/raid1/www/Hosts/bankrupt/TCRLA_Public/200901.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

          Tuesday, September 1, 2020, Vol. 21, No. 175

                           Headlines



A R G E N T I N A

BANCO MACRO: Fitch Affirms 'CC' LT Issuer Default Ratings
BANCO SANTANDER: Fitch Affirms 'CC' LT Issuer Default Rating
BBVA ARGENTINA: Fitch Affirms 'CC' LT Issuer Default Ratings
SANTA FE PROVINCE: Fitch Affirms CCC LT Issuer Default Ratings
VINCULOS SGR: Moody's Withdraws Caa3 IFS Rating



B R A Z I L

BRAZIL: Rio de Janeiro's Retail Sales Suffer Drop in 1st Semester


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Hurricane Laura Altered Fuel Prices


P U E R T O   R I C O

ASCENA RETAIL: Seeks to Hire Kirkland & Ellis as Legal Counsel
ASCENA RETAIL: Taps Alvarez & Marsal as Restructuring Advisor
ASCENA RETAIL: Taps Guggenheim Securities as Investment Banker


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: 48 Bars Close Down

                           - - - - -


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A R G E N T I N A
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BANCO MACRO: Fitch Affirms 'CC' LT Issuer Default Ratings
---------------------------------------------------------
Fitch Ratings has affirmed Banco Macro S.A.'s Local-Currency
Long-Term Issuer Default Ratings (IDR) at 'CC'.

KEY RATING DRIVERS

Macro's Viability Rating (VR) and IDRs are highly influenced by
Fitch's assessment of the operating environment for Argentine banks
at 'cc', which is currently a constraint on these ratings. The
operating environment remains highly challenging, as the strong
recession continues to pressure asset quality, exacerbated by a
long lockdown due to the coronavirus pandemic, profitability
affected by the very low loan growth (negative in real terms),
rising costs due to continued high inflation and increasing credit
costs.

Fitch also considers the bank's company profile in its assessment
of the VR. Macro benefits from its good nationwide franchise, which
places it among the third and fourth private sector banks in
Argentina in terms of loans and deposits, with market shares of
6.9% and 5.4%, respectively as of March 30, 2020. Macro focuses
primarily on low- and middle-income individuals and small- and
medium-sized (SMEs) companies, the latter are expected to be
vulnerable under the current crisis, but the risks of the model are
partially offset by the high proportion of the retail loans with a
payroll deduction. Macro has a long track record of stable
profitability while maintaining ample capital cushion and strong
levels of liquidity and asset quality.

Macro's ample capitalization is supported by consistent earnings
retention. At March 2020, Fitch Core Capital rose to a very
comfortable 28.4% of risk weighted assets having increased from an
already strong ratio of 22.9% at year-end 2019, both well above the
minimum regulatory capital requirement. The bank's CET 1 ratio was
25.4%. As with the rest of the financial system, Macro's
capitalization has improved in the recent past given the very low
loan growth and, to a lesser extent, inflation adjustments.

Macro has a diverse funding profile, reliant on a stable retail
deposit base, complemented by demonstrated access to capital
markets. As of March 2020, customer deposits accounted for 82% of
total funding. Macro provides financial agency services to four
provincial governments, and thus benefits from the related
mobilization of public sector institutional deposits. In addition,
the bank provides payroll services to over two million retail
clients, which provides another source of stable, low-cost funding
for the bank.

Macro's risk appetite is relatively higher than its closest peers
due to its middle market, retail focus and accelerated growth
strategy. Nevertheless, it demonstrates sound risk control. The
bank's impaired loans to gross loans ratio as calculated by Fitch
remained low at 1.7%, which compares very well with the averages of
its domestic private sector peers. Like other players in the
banking system, Macro's loan quality has been supported by high
credit growth, which in turn has been facilitated by elevated
inflation. Fitch expects asset quality to see some deterioration
once the relief measures end, mainly towards 4Q20. Total loans
deferred in line with coronavirus-related relief measures accounted
for around 15% of total loans as of March 2020.

Macro's nominal profitability remains stable and is amongst the
highest in the country, despite the recent reduction in loan
growth. This together with higher loan loss provisions and higher
operating expenses, has affected the bank's profitability over the
past few years. Fitch notes that prior to 2020, high inflation
significantly distorted profitability ratios and affected
international comparability.

Since Jan. 1, 2020, banks have had to report their financial
statements adjusted by inflation; therefore, the figures are not
comparable with previous periods. The bank's Operating profit to
Risk-Weighted Asset ratio at March 2020 was satisfactory at nearly
11%. Macro's performance benefits from its diversified revenue
base, good cost controls, and relatively low credit costs despite
its consumer loan orientation. In addition, profitability is
affected by some distorting regulations passed by the Central Bank
in 2020, such as capping interest rates offered on loans and
placing floors for deposit rates amid very low credit growth, which
has led to Argentine banks' increased exposure to the public sector
(19% of the total assets), mainly Central Bank securities.

SENIOR UNSECURED DEBT

The 'CC'/'RR4' rating on Macro's senior unsecured issuance is in
line with the bank's Long-Term, Local-Currency IDR, as Fitch
believes the probability of default is the same. The Recovery
Rating of 'RR4' for unsecured debt, reflects average recovery
prospects in a distress scenario.

SUBORDINATED DEBT

Macro's subordinated debt's 'C'/'RR6' rating is one notch below the
bank's VR due to ratings compression at the current low levels. If
ratings compression is reversed in the future, the notching will be
increased to two notches per Fitch's criteria. These securities are
plain subordinated liabilities, without any deferral feature on
coupons and/or principal. The 'RR6' for subordinated debt reflects
poor recovery prospects due to a low priority position relative to
Macro's senior unsecured debt.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating of '5' and the Support Rating Floor of 'NF'
reflect that, although possible, external support for Macro cannot
be relied upon given the sovereign's track record.

RATING SENSITIVITIES

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

  -- Any policy announcements, or deterioration in the local
operating environment that would be detrimental to the bank's
ability to service its obligations, including a tightening of
capital controls, would be negative for creditworthiness.

