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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, March 5, 2025, Vol. 26, No. 46

                           Headlines



B R A Z I L

BRAZIL: Populist Push Puts Country's Fiscal Future at Risk
ITAU UNIBANCO: Fitch Rates USD1-Bil. Unsecured Notes 'BB+'


C H I L E

LATAM AIRLINES: S&P Upgrades ICR to 'BB' on Solid Performance


G U A T E M A L A

FOMENTO DE HIPOTECAS: Fitch Alters Outlook on BB IFS Rating to Pos.


J A M A I C A

JAMAICA: Minister Renews Call for Banks to Lower Lending Rates


P E R U

MINAS BUENAVENTURA: Moody's Ups CFR to 'Ba3', Outlook Stable


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: PM Chides UNC Leader for 'Attempt to Mislead'


V E N E Z U E L A

VENEZUELA: Trump Ends Country's Oil License for Chevron

                           - - - - -


===========
B R A Z I L
===========

BRAZIL: Populist Push Puts Country's Fiscal Future at Risk
----------------------------------------------------------
Richard Mann at Rio Times Online reports that Brazil's political
and economic crossroads have never been more urgent.  President
Luiz Inácio Lula da Silva's latest cabinet reshuffle has exposed a
widening rift within his administration, isolating Finance Minister
Fernando Haddad, according to Rio Times Online.

The move signals a dramatic pivot toward populist policies, leaving
questions about the country's fiscal future hanging in the balance,
the report notes.

Haddad, once a central figure in Lula's government, now finds
himself on shaky ground, the report relays.  His closest ally,
Alexandre Padilha, was reassigned to the Health Ministry, stripping
Haddad of critical support in his fight for fiscal discipline, the
report says.

In Padilha's place stands Gleisi Hoffmann, a vocal critic of
austerity and a champion of aggressive public spending, the report
notes.  Her appointment amplifies the influence of factions pushing
for short-term stimulus over long-term economic stability, the
report discloses.

This shake-up comes as Lula's administration battles plummeting
approval ratings and rising inflation, the report says.  By late
2024, only 27% of Brazilians viewed his presidency positively, the
report relays.

Inflation hit 4.83%, squeezing household budgets and fueling public
anger over policies like taxing small imports and tightening
financial monitoring via Pix, the report notes.  These measures,
designed to boost revenue, have instead alienated voters and added
to Haddad's woes, the report discloses.

Haddad's fiscal plan is ambitious: eliminate the primary deficit as
soon as possible and achieve surpluses in subsequent years, the
report relays.  Yet his approach leans heavily on new taxes rather
than spending cuts, drawing fire from both inside and outside the
government, the report says.

Critics argue his strategy stifles growth and neglects Brazil's
pressing social inequalities, the report notes.  Proposals like
taxing exports to curb food prices - championed by Hoffmann - have
gained traction despite Haddad's warnings of long-term economic
harm, the report relays.

The reshuffle has rattled markets, the report relays.  The
Brazilian real slid 1.46% against the U.S. dollar after Hoffmann's
appointment, reflecting investor fears over Brazil's fiscal
direction, the report discloses.  Meanwhile, national debt surged
to nearly 78% of GDP in 2024, reversing years of progress, the
report notes.

Lula faces an uphill battle to reconcile these clashing visions
while addressing public discontent ahead of the 2026 elections, the
report relays.  Haddad's isolation raises a pivotal question: can
Brazil afford to abandon fiscal discipline for populist promises?

As the nation watches this drama unfold, the stakes couldn't be
higher - for Lula, for Haddad, and for Brazil's economic future,
the report adds.

                          About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian
general election. He was sworn in on January 1, 2023, as the 39th
president of Brazil, succeeding Jair Bolsonaro.

In October 2024, Moody's Ratings upgraded the Government of
Brazil's long-term issuer and senior unsecured bond ratings to Ba1
from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2;
and maintained the positive outlook.  S&P Global Ratings raised on
Dec. 19, 2023, its long-term global scale ratings on Brazil to
'BB' from 'BB-'.  Fitch Ratings affirmed on Dec. 15, 2023, Brazil's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with
a Stable Outlook.  DBRS' credit rating for Brazil was last reported
at BB with stable outlook at July 2023.


