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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

          Tuesday, October 6, 2020, Vol. 21, No. 200

                           Headlines



A R G E N T I N A

ARGENTINA: To Pay Interest on Par Bonds it Failed to Restructure


B R A Z I L

BANCO BV: Moody's Affirms Ba2 Deposit Ratings, Outlook Stable
BANCO PINE: Fitch Affirms 'B-' LongTerm IDRs, Outlook Negative
PETROBRAS: Court Approves Refinery Sales w/o Congressional OK
PETROBRAS: To Spend $6-Bil. Thru 2024 to Decommission 18 Facilities


C H I L E

LATAM AIRLINES: Google Sues Airline for $8.2MM Unpaid Services


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: To Recover From Crisis Before US, Economist Say
DOMINICAN REPUBLIC: Tourism on the Road to Recovery

                           - - - - -


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A R G E N T I N A
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ARGENTINA: To Pay Interest on Par Bonds it Failed to Restructure
----------------------------------------------------------------
Jorge Otaola at Reuters report that Argentina will make interest
payment due on dollar and euro-denominated "Par" bonds Sept. 30,
the country's Economy Ministry said in a statement closing off an
unresolved issue from its recent major debt revamp.

The government had failed to restructure a small number of bonds,
including the Pars, as part of an otherwise successful $65 billion
foreign debt restructuring, which saw 99% of eligible debt
exchanged at the end of last month, according to Reuters.

The government had been considering trying to win over the
remaining 1% of mostly European retail investors, offering them the
same terms as those who had agreed to the initial deal, the report
relays.  The new bonds in the exchange had been issued on Sept. 4.

The Economy Ministry said that it had decided that the costs of
making a second offer "were not justified," especially given the
uncertainty of a favorable outcome, the report discloses.

It said payment of the $12 million in interest on the bonds would
avoid the "adverse consequences and uncertainty for Argentina and
the investment community," the report relays.

"This decision is an additional step on the agenda to bolster the
Argentine economy and continue on the path of economic-financial
normalization," it said, the report adds.

                       About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank.
Historically, however, its economic performance has been very
uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8, 2020.
Fitch's credit rating for Argentina was last reported at CCC with
n/a outlook, a rating upgrade from CC on Sept. 11, 2020.  DBRS'
credit rating for Argentina is CCC with n/a outlook, a rating
upgrade on Sept. 11, 2020.  Moody's credit rating for Argentina was
last set at Ca, a rating downgrade from Caa2 on April 4, 2020, with
a negative outlook.

As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors.  The first
restructuring involved $65 billion in foreign-law bonds.  The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds.  DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.

DBRS further relayed that Argentina is also seeking a new agreement
with the International Monetary Fund (IMF) to replace the canceled
2018 Stand-by Agreement.  Obligations to the IMF amount to $44
billion, with major repayments coming due in 2022 and 2023.




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B R A Z I L
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BANCO BV: Moody's Affirms Ba2 Deposit Ratings, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service affirmed all of Banco BV's (BV) ratings,
following the affirmation of the bank's ba3 baseline credit
assessment (BCA). BV is rated Ba2 and Not Prime for long- and
short-term local currency deposits, Ba3 and Not Prime for long- and
short-term foreign currency deposits. Banco Votorantim S.A. (Nassau
Branch)'s long-term senior unsecured foreign currency program
rating is affirmed at (P) Ba2. The outlook on the ratings remains
stable.

The ratings affirmation reflects Moody's unchanged view of the
bank's standalone credit profile against the backdrop of the
economic downturn in Brazil during 2020, caused by the coronavirus
pandemic outbreak.

RATINGS RATIONALE

In affirming BV's BCA and all its ratings, Moody's acknowledges the
benefit to the bank's profitability of the increasing share of
high-margined consumer and commercial loans that has added revenue
diversification and reduced credit risk concentrations that had
caused volatility to BV's earnings in the past. BV's key credit
challenge remains its lower-than peers' tangible capitalization
ratio, although a capital raise planned for the near future could
boost capital quality and capitalization levels.

