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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

          Monday, October 19, 2020, Vol. 21, No. 209

                           Headlines



A R G E N T I N A

BANCO HIPOTECARIO: S&P Raises ICR to 'CCC+', Outlook Stable
CAPEX SA: Fitch Affirms CCC+ Foreign Currency Issuer Default Rating


B R A Z I L

BANCO ORIGINAL: Fitch Corrects Oct. 5 Ratings Release
JBS SA: S&P Hikes ICR to 'BB+' on Consistent Deleveraging
JBS USA: Fresh Wave of Meat Plant Shutdowns Unlikely, Chief Says
MARFRIG GLOBAL: S&P Alters Outlook to Positive & Affirms 'BB-' ICR
MINERVA SA: S&P Upgrades ICR to 'BB' on Substantial Deleveraging

NATURA COSMETICOS: S&P Upgrades ICR to 'BB', Outlook Stable
NII HOLDINGS: Claro-nxt Replaces Nextel as it Pursues Insolvency


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Agricultural Products at Good Price
DOMINICAN REPUBLIC: Port at Center of US-China Showdown


E L   S A L V A D O R

GRUPO UNICOMER: S&P Affirms 'BB-' ICR, Off CreditWatch Negative


V E N E Z U E L A

VENEZUELA: Idled Floating Oil Facility Under Repairs


X X X X X X X X

[*] BOND PRICING: For the Week Oct. 12 to Oct. 16, 2020

                           - - - - -


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A R G E N T I N A
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BANCO HIPOTECARIO: S&P Raises ICR to 'CCC+', Outlook Stable
-----------------------------------------------------------
S&P Global Ratings upgraded Argentina-based bank Banco Hipotecario
S.A. to 'CCC+' from 'SD' and the issue-level rating on its 2020
senior unsecured notes to 'CCC+' from 'D'. The outlook is stable.

S&P said, "We raised our ratings on Banco Hipotecario following the
completion of the exchange offer. We believe that the bank's
refinancing risk has decreased because it has built up significant
liquidity (excluding Central Bank reserves) during 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.

"The stand-alone credit profile (SACP) on Banco Hipotecario is
'b-'. However, we limit our 'CCC+' local currency and foreign
currency ratings on the bank to our 'CCC+' sovereign rating on
Argentina. We rarely rate financial institutions higher than the
sovereign where they operate, because we consider it unlikely that
these institutions would remain unaffected by developments in
domestic economies."

The SACP reflects Banco Hipotecario's medium size, holding about
1.5% of the country's market share in terms of loans. But some
diversification at its subsidiaries helps maintain some revenue
stability. Banco Hipotecario's mortgage portfolio, in conjunction
with the ProCreAr SPV operations, has boosted its insurance
subsidiary's technical results, partly compensating for the smaller
loan portfolio due to focus on liquidity. S&P said, "The ratings
also reflect Banco Hipotecario's capitalization levels, which we
expect to remain stable given the expected contraction of the
portfolio, low profitability, and the reevaluation in total equity
due to the reevaluation of fixed assets following the
implementation of the inflation adjustment. Additionally, the
rating pressure stems its weaker asset quality metrics than those
of the Argentine banking system's average. This is largely because
the bank has a greater exposure to specific cases in the corporate
portfolio, along with a deteriorating quality of its consumer loan
portfolio because of the focus on lower-income borrowers and
Argentina's severely weak economy in the past two years. Banco
Hipotecario's funding base has a larger share of market debt than
the banking system average, which we believe is less stable than
customer deposits."


CAPEX SA: Fitch Affirms CCC+ Foreign Currency Issuer Default Rating
-------------------------------------------------------------------
Fitch Ratings affirmed Capex S.A.'s Long-Term Foreign Currency (FC)
Issuer Default Rating (IDR) at 'CCC+' and Local Currency (LC) IDR
at 'CCC+'. Fitch has also affirmed the company's USD300 million
senior unsecured bonds due 2024 at 'CCC+'/'RR4'.

Capex's ratings reflect its dependence on Compania Administradora
del Mercado Mayorista Electrico S.A. (CAMMESA), which acts as an
agent on behalf of whole market participants, for gas and
electricity payments. Due to its reliance on subsidies from the
government, CAMMESA's credit quality is strongly related to
Argentina's sovereign (CCC). Capex is rated one notch higher since
its oil business, which sells to local oil refineries with a
history of timely payments. The company's oil business accounts for
nearly half of its revenue and between 20% and 30% of EBITDA.

The recovery rating on the USD300 million senior unsecured notes
due 2024 is capped at 'RR4' since per Fitch's 'Country-Specific
Treatment of Recovery Ratings Criteria', Fitch expects creditor
rights during a bankruptcy in Argentina to be weak and there is a
one notch or less difference between the FC and LC ratings. The
expected recovery for 'RR4' is 31% to 50%.

KEY RATING DRIVERS

Pesification of Energia Base: Fitch expects the pesification of
Energia Base, or denominating it in pesos instead of dollars, to
result in a 23% decline in Capex's realized thermal energy price,
to USD12.64/MWh in 2021 from USD16.50/MWh in 2020. Fitch expects
this, along with lower demand, to decrease thermal electricity
revenue to USD40 million in 2021 from USD60 million in 2020. In
February 2020, the Secretary of Energy declared an economic and
energy emergency and changed Energia Base's capacity and variable
prices to a fixed amount in pesos, thus reducing generators' future
compensation in hard currency terms should the pesos continue to
depreciate. Energia Base applies to non-power purchase agreement
(PPA) generators, such as Capex.

Impact of Capital Controls: Fitch believes Capex will not be
vulnerable to the central's bank most recent capital controls due
to its long-dated maturity profile. Argentina's central bank
announced that corporates with foreign currency debts maturing
between Oct. 15, 2020 and March 31, 2021 would need to present a
refinancing plan to the central bank, would have their access to
the foreign exchange market limited to 40% of the maturing debt and
refinancings would need an average life of 2+ years. Approximately
97% of Capex's USD-denominated debt is in the form of a bullet bond
due in 2024. As of July 2020, the company had only USD750,000 in
short-term dollar-based debt, which is manageable for Capex.

