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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, March 6, 2020, Vol. 21, No. 48

                           Headlines



A R G E N T I N A

ARGENTINA: Bondholders Meet With Minister as Restructuring Looms
ARGENTINA: Hopes Dim for Investment-led Economic Recovery


E C U A D O R

ECUADOR: S&P Affirms B-/B Sovereign Credit Ratings, Outlook Stable


J A M A I C A

CARIBBEAN CEMENT: Reports Decreased Profit in 2019
JAMAICA: IDB Welcomes Set Up of Mobility Strategic Framework


M E X I C O

SPP INSTITUCION DE SEGUROS: Moody's Gives B2/Ba1.mx Ratings


P U E R T O   R I C O

METROPISTAS: Moody's Hikes Sr. Sec. Notes to Ba2, Outlook Stable

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Bondholders Meet With Minister as Restructuring Looms
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Globalinsolvency.com citing Reuters, reports that Argentina's
minister of economy met with representatives of several major
creditors, including asset management firm Pimco, a company
executive and a ministry source said, as separate talks continued
with the International Monetary Fund.

"We accepted an invitation to visit the ministry to discuss a range
of issues (with Economy Minister Martin Guzman) on a one-to-one
basis," said Pramol Dhawan, head of the emerging markets portfolio
management team at Pimco, a major holder of Argentine debt. Pimco
is a unit of Allianz SE," according to Globalinsolvency.com.

"We look forward to continuing the discussions with them over the
coming weeks as we assess the relative merits of different creditor
committees, although we have so far abstained from involvement in
any such committee." Guzman also held talks with officials from
Gramercy Funds Management, Fintech, BlackRock Inc and Ashmore Group
, the ministry source said, the report adds.

                            About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank.  Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

Moody's credit rating for Argentina was last set at Caa2 from B2
with under review outlook. Moody's rating was issued on Aug. 30,
2019.  S&P Global Ratings, in December 2019, raised its foreign
currency sovereign credit ratings on Argentina to 'CC/C' from
'SD/D'.  S&P's outlook on the long-term sovereign credit ratings is
negative. Fitch Ratings, in December 2019, upgraded Argentina's
Long-Term Foreign-Currency Issuer Default Rating to 'CC' from 'RD',
and its Short-Term Foreign-Currency IDR to 'C' from 'RD'.  DBRS,
Inc. meanwhile downgraded Argentina's Long-Term and Short-Term
Foreign Currency - Issuer Ratings to Selective Default (SD), from
CC and R-5, respectively, also in December 2019.


ARGENTINA: Hopes Dim for Investment-led Economic Recovery
---------------------------------------------------------
Globalinsolvency.com reports that Uruguay's new government wants to
offer tax breaks to entice wealthy Argentines to relocate across
the River Plate to boost local investment, but the rich need little
encouragement to leave.

The Financial Times reported that ever since Alberto Fernandez took
power in Buenos Aires in December and hiked taxes on personal
assets, Argentines have been weighing the benefits of emigrating to
escape what many see as confiscatory taxes, the report notes.

The tax rate on assets held abroad is now double the local rate --
up to 2.5 per cent -- which is triple the level under the previous
government, according to Globalinsolvency.com.

Any exodus of capital would be worrying, the report notes.  The
leftist Mr. Fernandez is himself hoping to drive an investment-led
recovery that would put an end to a recession in its third year,
the report relays.  The economy shrank about 2 per cent last year
and there has been scarce growth at all over the past decade in
Argentina, the report adds.

                            About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank.  Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

Moody's credit rating for Argentina was last set at Caa2 from B2
with under review outlook. Moody's rating was issued on Aug. 30,
2019.  S&P Global Ratings, in December 2019, raised its foreign
currency sovereign credit ratings on Argentina to 'CC/C' from
'SD/D'.  S&P's outlook on the long-term sovereign credit ratings is
negative. Fitch Ratings, in December 2019, upgraded Argentina's
Long-Term Foreign-Currency Issuer Default Rating to 'CC' from 'RD',
and its Short-Term Foreign-Currency IDR to 'C' from 'RD'.  DBRS,
Inc. meanwhile downgraded Argentina's Long-Term and Short-Term
Foreign Currency - Issuer Ratings to Selective Default (SD), from
CC and R-5, respectively, also in December 2019.




