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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Tuesday, November 3, 2020, Vol. 21, No. 220

                           Headlines



A R G E N T I N A

PROVINCE OF MENDOZA: S&P Affirms 'SD' Issuer Credit Rating


B R A Z I L

COMPANHIA SIDERURGICA: Moody's Alters Outlook on B2 CFR to Stable
CSN ISLANDS XI: Moody's Affirms B2 Rating on 2028 $1BB Unsec Notes


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Exporters Cringe as Haiti Slaps New Fee
DOMINICAN REPUBLIC: Guarantees an Electrical Pact Soon
DOMINICAN REPUBLIC: Prices of Fuel Fall Again


J A M A I C A

JAMAICA: Remittances Expected to Drop 14% by 2021 Due to COVID-19


P U E R T O   R I C O

TRAVEL CONCEPTS: Hires Carrasquillo as Financial Consultant


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Poverty Amid Covid Crisis


V E N E Z U E L A

VENEZUELA: Government Seeks to Revive Moribund Debt Talks

                           - - - - -


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A R G E N T I N A
=================

PROVINCE OF MENDOZA: S&P Affirms 'SD' Issuer Credit Rating
----------------------------------------------------------
S&P Global Ratings affirmed its global scale ICR on the province of
Mendoza at 'SD'. S&P also took the following rating actions:

-- S&P assigned an issue-level rating of 'CCC+' to the province's
new 2029 international bond.

-- S&P withdrew its issue-level rating on the 2024 international
bond, included in the restructuring.

-- S&P affirmed the issue-level rating on the 2021 local bond at
'CC'.
Outlook

S&P doesn't assign outlooks to 'SD' ratings because they express a
condition and not a forward-looking opinion of default
probability.

Downside scenario

S&P said, "We will lower the issue-level rating on the 2021 local
bond to 'D' from 'CC' once Mendoza reaches an exchange agreement
with local-law bondholders, in line with our methodologies. Given
its stressed fiscal perfomance and weak liquidy, we would likely
consider the exchange as distressed and tantamount to default. We
could also lower the rating on this bond to 'D' if the province
misses a debt service payment."

Upside scenario

S&P will raise its ratings on the province, most likely to 'CCC+',
following the completion of its local-law debt restructuring in the
next six months, given that a sharply lower debt service stemming
from the broad debt exchange would decrease short-term default
risk.

Rationale

On Oct. 5, 2020, Mendoza was the first province to complete an
exchange of its foreign law debt, out of the 12 Argentine provinces
currently looking to do so. Mendoza now aims to exchange its
local-law debt. This second exchange will be performed from a
distressed fiscal position and would potentially include lossess to
bondholders with respect to the original promise. As a result, S&P
would likely consider the exchange as tantamount to default.

S&P lowered its ICR on Mendoza to 'SD' on June 19, 2020, because it
missed an interest payment on its 2024 international bond beyond
the grace period. The 'SD' rating signals that the province is
still undergoing a broad debt restructuring process, which will be
completed after its domestic debt exchange.

Once all Mendoza's debt is restructured, S&P will likely assign a
post-default ICR of 'CCC+', because short-term default risk would
significnaly diminish due to lower debt service obligations. The
debt exchange would provide medium-term fiscal and liquidity
relief. However, the severe recession in 2020, exacerbated by
COVID-19 and lockdown measures, along with a weak economic recovery
during the next two years, will continue to weigh on the province's
creditworthiness. Post-default ratings will also incorporate the
risk of the sovereign transferring further fiscal stress to the
provinces, given the underlying volatile and unpredictable
institutional framework. As a result, the ICR on Mendoza would be
capped at the sovereign credit rating and its transfer and
convertibility assessment, both currently at 'CCC+'.

Debt exchange to provide medium-term relief, but unable to
compensate for the severe economic recession

Following the sovereign, Mendoza was the first province to
successfully restructure its foreign-law debt, achieving a 95%
acceptance rate on the exchange proposal, and eliminating holdout
risk. The new $590 million bond extends the maturity to 2029 from
2024, has a step-up average coupon rate of 5% (previously 8.375%),
and smoothens its debt service profile with 13 semi-annual capital
installments (previously three). As a result, Mendoza's
international debt service payments in 2021-2024 will decrease to
$280 million from more than $600 million prior to the exchange.

Nonetheless, fiscal challenges will remain significant. The
medium-term relief from the debt exchange won't be enough to
compensate for the fiscal damage stemming from the severe
recession, exacerbated by COVID-19 and lockdown measures, while
economic rebound during 2021-2022 will likely be sluggish. The
pandemic has ratcheted up pressure on the province's already weak
finances, leading to a sharp fall in tax collection as the economy
came to a halt and demands increased to raise spending to contain
the spread of the virus.

