo is
controlled by Cosan Limited (BB/Stable) and is part of Cosan Group,
one of the largest Brazilian conglomerates, with leading companies
in several sectors.

The rating also considers that the impact of the coronavirus
pandemic on Rumo's businesses is limited. The company should
continue to benefit from the continued expansion of agribusiness in
Brazil, maintaining solid margins, consistent operating cash flow
generation and conservative capital structure, during the strong
capex cycle. Fitch's projections incorporates that Rumo can
maintain low to moderate leverage over the medium term, peaking at
3.3x in 2021 when capex is at its highest level, then returning to
levels below 3.0x from 2022 on, while the company captures
additional volumes, mainly coming from its newest Malha Central
network investments.

KEY RATING DRIVERS

Business Profile Remains Strong: Fitch believes the railroad sector
risks are low, supported by consistent demand, high barriers to
entrance and low competition threats. In this sector, Rumo benefits
from its robust business position as the sole rail transport
company in the south and midwest regions of the country, with five
concessions to operate more than 13 thousand kilometers of tracks
and access to three of Brazil's main ports. Due to a lower cost
structure, the company enjoys solid competitive advantages over
truck transport, which enhances its consistent demand and limits
volume volatilities over cycles. Fitch believes the addition of the
central section of Ferrovia Norte-Sul (Rumo Malha Central) to
Rumo's portfolio in 2019, and the renewal of Rumo Malha Paulista
concession contract, have positive credit implications. The new
stretch, when operational, should increase Rumo's presence in
Brazil's midwestern region. The Rumo Malha Paulista concession
contract renewal, which is a strategic stretch to Rumo's business
model, protects the company's access to Santos Port, preserving its
business' profitability. Both projects offer vast opportunities for
capturing greater volumes of grain in the region.

Preserved Business Environment: Rumo's operations benefit from the
solid international trade flow of agricultural products in Brazil,
which has high growth potential, in addition to reducing the
company's risks of operating in one region (Brazil). Fitch
recognizes that the rail industry tends to suffer limited impacts
from the coronavirus pandemic, due to the restricted dependence on
domestic economic activity. These factors should reasonably protect
Rumo's volumes, even during the crisis. Fitch expects Rumo to
transport 65 billion revenue ton kilometer (RTK) in 2020, and 70
billion RTK in 2021, which compares favorably to 60 billion RTK
reported in 2019. Fitch estimates annual volume increases of 8% in
2020, and 10% to 16% annually from 2021 onwards, when the central
stretch becomes operational. Rumo's main cargo is comprised of
agricultural products, mainly soybean (38.8%), corn (32.5%), and
sugar and fertilizers (10.7%) in 2019 for exports.

Capex Put Pressures in FCF: Fitch expects a temporary reduction in
Rumo's EBITDA margins to below 40% in 2020 and 2021, from 42.7% in
2019. Volume expansion and operational efficiency from its existing
assets boosted 2019 margins, but should not offset pre-operating
expenses related to Rumo Malha Central's new concession contract,
and the concession fee for Rumo Malha Pauista. Fitch's base
scenario foresees EBITDA and funds from operation of BRL3.0 billion
and BRL2.0 billion in 2020, and BRL3.4 billion and BRL2.2 billion
in 2021, respectively. The new cycle of investments in Rumo Malha
Paulista should put pressure on the company's FCF, which will
remain in the negative through 2023, totaling BRL4.8 billion for
the period. Fitch projects around BRL14.8 billion of capex from
2020 to 2023, and BRL7.7 billion in the next two years.

Leverage Remains Conservative: Rumo should report net leverage from
2.5x to 3.0x during the strong investment cycle over the next four
years. Fitch's baseline scenario considers net leverage ratio, as
measured by net debt/EBITDA, to reach 2.8x in 2020 and peak at 3.3x
in 2021, during the highest investment period. Improvements in
Rumo's operating cash flow generation, led by gains of scale coming
from the investments, should result in net leverage closer to 2.5x
from 2022 onwards.

DERIVATION SUMMARY

Rumo's ratings reflect its strong business profile in the logistics
infrastructure industry in Brazil, which enjoys positive prospect.
The railroad's low-cost structure and Rumo's position as the sole
railroad provider in its covered region provides important
competitive advantages, allowing it to report consistent volume
improvements and increasing operating cash flow generation while
its operational capacity expands.

