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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 29, 2020, Vol. 21, No. 217

                           Headlines



B R A Z I L

UNIGEL PARTICIPACOES: S&P Alters Outlook to Stable & Affirms B+ ICR


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Economy Will Fall 6% in 2020, IMF Says


J A M A I C A

JAMAICA: Business Association Renews Call for Micro Stock Exchange


M E X I C O

TOTAL PLAY: Moody's Assigns B1 CFR, Outlook Stable


S T .   L U C I A

ST. LUCIA: Eyes Reopening More Hotels Next Month


S U R I N A M E

SURINAME: Fitch Cuts LongTerm Foreign Currency IDR to 'C'


V E N E Z U E L A

VENEZUELA: IDB and USAID Announce $2MM in Awards for Support


X X X X X X X X

LATAM: Economic Activity Picks Up in Region, IMF Says

                           - - - - -


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B R A Z I L
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UNIGEL PARTICIPACOES: S&P Alters Outlook to Stable & Affirms B+ ICR
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S&P Global Ratings, on Oct. 26, 2020, revised the outlook on
Brazil-based acrylics and styrenics producer Unigel Participacoes
to stable from negative and affirmed the 'B+' global scale issuer
credit and senior unsecured issue-level and 'brAA' national scale
issuer credit ratings. At the same time, S&P corrected its
issue-level rating on the company's remaining 2024 senior secured
notes by upgrading it to 'BB-' from 'B+'.

S&P said, "We now expect better sales volumes as a result of higher
demand from some industries that Unigel supplies, including the
construction and home appliances. We also forecast higher EBITDA
than in 2019, given the real's sharp fall this year as well as
cost-saving actions implemented during the pandemic, such as the
temporary shutdown of less efficient operations."

In September 2020, the company leased two fertilizer plants (FAFEN)
from Petroleo Brasileiro S.A. - Petrobras. Once the plants are
fully operating (likely by the end of 2021), Unigel will produce
more than 2.4 million tons per year of urea, ammonia, ammonium
sulfate, and arla. Moreover, the 10-year lease for the plants gives
Unigel control over a private maritime terminal, the only one in
the region that can import ammonia, which in S&P's opinion provides
Unigel with higher operating efficiency and cost savings.

To start operating both plants, Unigel forecasts capital
expenditures (capex) of $29 million and it needs to negotiate
contracts with natural gas suppliers at favorable costs to make the
operation profitable. That, combined with uncertainties over the
demand and prices for Unigel's products amid the pandemic-induced
economic crisis, could lead to weaker-than-expected cash flows in
the next few quarters.




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Economy Will Fall 6% in 2020, IMF Says
----------------------------------------------------------
Dominican Today reports that Dominican Republic's economy will fall
6% in 2020, as a result of the impact of the pandemic, although it
expects a recovery next year, according to estimates revealed by
the International Monetary Fund (IMF).

However, the IMF estimates that by next year, the country will be
able to regain economic dynamism, projecting growth of 4%,
according to the report "Economic Outlook for the Americas: the
persistence of the pandemic clouds the recovery," according to
Dominican Today.

The fall in Dominican GDP will be lower than the average for Latin
America and the Caribbean, which the agency estimates at 8.1% for
this year, although it projects a 3.6% recovery of the regional
economy by 2021, the report notes.

In April, the IMF estimated that the country would suffer an
economic fall of 1%, while at the beginning of October, its
forecast worsened with a reduction of 5.9%, the report relays.

                   About Dominican Republic

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

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

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

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




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J A M A I C A
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JAMAICA: Business Association Renews Call for Micro Stock Exchange
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Abbion Robinson at Jamaica Observer reports that with the novel
coronavirus pandemic severely disrupting the economy and leaving
many small business owners uncertain about the future, immediate
past president of the Small Business Association (SBA) Hugh Johnson
has renewed a call for the establishment of a micro stock market.

Johnson pointed out that the lack of capital is a common cry for
micro-entrepreneurs, according to Jamaica Observer.