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E C U A D O R
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ECUADOR: S&P Affirms B-/B Sovereign Credit Ratings, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B-/B' long- and short-term foreign
and local currency sovereign credit ratings on Ecuador. The outlook
remains stable. In addition, S&P affirmed its 'B-' transfer and
convertibility (T&C) assessment for Ecuador.

Outlook

The stable outlook reflects S&P's assumption of ongoing
constructive engagement with the International Monetary Fund (IMF)
and broad policy continuity through the national elections next
year. At this early stage, election dynamics remain open and fluid,
with a new administration set to take office in July 2021. In the
interim, S&P assumes access to official and private financing
options will cover the government's financing needs and support
international reserves given the Moreno Administration's commitment
to complying with key aspects of the EFF program (Extended Fund
Facility)--notwithstanding the political complexities of doing so.

The outlook also incorporates broad continuity in current fiscal
and economic policies aimed at reducing Ecuador's fiscal and
external imbalances. Outstanding risks to this scenario are
captured within the 'B-' rating on Ecuador.

However, policy execution risks stem from uneven implementation of
the adjustment program given low approval ratings of the
government, fluid political dynamics, and politicking in the run-up
to the elections. Progress in consolidating the sovereign's
financial profile and complying with the IMF program are key to
maintaining investor confidence and turning around the economy.
This is needed to facilitate access to both local and external
financing sources.

S&P said, "We could lower the rating over the next 12 months if
policy reversals occur that damage investor confidence, elevate
fiscal and external imbalances beyond our expectations, or hamper
access to official lending. Increased liquidity pressures would
undermine the government's debt service payment capabilities. A
downgrade could also result from the uncertain global backdrop
should it pressure Ecuador's external position beyond our
expectations.

"Conversely, we could raise the ratings over the next 12 months if
further progress--passage and execution--on the government's broad
economic agenda allows for a more rapid reduction of Ecuador's
financing needs and a stabilization of its fiscal and external debt
dynamics. We could also upgrade Ecuador if real GDP growth dynamics
begin comparing more favorably with peers with a similar level of
economic development."

Rationale

S&P said, "The ratings on Ecuador are supported by our expectation
that the country will continue to make slow progress on its policy
agenda that focuses on stabilizing and strengthening Ecuador's
fiscal, external, and growth trajectories. We also assume the
country will maintain access to private and official lending ahead
of larger commercial debt repayments starting in 2022, underpinned
by a three-year agreement with the IMF.

"Our ratings on Ecuador are constrained by elevated financing needs
and external vulnerabilities. In the absence of developed domestic
markets, Ecuador depends on external financing from official and
commercial creditors. In addition, our ratings on Ecuador continue
to be limited by weak, but improving, institutions, relatively low
wealth levels, and lack of monetary and exchange rate
flexibility."

Political dynamics remain very fluid, including the eligibility of
former president Rafael Correa as a candidate in next year's
national elections. Voter discontent, weak economic growth, and
fiscal austerity measures underpin fluid electoral dynamics and the
potential for political surprises. Continuing the policy correction
measures presents a challenge for the country's next president and
National Assembly.

Institutional and economic profile:

-- Fluid politics and a weak payment culture, coupled with low
    growth

-- The current administration has struggled to implement a
    macroeconomic adjustment program as support in Congress is
    weak and social tensions persist.

-- Nevertheless, S&P assumes broad domestic political stability
    through the February 2021 elections, although dynamics will
    remain complex given President Lenín Moreno's low popularity.

-- Economic performance will remain lackluster on subdued
    investment.

President Moreno enters the final year of his administration
(2017-2021) with relatively low popular support (around 20%) as a
result of discontent over austerity measures and sluggish economic
growth. In March 2019, Ecuador initiated a three-year EFF program
with the IMF, for a total of US$4.2 billion, aimed at improving its
debt dynamics and balance of payments. The economic team has been
committed to delivering on the adjustment program despite the
economic and political complexities and costs of proposed
measures.

