/raid1/www/Hosts/bankrupt/TCRLA_Public/200714.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, July 14, 2020, Vol. 21, No. 140

                           Headlines



A R G E N T I N A

ARGENTINA: Guzman Rules Out Changes to Latest Debt Offer
SALTA PROVINCE: Fitch Cuts LT IDRs to C & Unsec. Notes to C


B R A Z I L

BANESE: Moody's Affirms 'Ba2' Local Deposit Ratings
BANPARA: Moody's Affirms Ba2 Local Deposit Ratings, Outlook Stable
BRAZIL: 80% of Bars in Sao Paulo Remain Shuttered
PETROBRAS: Posts Record Fuel Exports Despite COVID-19 Crisis


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Fuel Prices Up Between RD$2.20 & RD$6.70


E C U A D O R

ECUADOR: Reaches Debt Deal in Principle With Major Creditors


J A M A I C A

DEVELOPMENT BANK OF JAMAICA: CariCRIS Revises Outlook to Negative


V E N E Z U E L A

VENEZUELA: Covid-19 Cases Escalate, Top Chavistas Infected

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Guzman Rules Out Changes to Latest Debt Offer
--------------------------------------------------------
Patrick Gillespie at Bloomberg News reports that Argentina's
bondholders shouldn't expect any more improvements or changes to
the country's debt restructuring proposal, Economy Minister Martin
Guzman said.

The government sees no room for further modifications on an amended
offer released, part of Argentina's bid to restructure $65 billion
of debt, according to Bloomberg News.  The proposal gives
bondholders about $13 billion more than its initial plan announced
in April, Bloomberg News relay.

"Clearly not," Guzman said, responding to a question about
modifying the deal in any way.  "Negotiations were performed until
the moment in which we launched the offer. Now there's an offer,
and creditors will decide on that offer," he added.

Mired in recession, Argentina defaulted for the ninth time in its
history on May 22, with the government repeatedly extending the
deadline for a deal as negotiations dragged on between offer and
counteroffer. Along the process, the government said several times
that it was making its best effort, Bloomberg News notes.

The government, which set minimum participation rates in its latest
offer, will assess a partial exchange after seeing the level of
creditor participation, Guzman said in an interview held with
foreign press at the Economy Ministry, Bloomberg News says.

"As of today, all alternatives are possible within the constraints
that we have defined but the final decision is going to be made
once we have more clarity on the process, on the acceptance from
creditors," Guzman said when questioned about a partial exchange,
Bloomberg News notes.

Bloomberg News discloses that referring to minimum participation
levels, he added, "the offer is designed to, first, make sure that
every creditor that decides to accept the offer is on the good side
of liquidity, so it's designed in a way that protects creditors
that accept."

The minister said he expects to receive opposition from one of
Argentina's largest creditor groups, known as the Ad Hoc group,
which includes investor heavyweights like BlackRock Inc and Ashmore
Group Plc, Bloomberg News notes.  Later that evening, that group
published a joint statement with the Exchange Bondholder group,
which noted they would not support the latest proposal, but saw it
as a step in the right direction, Bloomberg News relays.

The offer "falls short of a proposal that can be supported by
Argentina's most significant creditors," according to the
statement, Bloomberg News discloses.  "While we do not accept
Argentina's latest proposal, encouragingly it does provide a basis
for constructive engagement."

Bloomberg News notes that Guzman added that some creditors are
already on board and touted praise from a few G-20 finance
ministers, who met virtually and expressed support for Argentina.
International Monetary Fund Managing Director Kristalina Georgieva
also backed Argentina's efforts at the summit.

Argentina will seek a new program with the IMF as soon as it wraps
up talks with private creditors, he added, noting that "we need to
borrow from the IMF to pay the IMF," Bloomberg News relates.  Asked
about the possibility that a partial exchange with private
creditors could affect IMF negotiations, Guzman insisted the two
are separate issues and the IMF wasn't involved in Argentina's
restructuring with private bondholders, Bloomberg News dicloses.

Guzman added that the government will look to negotiate with the
Paris Club after a new deal with the IMF, Bloomberg News relays.

                           Pending Issues

Guzman ruled out making tweaks including adding a sweetener to the
offer, one of the options that had come up during negotiations over
the past month. He added that paying accrued interest in cash,
which is a sticking point with some of Argentina's creditors, is
out of the question, Bloomberg News notes.  Argentina is offering
to pay accrued interest through new bonds that would mature in
2030, Bloomberg News says.