ITAU UNIBANCO: Fitch Rates USD1-Bil. Unsecured Notes 'BB+'
----------------------------------------------------------
Fitch Ratings has assigned a 'BB+' final long-term rating to Itau
Unibanco Holding S.A.'s (IUH) USD1.0 billion senior unsecured
notes. The notes were issued through its Cayman Islands Branch and
are due 2030.

The final rating is in line with the expected rating that Fitch
assigned to the proposed debt on Jan. 19, 2025. Please see "Fitch
Expects to Rate Itau Unibanco's Proposed Senior Notes 'BB+(EXP)".

Key Rating Drivers

The rating on the notes is at the same level of IUH's Long-Term
Foreign Currency Issuer Default Rating (IDR, BB+/Stable) as the
notes are senior obligations and the default equates to default of
bank and the expected recoveries are average upon default. IUH's
ratings are driven by its standalone creditworthiness, as measured
by its 'bb+' Viability Rating (VR).

For more on IUH's rating rationale and sensitivities please see
"Fitch Affirms Itau Unibanco Holding S.A.'s IDRs at 'BB+'; Outlook
Stable," dated Dec. 17, 2024.

Rating Sensitivities

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

The notes' rating could be downgraded if IUH's VR and IDR are
downgraded.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

The notes' rating could be upgraded if IUH's VR and IDR are
upgraded.

Date of Relevant Committee

December 16, 2024

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt            Rating           Prior
   -----------            ------           -----
Itau Unibanco Holding S.A.

   senior unsecured   LT BB+  New Rating   BB+(EXP)




=========
C H I L E
=========

LATAM AIRLINES: S&P Upgrades ICR to 'BB' on Solid Performance
-------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Latam
Airlines Group S.A. to 'BB' from 'BB-'.

S&P said, "At the same time, we raised our issue rating on the
company's secured debt to 'BBB-' from 'BB+'. The recovery rating on
the notes remains '1', indicating our expectation for very high
(rounded estimate: 95%) recovery in the event of payment default.

The stable outlook reflects our expectation that Latam will
maintain sound operating performance and that credit metrics will
remain commensurate with the rating, with funds from operations
(FFO) to debt above 40% through 2026.

"Latam Airlines has registered strong 2024 results, and we forecast
credit metrics to remain in line with a 'BB' rating. SAO PAULO (S&P
Global Ratings) Feb. 28, 2025—S&P Global Ratings took the ratings
actions described above. Latam posted record results for 2024
despite some adverse developments such as the flooding of Rio
Grande do Sul, a more competitive environment in Colombia,
significant domestic currencies depreciation (particularly Chilean
peso and Brazilian real), and somewhat softer yields.

"Furthermore, we forecast that Latam will have solid results for
the coming two years and maintain stronger credit metrics with some
headroom in case of macroeconomic or industry volatility. We
estimate net FFO to debt of 42%-45% and S&P Global Ratings adjusted
debt to EBITDA of about 1.7x in the next two years.

"Latam has a favorable cost structure and positive growth
prospects. In the past three years, Latam has streamlined its
overall cost structure, resulting in relatively stable CASK (the
cost of operating a seat per kilometer) excluding fuel of about 4.8
cents, which compares favorably with many other global full-service
carriers. We believe this is a clear competitive advantage for the
company and should result in more resilient performance if yields
soften.

"The streamlined cost structure, coupled with healthy growth
prospects for air travel demand in the region, will support
above-average profitability in the coming years, with EBITDA
margins of 23%-24%. Travel demand in Latin America still lags well
behind developed markets, and we foresee high-single-digit growth
(between 5% and 8%) in the next couple of years. Considering these,
we forecast EBITDA above $3.2 billion in 2025 and $3.3 billion in
2026, compared with $3.0 billion in 2024.

"Furthermore, we envision the company will generate free operating
cash flow (FOCF) after lease payments between $500 million and $800
million in the next two years.

