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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, June 5, 2020, Vol. 21, No. 113

                           Headlines



A R G E N T I N A

PROVINCE OF MENDOZA: S&P Lowers LT ICR to 'CC', Outlook Negative


B R A Z I L

COMPANHIA SIDERURGICA: Moody's Alters Outlook on B2 CFR to Negative


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Can Take Advantage of US Firms' Supply Chains
DOMINICAN REPUBLIC: Central Bank Assures Adequate Dollar Supply
DOMINICAN REPUBLIC: Dollar Crunch Challenges Economic Market
DOMINICAN REPUBLIC: Ticket Purchase Discouraged Til Airports Reopen


E C U A D O R

ECUADOR: Ecuadorians Defy Gov't, Covid-19 to Protest Austerity


J A M A I C A

JAMAICA: BOJ to Begin Pilot Phase of Electronic Trading Platform


M E X I C O

CSI COMPRESSCO: Holders of 57.9% of Unsecured Notes Accept Offer


P U E R T O   R I C O

IGLESIA TABERNACULO: Seeks Approval to Hire Accountant


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Cuts Crude Blending as Supply Abound


X X X X X X X X

[*] Fitch Alters Rating Scales on Five Latin America Countries

                           - - - - -


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

PROVINCE OF MENDOZA: S&P Lowers LT ICR to 'CC', Outlook Negative
----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit ratings on
the province of Mendoza to 'CC' from 'CCC-'. The outlook is
negative.

Outlook

S&P said, "The negative outlook on Mendoza reflects our view that a
default in the next six months is a virtual certainty, even under
the most optimistic scenario, given the province's severe liquidity
crunch. We could lower the ratings to 'SD' (selective default) if
the province misses a debt service payment, or if it completes its
debt restructuring process, which we would consider distressed and
tantamount to default. We expect the province's fiscal performance
and liquidity position to remain extremely fragile, given that the
COVID-19 pandemic is aggravating Argentina's already challenging
economic scenario."

Downside scenario

S&P said, "We could lower the ratings on Mendoza to default in the
next six months if it misses any debt service payments, or if
there's more evidence of such a scenario materializing. Given our
already low rating on Mendoza and the province's clear cash
constraints, we would also consider an exchange offer with private
creditors as distressed, leading us to lower the ratings to 'SD'."

Upside scenario

S&P could raise the ratings in the next six months if the province
regains access to external sources of liquidity, and economic and
financial conditions in Argentina stabilize, with clearer policy
signals and execution from the national government.

Rationale

S&P's 'CC' ratings on Mendoza reflect its view of virtual certainty
of default, either by the province failing to comply with a debt
service payment within the grace period, or by it completing a
distressed debt exchange in the next few months. In a severe
liquidity crunch, and without access to funds to service its debt,
the province is currently restructuring its debt. Moreover, since
May 19, 2020, the province is in a 30-day grace period on the $24.7
million interest payment of its 2024 international bond. The grace
period concludes on June 18, 2020.

The ratings also incorporate the impact of COVID-19 on the
provincial economy, which has exacerbated the already considerable
economic and social strains in Argentina. In addition, the ratings
signal the heightened uncertainty and liquidity pressures stemming
from the Argentine peso's depreciation, as well as concerns about
the administration's payment culture, including debt service
prioritization. S&P also considers that the sovereign could delay
its support to provinces, given its fiscal woes, and the underlying
volatile and unpredictable institutional framework under which
Argentine local and regional governments operate.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Downgraded  
                                   To               From
  Mendoza (Province of)
   Issuer Credit Rating       CC/Negative/--    CCC-/Negative/--
   Senior Unsecured           CC                CCC-




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

Ratings affirmed:

Issuer: Companhia Siderurgica Nacional

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

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

  Outlook changed to negative from stable.

RATINGS RATIONALE

The change in CSN's ratings outlook to negative reflects its
expectation that the company's refinancing risk will remain high in
the next 12-18 months despite the recent efforts to roll-over debt
maturing in 2020, and that credit metrics will remain weak
throughout 2020 as a consequence of the steep decline in steel
demand in Brazil.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The steel sector
has been affected by the shock given its sensitivity to demand and
sentiment. Moody's regards the coronavirus outbreak as a social
risk under its ESG framework, given the substantial implications
for public health and safety.

The affirmation of CSN's B2/Ba1.br ratings reflects the company's
position as a leading manufacturer of flat-rolled steel in Brazil
(Ba2 stable), with a favorable product mix that is focused on
value-added products, and as a major producer of iron ore
(second-largest exporter in Brazil). Historically, the company has
reported a strong Moody's-adjusted EBITDA margin of 20%-30% (18.5%
in the LTM ended March 2020), supported by its solid domestic
market position, wide range of products across different segments
and globally competitive production costs for both steel and iron
ore. The ratings also incorporate the improvement in the company's
short-term liquidity because of several measures taken over the
past two years, and its expectations that the mining segment will
continue to support the company's cash generation in 2020.