"[We want] to be able to have access to equity financing on the
micro stock exchange, because you would have seen through the
crisis that the Jamaica Stock Exchange (JSE) is still doing well.
We would like to have that micro stock market so that we can engage
in equitable financing instead of loan financing as it stands now,"
he stated, as the Jamaica Chamber of Commerce (JCC) delivered its
Business and Consumer Indices third quarter report, Jamaica
Observer relays.

"We are a resilient set of people, we just only need the
opportunity and facilitation to be able to move forward in a
serious way to capitalise on this tragedy and not to waste a
crisis," he continued, noting that the JSE plays an integral role
in the local capital market ecosystem, providing billions of
dollars in financing to enhance the productive capacity of the
Jamaican economy, Jamaica Observer notes.

The JCC survey revealed that 62 per cent of businesses reported
loss of revenue, loss of staff (17 per cent), and a greater
reliance on technology (13 per cent), as the top three changes they
have experienced since the outbreak of the virus, the report
relays.

"[The survey] has revealed what we on the ground have been
experiencing all along. It's not strange to us that these figures
pop out at us because we have been experiencing them on a daily
basis," Johnson stated, the report discloses.

In 2018, 2019, and January this year, then Minister of Industry,
Investment, Commerce, Agriculture and Fisheries Audley Shaw had
touted the establishment of a micro stock exchange that would
target micro, small and medium-sized enterprises (MSMEs) for
capitalisation of between $5 million and $50 million, the report
recalls.

At the time, Shaw indicated that the establishment of the
nano-stock market was under consideration, the report relays.

Encouraged by the pronouncement, the SBA had underscored to small
entrepreneurs the importance of good business principles in moving
their businesses forward, the report notes.

"From the small business perspective, in the last three years, we
have been having business training because we were anticipating
that by now we would have had the micro stock exchange operating.
We had gone ahead trying to help small enterprises to do better
business by having good corporate governance structure and proper
accounting principles embedded in their operations from early,"
Johnson said, the report discloses.

"We still need to do much more of that, but we do see governmental
help in enabling agencies like Jamaica Business Development
Corporation with the proper resource to be able to do more of
that," Johnson argued, the report relays.

"Business training is one of the key areas, not so much financing.
The last survey I had seen, financing was third on the list, but
proper business training was the number one hurdle preventing small
operators from scaling up. For over a year now, the Private Sector
Organisation of Jamaica had engaged financial institutions, and we
have been having dialogue on having a programme to help to bridge
that divide. It's long overdue and difficult, but we're working on
it and hoping that it will start bearing fruit in the near future,"
he added.

                         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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TOTAL PLAY: Moody's Assigns B1 CFR, Outlook Stable
--------------------------------------------------
Moody's Investors Service assigned a B1 corporate family rating
(CFR) to Total Play Telecomunicaciones, S.A. de C.V. (Total Play).
At the same time, Moody's assigned a B2 rating to Total Play's
proposed $500 million senior unsecured notes due 2027. The outlook
for the ratings is stable. This is the first time Moody's assigns a
rating to Total Play.

Proceeds from the bond issuance will be used to repay existing
debt, fund the company's expansion plan and general corporate
purposes. The notes will rank pari passu with all other unsecured
and unsubordinated debt obligations of Total Play. The B2 rating
incorporates the guarantee of Total Box, S.A. de C.V., the
operating company responsible of 88% of Total Play's EBITDA and 78%
of the revenues. The rating of the notes assumes that the final
transaction documents will not be materially different from draft
legal documentation reviewed by Moody's to date and that these
agreements are legally valid, binding, and enforceable.

RATINGS RATIONALE

Total Play's B1 CFR reflects the company's high-quality network,
being the only 100% FTTH infrastructure in Mexico, its organic
track record of growth with CAGR of 25% in revenues from 2015 to
June 2020, one of the highest ARPUs in the Mexican market, and a
low churn rate at 1.2%. The B1 rating also considers Total Play's
adequate credit metrics, including Moody's adjusted gross
debt/EBITDA at 3.9x and a 33.7% EBITDA margin in the last 12 months
ended June 2020, from 9.5x and 21.2%, respectively, in December
2016. Proforma for the issuance of the notes, Moody´s adjusted
leverage will peak at 4.7x at year end 2020 and then gradually
decrease to 3.2x by 2023 on the back of a 86% growth in EBITDA.