However, implementation of the fiscal and economic agenda has had
setbacks and faces the risk of renewed social unrest and increasing
political confrontation as we approach the general election in
February 2021. At the end of last year, the government reversed a
decree to end fuel subsidies, following nearly two weeks of
widespread protests and social unrest. Subsequently, the National
Assembly rejected a package of fiscal and monetary reforms.
Following this, the government submitted a revised tax law to the
Assembly, which was later approved with minor modifications.

In addition, President Moreno's ruling party, Alianza País, lacks
a majority in the fragmented National Assembly, and it will be key
for the party to negotiate more adeptly to advance its agenda. The
recent rupture in the government's coalition, with former political
ally and partner CREO (led by Guillermo Lasso, likely a
presidential candidate) now technically an opposition party, may
slow passing new legislation.

The Moreno Administration has been more open to cooperating with
the private sector and multilateral creditors, as well as taking
steps to reduce corruption. Authorities have improved transparency
and accountability by presenting more comprehensive government debt
statistics. That said, effectiveness of Ecuador's public
institutions remains constrained by weakness in checks and balances
and rule of law, as well as still-high levels of perceived
corruption.

Fiscal challenges for the government include large amortization
payments of its external bonds starting in 2022. Recent timely
payment of sovereign bonds has yet to be tested in a succession
process. Ecuador demonstrates a weaker track record in meeting
sovereign obligations than peers and higher-rated sovereigns,
illustrated by arrears to domestic creditors.

During 2019, S&P expects real GDP growth to have declined by 0.4%.
Continued fiscal consolidation, lower oil prices, and weak
government effectiveness weighed on growth last year. This was
accentuated in the second quarter by the social protests.
Deceleration was visible in both private consumption and
investment, while exports performed relatively well as a result of
higher oil and food production.

S&P said, "We expect the economic outlook to remain sluggish in the
absence of structural economic reforms--particularly to address the
rigidities in the labor market sector--and amid a continued
reduction in public investment. On the supply side, we expect
growth in non-oil industries to be dominated by the mining sector
as two mines have recently begun production. We estimate growth
around 0.2% in 2020 and around 1.5% in the next three years, on
average.

"Downside risks to our economic projections for this year stem from
political uncertainties and potential new episodes of social
tension. Moreover, a larger-than-expected impact from COVID-19
could hit commodities exports (China represents around 13% of
Ecuador's total exports).

"We expect real GDP growth of -0.5% over a 10-year weighted period
(2014-2023), weaker than that of other countries with similar GDP
per capita. Wealth levels remain moderate at US$6,202."

Flexibility and performance profile: S&P expects large financing
needs and external vulnerabilities will persist

-- While Ecuador's current account deficit declined in 2019,
    financing has been geared toward external debt, creating a
    vulnerable external position.

-- Despite lower fiscal deficits and higher debt, large
    government financing needs remain a weakness.

-- S&P expects the government to continue to implement the
    program with the IMF.

Following a projected deficit of 0.5% of GDP in 2019, from 1.4% in
2018, S&P expects the current account deficit to rise gradually but
remain below 1% of GDP in the coming three years. The balance of
trade was positive last year, as a small decline in oil exports was
offset by solid performance of non-oil exports and a drop in
imports given weak domestic demand.

In the coming three years, S&P expects oil and mining exports to
support Ecuador's trade balance. Although, the country remains
highly vulnerable to changing external conditions, such as the
impact of lower oil prices and a strong dollar on Ecuador's
commodities exports. The current price of WTI (West Texas
Intermediate) is below the government assumption of US$51 included
in the 2020 budget. Large debt-service payments will keep the
primary income balance in a deficit in 2020-2023.