However, the ratings remain constrained by the company's highly
leveraged capital structure and weakened credit metrics. Despite
the company's debt refinancing efforts that addressed short-term
maturities, gross debt remains high and the company still faces
significant debt maturities in 2021-22. Furthermore, Moody's
expects CSN's credit metrics to remain strained during 2020 and
deleveraging to slow as a result of the impact of the coronavirus
outbreak on the company's steel and cement operations, while its
iron ore business will continue to support cash flow because of
high prices and foreign-exchange rate levels. As such, CSN will
continue to rely on external liquidity events to be able to reduce
its debt levels and refinancing risk in a more structural and
meaningful manner.

Since the beginning of 2018, CSN has pursued several initiatives to
address its short-term debt and improve liquidity. More recently,
in January 2020, CSN concluded the issuance of $1 billion in new
notes due 2028, and proceeds will be used to fund a tender offer
for the totality of the outstanding notes due in July 2020 and to
pay down other existing debt maturing in the short term, thus
lengthening the company's debt amortization schedule. Later in May
2020, CSN announced the refinancing of BRL1.4 billion in bank debt
maturing in 2020 and 2021, which eased liquidity risks for 2020,
but did not resolve the refinancing needs for 2021-22.

Pro forma to the transaction, CSN's cash position of BRL4.9 billion
cover short-term debt maturities by around 1.3x, compared with a
0.9x coverage at the end of March 2020. But, despite the
improvement, CSN still has sizable debt maturities of BRL9 billion
in 2021-22, and will need to pursue additional alternatives to
reduce liquidity pressures and leverage. Besides the notes maturing
in July 2020, CSN's debt maturities until 2022 comprises mainly
bank debt, which are easier to be rolled over based on CSN's
long-standing relationship with Brazil's local banks, namely Caixa,
Banco do Brasil and Bradesco. Still, in its view, the high
refinancing need at a time of strained steel operations, risk
aversion and more limited access to external sources of liquidity
raises liquidity risks for CSN.

For 2020, Moody's expects Brazil's steel demand to retreat by
around 20% as the coronavirus outbreak hinders employment and
business and consumer confidence. Brazilian automotive and capital
goods sales will decelerate with lower disposable income and
investments, and lockdown requirements will slow construction, all
of which will impact steel sales in the country. Weak demand will
also likely keep Brazil's domestic steel prices below the
import-parity level in 2020, rather than the typical 5%-10%
premium, even with the depreciation of the local currency.
Accordingly, CSN's operations in the steel segment will remain
strained in 2020, while the company's iron ore operations will
remain strong based on current high prices, relatively stable sales
volumes and a favorable exchange rate for exports. To respond to
the steep decline in steel demand in Brazil, CSN lowered its
capital spending and dividends for 2020, shutdown a blast furnace
and will focus on cost reduction, all of which will contribute to a
strong free cash flow generation. The amount of free cash flow
generation will not be sufficient to cover debt maturities in 2021,
though.

The strain Moody's expects on the company's steel business in
Brazil and the depreciation of the Brazilian real will slow CSN's
deleveraging process, keeping adjusted leverage in 2020 near its
high level of 5.5x (total adjusted debt/EBITDA) as of year-end 2019
(or 5.0x excluding costs related to the blast furnace revamp). In
the first quarter of 2020, CSN's adjusted leverage increased
sharply to 8.1x, reflecting the impact of the depreciation of the
Brazilian real in the company's US dollar denominated debt without
the corresponding benefit on its foreign currency EBITDA. Even
though Moody's expects some recovery in leverage during the
remaining of 2020, the ratio will only remain more sustainably at
levels of around 3.5x-4.0x if iron ore prices remain at the current
high levels while the company's steel operations recover, or if the
company is able to amortize a substantial amount of debt during the
year, none of which Moody's expects to happen.

The negative outlook reflects its expectation that the company's
refinancing risk will remain high in the next 12-18 months despite
its recent efforts to roll-over debt maturing in 2020, and that
credit metrics will remain weak throughout 2020 as a consequence of
the steep decline in steel demand in Brazil.

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

The ratings would suffer negative pressure if the company is unable
to roll over debt maturing in 2021-22 on a timely manner, thus
increasing liquidity risks. The ratings could be downgraded if
performance over the next 12 to 18 months does not improve such
that leverage does not moderate to at least 5.0x and EBIT/interest
remains below 1.5x.

An upward rating movement would require additional improvements in
liquidity profile and recovery in operating performance. An upgrade
would also be dependent on further adjustments in CSN's capital
structure, with total leverage trending towards 4.0x total adjusted
debt to Ebitda and interest coverage ratios (measured by EBIT to
Interest expenses) above 2.5x on a sustainable basis.

With an annual capacity of 5.9 million tons of crude steel,
Companhia Siderurgica Nacional is a vertically integrated, low cost
producer of flat-rolled steel, including slabs, hot and cold rolled
steel, and a wide range of value-added steel products, such as
galvanized sheet and tinplate. In addition, the company has
downstream operations to produce customized products, pre-painted
steel and steel packaging. CSN sells its products to a broad array
of industries, including the automotive, capital goods, packaging,
construction and home appliance sectors. CSN owns and operates cold
rolling and galvanizing facilities in Portugal, along with long
steel assets in Germany through its subsidiary Stahlwerk Thuringen
GmbH (SWT). The company also has a long steel line (500,000 tons
capacity) in the Volta Redonda plant. CSN is a major producer of
iron ore (the second-largest exporter in Brazil) besides steel,
with a sales volume of 35.3 million tons in the twelve months ended
March 2020. The company has operations in other segments too, such
as cement, logistics, port terminals and power generation. CSN
reported revenues of BRL 24.8 billion (USD6.1 billion) in the
twelve months ended March 2020.

