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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 29, 2020, Vol. 21, No. 151

                           Headlines



A R G E N T I N A

ARGENTINA: Will Not Raise 'Last' Debt Offer, Willing to Tweak Terms
PETROQUIMICA COMODORO: S&P Affirms CCC+ LT Issuer Credit Rating


B R A Z I L

BANCO COOPERATIVO SICREDI: S&P Assigns BB- ICR, Outlook Stable
EMBRAER: Window of Opportunity Opens in Coronavirus Pandemic


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Traders Support Nationwide Curfew
DOMINICAN REPUBLIC: World Bank to Assist Gov't. on Energy Sector


E C U A D O R

GUAYAQUIL MERCHANT: Fitch Affirms $175MM Notes Rating at B+


M E X I C O

GRUPO GICSA: S&P Withdraws BB- Long-Term Issuer Credit Rating


P U E R T O   R I C O

SPANISH BROADCASTING: Stockholders Elect Six Directors


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Gov't. Dismisses Sanction-Busting Claims


X X X X X X X X

LATAM: Covid-19 Weakens Region's Utility Liquidity Says Fitch

                           - - - - -


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A R G E N T I N A
=================

ARGENTINA: Will Not Raise 'Last' Debt Offer, Willing to Tweak Terms
-------------------------------------------------------------------
Eliana Raszewski and Jorge Iorio at Reuters report that Argentina's
government reaffirmed that it would not budge from its latest
proposal to restructure around the $65 billion (51 billion pounds)
in debt, but signaled it would be willing to negotiate on the fine
print around the deal.

The South American country is facing a standoff with bondholders
after creditor groups joined forces to reject the government's
proposal earlier in July and put forward one of their own,
according to Reuters.

The report notes that the government has repeatedly said it cannot
offer more, though sources told Reuters it would be willing to
negotiate key contractual terms.

"Argentina wishes to and will contribute to the development of
contractual instruments that enhance the success of sovereign
restructuring initiatives when they enjoy meaningful creditor
support," the Economy Ministry said in a statement obtained by the
news agency.

The ministry said the bondholder group's counterproposal called for
"yet more generous financial terms for the creditors compared to
Argentina's current offer," while requesting that Argentina cover
fees and expenses of the creditors' advisors.

"Those aspects of the counterproposal that seek to impose
additional burdens on an economy that is choking in the midst of
the COVID-19 crisis . . . cannot be accommodated," the ministry
said in the statement.

Analysts say a gap of about 3 cents on the dollar between the sides
at the negotiating table should be bridged in last-ditch talks
ahead of a current Aug. 4 deadline for a deal to avoid a messy
legal standoff, the report relates.

Creditors' legal demands include that amendments be made to the
2016 indenture for new debt issued in exchange for 'Macri' bonds,
to prevent the government from using 'Pac-Man' style measures to
make future changes to any agreement, the report discloses.

Argentina has been in default since May, the country's ninth, and
is headed for 10-12% economic contraction this year due to the
impact of COVID-19, deepening a recession that began in 2018, the
report adds.

                          About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank.  Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

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.

PETROQUIMICA COMODORO: S&P Affirms CCC+ LT Issuer Credit Rating
---------------------------------------------------------------
On July 27, 2020, S&P Global Ratings affirmed its 'CCC+' long-term
issuer credit rating on Argentina-based energy company,
Petroquimica Comodoro Rivadavia S.A. (PCR). The outlook remains
negative. S&P also kept the company's stand-alone credit profile
(SACP) at 'b-'.

The company continues to be exposed to tight liquidity due to high
capital expenditures (capex) during the past 24 months, mainly to
develop its renewable energy business unit. PCR largely financed
its capex with bank lines that have substantial amortizations in
the next 12-18 months. The company successfully issued about $105
million in the Argentine local market in the first half of 2020,
but the issuance has a short-term maturity. Additionally, PCR still
depends on debt refinancing to not pressure its liquidity position
further. However, Argentina's (SD/--/SD) recession and debt
restructuring process significantly narrows financing options for
Argentine corporates, including PCR, which have been largely unable
to access international capital markets.