Conversely, the rating considers Total Play's small size when
compared to Mexican peers; with 8.1% market share in broadband and
5% in Pay TV, Total Play is behind larger operators including
America Movil S.A.B. de C.V. (A3 negative) and Grupo Televisa
S.A.B. (Baa1 negative). The rating also considers the company's
geographic concentration in the Mexican market, which has been hard
hit by the COVID pandemic, with Moody's latest forecast for real
GDP contracting 10% in 2020 followed by 3.7% growth in 2021. As
such, government and private spending will likely remain subdued in
2020. While there may be some positive effects on broadband markets
related to the increase in data consumption and consumers moving to
higher-price services with greater speed during the period of
social distancing, the company will face a tougher operating
environment. The rating also incorporates Moody's expectation of
negative free cash flow (FCF) through 2023, following Total Play's
expansion plan in the Mexican market. The company will invest about
$3 billion through 2027 to drive RGU growth to 14 million and
increase its broadband market share to 19% in 2027, from 5.7
million and 8.1%, respectively as of September 2020. Total Play's
expansion plan entails execution risks, partly mitigated by the
company´s track record of growth and experienced management team.

At the same time, the B2 rating on the senior unsecured notes
incorporates the effective subordination to Total Play's secured
debt. Accordingly, 60% of Total Play's debt is secured by about 35%
of the company's total revenues, with a trust formally assigned to
manage the debt service with different financial institutions as
well as the MXN2,500 million local notes issued in February 2020.
Proforma for the issuance of the proposed notes, Total Play's
capital structure will comprise 60% of secured debt, from 91%
previously. The senior unsecured notes will represent about 88% of
total unsecured debt and 35% of total debt and will benefit from
the residual cash flows in the waterfall after the repayment of the
secured debt.

With the issuance of the new notes and the planned repayment of
existing debt, Total Play's liquidity profile will be adequate.
Still, the company's FCF has remained negative in recent years,
with very tight liquidity as per the company´s cash to short term
debt ratio at only 5% on average, for the last five years.
Post-transaction, the company's debt maturity profile will be more
comfortable as approximately 64% of its debt will mature in 2027 or
later. The company does not have a formal dividends policy, but
does not expect any dividend distribution in the medium term.

The stable outlook reflects Moody's expectation that Total Play
will be able to execute its growth plan, while improving its EBITDA
margin to the high-30s in percentage terms and improving
liquidity.

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

Total Play's rating could be upgraded if the company reduces
leverage below 3x on a sustained basis and improves its interest
coverage (Moody's-adjusted EBITDA - capital spending/interest) to
above 2.0x. A positive rating action would be conditional on the
successful execution of its growth plan and maintenance of adequate
or better liquidity.

Total Play's ratings could be downgraded if the company is unable
to improve its profitability with adjusted EBITDA margin falling
below 35%. Any deterioration in its liquidity profile or leverage
maintained above 4.5x could also trigger a downgrade.

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

Headquartered in Mexico, Total Play offers fixed telephony, Pay TV
and broadband internet services to residential customers, and
managed IT services for business customers, as well as government
entities, over its fully-owned fiber optic network that covers more
than 88,000 kilometers with 10.1 million homes passed and 1.9
million subscribers as of June 2020. Total Play started operations
in 2008 as Grupo Iusacell, the second largest mobile company in
Mexico, and became standalone through the sale of its mobile
business to AT&T (Baa2 stable) in 2015, remaining part of Grupo
Salinas. Total Play is currently controlled by the Salinas Pliego
family and for the last twelve months ended September 30 2020, the
company generated revenue of MXN18,151 million (about $854
million).




