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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

          Friday, January 8, 2021, Vol. 22, No. 1

                           Headlines



B R A Z I L

VALE SA: Brazil State Eyes at Least $5.3BB Deal After Dam Burst


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Tax Reform to be Implemented in 2022


J A M A I C A

JAMAICA: Falls 12 Places on World Economic League Table
MAIN EVENT: Hit Hard by Pandemic, Profits Plummet 119%


M E X I C O

CREDITO REAL: Fitch Put BB+ Rating to Proposed USD Sr. Unsec. Notes
CREDITO REAL: S&P Assigns BB Rating to New $500MM Sr. Unsec. Notes
GRUPO AEROMEXICO: Pilots Reject Alternative Cost Plan in Overhaul


T R I N I D A D   A N D   T O B A G O

LENNOX PETROLEUM: In Violation of Court Order


V E N E Z U E L A

VENEZUELA: EU No Longer Acknowledges Guaido as Interim President
VENEZUELA: Maduro Retakes Assembly, Cementing Control

                           - - - - -


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B R A Z I L
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VALE SA: Brazil State Eyes at Least $5.3BB Deal After Dam Burst
---------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that the Brazilian
state of Minas Gerais is hoping to win at least BRL28 billion ($5.3
billion) from a compensation deal with miner Vale SA after the 2019
Brumadinho deadly dam burst, a senior state official said.

State and Vale officials were to meet last December, when talks on
compensation were expected to begin, ahead of a court-mediated
hearing expected in January, said state secretary general Mateus
Simoes, according to globalinsolvency.com. "The idea is that we end
the text discussion and start the value discussion," he said.
"Certainly the floor for the beginning of the negotiations has to
be BRL28 billion," he added.

The government of Minas Gerais has requested in court total damages
of approximately BRL54 billion for the material and moral damages
related to the rupture of the Vale dam in Brumadinho on Jan. 25,
2019, the report discloses.

The disaster left about 270 dead.

As reported in the Troubled Company Reporter-Latin America on
Sept. 5, 2019, Moody's Investors Service affirmed Vale S.A.'s Ba1
senior unsecured ratings and the ratings on the debt issues of Vale
Overseas Limited, fully and unconditionally guaranteed by Vale S.A.
Moody's also affirmed the Ba2 senior unsecured ratings of Vale
Canada Ltd.  The outlook changed to stable from negative.



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

DOMINICAN REPUBLIC: Tax Reform to be Implemented in 2022
--------------------------------------------------------
Dominican Today reports that the debate for the tax reform will
begin in 2021, starting with the expenses for developing the
country and then with the methods for obtaining the resources.

The news was announced by President Luis Abinader, after recalling
that the reform would be implemented in 2022 following the
discussion of two key aspects: the public spending policy and the
tax policy, according to Dominican Today.

"We are going to discuss how we are going to spend first and the
budget we need to develop the country, and then we will deal with
finding the resources, that is a first-order discussion for the
country's development which will be implemented in 2022," he
stated, the report relays.

In October, after several complaints about new taxes in the 2021
budget bill, Abinader had announced that he would cancel the taxes
and called the Economic and Social Council to start the discussion
of both the fiscal pact and the electricity pact, the report
discloses.

At that time, the president said that after the agreements were
concluded and agreed upon, they would be converted into applicable
reforms in 2022, after considering both pacts as "essential for the
sustainability of public finances and for all of us to be able to
decide the country we want," the report relays.

He recalled that the reform has been on hold for many years and
that "we have assumed the responsibility of doing it even in these
moments that are not the most promising from the economic point of
view but also due to the pandemic," 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, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings.

The negative outlook reflects S&P's view that it could lower the
ratings on the Dominican Republic over the next six to 18 months,
given the severe impact of the COVID-19 pandemic on the
sovereign's already vulnerable fiscal and external profiles, as
well as the potential for a weaker-than-expected economic
recovery.