"Argentina has very tight constraints today-- it doesn't have any
capacity to pay anything today," Guzman said in a response to a
question on paying part of the accrued interest in cash, Bloomberg
News relates.

Beyond Argentina's debt, Guzman faces a harrowing economic recovery
once the country gets through the Covid-19 pandemic, Bloomberg News
discloses. Argentina is expected to contract 12% this year, on pace
for its worst one-year decline in history, amid a strict quarantine
that began on March 20 and is expected to remain at least until
July 17. Guzman said job creation is the government's number one
post-pandemic priority, Bloomberg News relates.

"The state will have to play a role through productive policies and
through active management of aggregate demand and credit policies
in order to create incentive for job creation," Guzman added,
Bloomberg News relay.

                            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.

Moody's credit rating for Argentina was last set at Caa2 from B2
with under review outlook. Moody's rating was issued on Aug. 30,
2019.  S&P Global Ratings, in December 2019, raised its foreign
currency sovereign credit ratings on Argentina to 'CC/C' from
'SD/D'.  S&P's outlook on the long-term sovereign credit ratings is
negative. Fitch Ratings, in December 2019, upgraded Argentina's
Long-Term Foreign-Currency Issuer Default Rating to 'CC' from 'RD',
and its Short-Term Foreign-Currency IDR to 'C' from 'RD'.  DBRS,
Inc. meanwhile downgraded Argentina's Long-Term and Short-Term
Foreign Currency - Issuer Ratings to Selective Default (SD), from
CC and R-5, respectively, also in December 2019.


SALTA PROVINCE: Fitch Cuts LT IDRs to C & Unsec. Notes to C
-----------------------------------------------------------
Fitch Ratings has downgraded the Argentinian Province of Salta's
Long-Term Foreign- and Local-Currency Issuer Default Ratings to 'C'
from 'CCC'. In addition, Fitch has downgraded the province's 9.125%
senior unsecured notes for USD350 million due July 7, 2024 and 9.5%
senior secured notes for USD185 million due March 16, 2022 to 'C'
from 'CCC'. Both bonds are rated the same as PS's IDRs.

KEY RATING DRIVERS

The downgrade of PS's ratings follows the province's non-payment of
its 9.125% senior unsecured notes debt service due July 7, 2020,
specifically a semi-annual interest payment due for USD15.9
million. On June 22, 2020 the notice of payment was issued but on
July 8, 2020 the province announced its intention to begin
conversations with its creditors concerning the adverse
macroeconomic and public financial conditions currently faced by
the country, that limit its ability to meet the service payment as
contractually stipulated. As stipulated on the notes' indenture,
the province is currently in its 30-day grace period to fully
comply with its financial obligations. Failure to cure the missed
interest payment before the 30-day grace period expires on August
7, 2020 is considered an event of default in the transaction
documents and by Fitch.

The 2024 notes were issued for USD300 million in July 7, 2016 and
then reopened in the same year for an additional USD50 million
issuance, forming a single consolidated series for USD350 million.
The bond is denominated in U.S. dollars and accrues a fixed
interest rate of 9.125% payable on a semi-annual basis (January 7
and July 7 of each year). The bond's maturity date is on July 7,
2024 with equal capital payments in the last three years (on July
7, 2022, July 7, 2023, and July 7, 2024). The notes are a senior
unsecured obligation of PS governed by the laws of the state of New
York, and its rating is the same as PS's IDRs.

To date, the province remains current in its senior secured 2022
notes, which have USD38.147 million outstanding. However, PS's 'C'
ratings reflect the province's overall near-default risk situation,
the entrance into a cure period on its 2024 notes and the formal
announcement of an intended debt negotiation with bondholders. PS's
Standalone Credit Profile was also lowered to 'c' from 'ccc'. Fitch
has relied on its rating definitions to position the province's
ratings.

Effect of ESG Factors: PS has an Environmental, Social and
Governance Relevance Score of 4 for Rule of Law, Institutional &
Regulatory Quality, Control of Corruption and Creditors Rights. The
Province operates under a weak institutional framework resulting in
high volatility and uncertainty. The deteriorated willingness to
pay reflected in the breach of a formal agreement assuring debt
service payments negatively impacts Creditor Rights.

