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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

          Wednesday, November 11, 2020, Vol. 21, No. 226

                           Headlines



A R G E N T I N A

ARGENTINA: From Restructuring Darling to Debt Pariah, Kassin Says


B E R M U D A

HIGHLANDS HOLDINGS: S&P Assigns 'BB+' LongTerm ICR, Outlook Stable


B R A Z I L

BRAZIL: Minister Says Pandemic "Yielding", Economy Rebounding


C A Y M A N   I S L A N D S

FALCON GROUP: S&P Affirms 'BB-/B' ICRs on Criteria Transition


G U A T E M A L A

GUATEMALA: Resilient Remittances Mitigated Covid Impact, IMF Says


J A M A I C A

JAMAICA: In Partnership With IDB, Launches InvestmentMap Jamaica


P E R U

PERU: Tourism Capital Emerging From Covid-19's Long Shadow


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: $102 Million to Fund Parallel Healthcare System


V E N E Z U E L A

VENEZUELA: Seeks Chinese Investments Under Anti-Blockade Law

                           - - - - -


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A R G E N T I N A
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ARGENTINA: From Restructuring Darling to Debt Pariah, Kassin Says
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Chris Sloley and Raphael Kassin at citywireamericas.com reports
that Argentina has undone a huge amount of positive work done in
reaching an agreement to restructure its debt through its financial
mismanagement and the government only has itself to blame,
according to Raphael Kassin.

Emerging market debt veteran Kassin made the comments during the
most recent episode of sister publication Citywire Selector's EM
Insider podcast.

The main bodies involved in the restructuring - the Argentina
Exchange Bondholders Group and the Argentina Creditor Committee -
blasted the Argentinian government last month over 'virtual
wasteland' that had followed an agreement being reached over the
summer, according to citywireamericas.com.

The groups said the government had not proactively changed course
but instead continued with profligate spending and monetary
policies, which continued to damage the country's international
reputation, the report notes.

According to Morgan Stanley, bonds dropped 25% in the period
following the restructuring deal, which it said was among the
'worst routs' in the aftermath of a debt agreement that the company
had ever seen, the report relays.

Speaking to Citywire Selector, Kassin said: 'In the old days, these
restructurings were quite civilised, you had investors throughout
the whole spectrum casting their votes. Generally, you didn't have
investors on the buy-side with so much ammunition to buy a lot at
the bottom, the report says.

'With this restructuring, it became clearer that a lot of people
bought at the bottom and voted for the restructuring. For example,
if bonds are trading at par, and I'm a private investor at a Swiss
bank, and they go to 30, I'm probably not going to go out and buy
more bonds at 30. Because I already have them at par, the report
notes.

'But for a long-only or even a hedge fund manager who's got cash,
it's a no-brainer to buy these bonds at 30. Then we have a
restructuring in which you get 50% back. Well, you made 20 points
in a day. Obviously, there's a little bit of profit to be made but
it's not very equitable,' the report discloses.

Kassin, who has previously criticised both 'vulture culture' and
the Argentinian regime, said the restructuring hasn't helped its
prospects or even met one of the key considerations, which was the
provide clarity for the bond market, the report notes.

'The objective should have been for it to help for bonds to
stabilise at a nice high level. So that Argentina at some point
could convince investors to invest again, but would you do that if
you saw bonds collapsing and everybody going, you know, jumping out
the window?

'I think that this restructuring on the Argentinian side was
actually quite a disappointment. If I were the guy who put this
deal together, I probably would be sitting around scratching my
head wondering: "Well, what have I done?"'

                         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 E R M U D A
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HIGHLANDS HOLDINGS: S&P Assigns 'BB+' LongTerm ICR, Outlook Stable
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S&P Global Ratings assigned its 'BB+' long-term ICR to the
Highlands Holdings Bond Issuer Ltd. and Highlands Holdings Bond
Co-Issuer Inc. (collectively, the Highlands Issuers). The outlook
on both entities is stable.

S&P also assigned its 'BB+' issue rating to the Highlands Issuers'
$500 million, senior secured PIK toggle notes due in 2025.

