---

       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

          Monday, January 4, 2021, Vol. 22, No. -3

                           Headlines



A R G E N T I N A

JUJUY PROVINCE: S&P Downgrades ICR to 'CC', Outlook Negative


C O L O M B I A

COLOMBIA: Sets New Record in Eradicating Coca Production


C O S T A   R I C A

BAC SAN JOSE: Fitch Assigns 'BB+' Rating to Series 2020-1 Notes


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Allots RD$47MM to Stop Business Closings/Layoff
DOMINICAN REPUBLIC: At its Highest Point of COVID-19, Expert Says
DOMINICAN REPUBLIC: Bar & Restaurant Sector Demands Financial Aid


J A M A I C A

JAMAICA: Increase Seen in Recent Business Conditions Index


M E X I C O

FINANCIERA INDEPENDENCIA: S&P Places B+ LT Rating on Watch Neg.
MEXICO: Senator Says Banxico Dollar Law Will Pass in February


V E N E Z U E L A

PETROLEOS DE VENEZUELA: US Extends Protection for Citgo


X X X X X X X X

[*] BOND PRICING: For the Week Dec 28 to Jan. 1, 2020

                           - - - - -


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

JUJUY PROVINCE: S&P Downgrades ICR to 'CC', Outlook Negative
------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on the province
of Jujuy to 'CC' from 'CCC-'. The outlook is negative.

Outlook

The negative outlook reflects an increased possibility of a default
in the next 6-12 months, given the significant stress in the
province's finances. As a result, Jujuy has formally announced its
intention to engage negotiations with bondholders to restructure
its debt.

Downside scenario

S&P would lower the ratings on Jujuy to selective default ('SD') in
the next 6-12 months if the province completes the restructuring of
its debt. S&P would also lower the ratings to default if the
province fails to service its debt in a timely manner.

Upside scenario

S&P would raise its ratings on the province once the debt
restructuring has been completed and new terms and conditions
become effective. Post-restructuring ratings tend to be in the
'CCC' or low 'B' categories, reflecting the resulting debt
structure, and the issuer's forward-looking capacity and
willingness to service that debt, which among other factors
includes macroeconomic prospects and potential access to markets.
However, Argentina's current 'CCC+' transfer and convertibility
assessment constitutes a rating cap for Argentine provinces.

Rationale

S&P's 'CC' ratings on Jujuy reflect our view of a virtual certainty
of default, either through a distressed debt exchange or a missed
payment.

The severe shock from the COVID-19 pandemic and lockdown measures
have exacerbated pressure on the province's finances, putting a
stop to improvements in its structurally weak budgetary
performance. S&P said, "We expect operating deficit at 2.5% of
operating revenue in 2020, compared with 2.3% in 2019. Deficit
after capex is likely at 7% of total revenue, which along with the
historically wide deficits result in a huge debt burden. We
estimate debt stock will reach ARP72 billion in 2020, accounting
for 100% of operating revenue."

Almost 25% of the province's debt stock consists of the $210
million 2022 bond, proceeds from which the province used to build
the Cauchari solar farm. The project is now operating and the
province estimates the facility will generate $60 million in
revenue annually. Interest payments on this bond will total $18
million in 2021. Nonetheless, the project's start of operations was
delayed for a year, which along with the province's weak budgetary
performance, compromises Jujuy's capacity to build sufficient cash
to serve the bond's bullet amortization in 2022.

International markets remain closed to Argentine local and regional
governments, ruling out the possibility of a rollover of Jujuy's
2022 bond. As a result, the province is inviting bondholders to
renegotiate its debt profile to make it more sustainable over the
long term.

Jujuy's debt restructuring efforts follow the one at the national
level and those among at least seven other provinces. Even though
the province hasn't disclosed its proposed terms yet, it will
likely seek an extension of maturities or reduction of interest
payment, as it has been the case for other provinces. Consequently,
S&P's base-case forecast excludes the 2022 capital payment.
Finally, we highlight that, unlike most its local peers, Jujuy
remains current on its debt service.

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
  Jujuy (Province of)
   Issuer Credit Rating   CC/Negative/--  CCC-/Negative/--

  Jujuy (Province of)
   Senior Unsecured            CC            CCC-




===============
C O L O M B I A
===============

COLOMBIA: Sets New Record in Eradicating Coca Production
--------------------------------------------------------
Dominican Today reports that Colombia beat its record for
eradicating coca crops for the second year in a row, the government
said, although the country still remains the world's leading
producer of cocaine.