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




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

DOMINICAN REPUBLIC: Can Take Advantage of US Firms' Supply Chains
-----------------------------------------------------------------
Dominican Today reports that American Chamber of Commerce of the
Dominican Republic (AMCHAMDR) president Ramon Ortega raised during
his opening speech of the virtual "Cycle of Candidates 2020," that
the Dominican Republic must take advantage of the fact that North
American companies have accelerated the process of creating supply
chains that are more resistant and closer to their market,
minimizing geopolitical risk.

"At AMCHAMDR, we have identified the opportunity for the Dominican
Republic to benefit from the great asset represented by its
geographical location, installed capacity, and the laws and
regulations on incentives and logistics.  For years we have worked,
through our Trade Facilitation Committee, to capitalize on these
conditions to create a competitive advantage and thus increase
foreign investment," Ortega said, the report notes.

                    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.

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

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

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


DOMINICAN REPUBLIC: Central Bank Assures Adequate Dollar Supply
---------------------------------------------------------------
Dominican Today reports that Central Banker Hector Valdez Albizu
attributed the high demand of the dollar and the recent rise in the
rate to the pandemic.

Mr. Valdez said that the closure of tourism, foreign investment,
decrease in remittances, and imports from free zones that are the
main generators of the North American currency, according to
Dominican Today.

Mr. Valdez acknowledged that there is pressure to get dollars and
for that reason the Central Bank injects dollars every day into
banks, such as the US$60 million, the report notes.  "We will go
anywhere, because we have currency," the report quotes Valdez as
saying.

                    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.

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

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

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


DOMINICAN REPUBLIC: Dollar Crunch Challenges Economic Market
------------------------------------------------------------
Dominican Today reports that on May 26, a dollar was sold at 57.85
pesos and bought at 56.50 pesos at Banco Popular, the Dominican
Republic's largest private bank.

Meanwhile, in the state-owned Banco de Reservas, Dominica's largest
bank, the purchase rate announced on its website is 57.05 pesos,
while the sale rate is 57.85 pesos, according to Dominican Today.

The increase in the dollar rate reflects a shortage of foreign
currency caused by the economic paralysis of the country's external
sector, due to the pandemic, the report cites.

                    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.

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

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

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


DOMINICAN REPUBLIC: Ticket Purchase Discouraged Til Airports Reopen
-------------------------------------------------------------------
Dominican Today reports that Dominican Civil Aviation Institute
(IDAC) director Alejandro Herrera recommended that the population
not buy air tickets until the country reopens the airport
operations, scheduled to start on July 1.

Herrera stated that regular flights to the country remain
suspended, as well as the closing of the borders, and that only
special flights are being allowed, authorized by the high-level
commission for the prevention and control of the coronavirus,
according to Dominican Today.

He said that any reservation or transaction made with an airline
must be under the conditions established by the country for special
flights, the report notes.

"Any arrival of passengers has to be done in coordination with
consulates and diplomatic missions, which, in turn, when authorized
and in coordination with airlines, allow them to buy the ticket,"
the report relays.

                    About Dominican Republic

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

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

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

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




=============
E C U A D O R
=============

ECUADOR: Ecuadorians Defy Gov't, Covid-19 to Protest Austerity
--------------------------------------------------------------
EFE News reports that thousands of people took to the streets of
Quito and other Ecuadorian cities to protest the government's
decision to endorse layoffs and pay cuts in response to the
economic slowdown caused by the Covid-19 pandemic.

Protesters in Quito marched through the streets chanting "Out
Moreno, Out," referring to right-wing President Lenin Moreno, who
recently took the unusual step of delegating many of his powers to
unelected aides with a year left in his term, according to EFE
News.

                 About Ecuador

The Republic of Ecuador is a country in northwestern South America.
The sovereign state of Ecuador is a middle-income representative
democratic republic and a developing country that is highly
dependent on commodities, namely petroleum and agricultural
products.  Lenin Boltaire Moreno Garces is the county's current
President, who has been in office since May 2017.  As of May 12,
2020, Ecuador has defaulted on sovereign
debt in 2020.

On April 3, 2020, Moody's Investors Service downgraded the
long-term foreign-currency issuer and senior unsecured rating of
the Government of Ecuador to Caa3 from Caa1 and changed the
outlook
to negative from stable.  Moody's decision to downgrade Ecuador's
rating reflects the increased and now very high probability of a
restructuring, distressed exchange or default on Ecuador's market
debt as a result of the economic and financial shock the country
is
experiencing due to the coronavirus outbreak that has led to
extremely tight financing conditions for Ecuador.