A rating constrain is its business concentration in one country, as
it only serves Brazil's agribusiness and industrial regions, like
most of its Brazilian peers, but different from other railroads
worldwide, which enjoy a more diversified covered region. The
company's track record on generating strong cash generation and its
ability to improve its credit metrics over the last three years are
important credit factors that support Rumo's ratings.

Rumo's LC IDR (BB+/Stable) is positioned below Brazil's MRS S.A.
(BBB-/Negative) which is the best-positioned railroad in the
country, due to the more resilient cargo profile and track record
of positive FCF of MRS, while Rumo needs to manage the negative FCF
expectation, derived from its large investment programs. Rumo's and
MRS's ratings are below those of other mature, more geographically
diversified and less leveraged rail companies in Mexico, the U.S.
and Canada, like Kansas City Southern, rated 'BBB' by Fitch. Rumo's
LC IDR is above that of Hidrovias do Brasil S.A. (HdB, BB/Stable),
due to the railroad's ability to generate more stable operating
cash flow and to finance the large investment to increase volumes.
HdB's net leverage is higher than Rumo's, consistent with its still
immature profile, but based on predictable cash flow generation
within the coastal shipping business in Brazil, which also enjoys
low competition.

KEY ASSUMPTIONS

  -- Agricultural volumes to increase 10% annually;

  -- Industrial volumes to decline 1% in 2020 and increase per GDP

     from 2021 onwards;

  -- Additional 2 billion RTL and 8 billion RTK in 2021 and 2022,
     respectively, coming from Rumo Malha Central;

  -- Average tariffs increasing by inflation rate in 2020 and
     2021;

  -- Total capex of BRL14.8 billion from 2020 to 2023, being
     BRL7.7 billion over the next two years.

RATING SENSITIVITIES

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

  -- Positive rating action on Rumo's FC IDR and the rating of the
     unsecured notes is unlikely in the medium term due to the
     limitation on Brazil's sovereign IDR and Country Ceiling;

  -- Upgrade of Rumo's LC IDR is unlikely in the medium term due
     to the strong capex program over the next years, which
     results in leverage far from the upgrade sensitivity;

  -- Positive action on National Scale Ratings does not apply as
     the rating is at the top of the national scale category.

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

  -- A downgrade of Brazil's sovereign rating and of the country
     ceiling could lead to a negative rating action on Rumo's FC
     IDR and the rating of the unsecured notes.

Negative rating action on Rumo's LC IDR and National Scale Rating
could occur in case of:

  -- Inability to finance capex with long-term and low-cost debt,
     putting pressure on debt amortization schedule;

  -- Substantial weakening of current EBITDA margin;

  -- Net adjusted leverage trends above 3.5x, on a sustainable
     basis.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Fitch believes Rumo's liquidity will remain
healthy over the next months and throughout the investment cycle.
The short-term debt coverage ratio has remained above 1.5x since
2017, and should be sustained higher than 1.0x. Fitch believes
Rumo' will continue to raise long-term funds to finance its
negative FCF and preserve its debt coverage by cash. At the end
March 2020, Rumo had a cash of BRL3.6 billion and consolidated
total debt of BRL11.5 billion, mainly composed of senior notes
(BRL5.5 billion), debt with BNDES (BRL3.1 billion) and debentures
(BRL2.4 billion). Debts due until 2022 totaled BRL3.1 billion. The
company raised relevant amount of debt over the next two months,
which has enhanced its liquidity.

SUMMARY OF FINANCIAL ADJUSTMENTS

Summary of Financial Statement Adjustments:

  -- Confirming (reverse factoring) operations adjusted Rumo's
     debt;

  -- Fitch considers restricted cash (including long term) as
     readily available liquidity;

  -- Net derivatives adjusted to debt; D&A excluded from COGS;
     Dividends from associates and minorities are adjusting
     EBITDA;

  -- Fitch considers as operating expenses, impacting EBITDA,
     the lease and concession expenses.




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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: Covid-19 Has Forced Closure of Businesses
-------------------------------------------------------------
Dominican Today reports that since March of this year, many
businesses in the Dominican Republic have been affected by the
Covid-19 pandemic.  The gyms have been closed since the social
confinement began, and possibly it will not be until August when
they restart operations, but still, there is uncertainty about
whether it will really be by this date when their doors reopen,
according to Dominican Today.