S&P said, "Moreover, although PCR successfully amended its covenant
package for 2020, raising net leverage to EBITDA from 2.0x to 2.5x,
we still believe the company will struggle to meet that level by
year-end and the 2.0x level next year, which entail some
acceleration risks on certain bank loans for $130 million. We
expect PCR to renegotiate its financial covenants package once
again in the next few quarters."

Following the March 19, 2020, publication of our new oil and gas
price deck, "S&P Global Ratings Cuts WTI And Brent Crude Oil Price
Assumptions Amid Continued Near-Term Pressure," we believe the
lower prices in 2020 will weaken the oil and gas unit's
profitability, but the renewable business unit would offset this.
All three wind farms are fully operational and contributing fairly
stable cash flow generation of about $48 million in 2020 and $70
million after that.

Liquidity issues aside, PCR's strategic entrance into the renewable
business is paying off, its oil segment would benefit from
international oil price recovery, and a return to normal of
Argentina's construction industry once COVID-19 effects ease would
likely strengthen its cement division. A more diversified business
model coupled with a solid operating performance would improve
credit metrics and support profitability in upcoming years. S&P
expects adjusted EBITDA to grow around 60% from 2020 to 2021,
adjusted EBITDA margin to recover from 35% to 45%, and gross
leverage to reduce from 4.8x to 2.5x in the same period.




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B R A Z I L
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BANCO COOPERATIVO SICREDI: S&P Assigns BB- ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings assigned a 'BB-' global scale issuer credit
rating on Banco Cooperativo Sicredi S.A. (Banco Sicredi). The
outlook is stable.

The rating on Banco Sicredi reflects S&P's opinion that it and the
credit unions that are part of the cooperative credit system form
an integrated network that would provide support in any foreseeable
circumstances to members of the system. As a result, our rating
analysis reflects the system's aggregate credit quality. S&P's
rating also reflects the competitive advantage derived from
Sicredi's business model, which promotes high stability of the
customer and depositor bases, the latter consist of members of the
system and which benefit from Banco Sicredi's success.

Based on the cooperative model, Banco Sicredi has been reporting
average growth of more than 20% in the past years, above the market
average. Despite the strong growth, the entity was able to maintain
comfortable levels of capitalization thanks to solid profits in
recent years. Although S&P doesn't expect changes to this trend in
the coming years, Banco Sicredi faces a sharp economic downturn
caused by COVID-19. Therefore, S&P believes that default metrics
may deteriorate in 2020 and 2021, which could weaken the system's
results. To mitigate these effects, Banco Sicredi has allowed its
members to renegotiate their loans with grace periods of up to 120
days, similar to the current practices of other financial
institutions.


EMBRAER: Window of Opportunity Opens in Coronavirus Pandemic
------------------------------------------------------------
Lachlan Williams at Rio Times Online reports that not everything
surrounding Covid-19 is negative for aviation manufacturer EMBRAER
(EMBR3).

The company, which is racing against time to adjust its operations
after the failed deal with Boeing, found a window of opportunity in
the pandemic, according to Rio Times Online.

The assessment of the company's executives, in line with expert
analysis, is that the pandemic has reinforced the niche for smaller
aircraft in the market, a segment in which the Brazilian company is
strongly present globally, the report relays.

                     About Embraer SA

Headquartered in Brazil, Empresa Brasileira de Aeronautica SA
(Embraer) -- http://www.embraer.com-- is a company engaged in the
manufacture of aircrafts for commercial aviation, executive jet
and defense and government purposes.  The Company has developed a
line of executive jets based on one of its regional jet platforms
and launched executive jets in the entry-level, light, ultra-large
and mid-light/mid-size categories, the Phenom 100/300 family, the
Lineage 1000 and the Legacy 450/500 family, respectively.  The
Company supplies defense aircraft for the Brazilian Air Force
based on number of aircraft sold, and sells aircraft to military
forces in Europe, Asia and Latin America.  In July 2008, the
Company acquired a 40% interest owned by Liebherr Aerospace SAS in
ELEB Equipamentos Ltda (ELEB).  ELEB is an aerospace system and
component manufacturer, and its products include landing gear
systems, hydraulics and electro-mechanical sub-assemblies, such as
actuators, valves, accumulators and pylons.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on June
18, 2020, S&P Global Ratings lowered its ratings on Embraer S.A. to
'BB+' from 'BBB-' and removed them from CreditWatch negative. S&P
also assigned a '4' recovery rating to Embraer's senior unsecured
notes. With the termination of the Master Transaction Agreement
(MTA) with Boeing and COVID-19 effects, Embraer will post a
shortfall in FOCF and high leverage metrics this year, says S&P.