Weak Operating Environment: Capex's ratings reflect regulatory risk
given strong government influence in the energy sectors. Capex
operates in a highly strategic sector where the government both has
a role as the price/tariff regulator and also controls subsidies
for industry players. Fitch believes Capex's oil and gas business
will continue to remain the main contributor to the company's cash
flow stability. Fitch estimates that oil and gas production
comprised 66% of 2020 EBITDA followed by approximately 27% from the
electric business. Over the rating horizon, oil and gas business
will remain a key contributor to cash flow generation, representing
approximately 65% of the company's consolidated EBITDA.

Heightened Counterparty Exposure: Capex's electric business depends
on payments from CAMMESA, which acts as an agent on behalf of an
association representing agents of electricity generators,
transmission, distribution and large consumers or the wholesale
market participants (Mercado Mayorista Electrico; MEM). Payment
delays from CAMMESA are currently approximately 78 days after
reaching a peak of 88 days in early 2020. Capex's working capital
is less pressured since the off-takers for its oil sales are local
refineries, which typically pay within 30 days. Fitch expects oil
to account for nearly half of Capex's revenue.

Advantageous Vertical Integration: Capex is an integrated
thermoelectric generation company whose vertically integrated
business model gives it an advantage over other Argentine
generation companies, especially given existing gas limitations in
the country. Capex benefits from operating efficiencies as an
integrated thermoelectric generation company and the flexibility
from having its own natural gas reserves to supply the plant.
Capex's generating units are efficient and the proximity to its
natural gas reserves in the Agua del Cajon field coupled with gas
transportation restrictions from Neuquen basin to the main
consumption area in Buenos Aires reduces its gas supply risk.

Small Production Profile: Capex has a small and concentrated
production profile, and its asset base as well as all of the
company's proved (1P) reserves and production are concentrated in
Argentina. This limited diversification exposes the company to
operational and macroeconomic risks associated with small-scale oil
and gas production. Fitch expects the company's production to be on
average roughly 15,000 boe per day (boed) from 2021 to 2024, being
gas production is approximately 55% of total output. As of December
2019, 74% of the company's gas reserves and 54% of its oil reserves
were developed.

Adequate Hydrocarbon Reserves: Fitch believes Capex has an adequate
reserve life of 9.7 years 1P and 11.5 years 2P providing some
flexibility to reduce capex investments if needed. As of September
2020, Capex had 1P reserves of 54.5 million boe with 60% related to
gas. The company has strong concession life that exceeds the life
of its 2024 bond, with Agua del Cajon concession expiring in 2052,
and recently acquired blocks: Pampa del Castillo O&G Field expiring
in 2046, La Yesera in 2027, Loma Negra (RN Norte) in December 2024
and Bella Vista Oeste in 2045.

Manageable Investment Plan: Fitch believes that Capex's investment
plan is manageable and that future investments will be financed
through the company's cash flow generation, without requiring
additional debt in fiscal 2021. The investment plan for the period
2021 to 2024 is approximately USD300 million, mainly concentrated
in Oil & Gas fields with Pampa del Castillo representing 55% of
total investment, Agua del Cajon/Rio Negro 16% and newly-acquired
Bella Vista Oeste and Parva Negra 12% and 8%, respectively.

Moderate Medium-term Leverage: Fitch expects Capex's 2021 leverage
to rise to 4.9x due to a combination of lower oil prices, the
pesification of compensation for non-PPA electricity generators and
the inflation effect of its dollar-denominated debt. Leverage will
moderate to 3.0x in the medium term due to increased production at
its Pampa del Castillo field and newly-acquired Bella Vista Oeste
as well as an anticipated recovery in Brent oil prices. Fitch
expects average EBITDA interest coverage to be adequate at 4.2x
over the rating horizon. Leverage will be more moderate on a net
basis at 3.9x in 2021 due to Capex's high cash balance and falling
to 3.3x in 2024.

DERIVATION SUMMARY

As a vertically integrated energy and electricity company, Capex's
LT FC and LC ratings of 'CCC+' reflect its exposure to CAMMESA as
an offtaker for its electricity and gas revenues as well as private
offtakers for its oil revenues. It is rated one notch below
Petroquimica Comodoro Rivadavia S.A (PCR; B-/Negative), which has a
notable percentage of its EBITDA from exports, offshore EBITDA from
Colombia (BBB-/Negative) and offshore hard currency. Pampa Energia
S.A. (CCC), MSU Energy (Rio Energy S.A., UGEN S.A. and UENSA S.A.,
CCC) and Albanesi S.A. (CCC) are rated one notch lower due to their
operational exposure to Argentina and overall regulatory risk.

Capex is a small oil & gas producer with operation exclusively in
Argentina. Capex's production is expected to stay at an average of
15,000 boed through 2021-2024, which is less than its peers CGC
with an average of 30,000 boed and PCR with an average of 20,000
boed. Capex has a strong reserve life of 9.7 years compared PCR
reserve life of 7.2 years and CGC reserve life of 5.0 years.

Capex's gross leverage is expected to rise to above 4.0x in 2021
and 2022 due to lower oil prices and demand as well as the
pesification of Energia Base but is expected to fall to 3.3x by
2024. Capex's expected medium-term leverage is slightly higher than
that of oil and gas peers CGC (2.2x in 2022 and 1.8x in 2023), PCR
(2.8x in 2022 and 2.6x in 2023) and Pampa Energia (2.2x in 2022 and
2.1x in 2023). Unlike most of its oil & gas peers, Capex does have
a more diversified business model with its power generation
segment. As an integrated energy company, Capex compares best with
Pampa Energia.

