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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

          Thursday, October 22, 2020, Vol. 21, No. 212

                           Headlines



A R G E N T I N A

ARGENTINA: Nearing 1 Million Covid-19 Cases With No End in Sight


B R A Z I L

BRAZIL: Unemployment in Pandemic Breaks Record, Affects Over 14MM


J A M A I C A

JAMAICA: Hike in Banana Prices Due to Environmental Factors


M E X I C O

FINANCIERA INDEPENDENCIA: Fitch Cuts LT IDRs to BB-, Outlook Neg.
STATE OF ZACATECAS: Moody's Withdraws Ba3 Rating, Outlook Neg.


T R I N I D A D   A N D   T O B A G O

CL FINANCIAL: Now Owns CLICO Head Office


V E N E Z U E L A

CITGO PETROLEUM: Company- Backed Bonds Soar After US Court Ruling
VENEZUELA: Crisis Putting Severe Strain on Colombian Border Region

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Nearing 1 Million Covid-19 Cases With No End in Sight
----------------------------------------------------------------
EFE News reports that seven months of restrictions have not managed
to bend the coronavirus infection curve in Argentina, a country
that now is nearing one million confirmed cases without any end in
sight, with 26,267 Covid-19 deaths so far and an economic and
social situation that is steadily becoming more critical.

According to the latest figures from the national Health Ministry,
the South American country has registered 989,680 confirmed
Covid-19 cases, of which about 804,000 have recovered and another
159,500 are still "active," EFE News relays.

Thus, and taking into account the average number of newly confirmed
cases each day for the past seven days has been 13,639, Argentine
as of Oct. 19 most probably will exceed the one million case
threshold, thus becoming the second Latin American country and the
fifth country worldwide to break that barrier, the report relates.

The restrictions implemented by the government on March 20 managed
to control the spread of Covid-19, as other countries in the region
- namely Peru, Chile and Brazil - saw their cases and deaths
increase out of control during the first months of the pandemic,
and Argentina limited the outbreak to the Buenos Aires metro area,
the most densely populated part of the country, the report notes.

Yet, the virus ultimately spread beyond the capital metro zone and
little by little permeated to all the interior provinces, many of
which in June abandoned the "preventive and obligatory social
isolation" phase in favor of greater flexibility, known as
"preventive and obligatory social distancing," the report
discloses.

Although in June, the Argentine capital and its populous urban belt
contained more than 90 percent of the country's coronavirus cases,
now that zone has just 27.5 percent of the cases and the provinces
represent 72.5 percent of the newly confirmed cases, with Santa Fe,
Cordoba and Tucuman leading in that dire statistic, the report
says.

In the case of the capital, Buenos Aires reached the "peak" of its
infection curve in August and since then the curve has slowly
declined, with just 517 positive tests on Sunday, thus becoming the
only region, along with the provinces of Salta and Jujuy, where the
number of cases is clearly falling in recent days, the report
notes.

"The curve has been in a slow but systematic decline since the last
week of August up to Oct. 19," Buenos Aires Health Minister Fernan
Quiros said, the report relates.

Currently, Argentina is among the Latin American countries where
the pandemic is spreading fastest, a reality to which must be added
the high number of daily deaths since the beginning of September,
the report says.

In fact, according to the Our World in Data Web page, which is run
by Oxford University, Argentina is the country worldwide with the
highest number of deaths per million residents over the past seven
days, with a figure of 8, placing it significantly ahead of the
Czech Republic (4.76), Israel (4.11), Colombia (3.21), Iran (3.11),
Mexico (2.68) and Spain (2.58), the report notes.

Over the past week, Argentina registered 2,882 deaths from
Covid-19, with a daily average of 412, the report discloses.

Another alarming figure is the current rate of infection (the
percentage of positive test results compared to the total number of
tests). Since the pandemic began, Argentina has performed 2,373,496
Covid-19 tests and 43.81 percent of them have been positive,
according to the national Health Ministry in its morning report.

