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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, August 5, 2020, Vol. 21, No. 156

                           Headlines



A R G E N T I N A

ARGENTINA: May Delay Debt Restructuring Deadline Amid Impasse


B R A Z I L

CONC DA RODOVIA: Moody's Rates BRL214MM Debt Ba2, Outlook Stable
GROUP 1 AUTOMOTIVE: Moody's Affirms Ba1 CFR, Outlook Now Stable


C A Y M A N   I S L A N D S

NOBLE HOLDING: Moody's Cuts PDR to D-PD on Bankruptcy Filing


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: 412,824 Workers Depend on a Hobbled Agro Sector
DOMINICAN REPUBLIC: Could Be Rich in Clean Energy, Experts Ensure


J A M A I C A

[*] JAMAICA: BOJ Moves to Increase Supply of One Dollar Coins


M E X I C O

GRUPO AEROMEXICO: Posts $1.2B Quarterly Net Loss, Lays Off 2,000


N I C A R A G U A

NICARAGUA: IDB OKs US$43MM Project to Support Health Care System


V E N E Z U E L A

VENEZUELA: Maduro's Hold Tightens as Coronavirus Surges

                           - - - - -


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A R G E N T I N A
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ARGENTINA: May Delay Debt Restructuring Deadline Amid Impasse
-------------------------------------------------------------
Jorge Iorio at Reuters reports that Argentina's government is
considering pushing back a deadline for creditors to respond to its
foreign debt restructuring proposal until mid-to-late August, a
source close to the negotiations said.

The cutoff for the $65 billion deal [was] Aug. 4, though the two
sides are at an impasse over the value and legal terms of the final
offer, with a large group of creditors rallying behind a counter
proposal, according to Reuters.

The debt deal is key for recession-hit Argentina to avoid a
protracted and messy legal standoff with creditors after tumbling
into default in May on its foreign debt, the report notes.

"It is possible (the date could be delayed)," the person said. "It
could go even until the end of August.  Although there is also talk
of around a 15-day delay," the person added.

Argentina and its bondholders have come within striking distance of
a deal after months of negotiations, but differences remain between
the country's "final" offer and what creditors have sought in a
counterproposal that has gained wide support, the report notes.

The country's sovereign bonds have climbed over recent months on
rising hopes of a deal, though they dipped in the last couple of
days, falling close to 1%, the report discloses.

The government is willing to cede ground on legal terms to reach a
deal, but will not increase overall cash flow in the payout,
sources told Reuters, a position the economy ministry has since
confirmed.

However, bondholders have got behind a counterproposal in
increasing numbers, demanding a higher payout along with amendments
to legal clauses, the report relays.  Analysts say the gap between
the two sides is now around 3 cents on the dollar, 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.

As reported by the Troubled Company Reporter - Latin America on
July 30, 2020, 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.

The TCR-LA reported on  April 14, 2020, that Fitch Ratings
upgraded Argentina's Long-Term Foreign Currency Issuer Default
Rating to 'CC' from 'RD' and Short-Term Foreign Currency IDR
to 'C' from 'RD'.

On April 9, the TCR-LA reported that Moody's Investors Service
downgraded the Government of Argentina's foreign-currency and
local-currency long-term issuer and senior unsecured ratings to Ca
from Caa2.




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B R A Z I L
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CONC DA RODOVIA: Moody's Rates BRL214MM Debt Ba2, Outlook Stable
----------------------------------------------------------------
Moody's America Latina Ltda. assigned Ba2/Aa3.br (respectively, in
global and Brazil's national scale) to Conc da Rodovia dos Lagos
S.A. new debenture issuance of BRL214 million (5th issuance) due in
2023. The outlook is stable.