KEY ASSUMPTIONS

  -- Natural gas production declines to approximately 8,100 boed in
2021, 7,300 boed in 2022 and 6,800 boed thereafter;

  -- Realized natural gas prices at USD3.0/MMBTU during 2020-2023;

  -- Increase in oil production reaching an average of
approximately 6,900 boed in 2021, 7,500 boed in 2022, and 8,300
boed thereafter;

  -- Fitch's Price deck for Brent oil prices adjusted for Capex's
FYE of April 30 at $42.33/barrel during 2021, $46.67 in 2022, $51
in 2023 and $53 in 2024 with a $5.5 discount per barrel;

  -- Annual electricity production of approximately 3,200GWh in
2021 and 3,600GWh thereafter;

  -- Electricity prices denominated in Argentine pesos around
USD12.50/MWh in 2021 and 2022 and USD12/MWh thereafter, reflecting
new tariff scheme;

  -- Diadema Wind Farm average availability factor from 2019-2022
at 96% and average load factor of 49% with an average PPA price of
USD103/MWh;

  -- Total capex of approximately USD300 million between 2021-2024,
mostly concentrated in the fields of Pampa del Castillo and Agua
del Cajon;

  -- No dividends payments between 2021 through 2024.

Key Recovery Rating (RR) Assumptions:

  -- The recovery analysis assumes that Capex would be going
concern in bankruptcy;

  -- Fitch has assumed a 10% administrative claim;

  -- A 50% inventory advance rate, which is typical of inventory
liquidations for the oil and gas industry;

  -- 30% EBITDA decline during bankruptcy;

  -- 6.0x going concern EV/EBITDA multiple;

  -- The Recovery Rating is limited to 'RR4' and the bond's rating
is limited to its issuer's IDR of 'CCC+' since Argentina is
classified as a Group D country in Fitch's Country-Specific
Treatment of Recovery Ratings Rating Criteria.

RATING SENSITIVITIES

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

  -- An upgrade to the ratings of Argentina could result in a
positive rating action;

  -- Net production rising on a sustainable basis to 35,000 boed;

  -- Increase in reserve life and diversification and maintaining a
minimum 1P reserve life of at close to 10 years.

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

  -- Argentina's credit quality deterioration; sustained declines
in energy, gas and oil production could cause a significant
deterioration of credit metrics; and gas reserves or failure to
further develop new fields, which could threaten the integrated
business model in the long term would be another potential negative
factor;

  -- A reversal of government policies that result in a significant
increase in subsidies coupled with a delay in payments for
electricity sales;

  -- Sustainable production size decreased to below 10,000 boed;

  -- Reserve life decreased to below seven years on a sustained
basis;

  -- A sustained deterioration of credit metrics to total
debt/EBITDA of 4.5x or more.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: As of September 2020, Capex had available cash of
USD190 million, which is sufficient to cover gross interest expense
by more than 8.0x. USD170 million, or 89%, of its cash is held
offshore in U.S. dollar accounts. The company also has available
USD111 million in approved credit facilities. Capex's main
financial obligation is a USD300 million bond due in 2024 and it
has minimal near-term maturities. Fitch expects the company to
maintain this strong liquidity position over the rating horizon.

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.




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B R A Z I L
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BANCO ORIGINAL: Fitch Corrects Oct. 5 Ratings Release
-----------------------------------------------------
Fitch Ratings replaced a ratings release on Banco Original
published on October 5, 2020 to correct the name of the obligor for
the bonds.

The amended ratings release is as follows:

Fitch Ratings has downgraded Banco Original S.A.'s (Original)
Viability Rating (VR) to 'b-' from 'b' and its Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) to 'B-' from 'B'.
At the same time, Original's Long-Term National Rating has been
downgraded to 'BB+(bra)' from 'BBB-(bra)' and the Short-Term
National Rating has been downgraded to 'B(bra)' from 'F3(bra)'.
Short-Term IDRs were maintained on Rating Watch Negative (RWN) at
'B'. Fitch maintained RWN on the company's VR, IDRs and National
Ratings.

KEY RATING DRIVERS

IDRS, VR AND NATIONAL RATINGS

The downgrade of Original's ratings reflects the rapid weakening of
its capitalization metrics in a short period of time due to the
large losses reported by the bank during 1H20. The maintenance of
the RWN primarily reflects the limited room the bank has to absorb
losses, while continuing to develop their strategy. Fitch's
expectation is that Original's capitalization will continue to be
pressured by the bank's difficulties in achieving a sustainable
operational breakeven point, which is unlikely to occur in the
short term.

Currently, Original's IDRs remain driven by its VR and do not
consider any parental support of its ultimate parent, J&F
Investimentos S.A, although various transactions between Original
and its parent have been supportive of the bank's profitability in
previous years. Original's capitalization, its company profile in
addition to its earnings and profitability are the factors that
highly influences its ratings.

However, if Fitch is able to review the parent's ability and
propensity to support its subsidiary, Original, in the future, then
Fitch could reconsider the role of support in determining
Original's ratings. Currently, Fitch rates J&F's two most important
and relevant entities: JBS S.A., a global leader in the protein
segment (BB+/Stable) and Eldorado Brasil Celulose S.A., one of the
most important Brazilian pulp companies (BB-/Stable).

During the 1H20, Original reported large operational losses of
BRL359.4 million, equivalent to a negative 6.6% operating
profit/risk-weighted assets (RWAs) ratio. High investment expenses
related to Original's digital bank strategy, increasing costs
associated with the expansion of its client base in recent
quarters, which led to the growth of the bank's fixed-costs
structure, and higher loan impairment charges negatively affected
the bank's results. Additionally, the bank reported losses from its
derivative positions that were used as hedge for its U.S.
dollar-denominated loan portfolio, however, this was partially
offset by an increase in revenues from its foreign currency
portfolio.

Original has defined its growth strategy through technological
innovation, which has different maturation processes. However,
Fitch believes it is unlikely that the bank will be able to achieve
a positive and sustainable operational breakeven point in 2020
given that its internal capital generation capacity has not yet
been proven and, like its peers, the bank will continue to face
challenges while the current crisis is not resolved. Original's
long-term profitability outlook is linked not only to the effects
of the coronavirus pandemic on its current business model but also
to the bank's ability to properly match the level of investments
and costs associated with its digital bank to this initiative's
potential revenues.

Original's capitalization metrics are based on the consolidated
(Conglomerado Prudencial) approach considering, in addition to the
bank, its sister company, Banco Original do Agronegocio S.A. and,
since 2019 PicPay Servicos S.A. (PicPay), where the bank is the
controller, despite its minority 22.69% (45.39% of voting shares)
participation, it is still fully consolidated. During 1H20,
Original's capitalization declined significantly. At June 2020,
common equity tier 1 (CET1) and total regulatory capital ratios
stood at a low 10%, only 75bps above the current regulatory limit,
revealing a sharp decline from 13.3% at YE 2019. Fitch does not
evaluate J&F's willingness or ability to support the bank in case
of need. It assesses only Original's own intrinsic
creditworthiness, which is weak.

