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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, September 23, 2020, Vol. 21, No. 191

                           Headlines



B R A Z I L

LINHA AMARELA: Moody's Cuts 2027 Sr. Secured Debentures to Caa1


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Relaunches Tobacco Industry
DOMINICAN REPUBLIC: S&P Assigns 'BB-' Rating on US$3.8BB Notes
DOMINICAN REPUBLIC: Unions Urged to Avoid Inflation


P E R U

MINSUR SA: S&P Lowers LongTerm ICR to 'BB+', Outlook Stable


T R I N I D A D   A N D   T O B A G O

CARIBBEAN AIRLINES: To Expand Partnership With Virgin Atlantic
TRINIDAD & TOBAGO: Business Groups Balk Over Property Tax


V E N E Z U E L A

VENEZUELA: Seeks Deal With Bondholders Despite Sanctions

                           - - - - -


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B R A Z I L
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LINHA AMARELA: Moody's Cuts 2027 Sr. Secured Debentures to Caa1
---------------------------------------------------------------
Moody's America Latina Ltda. downgraded Linha Amarela S.A.'s senior
secured debentures due in May 2027 to Caa1 from B3 on the global
scale and to Caa1.br from B2.br on the national scale. The ratings
remain under review for further downgrade.

RATINGS RATIONALE

The downgrade of Linha Amarela's ratings was prompted by the
decision issued by the Supreme Court of Justice (STJ) on September
15 2020 authorizing the unilateral termination of the concession
agreement and suspension of toll charges following a legal
proceeding for takeover initiated by the Municipality of Rio de
Janeiro (Ba3 stable), as the concession authority, in November
2019.

Although the company is planning to dispute this decision, Moody's
considers that the risk of extended judicial dispute is high, which
leaves the company greatly exposed to a material deterioration of
liquidity position and its ability to continue servicing its
obligations on time over the next two months.

The disputes between Linha Amarela and the Municipality of Rio de
Janeiro have been lingering since the end of 2018. So far, the
company had been able to reinstate its rights on the concession
agreement through legal injunctions and decisions provided by the
lower courts in the state of Rio de Janeiro. Nevertheless, the
recent STJ decision takes this dispute to a new level, leading to
limited visibility on the company's ability to maintain its current
concession agreement.

The STJ decision acknowledges that Linha Amarela is entitled to an
indemnification payment from the Municipality, as per the
unilateral termination of the concession. It indicates an amount of
approximately BRL1.3 billion subjects to eventual adjustments
following a due diligence procedure, but it does not provide
visibility into the timeframe for such compensation. The Caa1
rating considers the company's rights to indemnifications, which
should provide some cushion for creditors to mitigate losses in the
event of an effective termination of the concession. As of June
2020, Linha Amarela reported BRL366 million of intangibles related
to non-amortized infrastructure assets of the concession in their
audited financials, compared to BRL227 million in total debt
outstanding.

The review process will consider the ability of Linha Amarela to
reinstate its concession agreement over the next weeks and continue
to service the debt on time or the timeframe to obtain financial
compensation to mitigate creditors losses if there is no reversal
of the STJ decision.

Linha Amarela S.A. (Linha Amarela) has the concession to operate
the toll road services of a 17.4 km urban route in the City of Rio
de Janeiro, Brazil. The concession was granted by the Municipality
of Rio de Janeiro (Ba3, stable) in 1994, and toll road operation
started in 1998, for a 25-year period. On May 14, 2010, LAMSA
signed an amendment to its concession contract, whereby the
Municipality of Rio de Janeiro (the Granting Authority) granted a
15-year extension of the Concession, until December 2037. In the
last twelve months ended June 30, 2020, Linha Amarela reported net
revenues (excluding construction revenues) of BRL249 million and
net profit of BRL98 million, as per Moody's standard adjustments.

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

The ratings could be upgraded or stabilized when Moody's has
visibility of a constructive resolution of the ongoing disputes on
Linha Amarela's underlying concession agreement, so that the
company can consistently service its debt on a sustainable basis.
Further downgraded will be considered upon Moody's views that
expected recovery for Linha Amarela's creditors is weaker than
anticipated.