Vialagos issued its 5th debentures, senior unsecured
non-convertible in one series totaling BRL214 million. The proceeds
will be used to pay the 4th issuance and strengthen liquidity
reserve. The 5th debentures will have a 36 months tenor from the
issuance date, with principal paid at maturity in July 2023 while
interest is paid semi-annually starting in January 2021. The
debentures have cross default provisions with other outstanding
debt from the company among other acceleration clauses such as
change in control and bankruptcy as well as a Net Debt to EBITDA
financial covenant of 4.0x limiting dividend distributions above
the minimum required by Brazilian Corporate Law. The debentures do
not have cross default provisions with other outstanding debt from
its parent (CCR S.A., Ba2 stable), nor any of the parent's
subsidiaries or affiliated companies.

RATINGS RATIONALE

ViaLagos's ratings reflect a relatively small but strong
concession, supported by long-term concession contract. The
relatively strong credit metrics and overall predictable and stable
cash flows further support the ratings as well as the long
remaining concession life combined with low investment needs.
Nonetheless, the ratings are constrained by a high concentration on
leisure vehicles and potential increase of competing routes. A
track record of high dividend distributions and a very active
controlling shareholder will continue to exert pressure on the
up-streaming of dividends from ViaLagos. Its view of Brazil's
sovereign rating (Ba2 stable) also limits the company's rating
given ViaLagos purely domestic operations.

Moody's sees negative pressure in volumes for the next 12-18 months
due to the COVID 19 outbreak and its effects in activity as the
Brazilian economy goes into recession. Moody's expects traffic
volumes to contract about 20% in 2020 on a yearly basis, with a
gradual recovery until 2022. There is significant downside risk to
its revised forecast if lockdowns are prolonged, which would
further limit traffic volumes. Other factors related to the
economic downturn that could also pressure performance include
rising unemployment and the failure of government measures to boost
consumer confidence. Nonetheless, Moody's considers ViaLagos' cash
generation and liquidity cushion are so far adequate under this
downturn scenario, and that management could retain dividends as an
additional source of liquidity if needed as also maintain sound and
timely access to the debt markets.

The stable outlook takes into consideration the company will
prudently manage its leverage in line with the current credit
quality and maintain discipline in its financial policy. It also
reflects its expectation that credit metrics will remain robust
mainly driven by ViaLagos' overall predictable cash flows and low
capex needs, typical of mature toll roads. Brazil's stable outlook
also supports the company's outlook.

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

In light of the stable outlook an upgrade is unlikely in the short
to medium term, also ViaLagos' global scale ratings are constrained
by Brazil's sovereign rating. An upgrade of Brazil's rating could
lead to upward pressure on ViaLagos' ratings considering the
company maintains adequate liquidity and strong credit metrics. The
ratings could be upgraded in the national scale if ViaLagos
demonstrates sustained better-than-expected operational
performance.

On the other hand, a deterioration in the sovereign's credit
quality could exert downward pressure on ViaLagos' ratings. In
addition, the ratings could be downgraded if traffic performance
remains below its expectations or if Moody's perceives higher
liquidity risk combined with more restrictive access to the debt
markets. A deterioration in the concession and regulatory framework
or political interference in the normal course of business could
also exert downward pressure. Downward pressure could arise from a
significant and sustained downturn in the company's consolidated
credit metrics, such that:

  - Funds from operations/debt falls below 15% (21.8% as of
FY2019)

  - Interest coverage stays below 2.0x (4.1x as of FY2019) for an
extended period.

Moody's assumes that CCR nor any of its subsidiaries will incur new
debt containing cross default provisions that could affect
ViaLagos' ratings.

ViaLagos is an operating subsidiary of CCR S.A., one of Brazil's
largest infrastructure concession groups that operates and
maintains 3,956 km of toll road concessions. ViaLagos accounts for
approximately 1.4% of CCR's consolidated net operating revenues and
EBITDA, which reached about BRL9.7 billion (excluding construction
revenues) and BRL6 billion (according to Moody's standard
adjustments), respectively, in the last twelve months ended March
2020.

ViaLagos holds a 50-year concession to operate and maintain the
56-kilometer (km) RJ-124 road connecting the municipality of Rio
Bonito to Sao Pedro da Aldeia, in the northeast of the State of Rio
de Janeiro. The State of Rio de Janeiro granted the concession to
ViaLagos in 1996 for a 25-year period. In 2011, the State extended
the life of the concession by 15 years, and in 2016 for more 10
years, until 2047.