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

  -- Macro's IDRs and VRs would benefit from an upgrade of
Argentina's sovereign rating to 'CC' or above, after the completion
of the sovereign's commercial debt restructuring, after which point
Fitch will assign ratings based on a forward-looking analysis of
the sovereign's willingness and capacity to honor its prevailing
foreign currency debt obligations.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).

BANCO SANTANDER: Fitch Affirms 'CC' LT Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Banco Santander Rio S.A.'s ratings,
including its 'CC' Long-Term Issuer Default Rating.

KEY RATING DRIVERS

Santander Rio's Viability Rating (VR) and IDRs are highly
influenced by Fitch's assessment of Argentine banks' operating
environment at 'cc', which currently constrains the ratings. The
operating environment remains highly challenging as asset quality
continues to be pressured by the strong recession exacerbated by a
long lockdown due to the coronavirus pandemic, profitability
affected by the very low loan growth, rising costs due to continued
high inflation, and increasing credit costs.

Fitch also considers the bank's strong company profile in its
assessment of its VR. Santander Rio benefits from its strong
franchise as the largest private sector bank in Argentina by loans
and deposits, with market shares of 10.5% and 11.1%, respectively,
as of June 30, 2020, and the ample experience of its main
shareholder.

Santander Rio has been among the most profitable banks in Argentina
based on its strong capacity to generate recurrent revenues.
However, since 2018, loan growth has been very low in Argentina and
this, together with higher loan loss provisions and continued
growing administrative expenses, has affected banks' profitability.
High inflation significantly distorted profitability ratios and
affected international comparability until December 2019.

Since Jan. 1, 2020 banks have to report their financial statements
adjusted by inflation so the figures are not comparable with
previous periods. As of March 31, 2020, the bank's operating
profit/risk weighted assets (RWA) was 3.76%, which further improved
in the second quarter helped by stronger loan growth and larger
holdings of the highly profitable Central Bank securities (Leliqs).
In addition, profitability has been affected by some distorting
regulations passed by the Central Bank in 2020, such as capping
interest rates offered on loans and placing floors for deposit
rates amid very low credit growth, which has led to Argentine
banks' increased exposure to the public sector, mainly to Central
Bank securities. Santander Rio's sovereign exposure represented
20.5% total assets as of March 2020 or 4.1% excluding Central Bank
securities.

Santander Rio's delinquency ratios have deteriorated since 2018
given the adverse economic conditions and its non-performing loans
(NPLs) have rapidly increased in spite of the bank's good credit
risk management. At March 2020, NPLs represented 3.55% of total
loans, down from 3.93% at YE2019, helped by the rise of net
charge-offs to 4.64% of gross loans. As of June 30, 2020, the NPL
ratio decreased to 3.08% mainly due to the Central Bank's relief
measures for borrowers and the sale of an impaired loan to a large
corporate. Without considering the relief measures, the NPL ratio
would have been around 3.70%. Total deferred loans covered by the
relief measures related to the coronavirus accounted for around
9.4% of total loans. Concentration of the top 20 debtors is
moderate at 92% of FCC as of March 2020. Fitch expects asset
quality to deteriorate once the relief measures end, mainly towards
4Q20.

In line with the deterioration of the economic environment and the
expected economic effects from the coronavirus pandemic, during
1Q20 the bank made additional loan loss reserves and increased its
loan loss reserve coverage increased to 148.79% of NPLs and 5.29%
of total gross loans as of March 31, 2020.

As with the rest of the financial system, Santander Rio's
capitalization has significantly improved in the recent past given
the very low loan growth and, to a lesser extent, inflation
adjustments. Its Fitch core capital to risk weighted assets ratio
rose to 16.6% at March 31, 2020 and its core equity tier 1 (CET1)
was 13.2%.

Like other Argentine systemic banks, Santander Rio's main funding
source is its core customer deposits base. These have grown at a
solid pace and comprised 94.3% of the bank's total funding as of
March 31, 2020. As with most of its local peers, Santander Rio's
loan to deposits ratio has markedly decreased as deposit growth has
significantly outpaced loan growth and at March 2020 it reached a
low 49.9%. Liquidity is sound for most major Argentine banks. At
June 30, 2020, Santander Rio's liquidity coverage ratio (LCR) was
185% and its NSFR 197%. In addition, cash and due from banks
represented a high 64.2% of deposits.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating of '5' and the Support Rating Floor of 'NF'
reflect that, although possible, external support for Santander Rio
cannot be relied upon given the sovereign's track record.

Fitch does not consider any potential support from Santander Rio's
parent (Banco Santander, S.A. (SAN; A-/Negative Outlook) given the
risk of government intervention in the financial system.

RATING SENSITIVITIES

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

Any policy announcements or a deterioration in the local operating
environment that would be detrimental to the bank's ability to
service its obligations, including a tightening of capital
controls, would be negative for creditworthiness.

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

The IDRs and VRs of Santander Rio would benefit from an upgrade of
Argentina's sovereign rating to a level above 'CC' after the
completion of the sovereign's commercial debt restructuring, after
which point Fitch will assign ratings based on a forward-looking
analysis of the sovereign's willingness and capacity to honor its
prevailing foreign currency debt obligations.

SUPPORT RATING AND SUPPORT RATING FLOOR

Changes in the SRs and SRFs of Santander Rio are unlikely in the
foreseeable future.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).

BBVA ARGENTINA: Fitch Affirms 'CC' LT Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has affirmed Banco BBVA Argentina S.A.'s Foreign and
Local currency long-term Issuer Default Ratings at 'CC'.

KEY RATING DRIVERS

BBVA Arg's Viability Rating (VR) and IDRs are highly influenced by
Fitch's assessment of Argentine banks' operating environment at
'cc', which currently constrains the ratings. The operating
environment remains highly challenging as asset quality continues
to be pressured by the strong recession exacerbated by a long
lockdown due to the coronavirus pandemic, profitability affected by
the very low loan growth, and rising costs due to continued high
inflation and increasing credit costs.

