/raid1/www/Hosts/bankrupt/TCRLA_Public/200406.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Monday, April 6, 2020, Vol. 21, No. 69

                           Headlines



A R G E N T I N A

ARGENTINA: Postpones Debt Restructuring Deadline


B E R M U D A

ALTERA INFRASTRUCTURES: Moody's Cuts CFR to Caa1, Outlook Stable
NABORS INDUSTRIES: Moody's Cuts CFR to B1, Outlook Negative


B R A Z I L

BRF SA: Fitch Affirms BB LT Issuer Default Rating, Outlook Stable
INTERCEMENT BRASIL: S&P Lowers GS Rating to 'B-', On Watch Negative
INVESTIMENTOS E PARTICIPACOES: S&P Cuts GS ICR to 'CCC'


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: AIRD Says There's Enough Production
DOMINICAN REPUBLIC: Taxman to Waive Advance Payment Due April 15
[*] DOMINICAN REPUBLIC: Top Supermarket Chains Won't Raise Prices


E C U A D O R

ECUADOR DIVERSIFIED: Fitch Cuts $195MM Loans Rating to B
GUAYAQUIL MERCHANT: Fitch Lowers $175MM Notes Rating to B+


M E X I C O

CEMEX SAB: S&P Places 'BB' Global Scale ICR on Watch Negative


P A N A M A

BANCO LA HIPOTECARIA: Fitch Affirms BB+ LT IDR, Outlook Negative
PROMERICA FINANCIAL: Fitch Downgrades LT IDR to B, Outlook Neg.


P E R U

RUTAS DE LIMA: S&P Downgrades Rating to 'CCC', On Watch Negative


P U E R T O   R I C O

SEARS HOLDINGS: Apex, Basil Vasiliou Removed as Committee Members


S U R I N A M E

SURINAME: S&P Lowers Sovereign Credit Rating to CCC+, Outlook Neg.


X X X X X X X X

[*] BOND PRICING: For the Week March 30 to April 3, 2020

                           - - - - -


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

ARGENTINA: Postpones Debt Restructuring Deadline
------------------------------------------------
globalinsolvency.com, citing The Financial Times, reports that
Argentina's debt restructuring talks with creditors will continue
for at least two more weeks after the centre-left government failed
to meet its deadline of March 31 to cut a deal.

The deadline had been considered to be ambitious by investors and
economy minister Martin Guzman admitted that the outbreak of the
coronavirus pandemic, which has now claimed 27 lives in Argentina,
had further delayed progress in negotiations, according to
globalinsolvency.com.

"We are trying to fix the debt crisis in an orderly way," the
37-year-old economist told reporters, clarifying that no decisions
had been made on the contentious issue of whether to impose a
"haircut" on the $83 billion of foreign debt that he says is
eligible for restructuring, the report relates.

Mr. Guzman, an academic who previously worked with Nobel laureate
Joseph Stiglitz at Columbia University, said that "multiple
combinations" were still being considered for the debt offer,
including lower interest rates, longer maturities and a grace
period without payment, 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.



=============
B E R M U D A
=============

ALTERA INFRASTRUCTURES: Moody's Cuts CFR to Caa1, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service downgraded Altera Infrastructure L.P.'s
Corporate Family Rating to Caa1 from B3 and assigned a Caa1-PD
Probability of Default Rating. Concurrently, Moody's affirmed the
Caa2 senior unsecured rating of $700 million notes. The outlook
remains stable.

Altera Infrastructure L.P. changed its name from Teekay Offshore
Partners L.P. on 24 March 2020.

RATINGS RATIONALE

The rating downgrade reflects Altera Infrastructure's continuing
challenging liquidity position, as well as Moody's expectation of
softening financial performance in 2020.