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S T .   L U C I A
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ST. LUCIA: Eyes Reopening More Hotels Next Month
------------------------------------------------
Jamaica Observer reports that St. Lucia said it has welcomed more
than 16,000 visitors since it reopened its borders on July 9
following its closure four months earlier as part of efforts to
stem the spread of the novel coronavirus.

The Ministry of Tourism said that as part of the island's
"responsible reopening plan", millions of dollars (one EC dollar =
US$0.37 cents) have been invested to implement and maintain safety
protocols, according to Jamaica Observer.

It said all arriving passengers and returning nationals are subject
to strictly enforced guidelines throughout their visit, the report
notes.

The ministry said that notwithstanding having recorded three new
cases of the virus with no deaths to date, St Lucia continues to
earn and retain its premier position as the Caribbean country with
the fewest number of cases per capita, the report relays.

"The key stakeholders within the tourism industry have worked
together closely since the pandemic began, developing public and
private sector initiatives and dedicating significant resources to
the island's COVID-19 response, the report says.

"Since the resumption of commercial flights on July 9, the tourism
sector has been very vigilant in maintaining the protocols set by
the Ministry of Health and Wellness," Tourism Minister Dominic
Fedee, the report relays.

"I want to assure you of the industry's commitment to remain
transparent as we continue to build confidence among international
travellers and as we reinforce our strong commitment and track
record of 100 per cent tourism industry compliance to all COVID-19
protocols," he added.




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S U R I N A M E
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SURINAME: Fitch Cuts LongTerm Foreign Currency IDR to 'C'
---------------------------------------------------------
Fitch Ratings has downgraded Suriname's Long-Term Foreign-Currency
(LT-FC) Issuer Default Rating (IDR) to 'C' from 'CC'.

KEY RATING DRIVERS

The downgrade of Suriname's Long-Term Foreign-Currency (LT-FC)
Issuer Default Rating (IDR) to 'C' from 'CC' reflects Fitch's view
that a process of default has begun. On Oct. 22, the Government of
Suriname announced that it intends to enter a 30-day grace period
on the USD25.4 million interest payment on its USD550 million 2026
notes due Oct. 26.

Further, Fitch judges that the Government of Suriname has begun a
distressed debt exchange (DDE) process upon the authorities'
announcement that it "will take advantage of the 30-day grace
period . . . to engage with its external financial creditors and
international partners" to find "a constructive and collaborative
resolution to the debt sustainability issues it is currently
facing." It encouraged holders of Suriname's 2023 and 2026 notes to
register with an identification agent.

This is consistent with public statements by President
Chandrikapersad Santokhi (Progressive Reform Party, VHP) and top
ministers since the new administration was inaugurated July 16 as
well as the VHP's party manifesto. Further, Suriname's national
debt law imposes a statutory requirement on the minister of finance
to present a debt reduction and management plan within two months
of a breach of the government debt ceiling (95% of GDP), as Fitch
expects has occurred.

Fitch has downgraded the senior unsecured foreign currency ratings
on Suriname's USD 2023 and 2026 notes to 'C' from 'CC'. The
government previously restructured the 2023 bonds in July 2020.

Failure to deliver the 2026 interest payment during the grace
period would put the sovereign into 'Restricted Default' (RD) and
the specific bond into 'Default' (D). A foreign commercial debt
restructuring that entails a material reduction in terms and is
necessary to avoid a traditional payment default would constitute a
DDE according to Fitch's Sovereign Rating Criteria resulting in the
LT-FC IDR being downgraded to 'RD' and the affected instruments to
'D'.

Suriname's central government (CG) debt remains high (forecast at
137% of GDP by December 2020 excluding any agreement with
creditors), and the government deficit is structurally wide.
Shortages of foreign currency remain material for the economy, and
a higher parallel SRD-USD rate relative to the official exchange
rate persisted in October; however, a large devaluation on Sept.
22, which more than halved the value of the Suriname dollar
relative to the US dollar, will partially alleviate external
imbalances. The government's financing conditions are distressed
amid curtailed multilateral and foreign market access.
Three-quarters of the CG debt is denominated in foreign currency
(including USD313 million foreign-currency domestic liabilities),
rendering debt sustainability vulnerable to devaluation of the
Suriname dollar.