The ratings are in line with the preliminary ratings S&P assigned
on Oct. 20, 2020.

The Highlands Issuers have been created as financing subsidiaries
to sit above Aspen Group's regulated entities. On Oct. 28, 2020,
Highlands issued $500 million in PIK toggle notes and used part of
the proceeds to pay Aspen's shareholder, Apollo, and partly to
provide the group with additional funds.

S&P said, "We incorporate the Highlands Issuers in our view of the
wider group, which also comprises the regulated entities: Aspen
Insurance Holding Ltd. (AIHL) and Aspen's operating entities. We
use this group approach because in our view, the servicing and
repayment of the debt instruments raised at the intermediate
holding levels, above Aspen's regulated entities, ultimately relies
on the cash flows from Aspen's operating entities.

"The long-term ICR on the Highlands Issuers is four notches below
our 'a-' group credit profile (GCP) assessment of the wider
consolidated group."

The gap between the long-term ICR on the Highlands Issuers and the
GCP is wider than the standard two notches we apply to AIHL because
S&P sees:

-- The Highlands Issuers' creditors as structurally subordinated
to AIHL's--Highlands' repayment capacity ultimately depends on the
upstreaming of dividends from AIHL;

-- Risks of possible supervisory barriers to dividend payments, as
AIHL and Aspen's operating entities are regulated insurance
companies; and

-- Potential dividend payment restrictions by Aspen because we
anticipate that the group will manage its capital above 'AAA' and
maintain a favorable liquidity position.

-- The 'BB+' rating on the PIK notes is at the same level as the
long-term ICR on the Highlands Issuers because the notes are senior
obligations.

S&P said, "The PIK feature, which entitles the issuer to make
coupon payments in kind, rather than in cash (in particular, by
increasing the principal amount of the outstanding notes), does not
lead us to rate the instrument lower than the ICR. If the Highlands
Issuers were to pay in kind, rather than in cash, on an interest
payment date, we would not see it as a breach of an imputed
promise. However, if the Highlands Issuers elected to pay the
coupon in cash and failed to do so, we would consider the failure
to be an event of default.

"The PIK notes are secured, including a share pledge over 100% of
Highlands shareholders' shares in Highlands Holding Ltd. We
currently see the risk of change in control as remote.

"The Highlands Issuers' downstreamed part of the proceeds from the
new debt issue as equity into Aspen's operating entities. We treat
the equity injection into the regulated entities as eligible
capital under our capital model, subject to the debt-funded double
leverage tolerance limit, as per our capital model criteria.

"The stable outlook reflects our expectation that the group will
continue to benefit from its competitive position within the global
specialty and reinsurance market. As a result, the underwriting
performance will gradually improve to better than breakeven in the
next two years. We also anticipate that Aspen will maintain
capitalization at least at the 'AAA' level, as per our capital
model."

S&P currently views an upgrade as unlikely over the next 12-24
months. However, S&P could raise the rating over the next 24 months
if:

-- S&P considers Aspen is likely to improve its underwriting
profitability materially and consistently, through successful
re-underwriting and declining operating expenses; and

-- The group strengthens its financial position by consistently
maintaining capital above the 'AAA' level, reducing its financial
leverage, and improving its fixed charge coverage.

S&P would consider lowering the ratings if:

-- Aspen's underwriting performance does not show further signs of
improvement, signaling greater competitive pressure than it
currently anticipates;

-- Aspen's capital adequacy position declines and remains below
the 'AAA' level for a prolonged period, and S&P believes that a
rapid recovery to the 'AAA' capital level is unlikely. This could
stem, for example, from excessive investment risk-taking, or a
change in capital management policy;

-- Aspen weakens its financial strength by further increasing its
financial leverage, fixed-charge coverage doesn't improve as S&P
expected to 3x-4x, or it observes material reduction of its
liquidity level; and

-- Senior management experiences unexpected turnover that weakens
current levels of expertise, or if S&P observes an unforeseen
change in involvement from its owner, Apollo, which could weaken
its view of governance.




