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

          Thursday, July 30, 2020, Vol. 21, No. 152

                           Headlines



A R G E N T I N A

ARGENTINA: S&P Downgrades Foreign Currency Bonds Rating to D
BUENOS AIRES PROVINCE: S&P Cuts Rating on Global Bond Due 2021 to D


B R A Z I L

QUALICORP: Defrauded Contracts to Conceal Transfers to Slush Fund


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Housing Cost Rises 10% Due to Rising Dollar


J A M A I C A

JAMAICA: Opposition Warns of Spike in Community Spread of COVID-19
JAMAICA: Strengthens Municipal Corp. Accountability Framework


M E X I C O

GRUPO AEROMEXICO: Calls for Investor Meeting on Aug. 6
GRUPO AEROMEXICO: To Return Leased Aircraft Amid Bankruptcy


P U E R T O   R I C O

SPANISH BROADCASTING: Suspending Filing of Reports with SEC


X X X X X X X X

LATAM: IDB & Microsoft Partner to Boost Transparency & Integrity

                           - - - - -


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A R G E N T I N A
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ARGENTINA: S&P Downgrades Foreign Currency Bonds Rating to D
------------------------------------------------------------
S&P Global Ratings said it lowered its issue ratings on two of
Argentina's foreign currency-denominated bonds, BIRADs due January
2022 and January 2027, to 'D' from 'CC'.

These are New York-law U.S. dollar-denominated bonds that had a
total of about US$220 million in interest due July 26, 2020, and an
applicable payment date of July 27. Other similar bonds S&P already
lowered to 'D' include the BIRADs due 2021, 2026, January 2028,
July 2028, 2036, 2046, 2048, and 2117, as well as a New York-law
U.S. dollar-denominated discount bond due December 2033 and an
English-law euro-denominated discount bond due December 2033. These
bonds will remain at 'D' pending conclusion of the debt
renegotiations that are underway. The current deadline for
acceptance remains Aug. 4, with a settlement date of Sept. 4.

Other Argentine bonds S&P rates 'D' include those captured by
government decree 346/2020, dated April 6, 2020, which postpones
payment of all U.S. dollar-denominated principal and interest on
local-law debt to Dec. 30, 2020, or when the government deems
feasible. This includes the BONARs due 2020, 2022, 2024, 2025, and
2027, as well as an Argentine-law U.S. dollar-denominated discount
bond due Dec. 31, 2033.

This decree led to S&P Global Ratings lowering its foreign currency
issuer credit rating on Argentina to 'SD' on April 7, 2020. S&P
viewed this unilateral extension as tantamount to default under its
criteria. The government indicated at that time that, following the
conclusion of the restructuring negotiations of foreign-law foreign
currency debt, it would apply equitable treatment to local-law
foreign currency debt.

On July 16, it published the proposed terms for this restructuring.
It includes options to exchange eligible bonds for local-law U.S.
dollar-denominated bonds maturing 2030, 2035, 2038, and 2041 or
peso-denominated inflation-linked bonds maturing 2026 and 2028,
with a proposed settlement of Sept. 4 (as with the
international-law offer). S&P said, "Once we lower any local-law
U.S. dollar bond issue rating to 'D', we will keep it there until
this restructuring process has concluded."

  Ratings List
  Downgraded  
                                   To    From
  Argentina
   Senior Unsecured            D      CC
    US$3.75bil 6.875% due 2027  
    US$3.25bil 5.625% due 2022


BUENOS AIRES PROVINCE: S&P Cuts Rating on Global Bond Due 2021 to D
-------------------------------------------------------------------
S&P Global Ratings lowered its issue-level rating on the province
of Buenos Aires' $750 million 10.875% bond due 2021 to 'D' from
'CC' after it missed $13.6 million interest payment.

The province in undergoing restructuring negotiations on its 11
foreign-law international bonds. The province presented the
exchange offer on April 24, 2020, which was extended several
times.

The province hasn't made its foreign currency foreign law debt
service payments after it presented the restructuring offer.

The province's following bonds are in default:

-- 10.875% notes due 2021;
-- 7.875% notes due 2027;
-- 9.95% notes due 2021;
-- 9.625% dollar-denominated bonds due 2028;
-- 4% dollar-denominated medium-term notes due 2020;
-- 4% euro-denominated medium-term notes due 2020;
-- 4% dollar-denominated long-term par bond due 2035; and
-- 4% euro-denominated long-term par bond due 2035.
-- These bonds will remain at 'D' pending conclusion of the debt
renegotiations that are currently underway.