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



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

JAMAICA: Falls 12 Places on World Economic League Table
-------------------------------------------------------
RJR News reports that the Centre for Economics and Business
Research (CEBR's) latest World Economic League Table shows Jamaica
falling twelve places in the ranking over the next 15 years.

The CEBR forecasts that Jamaica will fall from 126th position in
2020 to 138th in 2035, according to RJR News.

It's also forecasting economic growth for Jamaica at 3 percent on
average over the next five years, before falling to 2.1 percent
between 2026 and 2035, the report notes.

The unit said Jamaica's economy is in "a very tough patch" with GDP
contracting by a projected 8.6 percent this calendar year, due
largely to COVID-19 related factors, the report relays.

It again flagged public sector debt as a key source of concern for
the economy, suggesting it threatens to constrain growth in the
medium to long term, the report discloses.

The CEBR noted that the debt to GDP ratio climbed to 101-point 3
per cent in 2020, higher than the 93.9% recorded in 2019, the
report adds.

                         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.

MAIN EVENT: Hit Hard by Pandemic, Profits Plummet 119%
-------------------------------------------------------
Durrant Pate at Jamaica Observer reports that the novel coronavirus
pandemic has had a devastating impact on Main Event Entertainment
Group, sending its year-over-year profits plummeting by 119 per
cent, which equates to $115 million.

The year 2020 has seen Main Event -- Jamaica's premier events
management, promotions and digital signage outfit -- experiencing
its worst financial performance since it began operations in 2004.
The Ian Blair and Solomon Sharp-led company ended its 2020
financial year on October 31 in the red with net profit at minus
$18.22 million, coming from a profit of $97.33 million in 2019,
according to Jamaica Observer.

The financial situation was not made any easier with revenues for
the year under review falling by $753.01 million, or 42 per cent,
to just over $1 billion, coming from the $1.79 billion posted in
2019, the report recalls.  Luckily for the company, most of its
revenues came during the first half of the year, prior to the
COVID-19 outbreak, but since then revenues have been trending down,
the report notes.

In fact, up to 85 per cent of the revenues for 2020 were booked
during the first half of the year, the report relays.  In their
statement accompanying the audited financial statement for the
year, Chairman Blair and Chief Executive Officer Sharpe took solace
from the fact that Main Event managed to achieve revenues of over
$1 billion in this current climate, the report discloses.

"Faced with declining revenues, we took quick and effective actions
to ease the impact to our cash flow and profitability. We moved
aggressively to reduce operating costs, with all cost categories
under continuous review," Blair and Sharpe said, and described 2020
as "a year of extraordinary challenges" for the company, the report
notes.

In their report to shareholders, the principal officers pointed out
that the financial performance in the second half of the year
reflects the brunt of the impact of the pandemic, the report
relays.

"The year offered a promising start, showing good momentum with
strong revenue and profit growth carrying partially through the
second quarter," they added.




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M E X I C O
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CREDITO REAL: Fitch Put BB+ Rating to Proposed USD Sr. Unsec. Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Credito Real, S.A.B. de C.V. Sofom,
E.R.'s (Credito Real) proposed U.S. dollar senior unsecured notes
an expected long-term rating of 'BB+(EXP)'. The final rating is
contingent upon the receipt of final documents conforming to
information already received.

The proposed notes will be issued for up to USD500 million and a
seven-year tenure with the first four years non-callable (7NC4).
The notes will be unconditionally guaranteed by two restricted
subsidiaries of Credito Real (Credito Real, S.A. and CREAL Nomina,
S.A. de C.V.). Credito Real intends to use net proceeds from the
offering to refinance existing liabilities including to pay a
tender offer of the 2023 senior notes as well as general corporate
purposes.

Fitch expects that leverage metrics will remain consistent with the
rating and does not anticipate increased market risk exposure as a
result of this transaction, as the company will hedge both FX rate
risk and interest rate risk though derivative financial
instruments.