However, while these businesses must continue paying their bills,
their business has been put on hold, leading to bankruptcy, which
is why their owners have made the decision to permanently close
their doors, the report notes.  This is the case of the emblematic
"Body Health" gym, which was founded in 1980, the report relays.
Through a statement on its Instagram account, the company announced
its definitive closure, thanking its members for the support
provided during these 40 years, the report notes.

Social networks also comment on the closure of a renowned gym in
the Silver Sun Gallery, the report relays.  

Also, in an Instagram statement, Bondelic pastry reported the
closure of their branch on Sarasota Avenue, where the establishment
had been for more than 10 years, the report relays.

The Miter restaurant also disclosed on its Instagram account that
in the face of "the new reality and facing the new normal," it has
been decided to unite the operations of Miter and Bottega Fratelli,
the report says.  The Miter restaurant, which was 14 years old,
indicated that Bottega Fratelli will continue to operate with an
independent entrance and during the time this process takes for the
Covid-19 they will continue to receive takeaway orders and make
deliveries, 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: More Than 150,000 Lost Jobs Due to Covid-19
---------------------------------------------------------------
Dominican Today reports that in the last three months, an estimated
150,000 workers in the Dominican Republic have been laid off in the
private sector as a result of the economic stoppage, for more than
two months to contain the contagion from Covid -19.

According to Rafael (Pepe) Abreu, president of the National
Confederation of Trade Union Unity (CNUS), the sectors that
registered these cancellations are tourism, construction, commerce,
hardware stores, health in private clinics and free zones, the
report notes.

In fact, Labor Minister Winston Santos expressed concern about this
situation since he estimates that many of the suspensions will end
as terminations, which could raise unemployment from 5.6% to 9% at
the end of the year, according to Dominican Today.

Abreu explained that he makes these estimates based on the data he
has collected in the different sectors in which they have members,
the report relays.  However, he warns that this number could
increase in the last days after the conclusion of the program of
economic assistance to suspended employees, which grants between
5,000 and 8,500 to suspended workers and those who continue
working, respectively, the report discloses.

He also indicated that with the extension of the term to suspend
employees issued by the Ministry of Labor, thousands of employees
will opt for a termination, the report relays.

"That would make more than 400,000 workers in the private sector,"
Abreu explained.

He maintained that the style in which companies apply the help
offered by the Government, through the Solidarity Assistance Fund
for Employees (FASE) and the work suspensions registered in this
health crisis, will affect benefits such as the calculation of the
Easter royalty or double salary and labor benefits, the report
notes.

It is the young population, aged between 20 and 39, the most
affected, representing 39% of the jobs that stopped contributing to
the social security system, in April, said Dr. Yesenia Diaz,
director of Insurance in Health for the Contributory Regime, during
a webinar entitled Contribution of the "Social Security System
Before the Covid Pandemic -19," the report discloses.

Of these discharged workers, 44% of their last wages were around
RD$9,855 and RD$19,710, the report notes.

Dominican Today relays that Abreu argued they have advocated the
opening of the economy, because they understand that a long period
of suspension will cause a decrease in the quality of final
benefits, in the quality of social security, health care, and in
the quality of retirement from the workers.

Abreu revealed that they will sit down with the employers and the
Government to discuss the extension of the suspension in which they
will propose extending the term of government assistance, which
ensures the full salary of workers so that don't lose benefits, the
report adds.

                   About Dominican Republic

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

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

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

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




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

GRUPO AEROMEXICO: Will Operate More Flights in July
---------------------------------------------------
Aeromexico informs that in July, it will continue resuming service
to destinations where it had suspended due to the effects of
COVID-19 and will increase frequencies to cities in which it has
maintained its operations.

For the following month, Aeromexico will increase its service in
the domestic market to almost double the number of flights compared
to the previous month, as follows:

   * It will increase frequencies to destinations such as Cancun,
     Guadalajara, Tijuana, Monterrey, and Merida.

   * It will resume its operations from Mexico City to Huatulco,
     Zacatecas and Manzanillo, and from Monterrey to Cancun,
     Queretaro, Chihuahua and Hermosillo.

   * It will launch a new route between Monterrey-Tijuana.

For the international market, it expects an operation of almost
four times more compared to June:

   * It will resume its operations from Mexico City to Austin,
     Tokyo and Sao Paulo, and from Guadalajara to Chicago,
     Sacramento and Fresno.

   * It will add more flights to New York, Los Angeles, Madrid,
     Amsterdam, Paris, and Seoul.

With these adjustments, the airline expects to have operated 6,000
flights in July.

