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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

          Friday, October 16, 2020, Vol. 21, No. 208

                           Headlines



A R G E N T I N A

ARGENTINA: IMF Concludes Exploratory Round of Debt Revamp Talk
BANCO HIPOTECARIO: Fitch Affirms 'CC' LT Issuer Default Ratings
BANCO HIPOTECARIO: S&P Cuts ICR to 'SD' on Exchange Offer


B R A Z I L

BRAZIL: IDB OKs $200MM Loan to Provide Guarantees for SMEs
ODEBRECHT SA: BTG Pactual in Talks to Take Over Atvos


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Can Access US$2 Billion From United States
DOMINICAN REPUBLIC: Severe Malnutrition Rate Could Increase to 7.4%


J A M A I C A

JAMAICA: JCC Outlines Areas of Focus to Achieve Economic Growth


P A R A G U A Y

PARAGUAY: Presents Poverty Reduction Plan With 2030 Target


P E R U

PERU: To Re-Open Tourism Under "Safe Travels" Guidelines


V E N E Z U E L A

VENEZUELA: Investment Funds Buy Bonds to Pressure Maduro & Guaido

                           - - - - -


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A R G E N T I N A
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ARGENTINA: IMF Concludes Exploratory Round of Debt Revamp Talk
--------------------------------------------------------------
Jorge Otaola at Reuters reports that an International Monetary Fund
mission concluded a visit to Argentina, after several days of
preliminary talks aimed at repaying about $44 billion owed by the
cash-strapped government to the fund, a government source said.

The delegation of IMF economists arrived, led by Julie Kozack,
Western Hemisphere deputy director for the IMF, according to
Reuters.  "This first visit has concluded," the government source
told Reuters on condition of anonymity.

Argentina recently restructured about $100 million in
non-performing bonds, the report notes.  The country is in a deep
recession exacerbated by the coronavirus pandemic, the report
relays.  The government says an IMF revamp is its next step toward
debt sustainability, the report discloses.

In 2018, then-President Mauricio Macri signed a $57 billion standby
lending agreement with the fund in a failed attempt to halt a run
on the local currency, the report recalls.  Argentina got $44
billion of the IMF money before suspending the "unsustainable"
agreement, the report relays.

Sergio Chodos, IMF executive director for the Southern Cone and
Argentine representative before the organization, told local
newspaper Perfil that the mission was "exploratory" and would be
followed up by more in-depth debt revamp talks, 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.


BANCO HIPOTECARIO: Fitch Affirms 'CC' LT Issuer Default Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed Banco Hipotecario S.A.'s (Banco
Hipotecario) foreign- and local-currency long term Issuer Default
Ratings (IDR) at 'CC' following the bank's announcement that it
agreed to exchange USD131 million of series 29, 9.75% notes
maturing on Nov. 30, 2020 (Old Notes) for a combination of cash and
new notes at the same rate, maturing in 2025 (New Notes). The
affirmation reflects Fitch's view that the underlying credit
profile has not significantly changed after the announcement due to
the lower than expected participation in the bank's debt exchange.

On Oct. 9, 2020 the bank announced that it agreed to exchange
USD131 million in principal of the old notes, which represented
46.7% of the outstanding notes. The bank expects to pay the
exchange consideration plus the accrued and unpaid interest on the
old notes on Oct. 14, 2020. According to the bank's financial
statements, as of June 30, 2020, the bank held sufficient USD
currency to cover the settlement of the exchange offer and the
settlement of the old notes, which mature on Nov. 30, 2020.
Although the exchange alleviates Hipotecario's near-term
refinancing risks, the high cash burn to cover the exchange and the
maturing bond interest and principal may pressure the bank's
liquidity ratios.

The current capital controls appear to apply only to the purchase
of foreign exchange and therefore should not pose a risk to the
bank's ability to service its debt as the bank already has
sufficient funds in USD. However, In Fitch's opinion there is still
the risk of further policy measures that could prevent the bank
from paying the remaining P&I of the outstanding bonds that were
not tendered in the exchange on November 30.

KEY RATING DRIVERS

The bank's ratings are still highly influenced by the banks funding
profile. Despite successfully improving its funding profile in
recent years and its strong liquidity position at the end of June
2020, the bank remains heavily reliant on wholesale funding, which
will continue to be under pressure by Argentinean issuers' limited
market access. Although the acceptance level was lower than
expected, Fitch believes that, when completed, the exchange offer,
together with the settlement of the remaining old notes,
Hipotecario's near-term refinancing risks will be significantly
lower. This will likely have a positive impact on the bank's
ratings. However, Fitch will continue to closely monitor the bank's
liquidity ratios after both payments.