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

DOMINICAN REPUBLIC: Traders Support Nationwide Curfew
-----------------------------------------------------
Dominican Today reports that the Dominican Federation of Merchants
(FDC) and the Dominican Chamber of Commercial Entrepreneurs
(Cadeco) disclosed their support for the declaration of a state of
emergency that is being debated in the National Congress and stated
that they agree to the introduction of a curfew from the 8:00 at
night to 5:00 in the morning.

Traders attributed the increase in positive cases of COVID-19 to
the recently concluded electoral campaign, denying that this
situation is due to the gradual opening of the economy, according
to Dominican Today.

"Organized commerce has been the main sponsor of the establishment
of the sanitary protocol of the Ministry of Public Health,
implementing controls in affiliated businesses such as mandatory
use of face masks for employees and customers, disinfection at the
entrance of commerce, social distancing in the entrance lines and
inside the establishment, between the employees and the temperature
measurement," notes a statement sent to the media, the report
notes.

The commercial sector states that it is neither possible nor
feasible to return to the restrictive measures implemented in
mid-March, so they suggest to the Government to look for the way to
apply the sanctions set forth in laws and resolutions issued to
avoid crowds in public places, to impose the compulsory use of
masks and social distancing.

"With the state of exception it is easier to apply rigorously the
laws and regulations emanating from the legislative and
governmental powers," argue the merchants, the report relates.  The
FDC said that they are the only organization that is collaborating
with mayors by placing 50% of their advertising to prevent the
spread of the virus, donating masks, and supporting other actions,
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: World Bank to Assist Gov't. on Energy Sector
----------------------------------------------------------------
Dominican Today reports that the electricity sector, which years
ago was always the Achilles' Heel in the agreements negotiated by
the country with international organizations, due to the weight of
transfers in public finances, continues to be an activity of great
importance to develop the economy.

Despite the great advance of investments in renewable energies in
the Dominican energy system, of a greater diversification of the
matrix and of the improvement in the service to the population,
there is still the program of projects to complete the reduction of
losses in the Distribution sector has not ended, because they are
done in stages, like others that include the construction and
removal of substations and that will be carried out with
international financing, according to Dominican Today.

Faced with this panorama, the new authorities that will be inducted
August 16 met with representatives of the World Bank, where one of
the points discussed was the need to avoid duplication of functions
and the strengthening of the governance in the electricity sector,
as well as expanding efforts in mechanisms of greater transparency,
"that provide confidence to all the actors involved and promote a
climate of confidence for investment," the report relays.

                      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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E C U A D O R
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GUAYAQUIL MERCHANT: Fitch Affirms $175MM Notes Rating at B+
------------------------------------------------------------
Fitch Ratings has affirmed the $175 million series 2019-1 notes
issued by Guayaquil Merchant Voucher Receivables Ltd. at 'B+' and
removed them from Rating Watch Negative. The Rating Outlook is
Negative.

The removal of the Rating Watch on the notes reflects that although
transaction flows remain pressured when compared to flows observed
before the start of the pandemic in the region, flows have shown an
improvement since the lowest daily average cash flows were observed
in April 2020. Cash flows observed in May 2020 increased by
approximately 22.5% when compared to cash flows observed in April
2020 and an additional 31.2% throughout June 2020 when cash flows
are compared to those observed in May 2020. However, the Negative
Outlook on the notes reflects that the program is still susceptible
to shocks related to the global coronavirus pandemic, which could
further pressure transaction flows. The operating environment at
Banco General, as the originator of the notes, continues to
influence Banco Guayaquil, S.A.'s ratings. Ecuador's ratings also
remain on 'RD', which further supports the Negative Outlook on the
notes.