On April 13, 2020, S&P Global Ratings lowered its long- and
short-term sovereign credit ratings on Ecuador to 'SD/SD' from
'CCC-/C'. S&P removed the ratings from CreditWatch.  S&P said
Ecuador's already large budgetary financing needs have been
exacerbated by the plunge in global oil prices and the negative
global economic impact of the COVID-19 pandemic. The country is
one
of the worst affected by the virus outbreak in the region.

Also, in mid April 2020, Fitch lowered Ecuador's longterm foreign
currency issuer default rating to C from CC.  The 'C' rating
reflects Fitch's view that a sovereign default of some kind is
imminent following the "consent solicitation" made by the
Ecuadorian government to defer external bond payments while it
pursues a comprehensive restructuring.  A deferment in payments,
if
agreed to by bondholders, would constitute a distressed debt
exchange in Fitch's view.

As reported in the Troubled Company Reporter-Latin America,
Egan-Jones Ratings Company, on May 18, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by the Republic of Ecuador to CCC- from CCC+. EJR also downgraded
the rating on commercial paper issued by the Company to D from C.




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

JAMAICA: BOJ to Begin Pilot Phase of Electronic Trading Platform
----------------------------------------------------------------
RJR News reports that the Bank of  Jamaica (BOJ) will on June 1
begin the pilot phase of  the electronic FX Trading Platform
(FXTP).

During the pilot phase, only Deposit Taking Institutions will be
able to trade, while cambios familiarize themselves with the system
as observers, according to RJR News.

After the pilot phase, the actual platform, including all
authorized foreign exchange traders will be introduced gradually in
three phases, the report notes.

The Central Bank said FXTP will replace its eGate system, which is
currently being used for reporting all daily transactions in the
foreign exchange market, the report relays.

The FXTP is the latest feature in the BOJ-led FX market reform, the
report adds.

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings revised on April 16, 2020 its outlook on Jamaica to
negative from stable. At the same time, S&P affirmed its 'B+'
long-term foreign and local currency sovereign credit ratings, its
'B' short-term foreign and local currency sovereign credit ratings
on the country, and its 'BB-' transfer and convertibility
assessment.

The TCR-LA also reported that Fitch Ratings, in April 2020, revised
Jamaica's Outlook to Stable from Positive. The Long-Term
Foreign-Currency Issuer Default Rating is affirmed at B+. The
Outlook change 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.




===========
M E X I C O
===========

CSI COMPRESSCO: Holders of 57.9% of Unsecured Notes Accept Offer
----------------------------------------------------------------
CSI Compressco LP and the Partnership's wholly owned subsidiary,
CSI Compressco Finance Inc. said that in connection with their
previously announced Exchange Offer for the Issuers' 7.250% Senior
Unsecured Notes due 2022, at least 57.9% of the Unsecured Notes are
expected to be accepted for exchange.

The Company has extended the Tender Offer a handful of times -- the
latest by 11:59 p.m., New York City time, on June 10, 2020.

Eligible Holders that validly tender their Unsecured Notes prior to
the deadline will be eligible to receive for each $1,000 principal
amount of Unsecured Notes:

     -- $900 principal amount of new 7.500% Senior Secured First
Lien Notes due 2025; or

     -- as applicable and subject to proration as described in the
Offering Memorandum, $975 principal amount of new 7.250% Senior
Secured Second Lien Notes due 2027.

The Company has entered into a support agreement with certain
Eligible Holders representing approximately $147.4 million
aggregate principal amount of Unsecured Notes, or 49.8%, pursuant
to which the Supporting Holders have agreed to tender all of the
Unsecured Notes held by them in the Exchange Offer and not withdraw
such Unsecured Notes, subject to certain conditions.

Based on the Unsecured Notes tendered to date and the Supporting
Holders' commitment to tender their Unsecured Notes, approximately
57.9% of the Unsecured Notes would be tendered and accepted for
exchange, comprising sufficient consents to eliminate substantially
all restrictive covenants and certain of the default provisions in
the indenture governing the Unsecured Notes and resulting in the
issuance of $50.0 million of New First Lien Notes and approximately
$113.0 million of New Second Lien Notes in the Exchange Offer.

As of May 5, 2020, $295.9 million in aggregate principal amount of
the Company's 7.25% Senior Notes are outstanding. The 7.25% Senior
Notes accrue interest at a rate of 7.25% per annum and are
scheduled to mature on August 15, 2022.

The New Notes will not be registered under the Securities Act, or
any other applicable securities laws and, unless so registered, the
New Notes may not be offered, sold, pledged or otherwise
transferred within the United States or to or for the account of
any U.S. person, except pursuant to an exemption from the
registration requirements thereof. Accordingly, the New Notes are
being offered and issued only (i) to persons reasonably believed to
be "qualified institutional buyers" (as defined in Rule 144A under
the Securities Act) and (ii) to non-"U.S. persons" who are outside
the United States (as defined in Regulation S under the Securities
Act).