"We have achieved the highest level of manual coca eradication ever
recorded by Colombia: 130,000 hectares (321,000 acres)," President
Ivan Duque said in a statement to the press, according to Dominican
Today.

That area, roughly the same size as the city of Los Angeles,
exceeds the last record set in 2019, when the government got rid of
94,000 hectares of coca, the report notes.





===================
C O S T A   R I C A
===================

BAC SAN JOSE: Fitch Assigns 'BB+' Rating to Series 2020-1 Notes
---------------------------------------------------------------
Fitch Ratings has assigned the series 2020-1 notes to be issued by
BAC San Jose DPR Funding Ltd. a rating of 'BB+' and affirmed the
existing series 2014-2 notes at 'BB+'. The Rating Outlook on the
notes is Stable.

        DEBT                      RATING                PRIOR
        ----                      ------                -----
BAC San Jose DPR Funding Ltd

2014-2 (144A) 05633WAB9       LT  BB+  Affirmed          BB+
2014-2 (Reg S) USG0701RAB18   LT  BB+  Affirmed          BB+
2014-2 05633WAD5              LT  BB+  Affirmed          BB+
2020-1                        LT  BB+  New Rating        BB+(EXP)

TRANSACTION SUMMARY

The transaction is backed by existing and future USD diversified
payment rights (DPRs) originated by Banco BAC San Jose, S.A. (BAC
SJ), which is part of the BAC/Credomatic group. The majority of
DPRs are processed by designated depository banks (DDBs) that have
signed Acknowledgement Agreements (AAs), irrevocably obligating
them to make payments to an account controlled by the transaction
trustee. This transaction represents the third issuance out of the
program, which was established in 2014.

Fitch's ratings address the timely payment of P&I on a quarterly
basis.

KEY RATING DRIVERS

Future Flow (FF) Rating Driven by Originator's Credit Quality: On
July 31, 2020, Fitch affirmed BAC SJ's Long-Term (LT) Local
Currency (LC) Issuer Default Rating (IDR) at 'BB-' with a Negative
Outlook. The LC IDR is consistent with the maximum uplift of two
notches above the sovereign rating allowed by Fitch's criteria.
Fitch also affirmed BAC SJ's Viability Rating (VR) at 'b', which
remains at the same level of the sovereign rating, reflecting the
high influence of the worsening operating environment on the
financial sector and the credit profile of the bank.

Strong Going Concern Assessment (GCA) Score Supports Notching
Differential: Fitch uses a GCA score to gauge the likelihood that
the originator of a future flow transaction will stay in operation
through the transaction's life. Fitch assigns a GCA score of 'GC2'
to BAC SJ, based on the bank's strategic important to its parent,
as well as its position as the third largest bank in Costa Rica and
the largest private bank in the country with assets that
represented close to 14% of the system as of March 2020. The score
allows for a maximum of four notches above the originator's LC
IDR.

Several Factors Limit Notching Differential: The 'GC2' score allows
for a maximum rating uplift of four notches from the originator's
IDR pursuant to Fitch's future flow methodology. However, the
uplift is tempered to two to three notches as the originating bank
is one category from investment grade and further tempered to two
notches, in this instance, as BAC SJ's IDR is support-driven. As
previously mentioned, the bank's VR is 'b'.

Moderately High Future Flow Debt Relative to Balance Sheet: Fitch
estimates FF debt will represent 3.2% of BAC SJ's total funding and
34.1% of non-deposit funding when considering the proposed $150
million DPR transaction and outstanding balance on the Series
2014-2 notes using financials as of September 2020. Fitch considers
BAC SJ's FF/non-deposit funding ratio to be moderately high
(greater than30%); however, the agency remains comfortable at the
current rating level given the notching uplift is already tempered
to two notches as previously noted, and the Series 2014-2 notes
continue to amortize on a quarterly basis and are expected to be
fully paid off in November 2021, which is expected to reduce this
ratio.