The company informed that as countries start to lift their border
restrictions it will continue resuming more destinations.

Finally, Aeromexico recalled that in all its operations, it will
continue to apply the protocols it created through its new Health
and Sanitization Management System to protect the health of its
clients and internal teams, which can be consulted in the following
link.

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 POSADAS: Moody's Lowers CFR to CA, Outlook Negative
---------------------------------------------------------
Moody's Investors Service has downgraded Grupo Posadas, S.A.B. de
C.V.'s corporate family rating and the senior unsecured rating on
its 2022 notes to Ca from Caa1. The action follows Posadas'
announcement that it will not pay the $15.5 million coupon due on
June 30, 2020 on its 7.875% senior notes due 2022. Since the
company will not make such payment during the subsequent 30-day
cure period, it will constitute an event of default. The outlook on
the ratings remains negative.

RATINGS RATIONALE

Posadas' Ca rating reflects its weak liquidity in light of the
business challenges ahead. Since the social distancing measures
started in Mexico as a consequence of the coronavirus pandemic,
Posadas' cash burn has been close to MXN100 million per month.
Although the company's cash position is enough to cover some nine
months of cash burn at the currently low occupancy levels,
liquidity will rapidly deteriorate. Under the current environment,
bondholders are at risk of having losses in the 35% - 65% range,
consistent with the Ca rating.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The lodging sector
has been one of the sectors most significantly affected by the
shock given its exposure to travel restrictions and sensitivity to
consumer demand and sentiment. The action reflects the impact on
Posadas of the breadth and severity of the shock, and the broad
deterioration in credit quality it has triggered. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

The downgrade follows Posadas' decision to refrain to pay the
interest coupon due in June, 2020 in order to preserve cash to
ensure the continuity of its business. The coronavirus pandemic and
the subsequent social distancing measures have resulted in a
significant deterioration of the Mexican tourism sector. As such,
Posadas' revenues and cash flow have weakened substantially.
Moreover, Moody's does not expect any support from the Government
of Mexico to this industry as no specific measures have been
announced and considering the overall small scale of the
government's response to the pandemic. Therefore, Moody's
anticipates Posadas operations will remain subdue through 2021.

Slow pace of re-openings through 2021 will continue to erode
Posadas ability to generate cash. The company has reopened 114
hotels and expects to reopen an additional 42 by mid-July. However,
occupancy is restricted to close to 30%, while the sanitary state
of emergency continues, for an indefinite period. Additionally,
Posadas will incur in higher costs during this period to mitigate
guests' health concern. Posadas recently launched the "Travel with
Confidence" program incorporating high health and hygiene standards
to ensure guests feel safe traveling to its hotels. The company has
reported that, while cancellations for stays through the second
quarter of 2020 have been historically high, there have not yet
been meaningful group cancellations related to the coronavirus
outbreak for 2021, and many group customers are at least rebooking
for 2021. However, there are high risks of more challenging
downside scenarios as the situation is fluid and the severity and
duration of the pandemic and travel restrictions are still
uncertain.

Posadas' liquidity is weak, tempered by high cash burn during the
peak of the pandemic. Although current cash is close to MXN 900
million, still enough to cover operating cash expenses, taxes and
interest, the cash burn estimated at MXN 100 million in June
reflects the risk of a rapid deterioration in the current
environment. Therefore, the company decided to refrain to pay the
$15.5 million coupon payment due June 30 and to preserve cash to
maintain the operations. Considering current cash burn and cash
position and some occupancy improvement, Posadas might be able to
make it through the end of the year, but a close to MXN300 million
payment commitment with the Mexican tax authorities (SAT) scheduled
early 2021 adds substantial pressures to the operation. The bulk of
Posadas' debt are the global senior notes amounting $393 million.
The notes will mature in June 2022, but payment will accelerate to
the end of July 2020 once the cure period of the missed coupon
payment is over. Afterwards, Posadas will look to reorganize its
capital structure while remaining operational. Still, Moody's
expects that losses for existing unsecured creditors could be
higher than 40%.

The negative outlook reflects Moody's view of a prolonged recovery
of the tourism industry in Mexico and Posadas' limited financial
flexibility, which would derive on higher losses to bondholders
than currently anticipated.

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

Ratings could be downgraded if Posadas is not able to fully resume
its operations this year and if the cash burn continues,
threatening the company's' ability to cover corporate expenses such
as interests, salaries, taxes and working capital with internal
sources or if committed investments are at risk. In this scenario,
bondholders' losses will be above 65%.