                     About CSI Compressco LP

Based in The Woodlands, Texas, CSI Compressco LP (NASDAQ: CCLP) is
a provider of compression services and equipment for natural gas
and oil production, gathering, artificial lift, transmission,
processing, and storage.  CSI Compressco's customers comprise a
broad base of natural gas and oil exploration and production,
midstream, transmission, and storage companies operating throughout
many of the onshore producing regions of the United States, as well
as in a number of foreign countries, including Mexico, Canada and
Argentina. CSI Compressco is managed by CSI Compressco GP Inc.,
which is an indirect, wholly owned subsidiary of TETRA
Technologies, Inc. (NYSE: TTI).

At March 31, 2020, the Company had $834 million in total assets and
$799 million in total liabilities.




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

IGLESIA TABERNACULO: Seeks Approval to Hire Accountant
------------------------------------------------------
Iglesia Tabernaculo De Adoracion Y Alabanza, Inc. seeks authority
from the United States Bankruptcy Court for the District of Puerto
Rico to hire an accountant.

Bethali Bega Vera as accountant will assist the Debtor in
accounting matters and compliance with tax return  filing and
reporting matters.

Ms. Vera will charge a flat rate of $250 per month.

Ms. Vera is a "disinterested person" as that term is defined in 11
U.S.C. Sec. 101(14).

Ms. Vera can be reached at:

     Bethali Bega Vera  
     Hacienda Miraflores
     Calle Jazmin #35
     Coamo, PR 00769
     Phone: (787)  215-6906

                   About Iglesia Tabernaculo
                 De Adoracion Y Alabanza, Inc.

Iglesia Tabernaculo De Adoracion Y Alabanza, Inc. is a nonprofit
religious organization that operates an evangilical church.  The
Company owns in fee simple a real property, where the church is
located, at PR Road 132, Km. 22.6, Canas Ward, Ponce, PR, having an
appraised value of $915,000.

Iglesia Tabernaculo De Adoracion Y Alabanza, Inc., filed its
voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr.
D. P.R. Case No. 20-01752) on May 5, 2020. In the petition signed
by Jesus F. Perez Gutierrez, president, the Debtor estimated
$938,025 in assets and $1,274,467 in liabilities. Noemi Landrau
Rivera, Esq. at  LANDRAU RIVERA & ASSOCIATES, represents the Debtor
as counsel.




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

PETROLEOS DE VENEZUELA: Cuts Crude Blending as Supply Abound
------------------------------------------------------------
Luc Cohen, Mircely Guanipa, and Marianna Parraga, citing according
to a half-dozen industry sources and documents, at Reuters report
that Venezuela's state-run oil company Petroleos de Venezuela has
cut crude production at several locations and its main crude
blending plant has been operating intermittently this month due to
mounting stockpiles.

Venezuela's oil industry has been squeezed by more than a year of
sanctions from the United States, and in recent months, the Trump
administration has increased the pressure on some of the remaining
buyers of Venezuelan crude, according to Reuters.  Washington
sanctioned PDVSA early last year as part of the administration's
efforts to oust President Nicolas Maduro, the report notes.

That has caused exports to fall sharply, boosting domestic crude
storage to a total of 38.2 million barrels, up 2.3 million barrels
from the end of April, according to market intelligence firm Kpler,
the report relates.  In September 2019, inventories reached 40.3
million barrels, but drained as exports picked up, the report
discloses.

Overall, Venezuela produced 656,000 barrels on May 13 and 642,000
barrels on May 14, according to the most recent internal PDVSA data
seen by Reuters.  That was down from the 737,000 barrels per day
the country told OPEC it produced on average in April, the report
says.

At the Jose export terminal, inventories of Merey crude -
Venezuela's signature export blend - rose last week to 9.6 million
barrels, up from 7.2 million barrels on May 4, reducing available
space to just 318,000 barrels, according to PDVSA documents seen by
Reuters.

The dearth of storage prompted PDVSA to halt operations at the
Petrosinovensa blending facility, a joint venture with China's CNPC
that converts extra-heavy crude from the Orinoco belt into Merey,
according to the document, the report cites.  It resumed operations
again on May 25, the report notes.

The plant had stopped in mid-May for several days due to high
inventories, according to another PDVSA document, the report
discloses.  The facility produced around 100,000 bpd between May 20
and May 24, the report relays.

The Petropiar crude upgrader, part of a joint venture between PDVSA
and Chevron Corp, is the only one of five upgrading and blending
plants that continues to operate, processing some 120,000 bpd of
extra-heavy oil to produce Hamaca crude, according to the document.
It is also faced with dwindling storage capacity, the report says.

Exports have declined from last year, as Russia's Rosneft, the
largest intermediary of Venezuelan crude last year, stopped
purchasing PDVSA's oil after the U.S. sanctioned two of its trading
units in February and March, the report discloses.  Washington is
also probing other major PDVSA customers for possible sanctions
violations, the report says.

Neither PDVSA, Venezuela's oil ministry nor CNPC immediately
responded to requests for comment, Reuters says.  Chevron deferred
comment to PDVSA.

With inventories rising, PDVSA has been forced to reduce production
of extra-heavy crude in the Orinoco belt, the report relays.  The
upstream portion of Petropiar, which was Venezuela's most
productive project in March at some 123,000 bpd of output according
to an internal PDVSA document, is now producing at around half
those levels, two people familiar with the matter said, the report
notes.