Altera Infrastructure's financial performance weakened in 2019 with
reported adjusted EBITDA falling to $672 million from $783 million
in 2018. While the decline was mainly driven by the absence of a
$91 million settlement with Petrobras in the previous year, EBITDA
generation would have fallen even without this extraordinary
effect. In addition to the impact from the settlement with
Petrobras in 2018, the FPSO segment was the main driver for the
overall decline as it was impacted by lower revenues and EBITDA
generation. The FPSO segment was impacted by a $33 million revenue
decrease due to a $15m impact related to non-cash amortizations of
in process revenues but also owing to reduced charter rates for the
Piranema Spirit FPSO and a $30 million decrease due to the
expiration of the Ostras FPSO charter contract in March 2019. As a
result of lower EBITDA generation and only slightly reduced Moody's
adjusted total debt of $3,306 million ($3,425 million in 2018), the
company's Moody's adjusted debt to EBITDA ratio deteriorated to
5.5x at the end of 2019 compared with 5.1x in 2018. Moody's
adjusted net debt to EBITDA increased to 5.0x in 2019 (including
restricted cash of $89 million at the end of 2019) compared with
4.8x in 2018.

For 2020 Moody's expects a further decline of revenues and EBITDA
generation driven by lower Shuttle Tanker and Towage revenues as
contracts of affreightment (CoA) volumes for Shuttle Tankers and
utilization of the Towage fleet are likely to decline. High capital
expenditures (albeit fully financed) of more than $400 million in
2020 for the delivery of four new Shuttle Tankers will result in
material negative Free Cash Flow generation and the need to
increase the debt level. Accordingly, the rating agency projects
credit metrics to deteriorate further with Moody's adjusted debt to
EBITDA between 6.5x and 7x at the end of 2020.

In addition to Moody's expectations of falling profitability in
2020 and weakening credit metrics, Altera Infrastructure's credit
profile remains constrained by significant amortization payments
and term loan maturities that must be funded with vessel
refinancing or the sale of end of life cycle vessels; contract
renewal risk FPSO and FSO in the next few years; concentration risk
with one customer (the Knarr oil field which is operated by Royal
Dutch Shell), largely under one contract that makes up over half of
FPSO EBITDA.

Altera Infrastructure's credit profile is supported by relatively
stable and contracted nature of its cash flow; high
barriers-to-entry for competing FPSOs in long-lived fields; and its
strong shuttle tanker market position in the North Sea. Moody's
also notes positively the recent $170 million investments by the
owner Brookfield Business Partners L.P. (Brookfield) for the
purchase of the 27% of equity in Altera Infrastructure that
Brookfield did not yet own.

ESG CONSIDERATIONS

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines creating a severe and extensive credit shock
across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The oil services
and midstream sectors are sectors that could be significantly
affected. More specifically, Altera Infrastructure's credit profile
is vulnerable to shifts in market sentiment in these unprecedented
operating conditions, the company is vulnerable to the outbreak
continuing to spread and relies on access to the banking market.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Moody's considers the company's approach to liquidity
management as a governance factor under its ESG framework.

LIQUIDITY

Altera Infrastructure's liquidity is weak. At the end of 2019, the
company had $306 million of cash (including $107 million of
restricted cash) and undrawn $105 million under the unsecured
revolving credit facility due October 01, 2020. Moody's believes
Altera Infrastructure's ability to comply with its liquidity
covenant, that states the company must maintain liquidity of at
least $75 million or 5% of total debt (roughly $150 million), is
uncertain.

At the end of 2019, the company had very material debt maturities
of $487 million in 2020 (including the $125 million RCF provided by
its owner Brookfield Business Partners L.P.) and further $338
million in 2021.

As Moody's expects negative aggregated free cash flow generation in
2020-21, Altera Infrastructure will need to continue to have full
access to the capital markets and its relationship banks in order
to fund the liquidity shortfall. The company has a track record of
selling end of life cycle vessels and refinancing loans on its
existing vessels, which however is less certain in the current
crisis.

STRUCTURAL CONSIDERATIONS

The Caa2 rating assigned to the $700 million senior unsecured
notes, one notch below the Caa1 Corporate Family Rating, reflects
material structural subordination of prior ranking secured debt.