Ratings could be upgraded once the pandemic is over, Posadas
restructures its balance sheet, and there is more visibility about
Posadas future operating performance. For a positive rating action
to occur, Posadas' liquidity should be enough to cover short term
needs with cash generation or committed funding sources.

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

Posadas is the leading hotel operator in Mexico that owns, leases,
franchises and manages 179 hotels and 28,000 rooms in the most
important and visited urban and coastal destinations in Mexico.
Urban hotels represent 85% of total rooms and coastal hotels
represent 15%. Posadas trades in the Mexican Stock Exchange since
1992.


[*] Fitch Cuts Ratings on Several BBVA's Latin American Units
-------------------------------------------------------------
Fitch Ratings has taken rating actions on BBVA Bancomer, S.A.,
Institucion de Banca Multiple, Grupo Financiero BBVA Bancomer, BBVA
Colombia S.A. and Forum Servicios Financieros. These rating actions
follow Fitch's recent rating actions on the companies' respective
parent company, Banco Bilbao Vizcaya Argentaria.

This event-driven review includes only the Latin American
subsidiaries that are directly affected by the recent rating
actions on the parent, Spain's BBVA.

BBVA's Long-Term Issuer Default Rating was downgraded to 'BBB+'
from 'A-' and removed from Rating Watch Negative. The Outlook on
the Long-Term IDR is Stable. The downgrade reflected the
significant influence that exposure to less stable and weakening
emerging economies has on the group's overall risk profile and its
profit generation capabilities.

Accordingly, since these LatAm subsidiaries are driven by potential
support from their parent company, the rating actions mirror those
of the parent. The Local Currency and Foreign Currency LT IDRs of
BBVA Mexico were downgraded to 'BBB' from 'BBB+' and the LC LT IDR
of BBVA Colombia was downgraded to 'BBB' from 'BBB+'. The ST IDRs
of both banks were affirmed at 'F2'. The National Long-Term Rating
of the Chilean entity FORUM has been downgraded to 'AA-(cl)' from
'AA (cl)'. The Outlook for the LT IDRs of BBVA Mexico, the LC LT
IDR of BBVA Colombia, and the NLTR of FORUM is Stable. The ratings
were removed from Rating Watch Negative.

As part of this review, Fitch has also taken rating actions on
certain hybrid and subordinated securities issued by some of these
entities or other related entity SPVs. The Rating Watch Negative
has been removed from the ratings as indicated.

KEY RATING DRIVERS

BBVA Mexico - IDRs, Senior Debt and Hybrid Securities

BBVA Mexico's IDRs are driven by the potential support of its
parent BBVA, given the higher of approach of the agency's criteria.
Currently, the Mexican bank's VR is at the same level of the
support-driven IDR; however, Fitch believes the VR has higher
downside risk given the operating environment's negative trend
versus the Stable Outlook of the parent. Fitch believes that
although the Mexican bank plays a core role for its parent company,
its material size limits the parent's ability to provide support if
needed, and therefore BBVA Mexico's IDRs are one notch below those
of its parent company.

The ST IDRs of BBVA Mexico are at the same level of those of the
parent company since according to criteria, Fitch generally views
propensity to support as more certain in the near term.

The global debt ratings (senior unsecured and hybrids) are
mirroring the movements on the bank's IDRs. The senior unsecured
debt ratings were downgraded to 'BBB' from 'BBB+' and continue to
be aligned with BBVA Mexico's Long-Term Issuer Default Ratings as
their likelihood of default is the same as the one of the issuer.

The hybrid instruments have been downgraded to maintain the same
relativity with the respective anchor rating (the support-driven FC
IDR). BBVA Mexico's hybrid instruments reflect a three-notch
difference from the anchor for the Basel III T2 subordinated notes
to account for both loss-severity risk and non-performance risk.
Fitch factors in institutional support for these securities by
using the support-driven IDR as the anchor, but Fitch does not
consider that non-performance risk is mitigated for these notes,
given the significantly high relative weight that such instruments
represent for its ultimate parent company.