Linha Amarela is wholly owned by Investimentos e Participacoes em
Infraestrutura S.A. - INVEPAR (INVEPAR, unrated), a holding company
controlled by three of the largest Brazilian pension funds (PREVI,
FUNCEF and PETROS) and the Yosemite FIP.

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




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

DOMINICAN REPUBLIC: Relaunches Tobacco Industry
-----------------------------------------------
Dominican Today reports that President Luis Abinader announced the
creation of a commission to assess the current situation and
relaunch the tobacco industry in the Dominican Republic.  He
appointed the Minister of Industry, Commerce and Mypimes (MICM),
Victor Bisono (Ito), as its coordinator.

Abinader reiterated the need to unify criteria that result in
actions that allow the tobacco industry's consolidation and promote
its relaunch to increase exports and create jobs through
coordinated support from various government instances, according to
Dominican Today.

Bisono said that this sector of the Cibao region exports more than
7 billion units of cigarettes a year, representing approximately
US$950 million, making this sector a vital source of foreign
exchange and elevating the Republic Dominicana as the world leader
in exporting cigars by hand, the report relays.

This sector is integrated into a cluster with more than 80
cigarette producers, and on it depend more than 100,000 peasant
families that live from the cultivation of the aromatic leaf, the
report notes.

The commission has a period of one month to present a report on the
current situation. It is made up of, in addition to the director of
the Tobacco Institute (Intabaco), the ministers of Foreign Affairs
and Agriculture, the governor of Santiago, and the CEI-RD, among
others, 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.  Luis
Rodolfo Abinader Corona is the current president of the nation.

The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).


DOMINICAN REPUBLIC: S&P Assigns 'BB-' Rating on US$3.8BB Notes
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue rating to the Dominican
Republic's US$3.8 billion notes:

-- US$1.8 billion due in 2032 at a 4.875% interest rate,

-- US$1.7 billion due in 2060 at a 5.875% interest rate (reopening
of existing bond), and

-- The equivalent of about US$300 million (17.5 billion Dominican
pesos) due in 2026 at a 9.75% interest rate (reopening of existing
bond).

The rating on the notes is the same as the long-term foreign
currency sovereign credit rating on the Dominican Republic
(BB-/Negative/B). The sovereign will use the issuance proceeds for
general budgetary purposes, including funding for COVID-19 relief
and the economic recovery plan.

S&P said, "Our ratings on the Dominican Republic reflect the
country's institutional weaknesses, reflected by its poor track
record of passing meaningful reforms, as well as its rapid buildup
of debt over the past decade, which has weakened its external
profile and limits the space for fiscal policy response.

"On the other hand, our ratings also incorporate the sovereign's
dynamic economy, which is vulnerable to external shocks but has
recovered quickly in the aftermaths and has posted higher growth
rates than peers.

"The negative outlook indicates our view of the severe economic
shock from the COVID-19 pandemic on the sovereign's vulnerable
fiscal and external profiles. Our base case assumes that the shock
will be temporary. However, a more prolonged economic decline
through both tourism and other key economic sectors could limit the
recovery over the next two years, and lead to increased borrowings,
higher debt, and a weaker external profile."


DOMINICAN REPUBLIC: Unions Urged to Avoid Inflation
---------------------------------------------------
Dominican Today reports that the Association of Industrial Workers
of the Duarte province raised the unification of all the Social
Security System actors to modify the law that creates the pension
system so that workers obtain greater benefits without the need to
extract 30% of the savings as suggested by some legislators.

The president of the association, Jose Miguel Balbuena, and the
general secretary, Alfredo Gabin, referred to what they described
as "clearly crazy maneuvers promoted by reformist leaders Pedro
Botello and Ramón Rogelio Genao against pension funds, supposedly
to assist suspended workers amid the coronavirus pandemic,"
according to Dominican Today.