After the transaction is completed, and the old notes paid, the
bank's funding profile will significantly improve, with materially
lower foreign exchange debt and a more comfortable maturity profile
as the new notes amortize 20% per year. In addition, according to
the bank's calculations, the reduction of the foreign exchange debt
will result in around USD20 million in interest expenses annually.

Fitch also considers the operating environment, which remains
highly challenging. Asset quality continues to be pressured by the
steep recession, which has been exacerbated by a long lockdown due
to the coronavirus pandemic. Similarly, profitability has been
pressured by very low loan growth, rising costs due to continued
high inflation and increasing credit costs.

SENIOR DEBT

The 'CC'/'RR4' rating on Hipotecario's medium-term notes have been
affirmed and are aligned with the bank's Foreign Currency (FC) IDR
of 'CC' as the likelihood of default is the same as that of the
issuer.

The notes are denominated in USD. Fitch considers the bank's FC IDR
as the appropriate anchor for this issue rating, given the transfer
and convertibility risk associated with settlement in foreign
currency notwithstanding that the issuer will not incur material
currency risk. The notes' Recovery Rating of 'RR4' reflects the
average expected recovery in case of bank liquidation.

RATING SENSITIVITIES

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

  -- The IDRs and VR of Banco Hipotecario could benefit from the
completion of the debt exchange and the settlement of the old notes
maturing in Nov. 30, 2020, as these will likely reduce short term
liquidity pressures and improve the bank's funding profile.

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.


BANCO HIPOTECARIO: S&P Cuts ICR to 'SD' on Exchange Offer
---------------------------------------------------------
S&P Global Ratings downgraded Argentina-based bank Banco
Hipotecario to 'SD' from 'CC' and lowered the issue-level rating on
its 2020 senior unsecured notes to 'D' from 'CC'.

S&P sid, "We lowered our ratings on Banco Hipotecario following the
completion of the exchange offer for the 46.7% of its outstanding
$279.8 million series 29 notes due on Nov. 30, 2020, because we
considered this transaction as distressed in nature given the
proximity of the bonds' maturity date. In addition, our assessment
of the compensation to bondholders is uncertain at this point,
given the growing risk in Argentina since the bank launched the
offer.

"Following the exchange offer, we believe that the bank's
refinancing risk will decrease because it has built up significant
liquidity (excluding Central Bank reserves) in the last two and a
half years to cover the remainder of the bond's maturity--about
$149.2 million due Nov. 30, 2020--and because it has manageable
maturities for the next 12 months.

"We will reevaluate the ratings and will consider the lower
refinancing risk. We'll still limit our post-restructuring ratings
on the bank by the Argentine sovereign rating (CCC+/Stable/C),
despite the bank's stand-alone credit profile (SACP) of 'b-';
therefore, the ratings will be in the 'CCC' category."




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B R A Z I L
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BRAZIL: IDB OKs $200MM Loan to Provide Guarantees for SMEs
----------------------------------------------------------
Brazil, through the Emergency Access to Credit Program - the
FGI-PEAC, will support small and medium-sized enterprises (SMEs) in
the face of the crisis generated by COVID-19 to support employment
with a $200 loan approved by the Inter-American Development Bank
(IDB).

The program will boost SMEs' access to credit by providing
guarantees and help them overcome any eventual temporary liquidity
problem, ensure the continuity of their operations, and strengthen
their financial sustainability.

Small and mid-sized enterprises are crucial for the country's
economy - they account for 40.3 percent of total jobs and for 34
percent of wages, according to Relacao Anual de Informacoes Sociais
(Annual Report of Social Information) data. However, they face
major hurdles for growth that hinder their development,
particularly in terms of access to financing.

In this context, a guarantee mechanism will mitigate the risk
associated with SMEs to mobilize the private sector so that
financial agents directly contributes to the stabilization and
recovery of the productive sector.

The operation's direct beneficiaries will be approximately 1,250
SMEs affected by the COVID-19 crisis, adopting a multisector
approach, offering loans subject to demand and ensuring that the
credit lines provide ample coverage to the most vulnerable sectors,
including agrifood, machinery and equipment, retail commerce,
passenger and freight transportation, tourism, and energy.

This program will provide three key benefits: financial cash flow
for SMES; an instrument to help financial agents mitigate the risk
associated with the SME segment; and support to the economy as a
whole so it can profit from the ability of SMEs to continue
operating, using social security benefits to cushion the impact of
business closures and job losses, while at the same time creating
conditions to enable a faster economic recovery.