BV's asset quality and profitability, like peers, have been
pressured in the first half of 2020, reflecting the sudden
contraction in consumer loan origination at the outset of the
pandemic. To support its borrowers, BV offered interest waivers and
60-day deferrals on its performing loans, also helping smooth out
future delinquencies. These actions resulted in about one-third of
gross loans being renegotiated as of June 2020, of which only a
small share has become past due. Positively, consumer loan
origination has returned to pre-pandemic levels, following a less
severe economic deceleration than initially expected, which
evidenced the resilience of the bank's key target market of light
pre-owned vehicle financing. Nevertheless, Moody's expects BV's
asset quality to remain elevated and higher than peers, reflecting
its inherently riskier loan book, predominantly composed of
consumer loans.

BV's net income as a percentage of tangible assets declined by
almost half to 0.73% in June 2020, from 1.42% in December 2019, a
result of the deceleration in business volume and particularly the
waiver on interests extended to about 39% of its higher-yielding
loans. In addition, BV built sizable loan loss provisions to face
the weakening credit conditions, equivalent to 25.5% of its
pre-provision income, and loan loss reserves are now about 9% of
gross loans. Despite the ongoing challenges associated with the
pandemic, Moody's expects BV's profitability to partially recover
in the second half of 2020 as loan origination picks up, in line
with the recovery in demand for vehicle financing, benefiting net
interest income and fee generation. A sustainable strengthening in
profitability, however, will likely hinge on further improvements
in asset quality and lower provisions, while low interest rates and
high market liquidity benefits its cost of funding. BV has
maintained stable liquidity, in line with peers, and its
predominantly market funded liabilities have been supported by
access to longer term debt and deposits.

BV's ba3 BCA, however, is still limited by the bank's
lower-than-peers' Moody's capital ratio, measured as tangible
common equity as a percentage of risk weighted assets, at 4.93% in
June 2020. The large stock of deferred tax assets (DTAs) on BV's
balance sheet and which Moody's deduct from its calculation of the
capitalization ratio to reflect loss absorption capacity, is the
main constraint to the ratings. BV's Common equity Tier 1, at 11%,
is however, in line with its peers. Sustainable profitability would
allow for a credit positive gradual realization of deferred tax
assets over time. In addition, a successful capital raise may offer
BV the opportunity to strengthen its balance sheet by adding to
provisions and accelerating the consumption of DTAs.

The stable outlook incorporates Moody's expectation that BV's
financial profile will remain consistent with a ba3 BCA over the
next 12-18 months, despite the still weak economic environment.

BV's Ba2 global local currency deposit rating reflects the bank's
fundamental credit strength, as evidenced by its ba3 BCA, and
incorporates a one-notch uplift to reflect its assessment of the
probability of high affiliate support from its shareholder Banco do
Brasil S.A. (BB, Ba2 stable, ba2). BB owns 50% of BV and as per a
shareholder agreement, it purchases consumer loan portfolios from
time to time at market conditions. Moody's expects that the capital
raise will maintain the current shareholding relationship between
BB and BV, therefore, supporting the current rating uplift.

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

The stable outlook is in line with the stable outlook on Brazil's
sovereign rating and indicates there is limited upward pressure on
BV's ratings. BV's BCA could be upgraded if the bank's asset
quality and profitability improve in a consistent and robust pace,
allowing for a reduction in its DTAs and resulting in credit
positive capital replenishment.

BV's ratings could be downgraded if the bank's asset quality
weakens over the next quarters leading to sizable provisions build
and much lower profitability. BV's inability to improve
profitability in the medium term or a permanent challenge to its
capitalization could lead to a downgrade of its BCA.

METHODOLOGY USED

The principal methodology used in these ratings was Banks
Methodology published in November 2019.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and issuers
within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global scale
credit ratings in that they are not globally comparable with the
full universe of Moody's rated entities, but only with NSRs for
other rated debt issues and issuers within the same country. NSRs
are designated by a ".nn" country modifier signifying the relevant
country, as in ".za" for South Africa. While NSRs have no inherent
absolute meaning in terms of default risk or expected loss, a
historical probability of default consistent with a given NSR can
be inferred from the GSR to which it maps back at that point in
time. For information on the historical default rates associated
with different global scale rating categories over different
investment horizons.

Banco BV is headquartered in Sao Paulo, Brazil, and reported
BRL121.6 billion ($22.1 billion) in assets and BRL10.2 billion
($1.8 billion) in shareholders' equity as of June 30, 2020.

