TCRLA_Public/191120.mbx        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 20, 2019, Vol. 20, No. 232

                           Headlines



B O L I V I A

BOLIVIA: Bolivians Face Shortages of Food, Fuel


B R A Z I L

BRAZIL: Primary Deficit to End the Year Below BRL80BB, Guedes Says
BRAZIL: Record Informal Employment Cuts Economy's Productivity
CIELO SA: Fitch Downgrades IDRs to BB, Outlook Stable
PLATIN 1425: S&P Alters Outlook to Neg. & Affirms 'B' LT Rating


C H I L E

GEOPARK LTD: S&P Alters Outlook to Positive & Affirms 'B+' ICR


J A M A I C A

JAMAICA: Increased Competition in Motor Vehicle Insurance Industry
KEY INSURANCE: Incurs $305-Mil. Loss During First 9Mos of 2019


P U E R T O   R I C O

COPY DU SERVICES: Seeks to Use Hibiscus Cash Collateral


V E N E Z U E L A

VENEZUELA: Maduro Does not Disapprove of De Facto "Dollarization"

                           - - - - -


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B O L I V I A
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BOLIVIA: Bolivians Face Shortages of Food, Fuel
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EFE News reports that La Paz is trying to stock up on food, which
is growing scarce in the markets to the point that the municipal
government is organizing sales to avoid exaggerated price
increases, and on fuel, which Bolivia's self-proclaimed interim
government says it will import from Chile and Peru.

The municipality organized points of sale for butchered poultry at
a price of roughly $5 each, in coordination with the Rural
Development Ministry, according to EFE News.

The Troubled Company Reporter-Latin America reported on November
19, 2018, that Former President Evo Morales said in an interview
with EFE News that he feared a civil war might break out in Bolivia
and called on his countrymen to end the clashes in the streets.

Since the disputed Oct. 20 presidential elections, which set off
the political crisis in Bolivia, at least 20 people have been
killed and more than 500 others injured in clashes between
supporters and opponents of Morales, the Andean nation's first
indigenous president.

As reported in the Troubled Company Reporter-Latin America on June
24, 2019, Fitch Ratings has affirmed Bolivia's Long-Term Foreign
Currency Issuer Default Rating at 'BB-' and revised its Outlook to
Negative from Stable.



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B R A Z I L
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BRAZIL: Primary Deficit to End the Year Below BRL80BB, Guedes Says
------------------------------------------------------------------
Iolanda Fonseca at Rio Times Online reports that the inflow of
extraordinary income, mainly in the second semester, will lead the
central government--National Treasury, Social Welfare and Central
Bank--to end 2019 with a primary deficit of BRL80 billion (US$20
billion), announced the Minister of Economy, Paulo Guedes, in a
press conference at the Planalto Palace in Brasilia on November
18.

However, the target for the year will be maintained at BRL139
billion, says the report.

The outcome for 2020 should also be better than the target, the
report adds.

As reported in the Troubled Company Reporter-Latin America on Nov.
18, 2019, Fitch Ratings affirmed Brazil's Long-Term Foreign
Currency Issuer Default Rating at 'BB-'. The Rating Outlook is
Stable.

BRAZIL: Record Informal Employment Cuts Economy's Productivity
--------------------------------------------------------------
Richard Mann at Rio Times Online reports that the record
informality in the labor market is contributing to a drop in the
productivity of the Brazilian economy, which is slowly recovering
from the recession experienced between 2014 and 2016.

Brazil currently has 38.8 million informal workers, a record
number, corresponding to 41.4 percent of the workforce. The job
vacancies generated between 2018 and 2019, nearly all of which are
informal, pay less and are less productive, characterized as
"temporary jobs", notes the report.

As reported in the Troubled Company Reporter-Latin America on Nov.
18, 2019, Fitch Ratings affirmed Brazil's Long-Term Foreign
Currency Issuer Default Rating at 'BB-'. The Rating Outlook is
Stable.

