/raid1/www/Hosts/bankrupt/TCRLA_Public/200813.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, August 13, 2020, Vol. 21, No. 162

                           Headlines



A R G E N T I N A

ARGENTINA: Economy to Shrink 12.5% This Year, Poll Says
ENTRE RIOS: S&P Cuts ICR to CC on Debt Restructure Announcement


B A H A M A S

BAHAMAS: IDB OKs US$200MM Loan to Promote Environmental Resiliency


B R A Z I L

AZUL AIRLINES: Reaches Deal to Cut Aircraft Leasing Costs


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Abrisa Blames Competitor for Corruption Stamp
DOMINICAN REPUBLIC: Barrick to Invest US$1.3B in Expansion Project


M E X I C O

MEADE INSTRUMENTS: Taps Ishino Esquer as Special Counsel in Mexico


P U E R T O   R I C O

ALLIED FINANCIAL: Seeks Approval of $119K Sale of Barrio Sabana Lot
MODERN RADIOLOGY: Plan & Disclosures Deadline Extended by 120 Days


S U R I N A M E

SURINAME: President Warns Against Lavish Spending


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Oil Exports Stagnant in July

                           - - - - -


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

ARGENTINA: Economy to Shrink 12.5% This Year, Poll Says
-------------------------------------------------------
Reuters reports that Argentina's economy is likely to contract
12.5% in 2020, a central bank survey of economists showed, a
slightly more negative outlook than a month earlier as the impact
of the coronavirus pandemic hammers the South American nation.

The economic outlook in the monthly report polling 44 economists
was down from a 12% estimated drop previously, according to
Reuters.

Economists predicted a larger fiscal deficit of around 2 trillion
Argentine pesos ($27.49 billion) as the government steps up
spending to reignite the economy after two years of recession and
to recover from COVID-19, the report notes.

Those polled forecast a deeper contraction in the second quarter,
but had a more positive outlook for the third quarter, "indicating
that the period of greatest impact of the pandemic has already been
overcome," the report said, Reuters discloses.

Argentina has registered 235,677 confirmed infections of COVID-19,
with daily cases accelerating in recent weeks as the country has
looked to ease some lockdown restrictions in place in and around
Buenos Aires, the capital, the report relays.

The country, which defaulted in May, reached a deal with creditors
this week to restructure $65 billion in foreign debt, the report
notes.

The central bank survey also estimated inflation for 2020 at 39.5%,
slightly down from its month-earlier forecast, the report
discloses.  The peso currency was seen rising to 86.4 pesos per
dollar in December 2020 and 123.2 pesos per dollar in December
2021, 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
April 14, 2020, Fitch Ratings upgraded Argentina's Long-Term
Foreign Currency Issuer Default Rating to 'CC' from 'RD' and
Short-Term Foreign Currency IDR to 'C' from 'RD'.

The TCR-LA reported on April 13, 2020, that S&P Global Ratings
also lowered its long- and short-term foreign currency sovereign
credit ratings on Argentina to 'SD/SD' from 'CCC-/C'. S&P also
affirmed the local currency sovereign credit ratings at 'SD/SD'.
There is no outlook on 'SD' ratings.

On July 30, 2020, S&P Global Ratings lowered its issue
ratings on two of Argentina's foreign currency-denominated bonds,
BIRADs due January 2022 and January 2027, to 'D' from 'CC'.
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.

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.

ENTRE RIOS: S&P Cuts ICR to CC on Debt Restructure Announcement
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit ratings on
the province of Entre Rios to 'CC' from 'CCC'. The outlook is
negative.

Outlook

The negative outlook reflects S&P's view that a default on the
province's foreign currency debt is virtually inevitable. This view
follows the announcement of Entre Rios' intent to restructure its
international bond due in 2025, and its entrance into a 30-day
grace period on a $22 million coupon payment that expires on Sept.
7, 2020.

Downside scenario

S&P said, "We would lower the ratings on Entre Rios to selective
default (SD) upon the province's failure to service the 2025 bond
coupon payment before the end of the grace period or when it
completes its announced debt restructure. Because the exchange will
be performed under severe fiscal and liquidity stress, we would
likely consider it as distressed and tantamount to default."