The principal methodology used in these ratings was Privately
Managed Toll Roads published in October 2017.

GROUP 1 AUTOMOTIVE: Moody's Affirms Ba1 CFR, Outlook Now Stable
---------------------------------------------------------------
Moody's Investors Service, Inc. affirmed the ratings of Group 1
Automotive, Inc. including the Ba1 corporate family rating. The
outlook was changed to stable from negative. The SGL remains
unchanged at SGL-2.

"The outlook change to stable reflects the effectiveness of Group
1's strategy and execution as it has dealt with decreased revenues
across the board due to the coronavirus, with the end result
operating income is actually higher for the first half of 2020
compared to prior year despite a 19% drop in revenue," stated
Moody's Vice President Charlie O'Shea. "This validates the
flexibility in Group 1's business model, with management following
a similar playbook as during the 2008-09 recession by quickly
reducing variable costs, with SG&A down almost $100 million
year-over-year, outweighing the reduction in gross profit due to
reduced volumes," continued O'Shea. "With reductions in borrowing
costs due to April's debt repayment via lower-cost mortgage
financing, Group 1's interest coverage has rebounded to around 4.5
times, well above Moody's 4 times downgrade trigger."

Affirmations:

Issuer: Group 1 Automotive, Inc.

Probability of Default Rating, Affirmed Ba1-PD

Corporate Family Rating, Affirmed Ba1

Senior Unsecured Regular Bond/Debenture, Affirmed Ba2 (LGD6 from
LGD5)

Outlook Actions:

Issuer: Group 1 Automotive, Inc.

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Group 1's Ba1 rating considers its flexible operating model, with
relatively unpredictable new car profitability exceeded by the more
predictable parts and service and growing used car segments, its
brand mix, which is weighted to the historically more stable
imports, and its geographic diversity, with presence in the UK and
Brazil, with used businesses in those markets driving profitabilit
under normal circumstances.

Moody's notes that challenges remain in both of these international
markets, as well as the potential for another "wave" of
pandemic-related pressures in the US, with Group 1's heavy
weighting in Texas noteworthy. The stable outlook recognizes the
flexibility in Group 1's cost structure to mitigate the potential
continued negative effect on revenues of the coronavirus such that
credit metrics will largely be maintained at current levels.

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

Ratings could be upgraded if operating performance improved and
financial policy remained conservative such that debt/EBITDA was
maintained around 3.5 times and EBIT/Interest was sustained above 5
times, with liquidity remaining at least good. Ratings could be
downgraded if negative trends in operating performance or financial
policy decisions resulted in debt/EBITDA rising above 4.75 times or
EBIT/Interest falling below 4 times, or if liquidity were to
weaken.

Headquartered in Houston, Texas, Group 1 Automotive, Inc. is a
leading retailer and servicer of new and used vehicles in the US,
with operations in the United Kingdom and Brazil as well.

The principal methodology used in these ratings was Retail Industry
published in May 2018.



===========================
C A Y M A N   I S L A N D S
===========================

NOBLE HOLDING: Moody's Cuts PDR to D-PD on Bankruptcy Filing
------------------------------------------------------------
Moody's Investors Service downgraded Noble Holding International
Limited's Probability of Default Rating to D-PD from Caa2-PD,
Corporate Family Rating to Ca from Caa2, senior unsecured notes
rating to C from Caa3, senior guaranteed notes due 2026 rating to
Caa3 from Caa1 and Speculative Grade Liquidity Rating to SGL-4 from
SGL-3. The outlook remains negative.

These actions follow the company's filing for voluntary chapter 11
protection in the United States Bankruptcy Court for the Southern
District of Texas. Moody's will withdraw all ratings for the
company in the near future. Noble is an indirect wholly owned
subsidiary of Noble Corporation plc, a publicly traded offshore
drilling company.