S&P said, "Our base-case scenario assumes that Mendoza will post an
operating deficit of 6% of operating revenue in 2020, and only
gradually narrow in the next two years, as the economy will recover
slowly. In order to partly contain fiscal slippage, the province
has frozen public-sector wages, and is paying the mid-year portion
of the 13th salary payment in monthly installments. However, we
expect the province to continue to face substantial budgetary
constraints given its expenditure rigidity, as the provincial
payroll accounts for more than 50% of operating expenditures, and
demand for pubic-servant salary rises will likely resume in the
next two years.

"On the other hand, we expect the province to make progress in its
infrastructure projects as part of the economic recovery, mainly
related to the hydroelectric dam, Portezuelo del Viento. Timely
execution would be contingent on the federal government transfering
the resources already committed to the project. We expect the
province to post moderate deficits after capex, of about 4.8% of
total revenues, during 2020-2022.

"Cash-flow shortfalls will continue pressuring the province's
liquidity. Based on our calculations, Mendoza's estimated free cash
reserves will be much lower than its debt service payments in the
next 12 months, despite the sharp reduction in debt service
stemming from the exchange. We expect Mendoza to rely on short-term
'Letras' and delay payments to suppliers to cover its financing
needs in coming years, because we consider the province's access to
external liquidity will remain limited, as a reputational
consequence of the distressed exchanges."

Nevertheless, the broad debt restructuring and foreign exchange
dynamics of the official rate will help stabilize the province's
debt stock and lower its interest burden. Beyond its market debt,
the province has also refinanced its debt with federal
government-owned bank Banco Nacion, and other federal government
loans. S&P expects provincial debt to remain at about 55% of
operating revenue in 2020, and gradually decline in 2021-2022,
while interest payments to drop to about 3.2% of operating revenues
in 2020-2022 from 7.4% in 2019. However, 65% of Mendoza's debt is
in dollars, and exposed to Argentina's inflation, given that 13% of
debt is tied to inflation-linked instruments.

Support from the federal government could be delayed given its own
severe fiscal strains

S&P said, "We expect the effect of the COVID-19 pandemic and
lockdown measures to exacerbate the province's already weak
economic performance. The virus outbreak and the relatively high
ICU occupancy rates are likely to delay the economic recovery.
Moreover, Argentina's outstanding macroeconomic challenges and weak
global demand are likely to result in a subdued economic
performance in the medium term. We expect Argentina's GDP to
contract 12% this year, and expand 4.1% in 2021-2022.

"We consider that the provincial administration's debt, liquidity,
and budgetary policies have weakened over the past years. Lack of
consensus in the local legislature has led to delays in passing
budgets, and inability to implement borrowing approvals,
potentially increasing roll-over risk. Furthermore, the ongoing
broad debt restructuring and default highlight a weak payment
culture.

"Finally, we believe that, amid eroding macroeconomic conditions,
the sovereign could delay fiscal support measures to subnational
governments, especially given Argentina's history of major policy
swings. We assess the institutional framework for Argentina's local
and regional goverments as very volatile and underfunded,
reflecting our perception of the sovereign's very weak
institutional predictability and volatile intergovernmental system
that has been subject to various modifications to fiscal
regulations, and lack of consistency over the years, which
jeopardize the LRGs' financial planning, and consequently, their
credit quality."

  Ratings List

  New Rating  

  Mendoza (Province of)
   Senior Unsecured         CCC+

  Not Rated Action  
                          To     From
  Mendoza (Province of)
  Senior Unsecured        NR      D

  Ratings Affirmed  

  Mendoza (Province of)
   Issuer Credit Rating    SD/--/--

  Mendoza (Province of)
   Senior Unsecured           CC




===========
B R A Z I L
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COMPANHIA SIDERURGICA: Moody's Alters Outlook on B2 CFR to Stable
-----------------------------------------------------------------
Moody's America Latina Ltda. affirmed Companhia Siderurgica
Nacional (CSN)'s global scale ratings at B2 and the National Scale
Ratings (NSR) at Ba1.br. The outlook for the ratings was changed to
stable from negative.

Ratings affirmed:

Issuer: Companhia Siderurgica Nacional (CSN)

  Corporate Family Rating: B2 (global scale) and Ba1.br (national
scale)

  BRL1.95 billion Senior Unsecured Debentures due 2023: B2 (global
scale) and Ba1.br (national scale)

  Outlook changed to stable from negative.

RATINGS RATIONALE

The change in CSN's ratings outlook to stable reflects the
company's better than anticipated operating performance during
2020, resulted from a favorable price and exchange rate
environments for iron ore exports coupled with a resilient
performance of both the steel and cement business in Brazil during
the pandemic. Accordingly, Moody's expects CSN's annual EBITDA to
increase to around BRL9 billion in 2020-21 and credit metrics to
improve in the next 12-18 months, with adjusted leverage declining
to around 4x from 5.3x in the twelve months ended September 2020.
Cash generation will also remain robust, reducing the bridge gap
for refinancing needs in the short-term and the risk of covenant
breaches. CSN has successfully rolled over BRL2 billion in debt
maturities with Brazilian banks during 2020 and the outlook for
improved operating performance should facilitate future extension
negotiations with creditors and foster additional liability
management initiatives to address debt maturities in 2021-23, all
of which will help reduce liquidity risks.