"We expect positive free cash flow despite growing lease expenses
and relatively high capital expenditures (capex) in the next two
years. We expect Latam will receive 23 narrow-body and one
wide-body aircraft in 2025 to grow and renew part of its fleet with
more efficient aircraft. These deliveries should support capacity.
We expect capacity to increase about 8% in 2025 and 5%-6% in 2026,
but capex should remain relatively high, between $1.3 billion and
$1.6 billion per year.

"However, amid strong operational performance, we continue to
expect healthy FOCF in the forecasted period. While Latam has not
faced any material aircraft delivery delays or issues with engines,
these remain a risk and could curtail capacity growth, but on the
other hand imply lower capex and stronger cash flows.

"Latam has publicly updated its financial policy, which we view as
prudent. The airline aims to maintain net debt to EBITDA below
2.0x, which is in line with our base-case scenario. Additionally,
it contemplates maintaining liquidity (measured as cash and
equivalents and undrawn revolving facilities) equivalent to 21%-25%
of last-12-months revenues. We believe this target, coupled with no
significant amortization through 2028, should underpin our strong
liquidity assessment.

"We understand that Latam intends to increase returns to
shareholders beyond the 30% legal minimum payout ratio, but we
would expect this to be consistent with the company's recently
announced net leverage and liquidity target.

"Finally, we expect the company to complete the refinancing of its
post-default emergence capital structure with better conditions and
lower cost during 2025.

"The stable outlook reflects our expectation that Latam will post
sound operating performance and that credit metrics will remain
commensurate with the rating, with FFO to debt above 40% through
2026. We expect the company will generate higher revenue and sound
profitability thanks to gradual increases in capacity coupled with
healthy yields.

"We could lower the ratings in the next 12 months if Latam's
FFO-to-debt ratio falls below 30%, free cash flow is consistently
negative, or EBITDA margin drops to well below 20%. This could
occur if demand deteriorates amid much weaker-than-expected
economic conditions, taking a toll on revenue. The ratio could also
drop if the company's EBITDA falls considerably, for instance,
stemming from much higher fuel prices, leading to
lower-than-expected margins.

"We could raise the ratings in the next 12 months if Latam delivers
stronger-than-expected results amid higher yields and demand.
Specifically, we would look for FFO to debt consistently above 45%
and relatively stable profitability with EBITDA margins comfortably
above 20%."




=================
G U A T E M A L A
=================

FOMENTO DE HIPOTECAS: Fitch Alters Outlook on BB IFS Rating to Pos.
-------------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook for Instituto de
Fomento de Hipotecas Aseguradas (FHA)'s Insurer Financial Strength
(IFS) rating to Positive from Stable. Fitch also affirmed the IFS
at 'BB'. FHA's rating is based on Guatemala's ability and
willingness, as its sole owner, to provide support if necessary.

The rating action is based on the recent revision of the Outlook on
Guatemala's sovereign rating. Fitch considered the Guatemalan
State's ability to provide support to FHA, if necessary, as
reflected in Guatemala's sovereign 'BB' rating. For more
information, see "Fitch Revises Guatemala's Outlook to Positive;
Affirms Rating".

The rating also includes an assessment of the owner's propensity to
support the institution. Fitch considers FHA's strategic importance
as very important for the Guatemalan government, given its
importance in promoting social inclusion through mortgage insurance
and its legal support under the founding law.

Key Rating Drivers

Government Support: Fitch considers the Guatemalan State ability
and willingness to provide support to FHA, as its sole owner, in
its rating. Fitch views financial guarantors as important vehicles
to carry out development agendas and believes owners have a high
propensity to provide financial support. On Feb. 7, 2025, Fitch
revised the Outlook for Guatemala's Long-Term Foreign-Currency IDR
to Positive from Stable. Fitch has also affirmed the FHA IFS at
'BB'.

Strategic Importance to Guatemala: FHA's strategic importance to
Guatemala's government is very strong due to its significant role
in social inclusion, by promoting housing construction and ensuring
that most Guatemalans can obtain housing. FHA accomplishes this by
providing mortgage insurance on the collateral that supports
financing from financial institutions.