  Ratings List
   
  Downgraded  
                                To       From
  Buenos Aires (Province of)
   Senior Unsecured             D         CC
   US$750mil 10.875% due 2021  

  Ratings Affirmed  

  Buenos Aires (Province of)
   Issuer Credit Rating         SD/--/NR
   Senior Unsecured             CC
   Senior Unsecured             D




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B R A Z I L
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QUALICORP: Defrauded Contracts to Conceal Transfers to Slush Fund
-----------------------------------------------------------------
Rio Time Online reports that the Federal Police launched Operation
Paralelo 23, the third stage of Lava Jato in partnership with the
Sao Paulo Electoral Court.

The investigations involves PSDB (Social Democracy Party) senator,
Senator Jose Serra (PSDB-SP)--a former governor of the State of Sao
Paulo--who is suspected of having received some R$5 million in
unaccounted-for campaign donations (slush fund) in the 2014
elections, according to Rio Time Online.

The investigators pointed to evidence that Qualicorp, a group that
sells and manages collective health insurance plans, has defrauded
contracts to conceal transfers to the senator's campaign, the
report relates.



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

DOMINICAN REPUBLIC: Housing Cost Rises 10% Due to Rising Dollar
---------------------------------------------------------------
Dominican Today reports that with the coronavirus pandemic, the
cost of housing under construction has increased by nearly 10%, due
to the rise in the prices of materials, according to the president
of the Association of Home Builders and Developers (Acoprovi), Susy
Gaton.

The construction materials that have experienced the highest
increases are cement, steel, concrete, mortars, and blocks, reports
Dominican Today.

According to Gaton, the rise in the dollar is the cause of the rise
in prices in this sector, which she regretted, since the builders
import 40% of the finishing materials, the report notes.

"By raising the dollar we have to boost supply and demand by
lowering rates on interim loans and lines of credit.  The State has
to lower the rate to 6%, not with the reserve allowance subsidy,
but with paying the corresponding subsidies to the banks," she
recommended, the report relates.

                      Hardware Stores Say

The president of the Association of Hardware Stores, Arturo
Espinal, said that the sector he represents knew that prices would
increase due to the rise in the dollar, but they did not expect the
percentage to skyrocket more in materials, the report discloses.

He stated that cement rose around RD$40 a case.  The rods rose by
about 12%, the report relates.  Plumbing and plastic pipes
increased by about 30%, and light hardware, such as tools and
hardware, shot up by 35%, the report discloses.  "This increase is
not in correlation with what really happened with the dollar,"
since the hardware sector lost about RD$22 billion during the
closure of commercial activities by Covid-19," the report quoted
Mr. Espinal as saying.

              They support The Emergency Measure

Both Susi Gaton, president of Acoprovi, and Arturo Espinal, from
the hardware stores, support the extension of a new state of
national emergency in the face of the spread of the coronavirus,
but they do so under the proviso that the builders and hardware
workers have complied with all sanitary measures to avoid
contagion, 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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J A M A I C A
=============

JAMAICA: Opposition Warns of Spike in Community Spread of COVID-19
------------------------------------------------------------------
RJR News reports that Opposition Spokesman on Health Dr. Morais Guy
has said Jamaica could see a spike in community spread of the
coronavirus if the authorities fail to take strong action against
visitors who breach measures to control the highly contagious
respiratory illness.

This follows reports that some visitors continue to ignore the
mandatory 14-day quarantine and have been visiting communities to
attend events, according to RJR News.

Mr. Guy described the situation as troubling, adding that based on
the current numbers and the backlog being experienced, "Jamaica may
not be as 'pretty' in terms of its fight against COVID-19 as has
been hailed by the government," the report relays.

"The wanton disregard for the health safety measures that have been
given to them by the government is a cause for concern, and we are
at a cross roads right now in terms of trying to see what is more
important--whether it's the industry or the health of the rest of
the country.  Because you have to consider that our workers in the
sector are the same ones who are going to go into the community
where (there's) the potential risk of community spread," he
lamented, the report notes.

Dr. Guy has urged persons to inform the authorities when visitors
are observed breaching COVID-19 prevention measures, the report
relates.