CSN's B2/Ba1.br ratings reflect the company's position as a leading
manufacturer of flat-rolled steel in Brazil (Ba2 stable), with a
favorable product mix that is focused on value-added products, and
as a major producer of iron ore (second-largest exporter in
Brazil). Historically, the company has reported a strong
Moody's-adjusted EBITDA margin of 20%-30% (26.4% in the LTM ended
September 2020), supported by its solid domestic market position,
wide range of products across different segments and globally
competitive production costs for both steel and iron ore. The
ratings also incorporate the improvement in the company's
short-term liquidity because of several measures taken over the
past two years and because of an improved cash position of BRL8.5
billion at the end of September 2020 (including BRL2.2 billion in
Usiminas' shares), which is sufficient to cover debt maturities
until 2021 year-end.

However, the ratings remain constrained by the company's highly
leveraged capital structure and significant amount of debt maturing
until 2023. Despite the company's debt refinancing efforts that
addressed short-term maturities, gross debt remains high and the
company still has BRL19.5 billion in debt maturing until the end of
2023. As such, CSN will continue to rely on external liquidity
events or additional debt roll-overs to be able to reduce its debt
levels and refinancing risk in a more structural and meaningful
manner.

Brazil's steel demand will retreat in 2020, but not as steeply as
initially thought. IABR, Brazil's steel institute, revised steel
sales forecast for 2020 upward several times, and now expects only
a 3.1% decline, up from an initial expectation of 20% drop.
Steelmakers announced price increases of about 20-30% in the
domestic market during the crisis, backed by an adjusted
supply-demand balance, currency depreciation, rising prices in
China and import-parity discounts. With that, profitability on
steel operations will remain adequate even with a 40%
foreign-exchange depreciation on US-denominated costs and higher
average iron ore prices of about $100/ton so far in 2020.

In addition, CSN's iron ore operations will remain strong based on
current high prices, relatively stable sales volumes and a
favorable exchange rate for exports. To respond to the steep
decline in steel demand in Brazil, CSN lowered its capital spending
and dividends for 2020, temporarily shut down a blast furnace and
will focus on cost reduction, all of which will contribute to a
strong free cash flow generation. The amount of free cash flow
generation will not be sufficient to fully cover debt maturities in
2021-22, though, and CSN will need to pursue additional
alternatives to reduce refinancing risk.

LIQUIDITY

Since the beginning of 2018, CSN has pursued several initiatives to
address its short-term debt and improve liquidity. In January 2020,
CSN concluded the issuance of $1 billion in new notes due 2028, and
proceeds were used to fund a tender offer for the totality of the
outstanding notes due in July 2020 and to pay down other existing
debt maturing in the short term, thus lengthening the company's
debt amortization schedule. In May 2020, CSN announced the
refinancing of BRL1.4 billion in bank debt maturing in 2020 and
2021 and more recently in October 2020 concluded the roll-over of
BRL600 million in bank debt, which eased liquidity risks for 2020
but did not resolved the refinancing needs for 2021-23.

CSN's debt maturities until 2022 comprises mainly bank debt, which
are easier to be rolled over based on CSN's long-standing
relationship with Brazil's local banks, namely Caixa, Banco do
Brasil and Bradesco. In 2023, the company will also need to address
a $925 million bond maturing in February. In its view, the
concentration of debt maturing in the next three years remains an
important rating constraint, as it exposes the company to the
volatility of access to capital markets, risk aversion and banks'
willingness to refinance debt, and raises liquidity risks for CSN.

In addition to continue pursuing an extension of its debt tenor,
CSN is contemplating additional liquidity events such as the IPO of
its mining subsidiary. If concluded, the IPO would materially
increase the company's cash position, reducing refinancing risks
and supporting future debt roll-overs with creditor banks. The
immediate liquidity benefits CSN would get from the IPO would
outweigh the loss in future cash flows and dividends from the
mining subsidiary. Upon the conclusion of the transaction, Moody's
would assess CSN's resulting liquidity profile and capital
structure, and its potential impact on the company's ratings.
Evidences of a sustainably strengthened financial position after
the transaction would put positive pressure on CSN's ratings.

The stable outlook reflects its expectation that the company's
operations will continue to perform well in the next 12-18 months,
allowing CSN to maintain an adequate liquidity profile and cash
generation while it pursues additional liquidity events and
liability management initiatives.