BBVA Colombia - IDR and Subordinated Debt

IDR

The bank's IDRs reflect the support it would receive from its
parent, Banco Bilbao Vizcaya Argentaria (BBVA; 'BBB+'; ROS), should
it be required. Fitch believes BBVA Colombia is a strategic
subsidiary for its parent mainly due to the relevance of the Latin
American operations and the integration and synergies among the
entities. Furthermore, BBVA Colombia's profitability and growth
potential sustain its assessment of support. The bank's LT LC IDR
rating Outlook is Stable, in line with that of its parent.
Conversely, since the LT FC IDR is subject to country ceiling
restrictions, its rating Outlook is Negative, reflecting the
downside potential on the rating due to the Negative Outlook in
Colombia's sovereign rating.

SUBORDINATED DEBT AND OTHER HYBRID SECURTIES

BBVA Colombia's subordinated debt has been downgraded to 'BB+', as
the anchor rating (the entity's support-driven FC LT IDR) is no
longer capped by Colombia's country ceiling of 'BBB', which
previously partially mitigated loss severity risk relative to the
baseline case of -2 notches.

FORUM - National Long-term Rating

The downgrade on FORUM's NLTR reflects the same rating action of
the ultimate parent, BBVA. The ratings of the subsidiary could be
affected in the event of negative actions on its parent, given
Fitch's perception of likely support. The National Short-Term
Ratings of Forum were not affected and remained at 'N1+(cl)', as
they would only be affected by a multi-notch downgrade of the NLTR,
which is not the baseline scenario at present.

CONTINENTAL TRUSTEES (CAYMAN) LTD

Fitch has downgraded the loan participation notes issued by CTCL to
'BB' from 'BB+', maintaining a four-notch difference with the
anchor rating, BBVA Peru's IDR ('BBB+'/Negative), since the ratings
of BBVA Peru and its Parent BBVA are now at the same level. The
notes are secured by the rights to a junior subordinated loan
extended to BBVA Peru and have strong equity-like features
including the non-cumulative deferral of coupons and a deeper
subordination.

RATING SENSITIVITIES

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

BBVA Mexico

  -- The IDRs of BBVA Mexico could be upgraded if the ratings of
its parent company BBVA are upgraded as well, a scenario that seems
unlikely at present given the Stable Outlook of BBVA's ratings.

  -- The global debt ratings (senior unsecured and hybrids) will be
upgraded in an event of an upgrade of BBVA Mexico's IDRs, which
currently have a Stable Outlook.

BBVA Colombia

  -- BBVA Colombia's IDR will likely remain at the level determined
by its VR, or one notch below the parents' IDR, whichever is
higher, but subject to sovereign rating and Country Ceiling
considerations.

  -- Subordinated debt ratings will be upgraded if an upgrade
occurs on the anchor rating; the bank's support-driven FC LT IDR.

FORUM

  -- While not likely in the current operating environment, FORUM's
NLTR would be upgraded in the event of an upgrade of its parent's
IDR, and/or if there were a positive change on Fitch's perception
of likely support.

CONTINENTAL TRUSTEES (CAYMAN) LTD

The rating of the securities issued by this SPV would move in line
with BBVA Peru's ratings. The rating would be positively affected
by an upgrade of BBVA Peru's parent, BBVA.

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

BBVA Mexico

  -- The IDRs of BBVA Mexico could be downgraded in the event of a
downgrade of BBVA's IDRs, which currently have a Stable Outlook.
However, if this is the case, BBVA Mexico's IDRs will be driven by
its viability rating in accordance with the higher-off approach of
Fitch's criteria.

  -- The IDRs of BBVA Mexico could also be downgraded by reduced
institutional support ability or propensity from BBVA, as a result
of the effects of the coronavirus on its parent company business
and financial profiles.

  -- The global debt ratings (senior unsecured and hybrids) will be
downgraded in an event of a downgrade of BBVA Mexico's IDRs. The
senior unsecured debt ratings would continue to be aligned with the
banks' IDRs and the hybrids will maintain the same relativity with
the anchor rating.

BBVA Colombia

  -- Negative rating action on BBVA's IDRs would lead to similar
action on BBVA Colombia's IDRs.

  -- Negative rating action on the Colombian sovereign's ratings
would lead to similar action on the FC IDR.

  -- BBVA Colombia's IDRs could change if Fitch's assessment of its
parent's ability and/or willingness to support the bank changes.

  -- Fitch considers that the ability and propensity of support
could be reduced by the effects of the international contingency
stemming from the pandemic over BBVA's credit profile.

  -- Subordinated debt ratings will be downgraded if a downgrade
occurs on the anchor rating; the bank's support-driven FC LT IDR.

FORUM

  -- FORUM's NLTR could be affected in the event of further
negative actions on its parent, which currently have a Stable
Outlook.