He has also recommended that Jamaicans returning to the island from
the US pretest for the coronavirus, the report discloses.

He said this is necessary in light of the upsurge in cases in that
country and will reduce the likelihood of them spreading the virus
in Jamaica, the report points out.

At the end of last month, Prime Minister Andrew Holness announced
that visitors from Florida, New York, Arizona, and Texas are now
required to pretest for the coronavirus before travelling to
Jamaica, the report adds.

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings revised on April 16, 2020 its outlook on Jamaica to
negative from stable. At the same time, S&P affirmed its 'B+'
long-term foreign and local currency sovereign credit ratings, its
'B' short-term foreign and local currency sovereign credit ratings
on the country, and its 'BB-' transfer and convertibility
assessment.

The TCR-LA also reported that Fitch Ratings, in April 2020, revised
Jamaica's Outlook to Stable from Positive. The Long-Term
Foreign-Currency Issuer Default Rating is affirmed at B+. The
Outlook change reflects the shock to Jamaica from the coronavirus
pandemic, which is expected to lead to a sharp contraction in its
main sources of foreign currency revenues: tourism, remittances and
alumina exports.

JAMAICA: Strengthens Municipal Corp. Accountability Framework
--------------------------------------------------------------
RJR News report that the Ministry of Local Government is in the
process of instituting measures aimed at further strengthening the
accountability framework at municipal corporations.

Portfolio Minister Desmond McKenzie says chief among these is the
implementation of a new accounting-based system, for which
technical assistance support is being provided by the European
Union, according to RJR News.

The assistance of the Ministry of Finance is also being sought for
the establishment of audit committees at all corporations, the
report relays.

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings revised on April 16, 2020 its outlook on Jamaica to
negative from stable. At the same time, S&P affirmed its 'B+'
long-term foreign and local currency sovereign credit ratings, its
'B' short-term foreign and local currency sovereign credit ratings
on the country, and its 'BB-' transfer and convertibility
assessment.

The TCR-LA also reported that Fitch Ratings, in April 2020,
revised Jamaica's Outlook to Stable from Positive. The Long-Term
Foreign-Currency Issuer Default Rating is affirmed at B+. The
Outlook change reflects the shock to Jamaica from the coronavirus
pandemic, which is expected to lead to a sharp contraction in its
main sources of foreign currency revenues: tourism, remittances and
alumina exports.



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

GRUPO AEROMEXICO: Calls for Investor Meeting on Aug. 6
------------------------------------------------------
Stefanie Eschenbacher at Reuters reports that Mexican airline Grupo
Aeromexico, S.A.B. de C.V. called for a meeting with investors to
be held on Aug. 6 as it seeks to reach an agreement over the
payment of short-term debt.

The announcement was made in a filing to the stock exchange,
according to Reuters.

Aeromexico, like other airlines, has been hit hard after countries
limited air travel to curb the spread of the novel coronavirus, the
report notes.  Late last month, Aeromexico, Mexico's largest
carrier, filed for Chapter 11 bankruptcy protection.

                       About Grupo Aeromexico

Grupo Aeromexico, S.A.B. de C.V. -- https://www.aeromexico.com/ --
is a holding company whose subsidiaries are engaged in commercial
aviation in Mexico and the promotion of passenger loyalty
programs.

Aeromexico, Mexico's global airline, has its main hub at Terminal
2 at the Mexico City International Airport.  Its destinations
network features the United States, Canada, Central America, South
America, Asia and Europe.

Grupo Aeromexico and three of its subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30,
2020.  In the petitions signed by CFO Ricardo Javier Sanchez
Baker, the Debtors reported consolidated assets and liabilities of
$1 billion to $10 billion.

Timothy Graulich, Esq., of Davis Polk and Wardell LLP, serves as
counsel to the Debtors.

GRUPO AEROMEXICO: To Return Leased Aircraft Amid Bankruptcy
-----------------------------------------------------------
Abraham Gonzalez at Reuters reports that a U.S. judge has granted
Mexican airline Grupo Aeromexico, S.A.B. de C.V. (Aeromexico) the
right to return at least 19 leased aircraft as part of its
bankruptcy restructuring process, according to court documents.

Last month, Aeromexico became the third airline in Latin America to
file for Chapter 11 bankruptcy protection, after demand plummeted
due to the coronavirus pandemic, according to Reuters.