Coronavirus Impact and Containment Measures Pressure DPR
Transaction Flows: BAC SJ processed approximately $4.77 billion in
DPR flows during the 11 months ending November 2020, which reflects
an approximate decrease of 5% when compared with the same period in
2019. Global events such as the sharp economic contraction caused
by the coronavirus pandemic and different containment measures have
reduced transaction cash flows, which can add pressure to the
assigned ratings. Therefore, the potential volatility of the DPR
flows also limits the notching differential of the transaction.

Coverage Levels Commensurate with Assigned Rating: Global events
including the coronavirus crisis have negatively impacted DPR
flows. Although this has translated into a decrease in flows during
the first 11 months of 2020, when compared to the same period in
2019, transaction cash flows have remained sufficient to support
max quarterly coverage levels over 100x. When considering cash
flows between November 2015 and November 2020 against the proposed
issuance amount of $150 million plus the remaining $32 million
outstanding on the Series 2014-2 notes, the projected quarterly
debt service coverage ratio (DSCR) is 108.5x. Moreover, the
transaction can withstand a drop in flows of approximately 99.1%
and still cover the maximum quarterly P&I payment. Nevertheless,
Fitch will continually monitor the performance of the flows, as
potential pressures could negatively impact the assigned ratings.

Structure Reduces Sovereign/Diversion Risks: The structure
mitigates certain sovereign risks by keeping cash flows offshore
until scheduled debt service is paid to investors, allowing the
transactions to be rated above Costa Rica's country ceiling. Fitch
believes diversion risk is partially mitigated by the AAs executed
by the four DDBs processing the vast majority of DPR flows.

The Key Rating Drivers (KRDs) listed in the applicable sector
criteria, but not mentioned above, are not material to this rating
action.

RATING SENSITIVITIES

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

-- Fitch does not anticipate developments having a high
    likelihood of triggering an Upgrade. However, the main
    constraint to the program rating is the originator's rating
    and bank's operating environment. If upgraded, Fitch will
    consider whether the same uplift could be maintained or if it
    should be further tempered in accordance with criteria.

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

-- The transaction ratings are sensitive to changes in the credit
    quality of the originating bank. A deterioration of the credit
    quality of the sovereign and/or originating bank by more than
    one notch is likely to pose a constraint to the rating of the
    transaction from its current level.

-- The transaction ratings are sensitive to the ability of the
    DPR business line to continue operating, as reflected by the
    GCA score. Additionally, the transaction rating is sensitive
    to the performance of the securitized business line. The
    quarterly DSCRs are expected to be more than sufficient to
    cover debt service obligations and should therefore be able to
    withstand a significant decline in cash flows in the absence
    of other issues. However, significant further declines in
    flows could lead to a Negative rating action. Any changes in
    these variables will be analyzed in a rating committee to
    assess the possible impact on the transaction ratings.

-- No company is immune to the economic and political conditions
    of its home country. Political risks and the potential for
    sovereign interference may increase as a sovereign's rating is
    Downgraded. However, the underlying structure and transaction
    enhancements mitigate these risks to a level consistent with
    the assigned rating.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

ESG CONSIDERATIONS

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



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

DOMINICAN REPUBLIC: Allots RD$47MM to Stop Business Closings/Layoff
-------------------------------------------------------------------
Dominican Today reports that the Dominican Government has allocated
more than RD$47,918 million to maintain the Employee Solidarity
Assistance Fund (FASE) I and II programs through the General State
Budget, according to data from the Finance Ministry.

President Luis Abinader officially announced the modification of
the Employee Solidarity Assistance Fund, FASE I, extended for the
months of January, February, March and April 2021, with the aim of
granting a subsidy as an assistance for those workers with jobs
suspended, in accordance with the established requirements,
according to Dominican Today.

Through a statement, the government explained that through Decree
742-20, which creates Extended FASE I, decrees 143-20 and 184-20
are repealed, the report notes.  It details that to qualify for the
Extended FASE I, workers must have had an active suspension by
their employer approved by the Labor Ministry and have been
registered before the end of December 2020 in FASE I, the report
relays.

The statement released by the Government indicates that FASE 2 will
be replaced by a special program to be announced in this month, and
carried out through an inter-institutional agreement between
Promipyme, Banca Solidaria and the Labor Ministry, focused on
helping micro, small and medium-sized companies, so that they can
maintain their operations and take care of their jobs, the report
says.