KEY RATING DRIVERS

The rating of the senior global debt is at the same level as
Credito Real's Long-Term Issuer Default Ratings (IDRs) of
'BB+'/Outlook Negative, as the likelihood of default of the notes
is the same as the one of Credito Real.

Credito Real´s Negative Rating Outlook reflects Fitch's
expectation that the company´s asset quality and profitability
could weaken as a result of operating environment deterioration.
Credito Real's business model has proved relatively resilient
through the cycle, due to its concentration (55.9% of total loans)
in payroll loans to unionized state and federal public-sector
employees that is a segment particularly less sensitive to
unemployment. However, the company is also exposed to non-payroll
segments such as SMEs and operations in Central America, which are
more sensitive to the effects of the coronavirus crisis and the
economic slowdown. Credito Real's earnings metrics could continue
to be pressured by loan loss provision increases or lower interest
margins, which could in turn result in higher leverage.

Credito Real's ratings are highly influenced by the operating
environment of 'bb+' with a negative trend. The operating
environment assessment considers a blended approach and
incorporates the company's material exposures in Central America
and the U.S., as well as the predominant operations in Mexico, with
80% of its gross loan portfolio, as of September 2020.

The company's ratings also place high importance on Credito Real's
solid company profile compared to other non-bank financial
institutions (NBFIs) given its leading franchise in the payroll
deductible loans business in Mexico. In addition, the ratings
reflect Credito Real's long track record of above peers' asset
quality; recurring, although recently reduced, earnings generation,
and reasonable leverage levels. Increased refinancing and liquidity
risk due to the company's wholesale funding profile, have also been
factored into the ratings.

As of September 2020, leverage (measured as total debt to tangible
equity) was 5.1x. Fitch estimates that the proposed global senior
unsecured notes on a pro forma basis would result in an increase of
its leverage metrics to approximately a tightened 5.5x, while
adjusted metric from derivatives valuation will likely be remain
commensurate with its ratings.

Ratings are constrained by the company's high-risk appetite as a
niche business that targets higher risk segments, presence in
lower-rated countries in Central America, and rapid and inorganic
growth strategies. The operational, political, and reputational
risks related to its payroll business also limit its ratings.
Fitch's assessment of Credito Real's risk appetite assessment
incorporates risk related to the recent suspensions of some
agreements with public sector entities.

RATING SENSITIVITIES

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

-- The rating of this issuance could be downgraded in the event
    of a downgrade of Credito Real's IDRs, which currently have a
    Negative Outlook.

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

-- The rating of this issuance would mirror any changes in the
    company's IDR; however, Credito Real´s current Negative
    Outlook makes an upgrade highly unlikely in the near term.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

SUMMARY OF FINANCIAL ADJUSTMENTS

Pre-paid expenses were reclassified as other intangibles and
deducted from Fitch Core Capital. Results from investments in
associates were reclassified as operating income. Income from
leasing and factoring operations were reclassified as interest
income. The operational lease portfolio and factoring operations
were included in gross loans, with the portion of delinquent leases
classified as impaired loans. The coupons of the perpetual notes
were reclassified as interests.

ESG CONSIDERATIONS

Credito Real has an ESG Relevance Score of '4' for Customer Welfare
- Fair Messaging, Privacy & Data Security due to its exposure to
reputational and operational risks as its main business targets
government employees and dependencies at relatively high rates,
which has a negative impact on the credit profile and is relevant
to the rating in conjunction with other factors.

Credito Real has an ESG Relevance Score of '4' for Exposure to
Social Impacts due to its exposure to a shift in social or consumer
preferences or to government regulation of its lending offer, which
has a negative impact on the credit profile and is relevant to the
ratings in conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

CREDITO REAL: S&P Assigns BB Rating to New $500MM Sr. Unsec. Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating to Credito
Real S.A.B. SOFOM, E.N.R.'s (global scale: BB/Stable/--; national
scale: mxA/Stable/mxA-1) proposed senior unsecured notes for up to
$500 million. The tenor of the notes will be between seven and ten
years.