Upside scenario

S&P said, "We could raise the ratings in the next six months if the
province meets its debt service obligations and avoids a distressed
debt exchange because of the stabilization of the macroeconomic and
financial conditions in Argentina, and if we see a clear strategy
for timely debt repayment."

Rationale

S&P said, "The downgrade reflects our view of a virtually certain
default, either by a missed debt service payment or a distressed
debt exchange in the next few months. The erosion in provincial
revenues following the severe recession amid the COVID-19 pandemic
has exacerbated the province's already stressed fiscal dynamics.
Fiscal pressures are already evident, given operating revenue real
losses of about 10% in the first half of the year, adding to
higher-than-budgeted spending to cope with the pandemic. Our
base-case scenario assumes that Entre Rios will post an operating
deficit of 8% of operating revenue in 2020, and a deficit after
capital expenditures (capex) of 9% of total revenues.

"Significant fiscal pressures will hurt Entre Rios' already weak
liquidity positon, while we expect international and domestic
market access to be limited. Debt stock is relatively low, at about
40% of operating revenues in 2020, but still subject to exchange
rate volatility."

Following Argentina reaching an agreement in principle with
bondholders, the province announced its intention to enter a 30-day
grace period on a coupon payment that expires on Sept. 7, 2020.
Within this period, the province expects to negotiate with
bondholders to restructure the terms and conditions of its only
international bond. The restructuring is at an incipient stage and
no details of it have been disclosed, but S&P believes that the
province could seek to extend maturities or reduce coupon payments,
resulting in potential net present value losses for investors.

Several other Argentine provinces have also already formally begun
their debt renegotiation processes, while four of them are already
in selective default: the provinces of Buenos Aires (May 15),
Mendoza (June 19), Rio Negro (July 8), and Salta (Aug 7).

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Downgraded  
                                  To             From
  Entre Rios (Province of)
   Issuer Credit Rating     CC/Negative/--   CCC/Negative/--

  Entre Rios (Province of)
   Senior Unsecured               CC             CCC




=============
B A H A M A S
=============

BAHAMAS: IDB OKs US$200MM Loan to Promote Environmental Resiliency
------------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a US$200 million
loan to promote competitiveness and environmental resiliency in The
Bahamas by improving the business climate, supporting the Micro,
Small and Medium Enterprises (MSMEs) continuity, modernizing the
institutional and legal framework to protect the natural resources,
and economic diversification by promoting scientific and
institutional developments in the Blue Economy.

This program supports the mandate and vision of the Bahamas
Economic Recovery Committee of providing for a resilient, dynamic,
inclusive, and sustainable economy and promotes private sector-led
growth under a stronger comprehensive environmental framework.

This is the first of two operations under the modality of
Programmatic Policy-Based Loan (PBP), to be contractually
independent and technically related.

The project improves and modernizes the business climate by
strengthening the transparency and governance of capital markets
and facilitating the process of obtaining business licenses for low
risk companies. It also supports the continuity of MSMEs and the
strengthening of their technical capacities in the short and medium
term period.

At the same time the program modernizes the legal framework
established for environmental resiliency, with the creation of the
Ministry of the Environment, new legislation for control of plastic
pollution, environmental impact assessment, sustainable procurement
practices and the promotion of scientific resources to develop the
Blue Economy. It also supports the governance and financial
management of Marine Protected Areas, which is part of the
ambitious strategic goal of the Bahamas to protect 20 percent of
its marine and coastal environment by 2020

The policy reforms of the program are a combination of initiatives
that support both public and private sector entities, that
strengthen the environment of doing business in a sustainable and
resilient manner, while protecting the natural assets of the
country. In addition, different actors of the Blue Economy sector
will benefit from the initiatives to promote its development; and
the citizens of the country in general that will enjoy the benefits
of the marine protected areas (better natural barriers for
environmental resilience and more sustainable fishing) including
positive externalities from the measures to control plastic
pollution.