The IDB's $200 million loan is for a 25-year term, with a 5.5-year
grace period and an interest rate based on LIBOR.

               About Brazil

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

Standard & Poor's credit rating for Brazil stands at BB- with
stable outlook (April 2020).  Moody's credit rating for Brazil was
last set at Ba2 with stable outlook (April 2018).  Fitch's credit
rating for Brazil was last reported at BB- with negative outlook
(May 2020). DBRS's credit rating for Brazil is BB (low) with stable
outlook (March 2018).

As reported in the Troubled Company Reporter-Latin America, Fitch
Ratings' outlook revision in May 2020 for Brazil 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.


ODEBRECHT SA: BTG Pactual in Talks to Take Over Atvos
-----------------------------------------------------
Carolina Mandl at Reuters reports that Brazilian lender Banco BTG
Pactual SA is in talks to take over bankrupt ethanol producer Atvos
through a capital injection, one source familiar with the matter
said.

BTG's special situations unit has proposed to Atvos' creditors a
capital injection of BRL500 million (US$90.09 million) into the
company for a minority stake in Atvos Bioenergia, a new company
created after creditors approved the ethanol producer's
restructuring plan in May, according to Reuters.

Atvos and BTG declined to comment on the matter.

Reuters reported earlier that Abu Dhabi investment firm Mubadala
Investment Co had also offered to inject fresh money into Atvos if
its creditors accepted a new round of debt restructuring with a
reduced payout.

Atvos, a unit of corruption-tainted engineering company Odebrecht,
filed for bankruptcy protection in May last year with nearly 11
billion reais in debt.

                       About Odebrecht SA

Odebrecht S.A. -- http://www.odebrecht.com/-- is a Brazilian
conglomerate consisting of diversified businesses in the fields of
engineering, construction, chemicals and petrochemicals. Odebrecht
S.A. is a holding company for Construtora Norberto Odebrecht S.A.,
the biggest engineering and contracting company in Latin America,
and Braskem S.A., the largest petrochemicals producer in Latin
America and one of Brazil's five largest private-sector
manufacturing companies. Odebrecht controls Braskem, which by
revenue is the fourth largest petrochemical company in the
Americas.

On June 17, 2019, Odebrecht filed for bankruptcy protection, aiming
to restructure BRL51 billion (US$13 billion) of debt.

The bankruptcy filing comes after years of struggles for Odebrecht,
the biggest of the Brazilian engineering groups caught in a
sweeping political corruption investigation that has rippled across
Latin America, Reuters relayed, as reported by The Troubled Company
Reporter - Latin America.

Odebrecht SA and several of its affiliates filed for Chapter 15
bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 19-bk-12731)
on Aug. 26, 2019.  The cases are assigned to Hon. Stuart M.
Bernstein.  Cleary Gottlieb Steen & Hamilton LLP is counsel in the
U.S. cases.




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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: Can Access US$2 Billion From United States
--------------------------------------------------------------
Dominican Today reports that the Dominican Republic government
signed an agreement with the United States to access US$2.0 billion
to finance energy, tourism and other infrastructure projects that
will strengthen the main industries, create jobs and reactivate the
national economy.

The agreement was signed by President Luis Abinader; Dominican
Foreign Minister Roberto Alvarez; executive International Financial
Development Cooperation director Adam Boehler, and United States
ambassador to the Dominican Republic, Robin Bernstein, according to
Dominican Today.

After signing the agreement the National Palace, Alvarez said the
pact will promote the recovery of tourism and the economy that have
been hit hard by the pandemic, the report notes.

He labeled the agreement as "the most important instrument signed
by both countries in the last three decades," 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: Severe Malnutrition Rate Could Increase to 7.4%
-------------------------------------------------------------------
Dominican Today reports that as a result of the economic crisis
created by the expansion of COVID-19 and its effects on reducing
family income, the rate of severe food malnutrition in the
Dominican Republic could increase from 1% before the pandemic to
7.4% in 2021.

The country representative of the World Food Program (WFP) offered
the data, Romain Sirois, during a visit to the director of Listin
Diario, Miguel Franjul, after the entity was awarded the Nobel
Peace Prize, according to Dominican Today.

The WFP representative explained that before the incidence of
COVID-19, the Dominican Republic had managed to reduce its severe
food malnutrition rate to 1%, a very low rate, the report relays.