Guayaquil Merchant Voucher Receivables Limited

- 2019-1 401539AA9; LT B+; Affirmed  

TRANSACTION SUMMARY

The transaction is backed by future flows due from American
Express, Visa International Service Association and Mastercard
International Incorporated related to international merchant
vouchers acquired by BG in Ecuador.

Fitch's ratings reflect timely payment of interest and principal on
a quarterly basis.

KEY RATING DRIVERS

Originator's Credit Quality: The rating of this future flow
transaction is tied to the credit quality of the originator, BG. On
March 27, 2020, Fitch downgraded BG's Long-Term Issuer Default
Rating by two notches to 'CC' from 'B-', mirroring the downgrade of
Ecuador's IDR on March 25, 2020. Despite recent downgrades at the
sovereign level to 'C' from 'CC' on April 8, 2020, and then to 'RD'
from 'C' on April 20, 2020, Fitch determined that the downgrades
had no immediate impact on Banco Guayaquil's current 'CC' rating.
The bank's ratings continue to be highly influenced by its
operating environment.

Going Concern Assessment: Fitch uses a GCA score to gauge the
likelihood that the originator of a future flow transaction will
stay in operation throughout the transaction's life. Fitch assigns
a going concern assessment score of 'GC2' to BG, based on the
bank's systemic importance. The score allows for a maximum of four
notches above the LC IDR of the originator.

Notching Uplift from LC IDR: The 'GC2' allows for a maximum four
notch-rating uplift from the bank's Long-Term IDR pursuant to
Fitch's future flow methodology. The current rating (B+) of the MV
transaction is at the maximum notching differential of four notches
allowed by bank's GC2 score. Fitch reserves the maximum notching
uplift for originator's rated on the lower end of the rating
scale.

Future Flow Debt Size: The existing MV program represents
approximately 3.9% of BG's total liabilities and approximately
28.4% of BG's non-deposit funding utilizing financials as of June
2020. Fitch considers the ratio of future flow debt to overall
non-deposit funding to be low enough to allow the financial future
flow ratings up to the maximum uplift indicated by the GCA score.

Coronavirus Impact and Containment Measures Pressure Transaction
Flows: Given the current Coronavirus crisis, travel has been
severely disrupted by global travel bans and mandatory quarantine
orders which have severely affected cash flows for this
transaction. Cash flows in April 2020 decreased by as much as
approximately 62% when compared with those in March 2020 to a
multi-year low of $5.5 million. A recovery in cash flows was
observed in May 2020 increasing by approximately 22.5% when
compared with April volume, and volume observed in June 2020
increased further by approximately 31.2% when compared with May
volumes. The increase in cash flows is primarily driven by the
phased reopening of Ecuador's borders to international travellers.
Although the transaction is currently in an interest only period,
quarterly collections as of the end of June were sufficient to
support maximum quarterly DSCR of 2.02x for the last reporting
period (April-June 2020).

Coverage Levels Commensurate with Rating: Global events, including
the coronavirus crisis, have negatively impacted international
merchant voucher flows. Although significant decreases in
transaction flows have been observed since March 2020, coverage
levels have remained sufficient to cover quarterly debt service
payments in April and July 2020 and have remained commensurate with
the rating on the outstanding notes. Maximum quarterly debt service
is expected to begin in January 2022 and is approximately $10.4
million. When considering rolling quarterly flows over the last
five years (since June 2015), Fitch expects quarterly debt service
coverage ratios to be approximately 4.1x the maximum debt service
for the life of the program.

No Lender of Last Resort: Ecuador is a dollarized economy without a
true lender of last resort. While certain mechanisms are in place
to help fend off a banking system crisis, this weakness limits the
transaction rating.

De-dollarization Risk: While the dollarization regime anchors
macroeconomic stability, the risk of de-dollarization exists. It
would only occur in an extreme scenario but would be a major shock
to the Ecuadorean system.