"Although it has been more than proven that it is nothing more than
a hoax, the sale of a nightmare as if it were a stimulating dream,
the debauchery, and ambition with which these two unscrupulous
representatives move has led them to ignore the calls to reflection
and good sense," said Balbuena in a meeting-discussion in which he
cited the voices that have warned about the danger of touching the
funds of the AFPs, the report notes.

He affirmed that Botello and Genao "continue to bet on a disaster,
which would inevitably come if, as is feared, when pensions are
touched, the value of the peso would plummet, giving rise to
rampant inflation of generalized rise in prices, mainly in consumer
food products. Massive," without taking into account that all
social classes would suffer its effects, mainly workers, the report
relays.

When exposing the reasons why the Association of Industrial Workers
of the Duarte province has spoken out on this issue, Balbuena
indicated that the sense of social and human solidarity is one of
the most distinctive features of a community and of a nation where
there is sensitivity so as not to live with our backs to the fate
of others, only looking for particular advantages and benefits, the
report discloses.

He then added that "this authentic solidarity that allows us to
share hardships and promote efforts to overcome them, especially in
difficult times, becomes evident when danger threatens us and what
is imposed, therefore, is to give the voice of alert, as we are
doing at this time to avoid a national disaster," the report
notes.

"The board of directors and the members of the association cannot
remain indifferent, so we have considered it a civic and patriotic
duty to call the attention of all of you so that we avoid this
serious disorder," he said, addressing those attending the meeting,
the report relays.

"At this juncture in which thousands of jobs have been lost as a
result of the pandemic and affected many productive activities and
the smooth running of many others, we cannot allow the frantic
personal ambition of 2 out of control men to cause further job
losses to work and unleash more inflation," said Balbuena, the
report discloses.

In the same sense, Gabin spoke when he asked the new legislators
elected in the last elections to meditate on these risks calmly and
that in defense of the general interest, not give their approval to
a negative project, at a time when the homeland demands the
goodwill of his best men, the report notes.

"If we want to promote a real and effective initiative in favor of
the working class, what is appropriate is to promote a consensus to
reform the Social Security Law, to achieve better pensions for
employees at the time of a dignified retirement and guaranteed,"
stated Gabin, the report relays.

He said that we must discard what he called the "monstrosity of
Pedro Botello and Ramon Rogelio Genao and trust that the new
congressmen will reject the maneuvers of these two individuals and
thinking about what is best for the country and its people, they
will say a resounding no to these claims, ridding the country of
greater evils in times of this deadly pandemic," 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.  Luis
Rodolfo Abinader Corona is the current president of the nation.

The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).




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P E R U
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MINSUR SA: S&P Lowers LongTerm ICR to 'BB+', Outlook Stable
-----------------------------------------------------------
S&P Global Ratings lowered its long-term global scale issuer credit
and issue-level ratings on Peru-based mining company, Minsur S.A.
to 'BB+' from 'BBB-', given its expectation that the group credit
profile (GCP) will deteriorate in 2020 beyond our previous
expectations.

Minsur S.A., is a 99.99% owned subsidiary of Breca Mineria S.A.C.,
with $612 million and $212 million in revenue and EBITDA,
respectively, for the 12 months ended June 2020.

S&P said, "We expect the parent's credit metrics to weaken
following the closure of its Raura mine at least during 2020 while
Minsur's leverage to be high at around 6.0x this year, which we
consider high for the current rating level.

"Nonetheless, Minsur's 'bb' stand-alone-credit-profile (SACP)
remains unchanged because we expect a substantial deleveraging in
2021 once the Marcobre project starts producing (102,250 metric
tons [MT] of copper capacity in that year).

"The stable outlook reflects our expectation that despite a peak in
Minsur's net leverage at 6.0x in year-end, it will plummet to 2.0x
starting in 2021, coupled with a recovery on base metals prices in
recent months.

"Our revised forecast considers a deterioration in Breca Mineria's
revenue, EBITDA, and credit metrics because its Raura mine will be
closed at least during 2020. In addition, Minsur's net leverage for
2020 will be well above our previous expectations due to COVID-19
and the still large investments required to finalize its Marcobre
project." Therefore, the likely erosion of Breca Mineria's credit
metrics is triggering a one-notch downgrade of Minsur to 'BB+',
given that the latter is a core subsidiary of Breca Mineria.