RATING SENSITIVITIES

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

  -- Fitch could upgrade Salta's ratings if the province complies
with its interest payment within the 30-day cure period. Salta's
ratings are constrained by the Sovereign Country Ceiling.

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

  -- Salta's ratings are subject to the debt service payments being
fully fulfilled before the 30-day grace period expires. In this
context, any potential exchange offer will be assessed under its
"Distressed Debt Exchange Rating Criteria" and could trigger a
rating action.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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

Salta, Province of: Rule of Law, Institutional & Regulatory
Quality, Control of Corruption: 4, Creditor Rights: 4.

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, either
due to their nature or the way in which they are being managed by
the entity.




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B R A Z I L
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BANESE: Moody's Affirms 'Ba2' Local Deposit Ratings
---------------------------------------------------
Moody's Investors Service affirmed all ratings of Banco do Estado
de Sergipe S.A. (Banese). Banese has a Ba2/Not Prime for local
currency, long- and short-term deposit ratings, and Aa3.br/BR-1 for
long and short-term Brazilian national scale deposit ratings.
Banese's has a ba2 baseline credit assessments (BCA), which was
also affirmed. The outlook on Banese's Ba2 local currency deposit
rating remains negative and is stable on the Ba3 long-term foreign
currency deposit rating.

RATINGS RATIONALE

In affirming Banese's ratings, Moody's acknowledges the bank's
entrenched retail franchise in its regional market, which is
supported by a stable market share of core deposits in excess of
30%, largely sourced from the state government's civil servants.
Banese's ratings and assessments incorporate strong liquidity
metrics as well as recurring earnings generation, which ensures the
replenishment of its capital. The negative outlook on the ratings
is maintained to reflect the challenges to Banese's asset quality
and profitability deriving from rapid loan growth and exposure to
business segments that are more vulnerable to the downturn.

The coronavirus outbreak will cause a sharp contraction in the
Brazilian economy in 2020 and deterioration in asset quality and
profitability of banks, including Banese. Banese's loan delinquency
has gradually increased from a 2.5% average ratio reported between
2014-2018, to 3.5% in December 2019 and March 2020, the highest
ratio in the bank's 10-year financial history. Because of its
recent rapid growth and despite the 35% share of low-risk payroll
loans in its portfolio, Banese's loans will season under more
adverse credit condition, causing non-performing loans (NPL) to
increase, including its SME loan book, which is already
experiencing punctual delinquencies. In addition, Banese has
deferred payments on 7% of its loan book to accommodate borrowers'
repayment capacity during the pandemic. While this measure may
defer credit losses, a prolonged economic disruption will likely
weaken asset quality further with direct effect on profitability
and capital, in the event Banese has to raise loan loss provisions
materially.

At the same time, Banese's Moody's adjusted tangible common equity
to risk weighted assets returned to the 9% level by 4Q2019, after
declining to 6.6% following material negative adjustments on equity
made in June 2019, and which triggered Moody's negative outlook on
the ratings. The adjustments reflected actuarial liabilities at
Banese-sponsored private pension fund, Instituto Banese de
Seguridade Social -- Sergus. Besides halving the amount of those
negative adjustments, the bank's capital position was further
reinforced by earnings retention in the period. Payout ratio in
2019 was only 24% in 2019, against 40% in 2018.

In 1Q20, the bank's net income dropped 13% over one year prior, due
to higher credit costs and modest business growth. Results in 2019
were also affected by certain non-recurring gains related to
insurance fees and recoveries. The 65% increase in credit costs
resulted from a specific SME default, and any recovery on the loan
will be used to increase provisions for credit losses that are
expected to rise from the pandemic.

A key credit strength of the bank's ratings and assessments refers
to its granular funding base with low dependence on market funds
and strong liquidity ratio, historically above 35% of tangible
banking assets.

Banese's Ba2 global local-currency deposit rating is aligned to a
ba2 baseline credit assessment, and therefore, does not incorporate
any support assessment from its shareholder, the State Government
of Sergipe, nor does it benefit from systemic support, given its
small size.

Moody's regards the coronavirus pandemic as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Moody's does not apply any corporate behavior
adjustment to Banese, as concerns about risk management and
corporate governance are included in the financial scores.
Corporate governance, however, remains a key credit consideration
at Banese and requires ongoing monitoring.

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

Banese's rating outlook could return to stable if the bank is able
to preserve its profitability in its regional market, maintaining
adequate capital and improving asset-risk metrics.