RATING OUTLOOK

While Moody's forecasts the company's operating performance to
weaken in 2020 driven by declining revenues in the Shuttle Tanker
and Towage segments, the stable outlook reflects the rating
agency's expectation that the company will be able to fund its
liquidity needs through refinancing.

WHAT COULD CHANGE THE RATING - UP

The ratings could be upgraded if the company's liquidity resources
would be sufficient to cover all liquidity needs for at least 12
months without the need to rely on new financing and if Moody's
adjusted debt to EBITDA falls to 6.5x or less.

WHAT COULD CHANGE THE RATING - DOWN

The ratings could be downgraded if the company's liquidity weakens
or if Moody's adjusted debt to EBITDA increases to 8x or more.

The principal methodology used in these ratings was Midstream
Energy.

Altera Infrastructure L.P. is a Marshall Islands limited
partnership with headquarters in Bermuda and executive offices in
Stavanger, Norway. Altera Infrastructure is an international
provider of marine transportation, oil production, storage,
long-distance towing and offshore installation and maintenance and
safety services to the offshore oil industry.

NABORS INDUSTRIES: Moody's Cuts CFR to B1, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service downgraded Nabors Industries Ltd.'s
Corporate Family Rating to B1 from Ba3, Probability of Default
Rating to B1-PD from Ba3-PD, and guaranteed senior unsecured notes
to Ba3 from Ba2. Moody's concurrently downgraded the senior
unsecured notes of Nabors Industries, Inc. (NII, a wholly-owned
subsidiary of Nabors) to B3 from B1. The SGL-3 Speculative Grade
Liquidity Rating was unchanged. The rating outlook remains negative
for Nabors and NII.

"These negative actions reflect an expected material deterioration
in the land drilling industry, particularly in the US, following
the oil price collapse in early-2020 and the sustained pressures it
will put on Nabors' earnings, cash flow and liquidity in the coming
quarters," said Sajjad Alam, Moody's Senior Analyst.

Ratings Downgraded:

Issuer: Nabors Industries Ltd.

Corporate Family Rating, Downgraded to B1 from Ba3

Probability of Default Rating, Downgraded to B1-PD from Ba3-PD

Guaranteed Senior Unsecured Notes, Downgraded to Ba3 (LGD3) from
Ba2 (LGD3)

Issuer: Nabors Industries, Inc.

Senior Unsecured Notes, Downgraded to B3 (LGD5) from B1 (LGD5)

Ratings Unchanged:

Issuer: Nabors Industries Ltd.

Speculative Grade Liquidity Rating, Unchanged SGL-3

Outlook Actions:

Issuer: Nabors Industries Ltd.

Outlook, Remains Negative

Issuer: Nabors Industries, Inc.

Outlook, Remains Negative

RATINGS RATIONALE

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 oilfield
services sector will be one of the sectors most significantly
affected by the shock given its sensitivity to oil prices. More
specifically, the limited cushion in Nabors' credit profile have
left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and the company remains
vulnerable to the outbreak continuing to spread and oil prices
remaining weak. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. The action reflects the
impact on Nabors of the breadth and severity of the oil demand and
supply shocks, and the broad deterioration in credit quality it has
triggered.

Nabors should have adequate liquidity through 2021, which is
reflected in the SGL-3 rating. After successfully issuing $1
billion in notes in January 2020 and executing an amendment to the
revolving credit facility in December 2019, the company has reduced
its refinancing and covenant violation risks. Moody's expects the
company to generate breakeven to slightly positive free cash in
2020 and apply any surplus cash flow to reduce debt. As of December
31, 2019, Nabors had $436 million in cash and short-term
investments. The company has an undrawn $1 billion revolver, which
matures at the earlier of (a) October 11, 2023 and (b) July 19,
2022, if any of Nabors' existing 5.5% senior notes due January 2023
remain outstanding as of such date. The company also has a $666.25
million revolver that had $355 million outstanding at December 31,
2019, and this facility matures on July 14, 2020. Nabors will
likely roll the outstanding balance on the maturing revolver to the
$1.01 billion revolver and subsequently look to repay this debt.