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B R A Z I L
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BRAZIL: Minister Says Pandemic "Yielding", Economy Rebounding
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Rio Time Online reports that Brazil Minister of Economy Paulo
Guedes stated on Nov. 4, that the Covid-19 pandemic is "yielding,
while the economy is rebounding". In an event at the Planalto
Palace, he stressed the labor market data and the creation of
formal jobs in recent months.

"We have created 100,000 jobs in July, 300,000 jobs in September.
So we lost fewer jobs in the year than in 2015 and 2016, when there
was no such tragedy.  In September 2015, we had lost 650,000 jobs.
At this point, we have lost 550,000," he said, the report notes.

                        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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C A Y M A N   I S L A N D S
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FALCON GROUP: S&P Affirms 'BB-/B' ICRs on Criteria Transition
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S&P Global Ratings affirmed the long- and short-term issuer credit
ratings on trade finance provider Falcon Group Holdings (Cayman)
Ltd.(Falcon) at 'BB-/B'. The outlook is stable.

S&P said, "The affirmation follows our review of our ratings on
Falcon following our decision to transition to the nonbank
financial institution criteria. Falcon's new loan facility and
strategy to finance more receivables on its balance sheet make the
debt-to-equity ratio more reflective of its underlying leverage
metrics than cash flow-based metrics, in our view. The change in
rating methodology does not affect our view of the company's
fundamental credit strengths and weaknesses.

"Our view of Falcon's business position balances the company's
niche market position and successful track record with its
comparatively small scale in global terms, and its relatively
narrow, undiversified business model. Falcon is continuing to
develop its niche position in the trade finance market by
refocusing its strategy toward midsize and large corporate clients.
We see early signs of progress in implementing this new strategy,
and the economic downturn triggered by the COVID-19 pandemic may
increase demand for its supply chain financing services. Larger
corporates require longer onboarding time, but Falcon signed up
several strategic clients in 2020. We understand that the company
has now exited most small to midsize enterprise (SME)
relationships, and we believe that it will prioritize the sourcing
of increased volumes from its recently acquired clients." This has
left the company with declining revenue resulting from lower
margins--albeit from a high base--and origination volumes.

Supporting S&P's assessment of Falcon's capital and earnings
profile is the high level of equity it holds relative to
on-balance-sheet debt. At Jan. 31, 2020, it held $188 million in
shareholder capital, which has steadily increased over recent years
through retained earnings. Since the company's dividend policy is
50% of consolidated net income, S&P believes that Falcon will
continue to expand its capital base as the business grows.

During 2020, Falcon repaid the outstanding $66.3 million balance
under its trade finance facility with Lloyds Bank PLC and replaced
it with a $50 million facility provided by Nomura. The new loan
facility is secured by trade finance transactions that are fully
hedged with standby letters of credit provided by investment grade
banks. The facility is covenant-lite, requiring minimal $100
million tangible net worth. In S&P's view, the new debt facility
will support Falcon to expand its client base and maintain a
diversified funding profile.

S&P said, "We expect credit losses to remain very low due to the
intrinsically low-risk nature of short-term trade finance business.
Data from the International Chamber of Commerce Trade Register
suggest that the average default rate per transaction across
short-term trade finance products during 2008–2011 was 0.02%,
while the average loss rate was 0.01%. Therefore, we focus on
leverage-based metrics rather than risk-adjusted capital ratios
following the transition to our nonbank financial institutions
methodology.

"Our stable outlook on Falcon reflects our expectation that the
company will continue to pursue its recalibrated strategy in the
currently difficult global environment. We expect Falcon to
maintain its balance sheet leverage metrics during the next 12
months.

"We could raise the ratings in the next 12 months if Falcon
executes its recalibrated strategy successfully, benefiting its
revenue stability and customer base. We would also consider whether
Falcon is maintaining its low-risk appetite, disciplined
underwriting criteria, and strong shareholder capital.

"We could lower the ratings if Falcon raises significantly more
on-balance-sheet debt, raising its debt-to-adjusted-equity ratio
above 1.5x for a sustained period. This could also result from
higher-than-expected dividend payments, which would reduce its
shareholder capital. We could also lower the ratings if Falcon does
not manage to implement its strategy successfully; that is, if
volumes and operating profit continue to fall to the extent that it
becomes a threat to its business model. We will also consider
whether Falcon's expansion is moving into riskier business areas."