The BCA and ratings could be downgraded if the bank's asset quality
weakens materially at the same time that profitability declines
because of higher provisioning needs as new loans will season under
a more difficult economic scenario.

METHODOLOGY USED

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

Banco do Estado de Sergipe S.A. is headquartered in Aracaju,
Brasil. As of March 2020, Banese had total assets of BRL 6.3
billion (USD 1.2 billion) and shareholders' equity of BRL 491
million (USD 95 million).

LISTED OF AFFECTED RATINGS AND ASSESSMENTS

The following ratings and assessments of Banco do Estado de Sergipe
S.A were affirmed:

  - Long-term local currency bank deposit rating affirmed Ba2,
outlook negative

  - Short-term local currency bank deposit rating affirmed at Not
Prime

  - Long-term foreign currency bank deposit rating affirmed at Ba3;
outlook stable

  - Short-term foreign currency bank deposit rating affirmed at Not
Prime

  - Brazilian long-term local currency bank deposit rating affirmed
at Aa3.br

  - Brazilian short-term local currency bank deposit rating
affirmed at BR-1

  - Long-term local currency counterparty risk rating affirmed at
Ba1

  - Short-term local currency counterparty risk rating affirmed at
Not Prime

  - Long-term foreign currency counterparty risk rating affirmed at
Ba1

  - Short-term foreign currency counterparty risk rating affirmed
at Not Prime

  - Brazilian long-term local currency counterparty risk rating
affirmed at Aaa.br

  - Brazilian short-term local currency counterparty risk rating
affirmed at BR-1

  - Long-term counterparty risk assessment affirmed at Ba1(cr)

  - Short-term counterparty risk assessment affirmed at Not
Prime(cr)

  - Baseline Credit Assessment affirmed at ba2

  - Adjusted Baseline Credit Assessment affirmed at ba2

  - Outlook negative (m)


BANPARA: Moody's Affirms Ba2 Local Deposit Ratings, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service affirmed all ratings of Banco do Estado
do Para S.A. (Banpara). Banpara is rated Ba2/Not Prime for local
currency, long and short-term deposit ratings, and Aa3.br/BR-1 for
long and short-term Brazilian national scale deposit ratings.
Banpara's ba2 baseline credit assessment (BCA) was also affirmed.
The outlook on Banpara's ratings remains stable.

RATINGS RATIONALE

In affirming Banpara's ratings and assessments, Moody's
acknowledges the bank's consistently sound financial fundamentals,
including high capitalization, strong earnings generation as well
as superior asset quality metrics. The bank's ratings are
constrained by its limited business diversification and geographic
footprint, which expose the bank to downturns in the local economy
and challenge its competitive position in a market also targeted by
other large Brazilian banks. It also incorporates potential changes
in regulations related to payroll lending.

Banpara's well-established operation in the state of Para is
primarily focused on low-risk secured payroll lending to civil
servants, which represents around 80% of its loan book. As such,
the bank's delinquency ratio has averaged 1% in the past five years
ending 2019, reaching a low 0.6% ratio in March 2020, levels that
are materially lower than the banking systems. At the same time,
Banpara maintains a conservative loan loss reserve cushion close to
4x the volume of problem loans.

In the wake of coronavirus-related shocks, Moody's expects Brazil's
GDP to contract 6.2% in 2020, negatively affecting Brazilian banks'
asset quality and profitability. Despite its predominantly low risk
loan portfolio, Banpara's asset quality is not entirely immune to
high unemployment and prolonged economic recession, especially
concerning its 20% exposure to unsecured consumer and commercial
loans. Banpara's 18.8% capitalization ratio in 1Q2020, measured as
tangible common equity to risk weighted assets, offers ample
protection against unexpected losses.

Banpara is funded by a sticky and low-cost core deposit base, an
important contributor to its consistently very high net interest
margins. The bank's low credit costs, as reflected in loan loss
provisions accounting for modest 19% of pre provision income over
the past five years, have also contributed to its strong
profitability. Nonetheless, in 1Q2020, net income to tangible
banking assets declined to 2.4%, from a 3.9% average between
2015-2019, already reflecting 23% growth on credit costs and modest
revenue growth. Moody's expects some increasing pressure on the
bank's profitability metrics, due to the regulated nature of
payroll lending. A reduction in payroll-lending rates announced by
the authorities in late March 2020 as part of credit support
measures is expected to pressure the bank's margins over the coming
quarters.