Fitch also considers the bank's company profile in its assessment
of its VR. BBVA Rio benefits from its good franchise as the fourth
largest private sector bank in Argentina by loans and deposits,
with market shares of 7.5% and 6.8%, respectively, as of March 31,
2020, and the ample experience of its main shareholder.

BBVA Arg has a strong capacity to generate recurrent revenues.
However, since 2018, loan growth has been very low in Argentina,
with very high inflation which, together with economic and
political uncertainties, led to a slump in credit demand. This,
together with higher loan loss provisions and continued growing
administrative expenses, has affected banks' profitability.

Prior to 2020 high inflation significantly distorted profitability
ratios and affected international comparability. Since Jan. 1, 2020
banks have to report their financial statements adjusted by
inflation so the figures are not comparable with previous periods.
As of March 31, 2020, the bank's operating profit/risk weighted
assets (RWA) was nearly 6%, helped by loan growth and larger
holdings of the highly profitable Central Bank securities (Leliqs).
In addition, profitability has been affected by some distorting
regulations passed by the Central Bank in 2020, such as capping
interest rates offered on loans and placing floors for deposit
rates amid very low credit growth, which has led to Argentine
banks' increased exposure to the public sector, mainly Central Bank
securities. BBVA Arg's public sector exposure represented 15.2% of
total assets as of March 2020 or 3.6% excluding Central Bank
Securities.

BBVA Arg has a long track record of a stable base of customer
deposits that represented nearly 95% of total funding at March
2020. The bank also has access to wholesale funding, primarily
market debt issuances and lines from local and international
banks.

Fitch Core Capital to Risk Weighted Assets (FCC) was strong at
22.5% at end-March 2020 recently enhanced by earnings retention,
low loan growth and fixed assets revaluation after inflation
adjustments. Given BBVA Arg's lower risk appetite, Fitch expects
the bank's capital cushion to remain at comfortable levels but more
in line with its historical average (17% over the past three years)
over the medium term.

Notwithstanding its large retail and middle market corporate
portfolios, BBVA Arg has maintained satisfactory asset quality
indicators relative to its peers. At March 2020, it reported an
impaired loan ratio of nearly 2.9% which compares favorably to
local peers, and also to its 2019 level, but it remained higher
than levels seen prior to 2019, mainly due to the current operating
environment pressures. Reserve coverage as of March 2020 was at
186.1% up from 154.5% at YE2019. The bank maintains an internal
policy of exceeding regulatory loan loss reserve requirements.
Total deferred loans in line with the relief measures related to
the coronavirus accounted for around 15% of total loans. Fitch
expects asset quality to deteriorate once the relief measures end.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating of '5' and the Support Rating Floor of 'NF'
reflect that, although possible, external support from majority
parent for BBVA Arg cannot be relied upon given the sovereign's
track record. Fitch does not consider any potential support from
its parent (Banco Bilbao Vizcaya Argentaria, S.A. (BBB+/Stable
Outlook) given the risk of government intervention in the financial
system.

RATING SENSITIVITIES

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

Any policy announcements or deterioration in the local operating
environment that would be detrimental to the bank's ability to
service its obligations, including a tightening of capital
controls, would be negative for creditworthiness.

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

The IDRs and VRs of BBVA Arg would benefit from an upgrade of
Argentina's sovereign rating to above CC, after the completion of
the sovereign's commercial debt restructuring, after which point
Fitch will assign ratings based on a forward-looking analysis of
the sovereign's willingness and capacity to honor its prevailing
foreign currency debt obligations.

SUPPORT RATING AND SUPPORT RATING FLOOR

Changes in the SRs and SRFs of BBVA Arg are unlikely in the
foreseeable future.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).

SANTA FE PROVINCE: Fitch Affirms CCC LT Issuer Default Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed Province of Santa Fe's Long-Term
Foreign- and Local-Currency Issuer Default Ratings at 'CCC'. The
IDRs of Argentina are at Restricted Default (RD). Santa Fe's
ratings are capped by the Country Ceiling of Argentina. Fitch also
affirms the 'CCC' ratings for Santa Fe's 7% senior unsecured notes
for USD250 million due 2023 and 6.9% senior unsecured notes for
USD250 million due 2027.

Fitch relied on its rating definitions to position the Province's
ratings. The 'CCC' rating level indicates a default is a real
possibility.

While local and regional governments (LRG) ratings are typically
capped by the sovereign rating, the rating actions on Province of
Santa Fe are in accordance with Fitch's LRG criteria. The ratings
reflect Santa Fe's stand-alone credit profile (SCP) of 'bb-'
resulting from a combination of a 'Vulnerable' risk profile and an
'aaa' debt sustainability assessment.

KEY RATING DRIVERS

Risk Profile: 'Vulnerable'

Province of Santa Fe's 'Vulnerable' risk profile reflects Fitch's
'Weaker' assessment on all the province's six key risk factors in
combination with Argentina's 'RD' sovereign rating. Argentine LRGs
operate within a weak institutional revenue framework and with weak
sustainability, high expenditure structures, and tight liquidity
and FX debt risks. This is further exacerbated by macroeconomic
recession, high inflation, sharp currency depreciation and market
uncertainty.

Revenue Robustness: 'Weaker'

Santa Fe's revenue robustness, assessed as 'weaker', reflects its
high dependence on federal transfers, with transfers representing
around 60% (5Y average) of its total revenues. These federal
transfers are automatic from the co-participation tax-sharing
regime, which stem from an 'RD' rated sovereign counterparty. The
latter is compounded by the country's negative economic growth
prospects. The national GDP dropped 2.5% in 2018, a further 2.2% in
2019 in real terms, and is expected to drop 11.2% during 2020. Weak
and volatile national economic performance is also factored into
the revenue robustness key rating factors (KRF) assessment.