On the subject, Dominican Confederation of Small and Medium
Enterprises (Codopyme) president Luis Miura understands that the
FASE program is of utmost importance for the MSMEs sector and for
the working class because it has prevented many companies from
closing and their collaborators from being suspended, the report
relays.

"The FASE program has helped companies continue to operate within
the pandemic despite low economic activity, especially at the
beginning, and to help entrepreneurs keep the largest number of
employees in their businesses," said Miura, 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.

Luis Rodolfo Abinader Corona is the current president of the
nation.

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

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

Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings.

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

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


DOMINICAN REPUBLIC: At its Highest Point of COVID-19, Expert Says
-----------------------------------------------------------------
Dominican Today reports that while there are different opinions
among epidemiologists about whether or not the country is within a
second wave of COVID-19 infections, as has been assured by Public
Health, the number of active cases in the Dominican Republic
continues to rise, with a tendency to increase, as well as the
hospital bed occupancy.

Projections until April 2021 made by the Institute for Health
Metrics and Evaluation (IHME) at the University of Washington, show
an elevation of the curve of daily virus infections in the country,
with a trend to decrease at the end of next year's first quarter,
according to Dominican Today.

According to the Dominican Government, the first vaccines would
begin to be administered in March in the national territory, the
report notes.

Epidemiology director Dr. Ronald Skewes assured Diario Libre that
the country is in a second wave of COVID-19 infection and
emphasized the authorities have been warning the increase in cases
for the last four weeks, the report relays.

"We have said that we are on the threshold of a second wave. Yes,
we are already in the second wave," he specified, the report adds.


                   About Dominican Republic

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

Luis Rodolfo Abinader Corona is the current president of the
nation.

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

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

Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings.

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

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

DOMINICAN REPUBLIC: Bar & Restaurant Sector Demands Financial Aid
-----------------------------------------------------------------
Dominican Today reports that the National Federation of Bars and
Restaurants (Fenabayre) demanded that the Dominican State apply an
economic aid package to the sector including tax exemption.

According to a note sent to the media, the businessmen and
employers ask the exemption to be applied to the electricity bill,
as ordered by the Tourism Ministry, because, according to them, it
is not being enforced, the report notes.

"With the new measures announced, without any kind of incentive or
support from the State, the bar and restaurant sector will go
bankrupt," they said in the statement obtained by the news agency.

One of the measures released by the Health Cabinet states that
bars, restaurants and colmadones will not be able to receive
customers who consume in their facilities from Jan. 1 to Jan. 10,
2021, according to Dominican Today.

In December, several videos showed hundreds of people sharing and
drinking alcoholic beverages in different parts of the country in
clear violation of the curfew and the rules of social distancing
established by the government, 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.

Luis Rodolfo Abinader Corona is the current president of the
nation.

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

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

Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings.

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

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



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

JAMAICA: Increase Seen in Recent Business Conditions Index
----------------------------------------------------------
RJR News reports that the Bank of Jamaica's (BOJ) November Survey
of Businesses' Inflation Expectations shows fewer persons believe
business conditions have worsened.

According to the report, the Present Business Conditions Index
increased to 28.7 relative to 24.6 in the previous survey, the
report notes.

The Future Business Conditions Index rose to 138.5 compared to
128.2 in October, according to RJR News.

The Central Bank says the increase in the Present Business
Conditions Index reflected a decrease in the number of respondents
of the view that conditions are worse, the report relays.

The outturn for the Future Business Conditions Index mainly showed
an increase in the proportion of  respondents who believe that
conditions will be better, the report discloses.

                         About Jamaica

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

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

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



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

FINANCIERA INDEPENDENCIA: S&P Places B+ LT Rating on Watch Neg.
---------------------------------------------------------------
On Dec. 30, 2020, S&P Global Ratings placed its 'B+' long-term
global scale rating and its 'mxBBB-/mxA-3' national scale ratings
on Financiera Independencia (Findep) on CreditWatch with negative
implications. At the same time, S&P placed its 'B+' issue rating on
Findep's senior unsecured notes on CreditWatch negative.

On Dec. 23, 2020, Financiera Independencia (Findep) announced its
agreement to sell its payroll discount loans subsidiary, Fisofo, to
Grupo Consupago (not rated) and Consubanco (not rated).