The IDB loan of US$200 million has a repayment term of 20 years, a
grace period of five and a half years and an interest rate based on
LIBOR.

As reported in Troubled Company Reporter-Latin America on June 29,
2020, Moody's Investors Service has downgraded the Government of
The Bahamas' long-term issuer and senior unsecured ratings by two
notches to Ba2 from Baa3. Moody's also changed the outlook to
negative. This concludes the review for downgrade that commenced on
April 9, 2020.



===========
B R A Z I L
===========

AZUL AIRLINES: Reaches Deal to Cut Aircraft Leasing Costs
---------------------------------------------------------
Marcelo Rochabrun at Reuters reports that Brazilian airline Azul SA
said it had reached an agreement with its aircraft lessors that
would help it save some BRL3.2 billion ($594.61 million) in working
capital through 2021 and be repaid beginning in 2023.

The airline has been in negotiations with lessors as the
coronavirus crisis derailed Latin America's air travel industry in
March, according to Reuters.   Azul hired a restructuring firm when
the crisis set in and said it was renegotiating its debts out of
court to avoid a potential Chapter 11 bankruptcy filing, the report
notes.

The airline now says its new agreements cover 98% of the company's
leasing liabilities and has managed to reduce its rental costs by
77% between April and December of this year, the report discloses.

Azul said it would compensate for these discounts by paying
"slightly higher" leasing costs starting in 2023, the report
relays.

Azul is Brazil's No. 3 airline and is controlled by David Neeleman,
the founder of Jet Blue.

                          *    *    *

As reported in the Troubled Company Reporter-Latin America on July
16, 2020 Natalia Scalzaretto at The Brazilian Report said that in a
new blow to the already embattled aviation sector, Azul Airlines is
said to have laid off more than 1,000 airport maintenance workers,
according to trade union sources heard by the Brazilian press.
They estimate that the layoffs may prompt Azul to abandon
operations in 27 cities.

The company has not confirmed how many workers will be dismissed
but says that roughly 5.000 jobs were saved due to agreements with
union, employing changes such as reduced hours.  Another option
would be to resort to an aid package from Brazil's National
Development Bank, which is under negotiations.



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

DOMINICAN REPUBLIC: Abrisa Blames Competitor for Corruption Stamp
-----------------------------------------------------------------
Dominican Today reports that Abrisa Group president Abraham Hazoury
defended the Bavaro International Airport (AIB), a project approved
by the Executive Branch and which has been criticized by other
tourism sectors in Punta Cana.

In a paid space in the press, Hazoury said there's an effort to
stamp the terminal with a stigma of corruption, according to
Dominican Today.  "It's embarrassing that it is in the opinion of a
controller who acts as supervisor of the Dominican Institute of
Civil Aviation (IDAC) in Punta Cana Airport, that its detractors
try to discredit the technical and aeronautical aspects of the
project, the report notes.

"In short, the IDAC supervisor is at the service of the management:
Punta Cana Airport," he added.

He denied that the terminal was approved in the transition period,
the report relays.

"It took more than a year from the purchase of the land, the
presentation of the documents to the public authorities, on October
31, 2019 until the issuance of the decree, the July 21, 2020, cited
that at the time the Punta Cana International Airport (AIPC) was
approved by means of a letter addressed to the owner company,
signed by the then President of the Republic, on November 9, 1982,
through which granted their no objection to the benefits of Law 153
on Tourism Incentive Promotion," the report notes.

                 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: Barrick to Invest US$1.3B in Expansion Project
------------------------------------------------------------------
Dominican Today reports that if there is a sector that will be able
to contribute to the rapid dynamism of the Dominican economy, that
is mining.  The line mines and quarries are part of the primary
sector indicated by international organizations like the one that
will boost productive activity and, in this area, the mining
company Barrick Pueblo Viejo intends to maintain its support for
the country, in addition to its contribution in taxes for the
rising price in the troy ounce of gold in international markets,
according to Dominican Today.