The Petromonagas project, which produced some 75,000 bpd in March,
according to the document, also substantially cut output in recent
weeks, one of the people said, although current production levels
were not available, the report relays.

In the country's western areas near Maracaibo Lake, the Petroboscan
joint venture between PDVSA and Chevron halted output this month,
according to four people with knowledge of the matter, the report
notes.  Separately, the Petrozamora joint venture between PDVSA and
GPB Global Resources only produced around 30,000 bpd on May 23,
compared with 66,000 bpd in March, the report discloses.

Together, the two western joint ventures produced nearly 150,000
bpd in March, the report adds.

                           About PDVSA

Founded in 1976, Petroleos de Venezuela, S.A. (PDVSA) is the
Venezuelan state-owned oil and natural gas company, which engages
in exploration, production, refining and exporting oil as well as
exploration and production of natural gas.  It employs around
70,000 people and reported $48 billion in revenues in 2016.

As reported in Troubled Company Reporter-Latin America on June 3,
2019, Moody's Investors Service withdrew all the ratings of
Petroleos de Venezuela, S.A. including the senior unsecured and
senior secured ratings due to insufficient information. At the
time of withdrawal, the ratings were C and the outlook was stable.

Citgo Petroleum Corporation (CITGO) is Venezuela's main foreign
asset.  CITGO is majority-owned by PDVSA.  CITGO is a United
States-based refiner, transporter and marketer of transportation
fuels, lubricants, petrochemicals and other industrial products.

However, CITGO formally cut ties with PDVSA at about February 2019
after U.S. sanctions were imposed on PDVSA.  The sanctions are
designed to curb oil revenues to the administration of President
Nicolas Maduro and support for the Juan Guaido-headed party.




===============
X X X X X X X X
===============

[*] Fitch Alters Rating Scales on Five Latin America Countries
--------------------------------------------------------------
Fitch Ratings has recalibrated several of its Latin American
National Rating scales following recent downgrades or Negative
Rating Outlook revisions on the following sovereigns: Costa Rica,
El Salvador, Guatemala, Mexico and Panama. The recalibrations have
resulted in several national rating revisions for issuers in
various sectors, including financial institutions, corporates,
insurance, global infrastructure and local and regional
governments.

KEY RATING DRIVERS

Revision ratings are used to modify ratings for reasons not related
to credit quality to reflect changes in a country's national rating
scale and relative risk rankings. National scale ratings are risk
rankings of issuers in a particular market designed to help local
investors differentiate risk. The sovereign scale ratings are
denoted by unique identifiers as follows: Costa Rica, '(cri)'; El
Salvador, '(slv)'; Guatemala, '(gtm)'; Mexico, '(mex)'; and Panama,
'(pan)'. National scales are not comparable to Fitch's
international ratings scales or to other countries' national rating
scales.

Fitch has also revised the following Costa Rican national scale
ratings and outlooks:

Compania Nacional de Fuerza y Luz S.A.

  -- National Long-Term Rating revised to 'AA+(cri)' from
'AAA(cri)'; Outlook Stable.

  -- Senior Unsecured National Long-Term Rating revised to
'AA+(cri)' from 'AAA(cri)'.

Instituto Costarricense de Electricidad y Subsidiarias

  -- National Long-Term Rating revised to 'AA+(cri)' from
'AAA(cri)'; Outlook Stable.

  -- Senior Unsecured National Long-Term Rating revised to
'AA+(cri)' from 'AAA(cri)'.

Refinadora Costarricense de Petroleo S.A.

  -- National Long-Term Rating revised to 'AA+(cri)' from
'AAA(cri)'; Outlook Stable.

  -- Senior Unsecured National Long-Term Rating revised to
'AA+(cri)' from 'AAA(cri)'.

Municipalidad de San Jose

  -- National Long-Term Rating revised to 'AA+(cri)' from
'AAA(cri)'; Outlook Negative.

Fitch has also revised the following El Salvadoran national scale
ratings and outlooks:

Compania de Alumbrado Electrico de San Salvador, S.A. de C.V. y
Subsidiarias

  -- National Long-Term Rating revised to 'AA-(slv)' from
'A+(slv)'; Outlook Stable.

Empresa Electrica de Oriente, S.A. de C.V. y Subsidiarias

  -- National Long-Term Rating revised to 'AA-(slv)' from
'A+(slv)'; Outlook Stable.

Fondo Social para la Vivienda

  -- National Long-Term Issuer Rating revised to 'AA-(slv)' from
'A+(slv)'; Outlook Stable.

  -- Long-Term National Rating revised to 'AA(slv) from
'AA-(slv)'.

  -- Short-Term National Issuer rating revised to 'F1+(slv)' from
'F1(slv)'.

Programa Rotativo de Bonos Corporativos - SLV (Issuer: Corporacion
Interamericana Para el Financiameiento de Infraestructura, S.A.)

  -- National Long-Term Rating revised to 'AAA(slv)' from
'AA(slv)'; Outlook Stable.

Fitch has also revised the following Guatemalan national scale
ratings and outlooks:

Banco Azteca de Guatemala, S.A.

