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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

          Thursday, July 2, 2020, Vol. 21, No. 132

                           Headlines



A R G E N T I N A

ARGENTINA: IDB Approves $500MM Loan to Support MSMEs Recovery
RIO NEGRO: Moody's Gives Ca Global Rating to New ARS2-Bil. Notes


B E L I Z E

BELIZE: IDB OKs $12MM Loan to Support Unemployment Relief Program
BELIZE: S&P Cuts Sovereign Debt Ratings to CC on Debt Restructuring


B R A Z I L

ECORODOVIAS CONCESSOES: Moody's Withdraws Ba2 Global Scale CFR


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Agency Extends Tax Payment Until July 29
DOMINICAN REPUBLIC: Economy Fundamentals Remain Strong, BCRD Says


T R I N I D A D   A N D   T O B A G O

CARIBBEAN AIRLINES: Reports Successful 2-Mo. Period Before Covid-19
TRINIDAD & TOBAGO: Proprietors Reports "Slow Start"

                           - - - - -


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A R G E N T I N A
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ARGENTINA: IDB Approves $500MM Loan to Support MSMEs Recovery
-------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $500
million loan from a redirection of resources in its portfolio with
Argentina to support the sustainability and recovery of micro,
small and medium-sized enterprises (MSMEs) that were hit by the
economic crisis triggered by the COVID-19 pandemic.

The loan is part of a support package announced by the IDB Group
for Argentina consisting of disbursements totaling $1.8 billion in
2020, the largest amount in 10 years. It was approved in a new
simplified procedure, which the Bank adopted to speed up support
for the region’s countries trying to tackle the public health
crisis.

The program will help MSMEs to overcome temporary liquidity
problems, meet their commercial and financial obligations and thus
stay afloat, through financing for working capital and refinancing
of existing loans.

The loan will help these businesses recover through access to
medium-term financing that will allow them to restore their
productive capability, meet their needs for productive reconversion
and adaptation in the process of digital transformation as a result
of the coronavirus crisis. It will also help them deal with a
temporary rise in demand as a result of the crisis.  

To this end, there are plans to improve financing terms and the
granting of loans through the National Productive Development Fund
(FONDEP, for its Spanish acronym), and set aside resources for
guarantees so as to facilitate access to loans made by Intermediate
Financial Institutions (IFI), through the Argentine Guarantee Fund
(FOGAR). Both funds are administered by BICE Fideicomisos S.A.
(BFSA).

FONDEP will facilitate access to direct loans, indirect financing
by way of IFI loans, and financing for anchor companies in benefit
of MSMEs suppliers that are part of their value chain. FONDEP will
also be able to finance the subsidy of the interest rate on loans
granted by the IFI and guaranteed by FOGAR. The latter will be
strengthened through the contribution of resources that will let it
grant guarantees for improve MSMEs access to credit.  

An estimated 30,000 MSMEs will benefit from the program, including
6,000 defined as comprising or led by women, giving priority to
industries linked to auto manufacturing, machinery, equipment,
clothing and footwear because of their vulnerability to the
COVID-19 pandemic.

                         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.


RIO NEGRO: Moody's Gives Ca Global Rating to New ARS2-Bil. Notes
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. has
assigned a Ca Global Scale local currency debt rating and an Ca.ar
National Scale local currency senior unsecured debt rating to the
Province of Rio Negro's proposed Notes with maturity on 2021 for up
to ARS 2,000 million. The ratings are in line with the province's
long-term issuer ratings. The outlook of the ratings is negative.

RATINGS RATIONALE

The Province will issue the Notes under a Program created by
Provincial Decree No. 277/2020 on March 16, 2020, for a maximum
outstanding amount of ARS 2,000 million, 2.9% of the Province's
total revenues in 2019.

The Notes will bear variable interest rate (local benchmark plus a
margin to be determined that will not exceed 700 bp) to be paid on
a quarterly basis, and will have a 1-year tenure. Funds will be
allocated for the cancellation of several financial obligations due
in fiscal year 2020. The notes could be suscribed in Argentine
Pesos and/or in kind through the delivery of Rio Negro's Class 1
Notes issued by the province on July 6, 2017, for ARS 1,800
million, which are due on July 6, 2020.

The assigned debt ratings reflect Moody's view that the willingness
and capacity of Rio Negro to honor these Notes is in line with the
provincial's long-term credit quality as reflected in the Ca/Ca.ar
issuer ratings.

The assigned Ca/Ca.ar ratings to the proposed Notes are based on
preliminary documentation received by Moody's as of the rating
assignment date. Moody's does not expect changes to the
documentation reviewed over this period, nor does it anticipate
changes in the main conditions that the Notes will carry. Should
issuance conditions and/or final documentation of the program
deviate from the original ones submitted and reviewed by the rating
agency, Moody's will assess the impact that these differences may
have on the ratings and act accordingly.