This is a projected investment of US$1.3 billion as part of its
expansion project, aimed at increasing the production capacity of
the metal, although this project is still under study, the report
notes.  As part of its contributions, as of July this year 2020,
the mining company paid the Treasury US$270 million in direct
taxes, including advances, profits and royalties on sales of gold
and silver in the first quarter, and US$14 million in indirect
taxes, even in the midst of the Covid-19 coronavirus pandemic, the
report relays.  In 2019, the contribution was US$194 million, which
gives an idea of the contribution of Barrick Pueblo Viejo only by
way of liens, the report recalls.

The projections at the corporate level of the value of gold are US
1,200 million at the headquarters, that is, taking into account the
costs of production, but the expansion project has brought those
projections to US$1,500 a troy ounce, which gives a margin to the
Dominican State to fix its projections in those values, affirmed
the president of Barrick Pueblo Viejo, Juana Barcelo, at the Listin
Diario Breakfast, the report notes.

The Barrick Pueblo Viejo executive participated in the meeting
along with Ciro Avila, Finance Manager, and Vanessa Reynoso and
Monica Rodriguez, from the Communications Department, which was
attended by the president of this publisher Manuel Corripio Alonso
and director Miguel Franjul, the report says.

During the roundtable discussion, the president of the mining
agreed that these groupers can change more favorable for the
country way, because they correspond to the actual behavior and a
statistical study conducted in March this year by the firm
Analytica and is already talking about values with historical
records in the price of gold, the report discloses.

One of the fundamental reasons to speak of expansion, regardless of
the increase in metal prices, has to do with the production factor,
to ensure production of 800,000 ounces and maintain the mine, the
report relays.

The expansion project is expected to be operational in 2022. The
idea is to extend the life of the mine until 2045, for which it
will be necessary to include a process plant and the capacity to
handle tailings (waste rock and water), and a tail dam for a
tropical forest from the environmental rescue project, the report
notes.  Without this process mining would end in 2021 and
production would end in 2031, the report says.

That project would increase the mining process to more than 15
years, the report says.

                     There Will be More Work

Out of a total of direct collaborators of 2,050, the mining company
plans to increase that number to 2,368, without the contractors
that, according to their managers, have the same proportion and
without taking into account that for each position generated, a
multiplier of 10 must be considered, 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).



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

MEADE INSTRUMENTS: Taps Ishino Esquer as Special Counsel in Mexico
------------------------------------------------------------------
Meade Instruments Corp., and the Official Committee of Unsecured
Creditors filed a joint application seeking authority from the
U.S.
Bankruptcy Court for the Central District of California to hire
Enrique A. Maldonado Montfort of Ishino, Esquer y Armada, S.C., as
their special counsel in the country of Mexico.

In order to enable the Debtor to exit chapter 11 through a sale or
reorganization process and to facilitate the Debtor’s efforts in
maximizing the value of estate assets, the Debtor and the
Committee
require the services of an attorney experienced with the Country
of
Mexico's law to, among other things, assist the Debtor and the
Committee in the sale process of Meade Mexico -- the company's
wholly owned manufacturing operation in Mexico.

The Debtor shall pay a retainer of $1,500 to Mr. Maldonado.

Mr. Maldonado's regular hourly rates of $175 U.S. Dollars, which
may be subject to adjustment in the future.

Mr. Maldonado assures the court that neither he nor Ishino hold or
represent any interest materially adverse to the Committee, the
Debtor or their bankruptcy estates, and that Ishino is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

The firm can be reached through:

     Enrique A. Maldonado Montfort, Esq.
     Ishino, Esquer y Armada, S.C.
     Av Batopilas 2284, Col. Madero (Cacho)
     22040 Tijuana, B.C., Mexico
     Phone: +52 664 684 9893

               About Meade Instruments Corp.

Meade Instruments Corp. designs and manufactures optical products,
including telescopes, cameras, binoculars, and sports optics
products.

Meade Instruments Corp. filed a voluntary petition for relief
under
Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.
19-14714) on Dec. 4, 2019. In the petition signed by Victor
Aniceto, president, the Debtor estimated $10 million to $50
million
in both assets and liabilities.  Marc C. Forsythe, Esq., at Goe
Forsythe & Hodges LLP is the Debtor's legal counsel.