Fitch's 2020 rating case scenarios considers the nominal yoy
percentage change of the accumulated January-July 2020 federal
co-participation transfers, in which Province of Santa Fe, due to a
December 2015 Supreme Court Ruling in which the country completely
stopped the unilateral withholding of 15% of its corresponding
federal co-participation to finance ANSES. In 2020 the province
registered an accumulated 16.2% interannual real term drop from
1H20 relative to the same period of 2019. Currently, there is
uncertainty over the nation's future economic prospects until its
debt distress situation is resolved, and therefore, the
predictability of transfers is also clouded, especially the
retaking of additional fiscal consolidation agreements or new
fiscal reform initiatives

Revenue Adjustability: 'Weaker'

Fitch considers that local revenue adjustability is low and is
challenged by the country's large and distortive tax burden. The
volatile, weak and negative macroeconomic environment also limits
LRGs' ability to increase tax rates and expand tax bases to boost
their local operating revenues. Structurally high inflation also
constantly erodes real-term revenue growth and affects
affordability.

Provincial jurisdictions have legal autonomy to set tax rates on
local revenues that mainly consist on turnover taxes (Ingresos
Brutos) and stamps. Santa Fe's local taxes represented around 32%
of total revenues at preliminary YE 2019, reflecting limited fiscal
autonomy and a reliance on federal automatic transfers from the
co-participation regime. The affordability of additional taxation
for Argentine LRGs is also perceived as low due to the legal pledge
in place from jurisdiction's adherence since the 2017 fiscal pact
between the nation and provinces, requiring a gradual harmonization
to lower maximum tax rates on turnover tax rates to partially
relieve the country's high tax burden. The fiscal pact was amended
in 2018 due to macroeconomic vulnerabilities and in an attempt to
alleviate provincial finances. The 2018 fiscal pact suspended the
gradual elimination of stamp taxes stipulated for 2019. Local
revenues are still being affected in real terms due to the negative
macroeconomic environment and structurally high inflation.

Expenditure Sustainability: 'Weaker'

Argentine provinces have high expenditure responsibilities,
including healthcare, education, water, transportation and other
services. The country's fiscal regime is structurally imbalanced
regarding revenue-expenditure decentralization, and since the
nation's standby agreement with the IMF in 2018, the federal
government transferred some additional expenditure responsibilities
to the provinces by cutting down current and capital transfers, as
well as subsidies in the transport and electricity sector.

During 2020, spending decentralization could continue to rise in
the current context of sovereign debt distress, adding more
expenditure and fiscal pressure to subnational governments, coupled
with higher expenditure pressures in healthcare derived from the
coronavirus pandemic. During 2020 Argentine LRGs are facing
important real-term revenue drops and in consequence opex will grow
at a higher rate than operating revenues, therefore operating
balances will decrease across the portfolio.

Province of Santa Fe has a track record of fiscal prudence,
although expenditure growth is influenced by inflation dynamics.
Despite the decrease in operating balance in 2019 from 2018, the
province remains showing satisfactory operating margins (10% in
2019 from 15.8% in 2018).

Expenditure Adjustability: 'Weaker'

Fitch views leeway or flexibility to cut expenses for province of
Santa Fe as weak relative to international peers, considering only
an average of around 12.7% of consolidated provincial total
expenditures corresponded to capex from 2015-2019. Compared with
international peers, Santa Fe has a high share of operating
expenditure to total expenditure, at around 85% in 2019. Staff
expenses represented a rigid 48% of total expenses, deemed high
relative to international peers.

Another factor affecting expenditure sustainability is the funding
of social security institutions. Social security institutions
include provincial pension funds that add additional pressure to
subnational budgetary performance. Federal funding to mitigate
provincial pension deficits is subject to yearly budgetary
allocation, which is unpredictable and discretionary.

Province of Santa Fe is among the provinces that did not transfer
its pension deficit to the nation. PSF's pension system functions
on a "pay as you go" basis. If required payments exceed the funds
contributed to the pension system by employees and by PSF on behalf
of its employees, PSF is required by provincial law to cover the
deficit.

Liabilities and Liquidity Robustness: 'Weaker'

On the prudential regulation front, national rules on debt and
liquidity management have a weaker track record of enforcement
compared with regional peers, such as Brazil, Colombia or Mexico.
Compliance with the Federal Fiscal Responsibility Law that limits
debt service to less than 15% of net current revenues carries no
stringent consequences if breached, and adherence to the law is
optional. Also, limited local capital markets led LRGs to issue
debt in foreign currency, causing this structural reliance on
external markets for financing, because local currency options
generally carry higher financial costs and shorter terms due to the
high-inflation environment.

Santa Fe's direct debt increased around 57% in 2019 due to currency
depreciation, reaching around ARS39.4 billion. Approximately 98.8%
of Santa Fe's direct debt is denominated in foreign currency,
unhedged and mainly in U.S. dollars, which increases the risks in
the current environment of high inflation and currency
depreciation. On the other hand, the majority of its debt has fix
interest rate.

Unhedged foreign currency debt exposure is an important structural
weakness considered in this KRF assessment, as is capital market
discipline that is currently heightened by a distressed 'RD' rated
sovereign that is in the process of restructuring its debt, thus
curtailing external market access to LRGs.

Amid sharp currency depreciation (50% in 2018 and 37% in 2019
versus the U.S. dollar) debt and liquidity management becomes
challenging. Fitch believes that there are no significant capital
maturities for the current fiscal year as capital maturities for
external issuances are pushed towards 2022-2027. However, even if
the province continues to remain current in their obligations (as
has been the case to date despite the sovereign default),
refinancing risk linked to bullet payments (USD125 million on March
2022) and sovereign market access will ultimately determine
subnational access, thus possibly reducing incentives for timely
debt repayment.

Liabilities and Liquidity Flexibility: 'Weaker'

For liquidity, Argentine provinces rely mainly on their own
unrestricted cash. The national framework in place regarding
liquidity support and funding available to subnationals is
perceived by Fitch as weak, as there are no emergency-support
liquidity mechanisms and considering that sovereign's external
market access affects the entity's refinancing capacity.

Consolidated cash positions of ARS15.1 billion in 2019 covered
12.7% of annual personnel expenditures. Over the last five years,
Santa Fe has shown good liquidity coverage ratio averaging 9.9x.
The economic lockdown triggered by the coronavirus pandemic has
hindered operating balance, increasing payables, and deteriorating
Santa Fe's liquidity metrics.