Yet another alarming figure as of Sunday was the number of
confirmed cases (10,561) versus the total tests performed (13,890),
or 76 percent, exceeding by far the 10 percent threshold
recommended by the World Health Organization to certify that enough
testing is being done, the report says.

In any case, the health situation is not the only crisis besetting
Argentina, which since mid-2018 has been in an economic recession
aggravated by the isolation measures imposed to control the
pandemic, the report discloses.

The figures speak for themselves: the economy plunged 19.1 percent
on an interannual basis between April and June, unemployment
increased to 13.1 percent during the same period and the poverty
index exceeded 40 percent in the first six months of this year,
five points higher than at the end of 2019, the report relays.

In addition, since mid-September Argentina has been dealing with
growing exchange rate tension with a gap opening up between the
official and informal dollar rate of greater than 100 percent,
raising fears of a possible devaluation of the Argentine peso, the
report relays.

This entire panorama led the International Monetary Fund to
downgrade its forecast for 2020, the report notes.  According to
the multilateral organization, the Argentina economy will contract
by 11.8 percent this year, instead of the 9.9 percent predicted in
June, the report adds.

                     About Argentina

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

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank.

Historically, however, its economic performance has been very
uneven, with high economic growth alternating with severe
recessions, income maldistribution and in the recent decades,
increasing poverty.

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020.

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

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

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




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B R A Z I L
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BRAZIL: Unemployment in Pandemic Breaks Record, Affects Over 14MM
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Richard Mann at Rio Times Online reports that unemployment in the
pandemic triggered by the novel coronavirus hit a record in the
penultimate week of September, affecting over 14 million
Brazilians. This is pointed out by the results released on Friday,
October 16, by the Brazilian Institute of Geography and Statistics
(IBGE).

According to the study report, between May and September over 4.1
million Brazilians joined the unemployment line, which corresponds
to a 43 percent increase in the number of unemployed in the country
in five months, according to Rio Times Online.

The report adds that as a result, the unemployment rate rose from
10.5 to 14.4 percent.

                            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.




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J A M A I C A
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JAMAICA: Hike in Banana Prices Due to Environmental Factors
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Dominican Today reports that the Minister of Agriculture, Limber
Cruz, attributed the rise in banana prices to different productive
and environmental factors, such as droughts, storms, tornadoes, and
poor planning in the planting schedule.

Cruz qualified that it is unfair that sectors pretend to blame the
situation on the Government of President Luis Abinader since the
item has a period to produce of one year, according to Dominican
Today.  The present authorities only have 60 days positioned,
indicates a communiqué of the institution, the report notes.

"Two things could have happened for the price of the banana to be
as it is today: either not enough was planted a year ago because
one plant produces every year, or climate changes, droughts,
tornadoes or a combination of these affected productions," said the
head of Agriculture, when interviewed in a radio program, the
report relays.

He said that to reach the stability of the item and lower its cost
in the local market, agriculture is giving aid in the affected
areas and providing solutions and accompaniment to the producers of
the field to preserve their crops, the report notes.

                     Goals of the Entity

As part of the goals of the first hundred days of the Government,
the Minister of Agriculture reported that the agricultural entity
is working on the adaptation of roads, land clearing, and other
infrastructure works to improve the country's food production, the
report relays.

Among the measures, they are working on is the free plowing of
600,000 parcels of land for crops in the first 100 days, of which
he said that in less than 60 days, they have already done more than
50% of the work, the report notes.

Cruz expressed that the preparation of land for producers is a
measure that represents an economic saving and helps to ensure
compliance of the State to provide food security to Dominicans and
meet exports, he said: "These works allow us the availability of
food for next year," the report says.

The Minister informed that together with the National Institute of
Hydraulic Resources (INDRHI), the Dominican Agrarian Institute
(IAD) and the Ministry of Public Works and Communications (MOPC),
work is being done on the opening, reconditioning, and asphalting
of neighborhood roads, drilling of wells and construction of
reservoirs to bring water to the producing areas, the report says.

Other actions carried out by the Ministry of Agriculture to
strengthen food security are regulation, sectioning of sowing,
promotion of respect for bans and sanitary measures, and improving
marketing channels.