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

ALLIED FINANCIAL: Seeks Approval of $119K Sale of Barrio Sabana Lot
-------------------------------------------------------------------
Allied Financial, Inc., asks the U.S. Bankruptcy Court for the
District of Puerto Rico to authorize the sale of the lot of land
located at Barrio Sabana Llana de Rio Piedras, San Juan, Puerto
Rico, Registered as Property Num. 12306, at page No. 222, of Vol.
1107 in Sabana Llana, San Juan V Property Registry, to Randal
Paris for $119,000.

The Debtor listed in its Schedules an interest in the Property.
The Property has approximately 3,962 square meters.  The Debtor
listed the Property with a value of $313,000 in its Schedules.

The Debtor acquired the Property on Oct. 25, 2011, via Deed of
Judicial Sale and Cancelation of Mortgage Note by Notary Public
Dianne M. Perez Sebastian.

The Appraisal Report, dated June 18, 2020, for the Property
shows a value of $119,000.  

The Debtor has identified Paris as a potential buyer for the
Property in the amount of $119,000 pursuant to their Purchase
Option Agreement. The Debtor received from Purchaser a check in
the amount of $12,000 as a good faith deposit under the purchase
option, which will be applied to the purchase price at the closing
if the Purchaser exercises the option and buys the property as per
the terms and conditions of the agreement.  The Purchase Option
Agreement will expire 90 days from the date of the agreement or 10
days from the date the sale is approved by the Bankruptcy Court,
whichever is later.

The Property, as of the date, has property tax debt, in the total
amount of $ 24,627.  Any amounts owed to CRIM will be paid first
with the proceeds of the sale.  All proceeds from the sale of the
Property will be used to fund the proposed Plan of Reorganization
and providing payment to creditors.

The Detail of Proceeds and Expenses will be as follows:
Sale Price - $119,000, minus payment to CRIM - $24,627, minus
Legal Fees, Stamps, and Vouches - $136.  The Net Proceeds will
be $94,237.

The transfer of the Property will be free and clear of lien, and
exempt from the payment of taxes, stamps and vouchers, if the
transaction for some reason is delayed and takes place under the
Plan of Reorganization.

Each of the parties to the sale will assume its own payment of
expenses under the provisions of the Notary Law of Puerto Rico.

There are no common maintenance fees or homeowners' association
dues in relation to the property, since such association does not
exist.

                      About Allied Financial

Allied Financial, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 16-00180) on Jan. 15, 2016.  At the time
of the filing, Debtor disclosed total assets of $10.3 million and
total debt of $9.14 million.  Judge Mildred Caban Flores oversees
the case.  C. Conde & Assoc. is the Debtor's legal counsel.

MODERN RADIOLOGY: Plan & Disclosures Deadline Extended by 120 Days
------------------------------------------------------------------
Judge Edward A. Godoy has ordered that the motion filed by Modern
Radiology PSC requesting an extension of time of 120 days to file
the disclosure statement and plan is granted.  The filings are due
Nov. 27, 2020.

                     About Modern Radiology

Modern Radiology PSC owns and operates a medical and diagnostic
laboratory in Puerto Rico.  

The company previously sought bankruptcy protection on May 18, 2015
(Bankr. D.P.R. Case No. 15-03629).

Modern Radiology PSC, doing business as Bermudez Imaging, PSC, most
recently filed a Chapter 11 petition (Bankr. D.P.R. Case No.
20-01107) on Feb. 28, 2020.  The Debtor was estimated to have
assets of up to $50,000 and liabilities of $1 million to $10
million.  Nilda Gonzalez Cordero, Esq., at NILDA GONZALEZ CORDERO,
in Guaynabo, Puerto Rico, is the Debtor's counsel.



===============
S U R I N A M E
===============

SURINAME: President Warns Against Lavish Spending
-------------------------------------------------
RJR News reports that Suriname president Chandrikapersad Santokhi
has warned against lavish spending in the future as oil companies
predict that the Dutch-speaking CARICOM country could receive an
estimated US$50 billion in revenue from three major oil finds over
the next two decades.