The 'BB' rating on the new notes is at the same level as the
long-term global scale issuer credit rating on Credito Real. The
new notes will rank equally in right of payment with all of the
lender's existing and future senior unsecured debt. S&P expects
Credito Real to use the proceeds to perform asset liability
management--prepay diverse short-term credit facilities,
refinancing a percentage of its existing senior notes due 2023--and
the remainder to fund portfolio growth.

S&P said, "We expect the issuance to improve slightly the lender's
debt maturity profile by reducing the most significant market
maturities after 2023, while the rest will support Credito Real's
portfolio growth, which we expect will average about 15% during
2021. The rating on the notes also reflects that Credito Real's
secured debt represent less than 15% of adjusted assets as of
September 2020, and its unencumbered assets fully cover unsecured
debt. Our analysis also incorporates a full cross currency swap to
hedge against currency exchange fluctuations on the total amount of
the principal during the issuance term. We expect Credito Real to
complete the hedge in the next 30 days.

"The issuance doesn't change our view of Credito Real's funding and
liquidity because we believe the lender's funding structure will
remain similar after this issuance. In this sense, Credito Real's
funding structure relies on market debt that will account for
nearly about 65% of total funding base, compared with close to 60%
before the issuance. The remainder of Credito Real's funding will
rely mainly on credit facilities from various commercial and
development banks.

"Our liquidity assessment reflects our view that Credito Real
doesn't have any large or unusual liquidity needs in the next 12
months. Additionally, we believe Credito Real will maintain
relatively stable collection levels the next few months despite the
prolonged impact of the COVID-19 pandemic. From our perspective,
collection effectiveness will remain a significant source of
liquidity for Credito Real to run daily operations during 2021.
Additionally, in case of severely stressed market conditions, we
believe the lender has the flexibility to slow its loan origination
to improve liquidity through loan repayments. Our base- and
stress-case scenarios assume that our cash flow analysis on Credito
Real will remain positive, and we expect the lender to cover its
liquidity needs next year."

Finally, the ratings on Credito Real continue to reflect its
position as one of the main players in the non-bank payroll-lending
segment in Mexico and its growing diversification outside of the
country, mainly in the U.S. and Costa Rica. The ratings also
incorporate our expectation of Credito Real's risk-adjusted capital
ratio of about 10.8% for 2021. From S&P's perspective, Credito
Real's asset quality metrics are manageable, although we believe
they will deteriorate in the next few months due to the deep
recession caused by COVID-19. This, along the challenges that arise
from Credito Real's focus on extending loans to government
employees, constrains our risk position assessment.

  Ratings List

  New Rating

  Credito Real, S.A.B. de C.V., SOFOM, E.N.R.

  Senior Unsecured BB


GRUPO AEROMEXICO: Pilots Reject Alternative Cost Plan in Overhaul
-----------------------------------------------------------------
Noe Torres at Reuters reports that Mexican pilots have rejected a
cost-saving plan put forward by their own trade union amid talks
aimed at agreeing how to restructure airline Grupo Aeromexico, the
ASPA union said.

Battered by the coronavirus pandemic, Aeromexico filed for Chapter
11 bankruptcy protection in a U.S. court in June, and is trying to
secure a second tranche of financing, according to Reuters.

In a statement, the ASPA said the majority of its pilots had in a
vote rejected the plan put forward by the union as an alternative
to Aeromexico's own proposal, but that it would keep exploring
other options to aid restructuring efforts, the report notes.

The airline earlier this year had up to $1 billion in
debtor-in-possession (DIP) financing approved, and received an
initial $100 million payment in September, the report discloses.

Earlier, Aeromexico wrapped up negotiations with two of the four
industry unions it needs to reach agreement with to access a second
tranche of DIP funding, the report says.