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

Given the strong macroeconomic and financial linkages between the
Government of Argentina's and sub-sovereigns, a downgrade in
Argentina's bond ratings and/or further systemic deterioration
could exert downward pressure on the ratings. Alternatively, an
increase in Rio Negro's idiosyncratic risks could translate into a
downgrade.

Moody's does not expect upward pressures in the rated Argentinean
sub-sovereigns in the near to medium term.

The principal Rating Procedure Manual used in assigning these
ratings was the Procedures Manual for Risk Rating of Sub-Sovereign
Governments published in January 2017 registered with the CNV --
Comision Nacional de Valores in Argentina.




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B E L I Z E
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BELIZE: IDB OKs $12MM Loan to Support Unemployment Relief Program
-----------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a loan of US$12
million for Belize to support the implementation of the COVID-19
Unemployment Relief Program.  The loan program will provide
protection for the vulnerable population affected by the COVID-19
crisis.  Specifically, it will provide cash transfers for a period
of 12 weeks to currently unemployed individuals, formerly working
in the informal or formal sectors, particularly but not solely in
tourism, and who are not on the rosters of other cash transfer
programs.

The crisis caused by COVID-19 has hurt local income and
consumption. Based on estimates, 95% of firms within the tourism
sector, which accounts for 40% of total employment, have already
been negatively impacted by the pandemic.  In addition, vulnerable
populations are at increased risk of suffering the effects of an
economic downturn.  IDB's experience suggests that cash transfer
and unemployment insurance programs are effective at smoothing
consumption and alleviating temporary income poverty.

The program will benefit approximately 26,500 individuals and
contribute to maintaining standards of living for vulnerable
persons whose income levels were affected by the COVID-19 crisis.

The US$12 million IDB loan is for a 12-month term, with an
amortization period of 25 years and an interest rate based on
LIBOR.

As reported in the Troubled Company Reporter-Latin America in May
2020, Moody's Investors Service has downgraded the long-term
foreign-currency and local-currency issuer and senior unsecured
debt ratings of the Government of Belize to Caa1 from B3 and
changed the outlook to negative from stable.


BELIZE: S&P Cuts Sovereign Debt Ratings to CC on Debt Restructuring
-------------------------------------------------------------------
S&P Global Ratings, on June 30, 2020, lowered its long-term foreign
and local currency sovereign credit ratings on Belize to 'CC' from
'CCC'. The 'C' short-term foreign and local currency sovereign
credit ratings remain unchanged. S&P placed the long-term ratings
on CreditWatch with negative implications. At the same time, S&P
lowered its transfer and convertibility (T&C) assessment to 'CC'
from 'CCC+'.

CreditWatch

S&P said, "Our CreditWatch negative placement reflects the risk to
debt repayment within the next three months in the context of
ongoing liquidity pressures. We would lower the ratings to
selective default ('SD') if the government undertakes a distressed
exchange offer or if it is not able or willing to service the
interest payment due Aug. 20, 2020, before the grace period
expires.

"On the contrary, we could remove the ratings from CreditWatch if
we perceive that the likelihood of a distressed exchange in the
next three months has decreased and the government honors its next
coupon payment before the 30-day grace period expires."

Rationale

Lowering the foreign and local currency long-term sovereign credit
ratings on Belize reflects heightened risk of a distressed debt
exchange in the near term as the government has announced its
intention to seek the consent of holders of its 2034 bonds to defer
and capitalize quarterly interest payments falling due from Aug.
20, 2020, through Feb. 20, 2021. Over the coming weeks, the
government plans to consult the holders of the 2034 bonds about
possible amendments to the terms of the bonds, and S&P expects a
formal consent solicitation for the temporary capitalization of
interest to be launched in early July.

In S&P's view, the government's announcement is tantamount to an
intention to undertake an exchange offer or similar restructuring
that it would classify as distressed, even though it has not yet
completed the transaction. Alternatively, there are risks
associated with failure to advance with a timely debt
renegotiation, raising the possibility that the government will
miss the upcoming interest payments amid weakened economic,
external, and fiscal metrics due to the COVID-19 shock.

Given already high debt, low international reserves, and a weak
economy, Belize has limited scope to effectively counter the
pandemic shock and maintain timely debt service. In addition,
Belize's creditworthiness is constrained by institutional
weaknesses that include a track record of poor capability to
maintain sustainable public finances across administrations.
Despite a commitment to reduce the fiscal imbalances under the
terms of the March 2017 debt restructuring, high debt remains a
difficulty for the government and has long been an obstacle to
economic prosperity. Belize also has a track record of default when
its fiscal position comes under pressure. The government underwent
three episodes of debt restructuring between 2006 and 2017.