"We will have food available, but we must organize and sectorize
the planting to avoid oversupply, which is as dangerous as
shortages. When you have a superabundance, prices are depressed,
and as a consequence, producers go bankrupt and are discouraged
from planting again. So, we must have an order and control of the
sowing," said Cruz, the report relates.

                     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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M E X I C O
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FINANCIERA INDEPENDENCIA: Fitch Cuts LT IDRs to BB-, Outlook Neg.
-----------------------------------------------------------------
Fitch Ratings downgraded Financiera Independencia S.A.B. de C.V.,
SOFOM, E.N.R.'s (Findep) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) and global senior unsecured debt to
'BB-' from 'BB' and Long-Term National Rating to 'A-(mex)' from
'A(mex)', and removed the ratings from Rating Watch Negative (RWN).
In addition, Fitch has affirmed Findep's Short-Term Local- and
Foreign-Currency IDRs and Short-Term National Rating at 'B' and
'F1(mex)', respectively. The Short-Term National Rating was also
removed from RWN. The Rating Outlook is Negative.

Fitch also has downgraded Apoyo Economico Familiar S.A. de C.V.,
SOFOM, E.N.R.'s (AEF) National Long-Term Ratings to 'A-(mex)' from
'A(mex)' and affirmed the Short-Term National Ratings at 'F1(mex)';
Fitch removed the ratings from RWN. The Rating Outlook is
Negative.

Findep recently formalized the sale of the remaining loan portfolio
from its group microfinance lender subsidiary Financiera Finsol,
S.A. de C.V., SOFOM, E.N.R. (Finsol) to Te Creemos Holding.
Finsol's credit portfolio totaled MXN659 million and represented
approximately 8% of Findep's total loans as of June 2020. In
addition, goodwill and other intangibles of Finsol's balance-sheet
will be deducted from capital and negatively affect Findep's
consolidated net income by MXN453 million at the end of 4Q20.
Previously, in August 2020, the entity also announced a partial
sale of a minor proportion of Finsol's portfolio of about 3.3%.
Although, the sale aims to reduce Findep's risk exposure to a
non-strategic subsidiary in a highly competitive niche (group
lending), in which the entity is not entirely focused, to
counterbalance future profitability pressures from the current
challenging operating environment, Fitch believes the sale resulted
in the recognition of an originally overpriced business for which
the company had to recognize the full impairment of the goodwill.

The downgrade is driven by Findep's already deteriorated
profitability and asset quality as a result of the current crisis.
Regardless of the strategies that the entity has been implementing
to face the crisis, including reducing its pace of growth and
expenses, and the partial purchase of global debt notes that
resulted in a market-driven gain, Fitch believes that the core
business is posting operational losses. Also, Fitch believes
performance prospects have deteriorated due to the recognition of
losses from the recent transaction and the continued reduction of
clients, branches and loan portfolio, together with the sustained
deterioration of loans within the segment, which has been
anticipated through a relevant proportion of loan loss reserves
that will continue to hit profitability and asset quality metrics
to levels no longer commensurate with the previous rating.

The Negative Rating Outlook reflects Fitch expectation that the
worsening economic environment as a consequence of the pandemic and
the company's business model will continue pressuring its financial
profile in the medium term, especially asset quality and
profitability. Findep's focus on unsecured personal lending to
low-income individuals make it highly sensitive to an economic
slowdown and formal and informal unemployment, although economic
activity and individual mobility are partially rebounding after
lockdowns. GDP is expected to grow slowly in Mexico, and there is
still high uncertainty on the operating environment effects on the
business model.

The downgrade of Findep's global senior unsecured debt ratings
reflect the downgrade of the company's LT IDRs.

KEY RATING DRIVERS

Findep's IDRs, National Scale Ratings and Senior Debt

Findep's ratings consider the currently negative operating
environment, the entity's leadership in a relatively vulnerable
segment of the population and declining profitability as high
influence factors for the ratings. Findep's exposure to a more
sensitive sector of the population is partially offset by its
relatively diversified business model by country of operations,
with a presence in Mexico, the U.S. and Brazil.

