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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 26, 2020, Vol. 21, No. 171

                           Headlines



A R G E N T I N A

ARGENTINA: Creditors Reiterate Support for Debt Swap
ARGENTINA: Drought and Frosts Threaten Record Wheat Crop


B R A Z I L

BRAZIL MINERALS: Incurs $415K Net Loss in Second Quarter
CHEMICAL XI: Moody's Gives (P)B2 Rating to Mezzanine Shares


C H I L E

CORP GROUP BANKING: S&P Places CCC- ICR on Watch Negative


C O L O M B I A

AVIANCA HOLDINGS: Efromovich Dismisses Corruption Allegations
COLOMBIA: Businesses Seeks Up to $13.1BB to Stave Off Collapses


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Sectors Hopeful w/ Announced Economic Measures


J A M A I C A

JAMAICA: 3,000 Tonnes of Peppers to be Reaped Under Agri Program


M E X I C O

COVIA HOLDINGS: Chapter 11 Proceedings Cast Going Concern Doubt
FINANCIERA INDEPENDENCIA: S&P Affirms B+ ICR, Alters Outlook to Neg


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Must Prioritize Agriculture, Khan Says

                           - - - - -


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

ARGENTINA: Creditors Reiterate Support for Debt Swap
----------------------------------------------------
Buenos Aires Times reports that the Ad Hoc Group of Argentina
Exchange Bondholders has announced that its members will be
entering Argentina's debt swap proposal to the tune of almost US$5
billion.

In a communique, the creditors said that the government's "amended
proposal is a consensual resolution that offers a beneficial
outcome for all participants and is an offer that all creditors
should accept," according to Buenos Aires Times.

The group urged all those holding bonds from the 2005 and 2010 bond
swaps as well as global bonds "to join them in participating in
Argentina's external debt restructuring," the report notes.

"Bondholders who consent to the exchange prior to the August 28
expiration date will be eligible to receive additional
consideration on account of accrued interest and will have greater
ability to select the new bonds received.  Those who do not consent
to the offer will not receive these additional benefits," the
communique pointed out, the report relays.

The group includes such funds as HBK Investments, Monarch
Alternative Capital LP, Paloma Partners Management Corp., Pharo
Management (UK) LLP, Redwood Capital Management, LLC and VR Capital
Group among others, the report notes.

The commitment is to enter with almost US$3.7 billion worth of
bonds from the 2005 and 2010 swaps and over US$1.1 billion in
global bonds, the report discloses.

This group thus joins the Ad Hoc Committee (headed by BlackRock
investment fund) and the Argentina Creditor Committee, who had
committed themselves to the restructuring earlier.

Argentina has already presented its bond swap offer to the
Securities & Exchange Commission (SEC) of the United States, giving
the bondholders until August 28 to join the swap whereupon they are
to receive their new bonds on September 4, the report relays.  At
the close of this month the Economy Ministry will be announcing the
percentage of adhesion, about which officials are optimistic, the
report discloses.

President Alberto Fernandez's government presented its first offer
for a bond swap on US$66 billion of public debt back in April but
after extended negotiations between now and then the net present
value of recovery climbed from 39 to 54.8 cents per dollar, gaining
the consensus of the three hitherto intransigent creditor
committees who represent around half of the bonds at stake, the
report notes.

Argentina has been in selective or technical default since May when
it failed to meet interest payments to the tune of half a billion
dollars on three of the bonds in question, 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 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.

ARGENTINA: Drought and Frosts Threaten Record Wheat Crop
--------------------------------------------------------
Buenos Aires Times reports that a drought coupled with bouts of
frost may curb wheat output across swathes of Argentina, the Buenos
Aires Grain Exchange said.

"Current conditions are unfavourable for growth and development,"
analysts led by Esteban Copati wrote, according to Buenos Aires
Times.