LIST OF AFFECTED RATINGS AND ASSESSMENTS

The following ratings and assessments of Banco BV were affirmed:

- Long-term global local currency deposit rating of Ba2, stable
outlook

- Short-term global local currency deposit rating of Not Prime

- Long-term global foreign currency deposit rating of Ba3, stable
outlook

- Short-term global foreign currency deposit rating of Not Prime

- Senior Unsecured Medium-Term Note Program of (P)Ba2

- Senior Unsecured Regular Bond/Debenture of Ba2, stable outlook

- Pref. Stock Non-cumulative of B2(hyb)

- Other Short Term of (P)Not Prime

- Long-term global local currency counterparty risk rating of Ba1

- Short-term global local currency counterparty risk rating of Not
Prime

- Long-term global foreign currency counterparty risk rating of
Ba1

- Short-term global foreign currency counterparty risk rating of
Not Prime

- Long-term Brazilian national scale deposit rating of Aa3.br

- Short-term Brazilian national scale deposit rating of BR-1

- Long-term Brazilian national scale counterparty risk rating of
Aaa.br

- Short-term Brazilian national scale counterparty risk rating of
BR-1

- Baseline credit assessment of ba3

- Adjusted baseline credit assessment of ba2

- Long-term counterparty risk assessment of Ba1(cr)

- Short-term counterparty risk assessment of Not Prime(cr)

Outlook Actions:

Outlook, Stable

The following ratings and assessments of Banco Votorantim S.A.
(Nassau Branch) were affirmed:

- Long-term global local currency counterparty risk rating of Ba1

- Short-term global local currency counterparty risk rating of Not
Prime

- Long-term global foreign currency counterparty risk rating of
Ba1

- Short-term global foreign currency counterparty risk rating of
Not Prime

- Long-term counterparty risk assessment of Ba1(cr)

- Short-term counterparty risk assessment of Not Prime(cr)

- Senior Unsecured Medium-Term Note Program of (P)Ba2

- Other Short Term of (P)Not Prime

Outlook Actions:

Outlook, Stable


BANCO PINE: Fitch Affirms 'B-' LongTerm IDRs, Outlook Negative
--------------------------------------------------------------
Fitch Ratings affirmed Banco Pine S.A.'s Long-Term Foreign and
Local Currency Issuer Default Ratings (IDR) at 'B-' and Long-Term
National Rating at 'BB+ (bra)'. The ratings have been removed from
Rating Watch Negative (RWN) and assigned a Negative Outlook.

KEY RATING DRIVERS

IDRS, VR AND NATIONAL RATINGS

The removal of Pine's ratings from RWN reflects Fitch's view that
the short-term risks derived from the coronavirus pandemic on its
business model and financial profile have been reduced. Currently,
Fitch does not expect the bank to face a sharp deterioration of its
credit metrics in the short-term, previously considered under the
'watch' period, which may provide the bank some additional time to
continue implementing its strategies.

The Negative Outlook on Pine's Long-Term Ratings reflects the
bank's continued operating losses, which are likely to remain
pressured by the deteriorated operating environment because of the
coronavirus, maintaining the challenges for the bank to improve its
capitalization metrics. Fitch recognizes that the bank's capital
funding structure and liquidity remains adequate. Pine's earnings,
profitability, capitalization, and its company profile, are factors
that highly influences its ratings.

While short-term pressures on Pine have subsided, risks from its
current business model, which focuses on SMEs, in addition to its
legacy portfolio, remain. Pine's financial profile is weaker
compared with its peers and is expected to further deteriorate in
the following quarters. Fitch expects Pine's profitability to
remain pressured due to the bank's difficulties in fully
implementing its new strategy and, although still manageable,
higher loan impairment charges from rising NPLs.

During the 1H20, Pine's operational losses declined to around BRL
12.2 million, from BRL 299.7 million for full year 2019 and BRL 82
million in 2018, which was equivalent to negative 0.45% of
risk-weighted assets (RWAs), from negative 5.45% and 1.50% in 2019
and 2018. In the same period, the bank reported modest net income
of BRL900 thousand, which was positively affected by tax deferrals
of BRL 31.3 million in addition to specific sales of its credit
portfolio.

Due to pandemic difficulties imposed on the operating environment,
Fitch believes that it is unlikely the bank will be able to achieve
a positive and sustainable operational breakeven point during the
2H20. Pine's long-term profitability perspectives are linked to the
effects of the coronavirus pandemic on its current business model
as well as the sale of its foreclosed assets. However, under the
current operating environment, Fitch believes it will be difficult
for the bank to sell its foreclosed assets on good terms. This
portfolio reached more than BRL 500 million in 1H20.