Downgrades:

Issuer: Noble Holding International Limited

Probability of Default Rating, Downgraded to D-PD from Caa2-PD

Corporate Family Rating, Downgraded to Ca from Caa2

Gtd. Senior Unsecured Notes due 2026, Downgraded to Caa3 (LGD3)
from Caa1 (LGD3)

Senior Unsecured Notes, Downgraded to C (LGD5) from Caa3 (LGD5)

Speculative Grade Liquidity Rating, Downgraded to SGL-4 from SGL-3

Outlook Actions:

Issuer: Noble Holding International Limited

Outlook, Remains Negative

RATINGS RATIONALE

The Chapter 11 bankruptcy filing has resulted in a downgrade of
Noble's PDR to D-PD. Moody's also downgraded the company's CFR to
Ca, senior unsecured notes rating to C and senior guaranteed notes
rating to Caa3, reflecting Moody's view on the potential
recoveries. Shortly following this rating action, Moody's will
withdraw all Noble's ratings.

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.

Noble Holding International Limited is a wholly owned subsidiary of
Noble Corporation, a Cayman Island company (Noble-Cayman), which is
a wholly owned subsidiary of Noble Corporation plc (Noble plc), a
company incorporated under the laws of England and Wales, and a
leading international offshore oil and gas drilling contractor.
Noble Holding International Limited is the issuer of the of the
company's rated debt, and therefore the CFR is assigned to that
company. Noble Holding International Limited's senior notes are
fully and unconditionally guaranteed by Noble-Cayman.



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

DOMINICAN REPUBLIC: 412,824 Workers Depend on a Hobbled Agro Sector
-------------------------------------------------------------------
Dominican Today reports that as of December last year, 412,824
Dominicans depended on a job in the agro sector as a means of
support.  For some reason, during the first quarter this year, that
number of workers fell by 20,139, a three-month drop of 4.9%,
according to Central Bank statistics, according to Dominican
Today.

But what was coming for the sector as 2020 unfolded, is now known
to be a great recession that does not stop and which ruined many
small agro companies with the same speed with which their highly
perishable production was damaged, seeing their support prices, in
a market compressed by the COVID-19 pandemic, and recipient of
imports, the report notes.

The economist Hecmilio Galvan, executive vice president of the
National Confederation of Agricultural Producers (Confenagro)
explained how the agro producers decapitalize themselves, the
report relays.  "We are in a situation with no way out, the demand
fell, and then the prices, and the imports against which they
competed," he added.

                      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: Could Be Rich in Clean Energy, Experts Ensure
-----------------------------------------------------------------
Dominican Today reports that the German expert Philipp D. Hauser
and the businessman and president of the Association of Energy
Efficiency and Renewable Energy Companies of the Dominican Republic
(EEFEER), Carlos Janariz Iribarren, agreed that the country could
be rich in clean energy in a short time due to the abundance and
quality of its natural resources.

Both exhibitors made the statement at the videoconference, under
the auspices of the Faculties of Legal and Social Sciences,
Engineering and Architecture, Agronomic and Veterinary Sciences,
and Educational Sciences of the Autonomous University of Santo
Domingo ( UASD, the Institute of Lawyers for Environmental
Protection and the National Committee to Combat Climate Change,
according to Dominican Today.

They concluded that the country has greater potential than Germany
and many other developed countries to generate energy from
renewable sources such as the sun and the wind, so it will be able
to attract large investments that would create jobs and economic
growth, the report notes.

Hauser highlighted that there is a crucial opportunity for
countries such as the Dominican Republic, with abundant potential
for low-cost renewable energy to replace much more expensive and
polluting imported fossil fuels, and to obtain significant
investment flows in the energy area, the report relates.

Janariz described as positive that solar investment is more
profitable in the country than, for example, in Germany, because
solar irradiation is infinitely greater here than in Europe, 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
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[*] JAMAICA: BOJ Moves to Increase Supply of One Dollar Coins
-------------------------------------------------------------
Radio Jamaica News reports that the Bank of Jamaica is moving to
increase the supply of one dollar coins.