S&P said, "Our CreditWatch designation reflects our opinion that
the announced sale of Findep's payroll discount business line
(Fisofo), coupled with its recent sale of Finsol, could hurt the
company's business stability, product diversification, and asset
quality metrics. In our opinion, the payroll loan business line
provided stability to Findep's financials because it had lower
delinquency levels. If the transaction takes place, we believe
Findep's business lines would be less diversified, depending
primarily on individual loans that historically have had poor asset
quality metrics. This could leave the company in a more vulnerable
position against adverse economic situations. Moreover, if the firm
sells Fisofo, along with its sale of Finsol and the COVID-19
impact, Findep could end up losing almost 30% of its loan
portfolio, considering numbers as of September 2020. This portfolio
contraction and its increased concentration in less stable revenue
sources could lead us to revise Findep's business position
assessment downward.

"Additionally, we will assess the potential impact that this
transaction could have on the company's asset quality metrics,
which were already pressured as reflected in the negative outlook.
Fisofo's payroll business is healthier than individual microfinance
products; therefore, selling this business unit could damage asset
quality metrics to some extent. We will reassess once we receive
full details and information from the company."


MEXICO: Senator Says Banxico Dollar Law Will Pass in February
-------------------------------------------------------------
Michael O'Boyle at Bloomberg News reports that Mexico will likely
approve a bill making the central bank the nation's dollar buyer of
last resort following changes that will ease concerns it could
force the institution to take illicit funds, a top senator said.
Lawmakers will hammer out details with central bank and finance
ministry officials this month, clearing the way for the lower house
to approve the proposal in February, Senator Alejandro Armenta said
in a phone interview with Bloomberg News.  If the bill is modified,
the senate would have to hold a final vote before it becomes law,
Bloomberg News says.

Armenta's comments are the latest sign lawmakers won't back down on
a bill that has Mexico's central bank, known as Banxico, and many
economists up in arms, according to Bloomberg News.  Detractors say
the bill threatens policy makers' autonomy and that it could
jeopardize financial stability, the report notes.  Backers say the
legislation is needed after a U.S. crackdown pushed some of its
banks to sever ties with Mexican counterparts, which now cannot
offload excess dollars, Bloomberg News discloses.

"We are going to approve the law. This we want to make clear," said
Armenta, who heads the senate's finance committee. "We cannot put
the concerns of the financial system at the center of our interests
while the population suffers from the problem of exchanging dollars
when they return from the United States, after working and leaving
their families. We have to find a balance."

                       December Meeting

Armenta met central bank Governor Alejandro Diaz de Leon along with
lower house leaders on Dec. 23, and he said the bank head was
receptive to their position, Bloomberg News relays.  Modifications
to the bill will ensure it helps migrants while not involving
illegal funds, he said, without providing details on those changes,
Bloomberg News says.  The bill forces the central bank to buy
dollars from Mexican banks that can't unload them elsewhere,
Bloomberg News notes.

The senator, who's from President Andres Manuel Lopez Obrador's
Morena party, doubled down on the view that the proposal is needed
to help Mexican migrants get dollars into the banking system,
Bloomberg News relays.  He said lawmakers didn't agree with the
central bank statistic that only 1% of remittances sent home from
workers living abroad is in cash, Bloomberg News says.  More than
five million Mexicans travel back and forth between both nations
each year, Armenta said, bringing in funds that are not captured in
central bank data, Bloomberg News notes.  "Imagine the billions
that are entering," he added.  The press office of Mexico's central
bank didn't immediately respond to multiple requests for comment.

                          'Ignorance'

According to the report, the proposal continues to face intense
scrutiny. Central bank deputy governor Jonathan Heath has said the
legislation would benefit one bank in particular, and Senator
Emilio Alvarez has said Grupo Salinas lobbyists pushed the bill in
the Upper House, Bloomberg News relays.  Grupo Salinas controls
Banco Azteca and, its owner, Ricardo Salinas Pliego, has been the
most high-profile supporter of the legislation. Still, Armenta said
accepting the idea that one bank was driving the bill showed "a
supreme degree of ignorance of the migrant reality of our country,"
Bloomberg News notes.

Mexico's peso gained sharply on Dec. 15 when Lower House lawmakers
delayed a vote on the bill, which the central bank has warned could
expose it to money laundering sanctions and disrupt swap lines with
the U.S. Federal Reserve, Bloomberg News relays.