FHA's activity aims to promote housing financing by the State, its
sole holder, which is operated through a specialized business
model. The business model focuses on the primary issuance of
mortgage insurance for housing loans granted by local financial
institutions, which in turn finance development projects throughout
the country. FHA also offers life insurance to enable insured
debtors to keep the financed property in case of job loss, death,
or disability. FHA thereby offers legal security, tax benefits,
favorable terms, and payment guarantee on mortgage loans issued to
a part of the national financial system.

Earnings Retention Benefits Capitalization: Fitch believes that
FHA's capitalization position is robust, which is one of its main
financial strengths. Due to its nature, the institution is not a
tax revenue source, which translates into a constant growth of its
equity from the continuous reinvestment of profits, as stipulated
by law. FHA had good capitalization levels and adequate par/capital
leverage levels despite the risks of the Guatemala-based guarantee
portfolio and no financial leverage.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- FHA's rating benefits from the support of the Government of
Guatemala, and it is therefore sensitive to a downgrade of the
sovereign rating.

- FHA's rating could also be downgraded if there is a change in
Fitch's view regarding the strategic importance of the issuer to
the Government of Guatemala.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- FHA's rating benefits from the support of the Government of
Guatemala, and it is therefore sensitive to an upgrade of the
sovereign rating.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                  Rating          Prior
   -----------                  ------          -----
Instituto de Fomento
de Hipotecas Aseguradas   LT IFS BB  Affirmed   BB




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

JAMAICA: Minister Renews Call for Banks to Lower Lending Rates
--------------------------------------------------------------
RJR News reports that industry, Investment and Commerce Minister,
Senator Aubyn Hill, is reiterating a call for commercial banks
operating in Jamaica to lower their interest rates on loans.

He says while the Bank of Jamaica has reduced the policy rate about
four times between August and December, the commercial banks have
not followed suit, according to RJR News.

                       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.

On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a
positive rating outlook.  In October 2023, Moody's upgraded the
Government of Jamaica's long-term issuer and senior unsecured
ratings to B1 from B2, and senior unsecured shelf rating to (P)B1
from (P)B2.  The outlook has been changed to positive from stable.
In September 2024, S&P affirmed 'BB-/B' longterm foreign and local
currency sovereign credit ratings on Jamaica and revised outlook
to
positive.  




=======
P E R U
=======

MINAS BUENAVENTURA: Moody's Ups CFR to 'Ba3', Outlook Stable
------------------------------------------------------------
Moody's Ratings upgraded Compania de Minas Buenaventura S.A.A.'s
(Buenaventura) Corporate Family Rating and Senior Unsecured Notes
to Ba3 from B1. The outlook changed to stable from positive.

The rating action follows material liquidity improvements following
the issuance of $650 million in senior unsecured notes due 2032 and
the successful cash tender offer for the 5.5% $550 million in
senior notes due July 2026, extending the company's maturity
profile and securing additional funds to derisk Buenaventura's
profile during the construction of San Gabriel (gold project),
which is expected to start production in late 2025.

RATINGS RATIONALE

The company used proceeds from the new issuance to repay $401.4
million of the company's bond due July 2026, equivalent to 72.98%
acceptance of the tender offer. Buenaventura will set aside the
remaining 27.02% or $148.6 million, that is earmarked for debt
repayment. As of December 2024, the company's liquidity was
supported by $478 million in cash, and $200 million in committed
credit facilities due in July 2026. Moody's also expects the
company to generate around $325 million in funds from operations,
which includes $160 million in dividends that Buenaventura expects
to receive from its 19.58% stake in Sociedad Minera Cerro Verde
S.A.A. (Cerro Verde). These cash sources will be sufficient to
address Buenaventura's short-term debt maturities, capex ($355
million) and dividends ($80 million) planned for 2025.