CIELO SA: Fitch Downgrades IDRs to BB, Outlook Stable
-----------------------------------------------------
Fitch Ratings downgraded Cielo S.A.'s Foreign and Local Currency
Issuer Default Ratings to 'BB' from 'BB+' and affirmed its
Long-Term National Scale Rating at 'AAA(bra)'. The Rating Outlook
for the corporate ratings is Stable. At the same time, Fitch has
downgraded the senior unsecured notes for Cielo's wholly owned
subsidiary, Cielo USA Inc., to 'BB' from 'BB+'.

The rating downgrade reflects the negative impact on the company's
cash flow generation capacity of increased competition in the
payments industry in Brazil. Industry and business risks have
significantly changed in the past few years, evidencing the lower
resilience of Cielo's business model. The company's adjusted EBITDA
generation reduced by approximately 43%, or BRL3.5 billion, since
2016, as main players in the sector revised downward its pricing
with an aggressive commercial strategy to increase the volume of
credit and debit transactions and protect market share. Cielo has
the important challenge to continue to adapt its strategy to the
highly competitive business environment and continue to grow its
activities and preserve healthy cash flow generation capacity.

In Fitch's opinion, the entry barriers in the payments industry
decreased, which could further increase the strong competitive and
profitability pressures. Cielo continues to benefit from its
leading position in the Brazilian card payment industry and its
competitive advantage relies in part on the relationship and
distribution network of two important banks in the Brazilian
banking system, Banco do Brasil S.A. (Foreign and Local Currency
IDRs 'BB-', Long-Term National Scale Rating 'AA(bra)', Outlook
Stable) and Banco Bradesco S.A. (Foreign and Local Currency IDRs
'BB', Long-Term National Scale Rating 'AAA(bra)', Outlook Stable).
Cielo's affiliation with these banks gives it access to their broad
customer base to acquire merchant accounts.

The ratings continue to incorporate Cielo's solid capital
structure, low leverage and strong financial flexibility. The
company also benefits from a more diversified revenues base
compared to its main competitors, with a diversified base of
affiliate merchants, and the low counterparty risks associated with
the Brazilian banking system, as more than 95% of the volume of
transactions is concentrated in banks rated 'BB-' and above or that
are partially guaranteed by Visa and MasterCard. Cielo has
virtually no direct credit exposure to cardholders, as the
card-issuing bank guarantees cardholders' payments, while the
company's exposure to merchants is limited.

KEY RATING DRIVERS

Challenges from Increased Competition: The market dynamics for the
Brazilian payment industry has significantly changed in the last
few years and Fitch expects competition to continue to increase in
the near term. Cielo is the leading company in Brazil's merchant
acquiring and payment processing industry with an estimated market
share of 38% as of June 2019, based on ABECS data. In Fitch's
opinion, Cielo's market share should remain strong, but will
gradually reduce in the medium term. The entrance of financial
technology players in the financial services and payments business
led to a fiercer battle to gain market share. More capitalized
market participants contributed to a more aggressive growth
strategy, significantly pressuring operating margins. Despite the
significantly increased competition in recent years, pressuring the
market share of the top players, the industry remains highly
concentrated. The two largest participants still account for
approximately 65% of the market.

Financial Volumes to Continue to Grow in Brazil: Fitch expects
low-double-digit growth of credit and debit transactions in Brazil
in 2019 and 2020, supported by the low penetration of credit and
debit cards, some recovery in consumer spending and increased
market opportunities in the small clients and micromerchants
segments. However, the still uncertain pace of economic recovery
will continue to pressure business growth compared with high
historical growth levels.

Fitch projects Cielo's TPV to grow below industry growth. For 2019,
the agency's base case projections incorporated an average growth
of credit and debit transactions of 9% and 5% for 2020, backed by
its more aggressive pricing and commercial strategy, implemented
since the end of 2018, and increased focus in smaller clients.
Cielo processed BRL493 billion in credit and debit transactions in
the first nine months of 2019 and BRL627 billion in 2018, flat
compared to 2017. Weak macroeconomic conditions and tough
competition resulted in slower growth toward single digits since
2015.