Even though the decline in the bank's capital metrics was severe
and quick, two main factors prevented a worse deterioration. First,
the positive effects of lower market risk as a result of the
continuity of large sales of its JBS shares offset some of the
decline. Second, the bank also benefited from recurring capital
injections of around BRL215 million at PicPay during 1H20, which is
consolidated on Original's financial statements. If not for the
capital injections, Fitch estimates that the bank would have been
under minimum capital requirements. Despite some temporary
regulatory flexibility due to the pandemic crisis, Fitch still
views Original's capitalization metrics as weaker than its peers
and as a constraint on the bank's ability to absorb losses and
fully implement its business model.

Original's asset quality ratio remains adequate for its rating
category, despite the reported increase in impaired loans
(classified as 'D-H'). At June 2020, the ratio increased to 6.7%,
from 4.8% at YE19 while reserve coverage declined to 71.7%, from
78% in this same period. Despite its moderate loan concentration,
with the top 20 clients accounting for 23.3% of total loans at
end-June 2020, the effect of the coronavirus pandemic on Original's
wholesale portfolio was low, with only a few renegotiated clients
which reached BRL 17 million. At June 2020 0.5% of its wholesale
loans were non-performing, however, the effect on its retail
portfolio was higher given its loan activities focused on credit
cards, overdraft and personal loans, which all have high
delinquency levels.

In Fitch's view, the turmoil caused by the coronavirus pandemic may
be lasting due to the challenging operating environment over the
near term, which will result in an increased number of companies
filing for bankruptcy and the maintenance of high unemployment
levels in Brazil. Furthermore, Original's strategy to rapidly
expand its retail portfolio, which increased to 15.8% of total
loans at June 2020 from 8.2% at June 2019, will alter its asset
quality metrics in the medium term.

Original's funding structure has been improving in recent years,
benefiting positively from a better brokerage diversification that
distributes its investment options and the expansion of its own
digital platform, that as of June 2020 represented more than a one
quarter of all funding. The bank continues to report good liquidity
levels, which during the 1H20 have been reinforced with the Central
Bank's new funding lines. At June 2020, Original's liquid assets
position was a sound BRL3.6 billion, from BRL1.9 billion at YE
2019, which is roughly 134% of its funding maturing in the next 90
days, 58% up to a year, compared with 130% and 45% in December
2019. The bank's loan portfolio is also largely short-term, which
has been key to reinforcing its liquidity and historically good
asset and liability management.

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.

Original's ESG Relevance Score (ESG.RS) for Governance Structure
was changed to '5' from '4'. Its concern regarding governance
structure is a key driver for the rating. Increased related-party
transactions are, in its view, obscuring the bank's true
capitalization position. Original relies on its consolidated
capital adequacy ratio to meet minimum regulatory requirements for
capitalization. This has a negative impact on the bank's credit
profile and this resulted in the downgrade of the bank's VR, IDRs
and National Ratings. Original's ESG.RS for Group Structure was
also changed to '4' from '3', due to intra-group dynamics that
result in a high level of related-party transactions, which adds to
group complexity and limits transparency. This has a moderately
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

RATING SENSITIVITIES

IDRS, VR AND NATIONAL RATINGS

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

  -- Further losses during 2H20 and/or a higher risk appetite that
results in a sustained reduction of its already weak CET 1 ratio
below 9.5%.

  -- Further deterioration in the operating environment that
impacts Original's asset quality;

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 in the near future.

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

SUPPORT RATING AND SUPPORT RATING FLOOR

A potential upgrade of Original'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

Original's ESG.RS for Governance Structure was changed to '5' from
'4' to reflect the extent to which related-party transactions have
obscured the bank's true capitalization. This is a key rating
driver and has a highly negative impact on the rating. The bank's
ESG.RS for Group Structure was changed to '4' from '3', also to
reflect the high level of related-party transactions in the group
which reflects group complexity and limited transparency. This has
a moderately negative impact on the rating.

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.


JBS SA: S&P Hikes ICR to 'BB+' on Consistent Deleveraging
---------------------------------------------------------
S&P Global Ratings, on Oct. 15, 2020, raised its long-term issuer
credit ratings on JBS S.A. (JBS) and JBS USA Lux S.A. (JBS USA) to
'BB+' from 'BB'. S&P also affirmed its national scale rating on JBS
at 'brAAA'.

S&P also raised its senior unsecured debt ratings on JBS and JBS
USA to 'BB+' from 'BB' and the senior secured debt ratings on JBS
USA to 'BBB' from 'BBB-'. The recovery expectations remain
unchanged.

JBS's business diversification and large-scale operations provide
sufficient cushion against industry downturn, if any materializes.
S&P estimates consolidated margins of 10.0%-10.5% by the end of
2020, with meat volumes and prices recovering gradually in domestic
markets while those on the export side benefiting from China
sharply higher demand stemming from the African Swine Flu (ASF).
JBS USA's beef slaughtering output and volumes declined in the
second quarter because of plant closures to contain the spread of
COVID-19 and to refit plants according to social-distancing
measures. However, margins benefited from high retail demand and
sound cattle availability, the latter of which will moderate during
second half of 2020 and in 2021. JBS USA's beef margins should
decline in the second half, as cattle prices in the U.S. increase.
In addition, the Australian operations have a gloomier outlook due
to water scarcity and its impact on cattle availability, while
these operations represent around 20% of revenues. JBS USA's pork
margins should remain supportive, thanks to rising export prices
and volumes, while retail sales remain strong and the foodservice
industry gradually recovers. The U.S. subsidiary could benefit the
most from China's rising demand for pork.

After a weak second quarter in the U.S. and Mexico, Pilgrim's Pride
Corporation's (PPC's) margins might recover from industry capacity
reductions that pushed prices up lately, in the domestic market,
although recovery in subsectors like foodservices and events
continues gradually.

Mexican operations should recover robustly, raising overall
margins.