Capex associated with the construction of San Gabriel ($114 million
in 2023, $291 million in 2024 and estimated at $190 million in
2025) will drive negative free cash flow to $180 million in 2025
and $50 million in 2026. Buenaventura expects San Gabriel to ramp
up in the second half of 2025 contributing with 130 thousand ounces
of gold, on average for the first three years, at around $1,400
cash cost per ounce of gold. As of December 2024, Buenaventura
completed 71% of the project, with the engineering and procurement
100% completed and the construction at 63%. This progress reduces
the risk of material cost overruns or delays. The company expects
to obtain the operating permit during 3Q 2025 and produce the first
gold bar in 4Q 2025.

Buenaventura's Ba3 ratings incorporate the company's portfolio of
assets in precious metals and copper, the improved cost position,
and production in its direct operations. The ratings also
incorporate Buenaventura's track record of adequate corporate
governance practices and prudent liquidity management, that is
further supported by dividends received from Cerro Verde.
Conversely, Buenaventura's ratings are also constrained by its
geographic concentration in Peru and its relatively modest
operating scale compared with that of its global peers.

The stable outlook reflects Moody's expectations that
Buenaventura's cost position and production from direct operations
and affiliates will continue improving and that liquidity will
remain adequate in the next 12 to 18 months.

The upgrade also reflects governance and social considerations as
key drivers of the rating action. The company's overall exposure to
governance risks (Issuer Profile Score or "IPS") was changed to 3
(G-3) from 4 (G-4) reflecting the company's ongoing operating
improvements and track record. Buenaventura's Credit Impact Score
changed to 3 (CIS-3) from 4 (CIS-4), since ESG considerations have
a limited impact on the current credit rating with potential for
greater negative impact over time.

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

Positive rating pressure would require Buenaventura to maintain an
adequate liquidity position to run its operations and meet debt
obligations, to be able to start up San Gabriel as planned and to
maintain a consistent performance in the company's operations with
an improvement in its cost position. An upgrade would also require
Buenaventura to maintain its cash flow from operations minus
dividends/total debt above 30% and leverage below 2.5x on a
sustained basis.

Buenaventura's ratings could be downgraded if the company
experiences operational disruptions that limits the company's cash
flow generation capacity. Negative pressure would arise if there is
any liquidity deterioration with sustained negative free cash flow
due to higher than anticipated capex or lower than expected funds
from operations. Quantitatively, leverage (Moody's-adjusted
debt/EBITDA) consistently above 3.5x or cash flow from operations
minus dividends/total debt below 20% could also result in a
downgrade.

The principal methodology used in these ratings was Mining
published in October 2021.

Headquartered in Lima, Peru, Buenaventura is a mining company
engaged in the exploration, mining and processing of gold, copper,
silver, zinc and lead in Peru. In addition to five wholly owned and
one majority-owned mine, the company also has a 19.58% stake in
Cerro Verde, one of the world's largest copper mines; and a 40.1%
stake in Coimolache. Buenaventura is controlled by the Benavides
family and Antofagasta PLC, who together hold 34% of the voting
stock. The company is listed on the New York Stock Exchange and the
Lima Stock Exchange.




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

TRINIDAD & TOBAGO: PM Chides UNC Leader for 'Attempt to Mislead'
----------------------------------------------------------------
Trinidad and Tobago Guardian reports that Energy Minister and
acting Prime Minister Stuart Young says it is concerning that a
former prime minister aspiring to lead Trinidad and Tobago again
"would continually attempt to mislead the population" (sic) and
indicate to potential investors that she and her party would not
honour legal agreements that may be entered into for the benefit of
citizens.

Young posted the comment on Facebook after Kamla Persad-Bissesar
spoke following his announcement that Oando PLC was the preferred
bidder for the Petrotrin refinery, according to Trinidad and Tobago
Guardian.  Persad-Bissesar subsequently vowed the United National
Congress political party (or UNC), if it becomes the next
government, won't honour any agreement the PNM Government enters
into regarding the refinery, the report notes.  She promised the
UNC would investigate everyone who participates in "this theft of
the refinery assets," the report relays.

But Young claimed, "The behaviour of the UNC leader is most
unfortunate and unbecoming," the report discloses.

In the post, he said he was compelled to respond to "another
unfortunate attempt" by Persad-Bissessar, "to mislead the
population with respect to the facts surrounding the financial
standing of Petrotrin in 2018," the report relays.