As Fitch expected, Findep's profitability decreased given its
relevantly reduced client base (down 18% YoY), its customers' lower
income, reduced cash collection and increased reserves (of which a
portion was in excess of regulatory requirements for future
expected deterioration). As of June 2020, pretax income/average
assets ratio decreased to 0.9%, down from 3.7% as of YE19
(2016-2019 average: 2.9%). Fitch highlights that pretax income
highly benefited from nonrecurring items like a large positive gain
from the reduction of the market debt and rebalancing of the
currency derivatives hedge position. Fitch expects Findep's
profitability to remain tightened in the short term given its
reduced credit activities coupled with further credit costs due to
the expected asset quality deterioration.

Fitch considers Findep's asset quality as still marked by high
adjusted impairment ratios, driven by high chargeoffs, which are
typical within the segment but have been increasing at Findep. As
of June 2020, the adjusted NPLs ratio (which sums up impaired loans
and annualized chargeoffs as of June 2020) stood at a high 21.0%
(2016-2019:19.3%). As of September 2020, there were no costumers
under relief schemes, but in June 2020, 18% of the total portfolio
was supported via relief programs. Given the worsening economic
environment, Findep decided to increase additional reserves by MXN
441 million at June 2020 to absorb loan portfolio deterioration
pressure. Nevertheless, Fitch believes Findep's asset quality will
remain pressured given the current economic conditions.

Fitch regards Findep's leverage position as enhanced, providing
good loss absorption for the model. As of June 2020, Findep's
leverage improved, mainly driven by a liability decrease due to the
company's partial repurchase of FINDEP24 notes in the latest
quarter and due to a minor reduction of assets. Debt to tangible
equity was 2.5x, below the most recent four-year average of 3.7x
(2016-2019), which is expected to be maintained with no effect
after the recognition of losses from intangible assets amortization
as of 3Q20. Notwithstanding the adverse economic environment, Fitch
expects capital and loan loss reserves could partially absorb
future earnings deterioration.

Findep's funding structure is flexible and more diversified than
local peers' in the consumer unsecured segment but exhibits a
concentration in market debt. As of June 2020, 65.1% of its total
funding was unsecured and came entirely from its global unsecured
bonds. Findep also relies on financial institutions and development
bank facilities. Fitch believes Findep's liquidity profile to be
adequate, although given short-term worsening economic conditions,
liquidity pressures could arise from reduced cash collections and
future performance of the loan portfolio. Funding sources available
and on-balance-sheet cash as of June 2020 cover at least 1.3x
Findep's debt maturities over the next 12 months (roughly MXN2,300
million). Findep exhibits positive liquidity gaps in the next three
years.

Findep's global debt issuance is in line with its respective
corporate rating level, as the debt is senior unsecured.

AEF National Scale Ratings

AEF's rating actions mirror those of the parent and reflect Fitch's
evaluation regarding the ability and propensity of its parent to
provide support if needed. AEF is a core subsidiary to Findep,
given its high level of strategic and operational integration, the
growing synergies between both companies and AEF's key role
providing lending products that are core for its parent. Fitch
believes any required support would likely be manageable relative
to the parent's ability to provide it, given AEF's moderate size.
AEF's total loans represented approximately 20% of Findep's total
loans as of September 2020. Fitch will closely monitor Findep's
ability to support AEF, especially if the current pandemic results
in reduced support due to the negative impacts on the business and
financial profile of Findep.

RATING SENSITIVITIES

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

Findep

  -- A downgrade of Findep's ratings could be triggered by a
material deterioration in the company's asset quality, resulting in
profitability ratios below 1% consistently, deteriorating its
capital position. Specifically, if debt/tangible equity rises and
remains consistently above 5.5x.

  -- A downgrade could also arise from a relevant deterioration of
Findep's business prospects and diversification, which could result
in a change on its assessment of its company profile.

  -- A significant change to its funding structure or liquidity
management could also lead to a downgrade.