Low grain prices will contribute to higher margins.

The company faces a fine of $110 million (about R$600 million),
which was announced yesterday, over alleged obstruction to
competitors in the chicken market from 2012 to early 2019.

Seara should continue benefiting from high at-home processed food
consumption and strong export prices in Brazilian real terms, more
than offsetting still weak foodservice volumes. S&P expects grain
costs in reals to grow in the second half of 2020 and in 2021
because farmers have optimized exports, but soybean and corn
harvests are expected to be robust in 2021, which combined with
hedges for input costs should soften the impact. JBS Brazil's surge
in export volumes and profits compensated for weaker domestic
profits and the increase of more than 30% in cattle prices year
over year.

S&P expects the company to continue using sound free cash flows to
reduce debt, resulting in debt to EBITDA below 2.5x, despite rising
shares repurchase and potential tuck-in acquisitions.

The company is involved in several investigations, while taking a
hit from environmental, social, and governance (ESG) risk factors.
But the maintenance of a robust liquidity and lighter balance sheet
provide some cushion to credit metrics. If S&P adds R$5 billion to
the company's balance sheet because of potential fines or
liabilities, it doesn't see significant deviation from metrics
trends, while a R$10 billion debt increase would still maintain
debt to EBITDA below 3x in 2021. On Oct. 14, 2020, JBS's parent,
J&F Investimentos S.A., reached a plea agreement with the U.S.
Department of Justice that includes a $256.5 million fine, but no
cash outflows will occur at the JBS level.

JBS's anchor of 'bbb' continues to incorporate our assessment of
the company's management and governance score as weak. Although JBS
has increased risk awareness, it's still exposed to the influence
of controlling ownership that have resulted in several ESG-related
events such as: corruption investigations of JBS Brazil and PPC
involving alleged influence on politicians and in curbing
competition; lack of transparency on cattle sourcing that might in
part come from biodiversity-protected areas; and workers'
vulnerability to COVID-19 outbreaks in the processing facilities.


JBS USA: Fresh Wave of Meat Plant Shutdowns Unlikely, Chief Says
----------------------------------------------------------------
Jacob Bunge at The Wall Street Journal reports that another wave of
coronavirus-driven closures of meatpacking plants is unlikely
because worker testing and safety practices have improved since the
spring, the chief executive of beef and pork giant JBS USA Holdings
Inc. said.

JBS and other major meat companies have installed automated
temperature checkpoints, distributed safety gear to plant workers
and installed partitions between some work stations to catch
Covid-19 symptoms and prevent its spread in plants, according to
The Wall Street Journal.  Those moves came as thousands of employee
infections in March and April forced JBS, Tyson Foods Inc., Cargill
Inc. and other meat companies to temporarily close plants to stem
outbreaks, the report notes.

"I'm pretty confident we are not going to have the size of the
disruption we saw in April and May," said JBS CEO Andre Nogueira at
The Wall Street Journal's Global Food Forum, held remotely, the
report relates.

The company's efforts have helped instill some sense of security
among workers in doing their daily jobs, said Mark Lauritsen, head
of food processing, packing and manufacturing for the United Food &
Commercial Workers Union, which represents JBS plant workers, the
report discloses.  But he warned against becoming complacent.

"In the back of our minds, we all know there's a potential for a
second wave," Mr. Lauritsen said in an interview. "What we know
about Covid-19 is that one case . . . . can rapidly expand to
hundreds," the report relays

JBS JBSAY 2.88% is performing "surveillance tests" among its
processing plant workers, Mr. Nogueira said, to monitor for signs
that infections might be rising among employees, the report notes.
The company, a unit of Brazilian meat conglomerate JBS SA, is also
monitoring infection levels in communities around its plants, which
can guide how much testing the company conducts among its
workforce, the report says.

"The number of positives over the last two or three months in the
plants has been pretty low," Mr. Nogueira said, the report relates.
In some cases, he said, JBS is bringing back older workers the
company had sent home with pay earlier this year due to their
elevated risk of infection and serious complications from the
illness, the report discloses.

If cases surge in a community around a plant and closing the
facility would help to control the impact, JBS could again shut
sites down, Mr. Nogueira said.

After widespread restaurant shutdowns last spring, combined with
consumers shifting their food-buying to grocery stores, JBS labored
to redirect some restaurant-bound meat products to supermarkets,
the report relays.  The company now plans to build more flexible
processing lines over time, which would allow it to shift
production more easily between the two markets, Mr. Nogueira
added.

JBS, Tyson and other meat companies are ramping up investment in
automated meat-processing systems that could make plant workers
more productive, or eventually reduce reliance on human meat
cutters, the report notes.  Mr. Nogueira said JBS expects to invest
around $200 million annually in developing such systems over the
next several years, the report relates.

"There's no question more automation is coming," he added.

As reported in the Troubled Company Reporter-Latin America, Moody's
Investors Service in December 2019 upgraded JBS S.A.'s corporate
family rating to Ba2 from Ba3 and the senior unsecured ratings of
its wholly-owned subsidiaries JBS USA Lux S.A. and JBS Investments
II GmbH to Ba2 from Ba3. The rating of the secured term loan under
JBS USA Lux S.A. was upgraded to Ba1 from Ba2. The outlook for all
ratings is stable.


MARFRIG GLOBAL: S&P Alters Outlook to Positive & Affirms 'BB-' ICR
------------------------------------------------------------------
S&P Global Ratings revised its global and national scale outlook on
Marfrig Global Foods S.A. to positive from stable. S&P also
affirmed the 'BB-' global scale and 'brAA+' national scale
issue-level ratings and affirmed its '3' recovery ratings, which
estimates a recovery value between 50%-70%.

The positive outlook reflects an at least one-in-three of a chance
of an upgrade in the next 12 months if the company sustains its
robust free cash flow generation and uses it to reduce debt and
interest.

Marfrig has enjoyed positive industry momentum that has enabled it
to deleverage although it acquired an additional 31% stake in
National Beef in 2019. However, the company has a poor track record
of deleveraging with internal cash flows. In the past, it has been
very aggressive in making acquisitions, but without achieving
successful business integrations, and ended up selling many of
those acquired assets to contain debt levels.