Debt sustainability: 'aaa' category

Fitch classifies Province of Santa Fe as a type B LRG, as it covers
debt service from cash flow on an annual basis.

In line with its LRG criteria, for an entity with base case
financial profile indicating an SCP category of 'b' or below, the
base case analysis alone may be sufficient to evaluate the risk of
default and transition for the debt. Therefore, in the case of
Santa Fe, Fitch's base case is the rating case which already
incorporates a very stressful scenario. Considering the current
adverse economic scenario, sovereign debt distress situation, and
economic and fiscal uncertainty, Fitch is only projecting a rating
case for the YE 2020. Debt sustainability metrics are analyzed to
evaluate Province of Santa Fe specific debt repayment capacity and
liquidity position.

In circumstances other than those previously referenced, Fitch's
rating case will incorporate a negative shock from the coronavirus
pandemic to the province's economy and fiscal accounts for the next
five years.

Therefore, under Fitch's rating case the debt payback ratio (net
adjusted debt-to-operating balance), the primary metric of debt
sustainability for type B LRGs, would remain below 5x towards the
end of 2020, which corresponds to 'aaa' assessment. In addition,
actual debt service coverage ratio (operating balance-to-debt
service, ADSCR) will remain between 2x and 4x in Fitch's rating
case, which leads to a final 'aaa' debt sustainability.

Santa Fe has a diversified economic profile. However, Fitch views
the economy as weak for all domestic subnationals compared with
international peers, since they operate in a macroeconomic
environment of high inflation, currency depreciation and volatile
economic performance.

DERIVATION SUMMARY

Santa Fe's 'bb-' SCP reflects a combination of a 'Vulnerable' risk
profile and an 'aaa' debt sustainability assessment. The
positioning of the SCP captures a very stressful macroeconomic
environment that weights the primary and secondary debt
sustainability metrics toward the end of 2020. The SCP also factors
in national and international peer comparison. No other factors
affect the ratings, and the province's IDRs are capped at the
country ceiling.

KEY ASSUMPTIONS

Fitch's rating case scenario is a "through-the-cycle" scenario,
which incorporates a combination of revenue, cost and financial
risk stresses. It is based on the 2015-2019 figures and 2020
projected ratios.

The key assumptions for Fitch's rating case scenario include:

  -- 29% yoy increase in operating revenue, including a real-term
decrease in taxes and federal transfers in 2020;

  -- 35.1% yoy increase in operating expenditure;

  -- net capital balance of around minus ARS28.7 billion in 2020;

  -- Cost of debt considers non-cash debt movements due to currency
depreciation, assuming an exchange rate of 88.2 for 2020.

RATING SENSITIVITIES

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

  -- An upgrade on the Country Ceiling could positively affect
Santa Fe's ratings if the payback remains in line with the
projections.

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

  -- A downgrade of Argentina's Country Ceiling would negatively
affect Province of Santa Fe's ratings;

  -- The SCP could be downgraded if province's operating balance
deteriorates triggering a payback above 5x and an actual debt
service coverage ratio below 1.0x at the end of Fitch's
forward-looking scenario;- If the Province of Santa Fe enters into
a grace period, cure period, or any formal announcement by the
province or their agent of a potential exchange offer that is
assessed under Fitch's Distressed Debt Exchange Rating Criteria.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).

VINCULOS SGR: Moody's Withdraws Caa3 IFS Rating
-----------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo, S.A. has
withdrawn the Caa3 global local currency and Caa2.ar Argentine
national scale insurance financial strength ratings of Vinculos
SGR. At the time of the withdrawal, the ratings carried a negative
outlook.

RATINGS RATIONALE

Moody's has withdrawn the ratings in accordance with local
regulatory requirements following the termination of the rating
agreement at the request of the issuer.



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

BRAZIL: Rio de Janeiro's Retail Sales Suffer Drop in 1st Semester
-----------------------------------------------------------------
Rio Times Online reports that Rio de Janeiro's retail trade posted
a 27 percent drop in sales in the first half of this year, compared
to the same period in 2019.  This was the highest drop ever in the
sector in the capital, according to analysis by the Store
Directors' Club (CDL Rio) and the Rio de Janeiro's Storekeepers'
Union (SINDILOJAS), according to Rio Times Online.  Together, the
two organizations represent over 30,000 commercial establishments,
the report notes.

According to CDL Rio and SINDILOJAS president, Aldo Goncalves,
Rio's trade has not yet shown any sign of a rebound after reopening
last June 27, the report relates.

Brazil is the fifth largest country in the world and third largest
in the Americas, the report discloses.  Jair Bolsonaro is the
current president, having been sworn in on Jan. 1, 2019, the report
adds.

As reported in the Troubled Company Reporter-Latin America on May
8, 2020, Fitch Ratings affirmed Brazil's Long-Term Foreign Currency
Issuer Default Rating at 'BB-' and has revised the Rating Outlook
to Negative. The Outlook revision to Negative reflects the
deterioration of Brazil's economic and fiscal outlook, and downside
risks to both given renewed political uncertainty, including
tensions between the executive and congress, and uncertainty over
the duration and intensity of the coronavirus pandemic.

On April 10, 2020, the TCR-LA reported that S&P Global Ratings
revised on April 6, 2020, its outlook on its long-term ratings on
Brazil to stable from positive.  At the same time, S&P affirmed its
'BB-/B' long- and short-term foreign and local currency sovereign
credit ratings. S&P also affirmed its 'brAAA' national scale rating
and its transfer and convertibility assessment of 'BB+'. The
outlook on the national scale rating remains stable.