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G U A T E M A L A
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GUATEMALA: Resilient Remittances Mitigated Covid Impact, IMF Says
-----------------------------------------------------------------
An International Monetary Fund (IMF) team, led by Esther Perez
Ruiz, conducted a virtual staff visit to Guatemala during October
26-30, 2020. At the end of this mission, Ms. Perez Ruiz issued the
following statement:

"Guatemala's expected contraction of about 2 percent in 2020, and
recovery to 4 percent next year, fares well in global and regional
comparison. Resilient remittances and exports, and lower oil
prices, have given rise to a current account surplus and allow
significant accumulation of international reserves. A number of
COVID-19 programs (family bonus, employment protection plan,
working capital credit fund), alongside temporary loans
restructuring, are helping to support households' income and firms'
liquidity. The central bank's policy rate cuts, the activation of
liquidity facilities and flexible reserve requirements have also
secured the provision of liquidity with no detriment to the
inflation objectives. To enable these policy responses, the
authorities have promptly mobilized market funding and loans from
international financial institutions, including US$ 594 million
under the IMF Rapid Financing Instrument (pending Congress
approval).

"Despite this resilience, the COVID-19 crisis is likely to have a
durable economic and social impact. After falling markedly, the
recovery in formal employment and tax collections is lagging
activity, while chronic malnutrition and food insecurity keep
rising, and significant downside risks remain. These risks include
a rise in COVID-19 infections, which might lead to partial
lockdowns, and a possible worsening of the global outlook and
external financial conditions. Against this backdrop, policies
should continue to sustain the recovery and safeguard downside
risks.

"The draft 2021 Budget presented to the Congress of Guatemala duly
maintains fiscal support in the short term and proposes a
withdrawal in a gradual and sustainable manner. In order to
maximize the impact of fiscal support, staff encourages: (i) better
targeting of the social assistance leveraging on the family bonus'
digitalization; (ii) expanded provision of healthcare and virtual
education to the most vulnerable to tackle inequality; and (iii)
the prompt and transparent execution of infrastructure programs. To
maintain fiscal sustainability, staff calls for consistent efforts
at revenue mobilization over the medium term. Monetary policy
should remain accommodative and neutralize, as planned, any effects
of monetization on inflation. Further monetization of the budget
deficit by the Central Bank should be avoided.

"The authorities' Economic Recovery Plan aims to improve
Guatemala's business environment and foster greater labor market
flexibility. In that regard, staff recommends the swift adoption of
the new infrastructure, leasing, insolvency laws, and the ILO
Convention 175. Increased legal certainty is key to enhance the
business environment.

"Entering the crisis with relatively high capital and liquidity
buffers, the banking sector has by now restructured about one-third
of its loan portfolio under regulatory forbearance. Non-performing
loans remain low at just over 2 percent (reflecting the lack of
penalty in the debtors' rating upon restructuring) but loan-loss
provisions have increased steadily, indicating a possible
deterioration of loan quality. To ensure financial stability, the
financial supervisor should assess any build-up of risks in banks'
loan portfolios, strengthen provisioning and capital buffers as
warranted, and consider a gradual withdrawal of temporary relief
measures. The reform of the Law of Banks and Financial Groups,
pending in Congress, would be important to strengthen the banks'
resolution framework; as well as the approval of the new Law on the
Prevention and Suppression of Money Laundering and Terrorism
Financing (AML/CFT), which would modernize the tools to fight those
offences.

"During the virtual staff visit, the team met with Mr. Sergio
Recinos, the President of the Central Bank of Guatemala, Mr. Alvaro
Gonzalez Ricci, the Minister of Finance, Mr. Erick Vargas, the
Superintendent of Banks, Mr. Marco Livio Diaz, Superintendent of
SAT, other senior officials and representatives of the private
sector. Mr. Edgar Cartagena (OED) participated in the discussions.
The mission would like to thank the authorities for their close
cooperation and candid discussions."