The Minister cited the story quoting her saying Petrotrin made a
profit of $1.67 billion in 2018, its last year of operation. He
attached the relevant pages of the consolidated financial
statements for Petrotrin for 2018, which he said "clearly showed a
$16.487 billion loss for 2018," the report relays.

"Make your choices very carefully," Young added.

Petrotrin's audited financials for 2018 can be found on the
Trinidad Petroleum Holdings Ltd website, the report notes.  The
independent audit of Petrotrin was conducted by the firm of
chartered accountants, KPMG, and the engagement partner was Nigel
Panchoo, the report discloses.

The audit indicates that Petrotrin in 2018 generated revenue of
$24.54 billion, but recorded cost of sales of $39.10 billion,
resulting in an operating loss of $14.56 billion, the report
relays.

The main elements of Petrotrin's cost of sales were purchases of
$16.71 billion and the impairment of property, plant and equipment
amounting to $15.45 billion, the report notes.

Meanwhile, chief education and research officer of the Oilfield
Workers' Trade Union (OWTU), Ozzi Warwick said, "We will be making
an official statement after Carnival, the report discloses.
However, we do find it suspicious that they named the preferred
bidder just before the elections and when their Dragon deal is
about to collapse," he added.

Patriotic Energies Ltd, which bid multiple times for the refinery,
was registered by the OWTU led by Ancel Roget, the report relays.

Patriotic Energies was said to be the preferred bidder for the
refinery just before the 2020 general election, the report notes.




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

VENEZUELA: Trump Ends Country's Oil License for Chevron
-------------------------------------------------------
Associated Press reports that a permit issued by the United States
government allowing energy giant Chevron Corp. to pump and export
Venezuelan oil will be terminated, President Donald Trump
disclosed, ending what became a financial lifeline for the South
American country.

Trump's announcement in his Truth Social network accused the
government of President Nicolas Maduro of not meeting democratic
conditions for last year's July presidential election as well as of
not moving fast enough to transport back to Venezuela immigrants
set for deportation, according to Associated Press.

"We are hereby reversing the concessions that Crooked Joe Biden
gave to Nicolas Maduro, of Venezuela, on the oil transaction
agreement," Trump wrote, the report notes.

Trump's post did not specifically mention California-based Chevron
nor the permit, formally known as a general license, that exempts
the company from economic sanctions and allows it to export and
sale Venezuelan oil in the US. But it is the only Venezuela-related
licence whose issuance and renewal information match the dates
Trump did mention in his social media post, the report says.

The administration of President Joe Biden authorised the licence in
2022 after Maduro agreed to work with Venezuela's political
opposition toward a democratic election, the report notes.  But the
election, which took place in July 2024, was neither fair nor free,
and Maduro was sworn in last month for a third six-year term
despite credible evidence that his opponent got more votes, the
report discloses.

Biden's government for months then resisted calls from Venezuela's
opposition and others to rescind the licence, whose goal the US
initially said was "to support the restoration of democracy," the
report relays.  The opposition has estimated that Maduro's
government has received about $4 billion through the permit, which
was set to be renewed, the report notes.

Over time, the license has become responsible for roughly a quarter
of Venezuela's oil production, the report discloses.

"We are aware of today's announcement and are considering its
implications," Chevron spokesman Bill Turenne said in a statement.
"Chevron conducts its business in Venezuela in compliance with all
laws and regulations, including the sanctions framework provided by
US government," the report relays.

Venezuela sits atop the world's largest proven oil reserves and
once used them to power Latin America's strongest economy, the
report says.  But corruption, mismanagement and eventual U.S.
economic sanctions saw production decline steadily, the report
notes.

More than 7.7 million Venezuelans have left their homeland since
2013, when the oil-dependent economy came undone and Maduro became
president, the report discloses.  Most settled in Latin America and
the Caribbean, but after the pandemic, they increasingly set their
sights on the US, the report adds.



                           *********


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

Troubled Company Reporter-Latin America is a daily newsletter
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