Banpara counts on strong liquidity metrics. In addition to a low
reliance on market funds, the bank benefits from a loyal and
granular deposit funding base, including retail depositors and
government. It has also historically had very liquid resources,
with liquid assets averaging 31% of tangible banking assets over
the past five years.

Banpara's Ba2 global local-currency deposit rating is aligned to
its ba2 baseline credit assessment, and therefore, does not
incorporate any support uplift from its shareholder, the State
Government of Para, nor does it benefit from systemic support,
given its small share of the national deposits market.

Moody's regards the coronavirus pandemic as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Moody's does not have any particular governance concern
for the bank. Corporate governance, however, remains a key credit
consideration at Banpara and requires ongoing monitoring.

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

A rating upgrade at this moment is unlikely because, at ba2,
Banpara's BCA is at the same level as the Ba2 sovereign bond
rating.

Banpara's rating could be downgraded if asset-quality indicators
deteriorate as the bank expands rapidly beyond its core market and
into the riskier SME segment. The bank's rating and assessment
could also be downgraded if the sovereign rating is downgraded.

METHODOLOGY USED

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

Banco do Estado do Para S.A. is headquartered in Belem, Brasil. As
of March 2020, Banpara had total assets of BRL 9.4 billion (USD 1.8
billion) and shareholders' equity of BRL 1.4 billion (USD 0.3
billion).

LISTED OF AFFECTED RATINGS AND ASSESSMENTS

The following ratings and assessments of Banco do Estado do Para
S.A. were affirmed:

  - Long-term local currency bank deposit rating affirmed Ba2,
outlook stable

  - Short-term local currency bank deposit rating affirmed at Not
Prime

  - Long-term foreign currency bank deposit rating affirmed at Ba3;
outlook stable

  - Short-term foreign currency bank deposit rating affirmed at Not
Prime

  - Brazilian long-term local currency bank deposit rating affirmed
at Aa3.br

  - Brazilian short-term local currency bank deposit rating
affirmed at BR-1

  - Long-term local currency counterparty risk rating affirmed at
Ba1

  - Short-term local currency counterparty risk rating affirmed at
Not Prime

  - Long-term foreign currency counterparty risk rating affirmed at
Ba1

  - Short-term foreign currency counterparty risk rating affirmed
at Not Prime

  - Brazilian long-term local currency counterparty risk rating
affirmed at Aaa.br

  - Brazilian short-term local currency counterparty risk rating
affirmed at BR-1

  - Long-term counterparty risk assessment affirmed at Ba1(cr)

  - Short-term counterparty risk assessment affirmed at Not
Prime(cr)

  - Baseline Credit Assessment affirmed at ba2

  - Adjusted Baseline Credit Assessment affirmed at ba2

  - Outlook stable


BRAZIL: 80% of Bars in Sao Paulo Remain Shuttered
-------------------------------------------------
Oliver Mason at Rio Times Online reports that the bars and
restaurants of the city of Sao Paulo were authorized to reopen on
July 6 but despite the authorization, 59 percent of the city's food
and beverage businesses decided to remain closed.

The report notes that among bars, as many as 80 percent have
decided not to reopen.  The main reason for not reopening is the
rule permitting bars and restaurants to stay open only during
daylight hours -- they must close by 5 PM, just before sundown
during Brazil's winter, the report relays.

                              About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.

As reported in the Troubled Company Reporter-Latin America on May
8, 2020, Fitch Ratings affirmed Brazil's Long-Term Foreign Currency
Issuer Default Rating at 'BB-' and has revised the Rating Outlook
to Negative. The Outlook revision to Negative reflects the
deterioration of Brazil's economic and fiscal outlook, and downside
risks to both given renewed political uncertainty, including
tensions between the executive and congress, and uncertainty over
the duration and intensity of the coronavirus pandemic.

On April 10, 2020, the TCR-LA reported that S&P Global Ratings
revised on April 6, 2020, its outlook on its long-term ratings on
Brazil to stable from positive.  At the same time, S&P affirmed its
'BB-/B' long- and short-term foreign and local currency sovereign
credit ratings. S&P also affirmed its 'brAAA' national scale rating
and its transfer and convertibility assessment of 'BB+'. The
outlook on the national scale rating remains stable.