Cabinet has approved a contract to the Mint of Finland for the
provision of 51 million pieces of one dollar coins, says the
report.

According to a Ministry Paper tabled in the House of
Representatives, the issue of one dollar coins has significantly
outpaced redemptions, the report notes.

It is estimated that the supply of re-issue coins along with the
stock of new coins will not be able to satisfy the expected demand
this year and in the future, Radio Jamaica 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.



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M E X I C O
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GRUPO AEROMEXICO: Posts $1.2B Quarterly Net Loss, Lays Off 2,000
----------------------------------------------------------------
Noe Torres and Anthony Esposito at Reuters report that Mexican
airline Grupo Aeromexico, S.A.B. de C.V., which is in a Chapter 11
restructuring process, said it posted a $1.2 billion net loss for
the second quarter and laid off about 2,000 workers as the
coronavirus pandemic roils the airline industry.

"The commercial aviation industry faces unprecedented challenges
stemming from a significant reduction in passenger demand
worldwide," the firm said in a statement obtained by the news
agency.

Mexico's largest airline posted a MXN27.42 billion ($1.19 billion)
net loss for the second quarter, as total revenues slipped by
nearly 85% to some MXN2.61 billion from 16.83 billion pesos a year
earlier, the report notes.

Aeromexico, part-owned by Delta Air Lines, late last month became
the third airline to file for bankruptcy protection in Latin
America, where carriers hit by the coronavirus have had limited
help from governments, the report discloses.

Aeromexico's revenue passenger kilometers, an industry metric,
dropped 92.6% during the second quarter versus the same period a
year earlier. During the second quarter, 529,000 passengers flew on
Aeromexico, down 89.9% from a year earlier, the report relays.

"The evolution of the COVID-19 pandemic and the closing of borders
in various countries were reflected in a significant reduction in
the demand for air transport as of the third week of March,"
Aeromexico said, the report discloses.

That carrier said that it has reduced its workforce by 1,963
workers, bringing it to 14,697 people, the report adds.

                    About Grupo Aeromexico

Grupo Aeromexico, S.A.B. de C.V. 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 were estimated to have
consolidated assets and liabilities of $1 billion to $10 billion.

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

At the time of filing, the Group's operating fleet of 119 aircraft
is comprised of Boeing 787 and 737 jet airliners and Embraer 170
and 190 models. Aeromexico is a founding member of the SkyTeam
airline alliance, which celebrated its 20th anniversary, and serves
in 170 countries by the 19 SkyTeam airline partners. Aeromexico
created and implemented a Health and Sanitization Management System
(HSMS) to protect its customers and employees at all steps of its
operations.

Davis Polk & Wardwell LLP and Cervantes Sainz are acting as
Aeromexico's legal counsel, Rothschild & Co. is acting as financial
advisor, and AlixPartners, LLP is serving as restructuring advisor
to the Company.  Epiq Bankruptcy Solutions is the claims agent.



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N I C A R A G U A
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NICARAGUA: IDB OKs US$43MM Project to Support Health Care System
----------------------------------------------------------------
With the goal of boosting the response capacity of the Nicaraguan
health care system, the Inter-American Development Bank (IDB)
reitarates its support to the country providing USD$43 million from
its Immediate Response of Public Health to Contain and Control
Coronavirus and Mitigate its Effect on the Provision of the Service
in NIcaragua.  The actions of the program will contribute to reduce
the rates of morbidity and mortality from the coronavirus and ease
the indirect health care effects of the pandemic, with special
emphasis on the most vulnerable populations. The project will focus
on three areas: boosting detection and monitoring of COVID-19
cases, strengthening efforts to break the chain of transmission of
the disease, and enhancing the country's ability to provide
services.