Cash Flow Generation to Reduce: Increased competition in the
payments industry in Brazil and more aggressive pricing strategy
have pressured Cielo's cash flow generation since 2018. Fitch
projects adjusted EBITDA to decrease to BRL4.2 billion in 2019 and
BRL4.0 billion in 2020, down from BRL6.2 billion in 2018 and BRL7.7
billion in 2017, according to Fitch's methodology. In the LTM ended
Sept. 30, 2019, the company reported BRL4.7 billion of adjusted
EBITDA, including financial income derived from the acquisition of
receivables from merchants of BRL1.2 billion. The reduction in the
net interchange fee, in revenues from point of sale (POS) equipment
rental and in the financial income from the acquisition of
receivables, combined with lower growth of the volume of credit
transactions, pressured EBITDA generation. Fitch expects positive
FCF of about BRL700 million in 2020, following lower investments
and minimum dividend distribution.

Low Risk of Credit Loss: Cielo has virtually no direct credit
exposure to cardholders, as the card-issuing bank guarantees
cardholders' payments, while the company's exposure to merchants is
limited. The company is, however, partially exposed to card-issuing
bank defaults on a payment settlement for Visa and MasterCard
transactions. The risk associated with Visa and MasterCard
transactions is mitigated because more than 95% of the volume of
transactions is concentrated in banks rated 'BB-' and above. For
some non-investment-grade banks, Cielo's risk management policy
requires the card-issuing bank to pledge collateral.

Strong Capital Structure: Cielo's credit metrics are strong and
leverage remains low. Fitch projects net adjusted leverage,
measured by net debt to adjusted EBITDA ratio, including financial
income derived from the acquisition of receivables from merchants,
close to 2.0x in the next two years. As of Sept. 30, 2019, Cielo
had BRL13.7 billion of total debt, including BRL2.0 billion of
FIDC, and net adjusted leverage was 2.3x, higher than the average
of 1.1x from 2015 to 2018.

DERIVATION SUMMARY

Cielo is the leading company in Brazil's merchant acquiring and
payment processing industry with an estimated market share of 38%.
The second-largest is Redecard (controlled by Itau Unibanco Holding
S.A.; not rated) with 26% market share and the third-largest is
GetNet (controlled by Banco Santander S.A.; not rated) with 11%.
Compared to small players, such as Stone and PagSeguro, the three
leaders have strong competitive advantages due to their controlling
shareholders' structure, as the affiliation with these leading
banks gives them access to a broad customer base to acquire
merchant accounts and creates some barriers to entry. As is
characteristic of the industry in Brazil, Cielo has no direct
credit exposure to cardholders, as the card-issuing bank guarantees
cardholders' payments. Cielo's ratings incorporate the counterparty
risks associated with the Brazilian banking system.

Cielo has a more diversified revenue stream compared to its peers.
In general, participants with lower scale of operations are more
reliant on the financial income from the acquisition of receivables
from merchants, a business line that could present more volatility.
Cielo is also well positioned in terms of R&D in technology,
reducing the risk of obsolete systems, while small companies have
higher technology risk.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within the Rating Case for the Issuer

Volume of credit and debit transactions to increase by 9.2% in 2019
and 5.0% in 2020;

Annual investments of BRL1.2 billion in 2019 and annual average of
BRL550 million thereafter;

Lower revenues from POS rental due to higher competition;

Acquisition of receivables from merchants between 18% and 19.5% of
total credit value of transactions;

Dividends of 30% of net income until 2021.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  - Ratings upgrades are not likely.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - An increase in the volume of credit and debit transactions with
banks rated 'BB-' and below without collateral being pledged by the
card-issuing bank or not guaranteed by MasterCard;

  - Weakening credit profile of the main banks that operate with
Cielo;

  - A significant loss due to fraud and charge-backs;

  - Tougher competition leading to a significant loss of market
share and profitability;

  - Significant changes in regulatory risk;

  - A negative rating action on Brazil's sovereign ratings that
leads to negative rating actions on Banco do Brasil, Bradesco,
Caixa and Itau could result in negative rating action for Cielo.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Cielo's liquidity position is strong. As of Sept.
30, 2019, Cielo had cash and marketable securities of BRL2.9
billion and BRL5.3 billion of short-term debt, which included
BRL2.0 billion of FIDC. About 78% of total cash is invested in
Brazil and 22% abroad. At Sept. 30, 2019, the company had BRL5.3
billion of debt maturing up to the end of 2020, BRL23 million in
2021 and BRL5.0 billion in 2022. Cielo has a good financial
flexibility to address upcoming maturities and Fitch expects the
company to use operating cash flow generation to reduce total debt
in the next couple of years. Cielo has a good access to the bank
and capital markets.