The company in November requested permission from a U.S. bankruptcy
court to dismiss 1,830 employees, including 855 unionized workers,
the report adds.


                          About Aeromexico

Grupo Aeromexico, S.A.B. de C.V. -- https://www.aeromexico.com/ --
is a holding company whose subsidiaries are engaged in commercial
aviation in Mexico and the promotion of passenger loyalty
programs.

Aeromexico, Mexico's global airline, has its main hub at Terminal 2
at the Mexico City International Airport. Its destinations network
features the United States, Canada, Central America, South America,
Asia and Europe.

Grupo Aeromexico and three of its subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30,
2020. In the petitions signed by CFO Ricardo Javier Sanchez Baker,
the Debtors reported consolidated assets and liabilities of $1
billion to $10 billion.

Timothy Graulich, Esq., of Davis Polk and Wardell LLP, serves as
counsel to the Debtors.



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

LENNOX PETROLEUM: In Violation of Court Order
---------------------------------------------
Trinidad Express reports that the long-standing retroactive
increments dispute between Lennox Petroleum Services Ltd and a
group of former workers, who have been protesting for the past
three weeks, took a different turn when the Express came into
possession of a document confirming the company had appealed an
Industrial Court order handed down in favour of the ex-employees.

This transpired as the aggrieved workers, led by the Oilfields
Workers' Trade Union's chief labour relations officer Lyndon
Mendoza, picketed the Sumadh Gardens, San Fernando, home of the
company's chief executive officer Wayne Persad for the second time
in the space of a week, having done so on Christmas Day, according
to Trinidad Express.

On July 8, following a three-year court battle, Industrial Court
Judges Heather Seale, Patrick Rabathaly and Wendy Ali handed down
an order which instructed Lennox to pay the workers on or before
September 30 the retroactive money owed to them, with interest of
two per cent per annum as damages, the report notes.

Lennox filed an application for a stay of execution of the court
order on September 28, which was refused by the Appeal Court on
November 23, the report discloses.  However, the Appeal Court
expedited the appeal, fixing the date of June 28, 2021, for it to
be heard, the report relays.

The dispute arose from the workers having been contracted by Lennox
to work on EXL2, one of the three rigs owned by the US-based Rowan,
between October 1, 2010, and October 12, 2017, the report says.
The workers claimed that after completion of the contract, Rowan
would have remitted to Lennox some US$9.5 million, part of which
was to cover the settlement of the backpay owed to the workers, the
report notes.

While speaking in front of Persad's residence, Mendoza reminded the
media that both the Industrial Court ruling and the setting aside
of the application for a stay of execution by the Appeal Court were
evidence that Lennox were in breach of the court order, the report
discloses.

"We have all our evidence and our documents to back up what we're
saying. Everything we say can be fact-checked and verified by court
documents. They can produce no documents to refute what we're
saying.  They are presenting to the media old talk," he said, notes
the report.

Mendoza said if there's any doubt about the authenticity of the
documents in the hands of the union, then their veracity can be
confirmed checking with the court. However, no mention was made of
the matter heading to the Appeal Court, the report says.

He accused Lennox of not speaking the truth and playing for time,
the report relays.

                           'Lennox Delaying'

According to Mendoza, "They are delaying. Justice delayed is
justice denied. Every day that the workers are disenfranchised is a
day lost with the possession of their property and the monies that
they're owed will be subject to ravishes of inflation. Every day
that the company is allowed to keep the money, they now benefit
from any interest earned on that money.  That of course is a
travesty of justice, the report notes. More so, it's a serious
question and concern. Can an employer be allowed to violate the
law?

"If the union was in breach of a court order, what kind of uproar
you would be hearing from the politicians of the country? Minister
of National Security, Commissioner of Police, the Chambers of
Commerce, the business community, they would be in uproar if a
union take a high-handed manner, and more so, in violation of a
court order. But everyone is silent when this employer does the
very same thing in violation of a court order," the report
discloses.