Reduced Redirection/Diversion Risk: The structure mitigates certain
sovereign risks by collecting cash flows offshore until investors
are paid. Fitch believes diversion risk is mitigated by notice,
consent and agreements obligating American Express, Visa, and
MasterCard to remit payments to the collection accounts controlled
by the trustee.

RATING SENSITIVITIES

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

Fitch does not currently anticipate development with a high
likelihood of triggering an upgrade. However, the main constraint
to the program rating is the originator's rating (CC), which is
highly influenced by Ecuador's operating environment, and that the
transaction is currently rated at the maximum notching uplift
dictated by the GCA score. Should an upgrade occur, Fitch will
consider whether the same uplift of four notches could be
maintained or should be further tempered in accordance with
criteria.

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

The transaction's ratings are sensitive to changes in the credit
quality of Banco Guayaquil. A deterioration of the credit quality
of BG could pose a constraint to the rating of the transaction from
its current level. Additionally, although Fitch's maximum quarterly
DSCR base case is approximately 4.1x, the transaction's ratings are
sensitive to the performance of the securitized business line, and
sustained deterioration in coverage levels could lead to negative
rating action on the notes.

The transaction ratings are sensitive to changes to the bank's IDR;
the ability of the credit card acquiring business line to continue
operating, as reflected by the GCA score; and further, unforeseen
changes in the sovereign environment. Changes in Fitch's view of
the bank's GCA score can lead to a change in the transaction's
rating. Additionally, the merchant voucher programs could also be
sensitive to significant changes in the credit quality of American
Express, Visa, or MasterCard to a lesser extent.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

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

The future flow ratings are driven by the credit risk of Banco
Guayaquil as measured by its Long-Term IDR.

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).



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M E X I C O
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GRUPO GICSA: S&P Withdraws BB- Long-Term Issuer Credit Rating
-------------------------------------------------------------
S&P Global Ratings said it has withdrawn its 'BB-' long-term issuer
credit rating on Grupo GICSA S.A.B. de C.V. at the company's
request. At the time of the withdrawal, the rating was listed on
CreditWatch with negative implications, reflecting significant
short-term risks given that the coronavirus pandemic is disrupting
the company's rental collection at its shopping malls.

S&P said, "We continue to rate GICSA and its local notes on the
national scale--the long-term national scale rating is 'mxA-' and
on CreditWatch with negative implications. We could lower the
national scale ratings if GICSA's liquidity worsens due to
lower-than-expected cash flows or GICSA fails to refinance its 2021
debt maturities before they become short-term obligations. We will
further analyze GICSA's operating and financial performance once
the company reports its second-quarter results, because the
coronavirus shock could have a deeper impact on GICSA's tenant base
and consequently pressure its liquidity and leverage metrics."




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P U E R T O   R I C O
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SPANISH BROADCASTING: Stockholders Elect Six Directors
------------------------------------------------------
Spanish Broadcasting System, Inc., held its annual meeting of
stockholders on July 24, 2020, at which the stockholders elected
Raul Alarcon, Joseph A. Garcia, Manuel E. Machado, Jason L.
Shrinsky, Jose A. Villamil, and Mitchell A. Yelen as directors.

                     About Spanish Broadcasting

Spanish Broadcasting System, Inc. (SBS) --
http://www.spanishbroadcasting.com-- owns and operates radio
stations located in the top U.S. Hispanic markets of New York, Los
Angeles, Miami, Chicago, San Francisco and Puerto Rico, airing the
Tropical, Regional Mexican, Spanish Adult Contemporary, Top 40 and
Urbano format genres.  SBS also operates AIRE Radio Networks, a
national radio platform of over 275 affiliated stations reaching
95% of the U.S. Hispanic audience. SBS also owns MegaTV, a network
television operation with over-the-air, cable and satellite
distribution and affiliates throughout the U.S. and Puerto Rico,
produces a nationwide roster of live concerts and events, and owns
a stable of digital properties, including La Musica, a mobile app
providing Latino-focused audio and video streaming content and
HitzMaker, a new-talent destination for aspiring artists.