Ecuador's narrow net external debt likely increased in 2019 due to
the government's and banks' higher external liabilities.
International reserves remain below the levels during the oil boom
because of lower oil exports and higher public- and private-sector
outflows. Narrow net external debt is projected at 143% of current
account receipts (CARs), on average, in 2020-2023 and gross
external financing needs at 140% of CARs and usable reserves. As of
Dec. 31, 2019, international reserves totaled US$1.9 billion
(excluding gold), well below the IMF expectations. S&P expects
reserves to expand modestly in the coming two years, backed by
stronger exports, net foreign direct investment inflows, and
multilateral financing. S&P expects foreign direct investment
inflows to average 1% of GDP in 2020-2023.

In December 2019, the IMF completed the second and third reviews of
Ecuador's performance under the program. This led to a disbursement
of $500 million, which helped the country close its financing gap
at year-end. The authorities are expected to submit two reforms
(amendments to the organic budget code and to the central bank
code) to the National Assembly in the coming months to comply with
the benchmarks of the next reviews. Compliance with the fourth
review would unlock around US$350 million in disbursements.

S&P said, "Following a strong reduction of the general government
deficit in 2018--to 2% of GDP from 5% the prior year--we estimate
broadly no change in 2019 given lower revenues and difficulties in
cutting current spending. Our metric for the general government
includes the central government deficit as well as social security
and local governments' surpluses.

"Despite challenges, we expect Ecuador's fiscal accounts to
improve, albeit at a slower pace than the official projections. The
tax reform approved in December 2019 is expected to have a modest
impact of around 0.5% of GDP in higher tax revenues annually in
2020-2021. The government is also expecting one-off revenues from
the privatization of Sopladora Hydroelectric, although the process
has faced delays. Limited financing options available to the
government constrain its ability to run higher deficits, and we
expect an average general government deficit below 2% of GDP in
2029-2023."

Even with the government's plans for fiscal consolidation and
projections of declining deficits, it will continue to have
significant financing needs in 2020-2023, between US$8 billion and
US$10 billion annually. Ecuador completed a liability management
operation in June 2019, which resulted in a lighter debt
amortization schedule in 2020.

Financing sources for this year are new disbursements under the IMF
program and financial support from other multilateral institutions,
as well as domestic debt rollovers. Private-sector domestic
financing sources historically have been limited given the local
banking sector's low appetite and the lack of development of local
markets. However, technical assistance from the U.S. Treasury aims
to deepen local capital market development and enhance government
debt management.

With external bond amortizations set to rise in 2022, the
authorities are also considering liability management operations.
The first would reduce short- to medium-term domestic debt
amortizations, with technical assistance from the U.S. Treasury in
building out the local yield curve. The second would reduce
amortizations of specific bilateral loans--those with terms that
have been opaque but reportedly costly.

S&P said, "We project that net general government debt will rise to
49% of GDP in 2020, from 47% in 2019. We include in our debt
calculation the sovereign debt held by IESS (the Ecuadorian Social
Security Institute) and the central bank because it represents a
material amount of Ecuador's domestic debt and reflects the lack of
market buyers of domestic debt. We also include in our general
government calculations the estimated outstanding amount of CETES
(Treasury certificates), which the government considers "other
liabilities."

"We assume that the general government interest payments will
account for about 9% of revenue in 2020-2022 as a result of
moderate revenue increases and stable financing costs. We assess
contingent liabilities from the financial sector and nonfinancial
public enterprises as limited. We see risks for Ecuador's debt
profile stemming from the high share of nonresident holdings, which
have held steady at about 60% of Ecuador's commercial debt.

"We expect that Ecuador will continue to use the U.S. dollar as its
currency. We believe that the government is committed to this
arrangement despite the economic costs of an inflexible monetary
regime. Dollarization has helped anchor inflation and stabilize the
financial system to the detriment of the competitiveness of the
country. We expect inflation to remain very low in 2020, at 0.9%,
on still weak domestic demand."

The financial system continues to be stable according to reported
indicators of solvency, liquidity, asset quality, and
profitability. Growth of credit from the financial system to the
private sector has slowed but is still robust at 11% year over year
in December 2019. The segments that have contributed the most are
consumption and microcredit. Deposit growth remains below credit
growth (9% year over year in December 2019), but the gap has
narrowed.