On March 15, 2020, the Peruvian government declared a state of
emergency and approved several restrictions designed to protect the
country, including the mining sector, against the spread of
COVID-19. Minsur had to stop operations for a month and a half,
which will inevitably reduce its revenues and EBITDA by about 10.7%
and 8.2%, respectively in 2020. S&P said, "We estimate lower tin
production at San Rafael and Pitinga, as well as lower tin price
for the period, while gold production will also decline from 2019
levels. Moreover, we expect that Minsur will increase debt by about
$420 million in 2020 to finish its Marcobre project. Therefore, we
expect Minsur's net leverage metric to rise to around 6.0x in 2020,
which significantly deviates from our expectations of 5.0x in our
last year base-case assumption, and which we consider as high for
the rating."

The construction of the Marcobre project is 86% complete and
remains broadly on schedule despite the company's suspension of
operations earlier this year. This is because before the
declaration of national emergency, the progress of the project was
ahead of schedule. S&P said, "We consider Marcobre as a
transformational event for Minsur, because revenue contribution
from this mine will double the company's total revenues to $1.3
billion and completely revamp the revenue breakdown. We now expect
copper to represent about 48% of the company's revenue for 2021 and
around 58% for 2022 and onwards, and tin for around 40% and 33%,
respectively. (As a reference, we expect tin to represent 70% of
total revenue in 2020 and gold represents for 21%.) Given this
incremental revenues, coupled with the expected debt amortization
schedule and no additional debt, we believe the company's net
leverage to fall sharply to 2.0x in 2021 and below 1.5x
afterwards." Yet, the company remains exposed to metal price
volatility that could, from time to time, distort is credit
metrics.

Environmental, social, and governance (ESG) credit factors for this
credit rating change

-- Health and safety




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T R I N I D A D   A N D   T O B A G O
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CARIBBEAN AIRLINES: To Expand Partnership With Virgin Atlantic
--------------------------------------------------------------
RJR News reports that Caribbean Airlines Limited will soon be
making a reconnection to London through an expanded partnership
with Virgin Atlantic.

Trinidad's Guardian Media has learnt that in the proposed plan,
Barbados will be the transit point for the flight to London from
the Caribbean, according to RJR News.

The move comes four years after Caribbean Airlines ended its three
weekly flights to London because the route was deemed not
profitable, the report notes.

The London service was launched in 2012 but performed below
expectations, the report relays.

This time around Caribbean Airlines will bee taking a safer
approach to the route by partnering with Virgin Atlantic instead of
trying to service it alone, the report says.

                     About Caribbean Airlines

Caribbean Airlines Limited - http://www.caribbean-airlines.com/-
provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty free
store in Trinidad.  Caribbean Airlines Limited was founded in 2006
and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited, quit after just 17
months on the job. The 48-year-old Canadian national, citing
personal reasons, resigned with immediate effect.  His resignation
was accepted by the airline's board of directors. Mr. DiLollo was
appointed Caribbean Airlines CEO in May 2014, following the sudden
resignation of Robert Corbie in September 2013.

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline made
a loss of US$60 million, inclusive of its Air Jamaica operations,
and the airline planned to break even by 2017. Mr. Howai told the
Parliament that a five-year strategic plan had been completed and
was in the process of being approved for
implementation.

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.


TRINIDAD & TOBAGO: Business Groups Balk Over Property Tax
---------------------------------------------------------
Trinidad Express reports that already struggling to survive due to
the Covid-19 pandemic, businesses will find it difficult to fork
out money to pay property tax.

That is the consensus of some business groups, a day after Finance
Minister Colm Imbert indicated that as per the People's National
Movement's 2020 general election manifesto, property tax is still
on the cards, according to Trinidad Express.

In a telephone interview with the Express, president of the San
Juan Business Association Vivek Charran said this was not the right
time to implement the tax.