The impact of dryness that started in March is now being made worse
by "frequent and intense" frosts.  Wheat plants in the north--which
are in yield-defining development stages--may produce 50 percent
less. Damage in southern areas, known as Argentina's bread-basket,
is lighter, the report notes.  But rain is needed for plants there
to recover from delayed growth, the report relays.

Argentina has been expected to produce a record wheat crop after
the government spared shipments of the grain from a tax hike, the
report says.  But the drought limited planting, which reined in
some estimates, the report discloses.

                             Locusts

Swarms of locusts are also flying nearer to crop areas, according
to federal agency Senasa, which is in charge of managing the pest,
the report notes.  Swarms recently crossed into northern Cordoba
province, home to about 8% of Argentina's wheat, the report
relays.

But the real issue right now is the weather, Copati said.

"If we don't start to get rain, the wheat will be so dry that the
locusts will only have dry grass to eat," he said in an interview,
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 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
===========

BRAZIL MINERALS: Incurs $415K Net Loss in Second Quarter
--------------------------------------------------------
Brazil Minerals, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net loss
of $415,330 on $8,936 of revenue for the three months ended June
30, 2020, compared to a net loss of $658,838 on $5,172 of revenue
for the three months ended June 30, 2019.

For the six months ended June 30, 2020, the Company reported a net
loss of $1.01 million on $11,566 of revenue compared to a net loss
of $1.11 million on $9,965 of revenue for the six months ended June
30, 2019.

As of June 30, 2020, the Company had $1.02 million in total assets,
$2.66 million in total liabilities, and a total stockholders'
deficit of $1.64 million.

"The Company has limited working capital, has incurred losses in
each of the past two years, and has not yet received material
revenues from sales of products or services.  These factors create
substantial doubt about the Company's ability to continue as a
going concern.  The consolidated financial statements do not
include any adjustment that might be necessary if the Company is
unable to continue as a going concern," said Brazil Minerals in the
Report.

As of June 30, 2020, the Company had cash and cash equivalents of
$327,358 and a working capital deficit of $2,136,996.

Net cash used in operating activities totaled $460,751 for the six
months ended June 30, 2020, compared to net cash used of $374,323
during the six months ended June 30, 2019 representing an increase
in cash used of $86,428 or 23.1%.  Net cash used in investing
activities totaled $13,138 for the six months ended June 30, 2020,
compared to net cash used of $78 during the six months ended June
30, 2019 representing an increase in cash used of $13,060.  Net
cash provided by financing activities totaled $605,510 for the six
months ended June 30, 2020, compared to $381,074 during the six
months ended June 30, 2019 representing an increase in cash
provided of $224,436 or 58.9%.

"We have limited working capital, have historically incurred net
operating losses, and have not yet received material revenues from
the sale of products or services.  These factors create
substantial
doubt about our ability to continue as a going concern.

"Our primary sources of liquidity have been derived through
proceeds from the (i) issuance of debt and (ii) sales of our equity
and the equity of one of our subsidiaries.  Our ability to continue
as a going concern is dependent upon our capability to generate
cash flows from operations and successfully raise new capital
through debt issuances and sales of our equity.  We believe that we
will be successful in the execution of our initiatives, but there
can be no assurance.  We have no plans for any significant cash
acquisitions in the foreseeable future."

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/Archives/edgar/data/1540684/000152013820000396/bmix-20200630_10q.htm

                      About Brazil Minerals

Brazil Minerals, Inc. -- http://www.brazil-minerals.com-- has two
components to its business model: (1) growing a portfolio of
mineral rights in a wide spectrum of strategic and sought-after
minerals, from which equity holdings and/or royalty interests may
develop, and (2) mining certain specific areas for gold, diamonds,
and sand.  The Company currently owns mineral rights in Brazil for
lithium, rare earths, titanium, cobalt, iron, manganese, nickel,
gold, diamonds, precious gems, and industrial sand.  