A potential upgrade of Marfrig would depend on a sustained decline
in nominal debt and interest burden, which would enable the company
to keep credit metrics manageable in all industry conditions.

S&P said, "We add to reported debt the minority shareholder's put
option on National Beef, which accounts for about R$2 billion. We
also add about R$1 billion from operating leases, tax settlements,
and receivables, and consider that the company has significantly
reduced this since the beginning of 2020 (when it was slightly
above R$2 billion)."

National Beef has benefited from the low production output from
Tyson and JBS in the U.S. in second quarter 2020, reflected in
lower cattle costs there, along with favorable U.S. beef demand and
export profits from South American operations. These factors have
led to record high EBITDA in the second quarter, which represented
about 85% of 2019's entire EBITDA. The second half of 2020 and all
of 2021 should continue to benefit from favorable demand from
China, while the U.S. domestic demand remains robust. However, now
competitors' volumes have recovered and cattle prices and margins
should gradually return to normal. S&P will monitor how Marfrig's
metrics behave when the cycle turns negative, the timing of which
is uncertain but will pressure margins.

Marfrig has a history of recurrent acquisitions. Already this year
the company has announced a $4.6 million acquisition in Argentina
and the creation of a new company in Paraguay to potentially seek
growth opportunities in South America. Although these amounts are
not relevant, S&P will monitor if the company is able to keep debt
to EBITDA below 3.5x, despite M&A appetite and more challenging
industry condition.


MINERVA SA: S&P Upgrades ICR to 'BB' on Substantial Deleveraging
----------------------------------------------------------------
S&P Global Ratings raised the ratings on Minerva S.A. to 'BB' from
'BB-' on the global scale and to 'brAAA' from 'brAA+' on the
national scale. S&P also raised its issue-level rating on the
company's unsecured debt to 'BB' from 'BB-' and kept its recovery
rating of '4' (40%) unchanged.

The stable outlook reflects S&P's expectation that the company will
continue to deleverage by maintaining debt to EBITDA comfortably
below 3x even amid the industry downturns.

Two large capital inflows boosted the deleveraging in 2020. Minerva
plans to use the majority of the proceeds from the equity follow-on
and the warrant exercise of capital increase of a 8.4% additional
stake in Salic (which now holds 33.83% of Minerva), totaling around
R$1.6 billion, to prepay debt. S&P said, "We expect debt to EBITDA
below 2x and funds from operations (FFO) to debt approaching 30% in
2021. Our estimates assume around R$1 billion in debt repayment per
year in 2021 and 2022. But we also forecast a strong cash balance
and ongoing debt refinancing."

S&P said, "We believe Minerva will continue to pursue growth mainly
through its foreign subsidiaries controlled by Athena Foods through
third-party capital. Initially, Minerva planned an IPO of Athena
and then a private placement to sell a minority stake in it, but
both were cancelled. We believe that any transaction would
contribute to a further deleveraging of Minerva, but it should not
reduce leverage much beyond 1.5x, as an equity injection would be
intended for either strengthening the capital structure or for
acquisitions.

"We believe the sharp rise in demand from China because of the
African Swine Flu will continue to boost meat demand and support
the industry volumes and prices. Although the cattle owners in
Brazil have also enjoyed a significant margin gain with cattle
prices more than 30% higher than on average for 2019, Minerva's
export profits should continue offsetting the weaker foodservice
consumption and somewhat weaker meat demand in Brazil because of
constant price adjustments."


NATURA COSMETICOS: S&P Upgrades ICR to 'BB', Outlook Stable
-----------------------------------------------------------
S&P Global Ratings upgraded Natura Cosmeticos S.A. (Natura&Co) to
'BB' from 'BB-' on global scale and to 'brAAA' from 'brAA+' on
national scale, including all debt ratings. The recovery rating
remains at '3' (50%).

S&P said, "At the same time, we upgraded Avon Products Inc. to
'BB-' from 'B+' and revised upward the stand-alone credit profile
(SACP) to 'b' from 'b-'. We also raised our senior secured and
senior unsecured issue-level ratings to 'BB+' from 'BB' and 'BB-'
from 'B+', respectively. The recovery ratings of '1' (95%) and of
'3' (50%) on respective debts remain unchanged."

The stable outlook at Avon reflects that the ratings benefit from
the group's credit quality, prompting a rating change in line with
change in the parent's credit profile.

The stable outlook on Natura reflects the group's significant
deleveraging, and stronger capital structure and liquidity cushion,
reducing the consolidated leverage consistently below 2.5x.

Natura&Co announced an equity follow-on that raised around R$5.6
billion ($1 billion), the majority of which the group will use to
reduce Avon Products Inc.'s debt.

Although risks are prevalent in Avon's operational overhaul and the
potential second wave of COVID-19, overall demand in the cosmetics
fragrance and toiletries market has been recovered faster than
S&P's expectations, and the group has been posting solid results in
the past few months thanks to digital sales.

Natura&Co demonstrated commitment to contain leverage through the
controlling shareholders' capitalizing the group by R$2 billion in
the second quarter of 2020 and the R$5.6 billion equity offer
completed last week. The group plans to use the bulk of R$7.6
billion for debt reduction. The group announced the intention to
prepay Avon's 2022 secured notes, which will reduce the
subsidiary's debt by half. This would significantly enhance
financial flexibility and capital structure both at Avon and the
consolidated level. Avon's remaining bonds (maturing in 2023 and
2043) are senior unsecured and have no financial covenants, and the
company has time to address refinancing them while operations
gradually improve. Natura has a debenture due 2021 and a bond in
2023, which S&P expects the company to refinance without
difficulties following recent cash inflows and better-than-expected
operating performance.

S&P said, "We believe risks in revamping Avon's operations remain
high. The reorganization consists of digital shift and better
position the brand. However, we don't fully incorporate the
significant potential synergies among production facilities and
administrative structures of Avon and Natura in our forecast, which
will likely help boost EBITDA and cash flows in the next years
beyond our estimates."

In addition, online sales have considerably exceeded estimates
growing more than 200% in the year to date, as well as the sharp
recovery in consumption in the CF&T market. In the first half of
2020, the group's revenue declined 5.7% in Brazilian reals compared
with 2019, but S&P expects growth of about 10% by the year-end. A
quick adjustment of the product mix has been crucial to sustain the
group's competitive advantages in markets it operates.