He pointed out that landlords are finding it hard to collect money
from tenants and tenants are already in arrears, the report notes.

"It is not going to make it easy for people whose gross sales have
fallen more than 70 per cent because of the Covid restrictions. It
is not going to help those people who are not even out to work,
that category of people that fall into those businesses that are
affected by the Covid regulation, like events and people who work
in the airport. Then there are the gyms, personal trainers, bars,
restaurants," the report quoted Mr. Charran as saying.

"And all these people now have to pay additional tax on top of
trying to survive and see about their life expenses, and maybe also
to run their business and cover their expenses," he stated.

Charran added: "Yes, property tax is important as a source of
income for the Government, but why would you levy that upon people
at this point in time, knowing the struggle is real and knowing how
difficult it is for people?"

President of the Greater San Fernando Area Chamber of Commerce
Kiran Singh had similar views, the report notes.

"While we understand that the Government has to utilise the tax
system to generate revenue to run the country, the business sector,
bearing in mind the MSME (micro, small and medium enterprises)
sector, is having trouble to pay its current expenditure, given the
fact that we're in a global recession and compounded by the fact
that there is a pandemic," he stated.

Singh said while demand for goods and services has been thrashed
throughout the world and businesses have no means sustainable
income, their expenditure remains the same, the report relays.

". . . . to incorporate a property tax would mean additional
expenditure through loans, refinancing their mortgage, having to
maybe unfortunately lay-off staff or rotate staff because of the
fact that the disposable income that we once had is no longer
available, because of the fact that we have a drastic decline in
global demand for goods and services. The fact that the Covid is
still here and the fact that we are unable to overcome the
unfortunate crisis that we're facing," he stated, the report
notes.

The report relays that Singh went on: "We really hope that the
Minister of Finance can find some alternative measures through
utilising the HSF (Heritage and Stabilisation Fund). We may have no
choice but to utilise external borrowing just to keep the economy
sustainable because the economy is in serious financial trouble.
Unemployment is increasing and it is very evident when you do a
simple survey of the stores. Where people had ten workers they now
have three."

President the Downtown Owners and Merchants Association Gregory
Aboud opined that it is not common place or acceptable "in almost
all societies where property tax has been imposed" for Governments
to use property tax as a revenue source for other national
expenditure, the report notes.

"Income tax and other forms of levies already exist. And the way to
ramp up the revenue stream for the Government is to try and
stimulate activity so that income taxes do not continue to decline
in the way that they have declined," he said, the report relates.

Aboud said the Association completely understood the tough
circumstances facing the Finance Minister. However, he said Imbert
had to bear in mind that his duty of leadership to the economy
requires him not to "beat to death the horses which are pulling the
carriage around the track".

"He has a duty and a responsibility to equitably share the burden
of his needed revenue stream and try to include the tens of
thousands who have never contributed towards the revenue stream
which is so desperately needed in the Treasury," Aboud added.

"We believe that if property tax is imposed and the monies raised
are not reinvested in the communities from which it is taken, it
will have a very demoralising effect on investment and future
development and indeed on business expansion," he emphasized, the
report relays.

"The Government and the Minister need to tread very carefully so as
not to create an impression of further burden on those who are
already bearing a greater burden and in not discouraging or
demoralising the investment community from future expansion and/or
development," Aboud stressed.




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V E N E Z U E L A
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VENEZUELA: Seeks Deal With Bondholders Despite Sanctions
--------------------------------------------------------
Mayela Armas at Reuters report that Venezuela's finance minister
offered to speak with bondholders about a potential renegotiation
of the cash-strapped country's debt, which economists and financial
industry sources said would face challenges due to U.S. sanctions.

The OPEC nation in 2017 suspended payments to holders of many bonds
issued by the government, state oil company Petroleos de Venezuela
and utility Electricidad de Caracas, and sought to initiate a
restructuring process, according to Reuters.

But that process got derailed by an escalating political crisis in
Venezuela, in the midst of a six-year economic collapse, as well as
U.S. sanctions aimed at ousting President Nicolas Maduro that
barred U.S. citizens and companies from meeting with Venezuelan
officials, the report notes.