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

DOMINICAN REPUBLIC: Hurricane Laura Altered Fuel Prices
-------------------------------------------------------
Dominican Today reports that for the week of August 29 to September
4, the Ministry of Industry, Commerce, and Mipymes (MICM) provides
that fuels be sold at the following prices:

   -- Premium gasoline will be sold at RD$209.30 per gallon, up
      RD$2.70 per gallon.
   -- Regular Gasoline will be sold at RD$199.90 per gallon,
      going up RD$3.60 per gallon.
   -- Regular diesel will be sold at RD$150.70 per gallon. It
      maintains its price.
   -- Optimal diesel will be sold at RD$164.10 per gallon, up
      RD$0.80 per gallon.
   -- Avtur will be sold at RD$115.30 per gallon down to
      RD$2.20 per gallon.
   -- Kerosene will sell for RD$139.20 per gallon down to
      RD$2.30 per gallon.
   -- Fuel Oil # 6 will sell for RD$105.10 per gallon down to
      RD$0.70 per gallon.
   -- Fuel Oil 1% S will be sold at RD$115.20 per gallon down to
      RD$1.10 per gallon.
   -- Liquefied Petroleum Gas (LPG) will be sold at RD$111.90/
      gl: it goes up. RD$0.10 per gallon.
   -- Natural Gas RD$28.97 per cubic meter, maintains its price.
   -- The average exchange rate is RD$58.47 according to a
      survey carried out by the Central Bank.

According to a note from the MICM, the United States Office of
Environmental Safety and Compliance reported that 85% of current
oil production in the Gulf of Mexico has been shut down, along with
about 61% of natural gas production due to passage of Hurricane
Laura along the coast of the Gulf of Mexico that generated the
closure of the main oil companies in Texas such as Motiva,
ExxonMobil, Total, Valero and Phillips that refine 1.56 million
barrels per day, the report relay.

The US energy industry pre-emptively prepared for the hurricane,
reducing crude production to a minimum approaching the level of
Hurricane Katrina in 2005 and halting oil refining off the Texas
and Louisiana coasts, the report notes.  For this reason, gasoline
prices have risen 10% in the gulf areas and have pushed oil futures
contracts to their highest prices since the beginning of March,
something that has also contributed to the fact that reserves crude
oil in the US have fallen more than expected, the report
discloses.

On the other hand, OPEC is forcing a reduction in daily crude
production and has reached a potential agreement with Russia to
extend the reduction of additional shale production in September,
the report relays. As a result, oil futures appreciate about 1%
after hearing this news.  OPEC estimates that oil demand should
return to pre-covid levels by the end of 2020, 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).



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

ASCENA RETAIL: Seeks to Hire Kirkland & Ellis as Legal Counsel
--------------------------------------------------------------
Ascena Retail Group, Inc. and affiliates seek approval from the
U.S. Bankruptcy Court for the Eastern District of Virginia to hire
Kirkland & Ellis LLP and Kirkland & Ellis International LLP as
their legal counsel.

The firm will provide these services in connection with Debtors'
Chapter 11 cases:

     a. advise Debtors with respect to their powers and duties in
the continued management and operation of their businesses and
properties;

     b. advise and consult on the conduct of the cases;

     c. attend meetings and negotiate with representatives of
creditors and other parties;

     d. take all necessary actions to protect and preserve
Debtors'
estates;

     e. prepare pleadings;

     f. represent Debtors in connection with obtaining authority
to
continue using cash collateral and post-petition financing;

     g. advise Debtors in connection with any potential sale of
assets;

     h. appear before the court and any appellate courts;

     i. advise Debtors regarding tax matters;

     j. negotiate, prepare and seek approval of Debtors'
disclosure
statement and confirmation of a Chapter 11 plan; and

     k. perform all other necessary legal services.

Kirkland's hourly rates for matters related to the cases are as
follows:

     Partners               $1,075 - $1,845
     Of Counsel               $625 - $1,845
     Associates               $610 - $1,165
     Paraprofessionals        $245 - $460

The firm received $1 million from Debtors on April 9 as an advance
payment retainer.  Subsequently, Debtors paid the firm additional
advance payment retainer totaling $5,636,915.95.

Steven Serajeddini, Esq., a partner at Kirkland & Ellis and
Kirkland & Ellis International, disclosed in court filings that the
firms are a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code.

Mr. Serajeddini also made the following disclosures in response to
the request for additional information set forth in Paragraph D.1
of the Revised U.S. Trustee Guidelines:

     a. Question: Did Kirkland agree to any variations from, or
alternatives to, Kirkland's standard billing arrangements for this
engagement?

        Answer: No. Kirkland and Debtors have not agreed to any
variations from, or alternatives to, Kirkland's standard billing
arrangements for this engagement. The rate structure provided by
Kirkland is appropriate and is not significantly different from (a)
the rates that Kirkland charges for other non-bankruptcy
representations or (b) the rates of other comparably skilled
professionals.

     b. Question: Do any of the Kirkland professionals in this
engagement vary their rate based on the geographic location of the
Debtors' chapter 11 cases?

        Answer: No. The hourly rates used by Kirkland in
representing the Debtors are consistent with the rates that
Kirkland charges other comparable chapter 11 clients, regardless of
the location of the chapter 11 case.

     c. Question: If Kirkland has represented the Debtors in the 12
months prepetition, disclose Kirkland's billing rates and material
financial terms for the prepetition engagement, including any
adjustments during the 12 months prepetition. If Kirkland's billing
rates and material financial terms have changed postpetition,
explain the difference and the reasons for the difference.

        Answer: Kirkland's current hourly rates for services
rendered on behalf of the Debtors range as follows:
          
            Billing Category        U.S. Range
            Partners              $1,075 - $1,845
            Of Counsel              $625 - $1,845
            Associates              $610 - $1,165
            Paraprofessionals       $245 - $460

Kirkland represented Debtors from July 23 to Dec. 31, 2019 using
the hourly rates listed below:

            Billing Category        U.S. Range
            Partners              $1,025 - $1,795
            Of Counsel              $595 - $1,705
            Associates              $595 - $1,125
            Paraprofessionals       $235 - $460

     d. Question: Have the Debtors approved Kirkland's budget and
staffing plan, and, if so, for what budget period?

        Answer: Yes, for the period from July 23, 2020 through
November 23, 2020.