Mexican debt rating company HR Ratings said in a Dec. 21 note that
passage of the law could trigger an increase in risk perception, as
well as higher long-term interest rates, capital outflows and a
depreciation of the peso, which could limit the central bank's room
to further lower interest rates, Bloomberg News notes.

"This could affect the relationship of Mexico's central bank with
other central banks," said Felix Boni, head of economic analysis at
HR Ratings, in a phone interview, Bloomberg News relays.  "It may
be possible to reach an acceptable compromise with technical
modifications, but that is not clear at this point," he added.

More broadly, Lopez Obrador has made it clear the central bank
needs to take on greater responsibility in developing Mexico,
Armenta said. That role, added the senator, should also include a
consensus on how the bank uses its international reserves,
Bloomberg News notes.  "What is their use if the reserves are just
saved, sitting in vaults or as electronic data?" Armenta added.
"The Bank of Mexico is one of the country's institutions that has
to adapt to the changes that the country needs," he said, Bloomberg
News relays.




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

PETROLEOS DE VENEZUELA: US Extends Protection for Citgo
-------------------------------------------------------
Susan Heavey at Reuters reports that the U.S. Treasury Department
extended a measure barring transactions related to Venezuelan state
oil company Petroleos de Venezuela's 2020 bond until July 2021,
amid heavy U.S. sanctions on the South American country.

The move effectively bars PDVSA creditors from seizing shares in
the parent company of U.S. refiner Citgo Petroleum Corp, a PDVSA
subsidiary, which were used as collateral for the bond -- for the
next seven months, according to Reuters.

A previous measure was set to expire on Jan. 19, the day before
U.S. President-elect Joe Biden is set to be sworn in, the report
notes.

President Donald Trump's administration in early 2019 sanctioned
PDVSA, the lifeblood of Venezuela's economy, as part of its effort
to oust President Nicolas Maduro, who dozens of Western nations
accuse of corruption, human rights violations, and rigging his 2018
re-election, the report relays.

Those sanctions, together with Washington's recognition of
opposition leader Juan Guaido as Venezuela's legitimate president,
paved the way for the opposition to take control of Citgo, the
eighth-largest U.S. refiner with a capacity of some 769,000 barrels
per day, the report discloses.

Citgo declined to comment on the extension of protection against
creditors.

U.S. officials have argued that allowing creditors to control the
company would represent a setback for Guaido and U.S. policy, the
report says.

Maduro has accused the opposition of "stealing" Citgo, and argues
that Washington is seeking to oust him in a coup in order to
control the OPEC nation's vast oil reserves.

                        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.

In May 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
===============

[*] BOND PRICING: For the Week Dec 28 to Jan. 1, 2020
-----------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Energetica de Pern     6.2     1.1    1/15/2022    BR     BRL
SACI Falabella             2.3    50.6    7/15/2020    CL     CLP
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
Enel Americas SA           5.8    32.7    6/15/2022    CL     CLP
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Empresa Provincial de     12.5     0.0    1/29/2020    AR     USD
Corp Universidad de Co     5.9    64.2   11/10/2021    CL     CLP
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
KrisEnergy Ltd             4.0    40.4     6/9/2022    SG     SGD
Odebrecht Finance Ltd      7.0    17.0    4/21/2020    KY     USD
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
China Huiyuan Juice Gr     6.5    46.6    8/16/2020    CN     USD
Empresa Electrica de l     2.5    63.8    5/15/2021    CL     CLP
Sociedad Austral de El     3.0    17.0    9/20/2019    CL     CLP
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Plaza SA                   3.5    38.3    8/15/2020    CL     CLP
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
Banco Security SA          3.0    27.4     6/1/2021    CL     CLP
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
Banco Security SA          3.0     5.6     7/1/2019    CL     CLP
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
China Huiyuan Juice Gr     6.5    46.6    8/16/2020    CN     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
MIE Holdings Corp          7.5    56.4    4/25/2019    HK     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
mpresa de Transporte      4.3    30.9    7/15/2020    CL     CLP
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
Yida China Holdings Lt     7.0    74.3    4/19/2020    CN     USD
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Esval SA                   3.5    49.9    2/15/2026    CL     CLP


                           *********


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

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

Copyright 2021.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed to
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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,
contact Peter A. Chapman at 215-945-7000.
.


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