He recognized that the country had achieved that the population
assisted through the Progresando con Solidaridad Program (Prosoli)
would lower its malnutrition levels by 50%, the report notes.  "In
other words, the program has an impact, now because of the COVID-19
issue, things have changed because there are many people from the
formal and informal sectors who have lost their income," Sirois
told the director of Listin Diario, the report discloses.

He added that in view of the new situation, the WFP has had to
revise its budget, which previously had an allocation of US$11
million for the five years, and this year alone has had to increase
the budget forecast by US$16 million more, the report relays.  He
said that the WFP is implementing a five-year strategic plan in the
country (2019-2023) agreed with the Dominican Government, which
focuses mainly on the "Zero Hunger" objective, working on access
issues to food and nutritional education, the report relates.

                      The Great Challenges

To achieve "Zero Hunger" in the Dominican Republic, Sirois pointed
to achieving access for all people, especially the most vulnerable,
to safe, nutritious and sufficient food throughout the year, the
report relays.

At this point, he noted that the basic food basket costs an average
of 2.5 times the minimum wage in the country (RD$15,000), so it is
necessary to support families to achieve access to food that
guarantees adequate nutrition, the report discloses.

According to the WFP representative, another challenge is
malnutrition due to insufficient micronutrients, overweight, and
obesity, the report notes.  In 2017, they estimated that 2.7% of
the gross domestic product (GDP), close to US$2 billion, was the
spending that the Dominican State had to face malnutrition
problems, the report relays.  In 2017, it was estimated that 2.7%
of the gross domestic product (GDP), about US$2 billion, was spent
by the Dominican State to address the problems of malnutrition, 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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J A M A I C A
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JAMAICA: JCC Outlines Areas of Focus to Achieve Economic Growth
---------------------------------------------------------------
RJR News reports that the Jamaica Chamber of Commerce (JCC) has
listed fostering export-led growth, the MSME sector and boosting
the service sector in order to resuscitate the economy, as some of
the key areas of focus for the government.

JCC President Lloyd Distant, participated in a virtual meeting with
Minister of Industry, Investment and Commerce, Audley Shaw and
State Minister Dr. Norman Dunn, according to RJR News.

Mr. Shaw committed to strengthening relations with the JCC to
achieve economic growth and development, the report relays.

He also reiterated the government's commitment to working with the
JCC to address the issues being faced in the commerce industry,
especially during the COVID-19 pandemic, the report adds.

                         About Jamaica

Jamaica is an island country situated in the Caribbean Sea. Jamaica
is an upper-middle income country with an economy heavily dependent
on tourism.  Other major sectors of the Jamaican economy include
agriculture, mining, manufacturing, petroleum refining, financial
and insurance services.

Standard & Poor's credit rating for Jamaica stands at B+ with
negative outlook (April 2020).  Moody's credit rating for Jamaica
was last set at B2 with stable outlook (December 2019).  Fitch's
credit rating for Jamaica was last reported at B+ with stable
outlook (April 2020).

As reported in the Troubled Company Reporter-Latin America, Fitch's
revision of Jamaica's outlook in April 2020 to Stable from Positive
reflects the shock to Jamaica from the coronavirus pandemic, which
is expected to lead to a sharp contraction in its main sources of
foreign currency revenues: tourism, remittances and alumina
exports.




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P A R A G U A Y
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PARAGUAY: Presents Poverty Reduction Plan With 2030 Target
----------------------------------------------------------
EFE News reports that the Paraguayan administration presented the
National Poverty Reduction Plan -- Jajapo Paraguay (Let's Do It,
Paraguay), with the aim of eradicating all forms of poverty in the
landlocked South American country in a phased program by 2030.

Paraguay, with some seven million residents, in 2019 registered a
total poverty rate of 23.5 percent - meaning that 1.657 million
people live below the poverty line, with 284,000 or 4 percent
living in "extreme poverty," according to figures compiled by the
General Statistics, Surveys and Censuses Directorate (DGEEC),
according to EFE News.

The presentation of the plan and its later development will be
marked by the coronavirus pandemic and its impact on the economy
and way of life of different groups within the region, but
Paraguay's GDP has been one of those in the region that has been
the least affected by the crisis, the report notes.

That outlook was presented by Alicia Barcena, the executive
secretary of the Economic Commission for Latin America and the
Caribbean (ECLAC), who spoke by videoconference, the report
relays.

"Paraguay has been one of the few countries that has been able to
manage the pandemic very well," said Barcena, emphasizing that the
country "also is part of this vulnerability" that besets the entire
region, the report notes.