  -- NLTRs could also be downgraded by reduced institutional
support ability or propensity from BBVA, as a result of the effects
of the coronavirus on its parent company business and financial
profiles.

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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

BBVA Mexico, BBVA Colombia, FORUM and Continental Trustees (Cayman)
Ltd ratings are driven by BBVA's ratings.

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).

BBVA Colombia S.A.

  - LT IDR BBB; Affirmed

  - ST IDR F2; Affirmed

  - LC LT IDR BBB; Downgrade

  - LC ST IDR F2; Affirmed

  - Subordinated; LT BB+; Downgrade

BBVA Bancomer, S.A., Institucion de Banca Multiple, Grupo
Financiero BBVA Bancomer

  - LT IDR BBB; Downgrade

  - ST IDR F2; Affirmed

  - LC LT IDR BBB; Downgrade

  - LC ST IDR F2; Affirmed

  - Senior unsecured; LT BBB; Downgrade

  - Subordinated; LT BB; Downgrade

Forum Servicios Financieros S.A.

  - Natl LT AA-(cl); Downgrade

  - Natl ST N1+(cl); Affirmed

  - Senior unsecured; Natl LT AA-(cl); Downgrade

  - Senior unsecured; Natl ST N1+(cl); Affirmed

Continental Trustees (Cayman) Ltd.      

  - Junior subordinated LT BB; Downgrade




=======
P E R U
=======

UNION ANDINA: S&P Alters Outlook to Negative & Affirms 'BB' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable, and
affirmed its 'BB' global scale issuer credit rating on Peru-based
cement producer Union Andina de Cementos S.A.A. (UNACEM).

S&P said, "We estimate that cement, concrete, and other building
materials demand is taking a severe hit from social-distancing
measures imposed by governments across the globe. Moreover, the
deepening recession will impact construction activity in 2020, with
a likely slow recovery over the next few years. As a result, our
revised forecast assumes UNACEM's weaker operating and financial
performance in its key markets: Peru around 72% of its sales in
2019, Ecuador (12%), the U.S. (10%), Chile (6%), and Colombia (less
than 1%). We now estimate UNACEM will post lower revenue and EBITDA
in 2020, reflected in net debt to EBITDA in the 4.0x-4.5x range and
the DCF-to-debt-ratio to be slightly negative, deviating from the
company's deleveraging plans."

UNACEM's management has cooperated with governments in the various
jurisdictions it operates to support the containment of the
pandemic's spread. This has implied a suspension of some of its
operations for about two months. Nevertheless, a majority of the
company's subsidiaries and business units has reopened in the past
weeks, which should modestly alleviate pressure on its cash flows.
On the other hand, management has taken several measures to protect
several stakeholders involved in UNACEM's operations, in addition
to preventive actions to protect its liquidity, such as
prioritizing the consumption of existing inventory, temporary
reduction of administrative payroll, suspension of new capex, and
postponement of non-essential operating expenses and dividend
payments. Moreover, for the past two months, the company received
new credit lines of about PEN550 million and refinanced a large
portion of its short-term debt maturities, containing potential
liquidity risks stemming from lower cash flows.

S&P said, "We currently assume a modest recovery in economic and
construction activity in 2021, which would benefit UNACEM's
operating and financial performance. We estimate that its revenue
and EBITDA to contract in high-double digits in 2020, and grow in
mid-double digits in 2021. In addition, net debt to EBITDA should
fall below 4.0x and DCF to debt to be close to 10%. Nonetheless, we
acknowledge there are yet many uncertainties regarding the depth
and duration of the coronavirus pandemic and its medium- to
long-term effects on economic activity and the construction sector.
Therefore, we will continue to monitor developments in cement and
concrete demand in UNACEM's key markets and the potential impact on
its credit profile."




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

TRINIDAD & TOBAGO: Be Ruthless With Cashflow, Director Tells MSMEs
------------------------------------------------------------------
Yvonne Baboolal at Trinidad Express reports T&T Chamber of Industry
and Commerce director Marc Persaud said medium, small and micro
enterprises (MSMEs), Trinidad and Tobago's largest employer, are in
"survival mode" right now and if the Government returned monies
owed them, like Value Added Tax (VAT) refunds, this will help
provide some much-needed cash flow.

Persaud was a speaker at a webinar hosted by the chamber on how
MSMEs can survive beyond 2020.