The hit from the COVID-19 pandemic exacerbates the fragility of the
Belizean economy. S&P said, "Due to rapid deterioration of economic
conditions and lockdown measures, we expect a sharp decline in
tourism in 2020, which accounts for 10%-15% of Belize's GDP and
around 60% of the country's foreign exchange earnings. We project
Belize's economy will contract by 15% in 2020, followed by an
expansion of 7.5% in 2021, as travel restrictions gradually
diminish and tourism recovers."

S&P said, "We lowered our transfer and convertibility assessment to
reflect our view of the likelihood of the authorities restricting
access to foreign exchange needed for nonsovereign debt service. To
limit profit repatriation during the pandemic, which would further
increase liquidity pressures on the country, the central bank has
tightened access to foreign exchange."

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

-- Health and safety




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B R A Z I L
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ECORODOVIAS CONCESSOES: Moody's Withdraws Ba2 Global Scale CFR
--------------------------------------------------------------
Moody's America Latina Ltda. has withdrawn Ecorodovias Concessoes e
Servicos S.A.'s Ba2/Aa2.br Corporate Family Ratings (CFR). Prior to
the withdrawal, the outlook on the rating was stable.

The following ratings were withdrawn:

Issuer: Ecorodovias Concessoes e Servicos S.A.

Corporate Family Ratings: Ba2 (Global Scale Rating), Aa2.br
(National Scale Rating)

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

Ecorodovias Concessoes e Servicos S.A. (ECO C&S) manages 3,038
kilometers (km) of toll roads through 10 concessions (including
recently acquired concessions), with an average remaining life of
13 years. In the year of 2019, the company had BRL2.8 billion in
net revenue (excluding construction revenue) and EBITDA of BRL1.6
billion after its standard adjustments, resulting in debt/EBITDA of
4.9x and FFO/debt of 17.5%. ECO C&S is a subholding company created
to consolidate the operational toll road business under Ecorodovias
Infraestrutura e Logistica S.A. (ECO I&L), the owner of 100% of its
shares. ECO I&L is controlled by the CR Almeida Group and
Italy-based Gavio Group.




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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: Agency Extends Tax Payment Until July 29
------------------------------------------------------------
Dominican Today reports that the declaration and payment of the
income tax (ISR) through the Simplified Tax System (RST) on
individuals and legal entities in the Dominican Republic is
extended until July 29, 2020.  In addition, the exemption from the
payment of the monthly advance that expires on July 15 is
maintained, Internal Taxes (DGII), the report notes.

"The terms of declaration and payment of Income Tax (ISR) is
extended for individuals and legal entities, and the exemption from
the payment of ISR advances is maintained for those who have a
monthly obligation to the fiscal period June 2020, whose due date
is July 15, 2020," Internal Taxes said in a press release, the
report notes.

Likewise, it extended until July 29, 2020 of the presentation of
the affidavit and payment of the first installment for taxpayers
covered by the Simplified Tax System (RST), in all its forms, the
report notes.

Through a public notice that becomes official, the DGII informs
that the presentation and payment of tax obligations, whose
deadlines were scheduled for June 29, 2020, are extended until July
29, 2020, 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: Economy Fundamentals Remain Strong, BCRD Says
-----------------------------------------------------------------
Dominican Today reports that the Governor of the Central Bank of
the Dominican Republic (BCRD), Hector Valdez Albizu, noted that
despite the crisis caused by the coronavirus pandemic, the
foundations of the Dominican economy remain strong and will play a
front-line role in getting back on track.  

"The fiscal stimulus measures that are being applied will allow the
country to continue its trajectory of sustained growth and low
inflation, preserving macroeconomic stability," said Valdez Albizu
on an Open Page of the financial entity, according to Dominican
Today.

Valdez Albizu pointed out that the provisions of the Executive
Power such as social distancing, the suspension of operations in
non-essential activities, the closure of borders by air, sea, and
land, the implementation of the curfew and the adoption of
restrictions on public transport Although they have been necessary
to preserve people’s health and avoid saturation of the health
system, they have significantly affected economic activity, causing
the temporary closure of productive sectors, job losses and the
deterioration of companies’ sources of income and homes, the
report notes.

The Governor of the Central Bank stressed that a crucial aspect for
domestic prospects is the behavior of the economy of the United
States of America, the main trading partner of the Dominican
Republic, valuing that this economy registered growth in the first
quarter of 2020 of 0.2 % in year-on-year terms and that its
unemployment rate fell from 14.7% in April of this year to 13.3% in
May 2020, the report relays.

Valdez Albizu added that given this scenario in the United States,
remittance income in the Dominican Republic increased year-on-year
by 17.9% during the month of May, reversing the negative trend in
the months of March and April, the report notes.