Brazil Minerals reported a net loss of $2.08 million for the year
ended Dec. 31, 2019, compared to a net loss of $1.85 million for
the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$1.03 million in total assets, $2.35 million in total liabilities,
and a total stockholders' deficit of $1.32 million.

BF Borgers CPA PC, in Lakewood, Colorado, the Company's auditor
since 2015, issued a "going concern" qualification in its report
dated April 14, 2020 citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raise
substantial doubt about its ability to continue as a going concern.

CHEMICAL XI: Moody's Gives (P)B2 Rating to Mezzanine Shares
-----------------------------------------------------------
Moody's America Latina Ltda. (Moody's) has assigned provisional
ratings of (P) Baa3 (sf) (Global Scale, Local Currency) and (P)
Aaa.br (sf) (Brazilian National Scale) to the senior shares, and
(P) B2 (sf) (Global Scale, Local Currency) and (P) Ba1.br (sf)
(Brazilian National Scale) to the mezzanine shares to be issued by
Chemical XI - FIDC Industria Petroquimica, a securitization backed
by a pool of trade receivables and originated by Braskem S.A. (Ba1,
negative outlook).

Issuer: Chemical XI - FIDC Industria Petroquimica (Chemical XI -
FIDC)

Senior Shares - (P) Baa3 (sf) (Global Scale, Local Currency) and
(P) Aaa.br (sf) (Brazilian National Scale)

Mezzanine Shares - (P) B2 (sf) (Global Scale, Local Currency) and
(P) Ba1.br (sf) (Brazilian National Scale)

The provisional ratings address the structure and characteristics
of the transaction based on the information provided to Moody's as
of August 18, 2020. Certain issues relating to this transaction
have yet to be finalized. Upon conclusive review of all documents
and legal information as well as any subsequent changes in
information, Moody's will endeavor to assign definitive ratings to
this transaction. If any assumptions or factors considered by
Moody's in assigning the ratings change, Moody's could change the
ratings assigned to the senior and mezzanine shares.

RATINGS RATIONALE

Chemical XI - FIDC is a close-ended FIDC and will have a final
legal maturity of 24 months from closing. Moody's assigned
provisional ratings to the senior shares and to the mezzanine
shares. The senior shares and the mezzanine shares accrue, on a
daily basis, a floating rate of interest equivalent to the DI rate
(Brazilian interbank rate) plus a fixed spread to be determined at
closing.

Moody's bases the ratings on the following factors:

  - Credit enhancement in the form of subordination for senior
shares ranging from 9.09% to 13.04%, which adjusts according to
transaction performance, to mitigate losses due to obligor default
or dilution. The minimum subordination level for the mezzanine
shares is 2%. The transaction also benefits from a reserve account
to provide liquidity at payment dates and it is funded prior to
those dates by (i) 30% of estimated payment amount, 30 days prior,
and (ii) 100% of estimated payment amount, 10 days prior.

  - The eligibility criteria of the trade receivables, represented
by electronic invoices to be acquired by the issuer, which include
concentration limits by client, delinquency by client and maximum
term of the trade receivables. The maximum individual obligor
concentration limit is 3%.

  - Low and stable historical delinquency and dilution levels of
the sellers' trade receivables portfolio.

  - Very low commingling risk as payments by obligors are made
directly to the fund's segregated account that it maintains at
Banco Bradesco S.A. (Ba2, stable outlook, long-term bank deposit
rating, Global Scale, Local Currency; and Aa1.br, Brazilian
National Scale).

  - Braskem's sound track record sponsoring and servicing
securitization transactions and the stable performance of these
previous transactions. Chemical XI - FIDC is Braskem group's
eleventh securitization of its trade receivables portfolio. The
performance of past transactions has been in line with the original
assumptions that Moody's used to rate the transactions.

During the initial 18 months of the transaction, the fund will not
make principal payments to the senior and mezzanine shares and
interest payments will be paid on a semi-annual basis. After the
end of the grace period, the transaction will enter a final 6-month
amortization period, when it will make monthly principal and
interest payments. Senior and mezzanine shares will follow the same
amortization schedule.