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

The ratings could be upgraded if CSN is able to improve its
liquidity profile and eliminate refinancing risk in the next 12-18
months either through a material increase in cash position or
relevant debt refinancing, while it maintains an adequate operating
performance. An upgrade would also require total leverage below
4.0x total adjusted debt to EBITDA and interest coverage ratios
(measured by EBIT to Interest expenses) above 2.5x (2.0x in the
twelve months ended September 2020) on a sustainable basis.

The ratings would suffer negative pressure if the company is unable
to roll over debt maturing in 2021-22 on a timely manner, thus
increasing liquidity risks. The ratings could be downgraded if
performance over the next 12 to 18 months deteriorates such that
leverage remains above 5.0x and EBIT/interest below 1.5x.

The principal methodology used in these ratings was Steel Industry
published in September 2017.

With an annual capacity of 5.9 million tons of crude steel,
Companhia Siderurgica Nacional (CSN) is a vertically integrated,
low cost producer of flat-rolled steel, including slabs, hot and
cold rolled steel, and a wide range of value-added steel products,
such as galvanized sheet and tinplate. In addition, the company has
downstream operations to produce customized products, pre-painted
steel and steel packaging. CSN sells its products to a broad array
of industries, including the automotive, capital goods, packaging,
construction and home appliance sectors. CSN owns and operates cold
rolling and galvanizing facilities in Portugal, along with long
steel assets in Germany through its subsidiary Stahlwerk Thüringen
GmbH (SWT). The company also has a long steel line (500,000 tons
capacity) in the Volta Redonda plant. CSN is a major producer of
iron ore (the second-largest exporter in Brazil), with a sales
volume of 32.9 million tons in the twelve months ended September
2020. The company has operations in other segments, such as cement,
logistics, port terminals and power generation. CSN reported
revenues of BRL26.8 billion ($5.6 billion) in the twelve months
ended September 2020.


CSN ISLANDS XI: Moody's Affirms B2 Rating on 2028 $1BB Unsec Notes
------------------------------------------------------------------
Moody's Investors Service affirmed the B2 ratings assigned to the
senior unsecured notes of CSN Islands XI Corporation, CSN Islands
XII Corporation and CSN Resources S.A. that are guaranteed by
Companhia Siderurgica Nacional (CSN). At the same time, Moody's
America Latina affirmed CSN's global scale ratings at B2 and the
National Scale Ratings (NSR) at Ba1.br. The outlook for the ratings
was changed to stable from negative.

Ratings affirmed:

Issuer: CSN Islands XI Corporation

  USD1 billion 6.75% BACKED Gtd Senior Unsecured Notes Due 2028:
B2

Issuer: CSN Islands XII Corporation

  USD1 billion 7.0% BACKED Gtd Senior Unsecured Perpetual Notes:
B2

Issuer: CSN Resources S.A.

  USD600 million 7.625% BACKED Gtd Senior Unsecured Notes Due 2026:
B2

  USD925 million 7.625% BACKED Gtd Senior Unsecured Notes Due 2023:
B2

Outlook Actions:

Issuers: CSN Islands XI Corporation, CSN Islands XII Corporation, &
CSN Resources S.A.

  Outlook, changed to stable from negative

RATINGS RATIONALE

The change in CSN's ratings outlook to stable reflects the
company's better than anticipated operating performance during
2020, resulted from a favorable price and exchange rate
environments for iron ore exports coupled with a resilient
performance of both the steel and cement business in Brazil during
the pandemic. Accordingly, Moody's expects CSN's annual EBITDA to
increase to around BRL9 billion in 2020-21 and credit metrics to
improve in the next 12-18 months, with adjusted leverage declining
to around 4x from 5.3x in the twelve months ended September 2020.
Cash generation will also remain robust, reducing the bridge gap
for refinancing needs in the short-term and the risk of covenant
breaches. CSN has successfully rolled over BRL2 billion in debt
maturities with Brazilian banks during 2020 and the outlook for
improved operating performance should facilitate future extension
negotiations with creditors and foster additional liability
management initiatives to address debt maturities in 2021-23, all
of which will help reduce liquidity risks.

CSN's B2/Ba1.br ratings reflect the company's position as a leading
manufacturer of flat-rolled steel in Brazil (Ba2 stable), with a
favorable product mix that is focused on value-added products, and
as a major producer of iron ore (second-largest exporter in
Brazil). Historically, the company has reported a strong
Moody's-adjusted EBITDA margin of 20%-30% (26.4% in the LTM ended
September 2020), supported by its solid domestic market position,
wide range of products across different segments and globally
competitive production costs for both steel and iron ore. The
ratings also incorporate the improvement in the company's
short-term liquidity because of several measures taken over the
past two years and because of an improved cash position of BRL8.5
billion at the end of September 2020 (including BRL2.2 billion in
Usiminas' shares), which is sufficient to cover debt maturities
until 2021 year-end.