Although relatively worse than peers, Pine's asset quality metrics
have remained stable during the pandemic thus far. The
renegotiation of loans from the bank's legacy portfolio in previous
years positively affected asset quality ratios, though this also
increased the bank's foreclosed assets between 2015-2019. Pine's
impaired loans ratio (classified as 'D-H') stood at 14.9% in June
2020 (NPLs over 90 days at 0.3%), relatively stable in comparison
with YE 2019, at around 15.6% (2.5%). This stability benefited from
the high levels of write-offs during 1H20 of around BRL144.8
million.

Pine's capitalization metrics continued to be weak and below its
peer average. The bank's common equity Tier 1 (CET1) ratio declined
to 9.9% at June 2020, from 10.8% at YE 2019 and was 11.9% at YE
2018, which could have been worse if not for by the sharp decline
of its loan portfolio by 16.9% during 1H20. At the same time, total
regulatory capital ratio fell to 11.3%, from 12.3% at YE 2019.
Despite some temporary regulatory flexibility given during the
pandemic, in Fitch's view, Pine's capitalization metrics remain
weak as this constrains the bank's ability to absorb losses and
fully implement its business model.

Pine's liquidity and funding structure, which is broadly based on
agreements with brokerages that distribute Pine's investment
options, mainly term deposits to individuals with no liquidity,
remains good and stable since the pandemic breakout. As of June
2020, the bank reported a BRL2.2 billion cash position. The bank's
loan-to-deposits ratio adjusted for the local deposit-like products
stood at a sound 44% in June 2020 and was 56% in December 2019,
which compares favorably with peers.

SUPPORT RATING AND SUPPORT RATING FLOOR

The bank's Support Rating and Support Rating Floor reflect Fitch's
belief that the bank is not considered a significant financial
institution locally because of the size of its market share in
deposits and credits. Thus, it is unlikely to receive external
support from the Brazilian sovereign.

RATING SENSITIVITIES

IDRS, VR AND NATIONAL RATINGS

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

  -- Further deterioration in operating environment that impacts
Pine's asset quality.

  -- Negative pressures on its already-low profitability and
capitalization metrics, CET 1 Ratio below 9.5%.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

  -- Given the risks associated with the coronavirus crisis, an
upgrade is highly unlikely soon.

  -- A revision of the Outlook to Stable is contingent on
significant improvements in operating profitability and
capitalization metrics, specifically a CET 1 ratio above 12%, which
largely depends on a more stable operating environment.

SUPPORT RATING AND SUPPORT RATING FLOOR

A potential upgrade of Pine's Support Rating and Support Rating
Floor is unlikely in the foreseeable future, since this would arise
only from a material gain in systemic importance.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


PETROBRAS: Court Approves Refinery Sales w/o Congressional OK
-------------------------------------------------------------
Arkady Petrov at Rio Times Online reports that by six votes to
four, the Federal Supreme Court (STF) on Oct. 1, cleared  Petroleo
Brasileiro S.A.'s  (Petrobras) plan to sell refinery subsidiaries
without specific Congressional authorization.

The decision is a victory for the government, which intends to sell
eight of the state-owned company's 13 refineries; sale proceeds may
reach R$83.6 billion according to XP Investments calculations,
according to Rio Times Online.

                      About Petrobras

Petroleo Brasileiro S.A. or Petrobras (in English, Brazilian
Petroleum Corporation - Petrobras) is a semi-public Brazilian
multinational corporation in the petroleum industry headquartered
in Rio de Janeiro, Brazil.  Petrobras control significant oil and
energy assets in 16 countries in Africa, the Americas, Europe and
Asia.  But, Brazil represents majority of its production.

The Brazilian government directly owns 54% of Petrobras' common
shares with voting rights, while the Brazilian Development Bank and
Brazil's Sovereign Wealth Fund (Fundo Soberano) each control 5%,
bringing the State's direct and indirect ownership to 64%.

A corruption scandal was uncovered in 2014 that involved
Petrobras.  The scandal related to money laundering that involved
Petrobras executives.  The executives were alleged to get received
kickbacks from overpriced contracts, to the tune of about $3
billion in total.
                       *     *     *

As reported in the Troubled Company Reporter-Latin America on Feb.
25, 2019, S&P Global Ratings raised the stand-alone credit profile
(SACP) on Petrobras to 'bb' from 'bb-'. S&P also affirmed its
global scale ratings on the company at 'BB-' and its Brazilian
national scale rating at 'brAAA'.