AEF

  -- AEF's ratings could be downgraded if Findep's ratings are
downgraded or by a change on Fitch's evaluation of the entity's
strategic importance to the parent.

  -- AEF's ratings could also be downgraded due to reduced
institutional support ability or propensity from Findep, as a
result of the effects of the coronavirus on its parent company
business and financial profiles.

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

Findep

  -- Rating upside potential is unlikely in the near term.

  -- The Negative Rating Outlook could be revised back to Stable if
the operating environment stabilizes and if the company credit and
company profile is sustained or rapidly rebuilt toward levels
commensurate with its current rating, which will also depend on the
ability of Findep to confront current challenges and to contain
asset quality and profitability deterioration

  -- Over the medium term, the ratings could be upgraded by a
significant and sustained improvement of the company's overall
financial profile, especially profitability and asset quality.

AEF

  -- An upgrade of AEF's ratings will be driven by an upgrade of
Findep's ratings.

SENIOR DEBT

  -- Senior debt ratings would mirror any changes in Findep's IDRs
or could be downgraded below Findep's IDR if the level of
unencumbered assets substantially deteriorates, subordinating
bondholders to other debt

SUMMARY OF FINANCIAL ADJUSTMENTS

Other assets as pre-paid expenses and other deferred assets Fitch
re-classified as intangibles and deducted from capital due to their
low loss-absorption capacity under stress.

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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

AEF's ratings are directly linked and aligned to those of Findep.

ESG CONSIDERATIONS

Findep has an ESG Relevance Score of '4' for Customer Welfare -
Fair Messaging, Privacy & Data Security as its business model has
high lending rates to unbanked, lower-income segments of the
population who expose Findep to relatively high regulatory, legal
and reputational risks. This has a negative impact on the credit
profile and is relevant to the rating in conjunction with other
factors.

Findep has an ESG Relevance Score of '4' for Exposure to Social
Impacts given that its business model (individual loans to
low-income segments) is exposed to shifts of consumer or social
preferences or to measures that the government could take to
increase financial inclusion. This has a negative impact on the
credit profile and is relevant to the rating in conjunction with
other factors.

Findep has an ESG Relevance Score of '4' for Management Strategy
driven by frequent managerial shifts and a management that needs to
prove the company's adherence to strategic objectives and
execution. This has a negative impact on the credit profile, and is
relevant to the ratings in conjunction with other factors

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.


STATE OF ZACATECAS: Moody's Withdraws Ba3 Rating, Outlook Neg.
--------------------------------------------------------------
Moody's de Mexico S.A.de C.V withdrawn the Ba3 (Global Scale, local
currency) and Baa1.mx (Mexico National Scale) issuer ratings of the
State of Zacatecas. Moody's has also withdrawn the negative
outlook.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2018.

The period covered in the financial information used to determine
State of Zacatecas' rating is between January 01, 2015 and December
31, 2019 (source: Financial Statements of the State of Zacatecas).




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T R I N I D A D   A N D   T O B A G O
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CL FINANCIAL: Now Owns CLICO Head Office
----------------------------------------
Anthony Wilson at Trinidad Express reports that Trinidad and Tobago
Finance Minister, Colm Imbert, directed the Central Bank last year
to order CLICO to transfer ownership of the insurance company's
iconic head office building on St Vincent St in Port of Spain to
the Government.

CLICO was also directed to transfer ownership of its office in
Chaguanas to the Government at the same time, according to Trinidad
Express.

This information is contained in the Central Bank's latest
quarterly report to the Trinidad and Tobago High Court and the
Parliament on the financial regulator's management of CLICO and
British American Trinidad (BAT), two collapsed insurance companies
that were once owned by the CL Financial group, the report relays.

Fearing disruption to the country's financial system as the
insurers were likely to become unable to meet their obligations,
the Central Bank in 2009 exercised its special emergency powers
under section 44D of the Central Bank Act and assumed control of
the two insurance companies, as well as the CLICO Investment Bank
(CIB), the report discloses.