In a state television address, Finance Minister and Executive Vice
President Delcy Rodriguez announced a "conditional offer" for
bondholders for a deal that would suspend statutes of limitation
contained in the bond agreement, the report relays.

Rodriguez asserted that those statutes were close to expiring, at
which point the bondholders would lose certain legal rights as
creditors.  She did not provide details, the report says.

In return, bondholders would have to agree not to sue Venezuela or
either of the two companies, or suspend any ongoing litigation, the
report discloses.

Rodriguez said the offer aimed to "guarantee that investors are not
affected by the illegal actions taken by those who hold power in
the United States," the report relays.

In addition to the sanctions - which could prevent bondholders from
even meeting with Venezuelan officials - many of the bonds were
issued under New York state law, the report notes.

The Trump administration and many U.S. courts have recognized
opposition leader Juan Guaido, not Maduro, as Venezuela's rightful
leader, the report relates.

"There is no legal validity to any restructuring document issued by
Nicolas Maduro's government," said Francisco Rodriguez, a
Venezuelan economist who has advised bondholders, the report
notes.

Washington has sanctioned PDVSA, as well as Venezuela's central
bank and top officials, to try to force Maduro - accused of
corruption and human rights violations - to resign, the report
relays.

Reuters notes that Guaido, who presides over the opposition-held
National Assembly, last year assumed a rival presidency on the
basis that Maduro had rigged his 2018 re-election.

Maduro blames Venezuela's economic woes on U.S. sanctions and
accuses Washington of seeking to seize control of the South
American country's oil reserves, the report discloses.

Rodriguez, the finance minister, said bondholders had until
midnight on Oct. 13 to express their interest to the government,
and encouraged investors to seek permission from U.S. authorities
to engage in a potential deal despite the sanctions, the report
relays.

Venezuela has missed more than $10 billion in payments to
bondholders, the report notes.  Exports of oil - the country's main
source of foreign currency - are at their lowest levels since the
1940s, leaving the government short of resources potentially to
service bonds, the report relates.

Jose Guerra, an opposition lawmaker who sits on the National
Assembly's finance committee, called the announcement "divorced
from reality" and said it was not viable without a plan to
restructure Venezuela's economy and oil industry, the report
notes.

The government did not immediately respond to a request for comment
on Guerra's criticism, the report adds

                             Venezuela

Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South America, consisting of a
continental landmass and a large number of small islands and islets
in the Caribbean sea.  The capital is the city of Caracas.

Hugo Chavez was president to Venezuela from 1999 to 2013.  The
Chavez presidency was plagued with challenges, which included a
2002 coup d'etat, a 2002 national strike and a 2004 recall
referendum.  Nicolas Maduro was elected president in 2013 after the
death of Chavez.  Maduro won a second term at the May 2018
Venezuela elections, but this result has been challenged by
countries including Argentina, Chile, Colombia, Brazil, Canada,
Germany, France and the United States who deemed it fraudulent and
moved to recognize Juan Guaido as president.

The presidencies of Chavez and Maduro have challenged Venezuela
with a socioeconomic and political crisis.  It is marked by
hyperinflation, climbing hunger, poverty, disease, crime and death
rates, social unrest, corruption and emigration from the country.

S&P Global Ratings, in May 2019, removed its long- and short-term
local currency sovereign credit ratings on Venezuela from
CreditWatch with negative implications and affirmed them at
'CCC-/C'. The outlook on the long-term local currency rating is
negative. At the same time, S&P affirmed its 'SD/D' long- and
short-term foreign currency sovereign credit ratings on Venezuela.

Moody's credit rating (long term foreign and domestic issuer
ratings) for Venezuela was last set at C with stable outlook in
March 2018.  Meanwhile, Fitch's long term issuer default rating for
Venezuela was last in 2017 at RD and country ceiling was CC. Fitch,
on June 27, 2019, affirmed then withdrew the ratings due to the
imposition of U.S. sanctions on Venezuela.



                           *********


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
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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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