As reported in the Troubled Company Reporter-Latin American on Aug.
31, 2020, Egan-Jones Ratings Company, on August 18, 2020,
downgraded the foreign currency and local currency senior unsecured
ratings on debt issued by Petroleo Brasileiro S.A. to B- from B.


PETROBRAS: To Spend $6-Bil. Thru 2024 to Decommission 18 Facilities
-------------------------------------------------------------------
Sabrina Valle at Reuters report that Brazil's state-controlled oil
producer  Petroleo Brasileiro S.A. (Petrobras) plans to spend $6
billion through 2024 to decommission 18 offshore platforms,
underwater gas pipelines and offshore wells, the company said in a
securities filing.

In a presentation filed to the securities regulator, Petrobras, as
the company is known, said it predicts proceeds of $1 billion from
divestments in 2020, after receiving $14.4 billion from asset sales
in 2019, according to Reuters.

                      About Petrobras

Petroleo Brasileiro S.A. or Petrobras (in English, Brazilian
Petroleum Corporation - Petrobras) is a semi-public Brazilian
multinational corporation in the petroleum industry headquartered
in Rio de Janeiro, Brazil.  Petrobras control significant oil and
energy assets in 16 countries in Africa, the Americas, Europe and
Asia.  But, Brazil represents majority of its production.

The Brazilian government directly owns 54% of Petrobras' common
shares with voting rights, while the Brazilian Development Bank and
Brazil's Sovereign Wealth Fund (Fundo Soberano) each control 5%,
bringing the State's direct and indirect ownership to 64%.

A corruption scandal was uncovered in 2014 that involved Petrobras.
The scandal related to money laundering that involved Petrobras
executives.  The executives were alleged to get received kickbacks
from overpriced contracts, to the tune of about $3 billion in
total.
                       *     *     *

As reported in the Troubled Company Reporter-Latin America on Feb.
25, 2019, S&P Global Ratings raised the stand-alone credit profile
(SACP) on Petrobras to 'bb' from 'bb-'. S&P also affirmed its
global scale ratings on the company at 'BB-' and its Brazilian
national scale rating at 'brAAA'.

As reported in the Troubled Company Reporter-Latin American on Aug.
31, 2020, Egan-Jones Ratings Company, on August 18, 2020,
downgraded the foreign currency and local currency senior unsecured
ratings on debt issued by Petroleo Brasileiro S.A. to B- from B.




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C H I L E
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LATAM AIRLINES: Google Sues Airline for $8.2MM Unpaid Services
--------------------------------------------------------------
Daniel Martinez Garbuno of Seeking Alpha reports that in the last
week of September 2020, Google filed a motion for relief to allow
termination of its agreements with LATAM Airlines Group and
discontinue the services it provides.  According to the giant tech
company, LATAM owes over US$8.2 million for unpaid services.

LATAM Airlines Group filed for a Chapter 11 bankruptcy on May 26,
2020.

The largest South American carrier is trying to reduce costs,
labor, and fleet. It is also looking for over US$2 billion in
Debtor-In-Possession financing.  In the meantime, LATAM has also
stopped paying the services of some providers, like Google.

According to Google's filing, it provided an ads program. The
services allowed LATAM "to reach potential customers as they search
for designated words and phrases or browse websites."  Google also
offered Cloud program services.

On September 20, 2020, the Silicon Valley company filed proofs of
claim for unpaid services by LATAM. This is how much they owed:

    Aerovias de Integracion Regional: US$27,378.52
    LATAM Airlines Ecuador: US$40,993.42
    Fidelidade Viagens e Turismo: US$70,925.23
    LATAM Airlines Peru: US$468,096.07
    TAM Linhas Aereas: US$1,536,665.27
    LATAM Airlines Group: US$6,105,378.12

Google added that if the Court doesn't grant relief, it will cause
"significant hardship" because the company would be required to
continue to provide services to LATAM without payment. In contrast,
LATAM "may continue to operate its business without the services
provided by Google."

LATAM spent almost half a million in May 2020.

For airlines and companies under Chapter 11, it is not uncommon to
stop paying some suppliers. As they go through the reorganization
process, these companies prioritize cash preservation.

LATAM, like Avianca and Aeromexico, has taken some measures like
rejecting leasing contracts or furloughing staff. Nevertheless, it
is fascinating to see how much airlines spend on other services.