However, the ratings remain constrained by the company's highly
leveraged capital structure and significant amount of debt maturing
until 2023. Despite the company's debt refinancing efforts that
addressed short-term maturities, gross debt remains high and the
company still has BRL19.5 billion in debt maturing until the end of
2023. As such, CSN will continue to rely on external liquidity
events or additional debt roll-overs to be able to reduce its debt
levels and refinancing risk in a more structural and meaningful
manner.

Brazil's steel demand will retreat in 2020, but not as steeply as
initially thought. IABR, Brazil's steel institute, revised steel
sales forecast for 2020 upward several times, and now expects only
a 3.1% decline, up from an initial expectation of 20% drop.
Steelmakers announced price increases of about 20-30% in the
domestic market during the crisis, backed by an adjusted
supply-demand balance, currency depreciation, rising prices in
China and import-parity discounts. With that, profitability on
steel operations will remain adequate even with a 40%
foreign-exchange depreciation on US-denominated costs and higher
average iron ore prices of about $100/ton so far in 2020.

In addition, CSN's iron ore operations will remain strong based on
current high prices, relatively stable sales volumes and a
favorable exchange rate for exports. To respond to the steep
decline in steel demand in Brazil, CSN lowered its capital spending
and dividends for 2020, temporarily shut down a blast furnace and
will focus on cost reduction, all of which will contribute to a
strong free cash flow generation. The amount of free cash flow
generation will not be sufficient to fully cover debt maturities in
2021-22, though, and CSN will need to pursue additional
alternatives to reduce refinancing risk.

LIQUIDITY

Since the beginning of 2018, CSN has pursued several initiatives to
address its short-term debt and improve liquidity. In January 2020,
CSN concluded the issuance of $1 billion in new notes due 2028, and
proceeds were used to fund a tender offer for the totality of the
outstanding notes due in July 2020 and to pay down other existing
debt maturing in the short term, thus lengthening the company's
debt amortization schedule. In May 2020, CSN announced the
refinancing of BRL1.4 billion in bank debt maturing in 2020 and
2021 and more recently in October 2020 concluded the roll-over of
BRL600 million in bank debt, which eased liquidity risks for 2020
but did not resolved the refinancing needs for 2021-23.

CSN's debt maturities until 2022 comprises mainly bank debt, which
are easier to be rolled over based on CSN's long-standing
relationship with Brazil's local banks, namely Caixa, Banco do
Brasil and Bradesco. In 2023, the company will also need to address
a $925 million bond maturing in February. In its view, the
concentration of debt maturing in the next three years remains an
important rating constraint, as it exposes the company to the
volatility of access to capital markets, risk aversion and banks'
willingness to refinance debt, and raises liquidity risks for CSN.

In addition to continue pursuing an extension of its debt tenor,
CSN is contemplating additional liquidity events such as the IPO of
its mining subsidiary. If concluded, the IPO would materially
increase the company's cash position, reducing refinancing risks
and supporting future debt roll-overs with creditor banks. The
immediate liquidity benefits CSN would get from the IPO would
outweigh the loss in future cash flows and dividends from the
mining subsidiary. Upon the conclusion of the transaction, Moody's
would assess CSN's resulting liquidity profile and capital
structure, and its potential impact on the company's ratings.
Evidences of a sustainably strengthened financial position after
the transaction would put positive pressure on CSN's ratings.

The stable outlook reflects its expectation that the company's
operations will continue to perform well in the next 12-18 months,
allowing CSN to maintain an adequate liquidity profile and cash
generation while it pursues additional liquidity events and
liability management initiatives.

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

The ratings could be upgraded if CSN is able to improve its
liquidity profile and eliminate refinancing risk in the next 12-18
months either through a material increase in cash position or
relevant debt refinancing, while it maintains an adequate operating
performance. An upgrade would also require total leverage below
4.0x total adjusted debt to EBITDA and interest coverage ratios
(measured by EBIT to Interest expenses) above 2.5x (2.0x in the
twelve months ended September 2020) on a sustainable basis.

The ratings would suffer negative pressure if the company is unable
to roll over debt maturing in 2021-22 on a timely manner, thus
increasing liquidity risks. The ratings could be downgraded if
performance over the next 12 to 18 months deteriorates such that
leverage remains above 5.0x and EBIT/interest below 1.5x.

The principal methodology used in these ratings was Steel Industry
published in September 2017.

With an annual capacity of 5.9 million tons of crude steel,
Companhia Siderurgica Nacional (CSN) is a vertically integrated,
low cost producer of flat-rolled steel, including slabs, hot and
cold rolled steel, and a wide range of value-added steel products,
such as galvanized sheet and tinplate. In addition, the company has
downstream operations to produce customized products, pre-painted
steel and steel packaging. CSN sells its products to a broad array
of industries, including the automotive, capital goods, packaging,
construction and home appliance sectors. CSN owns and operates cold
rolling and galvanizing facilities in Portugal, along with long
steel assets in Germany through its subsidiary Stahlwerk Thüringen
GmbH (SWT). The company also has a long steel line (500,000 tons
capacity) in the Volta Redonda plant. CSN is a major producer of
iron ore (the second-largest exporter in Brazil), with a sales
volume of 32.9 million tons in the twelve months ended September
2020. The company has operations in other segments, such as cement,
logistics, port terminals and power generation. CSN reported
revenues of BRL26.8 billion ($5.6 billion) in the twelve months
ended September 2020.