In the month of May alone, Dominicans in the diaspora sent some
US$638.7 million to the country, almost double the remittances
received in April, accumulating some US$2.7 billion during the
first five months of the year, according to the representative of
the financial organization, the report discloses.

He added that these elements of the external sector, together with
the dynamism of private credit, will help the Dominican economy
return in the short term to the levels of expansion registered
prior to the pandemic, which would allow it to close 2020 around
neutral growth, the report notes.

"I am convinced that, on this occasion, the rebound of the
Dominican economy will be rapid, provided that we manage to comply
with the official measures that seek to mitigate the health problem
and comply with the protocol defined by the government and the
productive sectors for the development of the economic activity.
In this way, we will avoid a second wave of infections and
significantly increase the probability of gradually, but firmly,
returning to our growth potential by 2021," Valdez Albizu reported,
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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T R I N I D A D   A N D   T O B A G O
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CARIBBEAN AIRLINES: Reports Successful 2-Mo. Period Before Covid-19
-------------------------------------------------------------------
RJR News reports that Caribbean Airlines Limited is reporting that
the first quarter of 2020 was on course to be another successful
period of performance, prior to the impact of COVID-19 in March.

The airline said its performance for January and February surpassed
the corresponding period in 2019, according to RJR News.

Earnings before interest and taxes increased by 2.5% or TT$662,500
with revenues increasing by 5.3% or $21.8 million, the report
notes.

Caribbean Airlines says this increase in revenues resulted from
better passenger numbers and Cargo services continuing to operate
throughout the year, 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.


TRINIDAD & TOBAGO: Proprietors Reports "Slow Start"
---------------------------------------------------
Trinidad Express reports that proprietors in Trinidad and Tobago's
capital city and at Long Circular Mall, St James, reported a "slow
start" on reopening for dining-in under relaxed Covid-19 rules.

Prime Minister Dr. Keith Rowley gave the green light for
restaurants and bars to resume serving patrons in-house, according
to Trinidad Express.

The majority of business people blamed the skeletal influx of
customers on the lack of employment during the Covid-19 lockdown,
the report notes.  They also said people who have returned to work
have not yet collected a salary or wages, and it has diminished
their spending power, and their ability to purchase food and drink,
the report relays.

Owners, staff and customers complained vehemently about the
non-payment of Salary Relief Grants, valued at $1,500, the reprot
discloses.

At Long Circular Mall, food stations were groaning with Arabic,
Creole and Indian dishes, the report relays.  Servers wore masks
and hair nets, as they smiled sweetly waiting for the lunchtime
crowds, which never appeared.  Tables and chairs were laid out for
in-house dining, but just a sprinkling of customers took advantage
of the mall's hospitality, the report discloses.  The food court
looked inviting and immaculately clean.

The report relates that surveying the mall over a steaming bowl of
vegetable soup, businessman and social commentator Joseph
Berment-McDowald said: "I don't see enough business to pay
overheads.  People have to make a drastic change.  Otherwise they
can't be in the game.  I don't think they can pay staff, rent and
all their expenses.  I don't expect they are getting more than just
a contribution to their direct overheads.  I am afraid the demand
would not match up to the level of business that was there before.
It will impact employment negatively.  There is the dire need for a
new recovery plan."

At Dairy Queen ice-cream shop, attendants Sheniece Thomas and
Leslie Ann Charles said they had opened from 11 a.m. By 2 p.m.,
they had served about 16 customers, the report notes.

At Royal Castle outlet, on Independence Square, the security guard
said there was "small turnout" of in-house diners.  Normally,
people occupy all the tables, and there are long queues for chicken
and its tasty pepper sauce.  But about eight people had taken
advantage of the in-house dining, the report adds.

At neighbouring Church's Chicken, manager Jenny Clarke said: "It's
one in, and one out.  We have good sales for takeaway.  We noticed
people are not staying six feet apart. So we go to them, and,
politely tell them to spread out.  We have not noticed a large
number of in-house diners.  But the in-house dining is just
starting back.  Some of the chairs are still stacked on the
tables," the report

At Excellent City Centre, Frederick Street, Amanda's Grill
proprietor Natasha Pagwandas said: "It's empty. No crowded tables.
People have now started to return to work. It's slow," the report
relates.  Pagwandas said: "I applied for it. My staff of eight
applied. Only one employee got it. We have not yet received it. We
need all the help we can to get back on our feet," the report
notes.

At the Us One Sports Bar, at Capital Plaza, proprietor Phillip Cox,
said: "Slow start. This is the first big group of five I have had
for the day. About 15 people came by since I opened. My staff and I
applied for the Salary Relief Grant. We have not yet received it."



                           *********


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.
.


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