S&P said, "Our assessment of the consolidated group's
creditworthiness and the likelihood of its potential support (or
intervention) influence ratings on subsidiaries. We currently view
Natura as a core subsidiary and Avon as a strategically important
one."


NII HOLDINGS: Claro-nxt Replaces Nextel as it Pursues Insolvency
----------------------------------------------------------------
developingtelecoms.com reports that Nextel Brazil has been
rebranded as Claro-nxt after being acquired by America Movil in
December last year.

America Movil, which operates Claro Brasil, spent US$905 million to
obtain the unit from NII Holdings.  Nextel subscribers have now
been migrated and can access Claro's LTE-A network, as well as
benefits such as free calling and WhatsApp messages, according to
developingtelecoms.com.

Nextel's former parent NII Holdings has now filed a "verified
petition for dissolution" in the Court of Chancery of the State of
Delaware, reports TeleGeography.

Since declaring its intention to liquidate, NII has faced
difficulties in selling off its units, the report relays.  It hit a
setback in the sale of its Mexican operations to AT&T in April this
year, after the American company's holding firms rejected NII's
offer of security after clashing over the size of the fee for
"certain on-going contractual indemnification obligations for tax
liabilities attributable to periods preceding the sale of NII's
Mexican operations," the report notes.




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

DOMINICAN REPUBLIC: Agricultural Products at Good Price
-------------------------------------------------------
Dominican Today reports that the prices of agricultural products
are quite affordable in the Duarte avenue market, except for
bananas, which have registered a considerable increase as a result
of the damages left behind in the wake of tropical storm Laura.

The information was offered by the president of the Federation of
Merchants Associations of the New Market, Miguel Minaya, who
specified that the unit of Bahonero banana is sold between 20 and
22 pesos, according to Dominican Today.

However, journalists from HOY were able to verify that a pound of
bananas sells for 44 pesos in a major supermarket chain in the
country, the report notes.  Minaya explained that there were banana
areas in which production was lost between 30 and 40% due to the
damage from the storm, which is why the price of the product is a
little high, the report relays.

He pointed out that the large Fhia banana unit is between nine and
eleven pesos, while the smallest are sold up to five pesos in the
banana plantations, the report discloses.  He indicated that a
pound of sweet potato and cassava is sold at seven pesos, the
select potato at 17 pesos, and a unit of green bananas between 3.50
and five pesos, the report relates.

A pound of imported garlic costs 160 pesos and the Creole costs 100
pesos, while the 16 ounces of the pound red Creole onion is sold
for 50 pesos and the imported red one for 60 pesos, the report
discloses.  A pound of beef sells for 75 pesos, that of salad
tomatoes is for 16 pesos, bougainvillea tomatoes for 12 pesos and
broccoli for 18 pesos, the report says.

A pound of carrots is at 18 pesos, the first-class carton of eggs
at 115 pesos, the large melon at 50 pesos, the large pineapple at
25 pesos, lechosa at 50 pesos, and the sour lemon is RD $ 2.50, the
report relates.

Despite the good prices of agricultural products, Minaya said that
sales are slow due to the lack of money in the population, due to
the economic crisis caused by the covid-19 pandemic, the report
discloses.

He expressed that a pound of yautia in the supermarket costs 60
pesos and in the market it sells for 32 pesos, for which he urged
the capitalenos to go to the Duarte market, the report relates.

                      Agroindustrial Products

The president of the Federation of Merchants Associations of the
New Market, Miguel Minaya, said that agroindustrial products have
risen between 5 and 15% due to the rise in the price of the dollar,
the report notes.  He pointed out that the pound of chicken has
also risen and it was sold at RD$56 in the market, the report
adds.

                     About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district, the report
relays.  Luis Rodolfo Abinader Corona is the current president of
the nation, the report saysa.

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: Port at Center of US-China Showdown
-------------------------------------------------------
Dominican Today reports that the United States is on the offensive
in its relations with China, concerned about the neocolonialism
that the Asian nation resorts to when investing in a country, in
addition to the use of people's DNA, said US International Finance
Development Corporation (DFC) executive director Adam Boelher.

Interviewed by Dominican media at the residence of US Ambassador
Robin Bernstein, the US official gave as an example that the United
States will promote investments in the port of Manzanillo, on the
basis that it will always be from the Dominicans, according to
Dominican Today.

Bernstein stressed that the United States "doesn't dictate policies
like China does," since they are not based on what others do,
because it is a "very threatening" way, said Boelher, the report
notes.

Bernstein said he always keeps abreast of what China and other
investor countries are doing. That's why they focus on what they
want to differentiate themselves, the report relays.  "We differ in
that this is seen as a private investment conversation," the report
discloses.

One of the concerns, he said is to see how China is managed, with a
colonized way where debts are created, ports are taken and an
example of their actions is that there are countries that have lost
control of their ports for 99 years, 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).




=====================
E L   S A L V A D O R
=====================

GRUPO UNICOMER: S&P Affirms 'BB-' ICR, Off CreditWatch Negative
---------------------------------------------------------------
S&P Global Ratings, on Oct. 15, 2020, affirmed its 'BB-' issuer and
issue-level credit ratings on El Salvador-based retailer Grupo
Unicomer. S&P removed all ratings from CreditWatch with negative
implications because short-term liquidity risks have decreased,
coupled with our expectation of a temporary deviation of leverage
metrics.

S&P said, "The negative outlook reflects our view that although
near-term liquidity risks have decreased, Unicomer's operating and
financial performance remains exposed to the ongoing economic
contraction in its key markets related to COVID-19. Unicomer's
leverage could increase more than what we currently estimate in the
next 12 months and it could deleverage more slowly in the longer
term."