The Central Bank has retained day-to-day control of CLICO and BAT,
while CIB was ordered wound up by the High Court in October 2011
and the Deposit Insurance Corporation (DIC) was appointed as its
liquidator, the report relays.  The Central Bank Governor is
chairman of both the Bank and the DIC, the report discloses.

In its 35th quarterly report on its control of CLICO and BAT, the
Central Bank discloses: "Further to directions to the Central Bank
from the Minister of Finance, CLICO was directed to transfer one of
its properties located in Chaguanas and another located in Port of
Spain to the Government, based on an up-to-date independent
valuation, in consideration for an appropriate reduction in
liabilities owed by CLICO to the Government in order of priority,"
the report relates.

Government sources told Express Business that the Port of Spain
property is the CLICO head office and the Chaguanas property is
CLICO's office in the borough, which is located at Mulchan Seuchan
Road, the report relays.

The Central Bank report does not state when the up-to-date
valuation report was done, who it was done by or what was the
valuation placed on the two properties, the report discloses.

But the report does disclose that the sale and purchase agreement
for Chaguanas property was executed on April 9, 2019 and the deed
of assignment was registered on February 6, 2020, the report
relays.

The Central Bank report states: "The preparation of the relevant
agreements for the transfer of the property located in Port of
Spain is in progress," the report notes.

Express Business understands that after the cut-off date of the
Central Bank report, which was June 30, 2020, the CLICO head office
was transferred to the Government by a deed of assignment, the
report discloses.

Government sources indicated that while the CLICO head office
building has been sold to the Government, the insurance company has
leased back several floors of the building to continue its
operations, the report relays.  The Chaguanas property has been
transferred to TGU, the electricity generation company that is 100
per cent owned by the State, the report notes.

Section 44 F(5) of the Central Bank Act allows the Minister of
Finance to give directions to the Central Bank regarding financial
institutions the Bank has taken control of under section 44D.
Section 44 F(5) states: "In the performance of its functions and in
the exercise of its powers under section 44D the Bank shall comply
with any general or special directions of the Minister and shall
act only after due consultation with the Minister,"  the report
relates.

The power to direct the Central Bank on its stewardship of CLICO
and BAT is one that Imbert, who has been minister of finance since
September 2015, has used liberally, the report says.

The report states:

* Minister Imbert triggered section 44 F(5) to direct the Central
Bank to prepare sale and purchase agreements for the transfer of
CLICO's 29.9 per cent shareholding in Angostura Holdings Ltd (AHL)
and 30.1 per cent direct shareholding in Home Construction Ltd
(HCL) to reduce CLICO's indebtedness to the Government. The
transfer of the AHL and HCL shares were effected on September 29,
2017 and October 24, 2017 respectively;

* CLICO was instructed to proceed to sell its shareholding in
Methanol Holdings International Ltd (MHIL) to a suitable buyer,
consistent with the requirements of the MHIL shareholders'
agreement. CL Financial held 7.53 per cent of the MHIL shareholding
in trust for the benefit of CLICO. The High Court granted
permission for CL Financial's 7.53 per cent shareholding in MHIL to
be sold jointly with CLICO's stake on September 18, 2018. Two
attempts by CLICO to sell the 56.53 per cent stake in MHIL to
Consolidated Energy Ltd (which is controlled by Swiss chemical
giant Proman) failed;

* In January 2017, "in light of the unanticipated delay in the sale
of the MHIL shares" and according to directions from the Minister
of Finance, the Central Bank obtained an independent valuation of
CLICO's 100 per cent shareholding in Occidental Investment Ltd
(OIL) and Oceanic Properties Ltd (OPL). On May 8, 2017 the share
transfer forms were signed facilitating the transfer of OIL and OPL
to the state enterprise Golden Grove-Buccoo Ltd. OIL and OPL
controlled the property in Tobago known as No Man's Land and were
central to the Government's unsuccessful attempt to persuade
Jamaican company, Sandals Resorts International, to build two
hotels in Tobago

* Following direction from the Minister of Finance on July 13,
2016, CLICO started making cash payments to the Government on July
25, 2016. Government received payments on: July 29, 2016, August
18, 2016; October 10, 2016; July 28, 2017, July 5, 13 and 20, 2018
and January 18 and 24, 2019. Those payments totalled $5 billion and
reduced the insurance company's liabilities to the Government.