  -- National Long-Term Rating revised to 'AA(gt)' from 'AA-(gt)';
Outlook Negative.

Fitch has also revised the following Mexican national scale ratings
and outlooks:

Bepensa, S.A. de C.V.

  -- National Long-Term Rating revised to 'AAA(mex)' from
'AA+(mex)'; Outlook Stable.

Grupo Bimbo, S.A.B. De C.V.

  -- National Long-Term Rating revised to 'AAA(mex)' from
'AA+(mex)'; Outlook Stable.

  -- Senior Unsecured National Long-Term Rating revised to
'AAA(mex)' from 'AA+(mex)'.

Molibdenos y Metales S.A. (Molymet)

  -- National Long-Term Rating revised to 'AAA(mex)' from
'AA+(mex)'; Outlook Stable.

Orbia Advance Corporation, S.A.B de C.V.

  -- National Long-Term Rating revised to 'AAA(mex)' from
'AA+(mex)'; Outlook Negative.

  -- Senior Unsecured National Long-Term Rating revised to
'AAA(mex)' from 'AA+(mex)'.

Sigma Alimentos, S.A. de C.V.

  -- National Long-Term Rating revised to 'AAA(mex)' from
'AA+(mex)'; Outlook Stable.

Banco Compartamos, S.A., Institucion de Banca Multiple

  -- National Long-Term Rating revised to 'AA(mex)' from
'AA+(mex)'; Outlook Negative.

  -- Senior Unsecured National Long-Term Rating revised to
'AA(mex)' from 'AA+(mex)'.

Banco del Bajio, S.A.

  -- National Long-Term Rating revised to 'AA(mex)' from
'AA+(mex)'; Outlook Negative.

  -- Senior Unsecured National Long-Term Rating revised to
'AA(mex)' from 'AA+(mex)'.

Banco Regional, S.A., Institucion de Banca Multiple, Banregio Grupo
Financiero

  -- National Long-Term Rating revised to 'AA(mex)' from
'AA+(mex)'; Outlook Negative.

Financiera Bajio, S.A. de C.V., SOFOM, E.R.

  -- National Long-Term Rating revised to 'AA(mex)' from
'AA+(mex)'; Outlook Negative.

Financiera Bepensa, S.A. de C.V., Sociedad Financiera de Objeto
Multiple, Entidad Regulada

  -- National Long-Term Rating revised to 'AA+(mex)' from
'AA-(mex)'; Outlook Stable.

  -- Senior Unsecured National Long-Term Rating revised to
'AA+(mex)' from 'AA-(mex)'.

START Banregio, S.A. de C.V. SOFOM E.R., Banregio Grupo Financiero

  -- National Long-Term Rating revised to 'AA(mex)' from
'AA+(mex)'; Outlook Negative.

Der Neue Horizont Re, S.A

  -- National Insurer Financial Strength Rating revised to
'BB(mex)' from 'BBB-(mex)'; Outlook Stable.

Pensiones Sura, S.A. de C.V.

  -- National Insurer Financial Strength Rating revised to
'A+(mex)' from 'AAA(mex)'; Rating Watch Evolving.

Tlaloc Seguros, S.A.

  -- National Insurer Financial Strength Rating revised to
'BB(mex)' from 'BBB-(mex)'; Outlook Stable.

Ahome SIN, Municipio de

  -- National Long-Term Rating revised to 'AA(mex)' from
'AA-(mex)'; Outlook Stable.

Baja California Sur, Estado de

  -- National Long-Term Rating revised to 'AA(mex)' from
'AA-(mex)'; Outlook Stable.

Jalisco, Estado de

  -- National Long-Term Rating revised to 'AA(mex)' from
'AA-(mex)'; Outlook Stable.

Puebla, Estado de

  -- National Long-Term Rating revised to 'AA(mex)' from
'AA-(mex)'; Outlook Stable.

Sinaloa, Estado de

  -- National Long-Term Rating revised to 'AA(mex)' from
'AA-(mex)'; Outlook Stable.

Tlalnepantla de Baz EM, Municipio de

  -- National Long-Term Rating revised to 'AA(mex)' from
'AA-(mex)'; Outlook Stable.

Universidad Autonoma de Nuevo Leon (UANL)

  -- National Long-Term Rating revised to 'AAA(mex)' from
'AA+(mex)'; Outlook Stable.

  -- Banorte 16 Bank Loan National Long-Term Rating revised to 'AAA
(mex)' from 'AA+(mex).

Xalapa VER, Municipio de

  -- National Long-Term Rating revised to 'AA(mex)' from
'AA-(mex)'; Outlook Stable.

Fitch has also revised the following Panamanian national scale
ratings and outlooks:

Banco Nacional de Panama

  -- National Long-Term Rating revised to 'AAA(pan)' from
'AA+(pan)'; Outlook Stable.

Banesco (Panama)

  -- National Long-Term Rating revised to 'A-(pan)' from
'BBB+(pan)'; Outlook Stable.

  -- Senior Unsecured National Long-Term Rating revised to
'A-(pan)' from 'BBB+(pan)'.

Banesco Seguros

  -- National Long-Term Insurer Financial Strength Rating revised
to 'A-(pan)' from 'BBB+(pan)'; Outlook Stable.