Spanish Broadcasting recorded a net loss of $928,000 for the year
ended Dec. 31, 2019, compared to net income of $16.49 million for
the year ended Dec. 31, 2018.  As of March 31, 2020, the Company
had $453.36 million in total assets, $547.98 million in total
liabilities, and a total stockholders' deficit of $94.62 million.

Crowe LLP, in Fort Lauderdale, Florida, the Company's auditor
since
2013, issued a "going concern" qualification in its report dated
March 30, 2020, citing that the 12.5% Senior Secured Notes had a
maturity date of April 15, 2017.  Cash from operations or the sale
of assets was not sufficient to repay the notes when they became
due.  In addition, at Dec. 31, 2019, the Company had a working
capital deficiency.  These factors raise substantial doubt about
its ability to continue as a going concern.



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

TRINIDAD & TOBAGO: Gov't. Dismisses Sanction-Busting Claims
-----------------------------------------------------------
Trinidad Express reports that Energy Minister Franklin Khan and
while Heritage chairman Michael Quamina dismissed an article on an
anti-government Venezuelan blog, called Venezuela Politica which
claimed to have a document that proved that Heritage had violated
US sanctions against PDVSA.

Quamina stated that the article was premised on the same fabricated
document that surfaced a few weeks ago, which was dealt with by the
minister of energy in a statement in Parliament, according to
Trinidad Express.

Mr. Khan said: "The following discrepancies are noted which
indicates that this document is not authentic:

   -- Heritage loaded two cargoes in the month of July 2019, both
of which were destined to the United States. Cargo volumes were
approximately 578,000 and 495,000 barrels which matches our
production volume.

   -- The ship MT ALBORAN has never called at the port of
Pointe-a-Pierre based on our records.

   -- The draft at Pointe-a-Pierre would not accommodate such large
ships to remain safely afloat. The maximum draft of the berth at
Pointe- a-Pierre is 15.8 metres, whereas the draft of this vessel
MT ALBORAN is 20.3 metres. This information on the MT ALBORAN has
been obtained from our global ship tracking software.

   -- The maximum Length Over All (LOA) at #6 berth is 290 metres.
This vessel has a LOA of 332.97 metres and cannot fit at our
berth;

   -- The maximum current crude volume that can be loaded at
Pointe-a-Pierre is 693,000 bbls. This document is for a vessel that
shipped 830,000 bbls.

   -- Heritage invoice numbers do not start with HPCL.

   -- Crude is not loaded from tanks 110 and 129. Tank 110 has been
out of service since 2018 and Tank 129 was in Vacuum Gas Oil
service until June 2020 and could not be used for Crude Oil .

   -- We are not aware of the company "Distribuidora USAM"

   -- The document in circulation appears to be a Caricom invoice
which is only required to be completed for sales to Caricom
countries not for non-Caricom countries.

   -- The signature on the document does not match any past or
present Heritage employees.

The article claimed to have a certificate issued on July 10, 2019
by the Trinidad and Tobago state oil company, which the article
erroneously refers to as "Hermitage Petroleum Company", which
showed how Trinidad and Tobago had violated sanctions imposed by
the US on those who establish negotiations with PDVSA and with the
Nicolas Maduro regime, the report notes.

The document indicated that 830,000 barrels of crude from Trinidad
were transported to China, the report relates.  The article claimed
that the "characteristics expressed in the document coincide with
the scheme that was designed and organised since mid-2019 by the
former PDVSA board . . . to violate the Treasury Department
sanctions, the report discloses.

The Government has repeatedly denied that it has violated the US
sanction policy, the report points out.  It has had to do so after
reports surfaced in April that 150,000 barrels of fuel which was
headed to Aruba, allegedly ended up in Venezuela, through ES Euro
Shipping SA, a company registered in Switzerland and owned by Jose
Guillermo Ruperti, the report adds.

As late as May, Prime Minister Keith Rowley, in denying that
Heritage had sold fuel to Venezuela, dismissed statements by
Opposition Leader Kamla Persad Bissessar which called on him to
come clean on the "possibly illegitimate fuel shipment," the report
notes.