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

DOMINICAN REPUBLIC: Exporters Cringe as Haiti Slaps New Fee
-----------------------------------------------------------
Dominican Today reports that the Dominican Association of Exporters
(Adoexpo) affirmed that the new charge of approximately 800 dollars
established by the Haitian authorities represents an exorbitant
cost, for the verification of the merchandise that pass through the
customs of the neighboring country.  This doesn't include the 27%
of income taxes that must be paid for services abroad, according to
Dominican Today.

Adoexpo president, Elizabeth Mena, expressed the sector's concern
because that market is the second trading partner of the Dominican
Republic, to which an approximate amount of US$536 million was
exported between January and September this year, the report
notes.

She called on the Ministry of Foreign Relations, ProDominicana,
Customs, Internal Taxes and other official institutions linked to
this issue to seek a fair solution to this new measure of the
Haitian government that "constitutes a hard blow for the
competitiveness of the country," the report adds.

                   About Dominican Republic

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

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

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

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


DOMINICAN REPUBLIC: Guarantees an Electrical Pact Soon
------------------------------------------------------
Dominican Today reports that the Minister of the Presidency,
Lisandro Macarrulla, assured that the government of the Dominican
Republic would work so that as soon as possible the country would
have an electrical pact that will allow it to overcome all the
evils that for years have plagued this sector.

When participating in the first meeting of the Economic and Social
Council (CES), in his capacity as President of the Electricity
Cabinet, the Minister expressed that he came to the meeting to
present the official position in the spirit of having the pact
agreed upon as soon as possible, according to Dominican Today.

"We would like to look closely and review what we have already
agreed, but it will always encourage us to have an electricity pact
as soon as possible," he added.

The official explained that the CES is defining the mechanisms and
how the work that will end with the achievement of the pact will be
addressed, the report notes.

While the president of the CES, Rafael Toribio, considered that
with the disposition shown and the interest of the group members,
before the end of the year, it is expected to have the electrical
pact signed, the report relays.

"We have had an exchange of opinions. We evaluated what was left
and what should be done to advance the steps and have the signature
of this pact," said the official, 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).


DOMINICAN REPUBLIC: Prices of Fuel Fall Again
---------------------------------------------
Dominican Today reports that gasoline and diesel prices have fallen
again, coinciding with the worsening of the second wave of the
coronavirus and the increase in restrictions in Europe's leading
countries and the United States.

For the week of October 31-November 6, the Ministerio De Industria
Y Comercio Y Mipymes (MICM) has set regular gasoline to be sold at
193.20 and premium gasoline at 203.40, for a reduction of 2.60 and
2.50 pesos per gallon, respectively; while, regular diesel will
drop 1.00 peso to be sold at 148.50 and Optimo at 157.70, dropping
1.40 pesos per gallon. Likewise, liquefied petroleum gas (LPG) will
maintain its price and be sold at 113.50 pesos per gallon,
according to Dominican Today.

The decrease in prices of all locally sold fuels results from the
continuous downward trend of oil due to restrictions in many
countries in the face of the second wave of coronavirus, especially
in the United States, the report relays.  The price loses what was
earned in the month and returns to the levels it began in October,
the report notes.

The increase in coronavirus infections, reaching record figures in
countries such as the United States, Russia, and France, together
with the new wave of restrictions that it is generating, clouds the
prospects of economic recovery and, in the process, the oil demand,
the report discloses.

Cyclical markets like oil could suffer fully in the event of a
brake on the recovery of the world economy so that investors choose
to undo positions, even more so after the delay in the economic
stimuli of more than two trillion dollars that the United States
intended to launch is confirmed, and that will be postponed, at
least, until after the elections, the report says.

The negative impact of the renewed restrictions to face the
constant outbreaks of COVID-19 all over the world have put oil
prices in a downward spiral, registering their worst session since
mid-June, the report notes.  If market conditions worsen, OPEC and
its allies will have no choice but to challenge their plans to
increase production, the report relays.

The report notes that under these conclusions, for the week of
October 31 - November 6, the Ministry of Industry, Commerce, and
Mipymes has ordered that fuels sell at the following prices:

Premium gasoline will be sold at RD$203.40 per gallon lower by
RD$2.50 per gallon.

Regular gasoline: RD$193.20 per gallon lower by RD$2.60 per
gallon.

Regular gasoline oil will sell for RD$148.50 per gallon, RD$1.00
lower per gallon.

Gasoil Optimo: RD$157.70 per gallon, RD$1.40 lower per gallon.