As of Sept. 30, 2019, Cielo had BRL13.7 billion of total debt, of
which about 15% was denominated in foreign currency. Total debt was
composed of private and public debentures (45%), short-term bank
lines (20%), bonds (15%), FIDC (15%) and others (5%). Since
December 2017, Cielo's net adjusted debt increased by BRL5.7
billion, to BRL10.9 billion in September 2019.

SUMMARY OF FINANCIAL ADJUSTMENTS

Summary of Financial Statement Adjustments - Financial statement
adjustments that depart materially from those contained in the
published financial statements of the relevant rated entity or
obligor:

  - Fitch includes financial income from the acquisition of
receivables from merchants in EBITDA.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - 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.

PLATIN 1425: S&P Alters Outlook to Neg. & Affirms 'B' LT Rating
---------------------------------------------------------------
S&P Global Ratings revised its outlook on Platin 1425 GmbH (Platin)
to negative from stable and affirmed its 'B' long-term ratings on
the company and its senior secured debt.

Operating performance and credit metrics are unlikely to meet S&P's
previous base case for 2019.

S&P said, "We expect that Platin, a holding company of German
measuring technology firm, Schenck Process, will underperform our
previous base case in 2019. This is because it faces headwinds in
some of its end markets, namely in its Food, Chemicals & Plastics
segment, and in the EMEA region, reporting about 5% and 10% of
revenue declines in the first nine months. Profitability is also
lagging behind our expectations due to price mix effects, higher
functional costs, and restructuring charges. We now expect that
Platin's debt to EBITDA will stand at 6.5x at the end of 2019
compared with our previous expectation of 6.0x. This exceeds our
'B' rating threshold for the group."

A solid aftermarket order intake, supporting operating performance
and gradual credit metric improvement in 2020.

S&P said, "For 2020, we expect revenue to grow by about 2% and
EBITDA margins to be stable, supported by the stable order intake
for aftermarket sales and a decent order backlog. Given uncertain
economic conditions and no expected increase in commodity prices,
we anticipate order intake for new equipment sales will remain
soft, the market will remain competitive, and equipment pricing
will remain under pressure. At the same time, unfolding benefits
from reorganization measures, synergies from the acquisition of
Raymond Bartlett Snow (RBS) and Process Components Ltd (PCL), and
product mix effects are likely to compensate largely for the price
pressure, leaving the EBITDA margin in line with 2019, and higher
EBITDA translating into debt to EBITDA approaching 6.0x by the end
of 2020."

Renewed restructuring charges and M&A appetite might jeopardize a
gradual improvement in credit metrics.

The company has booked higher restructuring charges compared with
last year and our base case, in order to streamline its business
processes and reduce its cost base. Cost-efficiency initiatives
included a headcount reduction, as well as closing production
facilities. The main focus of restructuring is Germany, the U.S.
(where it closed a production facility), and Brazil. As the
organizational change and integration of RBS into the group is
still not finalized, S&P expects additional restructuring charges
on top of the EUR5.5 million reported so far this year.

S&P said, "For 2020, we expect no increase in restructuring charges
compared with 2019. However, if management decides to expand its
restructuring measures by reorganizing its global production
footprint, resulting in increasing charges and ultimately
depressing EBITDA, the reduction of leverage toward 6.0x by 2020
would be at risk.