She said that among the problems affecting all of Latin America are
informal work (as opposed to steady, salaried jobs), inequality and
fragile health care systems, and so she sees in Paraguay's plan "a
great advance" within a context marked by "very difficult times,"
the report discloses.

Meanwhile, Social Development Minister Mario Varela acknowledged
that the plan represents "a challenge" that will have to be
implemented "with all sectors," the report says.

"Building a vision from bottom to top. Poverty, perhaps is one of
the most sensitive realities we must attend to as a government," he
said during his address at an event that was also attended by
Paraguayan President Mario Abdo Benitez and other top government
officials, the report notes.

The deputy minister of Social Development, Cayo Caceres, said that
the general aim of this program is "to reduce poverty in Paraguay,
in all its forms, without leaving anyone behind," the report
relays.

Caceres said that the plan will provide individual accompaniment to
people in extreme and group aid in the case of moderate poverty,
the report says.

It also includes strengthening work and production abilities and
helping producers and businessmen with seed capital and loans under
favorable conditions, the report relates.

The Paraguayan government wants to be able to repeat the success of
past programs, which managed to reduce overall poverty from 57.7
percent in 2002 to 23.5 percent by 2019, the report adds.




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P E R U
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PERU: To Re-Open Tourism Under "Safe Travels" Guidelines
--------------------------------------------------------
EFE News reports that Peru took a big step toward reviving its
tourist sector with the certification of the Andean nation's
adherence to Covid-19 protocols developed by the World Travel &
Tourism Council (WTTC) as part of its "Safe Travels" initiative.

Peruvian Prime Minister and the minister of Foreign Trade and
Tourism, Rocio Barrios, celebrated the awarding of the global
safety and hygiene stamp, with a ceremony at the Inca citadel of
Machu Picchu, where they were joined by WTTC representatives,
according to EFE News.

"Obtaining this seal is truly very important for us," Barrios told
EFE News. "We have had a quite restrictive quarantine and we are
now opening activities to bring back tourism," she added.

"To receive this seal, the result of several months of creating and
complying with protocols and meeting standardization
(requirements), allows us to be a safe destination" she said, the
report notes.

The WTTC established the Safe Travels seal to enable "travelers to
recognize destinations around the world which have adopted
standardized global health and hygiene protocols," the report
relays.

Based on norms set by the World Health Organization (WHO), the
protocols are tailored to the various elements within the tourism
sector, including Hospitality, Attractions, Outdoor Retail,
Aviation, Airports, Short Term Rentals, Cruise, Tour Operators,
Convention Centers and MICE (Meetings, Incentives, Conferences and
Exhibitions), Car Rental and Insurance, the report notes.

"What guarantees the seal is that we have those protocols, that
everything is monitored and analyzed. And so the first thing we're
going to be able to demonstrate is that not only are we a reserve
of cultures and wonders, but also we are safe," Barrios added.

"We can also show that many of our destinations, such as Machu
Picchu and Amazonia, are fresh-air tourism options, with all of the
potential that has," the minister said, the report relays.

Oct. 17 will be the launch of a global promotional campaign to
revive Peru's pandemic-battered tourism industry, she said, the
report notes.

"Three weeks ago we resumed international flights, with seven
destinations at the moment. We're going to open up more from now
forward," Barrios said, the report discloses.

Even so, she said, Peruvians know that restoring tourism to the
level before Covid-19, when the country received more than 4
million international visitors a year, will be a "gradual and long
process," the report relays.

Jesse Takayama, a tourist from Japan, observed the awarding of the
Safe Travels seal to Peru from a privileged vantage point as the
first official visitor to Machu Picchu since the public health
crisis erupted in March, the report notes.

The lockdown trapped Takayama in the village that sits at the foot
of the mountain citadel, the report discloses.

Thanks to the intervention of the Culture Ministry and regional
authorities, Takayama was led on an individual tour of Machu Picchu
by the site's director, Jose Bastante, that likewise served as a
trial run for the new bio-safety protocols, the report relates.

The Culture Ministry says that under the Safe Travels rules, the
number of people entering Machu Picchu will be limited to 675 - 30
percent of normal capacity - and in groups of no larger than eight,
with social distancing enforced, the report adds.




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V E N E Z U E L A
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VENEZUELA: Investment Funds Buy Bonds to Pressure Maduro & Guaido
-----------------------------------------------------------------
Corina Pons, Luc Cohen, and Mayela Armas at Reuters report that
three small investment funds have started buying defaulted
Venezuelan bonds as hopes of a change of government are fading and
the South American nation is proposing a restructuring, according
to sources and documents.