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J A M A I C A
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JAMAICA: In Partnership With IDB, Launches InvestmentMap Jamaica
----------------------------------------------------------------
The Jamaican government, in partnership with the Inter-American
Development Bank (IDB), launched InvestmentMap Jamaica, an online
interactive portal that tracks the country's public investment
projects and makes information available to citizens in a
user-friendly map-based format.

Jamaica became the first country in the English-speaking Caribbean
to join the IDB's regional InvestmentMap initiative. In recent
years, Argentina, Colombia, Costa Rica, the Dominican Republic,
Paraguay and Peru have launched InvestmentMap platforms under the
initiative, and more countries are joining.

InvestmentMap draws information directly from the Ministry of
Finance and the Public Service's (MOFPS) Public Investment
Management System on projects that are being funded with resources
from both the Government and donor agencies. Seventy-eight projects
are currently uploaded in the platform. Persons accessing the
platform will be able to search data by parish, sector, and source
of funding, among other criteria. Information available includes
the financial and physical progress of the project. Project
Managers can also upload pictures and videos of their projects.

The platform is interactive: citizens, NGOs, private companies, or
other stakeholders can provide comments, ask questions and submit
their own pictures of projects.

The Minister of Finance and the Public Service, Nigel Clarke, said:
"I am delighted to launch today the InvestmentMap Jamaica portal,
an important first step in bringing more transparency and
accountability to our public sector. It is aligned with the
administration's objectives and will also help make our public
investment system more efficient, at a time when we cannot afford
to waste one dollar".

In addition to increasing transparency, the project also aims to
strengthen the performance of public investment projects. A recent
study from the InvestmentMap Platform in Costa Rica shows that
InvestmentMap can help accelerate the financial progress of
projects by 18 percent and the physical progress by 8 percent,
compared to projects not included in the platform.

The implementation of InvestmentMap was the result of close
coordination between Jamaica's MOFPS, and the IDB Jamaica Country
Office and InvestmentMap team, based across Latin America and the
Caribbean. The platform complements important reforms ïn the
Jamaican public sector and of its public investment management
system, both recently completed and currently in progress,
including with support from the IDB and World Bank.

"I commend the government of Jamaica for being first in the
English-speaking Caribbean to implement InvestmentMap. I hope more
will follow and I am aware that other governments have already
expressed interest," said Therese Turner-Jones, General Manager for
the Caribbean Country Department at the IDB. "These platforms
represent a key first step to strengthen the accountability loop
for public officials in our region. This, in turn, is critical to
strengthen people's trust in the public sector at this challenging
time."

                           About Jamaica

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

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

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




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P E R U
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PERU: Tourism Capital Emerging From Covid-19's Long Shadow
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Fernando Gimeno Cuzco at EFE News reports that the coronavirus
pandemic has exacted a heavy toll on Cuzco, the gateway to the Inca
citadel of Machu Picchu and Peru's tourism capital, where deserted
streets, empty restaurants and closed stores are a testament to
Covid-19's devastating economic impact.

But a light is now visible at the end of a dark tunnel in that
southern highland city, which endured one of the country's longest
lockdowns and now is trying to adapt and bring back international
tourism under strict biosafety protocols, according to EFE News.

Prior to the pandemic, Cuzco's historic center was a hotbed of
international tourists who wandered its narrow, cobble-stoned
streets lined with Inca walls and colonial homes featuring a
mixture of pre-Columbian and Spanish styles, the report relays.

But a strange calm now reigns in Plaza de Armas, Cuzco's main
square, where the statue of 15th-century Inca ruler Pachacuti looks
up toward the Fortress of Sacsayhuaman, an archaeological park
located at an altitude of 3,555 meters (11,663 feet) above sea
level, the report notes.




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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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TRINIDAD & TOBAGO: $102 Million to Fund Parallel Healthcare System
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Trinidad Express reports that on the budget 20221, Finance Minister
Colm Imbert said:" "we have created a ­robust parallel health
system to respond specifically to the pandemic which has been and
continues to be an ­extremely effective approach."

"A safety net for the most ­vulnerable households and businesses
was immediately established. It was appropriately targeted at a
cost of $6.0 billion, of which we have spent over $4 billion so
far. We are leaving no one behind."