"We expect that the group will continue to seek potential
acquisitions to strengthen its aftermarket business, and continue
to focus on stable market segments, which should continue to add
stability to earnings and cash flow. For now, we expect smaller
bolt-on acquisitions in our base case, paid from the group's cash
on balance sheet. In case of a larger acquisition, primarily
financed by additional debt, the reduction of leverage toward 6.0x
by 2020 would be at risk as well."

Expected positive free operating cash flow (FOCF) for the next 12
to 18 months.

S&P said, "Although we forecast higher leverage for 2019 and 2020
than previously due to lower EBITDA, we expect the company will be
able to constantly generate FOCF over the next 12-18 months, and
also post FFO cash interest coverage of at least 2.5x. These are
also key elements for the current rating.

"The negative outlook indicates that we anticipate that Platin's
operating performance and credit metrics will prove weaker than we
previously expected in 2019 and 2020. As unfavorable end markets
and higher restructuring costs are lowering the company's EBITDA
generation and ultimately depressing key credit metrics. We now
expect that the group will post debt to EBITDA of about 6.5x in
2019, gradually improving toward 6.0x in 2020, while we expect FFO
cash interest coverage of at least 2.5x, as well as positive FOCF.

"We would likely lower the rating if we see no further progress in
gradual deleveraging toward 6.0x and FFO cash interest coverage
rising to at least 2.5x. Such a development could arise from
deterioration of the group's operational and financial performance,
leading to lower margins, higher volatility of earnings, and
continued high restructuring charges. We could also lower the
rating if Platin fails to generate positive FOCF on a sustainable
basis or if the group conducts a large debt-funded acquisition.

"We could revise the outlook back to stable if the company's
operating performance regains momentum, leading to a significant
improvement of S&P Global Ratings-adjusted EBITDA to more than
EUR100 million, with no material change in debt. We would expect
this to translate into credit metrics in line with the current
rating, namely FFO cash interest coverage of more than 2.5x, debt
to EBITDA of less than 6.0x and positive FOCF."



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GEOPARK LTD: S&P Alters Outlook to Positive & Affirms 'B+' ICR
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On Nov. 18, 2019, S&P Global Ratings revised its outlook on Latin
American oil and gas exploration, development, and production
company GeoPark Ltd. (GPRK) to positive from stable. S&P also
affirmed its long-term 'B+' issuer credit and issue-level ratings
on the company.

The outlook revision to positive from stable follows GPRK's
recently announced acquisition of Amerisur. As of September 2019,
the latter's working interest production was 6,865 barrels of oil
equivalent per day (boed) from the Platanillo block in the Putumayo
basin and the CPO-5 block in the Llanos basin, with light oil
representing 100% of the mix. S&P said, "We estimate that after the
acquisition, GPRK's production will reach approximately 50,000 boed
and proven reserves will get closer to 150 million barrels
equivalent (MMboe), moderately increasing the company's size and
scale. To fund the transaction, GPRK will increase leverage
modestly, and we expect gross debt to EBITDA close to 2.0x and
funds from operations (FFO) to debt slightly above 30%."

The company's production rose 6% to 39,619 boepd in the third
quarter of 2019 from 37,214 boed in the same quarter of 2018. This
mainly stemmed from the internal expansion of its Colombian
operations and higher production at its Chilean operations. GPRK
reported high EBITDA per boe, of about $27 year-to-date as of Sept.
30, 2019. This, along with Brent oil prices and GPRK's low
operating costs, have benefited its profitability and cash flow
measures.

S&P said, "On Sept. 16, 2019, we published our new Oil & Gas price
deck, maintaining the average price assumptions for Brent crude oil
at $60/bbl for the remainder of 2019 and $55/bbl for 2020 and 2021.
We believe the price reduction in 2021 would increase GPRK's gross
leverage to 2.4x, However, by that point, the company should have a
more robust business risk profile thanks to internal and
acquisition-based growth, which would partly compensate for the
weaker financial metrics."



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J A M A I C A
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JAMAICA: Increased Competition in Motor Vehicle Insurance Industry
------------------------------------------------------------------
RJR News reports that competition is increasing in the motor
vehicle insurance industry with a new digital platform which makes
it easier for policyholders to switch insurers.