Nabors' B1 CFR reflects its high financial leverage, reduced but
still significant refinancing needs and high re-contracting risk in
North America in light of the projected decline in rig demand in
reaction to ultra-low oil and gas prices. While Moody's does not
expect a rapid deterioration in international rig markets during
2020, US rig markets will experience a steep drop-in rig activity.
Most E&P companies have already trimmed their capital spending and
growth expectations for 2020, which will bring down dayrates and
fleet utilization in the coming quarters. However, despite the
projected weakness in US markets, the company's relationship with
its largest customer, Saudi Aramco (A1 stable), will continue to
provide a base level contract and earnings visibility. The B1 CFR
is supported by Nabors' large scale, high quality rig fleet,
long-standing contractual relationship with some of the world's
largest oil companies, and a strong and diversified international
footprint.

The $1 billion guaranteed unsecured notes at Nabors are rated Ba3,
one notch above the B1 CFR, given their structurally senior
position relative to the existing NII senior unsecured notes that
lack subsidiary guarantees. The NII notes are rated B3 given their
subordinated position in the capital structure.

The outlook could return to stable if Nabors substantially
eliminates the refinancing risk involving its 2020 and 2021 notes
and maintains a good liquidity cushion. The CFR could be downgraded
if leverage cannot be sustained below 5x or the company generates
recurring negative free cash flow materially reducing liquidity. An
upgrade will require the Debt/EBITDA ratio to be sustained below 4x
in a stable to improving industry environment.

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology.

Nabors Industries Ltd. -- a Bermuda incorporated entity, is the
largest global land drilling contractor with operations in nearly
two dozen countries and several offshore markets. Nabors
Industries, Inc. is a wholly owned subsidiary of Nabors Industries
Ltd.

Factors that would lead to an upgrade or downgrade of the ratings

The CFR could be downgraded if leverage cannot be sustained below
5x or the company generates recurring negative free cash flow
materially reducing liquidity. An upgrade will require the
Debt/EBITDA ratio to be sustained below 4x in a stable to improving
industry environment. The outlook could return to stable if Nabors
substantially eliminates the refinancing risk involving its 2020
and 2021 notes and maintains a good liquidity cushion.



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B R A Z I L
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BRF SA: Fitch Affirms BB LT Issuer Default Rating, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed BRF S.A.'s (BRF) Long-Term Foreign and
Local Currency Issuer Default Rating (IDR) and senior unsecured
notes at 'BB'. Fitch has also affirmed BRF's National Long-Term
Rating and Debentures at 'AA+(bra)'. The Rating Outlook remains
Stable.

The affirmation reflects BRF's improved performance and lower than
forecasted 2019 leverage, the resilience of the business due to its
geographic diversification and product offering, and sound
liquidity, which provides BRF with financial flexibility in the
current depressed economic environment due to the coronavirus
pandemic.

KEY RATING DRIVERS

Strong Business Profile: BRF is one of Brazil's largest food
companies and one of the largest poultry exporters worldwide. The
company's cash flow benefits from strong domestic brands that give
the company market shares ranging between 40% and 50% in multiple
market segments. While barriers to entry in the processed food
segment are relatively low, BRF benefits from its extensive product
offering, strong brand recognition, recurring innovation and
extensive distribution capacity for refrigerated products in
Brazil. This allows the company to lead price initiatives in many
of its Brazilian categories and provides some resilience during
economic downturns. The company's exposure to the food service
segment in the domestic market was about 11% in volume in 2019.

Geographic Diversification: BRF's business profile benefits from
its geographic diversification, with approximately 52% of its sales
occurring outside of Brazil. Fitch believes that geographic sales
and production diversification enables the company to mitigate
risks such as potential restrictions on exports that may occur in
particular regions of the country due to sanitary concerns.