Amortization payments to the mezzanine shares will only be allowed:
(1) after the fund has made the scheduled senior amortization
payments; and (2) as long as the fund maintains the minimum senior
subordination ratio.

Commingling risk is mitigated because obligors are instructed to
pay directly into a segregated account in the name of the fund by
means of pay slips that Banco Bradesco and other selected
collection banks generate. The seller must remit any monies they
receive to the segregated account within two business days; a
non-automatic acceleration event (evento de avaliacao) is triggered
if payments made directly to the seller's account within a month
are higher than 5% of fund's net assets. The seller will act as
primary servicer.

Moody's analyzed the seller's receivables pool for the 44-month
period, reviewed by E&Y, starting in October 2016 and ending in May
2020. During this period, Braskem generated BRL 137.0 billion of
trade receivables from approximately 1,204,278 separate invoices.
As modeling input assumptions, Moody's used a central mean of 0.33%
monthly dilutions and 0.11% monthly losses over the outstanding
balance, and it assumed portfolio turnover of 24 days. Moody's
calculated loss assumptions using as a proxy delinquency from 91 to
120 days past due receivables over the total pool.

Moody's key ratings model assumptions for this transaction are
Braskem's rating, loss rate and dilution rate.

Factors that would lead to a upgrade or downgrade of the ratings:

Factors that could lead to a downgrade of the rating include (i) an
increase in defaults and dilution levels beyond the level Moody's
assumed when rating this transaction, and (ii) a deterioration in
the credit quality of Braskem.

Factors that could lead to an upgrade of the rating include (i) a
significant decrease on losses or dilution levels beyond the level
Moody's assumed when rating this transaction, and (ii) improvement
in the credit quality of Braskem.

The rapid spread of the coronavirus outbreak, the government
measures put in place to contain it and the deteriorating global
economic outlook, have created a severe and extensive credit shock
across sectors, regions and markets. Its analysis has considered
the effect on the performance of FIDC Chemical XI from the collapse
in Brazil economic activity in the second quarter and a gradual
recovery in the second half of the year. However, that outcome
depends on whether governments can reopen their economies while
also safeguarding public health and avoiding a further surge in
infections. As a result, the degree of uncertainty around its
forecasts is unusually high. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety

The principal methodology used in these ratings was "Moody's
Approach to Rating Trade Receivables-Backed Transactions" published
in July 2020.



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C H I L E
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CORP GROUP BANKING: S&P Places CCC- ICR on Watch Negative
---------------------------------------------------------
S&P Global Ratings placed its 'CCC-' issuer credit and senior
unsecured debt ratings on Corp Group Banking S.A. (CG Banking) on
CreditWatch negative.

S&P expects CG Banking to face substantial challenges to making its
next three interest payments, because it doesn't expect Itau
CorpBanca, the sole operating company, to distribute dividends in
2021. Moreover, the impact of the social unrest in Chile and the
economic shock from the COVID-19 pandemic have prompted unfavorable
valuation prospects and tighter financing conditions, which further
pressure CG Banking's capacity to meet interest payments on a
timely basis as it continues to rely on the group's support to
honor its debt service payments.

Itau CorpBanca's most recent impairment test incorporated the new
economic outlook after the pandemic's global outburst and uncertain
economic recovery. As a result, the bank's large intangible assets,
mainly originated after the merger of the former Itau Chile and
CorpBanca in 2016, were impaired by around CLP448 billion ($546
million) in Chile and CLP356 billion ($433 million) in Colombia.
Although the event has no impact on the bank's liquidity and
capital metrics, S&P believes it impairs Itau CorpBanca's dividend
distribution capacity for 2021.




===============
C O L O M B I A
===============

AVIANCA HOLDINGS: Efromovich Dismisses Corruption Allegations
-------------------------------------------------------------
Luis Jaime Acosta at Reuters reports that German Efromovich, a
majority shareholder of Avianca Holdings said he is innocent of
alleged corruption under investigation by Brazilian prosecutors and
hopes to win back control of the Colombian airline.