In its ruling, the United States Bankruptcy Court Southern District
of New York said Aeromexico was "authorized to reject the leases
for the excess leased equipment to the lessors," the report notes.

The company said the aircraft in question were five Boeing 737-800
jets, five Boeing 737-700 and nine Embraer E-170-LR aircraft, the
report relates. The ruling also encompassed four General Electric
engines, the report discloses.

At the end of the first quarter, the Mexican company said it had
about 125 aircraft in its fleet, the report adds.

                       About Grupo Aeromexico

Grupo Aeromexico, S.A.B. de C.V. -- https://www.aeromexico.com/ --
is a holding company whose subsidiaries are engaged in commercial
aviation in Mexico and the promotion of passenger loyalty
programs.

Aeromexico, Mexico's global airline, has its main hub at Terminal
2 at the Mexico City International Airport.  Its destinations
network features the United States, Canada, Central America, South
America, Asia and Europe.

Grupo Aeromexico and three of its subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30,
2020.  In the petitions signed by CFO Ricardo Javier Sanchez
Baker, the Debtors reported consolidated assets and liabilities of
$1 billion to $10 billion.

Timothy Graulich, Esq., of Davis Polk and Wardell LLP, serves as
counsel to the Debtors.



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

SPANISH BROADCASTING: Suspending Filing of Reports with SEC
-----------------------------------------------------------
Spanish Broadcasting System, Inc. filed a Form 15 with the
Securities and Exchange Commission notifying the termination of
registration of its common stock, par value $0.0001 per share.  As
a result of the Form 15 filing, the Company is no longer required
to file periodic reports with the SEC.

                    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.



===============
X X X X X X X X
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LATAM: IDB & Microsoft Partner to Boost Transparency & Integrity
----------------------------------------------------------------
The Inter-American Development Bank (IDB) and Microsoft have
expanded their partnership through a new initiative to use
technology to help reduce corruption, increase transparency, and
foster integrity in Latin America and the Caribbean (LAC) by
leveraging the power of cloud computing and advanced analytics.

Funded by an initial contribution of $450,000 from Microsoft, the
initiative will leverage the Bank's development expertise and
Microsoft's technological capacity to develop high-impact projects
that will enhance transparency and help prevent corruption.

Announced at a webinar featuring IDB President Luis Alberto Moreno
and Microsoft President Brad Smith, the initiative builds upon the
partners' history of collaborating and innovation in pursuit of
greater institutional integrity in the region.

"Microsoft was the IDB's first-ever corporate partner and continues
to be a critical ally in our quest for innovative solutions to our
region's most urgent, most complex development challenges," said
President Moreno. "As we expand our partnership, we are
demonstrating that technology is a fundamental tool for building
more transparent societies and helping our governments and citizens
access more and better information."

"I am excited about expanding our partnership with IDB to use
creativity, innovation, and technology to address one of humanity's
oldest problems--corruption." said Microsoft President Brad Smith.
"We believe digital technology can work to bring corruption out of
the shadows and under the spotlight in a way where it will not
survive. By using data and analytics at scale, we can dramatically
increase transparency, build better monitoring and flagging
systems, and empower enforcers to move more quickly."

Notably, the IDB-Microsoft partnership produced the landmark
InvestmentMap initiative which enables citizens to monitor
government spending in real-time through innovative digital
platforms. The platforms also provide a user-friendly channel to
submit suggestions and comments, including allegations of
wrongdoing. All parties can upload images to monitor progress.

In the last three years, 12 countries in the region have formally
joined InvestmentMap. Recently, InvestmentMap has been a key tool
in the IDB's response to the coronavirus pandemic. With support
from Microsoft, the IDB has developed a COVID-19 information module
within the platform in Paraguay that discloses detailed information
about the use of public resources to address the emergency. Modules
to track coronavirus-related resources are currently being
developed in Costa Rica, the Dominican Republic, Honduras and
Ecuador.

In addition, the partners joined everis NTT Data in June to launch
Digi/Gob, an e-government solutions platform developed in the
Microsoft cloud. Already in its first phase, the governments of El
Salvador, Guatemala, and Honduras are now able to leverage Digi/Gob
to ensure the continuity of administrative procedures and public
transactions during COVID-19's drastic reduction of in-person
interactions.


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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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