The firms can be reached through:

     Steven N. Serajeddini, Esq.
     Kirkland & Ellis LLP
     Kirkland & Ellis International LLP
     601 Lexington Avenue
     New York, NY 10022
     Telephone: (212) 446-4800
     Facsimile: (212) 446-4900

                    About Ascena Retail Group

Ascena Retail Group, Inc. (Nasdaq: ASNA) is a national specialty
retailer offering apparel, shoes and accessories for women under
the Premium Fashion (Ann Taylor, LOFT, and Lou & Grey), Plus
Fashion (Lane Bryant, Catherines and Cacique), and Value Fashion
(Dressbarn) segments, and for tween girls under the Kids Fashion
segment (Justice).  Ascena Retail Group, through its retail brands,
operates e-commerce websites and approximately 2,800 stores
throughout the United States, Canada and Puerto Rico.  Visit
http://www.ascenaretail.comfor more information.

Ascena Retail Group reported a net loss of $661.4 million for the
fiscal year ended Aug. 3, 2019, a net loss of $39.7 million for the
year ended Aug. 4, 2018, and a net loss of $1.06 billion for the
year ended July 29, 2017.

On July 23, 2020, Ascena Retail Group and its affiliates sought
Chapter 11 protection (Bankr. E.D. Va. Case No. 20-33113).  As of
Feb. 1, 2020, Ascena Retail Group had $13,690,710,379 in assets and
$12,516,261,149 in total liabilities.

The Hon. Kevin R. Huennekens is the case judge.

Debtors have tapped Kirkland & Ellis LLP, Kirkland & Ellis
International LLP and Cooley LLP as bankruptcy counsel, Guggenheim
Securities, LLC as financial advisor, and Alvarez and Marsal North
America, LLC as restructuring advisor.  Prime Clerk, LLC is the
claims agent.

ASCENA RETAIL: Taps Alvarez & Marsal as Restructuring Advisor
-------------------------------------------------------------
Ascena Retail Group, Inc. and affiliates seek approval from the
U.S. Bankruptcy Court for the Eastern District of Virginia to hire
Alvarez & Marsal North America, LLC as their restructuring
advisor.

The firm will provide these services in connection with Debtors'
Chapter 11 cases:

     a. assist Debtors in the preparation of financial-related
disclosures required by the court;

     b. identify and implement short-term cash management
procedures;

     c. perform cost/benefit evaluations to determine whether to
assume or reject Debtors' executory contracts and leases;

     d. assist Debtors' management team and counsel focused on the
coordination of resources related to the ongoing reorganization
effort;

     e. assist in the preparation of financial information for
distribution to creditors and others;

     f. attend meetings and assist in discussions with potential
investors, banks and other secured lenders, any court-appointed
committee, the United States Trustee and other parties;

     g. analyze creditor claims;

     h. assist in the preparation of information and analysis
necessary for the confirmation of a plan of reorganization;

     i. evaluate and analyze avoidance actions;

     j. render other general business consulting services.

The firm will be paid at hourly rates as follows:

     Restructuring:

     Managing Directors         $900 â€" $1,150
     Directors                  $700 â€" $875
     Analysts/Associates        $400 â€" $675

     Case Management Services:

     Managing Directors         $850 â€" $1,000
     Directors                  $675 â€" $825
     Analysts/Associates        $400 â€" $625

Alvarez & Marsal will also be reimbursed for out-of-pocket expenses
incurred.

The firm received $400,000 as a retainer.  In the 90 days prior to
the petition filing, Alvarez & Marsal received payments totaling
$4,492,279. As of the petition filing, the firm holds an unapplied
residual retainer of $355,885.

William Kosturos, a managing director at Alvarez & Marsal,
disclosed in court filings that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     William Kosturos
     Alvarez & Marsal, LLC
     425 Market Street, 18th Floor
     San Francisco, CA  94105   
     Telephone: (415) 490-2309
     Email: bkosturos@alvarezandmarsal.com  

                    About Ascena Retail Group

Ascena Retail Group, Inc. (Nasdaq: ASNA) --
http://www.ascenaretail.com/-- is a national specialty retailer
offering apparel, shoes, and accessories for women under the
Premium Fashion (Ann Taylor, LOFT, and Lou & Grey), Plus Fashion
(Lane Bryant, Catherines and Cacique), and Value Fashion
(Dressbarn) segments, and for tween girls under the Kids Fashion
segment (Justice). Ascena, through its retail brands, operates
ecommerce websites and approximately 2,800 stores throughout the
United States, Canada, and Puerto Rico.

Ascena Retail reported a net loss of $661.4 million for the fiscal
year ended Aug. 3, 2019, a net loss of $39.7 million for the year
ended Aug. 4, 2018, and a net loss of $1.06 billion for the year
ended July 29, 2017.

On July 23, 2020, Ascena Retail Group and its affiliates sought
Chapter 11 protection (Bankr. E.D. Va. Case No. 20-33113).  As of
Feb. 1, 2020, Ascena Retail had $13,690,710,379 in assets and
$12,516,261,149 in total liabilities.

The Hon. Kevin R. Huennekens is the case judge.

The Debtors tapped Kirkland & Ellis LLP and Cooley LLP as
bankruptcy counsel, Guggenheim Securities, LLC as financial
advisor, and Alvarez and Marsal North America, LLC as
restructuring
advisor. Prime Clerk, LLC is the claims agent.

ASCENA RETAIL: Taps Guggenheim Securities as Investment Banker
--------------------------------------------------------------
Ascena Retail Group, Inc. and affiliates seek approval from the
U.S. Bankruptcy Court for the Eastern District of Virginia to hire
Guggenheim Securities, LLC as their investment banker.

Guggenheim Securities will render these investment banking services
in connection with Debtors' Chapter 11 cases:

     (a) review and analyze the business, financial condition and
prospects of Debtors;

     (b) evaluate Debtors' liabilities, debt capacity and strategic
and financial alternatives; and

     (c) assist Debtors in connection with any potential
transaction that they elect to pursue.