Efromovich and his brother, Jose, were placed under house arrest in
Brazil earlier as part of the country's massive Car Wash corruption
probe, according to Reuters.

Protesting his innocence in a virtual press conference, Efromovich
said he remained a willing investor in Avianca, as the air carrier
undergoes a Chapter 11 restructuring in the United States after
filing for bankruptcy protection in May, the report notes.

Brazilian prosecutors have accused the brothers of laundering money
and bribing public officials in order to land ship-building
contracts with Transpetro, the logistics unit of Brazilian oil
company Petrobras, the report relays.

The accusations are unrelated to Avianca.

"The documents speak for themselves and this will fall by gravity,
because of its own weight," Efromovich said of the accusations
against him, the report discloses.

He said Brazilian investigators have been induced to implicate him
in the case, but did not elaborate, the report notes.

The Bolivian-born Efromovich, who also has Brazilian and Colombian
citizenship, said the investigation would have no impact on his
business dealings, adding that he hoped to regain control of
Avianca's board, the report says.

"Avianca will need investors and we have put ourselves forward in
the Chapter 11 process via Avianca's lawyers in New York with a
group of investors willing to invest with me so we can return to
Avianca and leave it stronger than when I left," said Efromovich,
who spoke from Sao Paulo, the report discloses.

Avianca declined to comment on Efromovich's remarks.

Efromovich, 70, bought Avianca out of bankruptcy in 2004 and grew
it to become Latin America's No. 2 airline.

He lost control of Synergy Group, which ultimately controls
Avianca, in 2019 amid a dispute with United Airlines, the report
relays.  Efromovich's holding company defaulted on $456 million
loan from United, which then ceded its voting rights to Avianca's
second-largest shareholder Kingsland Holdings, the report adds.

                          About Avianca

Avianca -- https://aviancaholdings.com/ -- is the commercial brand
for the collection of passenger airlines and cargo airlines under
the umbrella company Avianca Holdings S.A. Avianca has been flying
uninterrupted for 100 years.  With a fleet of 158 aircraft, Avianca
serves 76 destinations in 27 countries within the Americas and
Europe.

Avianca Holdings S.A. and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
20-11133) on May 10, 2020.  At the time of the filing, the Debtors
disclosed $7,273,900,000 in assets and $7,268,700,000 in
liabilities.  

Judge Martin Glenn oversees the cases.

The Debtors tapped Milbank LLP as general bankruptcy counsel;
Urdaneta, Velez, Pearl & Abdallah Abogados and Gomez-Pinzon
Abogados S.A.S. as restructuring counsel; Smith Gambrell and
Russell, LLP as aviation counsel; Seabury Securities LLC as
financial restructuring advisor and investment banker; FTI
Consulting, Inc., as financial restructuring advisor; and Kurtzman
Carson Consultants LLC as claims and noticing agent.

The U.S. Trustee for Region 2 appointed a committee of unsecured
creditors in Debtor's bankruptcy cases on May 22, 2020.

COLOMBIA: Businesses Seeks Up to $13.1BB to Stave Off Collapses
---------------------------------------------------------------
Reuters reports that Colombian businesses asked the government to
secure a loan from the central bank for between 30 trillion and 50
trillion pesos ($7.84 billion to $13.1 billion) to bail out
companies at risk of collapse due to the impact of coronavirus.

Proposals include a rescue package in which companies could issue
bonds for future conversion to shares, as well as a capitalization
program under which the government would take part ownership of
businesses, Colombian Business Association President Bruce Mac
Master said, according to Reuters.

"We're in an extraordinary situation which requires us to throw
everything we have at it," Mac Master said at the group's annual
congress, the report notes.  "We should play with everything we've
got," it added.