Caja de Ahorros

  -- National Long-Term Rating revised to 'AAA(pan)' from
'AA+(pan)'; Outlook Stable.

RATING SENSITIVITIES

Rating Sensitivities are not applicable as the ratings are being
revised due to changes in the National Ratings scale.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions
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.

International scale credit ratings of Non-Financial Corporate
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.

International scale credit ratings of Public Finance 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 three 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.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

Municipalidad de San Jose

  - Natl LT AA+(cri) Revision Rating

Sigma Alimentos, S.A. de C.V.

  - Natl LT AAA(mex) Revision Rating

Pensiones Sura, S.A. de C.V.

  - Natl Ins Fin Str A+(mex) Revision Rating

Banco del Bajio, S.A.

  - Natl LT AA(mex) Revision Rating

  - Senior unsecured; Natl LT AA(mex) Revision Rating

Baja California Sur, Estado de

  - Natl LT AA(mex) Revision Rating

Universidad Autonoma de Nuevo Leon (UANL)

  - Natl LT AAA(mex) Revision Rating

  - Senior secured; Natl LT AAA(mex)vra Revision Ratingvra

Banesco (Panama), S.A.

  - Natl LT A-(pan) Revision Rating

  - Senior unsecured; Natl LT A-(pan) Revision Rating

Compania Nacional de Fuerza y Luz S.A.

  - Natl LT AA+(cri) Revision Rating

  - Senior unsecured; Natl LT AA+(cri) Revision Rating

Bepensa, S.A. de C.V.

  - Natl LT AAA(mex) Revision Rating

START Banregio, S.A. de C.V. SOFOM E.R., Banregio Grupo Financiero


  - Natl LT AA(mex) Revision Rating

Tlalnepantla de Baz EM, Municipio de

  - Natl LT AA(mex) Revision Rating

Banco Azteca de Guatemala, S.A.

  - Natl LT AA(gtm) Revision Rating

Der Neue Horizont Re, S.A.

  - Natl Ins Fin Str BB(mex) Revision Rating

Financiera Bepensa, S.A. de C.V., Sociedad Financiera de Objeto
Multiple, Entidad Regulada

  - Natl LT AA+(mex) Revision Rating

  - Senior unsecured; Natl LT AA+(mex) Revision Rating

Instituto Costarricense de Electricidad y Subsidiarias

  - Natl LT AA+(cri) Revision Rating

  - Senior unsecured; Natl LT AA+(cri) Revision Rating

Orbia Advance Corporation, S.A.B de C.V.

  - Natl LT AAA(mex) Revision Rating

  - Senior unsecured; Natl LT AAA(mex) Revision Rating

Banco Nacional de Panama

  - Natl LT AAA(pan) Revision Rating

Caja de Ahorros

  - Natl LT AAA(pan) Revision Rating

Compania de Alumbrado Electrico de San Salvador, S.A. de C.V. y
Subsidiarias

  - Natl LT EAA-(slv) Revision Rating

Banesco Seguros, S.A.

  - Natl Ins Fin Str A-(pan) Revision Rating

Banco Regional, S.A., Institucion de Banca Multiple, Banregio Grupo
Financiero

  - Natl LT AA(mex) Revision Rating

Refinadora Costarricense de Petroleo S.A.

  - Natl LT AA+(cri) Revision Rating

  - Senior unsecured; Natl LT AA+(cri) Revision Rating

Sinaloa, Estado de

  - Natl LT AA(mex) Revision Rating

Fondo Social para la Vivienda

  - Natl LT AA-(slv) Revision Rating

  - Natl ST F1+(slv) Revision Rating

  - Senior secured; Natl LT AA(slv) Revision Rating

Financiera Bajio, S.A. de C.V., SOFOM, E.R.

  - Natl LT AA(mex) Revision Rating

Corporacion Interamericana Para el Financiamiento de
Infraestructura, S.A.

  - Senior unsecured; Natl LT AAA(slv) Revision Rating  AA(slv)

Xalapa VER, Municipio de

  - Natl LT AA(mex) Revision Rating

Puebla, Estado de

  - Natl LT AA(mex) Revision Rating

Ahome SIN, Municipio de

  - Natl LT AA(mex) Revision Rating

Jalisco, Estado de

  - Natl LT AA(mex) Revision Rating

Tlaloc Seguros, S.A.

  - Natl Ins Fin Str BB(mex) Revision Rating

Molibdenos y Metales S.A. (Molymet)

  - Natl LT AAA(mex) Revision Rating

Empresa Electrica de Oriente, S.A. de C.V. y Subsidiarias

  - Natl LT EAA-(slv) Revision Rating

Grupo Bimbo, S.A.B. de C.V.

  - Natl LT AAA(mex) Revision Rating

  - Senior unsecured; Natl LT AAA(mex) Revision Rating

Banco Compartamos, S.A., Institucion de Banca Multiple

  - Natl LT AA(mex) Revision Rating

  - Senior unsecured; Natl LT AA(mex) Revision Rating



                           *********


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2020.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
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,
contact Peter A. Chapman at 215-945-7000.
.


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