Google included many bills in its filing for the New York Southern
District Court. Some are small, a little over one dollar in
services, but others are quite big. In May, LATAM Airlines Group
spent US$454,600.63 in Google Cloud services, for instance. In July
2020, it also spent US$532,500 on Retail ITA.

The news source contacted the LATAM Airlines Group regarding this
topic. The airline said, "We are in touch with the provider and
following the procedures from the New York Court to resolve
possible problems."

                          DIP Financing

The New York Court recently approved LATAM's modified US$2.45
billion DIP Financing. For the South American carrier, the approval
was a relief after it got surprisingly rejected the first time due
to court doubts regarding the better treatment individual
shareholders would receive.

LATAM also recently announced its intentions to reject the leasing
contracts of 19 more airplanes. It has already returned 19 aircraft
to the lessors. Now, the company plans to offload mainly Airbus
A320 family planes.

Finally, the Administrative Council for Economic Defense in Brazil
approved Delta and LATAM's joint venture.

                      About LATAM Airlines

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise.   

LATAM Airlines Group S.A. is the largest passenger airline in South
America. Before the onset of the COVID-19 pandemic, LATAM offered
passenger transport services to 145 different destinations in 26
countries, including domestic flights in Argentina, Brazil, Chile,
Colombia, Ecuador and Peru, and international services within Latin
America as well as to Europe, the United States, the Caribbean,
Oceania, Asia and Africa.

LATAM Airlines Group S.A. and its 28 affiliates sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11254) on May 25,
2020. Affiliates in Chile, Peru, Colombia, Ecuador and the United
States are part of the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as general
bankruptcy counsel; FTI Consulting as restructuring advisor; and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel. Prime Clerk LLC is the claims agent.




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: To Recover From Crisis Before US, Economist Say
-------------------------------------------------------------------
Dominican Today reports that the Dominican Republic will have a
more positive rate of economic recovery in the face of the crisis
generated by the Covid-19 pandemic, than had been projected a few
months ago, even before the United States.

This is what the economist Raul Anibal Feliz assures when
participating in the virtual discussion "Situation and perspective
of the economy and the financial sector in the world and Latin
America" of the Association of Commercial Banks of the Dominican
Republic (ABA), Chief Consulting and the Santo Domingo Institute of
Finance, according to Dominican Today.

Anibal Feliz indicated that the recovery he projects for the
Dominican economy would be even faster than that of the United
States, the report notes.

"There is currently a vigorous recovery in the world's leading
markets, such as the United States, the country's leading trading
partner. This recovery would be taking place for two main reasons:
the expectations of a vaccine for the end of 2020 or the beginning
of 2021, and the massive monetary stimulus programs," explained the
prominent economist based in Mexico City, the report relays.

Likewise, he pointed out that the pandemic is an unprecedented
phenomenon, unknown to the generations of human beings that
currently inhabit the planet, and that, for this reason, one learns
as they go, both in terms of the treatment of the disease itself,
as well as in the economic effects that it is producing, the report
says.

                   About the Financial System

In the field of the financial system, the economist and teacher at
the Center for Economic Research and Teaching (CIDE) in Mexico City
pointed out that the Dominican Republic banks are still a growing
industry, the report discloses.

Against the current uncertainty scenario, he recommended that
multiple banks maintain a portfolio as healthy as possible,
adequate levels of liquidity, provisions, and capital, something
that, he says, the Dominican banking sector has been doing in
recent years, the report says.

Likewise, he positively valued the mutual guarantee fund schemes in
which the credit risk is shared by private banks and the Dominican
public sector, recommending that these, to be successful, must be
well designed from the beginning, with the clarity of the risks
assumed by each party, the report notes.

The presidents of the multiple banks and senior officials of the
same participated in the virtual conference, 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: Tourism on the Road to Recovery
---------------------------------------------------
Dominican Today reports that the Dominican Republic tourism sector
began its road to recovery, posting an increase in the number of
hotel bookings and flights,  Minister of Tourism, David Collado
revealed.

Collado said that the number of flights and seats for next November
is registering a "significant increase," adding that "little by
little" tourism is recovering, according to Dominican Today.

"All the hotels and rooms that were opened over the weekend were
full and reservations for the next few weekends are on the rise. It
is expected that in the first month more than 10,000 rooms will be
occupied," the report notes.

                    About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.  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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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
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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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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