Colombia's companies regulator said in April the number of
businesses declaring insolvency could double in the coming months
due to the decline in economic activity in the wake of coronavirus,
the report relays.

"It is much better to save companies than to try to find new
investments; it's cheaper and we must try to do it," Mac Master
said, the report notes.

According to the Bogota and Cundinamarca chapter of the National
Federation of Retailers some 58,000 businesses in the capital have
shut down indefinitely, equal to 31%, while another 40% of
retailers' sites are currently closed, the report says.

Mac Master also called for an increase in state subsidies to
support companies to make payroll, buy-back programs and tax
exemptions for the most desperate sectors, the report discloses.

The government raised the possibility it could acquire stakes in
companies in June, but has yet to publish further details, the
report relays.

The central bank has directed billions of dollars in liquidity
measures to Colombia's banks for providing loans to businesses laid
low by the spread of COVID-19, as well as cutting the benchmark
interest rate by 200 basis points to a record low of 2.25%, the
report adds.



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

DOMINICAN REPUBLIC: Sectors Hopeful w/ Announced Economic Measures
------------------------------------------------------------------
Dominican Today reports that representatives from the business,
industrial, tourism, and agricultural sectors described the
President of the Republic's economic measures, Luis Abinader, as
"encouraging, successful and positive."

Among the unions that supported the first speech as president of
the nation's new president are Conep, AIRD, Anje, Asonahores,
Acoprovi, and Confenagro, which congratulated Abinader for his
position, according to Dominican Today.

                        Tourism, Hopeful

"This was a great speech, hopeful, in a challenging moment that the
country is experiencing.  Asonahores congratulates him, and we will
support all those measures that he made available to the people,"
said Andres Marranzini, vice president of the Hotel Association and
Tourism (Asonahores).  Marranzini was not surprised by the
announcement, since the new Minister of Tourism, David Collado,
advanced some measures, the report notes.

It refers to the Tourism Relaunch Plan that the Government will
carry out on Aug. 24, as Abinader announced, which, according to
Marranzini, includes fiscal and monetary facilities. "But the
priority is health," said the executive.

He indicated that without that, they would not reach the planning
they had for 2020 and were moved to 2021 by the blows of the
pandemic, which reduced tourism by 88% in July, the report relays.

The first month of reopening the sector did not go as expected,
since it barely received 54,000 tourists and maintains an average
occupancy of 12% in the few open hotel rooms, the report notes.
Others are in the process of reopening, the report discloses.

                      Entrepreneurs, Positive

Meanwhile, the Association of Industries of the Dominican Republic
(AIRD) valued as "very successful" the approach of President
Abinader to promote and recover the employment generation capacity
of the productive sectors, the National Association of Young
Entrepreneurs (Anje) highlighted the path to strengthening
institutions, the report notes.

Meanwhile, the National Council of Private Enterprise (Conep)
agreed on the idea of prioritizing the fight against the pandemic,
mitigating the economic and social effects, as well as preserving
jobs, the report says.

                       Agriculture and Construction

Eric Rivero, president of the National Agricultural Confederation,
affirmed that the financing for RD$5,000 million at a zero rate
promised for the agricultural sector would be a relief for the
300,000 productive farms in the country, the report discloses.

Although he advanced that the focus should be on the products that
are most consumed locally, the report says.

Susy Gaton, from the Dominican Association of Housing Builders and
Promoters (Acoprovi), found it excellent that they are considering
building and repairing 30,000 homes, the report relays.  Still, she
understands that cement and steel costs must lower, which raised
the price of houses by 10%, the report notes.

                         More Measures

Government Aid will continue until December the FASE, Stay at Home,
and Pa'Ti programs.

Facilities It will extend tax facilities, especially to MSMEs. It
will provide guarantees and financing of RD$100,000 million, the
report relays.

Pedernales expects ecotourism development.

Tourism.  Although it is not the first time that a government has
announced the promotion of Pedernales, the representative of its
tourism cluster, Katia Jose de Vilomar, said that they have more
hope that it will develop because they are more organized and
trained now, the report notes.