Avtur: RD$108.40 per gallon, lower by RD$1.50 per gallon.

Kerosene: RD$131.70 per gallon, RD$1.80 less per gallon.

Fuel oil #6: RD$100.00 per gallon, RD$1.00 less per gallon.

Fuel Oil 1%S: RD$109.50 per gallon and maintains its price.

Liquefied Petroleum Gas (LPG) remains at RD$113.50/gl.

Natural Gas for RD$28.97 per cubic meter maintains its price.

The average exchange rate is RD$58.48, according to a survey
conducted by the Central Bank, 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).




=============
J A M A I C A
=============

JAMAICA: Remittances Expected to Drop 14% by 2021 Due to COVID-19
-----------------------------------------------------------------
RJR News reports that as the COVID-19 pandemic and economic crisis
continues to spread, the amount of money migrant workers sent home
in Jamaica is projected to decline 14 per cent by 2021 compared to
the pre-COVID-19 levels in 2019.

This is according to the latest estimates published in the World
Bank's Migration and Development Brief, the report notes.   

Remittance flows to low and middle-income countries are projected
to fall by seven per cent, to $508 billion in 2020, followed by a
further decline of 7.5 per cent, to $470 billion in 2021, according
to RJR News.

The foremost factors driving the decline in remittances include
weak economic growth and employment levels in migrant-hosting
countries, weak oil prices, and depreciation of the currencies of
remittance-source countries against the US dollar, the report
says.

                      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.




=====================
P U E R T O   R I C O
=====================

TRAVEL CONCEPTS: Hires Carrasquillo as Financial Consultant
-----------------------------------------------------------
Travel Concepts, LLC, seeks authority from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Luis R.
Carrasquillo & Co., P.S.C., as financial consultant to the Debtor.

Travel Concepts requires Carrasquillo to:

   -- provide strategic counseling and advice, modeling
      preparation, financial business assistance; and

   -- assist in the preparation of documents, as requested
      by the Debtor.

Carrasquillo will be paid at these hourly rates:

     Partners                          $175
     Senior Accountants             $90 to $125
     Junior Accountants             $45 to $65
     Administrative Supports           $45

Carrasquillo will be paid a retainer in the amount of $10,000.

Carrasquillo will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Luis R. Carrasquillo, partner of Luis R. Carrasquillo & Co.,
P.S.C., assured the Court that the firm is a "disinterested person"
as the term is defined in Section 101(14) of the Bankruptcy Code
and does not represent any interest adverse to the Debtor and its
estates.

Carrasquillo can be reached at:

     Luis R. Carrasquillo
     Luis R. Carrasquillo & Co., P.S.C.
     28th Street, I -26
     Turabo Gardens, Caguas PR 00725
     Tel: (787) 746-4555
     Fax: (787) 746-4564
     E-mail: luis@cpacarrasquillo.com

                     About Travel Concepts

Travel Concepts LLC -- https://www.tws.travel -- is a travel agency
headquartered in San Juan, Puerto Rico, offering travel arrangement
and reservation services. It conducts business under the name
Travel With Sears.

Travel Concepts LLC filed its voluntary petition under Chapter 11
of the Bankruptcy Code (Bankr. D.P.R. Case No. 20-03281) on August
21, 2020.  In the petition signed by Rigo Emilio Mediavilla Varela,
president, the Debtor disclosed $3,442,184 in assets and $4,399,286
in liabilities. Charles A. Cuprill, Esq. at CHARLES A. CUPRILL, PSC
LAW OFFICES represented the Debtors.




=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

TRINIDAD & TOBAGO: Poverty Amid Covid Crisis
---------------------------------------------
Michelle Loubon at Trinidad Express reports that Toco/Sangre Grande
MP Roger Munro in an interview with Express Business on the plight
of his constituents during the Covid pandemic, said: "I know of
their struggles. No money. No income. I know about the daily crises
some people face."

The report notes that he added: "Before I was elected I was
reaching out to people, and doing my endeavour best to provide
foodstuffs. Now I am helping children with devices. I try my utmost
best to assist everyone, and families who visit my office at LP 14
Toco Main Road. I even sent out officers to assist at-risk
families. I stand committed to my oath to help all residents and to
bring resources to the region to improve the lives of everyone. "I
have been participating in the Budget debate. Some adjustments will
be made. After the Budget, I have plans to have a special meeting
with the Social Development Minister (Donna Cox) to address their
concerns. We will look at grants, and food cards.

"I had conversations with Laventille West MP Fitzgerald Hinds,
Minister of National Service and Youth Development. Hinds has
agreed to pay a visit to Sangre Grande after the Budget debate. We
will explore ways to get the people, including youth, involved in
agriculture, and different skills. We have talented youth, people
are dexterous with their hands," he said.