PETROBRAS: Posts Record Fuel Exports Despite COVID-19 Crisis
------------------------------------------------------------
Outlook India reports that Brazilian oil giant Petroleo Brasileiro
S.A. or Petrobras said that it has exported a record 1.11 million
tonnes of fuel oil in May, a massive 231 per cent higher than the
volume exported in the same month last year, despite the COVID-19
crisis.

The record fuel exports came despite the crisis in the sector due
to low prices and reduction in demand due to the pandemic, reports
Efe news, according to Outlook.

In a statement, the oil giant said the volume of oil export in May
was 10 per cent more than the February figures before the pandemic
led to the suspension of economic activities across the world, the
report notes.

"The record for exports occurs in a challenging period of the world
economy with a reduction in global demand for oil and oil products
caused by the pandemic," it said in the statement obtained by
Outlook.

"The strategy of diversifying the destinations of fuel oil exports
is effective in capturing greater participation in the foreign
market," it said.

The increase in the exports came after the agreement between the
OPEC members - the organization of which Brazil is not a member -
to reduce production and adjust it to the falling global demand,
Outlook notes.

The company said it was able to increase its participation in the
global market partly due to the enforcement of new global
specifications for marine fuels that reduced the limit of sulfur
content in crude oil from 3.5 per cent to 0.5 per cent, the report
relays.

The modification has generated a unique opportunity for Petrobras,
which produces petroleum and fuel oil with low sulfur content, the
report discloses.

According to the Brazilian state oil company, whose shares are
traded on the Sao Paulo, New York, and Madrid stock exchanges, the
record of exports also reflects the measure adopted by the firm to
prioritize exploration and production areas more, the report says.

The management of the firm announced in May that despite the
historic crisis in the sector due to the steep decline in the
global demand and fuel oil prices, it maintained its goal of ending
2020 with an average production of 2.7 million barrels per day, the
report notes.

According to its five-year plan, Petrobras proposes to up its oil
and natural gas production in Brazil up to 2.7 million BPD in 2020,
2.9 million in 2021, 3.1 million in 2022, 3.3 million in 2023 and
3.5 million in 2024, the report says.

To manage the fall in demand and global oversupply, Petrobras
suspended its operations across 62 of its maritime platforms in
deep water to reduce its production of around 200,000 BPD in April.
But in May, it increased its production, the report adds.

                         About Petrobras

Petroleo Brasileiro S.A. or Petrobras (in English, Brazilian
Petroleum Corporation - Petrobras) is a semi-public Brazilian
multinational corporation in the petroleum industry headquartered
in Rio de Janeiro, Brazil.  Petrobras control significant oil and
energy assets in 16 countries in Africa, the Americas, Europe and
Asia.  But, Brazil represents majority of its production.

The Brazilian government directly owns 54% of Petrobras' common
shares with voting rights, while the Brazilian Development Bank and
Brazil's Sovereign Wealth Fund (Fundo Soberano) each control 5%,
bringing the State's direct and indirect ownership to 64%.

A corruption scandal was uncovered in 2014 that involved
Petrobras.
The scandal related to money laundering that involved Petrobras
executives.  The executives were alleged to get received kickbacks
from overpriced contracts, to the tune of about $3 billion in
total.

As reported in the Troubled Company Reporter-Latin America on Feb.
25, 2019, S&P Global Ratings raised the stand-alone credit profile
(SACP) on Petrobras to 'bb' from 'bb-'. S&P also affirmed its
global scale ratings on the company at 'BB-' and its Brazilian
national scale rating at 'brAAA'.




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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: Fuel Prices Up Between RD$2.20 & RD$6.70
------------------------------------------------------------
Dominican Today reports that fuel prices register an increase
between RD$2.20 and RD$6.70 for the week from July 11 to 17,
reported the Ministry of Industry, Commerce, and MSMEs (MICM).

The institution indicated that Premium gasoline will be sold at
RD$208.30 per gallon, with an increase of RD$4.00, while regular
gasoline will cost RD$198.50, for an increase of RD$5.00, according
to Dominican Today.

Furthermore, regular diesel will be sold at RD$152.70, increasing
RD$6.20; an optimal gallon of diesel will cost RD$163.10, it rises
RD$5.40; Avtur will be sold at RD$114.00, with an increase of
RD$3.70, and kerosene will be shipped at RD$137.70 per gallon, for
an increase of RD$4.00, the report notes.

While oil fuel will be sold at RD$104.70 per gallon, which
represents an increase of RD$6.70; and 1% S fuel oil will be sold
at RD$112.70 per gallon, for an increase of RD$6.50, the report
relays.