In order to improve the detection and monitoring of cases,
financing will be provided to strength 15 laboratories through the
purchase of equipment and overhauling of the infrastructure of four
of them. Health personnel will be trained to give coronavirus tests
and implement health care protocols. Support will be given to
modernizing emergency rooms, hospitalization and intensive care
units in 12 hospitals so they care better for patients with
COVID-19. These hospitals include ones in Río San Juan, Siuna and
others that provide care for indigenous and afrodescendant people.

The project will finance the updating, creation and implementation
of protocols for monitoring and addressing the pandemic nationwide,
in accordance with standards by international organizations, and
the delivery of equipment and medical supplies around the country.
Additionally, it will also boost Nicaragua's ability to collect and
share information about the spread of the virus in the country.

In order to quickly meet the needs derived from the pandemic, the
project will have operative support from two international agencies
during the implementation stage, in accordance with the activities
defined for each of them: the United Nations Office for Project
Services and the Panamerican Health Organization. The project also
calls for the hiring of an independent agency to verify the proper
execution of the plan's work and investments.



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V E N E Z U E L A
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VENEZUELA: Maduro's Hold Tightens as Coronavirus Surges
-------------------------------------------------------
Associated Press reports that more than a year after a young
U.S.-backed politician rose up to oust Venezuelan President Nicolas
Maduro, the socialist leader holds a yet stronger grip on
power--with a boost from the novel coronavirus.

The Venezuelan opposition hoped that 2020 could bring new momentum
after several failed pushes to overthrow Maduro, according to
Associated Press.  Then came the coronavirus.  Analysts say the
pandemic has helped suck away the opposition's already flagging
support, the report notes.

Fear of contagion has helped keep protesters off the streets, and
the virus-driven end of a slight economic upturn has kept
Venezuelans focused on daily survival, not politics, the report
relays.

Against that backdrop, Maduro has instituted sweeping measures
ensuring Venezuela's electoral system is bent in his favor.
Meanwhile, opposition leader Juan Guaido's popularity has continued
to plummet, the report relays.

"In many ways the pandemic has been more of a blessing to Maduro
than a curse," said Geoff Ramsey, a Venezuela expert at the
Washington Office on Latin America think tank.  "Maduro is stronger
now than at any point in the last 18 months," he added.

Venezuelan officials announced the first COVID-19 cases in
mid-March, prompting Maduro to enact a nationwide lockdown that
remains in effect, the report discloses.  At least 146 have died
and roughly 16,000 fallen sick, according to the government's
count--likely a vast underestimate because of limited testing, the
report relays.

On nightly broadcasts, Maduro and his lieutenants update citizens
on the numbers, share information on shipments of humanitarian aid
from allies like Russia and China and decree new measures to halt
the virus, the report notes.

"Maduro has had an opportunity to show his territorial control,"
said Luis Vicente Leon, a Venezuelan political analyst.

Engineer Francisco Mato, once among thousands cheering Guaido, said
his hopes of a political change have taken a back seat, the report
notes.

"You have to fight for your family, for food and make sure we don't
get sick," said Matos, 42, wearing a face mask while shopping for
groceries.  "Politics seem like a far distant option."

Guaido, then a relatively secondary figure in the opposition,
announced plans to oust Maduro in early 2019 and quickly gained
support from more than 50 nations, led by the United States, the
report notes.  But his call for military uprising that April
failed, and by the end of the year street demonstrations had
noticeably shrunk in size, the report discloses.

Guaido's only local outlet now is social media, which many
Venezuelans struggle to access because of frequent power outages,
the report notes.  As head of the National Assembly, he leads
weekly legislative sessions through online conference calls not
widely accessible to the public, the report relays.

"While the dictatorship is every day more isolated, we hold up the
banner of unity," he wrote in a recent Twitter post with a mere 514
shares, the report discloses.

For many Venezuelans, the pandemic has heightened an already
intense sense of isolation. International flights that had become
increasingly sparse are now entirely cut off, the report relays.
Gas shortages and the lockdown make travel within Venezuela almost
impossible, the report notes.

Human rights advocates say the Maduro government is using the
quarantine to further erode civil liberties, the report says.