Oil company officials announced a third oil discovery along the
coast of Suriname, according to RJR News.

Mr. Santokhi said the expected revenue would not make the country
rich and prosperous and there will be no wealth if the other
sectors of the economy are not able to benefit, the report notes.

As reported in the Troubled Company Reporter-Latin America on
July 20, 2020, S&P Global Ratings raised its long-term foreign
and local currency sovereign credit rating on the Republic of
Suriname to 'CCC' from 'SD' and 'CCC-', respectively. S&P Global
Ratings also raised is issue-level ratings on the restructured
US$125 million December 2023 bond to 'CCC' from 'D' and on the
US$550 million October 2026 bond to 'CCC' from 'CCC-'. At the same
time, S&P Global Ratings raised its short-term foreign currency
sovereign credit rating on Suriname to 'C' from 'SD', and affirmed
its 'C' short-term local currency sovereign credit rating on the
country. Finally, S&P Global Ratings raised its transfer and
convertibility assessment on Suriname to 'CCC' from 'CCC-'. The
outlook is stable.



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

PETROLEOS DE VENEZUELA: Oil Exports Stagnant in July
----------------------------------------------------
Reuters, citing Refinitiv Eikon and internal data from the
state-run company, reports that Venezuela exported about 388,100
barrels per day of crude and fuel in July, almost unchanged versus
the previous month, as U.S. sanctions on Petroleos de Venezuela,
S.A. (PDVSA) continued limiting sales.

Washington has ramped up pressure this year on PDVSA's customers,
trade partners and shippers aiming to stop the re-sale of
Venezuelan oil and block efforts to hide or change its country of
origin, according to Reuters.

That is making it increasingly difficult for many of the company's
clients to find tankers for transporting the oil, the report
notes.

A total of 20 cargoes of crude and refined products were shipped
last month from the OPEC-member country, with India emerging again
as the main destination, with a third of total exports, according
to the data, the report relays.

India's Reliance Industries in early July resumed imports of
Venezuelan crude after a three-month pause caused by the U.S.
sanctions. The company requested permission from the U.S. Treasury
Department to swap Venezuelan oil for diesel, the report
discloses.

But the recovery of exports to India was not enough to compensate
for the loss of other customers of Venezuelan oil in recent months,
leaving July exports 1.8% above the previous month but 60% below
the average of July 2019, the report relays.

Venezuela also exported 88,065 bpd to Europe and a 85,260 bpd to
Cuba, the data showed, the report notes.

PDVSA did not immediately reply to a request for comment.

Fuel imports arriving in the South American nation, whose struggles
to satisfy its domestic demand of gasoline have increased again in
recent weeks, fell to 19,000 bpd from 63,600 bpd in June, the
report relays.

All PDVSA's refineries are out of service since late July,
according to sources close to the company's operations, the report
adds.


                           About PDVSA

Founded in 1976, Petroleos de Venezuela, S.A. (PDVSA) is the
Venezuelan state-owned oil and natural gas company, which engages
in exploration, production, refining and exporting oil as well as
exploration and production of natural gas.  It employs around
70,000 people and reported $48 billion in revenues in 2016.

As reported in Troubled Company Reporter-Latin America on June 3,
2019, Moody's Investors Service withdrew all the ratings of
Petroleos de Venezuela, S.A. including the senior unsecured and
senior secured ratings due to insufficient information. At the
time of withdrawal, the ratings were C and the outlook was stable.

Citgo Petroleum Corporation (CITGO) is Venezuela's main foreign
asset.  CITGO is majority-owned by PDVSA.  CITGO is a United
States-based refiner, transporter and marketer of transportation
fuels, lubricants, petrochemicals and other industrial products.

However, CITGO formally cut ties with PDVSA at about February 2019
after U.S. sanctions were imposed on PDVSA.  The sanctions are
designed to curb oil revenues to the administration of President
Nicolas Maduro and support for the Juan Guaido-headed party.


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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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