He said having reported Lennox to the court for violating of the
Industrial Court order, they await the opening of the courts to
know how that issue will be treated with, but will continue with
their peaceful protests, the report relates.

The Appeal Court document, dated November 26, has given the
appellant (Lennox) until January 11, 2021, to file and serve the
Record of Appeal, and until March 12, 2021, to file and serve
written submissions, the report says.  The OWTU has until April 30,
2021, to file and serve their written submissions, the report
notes.

The Express reached out to a legal luminary with regards to the
turning down of Lennox' stay of execution application and was
informed that while an appeal is the right of any party making it,
stays of execution are not automatic, thus, they should only be
granted if the appeal has a high likelihood of success, the report
discloses.

"So inherent in refusing the stay, the court holds the view the
appeal may not be successful," the legal luminary said, the report
relays.

The Express also sought clarity on a situation where Lennox
complies with the Industrial Court order, which remains in force by
the non-granting of the stay of executing, and then is successful
in its appeal, the report notes.

According to the legal luminary, in this particular case the money
would be paid to the OWTU since they are the party that brought the
matter, and it would have to be held by them until the Appeal Court
gives it decision. If the OWTU is successful, it will simply
disburse to the money to the workers; but if Lennox is successful,
the OWTU will have to remit the money back to Lennox, the report
relays.



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

VENEZUELA: EU No Longer Acknowledges Guaido as Interim President
----------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that the European
Union can no longer legally recognise Venezuelan opposition leader
Juan Guaido as the country's legitimate head of state after he lost
his position as head of parliament, the bloc's 27 governments said.


Guaido is still seen by the United States and Britain as
Venezuela's rightful leader following the disputed 2018 re-election
of President Nicolas Maduro, and two EU diplomats stressed the EU
still did not recognise Maduro as president, according to
globalinsolvency.com.

An EU statement threatened further sanctions against the Maduro
government, on top of an arms embargo and sanctions on Venezuelan
officials already imposed, to decry what it views as rights
violations and the rupture of democracy, the report relays.

But EU governments referred to Guaido as one of the
"representatives of the outgoing National Assembly", in the
statement, which denounced a Dec. 6 parliamentary election that
many countries say was rigged, the report notes.

The new assembly, now controlled by Maduro supporters, has began
working, the report relays.  As Venezuela has sunk into a crisis
that has brought mass emigration and hyperinflation, Guaido was the
unifying figure leading protests to seek an end to Maduro's rule,
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.

VENEZUELA: Maduro Retakes Assembly, Cementing Control
-----------------------------------------------------
globalinsolvenyc.com, citing Bloomberg News, reports that
Venezuelan President Nicolas Maduro installed a new National
Assembly filled with regime loyalists, consolidating his power over
key institutions in the crisis-torn nation despite mounting U.S.
sanctions.

Lawmakers elected former Information Minister Jorge Rodriguez as
the new president of the legislative body, according to
globalinsolvenyc.com.  

Maduro's son Nicolas Maduro Guerra and his wife Cilia Flores were
among the 277 representatives who took their seats -- in their vast
majority supporters of the ruling socialist party, following
December elections the opposition has denounced as fraudulent, the
report notes.

"Sanctions are useless, because the people have shown that not even
the worst sanctions will be able to break them," Rodriguez said
after being sworn in, assuring that the Assembly will promote
dialogue with all political groups, including those that boycotted
the election, the report relays.  

Since taking over for Chavez in 2013, Maduro has resisted efforts
to force him out, presiding over a precipitous deterioration of the
oil-rich country, the report discloses.  The U.S. and more than 50
countries recognized the opposition's Juan Guaido as interim leader
in early 2019, when he took the helm of the previous National
Assembly controlled by Maduro opponents, the report discloses.  His
claim was based on alleged vacancy in the presidency due to
elections deemed fraudulent in 2018, the report relays.

                           Venezuela

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

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

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

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

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


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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 2021.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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