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

LATAM: Covid-19 Weakens Region's Utility Liquidity Says Fitch
-------------------------------------------------------------
Sharply lower electricity demand and government programs recently
introduced to provide end-users relief during the coronavirus
pandemic are stressing cash flows and liquidity for some generation
companies (GenCos) and distribution companies (DisCos) in Central
America and the Caribbean, says Fitch Ratings. Adequate cash,
laddered debt maturities, working capital management and lines of
credit should help alleviate the pressure for some issuers.

Electricity demand declined 13% across all of Central America and
the Dominican Republic yoy in May. We project demand to remain
weak, declining about 10% in 2020 versus 2019. In El Salvador,
Guatemala and Panama, specifically, electricity demand fell 16%,
20% and 11%, respectively, yoy in May. The price of electricity in
wholesale markets also declined. Spot prices dropped 60% yoy in May
to USD43.20/MWh in Panama, 59% to USD67.40/MWh in the Dominican
Republic, 55% to USD54.40/MWh in El Salvador and 43% to
USD49.80/MWh in Guatemala.

Measures to protect consumers from losing access to electricity
constrained DisCos' cash flow and, in turn, slowed DisCos' payments
to GenCos. Panama declared a four-month moratorium on payments for
consumers affected by the virus pandemic and lowered power costs
for residential users consuming less than 1,000kWh. These measures
were extended to September 2020.

Guatemala's government barred DisCos from disconnecting customers
during the pandemic and is allowing customers to pay off arrears
over 12 months with no additional fees. The government temporarily
increased subsidy payments for users who consume less than 300kWh
to mitigate the effects on DisCos. In El Salvador, the relief
program allowed end-users to temporarily delay electricity payments
if they consume 250kWh or less and are affected financially by the
coronavirus.

DisCos AES El Salvador Trust II (B-/Negative) and Panama's Elektra
Noreste (BBB/Stable) are mitigating the effect of payment arrears
from end-customers by managing working capital. Cash on hand plus
delayed payments to GenCos should help support liquidity, assuming
government relief programs are not extended. However, ENERGUATE
Trust's (BB-/Stable) liquidity may be challenged due to the
open-ended nature of Guatemala's payment holiday.

Liquidity may be less of an issue for regional GenCos AES Panama
(BBB-/Stable) and Instituto Costarricense de Electricidad y
Subsidiarias (B/Negative). AES Panama has a favorable debt maturity
profile and cash flow generation that is relatively stronger than
peers.

The utility borrowed USD25 million from its credit lines in
anticipation of slower receivables from DisCos due to the pandemic.
Instituto Costarricense de Electricidad y Subsidiarias' cash
balance of CRC30.5 billion as of May 2020 was enough to cover 2020
debt maturities.

Conversely, Investment Energy Resources' (B/Rating Watch Negative)
high exposure to state-owned Empresa Nacional de Energia Electrica
(ENEE) in Honduras compromised liquidity at the GenCo's operating
companies. ENEE, Investment Energy Resources' main counterpart, has
a stressed financial profile which is resulting in overdue
receivables.

AES Andres (BB-/Negative) and Empresa Generadora de Electricidad
Itabo (BB-/Negative), which operate both DisCos and GenCos, face
working capital pressure as falling collection rates and sizable
subsidies for end-users created dependence on government transfers.
Delayed transfers add volatility to cash flows.

Restrictions on travel and economic activity have essentially shut
down tourism, which accounts for an average of 8% of GDP across
most of the region. In recent weeks, governments are beginning to
gradually lift some lockdown measures, but the process was stalled
and remains subject to reversal.

Panama re-imposed a curfew on the capital after a spike in
infections but allowed the resumption of some activities including
construction and non-metal mining. The country is also instituting
weekend quarantines with staggered weekday working hours. El
Salvador's presidential office suspended the second phase of
reopening until further notice, due to the rising number of
infections.


                           *********


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
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Information contained herein is obtained from sources believed to
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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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