A further cash payment of about $300 million (paid in tranches) was
made to the Government by CLICO between March 20 and 27, 2020, the
report notes.

* In November 2017, the Minister of Finance directed the Central
Bank to facilitate the purchase and cancellation of certain
Government bonds held by CLICO to reduce the company's liability to
the Government. On April 11, 2018, $107 million of a WASA loan
facility, along with a cash payment of $21 million, were
transferred to the Government. On September 7, 2018 and April 4,
2019, about $502 million in bonds were transferred to the
Government for cancellation, which reduced CLICO's liabilities to
the Government;

* Imbert directed the Central Bank to transfer CLICO's 21 per cent
shareholding in One Caribbean Media (OCM) and 5 per cent
shareholding in West Indian Tobacco Company. Those shares were
transferred on April 25, 2018 and formed part of the National
Investment Fund (NIF);

* Following CLICO receiving 27,619,219 Republic Bank shares and
848,564 OCM shares from the liquidator of CIB, and on Imbert's
directions, the Central Bank directed CLICO to transfer the RBL and
OCM shares to the Government. Those shares also formed part of NIF
and were used to reduce CLICO's liability to the Government. OCM is
the parent company of the Express Newspapers.

The Central Bank report states that CLICO has repaid the Government
$15.37 billion of the approximately $18 billion the Government
extended to the insurance company, the report notes.  That left
CLICO owing the Government of about $2.8 billion, as at May 31,
2020, and its client, following the insurer's collapse in January
2009, the report recalls.

The report also states that as at May 31, 2020, the remaining
interest on the $4.9 billion in preference shares that the
Government invested in CLICO in 2009, amounted to $23.8 million.




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

CITGO PETROLEUM: Company- Backed Bonds Soar After US Court Ruling
-----------------------------------------------------------------
The Latin America Herald Tribune reports that the value of
CITGO-backed debt more than quadrupled on Oct. 19 after a NY court
ruled that the Petroleos de Venezuela (PDVSA) 2020 bonds are "valid
and enforceable," a severe blow to the legal team of the interim
government led by Juan Guaido, also president of the Congress or
National Assembly (AN).

Guaido's team said on Friday, Oct. 16, it would consider appealing
the decision, calling the issuing "absolutely fraudulent,"
according to The Latin America Herald Tribune.

According to Reuters, these bonds have been dropping about 0.12
cents, more than 10% of their nominal value, over the past few
months as a result of the harsh sanctions imposed by Washington on
the administration of Nicolas Maduro, but surprisingly were trading
around 45-50 cents on Oc. 19, the report adds.

Venezuelan bonds are being traded on a more informal basis among
brokers rather than openly negotiated on traditional platforms due
to the sanctions.

Several smaller funds outside the US have been buying Venezuelan
debt defaults to align collection strategies while expectations for
a new government fade away.

CITGO is the U.S-based refining arm of Venezuela's state-owned oil
company PDVSA.

                      About CITGO Petroleum

Citgo Petroleum Corporation is a United States-based refiner,
transporter and marketer of transportation fuels, lubricants,
petrochemicals and other industrial products.  Based in Houston,
Texas, Citgo is majority-owned by PDVSA, a state-owned company of
the Venezuelan government (although due to U.S. sanctions, in 2019,
they no longer economically benefit from Citgo.)

As reported in the Troubled Company Reporter-Latin America on
Troubled Company Reporter-Latin America on June 5, 2020, S&P Global
Ratings assigned its 'B+' rating and '1' recovery rating to Citgo
Petroleum Corp.'s $750 million senior secured notes due in 2025.
The '1' recovery rating indicates S&P's expectation for very high
(90%-100%; rounded estimate: 95%) recovery in the event of a
default.