Deleveraging Trajectory: Fitch expects BRF's net leverage to
decrease in 2020 and FCF generation to remain positive despite
higher capex. Fitch projects net debt/EBITDA to reach 3.8x in 2020
compared to 3.9x in 2019. Fitch factors in a haircut of about
BRL300 million in EBITDA into its projections to reflect a weaker
consumer environment, depressed food service segment, and potential
disruption in the business due to sanitary risks because of the
spread of the coronavirus. Fitch has not factored in any impact of
1Q20 as the business has been performing normally. BRF's
deleveraging trajectory was better than initially forecasted (about
0.6x better) as net debt/EBITDA declined to 3.9x in 2019 from 6.3x
(pro-forma adjusted) in 2018. Fitch's net debt/EBITDA ratio is
around 1x higher than the ratio reported by BRF due to IFRS 16
adjustments, the exclusion of restricted cash and long-term
investments, as well as the inclusion of securitized receivables.
Fitch forecasts another year of positive FCF of about BRL600
million in 2020 despite higher capex as the company is investing
USD120 million in a chicken processing plant in Saudi Arabia.

Protein Sector: Fitch expects long-term fundamentals for the
protein sector to remain positive due to growing demand for protein
and good export markets due to the outbreak of African Swine Fever
(ASF) in China that has decimated local pork production. The weak
Real against U.S. dollar will benefit Brazilian exporters. USDA
forecasts Brazilian domestic consumption growth of 2.5% for 2020.
However, the sector might face short-term headwinds due to higher
grain prices, logistic issues and disruption of the food service
segment, somewhat mitigated by strong growth in the food retail
segment.

Trapaca Investigation: The company is currently under external
investigation as part of the "Trapaca Operation" that began in
2018. This led to the suspension of operations for 12 BRF plants
across the EU. The main claims involve alleged misconduct relating
to quality violations, improper use of feed components and
falsification of tests at certain BRF manufacturing plants and
accredited labs. The legal, marketing and operational costs related
to the Trapaca Operation amounted to BRL80 million in 2019. These
ongoing legal matters create uncertainty regarding the timing and
magnitude of potential fines the company might face.

DERIVATION SUMMARY

BRF's ratings reflect the group's strong business profile as one of
the largest poultry exporters in the world, solid processed foods
business and good brand awareness in Brazil, with a vast
distribution platform. The company is also a leader in the Halal
market with a market share of over 39% in the Gulf Cooperation
Council (GCC) countries.

BRF's ratings are tempered by the company's large exposure to
Brazil and high business, execution and sanitary risks associated
to the commodity part of the business, as well as ongoing
litigation risks related to the Trapaca Operation. The company has
weaker credit metrics compared to other international peers, such
as Tyson Foods Inc. (BBB/Stable), Sigma de Alimentos SA
(BBB/Stable), Gruma S.A. de C.V. (BBB/Stable), and JBS SA
(BB/Stable), which operate with lower net leverage ratios.

KEY ASSUMPTIONS

  -- High single-digit revenue growth driven by price increases;

  -- Net debt/EBITDA trending towards 3.8x in 2020 assuming some
disruption due to the weak current environment;

  -- Capex of about BRL1.9 billion;

  -- No dividends or M&A.

RATING SENSITIVITIES

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

  -- Net leverage at or below 3.5x for a sustained period of time;

  -- EBITDA margin at or above 10%;

  -- Positive FCF.

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

  -- Net debt/ EBITDA above 4.5x for a sustained period of time;

  -- Sustained negative FCF generation;

  -- EBITDA margin below 8%;

  -- Weak liquidity.

A multi-notch downgrade of Brazil would put pressure on BRF's
ratings.

Large legal fines that would put pressure on the company's
liquidity and deleveraging in the near term could trigger a
downgrade.

BEST/WORST CASE RATING SCENARIO

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.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: BRF's liquidity remains adequate. As of Dec.
31, 2019, BRF had BRL4.7 billion of cash and cash equivalents and
BRL3.1 billion of short-term debt (mainly trade finance and working
capital lines). Around 18% of debt is short term. Approximately 59%
of the total debt is foreign currency denominated.