Liquefied Petroleum Gas (LPG) will cost RD$105.20, with an increase
of RD$2.80 per gallon, the report notes.  Natural Gas is the only
one that maintains its price at RD$28.97 per cubic meter, 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 stable outlook (2015). Moody's credit rating for Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB- with
stable outlook (2016).




=============
E C U A D O R
=============

ECUADOR: Reaches Debt Deal in Principle With Major Creditors
------------------------------------------------------------
Ben Bartenstein and Stephan Kueffner at Bloomberg News report that

Ecuador reached a preliminary agreement with some of its largest
bondholders to restructure $17.4 billion in outstanding debt,
reducing the South American nation's obligations significantly over
the coming decade.

President Lenin Moreno's government intends to exchange 10 existing
bonds maturing between 2022 and 2030 for three new notes due in
2030, 2035 and 2040, reducing the average coupon rate to 5.3%,
according to the Finance Ministry, Bloomberg News dicloses.  Under
the proposal, interest payments would resume at the beginning of
next year, while the earliest principal would come due in January
2026, according to Bloomberg News.  The plan still needs approval
from a share of the remaining creditors.

Funds managed or advised by AllianceBernstein, Ashmore Group Plc,
BlackRock Inc., BlueBay Asset Management LLP and Wellington
Management Company LLP are among those supporting the deal, the
ministry said in a statement, Bloomberg News notes.  It said
discussions will continue with other bondholder groups, Bloomberg
News relate.

"With this, we're freeing up $16 billion over the coming 10 years,"
Moreno wrote on Twitter, Bloomberg News says.  The accord generates
savings of $1.4 billion this year and practically gives Ecuador a
grace period of two years, Finance Minister Richard Martinez added
in a conference call, Bloomberg News relates.

Under the previous administration of Rafael Correa, who was found
guilty of corruption in April, the former OPEC member defaulted in
2008 and then aggressively sold debt when the price of oil declined
sharply, Bloomberg News discloses.  A plunge in crude prices
earlier this year, coupled with the Covid-19 crisis, forced
Moreno's government to ask creditors to consent to a suspension of
debt payments while his team negotiated a deal with them as well as
the International Monetary Fund, Bloomberg News relates.

The IMF's favorable view of today's accord will help to convince
further bondholders to agree to the restructuring, said Martinez.
The government also hopes to reach an agreement with the IMF for a
new credit line by the end of August, Bloomberg News relays.  The
ministry is also negotiating a re-profiling of bilateral debt with
China and the disbursal of additional funds from the Asian country
this year as it still needs to close a financing gap, he added.

"The result is much more positive for Ecuador than I'd expected,"
said Santiago Mosquera, a Quito-based analyst at boutique
investment bank Analytica Investments.  "Interest rates and coupon
payments are low, which is what Ecuador needed," he added.

The debt accord would give the nation considerable breathing room,
well beyond when Moreno's term ends next May, Bloomberg News notes.
Political opponents have criticized the president and his finance
team for not taking a more aggressive approach in the restructuring
talks, Bloomberg News says.  Yet they've won praise from key
creditors who say Ecuador officials have been much more reasonable
than their counterparts in Argentina, where negotiations have
dragged on for months, Bloomberg News relates.

"It took Argentina 15 years to return to the market," Finance
Minister Richard Martinez said on a conference call in late May
before the debt talks picked up. "Ecuador cannot fall into
something like this.  That would be very traumatic for the
country," Bloomberg News notes.

The nation's largest reported bondholders include Ashmore,
BlackRock and Goldman Sachs Group Inc., according to data compiled
by Bloomberg.

                About Ecuador

The Republic of Ecuador is a country in northwestern South America.
The sovereign state of Ecuador is a middle-income representative
democratic republic and a developing country that is highly
dependent on commodities, namely petroleum and agricultural
products.  Lenin Boltaire Moreno Garces is the county's current
President, who has been in office since May 2017.  As of May 12,
2020, Ecuador has defaulted on sovereign debt in 2020.

On April 3, 2020, Moody's Investors Service downgraded the
long-term foreign-currency issuer and senior unsecured rating of
the Government of Ecuador to Caa3 from Caa1 and changed the outlook
to negative from stable.  Moody's decision to downgrade Ecuador's
rating reflects the increased and now very high probability of a
restructuring, distressed exchange or default on Ecuador's market
debt as a result of the economic and financial shock the country is
experiencing due to the coronavirus outbreak that has led to
extremely tight financing conditions for Ecuador.