VENEZUELA: Crisis Putting Severe Strain on Colombian Border Region
------------------------------------------------------------------
Mario Caicedo and Jaime Ortega at EFE News reports that Venezuela's
longstanding economic and political crisis, which has led millions
to migrate abroad and has been exacerbated recently by severe
gasoline shortages, is causing major humanitarian challenges at the
main gateway linking that Caribbean nation with neighboring
Colombia.

Similar scenes play out every day, with thousands of people
emigrating westward to seek a better life outside their homeland
and others forced to return to Venezuela due to poverty and the
economic impact of coronavirus-triggered lockdowns and slowdowns
elsewhere, according to EFE News.

The coming and going of Venezuelans of all ages, including many
children, is an every day sight in La Parada - a hamlet on the
Colombian side of the Simon Bolivar International Bridge that lies
just south of the city of Cucuta - even though that border crossing
has been closed for months, the report notes.

Although the number of people migrating to Colombia fell sharply at
the start of the coronavirus crisis, there has a been a significant
rise in traffic in recent weeks via so-called "trochas," or illegal
crossing points, the report relays.

In response, authorities and humanitarian organizations have been
scrambling to attend to these people in La Parada and prevent a
further wave of Covid-19 cases in already hard-hit Colombia, the
report discloses.

"We're now seeing a significant return of migrants from Venezuela
toward the interior of Colombia, and we've started taking some
special measures aimed at discouraging their passage through
irregular crossing points, through the trochas," the borders and
international cooperation secretary of the northwestern Colombian
department of Norte de Santander, Victor Bautista, told EFE News.

Among the recent arrivals are Maria Carvajal and her family, who
have traveled more than 730 kilometers (450 miles) from Maracay, a
city in the north-central Venezuelan state of Aragua, to San
Cristobal (capital of the western Venezuelan border state of
Tachira) in hopes of starting over again, the report relays.

"It took us four days to get here with my whole family," Carvajal
told Efe, adding that six children are part of their group and have
endured extremely long days of walking, the report notes.

Drivers occasionally have stopped and given them a lift, Carvajal
said, though adding that the group at one point had to walk for 13
straight hours, the report discloses.

She said she and her relatives have brought along some hairdressing
equipment that they plan to use to earn a living and have no plans
to return home, the report says.

"For now, no," Carvajal said when asked if the difficulties could
force them to return to Venezuela, whose economy has been battered
in part by harsh United States sanctions aimed at ousting leftist
President Nicolas Maduro. "The truth is that in Venezuela right now
there's no future: no gas, no gasoline, no water, no food," the
report relays.

Authorities in Norte de Santander, the department where La Parada
is located, took measures "to prevent the irregular passage of
Venezuelan migrants through 27 trochas," Bautista said, adding that
messages have been sent via the Tachira government informing
migrants that no type of border crossing is currently permitted,
the report relays.

He said those efforts have included the deployment "of more than
700 soldiers and 200 police who are in the border region preventing
illegal crossings," the report discloses.

Authorities are not only concerned about migrants' physical safety
but also the health risks, considering that some of these people
may be infected with Covid-19 and could cause an even greater
health emergency in Colombia, which ranks in the top 10 worldwide
in coronavirus cases, the report notes.

The situation is even more complicated because even as throngs of
people are trying to cross the border into Colombia thousands of
other Venezuelan emigrants who lost their sources of income due to
coronavirus lockdowns in neighboring countries are waiting their
turn to return to their homeland, the report says.

While the former typically carry no more than a suitcase and a few
personal objects, the latter often travel with numerous items they
managed to acquire by working abroad, including beds, mattresses
and small electrical appliances, the report relates.

Among those returning home is Jose Rafael Otero, who told Efe he
made his decision after working for a year in Colombia selling
vegetables and "any little thing" that could earn him some cash,
the report says.

Dulce Maria Alvarez, who is seeking to cross the border with her
family, also spoke to Efe about her decision to reverse course, the
report notes.

"We came from Guayaquil, Ecuador, because things got tough there;
with the pandemic there's almost no work and if you find something
they want to pay us less," she added.

                               Venezuela

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

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

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

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

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



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2020.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


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