The breadth of the Government of Suriname's restructuring plans has
not yet been disclosed. The announcement "invites all holders of
commercial obligations of the Republic, including the notes, to an
investor presentation . . ." Central government debt totaled
USD3,125 million as of July valued at end-September exchange rates.
Of this, USD2,042 million (65%) was external debt, USD313 million
(10%) was issued in foreign currency in the domestic market and the
equivalent of USD770 million (25%) in Suriname dollars in the
domestic market. External debt includes market debt of USD835
million (27% of the total), bilateral liabilities of USD556 million
(18% of the total), of which China represents USD304 million (10%
of the total), and multilateral liabilities of USD651 million (21%
of the total).

The government announced that supplier arrears had reached SRD243
million by the end of August, which Fitch estimates are less than
0.6% of GDP. Additional unpublished state-owned enterprise
liabilities (excluding the state oil and gold company) are large,
and the central government's exposure to them is substantial. The
authorities plan an investor presentation Oct. 30.

Fitch has affirmed Suriname's Long-Term Local-Currency IDR at
'CCC'. Fitch views that the restructuring risk of local currency
debt as significant, but of lower risk than foreign currency debt.
The central bank holds the majority (87%) of local currency debt,
and both this as well as the domestic privately held local currency
debt is automatically subject to expected considerable erosion of
value from high inflation during 2020-2021.

ESG Considerations:

Suriname has an ESG Relevance Score (RS) of 5 for both Political
Stability and Rights and for the Rule of Law, Institutional and
Regulatory Quality and Control of Corruption, as is the case for
all sovereigns. These scores reflect the high weight that the World
Bank Governance Indicators (WBGI) have in Fitch's proprietary
Sovereign Rating Model. Suriname has a medium WBGI ranking at the
43rd percentile, reflecting a recent track record of peaceful
political transitions, a moderate level of rights for participation
in the political process, moderate institutional capacity,
established rule of law and a moderate level of corruption.

ESG - Creditor Rights: Suriname has an ESG Relevance Score (RS) of
5 for Creditor Rights as willingness to service and repay debt is
highly relevant to the rating and is a key rating driver with a
high weight. The government of Suriname restructured its USD 2023
notes during July 2020. In Fitch's view, a new process of default
has begun.

RATING SENSITIVITIES

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

  -- Public Finances: Payment of pending interest payments within
stipulated grace periods and a renouncement by the government of
plans to restructure its debt.

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

  -- Public Finances: Failure to pay interest due to private sector
creditors within the stipulated grace period.

  -- Public Finances: Completion of a debt restructuring (a
distressed debt exchange).

  -- Public Finances: The rating for the LT Local Currency IDR
would be downgraded to 'CC' if a default becomes probable and to
'C' if the government announces plans to restructure its Suriname
dollar-denominated debt.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

In accordance with its rating criteria for ratings of 'CCC' and
below, Fitch's sovereign rating committee has not utilized the SRM
and QO to explain the ratings, which are instead guided by the
ratings definitions.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centered
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

KEY ASSUMPTIONS

  -- Fitch expects global indicators to move broadly in line with
Fitch's Global Economic Outlook forecasts.

SUMMARY OF DATA ADJUSTMENTS

  -- Fitch analyzes government operations on a cash basis (which
includes net payments of supplier arrears) using published Ministry
of Finance statistics on arrears flows, which have been material in
some historical periods. Fitch adopts this conservative treatment
because it better explains the scale of the government's financing
needs and change in government debt/GDP during 2015-2019 than the
narrower government commitment balance also published by the
Ministry of Finance.

  -- Suriname's National Debt Law uses historical exchange rates to
value government debt/GDP. Fitch values government debt/GDP at
reference period-end market exchange rates. Fitch's conversion
ensures that government debt/GDP is valued in line with market best
practices, including during periods of exchange rate volatility.