Persaud said cash flow is the immediate need of smaller businesses
and they need access to liquidity right now, the report notes.

The Government can offer financing directly or can guarantee loans
through different sectors or the banks, Persaud said, the report
relates.

Persaud said small businesses, like construction companies, are
owed money by the Government in the form of VAT refunds, and if
paid, they would have some stimulus to move forward, the report
discloses.

The report relays that Persaud also acknowledged that the
Government is in a tough position with declining oil and gas
revenues.

He said whether or not a cure for Covid-19 is found, the world is
entering a recessionary period with reduced global demand, massive
unemployment and the destruction of many retail-type industries,
the report says.

"We've seen massive lay-offs globally and bankruptcies.

"That's not going to change and digesting that is very important.

"If you're in the food or hairdressing business, anything like
that, you will be severely impacted right now and will be in
survival mode," he added.

Webinar participant, Makesi Alexander, said the Government has
released $300 million to assist small and micro enterprises which
is expected to be made available to them coming through First
Citizens Bank, the report notes.

Businesses worth between $1 million and $120 million will be able
to access the fund and will be given an interest-free two-year
moratorium, the report relates.

Those worth less than $1 million can access National
Entrepreneurial Development Company grants to assist with salary
payments and the purchase of raw materials, the report says.

Offering some direct advice to MSMEs, Persaud advised them to
"manage your cash flow ruthlessly, where it comes in and where it
goes.

"If you're in a retail space you have to do that right now.

"If you're not, you still have to because the effects will be
coming as the economy deteriorates."

He urged MSMEs to bring in products and sell them as quickly as
they can.

Persaud is also on the chamber's Nova Committee, which advocates
for MSMEs and which hosted the webinar, the report notes.

Moderator at the webinar was Roland Haggins of the University of
the West Indies' (UWI) Cave Hill School of Business and Management,
ther eport relates.

Other speakers were Dr. Kevin Fleary, lecturer at the Arthur Lok
Jack Graduate School of Graduate Business and Nikita Legall,
managing director of UWI's Tropical Hives Ltd, the report adds.




=================
V E N E Z U E L A
=================

VENEZUELA: Tankers Carrying Oil Stuck at Sea
--------------------------------------------
RJR News reports that tankers carrying nearly two months worth of
Venezuelan oil output are stuck at sea as global refiners shun the
nation's crude to avoid falling foul of U.S. sanctions.

This is according to industry sources, PDVSA documents and shipping
data.

Washington is tightening sanctions to cut Venezuela's oil exports
and deprive the government of socialist President Nicolas Maduro of
its main source of revenue, according to RJR News.

The OPEC member's exports are hovering near their lowest levels in
more than 70 years and the economy has collapsed, but Mr. Maduro
has held on - to the frustration of the administration of President
Donald Trump the report notes.

                             Venezuela

Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South America, consisting of a
continental landmass and a large number of small islands and islets
in the Caribbean sea.  The capital is the city of Caracas.

Hugo Chavez was president to Venezuela from 1999 to 2013.  The
Chavez presidency was plagued with challenges, which included a
2002 coup d'etat, a 2002 national strike and a 2004 recall
referendum.  Nicolas Maduro was elected president in 2013 after the
death of Chavez.  Maduro won a second term at the May 2018
Venezuela elections, but this result has been challenged by
countries including Argentina, Chile, Colombia, Brazil, Canada,
Germany, France and the United States who deemed it fraudulent and
moved to recognize Juan Guaido as president.

The presidencies of Chavez and Maduro have challenged Venezuela
with a socioeconomic and political crisis.  It is marked by
hyperinflation, climbing hunger, poverty, disease, crime and death
rates, social unrest, corruption and emigration from the country.

S&P Global Ratings, in May 2019, removed its long- and short-term
local currency sovereign credit ratings on Venezuela from
CreditWatch with negative implications and affirmed them at
'CCC-/C'. The outlook on the long-term local currency rating is
negative. At the same time, S&P affirmed its 'SD/D' long- and
short-term foreign currency sovereign credit ratings on Venezuela.

Moody's credit rating (long term foreign and domestic issuer
ratings) for Venezuela was last set at C with stable outlook in
March 2018.  Meanwhile, Fitch's long term issuer default rating for
Venezuela was last in 2017 at RD and country ceiling was CC. Fitch,
on June 27, 2019, affirmed then withdrew the ratings due to the
imposition of U.S. sanctions on Venezuela.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


                  * * * End of Transmission * * *