Canaima Capital Management, headquartered on the English Channel
island of Guernsey, Uruguay-based Copernico and Cayman
Islands-based Altana have bought heavily discounted bonds with face
value of hundreds of millions of dollars, according to eight
finance industry sources in Caracas, New York, Miami, Madrid and
London, according to Reuters.

The funds appear to be part of a small group of contrarian
investors bucking the broader market consensus, which maintains
there is little value in Venezuelan bonds that have not been
serviced in nearly three years amid an economic crisis, the report
notes.

The funds believe it is time to act and to evaluate legal options
instead of waiting for a friendly negotiation with allies of Juan
Guaido, who is recognized by more than 50 countries as Venezuela's
interim president, even though he still hasn't taken power, the
report relays.

The funds argue investors may be unable to recover missed interest
payment after 2020 due to a statute of limitations clause in the
bonds' covenants - an assertion flatly denied by the main committee
for Venezuela creditors, the report discloses.

Nonetheless, the efforts to amplify these concerns has fueled
nervousness and increased the willingness of bondholders to sell
their notes, according to four Venezuelan finance industry sources,
the report relates.

Altana, which two sources said was offering to buy bonds this year,
has already taken legal action against Venezuela to try to force
payment, the report relays.  In an Oct. 8 complaint filed with the
United States District Court for the Southern District of New York,
the fund demanded payment from Venezuela on $108 million of
defaulted bonds, the report discloses.

That came after investment funds Casa Express and Pharo Gaia Fund
in late September won a $400 million summary judgment on defaulted
Venezuelan bonds in U.S. courts, a setback for Guaido's team that
could prompt more bondholders to seek judgments rather than waiting
for a negotiation, the report notes.

"If the only way to stop the statute of limitations is to sue, we
have to sue, unless we reach some kind of agreement," said
Celestino Amore, managing director of London-based firm IlliquidX,
which is working with Canaima Capital Management, the report says.

He added that emerging market investors are particularly attuned to
prescription clauses after they were invoked on some Argentine
bonds in 2015, the report relates.

Luke Allen, an independent non-executive director of Canaima, said
in a statement that the company "was pleased to have joined forces
with IlliquidX" and that the firm was "focusing on launching our
dedicated Venezuelan sovereign debt opportunity vehicle," the
report relays.

It was not immediately evident how much assets Canaima has under
management.

Copernico, which according to its pitch document has $600 million
in assets under management, has accumulated Venezuelan bonds with a
face value of between $100 million and $500 million, according to
three people familiar with the matter, the report notes.

Copernico did not respond to requests for comment.

U.S. sanctions prohibit American individuals and funds from buying
Venezuelan securities, but such rules do not appear to apply to
Copernico, Canaima and Altanta because they are based outside of
the United States, the report relates.

                          'Bold Move'

Bonds issued by Venezuela's government trade near 7% of face value
while those issued by state oil company PDVSA fetch around 3%,
according to Refinitiv Eikon data, the report notes.

The bonds do not generate income because Maduro's government
stopped servicing them in 2017, the report relates.

Copernico and Canaima argue that investors are approaching a
three-year statute of limitations on lawsuits against Venezuela and
PDVSA, per bond covenants, the report discloses.

Finance Minister Delcy Rodriguez repeated this argument in a
September call for investors to negotiate a restructuring, a call
that was largely ignored because U.S. sanctions prohibit dealings
with members Maduro's government, the report relays.

Venezuela's finance ministry said in a statement that bondholders
had until Nov. 13 to respond to the offer, an extension of 30 days
from the prior deadline, the report notes.

The Venezuelan Creditors Committee, which groups U.S. investors,
has repeatedly said the prescription clause is only triggered once
Venezuela and PDVSA transfer interest or principal payments to the
financial institutions charged with distributing them to investors,
the report relates.

Because this in most cases has not happened since 2017, most
bondholders believe the clause is irrelevant. In a statement this
month, the committee reiterated "its willingness to work towards an
amicable restructuring," the report discloses.

Guaido's special prosecutor this month also said that the
prescription clause has not been activated, the report says.

But not all funds have been calmed by those statements. Discussions
of the statute of limitations issue has encouraged some nervous
bondholders to unload their notes, the report relays.

"It was a bold move, one that favors these funds," said a financial
adviser in Caracas familiar with the case, referring to Rodriguez'
reference to the prescription clause, 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.



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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
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