On April 13, 2020, S&P Global Ratings lowered its long- and
short-term sovereign credit ratings on Ecuador to 'SD/SD' from
'CCC-/C'. S&P removed the ratings from CreditWatch.  S&P said
Ecuador's already large budgetary financing needs have been
exacerbated by the plunge in global oil prices and the negative
global economic impact of the COVID-19 pandemic. The country is one
of the worst affected by the virus outbreak in the region.

Also, in mid April 2020, Fitch lowered Ecuador's longterm foreign
currency issuer default rating to C from CC.  The 'C' rating
reflects Fitch's view that a sovereign default of some kind is
imminent following the "consent solicitation" made by the
Ecuadorian government to defer external bond payments while it
pursues a comprehensive restructuring.  A deferment in payments, if
agreed to by bondholders, would constitute a distressed debt
exchange in Fitch's view.

As reported in the Troubled Company Reporter-Latin America,
Egan-Jones Ratings Company, on May 18, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by the Republic of Ecuador to CCC- from CCC+. EJR also downgraded
the rating on commercial paper issued by the Company to D from C.




=============
J A M A I C A
=============

DEVELOPMENT BANK OF JAMAICA: CariCRIS Revises Outlook to Negative
-----------------------------------------------------------------
RJR News reports that Caribbean Information and Credit Rating
Services (CariCRIS) has revised the outlook for the Development
Bank of Jamaica (DBJ) from stable to negative.

In a news release, the company said its decision was predicated on
the difficult economic conditions globally and regionally because
of the COVID-19 pandemic, according to RJR News.

CariCRIS says this may challenge DBJ's growth and profitability
metrics over the next 12 to 15 months, the report notes.




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

VENEZUELA: Covid-19 Cases Escalate, Top Chavistas Infected
----------------------------------------------------------
Carlos Camacho at The Latin American Herald reports that Diosdado
Cabello, the number two man in the Nicolas Maduro regime, confirmed
that he had been infected with Coronavirus, minutes after another
top "chavista", Zulia state governor Omar Prieto, also admitted to
being infected, as the number of cases in Venezuela continue rising
and the pace of infection is seen as accelerating.

"Dear colleagues, I would like to inform you that after taking the
corresponding tests, I have tested positive for Covid 19, and I am
now in isolation, fulfilling the indicated treatment," tweeted
Cabello, President of the Maduro-controlled Constituent Assembly
legislative.  "Thank you for your good wishes, with morale high, we
will win!".

Embattled strongman Nicolas Maduro confirmed the news, and wished
Cabello a speedy recovery, according to The Latin American Herald.

The report note that Cabello cancelled his weekly television show
"Con El Mazo Dando" (Hitting with the Club) arguing that "on advice
of doctors and family" he had to cancel since he was suffering from
"a strong allergy".

Speculation began to grow until it was confirmed less than 24 hours
later: the number two man of "chavismo", the junior officer who for
years plotted and ultimately carried out a military coup with Hugo
Chavez in 1992, has come down with Coronavirus, the report says.

Cabello threatened the Venezuelan Academy of Sciences when, weeks
ago, the academics accurately predicted the present surge in
Coronavirus, the report discloses.

Venezuela now has more than 8,000 cases of COVID 19. Until
mid-March, the Maduro Regime maintained that the oil-rich nation
was virus free . . .  but only hours after that famous speech by
Maduro, the Regime admitted to its first two cases, the report
relays.  The last 1,000 cases where added in under 72 hours, the
report notes.

Shortly before Cabello made his admission, Omar Prieto, the
governor of Zulia, Venezuela's hardest hit state in the pandemic,
also admitted to being infected, the report says.

"People of Zulia, thank you for your many messages of affection. I
report that after undergoing real time PCR test of #COVID19 , I
have resulted +. It is the risk that, like, our doctors, nurses,
firemen take. We are in battle and stable. God with us, we will
overcome!", Prieto wrote, the report relates.

An economist by training, Prieto has been roundly criticized for
his handling of the Coronavirus outbreak. A polemical figure and a
hard-core "chavista", his opponent in the gubernatorial race,
opposition lawmaker Juan Pablo Guanipa, accused him of fraud and
stealing the election, the report adds.

                              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
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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