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.

INFORMATION LIMITATIONS

  -- The stock of government arrears to suppliers is not regularly
publicly disclosed. Fitch utilizes published data on the flow of
arrears incurred and payments thereof to observe the direction of
net arrears and attendant financing pressure.

  -- The national authorities do not publish regular financial
soundness indicators, and limited bank capitalization represents a
material contingent liability to the government. Fitch instead
relies upon the financial soundness indicators released only
periodically in the annual IMF Article IV reports. The weaknesses
in Suriname's financial system are reflected in the current rating
level.

ESG CONSIDERATIONS

Suriname has an ESG Relevance Score of '5' for Political Stability
and Rights as World Bank Governance Indicators have the highest
weight in Fitch's SRM and are highly relevant to the rating and a
key rating driver with a high weight.

Suriname has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
WBGI have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight.

Suriname has an ESG Relevance Score of '5' for Creditor Rights as
willingness to service and repay debt is highly relevant to the
rating and is a key rating driver with a high weight.
Suriname has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
WBGI are relevant to the rating and a rating driver.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, 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 to the way in which they
are being managed by the entity.




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V E N E Z U E L A
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VENEZUELA: IDB and USAID Announce $2MM in Awards for Support
------------------------------------------------------------
The Inter-American Development Bank (IDB) and the U.S. Agency for
International Development (USAID) announced $2 million for five
BetterTogether Challenge awards to directly benefit Venezuelans in
Argentina, Brazil, Colombia, Chile, and Venezuela.  

The awardees will provide critical solutions for employment,
finance, job creation, and internet connectivity access.

In Argentina and Chile, 2811 , in partnership with ASHOKA will
scale Hola America, a social innovation platform that will help
catalyze Venezuelan entrepreneurs, by supporting them with training
and resources to succeed in the local market and expand their
businesses to additional countries in the region.

In Brazil, A Casa will partner with the United Nations High
Commissioner for Refugees (UNHCR) to build on the handicrafts
skills of Warao indigenous migrants in the cities of Pacaraima, Boa
Vista, and Manaus and establish an artisan association/start up to
promote entrepreneurship. A Casa will train artisans/entrepreneurs
and help them to structure an innovative business model, provide
access to materials, and establish partnerships and market links in
Brazil and around the world through digital platforms.

In Chile, CDI Chile will leverage their successful training
programs to launch the "Data Science Bootcamp for Employability"
program, which will provide hundreds of Venezuelan women with
in-demand data skills training and job placement services to
empower them through meaningful economic opportunities.

In Colombia, an organization will scale access to technologies that
increase the efficiency and effectiveness of financial transactions
and remittances.

In Venezuela, with USAID funding, a local organization will pilot a
software solution that allows Venezuelans reliable access to news
and information resources.

The BetterTogether (JuntosEsMejor) Challenge is a partnership
between USAID and the Inter-American Development Bank to
crowdsource, fund, and scale innovative solutions to support
Venezuelans and communities that host them across Latin America and
the Caribbean. For more information, visit JuntosEsMejorVE.org

                          Venezuela

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

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

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

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

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




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X X X X X X X X
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LATAM: Economic Activity Picks Up in Region, IMF Says
-----------------------------------------------------
RJR News reports that the International Monetary Fund (IMF) says
economic activity is picking up in Latin America and the Caribbean
(LAC) even as COVID-19 pandemic continues to spread.

In its latest Regional Economic Outlook for the Western Hemisphere,
the IMF said after a deep contraction in April, activity started
recovering in May, as lockdowns were gradually eased, consumers and
firms adapted to social distancing, some countries introduced
sizable policy support, and global activity strengthened, according
to RJR News.

Real Gross Domestic Product is projected to contract by 8.1% this
year, followed by a mild recovery in 2021 reflecting persistent
spread of the virus and associated social distancing and scarring,
the report notes.



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

Troubled Company Reporter-Latin America is a daily newsletter
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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.

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