It costs $600 a day to care for one Covid-19 patient, according to
Trinidad Express.

As of September 2020, the Government has spent $102 million on its
parallel health system, which was established in March 2020 to deal
with the Covid-19 pandemic, essentially to leave the existing
health infrastructure unaffected, the report notes.

Up to October 7, about 4,584 patients have passed through the
parallel health system, the report relays.

In comparison, the State has spent over $4 billion in managing the
economic fallout of the virus now in its eighth month in T&T, the
report discloses.

That cost is broken up through the four regional health authorities
(RHA) and divided into consumables, human resources, infrastructure
and equipment, the report notes.

As it stands, there are 19 facilities available in the parallel
healthcare system, the report relays.

They support existing patients, step-down facilities and
repatriated citizens for quarantine, the report discloses.

There are 1,551 beds to support the parallel system—520 are
allocated for sick Covid-19 patients (hospitals) and 652 for mild
and asymptomatic Covid-19 patients (step-down), the report relays.
The remainder of beds are allocated for persons undergoing
quarantine, the report notes.

The total occupancy percentage was 17 per cent, the ambulatory bed
capacity was 18 per cent, the Intensive Care Unit (ICU) bed
capacity was eight per cent and the high dependency unit was 11 per
cent, the report relays.

From a staff perspective, Minister of Health, Terrence Deyalsingh,
observed that there is potential for burnout of healthcare workers
with no end to this pandemic in sight, the report notes.

As part of the ministry's drive to build capacity in the system, he
said, during his contribution to the 2021 budget debate, that there
will be a redeployment of trained and experienced doctors and
nurses from the four RHAs to the North Central and South West
Regional Health Authorities to serve on the frontline of the
Covid-19 response, the report says.

The Government is also planning the recruitment of 60 nurses
utilising a United Nations Development Programme loan and to
recruit 100 house officers and 100 registered nurses utilising a
US$100 million ($670 million) Inter-American Development Bank loan,
the report notes.

"Health system resilience refers to the ability to absorb
disturbances and respond and recover with the timely provision of
needed services.  The Covid-19 global pandemic has tested the
strength and resilience of the Trinidad and Tobago health ­system
and continues to do so.  The Ministry of Health has taken various
steps to ensure the pandemic does not largely disrupt the
functioning of the public health system mainly through the
establishment of a parallel healthcare system to treat with the
Covid-19 pandemic," Deyalsingh said during his budget contribution,
the report notes.

On October 24, Prime Minister Dr Keith Rowley had announced that a
committee—which includes Attorney General Faris Al-Rawi and
Deyalsingh—has been set up to create an avenue by which the
borders can "partially reopen" to accommodate the repatriation of
Trinidad and Tobago's citizens, the report relays.

Principal Medical Officer Dr Maryam ­Abdool-Richards said the
parallel health system could handle the influx of repatriated
citizens, if the Government decides on that, the report discloses.

"Within the parallel healthcare system, we have strati­fied the
risk level of people across hospitals, quarantine centres for
returning nationals and step-down facilities for Covid patients who
have co-morbidities or who may have a socioeconomic challenge in
terms of the Covid-19 mitigation measures, the report relays.

"Our cut-off point, in terms of the 70 per cent, has not been
reached. In fact, our Intensive Care Unit (ICU) bed capacity—even
when the cases of community transmission were high, we got an
occupancy of about 20 per cent. Our High Dependency Unit (HDU)
capacity has not gone beyond 40 per cent, the report relates.

"We are repatriating about 300 people every ten days, which allows
for the turnaround of these facilities if there is need for
preventative maintenance," she had added.

"Our reason is centered around the monitoring and surveillance of
these repatriated nationals who have come from high-risk countries
such as the United States and Canada. We are also concerned that
these nationals may bring a different strain of the Covid-19
virus," she had said, the report notes.

The committee had until November 2 to make recommendations on the
process moving forward, the report relays.

The Sunday Express was told that the allocation of bed spaces by
occupancy was modelled based on international statistics, with five
per cent of Covid-19 patients who ­require Intensive Care
Unit-level care; 15 per cent, high ­level dependency care; and the
remaining 80 per cent, ward or ambulatory level care, the report
notes.