Ecuador makes use of capital controls. The government is aiming to
gradually reduce the capital outflow tax, currently set at 5%,
subject to economic performance.

The reform proposal of the central bank framework, which is part of
the EFF benchmarks, would, among other measures:

-- Strengthen the autonomy of the Central Bank of Ecuador (BCE)
    in terms of its budget and recapitalization,

-- Prohibit monetary financing and quasi-fiscal operations,
    including direct and indirect lending to the government,
    and

-- Reintroduce a rule requiring international reserve assets
    to fully back deposits from other depository institutions
    at the BCE and coins in circulation.

In S&P's opinion, the framework could strengthen Ecuador's external
position and the dollarization system, as well as reduce political
interference in the conduct of monetary policy (although the
president will continue to appoint the members of the board).

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

  Ratings Affirmed

  Ecuador

   Sovereign Credit Rating                B-/Stable/B
   Transfer & Convertibility Assessment   B-
   Senior Unsecured                       B-




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J A M A I C A
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CARIBBEAN CEMENT: Reports Decreased Profit in 2019
--------------------------------------------------
RJR News reports that Caribbean Cement Limited ended its 2019
financial year with a dip in profit.

The cement manufacturer's just released financial results show it
made $1.8 billion profit down from $2.4 billion in 2018, according
to RJR News.

It raked in $17.7 billion in revenue up from $17.5 billion in the
previous year, the report adds.

                          *     *     *

Caribbean Cement Company Limited, together with its subsidiaries,
manufactures and sells cement and clinker in Jamaica and other
Caribbean countries. The company was incorporated in 1947 and is
based in Kingston, Jamaica.

As reported in the Troubled Company Reporter-Latin America on Oct.
30, 2017, RJR News said that Caribbean Cement Limited is reporting
improved profits for the three months ending September. For the
quarter, the company earned J$747.8 million compared with
a loss of J$81 million for the corresponding period last year,
according to RJR News.


JAMAICA: IDB Welcomes Set Up of Mobility Strategic Framework
------------------------------------------------------------
RJR News reports that Dr. Malaika Masson, Senior Regional Energy
Specialist at the Inter-American Development Bank, said the
multilateral agency is pleased that the Jamaican Energy Ministry
has completed the electric mobility strategic framework.

The framework marks the first step towards the implementation of an
electric mobility policy for the public transportation sector in
Jamaica, according to RJR News.

Dr. Masson noted that implementation of the framework is expected
to begin within the first quarter of 2020, adding that this is an
integrated approach among government entities, the report notes.

Dr. Masson argued that electric mobility in Jamaica is expected to
foster a sustainable, efficient and diversified energy sector the
report adds.

                            About Jamaica

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

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




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M E X I C O
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SPP INSTITUCION DE SEGUROS: Moody's Gives B2/Ba1.mx Ratings
-----------------------------------------------------------
Moody's de Mexico has assigned B2 global local currency and Ba1.mx
national scale insurance financial strength ratings to SPP
Institucion de Seguros S.A. de C.V. (SPP Seguros). The outlook is
stable.

RATINGS RATIONALE

SPP Seguros insurance financial strength ratings primarily reflect
its limited financial and operational history given its start-up
status, which presents a substantial degree of uncertainty about
its future performance and its ability to expand the business and
sustain capitalization and profitability levels. Moody's also notes
that while the company's risk managing systems and reporting
standards are adequate, they will be tested in the following years
with the operations of the insurer.

SPP Seguros will focus on offering insurance for latent defect in
the design, workmanship or materials of houses and buildings. This
insurance product is characterized by its high granularity,
although the monoline and long-tail nature of its business model
poses a significant challenge to the product risk profile ad
reserve adequacy of the company. The rating also reflects its
prospective view about the company's capitalization, with current
capital levels well exceeding required regulatory margins, and with
solid gross underwriting leverage (gross premiums and gross
reserves relative to shareholder's equity). However, Moody's
considers capitalization metrics will weaken once the insurer
starts operations.