The system that was launched earlier this month by Marathon
Insurance Brokers, allows motorists to compare insurance rates
online, according to RJR News.

According to Marketing Manager at Marathon Insurance, Romeon Young,
the authorities have given the system the nod of approval, the
report notes.

                          About Jamaica

As reported in the Troubled Company Reporter-Latin America on Oct.
1, 2019,  S&P Global Ratings, on Sept. 27, 2019, raised its
long-term foreign and local currency sovereign credit ratings on
Jamaica to 'B+' from 'B'. The outlook is stable. At the same time,
S&P Global Ratings affirmed its 'B' short-term foreign and local
currency sovereign credit ratings on the country. S&P Global
Ratings also raised its transfer and convertibility assessment to
'BB-' from 'B+'.

RJR News reported in June 2019 that Steven Gooden, Chief Executive
Officer of NCB Capital Markets, warned that the increasing
liquidity in the Jamaican economy might result in heightened risk
to the financial market if left unchecked.  This, he said, is
against the background of the local administration seeking to
reduce the debt to GDP to 60% by the end of the 2025/26 fiscal
year, which will see Government repaying more than J$600 billion
which will get back into the system, according to RJR News.

KEY INSURANCE: Incurs $305-Mil. Loss During First 9Mos of 2019
--------------------------------------------------------------
RJR News reports that Key Insurance suffered a $305 million loss
during the first nine months of its 2019 financial year.

During the January to September period, the company's gross
premiums amounted to $1.1 billion compared to $1.4 billion during
the same period last year, according to RJR News.

Key Insurance says improved underwriting and reinsurance strategies
in conjunction with cost containment and income earned from its
$1.2 billion dollar continue to be its focus to reverse its
loss-making position, the report notes.



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P U E R T O   R I C O
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COPY DU SERVICES: Seeks to Use Hibiscus Cash Collateral
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Copy Du Services Corporation asks the Bankruptcy Court to use cash
collateral relating to the interest held by Hibiscus Lendo LLC.

The Debtor seeks to pay Hibiscus Lendo LLC or Grove Gate Lender
$2,200 monthly as adequate protection payment to maintain use of
the property for the next 12 months.  The amount would cover what
is due as adequate protection for both the property and the rents
that are being used by Debtor.

Hibiscus Lendo has a prepetition lien on the Debtor's commercial
rental property.

              About Copy Du Services Corporation

Copy Du Services Corporation, which derives rent from renting its
commercial property to tenants, filed a Chapter 11 petition (Bankr.
D.P.R. Case No. 19-05717) on Oct. 2, 2019, in Puerto Rico.  PABLO
E. GARCIA, ESQ., serves as the Debtor's counsel.



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V E N E Z U E L A
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VENEZUELA: Maduro Does not Disapprove of De Facto "Dollarization"
-----------------------------------------------------------------
EFE News reports that Venezuelan President Nicolas Maduro said that
he does not disapprove of the de facto "dollarization" that one
sector of his country's economy is experiencing, declaring that the
phenomenon acts as an "escape valve" that contributes to the
"recovery and deployment" of productive forces.

"That process that they call dollarization can serve to recover and
deploy the country's productive forces and the functioning of the
economy. It's an escape valve, and thank God it exists," said
Maduro in an interview broadcast by private television channel
Televen, according to EFE News.

                        About Venezuela

Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South Ameri ca, 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.

Standard and Poor's long- and short-term foreign currency
Sovereign credit ratings for Venezuela stands at 'SD/D' (November
2017).

S&P's local currency sovereign credit ratings on the other hand
Are 'CCC-/C'. The May 2018 outlook on the long-term local currency
sovereign credit rating is negative, reflecting S&P's view that
the sovereign could miss a payment on its outstanding local
currency debt obligations or advance a distressed debt exchange
operation, equivalent to default.

Moody's credit rating (long term foreign and domestic issuer
ratings) for Venezuela was last set at C with stable outlook
(March 2018).

Fitch's long term issuer default rating for Venezuela was last set
at RD (2017) 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 2019.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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.


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