He said they have 300 rooms available, and although he found the
announcement by President Luis Abinader to begin building 3,000
rooms in that province, he understands that the promises are
definite, the report notes.  "We hope that they will meet with us
in the next few hours and that ecotourism will develop," 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).



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

JAMAICA: 3,000 Tonnes of Peppers to be Reaped Under Agri Program
----------------------------------------------------------------
RJR News reports that some 3,000 metric tons of hot peppers are
expected to be reaped for the 2020/21 crop year under the Ministry
of Agriculture's Production Incentive Program.

The ministry said $60 million has been budgeted to increase
production of hot peppers, according to RJR News.

A total of 650 farmers across the island are engaged in the growing
of hot peppers, most of whom are concentrated in the parishes of
Westmoreland, St. Elizabeth, Manchester, St. Thomas, St. Ann and
St. Mary, the report notes.

Under the $1.6 billion Production Incentive Program, other crops
such as ginger, dasheen and strawberry are targeted for development
with over 4,000 farmers expected to benefit, directly and
indirectly, 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.



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

COVIA HOLDINGS: Chapter 11 Proceedings Cast Going Concern Doubt
---------------------------------------------------------------
Covia Holdings Corporation filed its quarterly report on Form
10-Q/A, disclosing a net loss of $965,000 on $322,660,000 of
revenues for the three months ended March 31, 2020, compared to a
net loss of $52,248,000 on $428,246,000 of revenues for the same
period in 2019.

At March 31, 2020, the Company had total assets of $2,381,057,000,
total liabilities of $2,241,927,000, and $139,130,000 in total
equity.

The Company said, "On June 29, 2020, we commenced voluntary cases
under Chapter 11 of the U.S. Bankruptcy Code, which raises
substantial doubt as to our ability to continue as a going
concern.

The commencement of the Chapter 11 Cases accelerated substantially
all of our outstanding debt.  Any efforts to enforce payment
obligations related to the acceleration of our debt have been
automatically stayed as a result of the filing of the Chapter 11
Cases, and the creditors' rights of enforcement are subject to the
applicable provisions of the Bankruptcy Code.  Further, on June 29,
2020, we entered into the Restructuring Support Agreement with the
Consenting Stakeholders.  The Restructuring Support Agreement
contemplates that the restructuring and recapitalization of the
Company Parties will occur through a prearranged plan of
reorganization in the Chapter 11 Cases."

A copy of the Form 10-Q/A is available at:

                       https://is.gd/27yjFp

Covia Holdings Corporation provides diversified mineral-based and
material solutions for the industrial and energy markets in the
United States, Argentina, Mexico, Canada, China, and Denmark. The
company operates in two segments, Energy and Industrial. It offers
a range of specialized silica sand, feldspar, nepheline syenite,
calcium carbonate, clay, and kaolin products for use in the glass,
ceramics, coatings, foundry, polymers, construction, water
filtration, sports and recreation, and oil and gas markets. The
company also operates mining facilities. Covia Holdings Corporation
was founded in 1970 and is headquartered in Independence, Ohio. On
June 29, 2020, Covia Holdings Corporation, along with its
affiliates, filed a voluntary petition for reorganization under
Chapter 11 in the US Bankruptcy Court for the Southern District of
Texas.

FINANCIERA INDEPENDENCIA: S&P Affirms B+ ICR, Alters Outlook to Neg
-------------------------------------------------------------------
S&P Global Ratings revised its outlook on Financiera Independencia
(Findep) to negative from stable. In addition, S&P affirmed its
'B+' long-term global scale issuer credit rating on Findep. At the
same time, S&P affirmed its 'mxBBB-/mxA-3' national scale ratings
on the company. S&P also affirmed its 'B+' issue-level rating on
the company's senior unsecured notes. This reflects that S&P
doesn't apply notches of subordination to this issuance. This is
because of the low priority debt, at 11%, which the company has
maintained for the past couple of years coupled with sufficient
unencumbered assets to cover the most senior debt.