The Caracas-based prisoner rights group Foro Penal said Maduro's
government this year has arrested 281 people the group considers
political prisoners, most during the quarantine, the report
relates.

They include journalists and doctors who have spoken out against
the government's handling of the coronavirus, the report relates.

Nicmer Evans, who runs news website Punto de Corte, was arrested
this month a day after tweeting comments expressing hope that a
high-profile Maduro supporter diagnosed with COVID-19 survives the
illness--so that he can be judged on earth rather than get "divine"
justice, the report notes.

Evans--a leftist who supported the late Hugo Chávez but whose
publication often criticizes Maduro's government--recorded his
arrest, showing police outside his door while making a calm, if
rushed statement obtained by the news agency.

"Our sacred right to freedom of expression, criticism, political
action, defense and resistance against tyranny should never be
considered an act of hatred," he said before being taken away on
charges of violating an anti-hate law.  Authorities haven't said
what triggered the charge, the report discloses.

Foro Penal's executive director Alfredo Romero said that prisoners
often aren't allowed courtroom hearings or visits with attorneys
and relatives, the report notes.  "The pandemic is being used to
further deprive them of the right to a defense and due process," he
added.

The Supreme Court--loyal to Maduro--recently appointed a new
elections commission, including three members who have been
sanctioned by the U.S. and Canada, without participation of the
opposition-led congress, as the law requires, the report relays.
The court also took over three leading opposition parties,
appointing new leaders the opposition accuses of conspiring to
support Maduro, the report notes.

The legislative election is scheduled for Dec. 6 and thus far the
opposition has indicated it will not participate, the report
relates.

Michael Penfold, a Caracas-based fellow at the Wilson Center in
Washington, said Maduro's "goal is to behead the leadership of the
democratic opposition by electing this new National Assembly," the
report discloses.

Maduro also seeks a loyal opposition, "hoping to continue to gain
time until the international community loses any hope of a change
in the country," Penfold said, the report relays.

Recent polling by the independent firm Datanalisis shows Maduro's
approval rating at a dismal 13%. Guaido's is twice as high, but has
tumbled from 60% in February 2019, shortly after he declared
himself Venezuela's rightful president before adoring crowds, the
report notes.

President Donald Trump recently expressed doubt that Guaido is
capable of removing Maduro, saying he "seems to be losing power."

"We want somebody that has the support of the people," Trump told
Telemundo. "I support the person that has the support of the
people," he added.

Elliott Abrams, Trump's special representative for Venezuela,
disputed at a briefing that the 18-month-old policy had failed, the
report relays.  The White House will continue pressuring Maduro
through sanctions and diplomacy, he said, adding that there are no
current talks about Maduro's departure, the report notes.

"What went wrong is that Nicolas Maduro decided to impose a vicious
and brutal regime on the country," Abrams added.

The developments come amid fresh indicators that Venezuelans are
increasingly hungry, the report relates.  Venezuela is now the
poorest country in the Americas, according to study by researchers
at three Venezuelan universities, the report notes.  Shortly before
the pandemic, the United Nations World Food Program released a
study finding that one in three people here is going hungry, the
report discloses.

A dance instructor, Belinda Villanueva, 60, said her support for
Guaido is unwavering, but these days she is preoccupied with making
sure she doesn't get sick whenever she goes out to shop for food,
the report relates.

Maduro has opposition supporters where he wants them--unable to
take to the streets, she said.

"We're shut in. We're scared. I don't go out because this is a real
problem," Villanueva said, the report notes.  "Maduro didn't invent
the pandemic, but he has it as a tool now to exploit as he likes,"
he added.

Others, like Ernesto Yamuraque, a self-employed handyman, say
Maduro's firm hand has kept Venezuela from experiencing the extent
of the tragedy in neighboring Latin American nations, the report
notes.

"As far as the pandemic goes, Maduro is handling it well," said
Yamuraque, 57, waiting in line at a plaza to register his address
with election officials.  "I think we are in better shape than
other countries," he added.

                              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.


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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.

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