From April 1, 2020, to June 30, 2020, (Unicomer's first quarter of
fiscal year 2021), the company implemented several measures to
protect its liquidity position. It reduced operating expenses and
contained cash outflows from working capital, capital expenditures
(capex), and dividends. S&P said, "In our view, these measures have
been relatively successful in mitigating liquidity stress because
cash reserves increased by about US$30 million this quarter (or
US$87 million against June 2019), although gross debt decreased by
US$27 million. The company's solid cash reserves benefit net
leverage metrics, despite a drop of 29% in consolidated income
(quarter-on-quarter) and slightly negative EBITDA during the
quarter. For the last twelve months ended in June 30, 2020, our
adjusted net debt to EBITDA for the retail division remained below
2.0x, while the reported ratio was close to 5.2x, which includes
captive finance operations, related debt, and provisions for
expected credit losses. We continue to estimate lower sales in the
next 12 months, resulting in a high double-digit contraction in
fiscal 2021 (year-on-year) from both a reduction in retail sales
and credit allocation. This will pressure adjusted net debt to
EBITDA to about 3.0x in fiscal 2021, while in the next few years,
we expect consumption levels to gradually recover and Unicomer to
deleverage."

Unicomer's credit profile continues to benefit from geographical
diversification in its operations, because the company did not face
generalized lockdown measures at all of its stores. As of today,
virtually all of its stores have reopened in the countries it
operates in; however there continues to be time and foot traffic
restrictions, with no certainty on when these could be lifted. S&P
said, "Additionally, we forecast a prolonged economic recovery that
will likely keep consumption below 2019 levels for a few years.
Subpar economic conditions will continue to keep credit risk
elevated in its captive finance operations, although the company
maintains prudent financial measures, provisioning for expected
credit losses and cutting some of its credit products. As a result,
we estimate that the size of its credit portfolio will decrease
this fiscal year and will slowly increase in the next two years,
moderately growing Unicomer's financing needs. In the past months,
nonperforming loans (NPLs) rose temporarily to 12%-13% on a
consolidated basis, from previous levels of 7%-8%. In line with the
company's risk management, we estimate NPLs to gradually improve in
the next 12 to 24 months."

The pandemic may be a turning point in spending patterns among
consumers, adding medium and long-term challengers for retailers.
S&P said, "We've seen retailers in more developed markets, in which
e-commerce has a greater presence, transforming their physical
stores into logistics hubs and adjusting stores' layout to new
categories. Although we don't expect a generalized shift among
Latin American and Caribbean retailers in the next few months, the
pandemic is accelerating the expansion of e-commerce across the
region and to a wider customer base. In our view, retailers that
adapt quicker to the new landscape and improve their omni-channel
strategy will likely overcome the effects of the pandemic sooner
rather than later. Unicomer's business profile still reflects its
solid competitive position across more than 20 countries in Central
America, the Caribbean, and to a lesser extent South America. We
expect the company to continue leveraging its scale and improving
its logistics and digital platforms."

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

-- Health and safety.




=================
V E N E Z U E L A
=================

VENEZUELA: Idled Floating Oil Facility Under Repairs
----------------------------------------------------
Marianna Parraga and Luc Cohen at Reuters report that an idled
floating oil facility off Venezuela's eastern coast is undergoing
repairs, according to a person familiar with the matter, as images
showing the crude-laden vessel at an incline have raised concerns
about possible environmental hazards.

The Nabarima floating storage and offloading (FSO) facility is
operated by the Petrosucre joint venture between Venezuelan state
oil company Petroleos de Venezuela and Italy's Eni, according to
Reuters.  Petrosucre suspended output shortly after Washington
sanctioned PDVSA in January 2019, the report notes.

About 1.3 million barrels of Corocoro crude have remained stuck on
the vessel, which is located in the Paria Gulf between Venezuela
and Trinidad and Tobago, the report relays.  The sanctions have
deprived Petrosucre of its former main crude buyer, PDVSA's
U.S.-based refining subsidiary Citgo Petroleum Corp, the report
discloses.

Gary Aboud, the corporate secretary of Trinidadian environmental
group Fishermen and Friends of the Sea, said he was concerned about
a potential oil spill, which would devastate the livelihoods of the
country's fishermen, the report relays.

"If this thing flips we will all pay the consequences for decades
to come," Aboud said in a telephone interview.  "This should be red
alert."

A crew is currently replacing the vessel's valves, according to a
person familiar with the matter who spoke on the condition of
anonymity. The source said the vessel is leaning to one side in
order to facilitate the repairs, the report discloses.

It was not clear whether the crew was hired by Petrosucre or
directly by Eni, which has a 26% stake in the venture, the report
relays.  PDVSA owns the remaining 74%.

PDVSA did not respond to a request for comment. The company in
September said the facility was in "satisfactory" condition.

An Eni spokesperson said that the company was seeking to offload
crude from the vessel, and had requested a "green light" from the
United States government "in order to prevent any sanctions risk,"
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.




===============
X X X X X X X X
===============

[*] BOND PRICING: For the Week Oct. 12 to Oct. 16, 2020
-------------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
China Huiyuan Juice Gr     6.5    46.6    8/16/2020    CN     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Corp Universidad de Co     5.9    64.2   11/10/2021    CL     CLP
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Energetica de Pern     6.2     1.1    1/15/2022    BR     BRL
Yida China Holdings Lt     7.0    74.3    4/19/2020    CN     USD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
Banco Security SA          3.0    27.4     6/1/2021    CL     CLP
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
KrisEnergy Ltd             4.0    40.4     6/9/2022    SG     SGD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
Enel Americas SA           5.8    32.7    6/15/2022    CL     CLP
Empresa Provincial de     12.5     0.0    1/29/2020    AR     USD
Odebrecht Finance Ltd      7.0    17.0    4/21/2020    KY     USD
SACI Falabella             2.3    50.6    7/15/2020    CL     CLP
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
Empresa Electrica de l     2.5    63.8    5/15/2021    CL     CLP
Sociedad Austral de El     3.0    17.0    9/20/2019    CL     CLP
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Plaza SA                   3.5    38.3    8/15/2020    CL     CLP
Banco Security SA          3.0     5.6     7/1/2019    CL     CLP
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
China Huiyuan Juice Gr     6.5    46.6    8/16/2020    CN     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
MIE Holdings Corp          7.5    56.4    4/25/2019    HK     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
Empresa de Transporte      4.3    30.9    7/15/2020    CL     CLP
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Esval SA                   3.5    49.9    2/15/2026    CL     CLP



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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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