The report discloses that on the woes at the Sangre Grande market,
Munro said: "The Regional Corporation (Anil Juteram) has a total
hold over it. I know there have been deliberations about the poor
state of the facilities, especially the toilets. We want to improve
the standard so vendors can be more comfortable. Vending is their
main source of income. When I attend the statutory meeting, I will
raise the market issue."

"Excited" at Toco port

Moving to the plan for a port at Toco, Munro said: "I'm excited
about the port. Road network is ongoing. Contractors have finished
work on the Valencia Roundabout. Now they are going to make the
trek all the way to Toco Main Road. The port will enhance the lives
of people in this region. I am hoping we could get some industries
here, too," he added.

The report notes that Munro also said he was aware domestic tourism
is affected by Covid-19, adding: "I know people are struggling.
Bars, small fast food places and restaurants have closed down.
Roast and boiled corn vendors outside Salybia Beach have lost
income but the State is caught between a rock, and a hard place. We
must do what is mandatory to preserve lives."

           $1 Million Needed for Drains, Toilets

The report relays that also interviewed by Express Business, Sangre
Grande Regional Corporation chairman Anil Juteram said of the
market: "We asked for about $1 million for the first phase, which
would include drains, underground drains and toilet facilities to
upgrade the market. We wanted an office for the clerk.

"The Council made decisions and that plan was turned down by some
members of Council. They wanted to build a steel shed. It would
have been built in the outdoor market area. Because of the
differing views, we did not get the money. There are times when you
have to put aside party symbols in favour of people."

Juteram added: "I am going to reapply for the money under this
financial year, and if we get it in next year's budget we will do
the work. We applied this year, and we lost it. We did not get
anything because of the late time the cheques were sent down to
Finance," the report relays.

On moves to ease poverty, Juteram added: "The Corporation got some
unspent balances, We used funding to sanitise the market and the
town centre. Councillors in eight electoral districts were given
hampers to assist less vulnerable burgesses, the report says.

             Price Gouging Worse than Covid-19

The Corporation realized at times, two breadwinners (in a
household) were laid off.  You might see a pleasant bungalow but
when you opened their fridge, the family had nothing to eat," the
report relays.

Political veteran and Valencia East/Toco councillor Martin Terry
"Mr. Toco" Rondon, said in an interview with Express Business that
while Sangre Grande residents are struggling to eke out an
existence during Covid-19, they have to contend with price gouging,
the report relates.

In a telephone interview, Rondon said: "It's the truth. Sangre
Grande people are facing tough times. Some people don't know where
the next meal is coming from. I've been begging for hampers and
devices. Our children need to get on online education. It's their
way out of poverty. Those who work in the private sector are
feeling the pinch. Fishermen are struggling in getting their fish
out. I had to take hampers for fishermen in Matelot and Toco when
Covid-19 struck," the report relays.

Thanking the Government for not shutting down CEPEP and URP, Rondon
said: "People working in those sectors are still earning a salary
(about $800 a fortnight) . Agriculture started to pick up. But with
Covid-19, a lot of people are not buying produce, because they have
no money. We have no industries, so people depend upon agriculture
and fishing," the report discloses.

                        Toco Awaiting Port

Rondon also said Toco/Sangre Grande is waiting with bated breath
for the port, the report notes.

"Toco will come alive with the port. We can stand on our feet. We
would have a valuable piece of infrastructure, and a legacy for our
children and grandchildren. We have fishing for six months of the
year. Then we go to the land, but we can't depend upon it every
day.

Rondon said he has witnessed price gouging. "I know for a fact the
greed that is manifesting itself. It disturbed me. It's affecting
the poor man and his family. I am calling upon price control
officers to start going around and control soaring prices.
Co-operatives are no longer here," the report relays.

Rondon added: "It's time for Government to step in and protect the
small man. Help him to have a comfortable life. Price gouging is
worse than Covid-19. Items like rice, ketchup, and basic staples
have skyrocketed." Rondon advised people to visit Savi Street (just
behind the police station) to get assistance from the Social
Development Ministry. He also said he was unaware of the number of
people who got Salary Relief Grants. He pleaded with people to
learn new skills like welding, masonry, carpentry and hospitality.
Rondon also advised people to get involved in training programmes
and educate themselves, the report adds.




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

VENEZUELA: Government Seeks to Revive Moribund Debt Talks
---------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that the
government of Venezuelan President Nicolas Maduro is approaching
some of the nation's creditors in a bid to lay the groundwork for a
debt deal should sanctions ease after next month's U.S. election.

His team has convened phone calls with local bondholders in the
past few weeks, as well as those from Colombia, Argentina and
Europe, according to people familiar with the matter, the report
relays.

The report notes that prominent investors such as Boston-based
Fidelity Investments; Goldman Sachs Group Inc. and BlackRock Inc.
in New York; and Newport Beach, California-based Pacific Investment
Management Co. aren't included in the talks due to restrictions
imposed by the Trump administration. Spokespeople at those
companies declined to comment.

                           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
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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,
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