The firm will be compensated as follows:

(a) Monthly Fees

     i. Debtors will pay Guggenheim Securities a non-refundable
cash fee of $200,000 per month.

     ii. Commencing with the fourth monthly fee, an amount equal to
100 percent of each monthly fee actually paid to Guggenheim
Securities shall be credited against any "transaction fee" that
thereafter becomes payable.

(b) Recapitalization Transaction Fee

     i. If any recapitalization transaction is consummated, then
Debtors will pay Guggenheim Securities a one-time cash fee in an
amount equal to $9 million.

     ii. Any such fee will be payable promptly upon the
consummation of any recapitalization transaction.

(c) Financing Fee

     i. If any financing transaction is consummated then Debtors
will pay Guggenheim Securities one or more cash fees in an amount
equal to the sum of:

          (A) 100 basis points (1 percent) of the aggregate face
amount of any debt obligations issued or raised by Debtors in any
debt financing (including the face amount of any related written
commitments) that is secured by first priority liens over any
portion of Debtors' or any other person's assets, plus

          (B) 300 basis points (3 percent) of the aggregate face
amount of any debt obligations issued or raised by Debtors in any
debt financing (including the face amount of any related written
commitments) that is not covered by Section 4(c)(i)(A) of the
engagement letter, plus

          (C) 500 basis points (5 percent) of the aggregate amount
of gross proceeds raised by Debtors in any equity financing.

     ii. Fees for any financing transaction will be payable upon
the consummation of the transaction.

(d) Sale Transaction Fee

     i. If Debtors effectuate any sale transaction, they will pay
Guggenheim Securities a cash fee in an amount equal to:

          (A) 150 basis points (1.5 percent) of the aggregate
consideration relating to a "sale of control transaction;" or

          (B) The greater of (x) 200 basis points (2 percent) of
the aggregate consideration relating to a sale transaction, not
constituting a sale of control transaction but involving the direct
or indirect sale, assignment or other transfer to any acquiror of
all or any material portion of one or more of Debtors' businesses,
and (y) $500,000 for each business involved in such transaction.

     ii. Each sale transaction fee will be payable upon any
acquiror's initial acquisition of any of the interests, assets or
other rights underlying the applicable sale transaction in the case
of any multiple-step acquisition or upon consummation of the
transaction in all other cases.

(e). Debtors will reimburse Guggenheim Securities for all
out-of-pocket expenses incurred.

Stuart Erickson, a senior managing director at Guggenheim
Securities, disclosed in court filings that the firm is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Stuart Erickson
     Guggenheim Securities LLC
     330 Madison Avenue
     New York, NY 10017
     Telephone: (212) 739-0700

                    About Ascena Retail Group

Ascena Retail Group, Inc. (Nasdaq: ASNA) is a national specialty
retailer offering apparel, shoes and accessories for women under
the Premium Fashion (Ann Taylor, LOFT, and Lou & Grey), Plus
Fashion (Lane Bryant, Catherines and Cacique), and Value Fashion
(Dressbarn) segments, and for tween girls under the Kids Fashion
segment (Justice).  Ascena Retail Group, through its retail brands,
operates e-commerce websites and approximately 2,800 stores
throughout the United States, Canada and Puerto Rico.  Visit
http://www.ascenaretail.comfor more information.

Ascena Retail Group reported a net loss of $661.4 million for the
fiscal year ended Aug. 3, 2019, a net loss of $39.7 million for the
year ended Aug. 4, 2018, and a net loss of $1.06 billion for the
year ended July 29, 2017.

On July 23, 2020, Ascena Retail Group and its affiliates sought
Chapter 11 protection (Bankr. E.D. Va. Case No. 20-33113).  As of
Feb. 1, 2020, Ascena Retail Group had $13,690,710,379 in assets and
$12,516,261,149 in total liabilities.

The Hon. Kevin R. Huennekens is the case judge.

Debtors have tapped Kirkland & Ellis LLP, Kirkland & Ellis
International LLP and Cooley LLP as bankruptcy counsel, Guggenheim
Securities, LLC as financial advisor, and Alvarez and Marsal North
America, LLC as restructuring advisor.  Prime Clerk, LLC is the
claims agent.



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

TRINIDAD & TOBAGO: 48 Bars Close Down
-------------------------------------
Trinidad Express reports that forty eight and restaurant-type
businesses have been forced to close their doors, due to the
Covid-19 lockdown measures.

This was confirmed by Barkeepers and Operators Association of
Trinidad and Tobago (BOATT) interim president Teron Mohan, who said
the enforced procedures have led to a number of businesses closing
down after the revised lockdown measures were announced following a
rise in virus cases, according to Trinidad Express.

"On August 17, we were granted a 'grab-and-go' arrangement as a
means to buffer the significant loss of income. However, 50 per
cent of bars opted to not even bother to open doors.  Those that
tried couldn't sustain the operating costs, no understanding from
landlords for those who are tenants, not affordable to keep staff
employed and the many reasons go on," the report relates.

Mohan said while the 48 bars closing down represents less than one
per cent of the estimated 5,000 bars in Trinidad and Tobago, some
250 employees, including non-nationals, are now on the breadline,
the report relays.

He could not state, however, the number of establishments that
would have closed their doors last year, explaining the association
was only formed this year, the report notes.  He said, though, 48
closures in eight months is high and is due to the pandemic, the
report says.

He noted that, in the past, bars would just resell to another owner
but not close their doors permanently, the report relays.

The interim president lashed out at Health Minister Terrence
Deyalsingh for telling the public that he is awaiting the results
on the "new spike" in cases as a result of the "last lap' from bars
and beaches before the rollback, the report notes.

"It was of no surprise to us that bars faced the chopping block
when this came to light.  To present date, bars are facing this
slander but when it was called upon to provide the statistics, none
can be provided, the report discloses.

"We took it upon ourselves to investigate and, in so doing, contact
tracing had only linked three bars. During this period there were
rampant closures of government offices, private firms and schools
in which Covid-19 positive cases were discovered. The statistics
then showed that only one bar was traced . . .  and the premises
cleaned and sanitised as per protocol," Mohan added, says the
report.


                           *********


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.
.


                  * * * End of Transmission * * *