S&P said, "The outlook revision reflects our belief that the
company's asset quality metrics (NPAs plus NCOs) will deteriorate
to about 28%, given Mexico's recession caused by COVID-19. We could
lower the ratings if this indicator rises above 30%, beyond our
base-case expectations.

"Moreover, during the pandemic crisis, the company supported
through four-month forbearance period for around 18% of its total
loan portfolio (around 15% for individual loans and 40% for group
loans). Given the short-term nature of the loan portfolio, we
expect to see the real impact on the balance sheet by the end of
this year, including delinquencies. In response, Findep has
increased its reserves, which bolstered the coverage ratio above
200%. However, we consider that as the loan portfolio normalizes
and delinquencies begin to materialize, NPA coverage will drop
towards historical levels of around 100%.

"On the other hand, Findep's competitive position in Mexico's
microfinance industry as the second-largest player and its growing
geographic business diversification will enable faster recovery
than that among peers, in our view."





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

TRINIDAD & TOBAGO: Must Prioritize Agriculture, Khan Says
---------------------------------------------------------
Trinidad Express reports that Trinidad and Tobago must prioritize
the development of agriculture as the world faces the uncertainty
of the Covid-19 endemic going forward, president of the Trinidad
and Tobago Farmers' Union, Shiraz Khan, has said.

Khan expressed concern that this country must move quickly to stop
talking about sustainability and development of the agricultural
sector and begin to "action" a structured plan to draw newcomers
into the field-using incentives and modernization, according to
Trinidad Express.

Speaking to the Express via telephone, Khan congratulated returning
Minister of Agriculture, Lands and Fisheries, Clarence Rambharat,
who was sworn in with the new Cabinet of Prime Minister Dr Keith
Rowley, the report notes.

Khan said while he welcomed Rambharat, the minister "will be
ineffective if the Government does not have a strong and structured
plan that it intends to execute, for the modern development of
agriculture in the Covid-19 environment," the report relays.

A long-standing member of the livestock rearing community, Khan
said the sector was anxiously awaiting the 2021 budget and
Government's plans to ensure food security for the nation, the
report notes.

Khan noted that global restrictions on movement since March this
year have impacted this country's ability to import some foods and
food products, the report says.  He also lamented that Trinidad and
Tobago's food import bill has only increased in the last decade,
while local agriculture declined, the report discloses.

"The incentive is not there," Khan said.

"It is known for some time that young people are not going into
agriculture. People are also more likely to leave agriculture for
another profession than the other way around," he added.

Khan said what is put forth by the Government in the 2021 budget
"will say a lot about whether the Government is serious about the
sector," the report notes.

Khan also said:

"Unfortunately, however, this election may have been a win more for
political financiers than for the people. So we will wait and
see."

"This is a very crucial time in terms of ensuring food security,"
Khan said.  "There can't be the same reliance on importing food
with so much uncertainty around supply chains."

He said note should be taken that mega-farms in the United States
have been shutting down, some with no clarity as to when or if they
may resume operations, the report relays.  The deportation in some
parts of the US of migrant farm workers is also affecting crops in
the field and subsequently, export and trade out of that country,
the report notes.

Khan said international food supply chains are becoming unreliable,
and T&T was capable of sustaining itself with the correct
infrastructure and investment into agriculture, the report notes.

"If Government continues to allocate small money to agriculture,
which has always been the 'bastard child', then the industry will
continue to decline," he added.

However, the union head acknowledged that some progress has been
made in the regularisation of leases and lands to farmers, which
was a keep-back for some as they sought to access agricultural
loans and incentives, the report relays.

"So we are hoping that we will see some real interest, some real
assistance in getting this industry to where it should be and into
a sustainable position going forward under Covid-19," Khan added.


                           *********


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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