The parallel system, the Sunday Express was told, achieved a
coordinated systematic approach to handling the pandemic, the
report relays.

The benefits, according to Dr Richards, and necessity of this
system include the following:

-- Decreased burden on healthcare system. Establishing a
healthcare system that is prioritised to handle Covid-19-­related
cases lessens the burden on the traditional healthcare system. The
distribution of Covid-19 case responsibilities ensures that the
public has continued access to care through the traditional system,
while the secondary system manages the typical disease burden.

-- Reduced transmission. The facilities designated to Covid-19
response provide a safeguard against virus transmission by
separating those confirmed cases from potentially spreading the
virus to susceptible individuals. Facilities have been designed ad
retro-fitted based on World Health Organisation standards.

-- Mitigating resource shortages. Designating a centrali­sed
Covid-19 response system can ensure that medical resources such as
medical equipment, PPE and staff are effectively and equitably
allocated throughout the system to where they are most needed.
Through the Inter-American Development Bank-funded Health Services
Support Programme of the Ministry of Health, 100 doctors and 100
nurses were recruited.

-- Standardisation of service delivery: A centralised and
standardised system ensures standardised health policy, healthcare
quality, services and managerial capabilities, allowing for an
iterative and experiential process allowing continuous service
improvement.

"The parallel system continues to be a proactive and ­vital
approach to managing future impending waves of this pandemic. While
the system has been conceptualised and operationalised by the
Ministry of Health, it is imperative to recognise the support
provided by the Ministry of National Security through the Trinidad
and Tobago Defence Force and Trinidad and Tobago Police Service,
and the ministries of Public Utilities, Communication and Local
Government.

"This system also highlights an excellent partnership model between
multi-lateral agencies such as the ­Inter-American Development
Bank and CAF, the private sector and diplomatic missions and
embassies who have assisted in technical co-operation and resource
mobilisation," she said, the report adds.




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

VENEZUELA: Seeks Chinese Investments Under Anti-Blockade Law
------------------------------------------------------------
EFE New reports that Venezuela President Nicolas Maduro sought help
from China to revive the economy and urged Beijing to take lead in
new foreign investments the South American nation hopes to attract
under the new anti-blockade law to circumvent international
sanctions.

"I ask for the help from China, I ask for the help from (President)
Xi Jinping," Maduro said during a meeting in Caracas with a group
of Chinese businessmen, according to EFE New.

He said China should help Venezuela so that "the anti-blockade law
becomes the expression of new partnerships," the report notes.

The law allows Maduro to sign new oil deals with private firms and
foreign nations without disclosing them publicly as the government
battles severe financial crisis due to almost no oil production and
restrictions on crude exports under the sanctions, the report
discloses.

Maduro said he would explain the nuances of the matter to his
Chinese counterpart in a letter, the report note.

He said he was inviting China's private and public companies to
invest in Venezuela through the anti-blockade law for shared
benefits and development within the terms of close ties between the
two countries, the report relays.

Maduro told the Chinese businessmen that Venezuela was open to
investment in petrochemicals, as well as to expand opportunities in
refineries of the energy-rich country, the report says.

"We are open, ready and ready to advance rapidly in investments in
gold, iron, steel, aluminum, precious stones (. . .) the
anti-blockade law allows everything, Let us do it, let us build it
in a new stage," he said, the report notes.

The anti-blockade law was approved in October by the national
assembly, made up only of ruling party members and which is not
recognized by several countries, the report relays.

The parliament okayed the legislation after a one-sided debate that
did not discuss the law and its clauses, the report notes.

The speakers defended the need to pass it in the wake of the United
States-led global sanctions, the report says.

The law is intended, according to its Article 1, to provide the
"public power" with legal tools to "counter, mitigate and reduce,
in an effective, urgent and necessary manner, the harmful effects
generated by the imposition" of financial sanctions, mainly those
by the US," the report discloses.

Maduro said he drafted the law that would be in effect until all
the sanctions were removed, particularly by the US, the report
adds.

                             Venezuela

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

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

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

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

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



                           *********


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

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