Factors that could lead to a downgrade of SPP Seguros' rating
include: 1) very aggressive growth exceeding its capital capacity,
2) a persistent record of negative operating and consolidated
results, with a sustained combined ratio above 100% and net losses,
3) a substantial decrease in the local solvency margin (e.g.
solvency capital requirement persistently below 1.05x). Factors
that could lead to an upgrade include: 1) sustained increase in the
company's market share accompanied by growing earnings; 2)
improvement of capitalization metrics derived from positive
underwriting results, 3) good track record of profitability, with
sustained return on capital metrics persistently over 16% and
combined ratios below 85%.

SPP Seguros reported a net loss of MXN6.5 million as of December
2019. The company reported total assets of MXN68.6 million and
shareholders' equity of MXN58.2 million.

The principal methodology used in these ratings was Property and
Casualty Insurers Methodology published in November 2019.

The period of time covered in the financial information used to
determine SPP Seguros Institucion de Seguros, S.A. de C.V. ratings
is between January 1, 2019 and December 31, 2019.




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

METROPISTAS: Moody's Hikes Sr. Sec. Notes to Ba2, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service upgraded the rating assigned to
Metropistas' $435 million (original issuance amount) 6.75%
amortizing Senior Secured Notes due 2035 to Ba2 from Ba3. The
outlook on the rating is stable.

RATINGS RATIONALE

The rating upgrade to Ba2 from Ba3 reflects Metropistas' adequate
traffic and solid revenue trends that Moody's expects to continue.

In 2019, Metropistas recorded traffic growth of 0.4% after growing
7% in 2018. The slower growth in 2019 is explained by public
protests and the bridge 2088 programmed closure. Nonetheless, in
2019 revenue grew 7% supported by toll increases allowed under the
concession.

The essentiality of the service that Metropistas provides as a
primary way of entry to San Juan, the capital city of Puerto Rico,
has provided the asset with strong resiliency. Traffic trends have
been largely immune to Puerto Rico's economic performance as
measured by the Commonwealth's Gross State Product.

The underlying credit quality of Metropistas also considers the
long term of the concession which matures in 2061 following a 2016
amendment to extend the concession by 10 years. The regulatory
environment has been supportive to date. The concession allows for
an annual toll increase of US CPI +1.5% that does not require any
further approval from the government and that has been implemented
without disruption. Solid project finance features, including a
12-month Debt Service Reserve Account and a 12-month Major
Maintenance Account are also incorporated in its rating.

Moody's projects that Metropistas's Debt Service Coverage Ratio
("DSCR" annuity based) will reach 3.4x and DSCR (Cash Flow
Available for Debt Service / Debt Service) of 2.7x by the end of
2019. Moody's also expects this ratio to continue improving, even
under scenarios of flat traffic growth, given its expectation of
continuous toll increases and de-leveraging of the asset. Moody's
will continue to monitor the evolving situation of the global
Coronavirus outbreak (COVID-19) and its potential impact on
Metropistas.

RATING OUTLOOK

The stable outlook reflects its expectation that the asset will
continue to perform adequately despite Metropistas' exposure to
negative economic and demographic trends in Puerto Rico.

WHAT COULD CHANGE THE RATING UP/DOWN

Metropistas' rating could face upward pressure if traffic and
financial performance continues to improve coupled with its
assessment that Metropistas' exposure to negative economic and
demographic trends in Puerto Rico will be negligible.

Negative pressure on the rating could develop if traffic trends
shift such that Moody's projected DSCR falls below 2.0x on a
sustained basis. While unexpected, any government interference on
the concession would weigh negatively on the ratings.

ABOUT METROPISTAS

Metropistas operates the PR-22 and the PR-5 toll-roads in San Juan
under a concession from the Puerto Rico Highway and Transportation
Authority. In August 2013, Metropistas issued $435 million
(original face value) of 6.75% Senior Secured Notes due 2035 with
quarterly debt service payments. The Notes also rank pari passu
with amortizing $301 million bonds due in 2038.

The principal methodology used in this rating was Privately Managed
Toll Roads published in October 2017.



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

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

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

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.


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