The company has a revolving credit facility up to the limit of
BRL1.5 billion from Banco do Brasil for a period of three years.
The referenced credit facility can be disbursed totally or
partially, at the company's will, whenever necessary. On Dec. 31,
2019 the facility was available, but unused. There is no material
adverse change (MAC) clause.

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.

ESG CONSIDERATIONS

ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).

INTERCEMENT BRASIL: S&P Lowers GS Rating to 'B-', On Watch Negative
-------------------------------------------------------------------
On March 31, 2020, S&P Global Ratings lowered its global scale
ratings to 'B-' from 'B' and its national scale rating to 'brBBB-'
from 'brA' on Brazil-based cement producer InterCement Brasil. At
the same time, S&P placed all ratings on CreditWatch with negative
implications.

The downgrade of InterCement reflects S&P's expectation that its
revenue and earnings will likely contract in 2020 due to the
COVID-19 outbreak and the resulting slowdown in economic activity.
This will pressure the company's credit metrics, with debt to
EBITDA likely ranging from 7.0x to 12.0x, depending on the length
and severity of the economic slowdown.

Coronavirus's effect hinders the company's intention to improve its
capital structure and enhance profitability. In 2019, InterCement's
profitability rose thanks to higher volumes at its Brazilian
operations, while the company passed through cost inflation into
prices. This, combined with healthy margins at the Argentine
operations, allowed the leverage metric to slip to 4.9x from 5.1x
in 2018.

S&P estimates that the Argentine operations accounted for 45%-55%
of the company's consolidated EBITDA in 2019 and those in Brazil
for 20%-30%, with the African operations accounting for the
remainder. Countries where the company operates already announced
restrictions, such as partial or more extensive lockdown in an
attempt to block the spread of COVID-19. Currently, the most
restrictive measures are in Argentina and South Africa, where
InterCement had to suspend operations. As a result, S&P estimates a
20%-30% volume decline in 2020 compared with 2019, which could
reduce EBITDA by 30-%50%.

In the second half of 2019, InterCement initiated talks to extend
its debt maturities by refinancing its debentures, but hadn't
completed them yet. S&P now believes refinancing conditions will be
more difficult over the next months, which are also reflected in
the lower rating and CreditWatch negative placement.


INVESTIMENTOS E PARTICIPACOES: S&P Cuts GS ICR to 'CCC'
-------------------------------------------------------
On March 31, 2020, S&P Global Ratings lowered its global scale
issuer credit rating on Investimentos e Participacoes em
Infraestrutura S.A. (Invepar) to 'CCC' from 'CCC+' and the national
scale rating to 'brB-' from 'brBB-'. S&P also lowered its ratings
on Concessionaria Auto Raposo Tavares S.A. (CART) to 'brB-' from
'brBB-'. In addition, S&P lowered the issue-level rating on
Invepar's 3rd and 5th debentures issuances to 'brB-' and 'brCCC+',
respectively, while lowering the rating on Metrobarra S.A.'s
debentures to 'brB-'.

S&P said, "The rating actions reflect our view that Invepar's
refinancing risk has increased, because the holding company faces
the maturity of its R$1.37 billion 5th debentures on April 11,
2021. We believe the COVID-19 pandemic will significantly hamper
the operating performance of its main assets, which combined with
challenging market conditions in the bank and capital markets,
expose the company to non-payment of its financial obligations,
which could be in the form of a conventional default or a
distressed debt exchange.

"We expect the sale of Invepar's subsidiary CART--announced at the
end of 2019--to be concluded in the next few months. However, we
don't believe that the proceeds will be a permanent solution to the
group's capital structure, especially considering its large debt
maturity at the holding level." Dividends that Invepar receives
from operating subsidiaries aren't sufficient for debt service, so
the group continues to depend on positive outcomes of events that
are outside of its control, including the proceeds from fresh
equity or additional asset sales that will allow it to further
reduce its debt.

In addition, transportation assets are in general exposed to
overall economic conditions, but due to the COVID-19 pandemic,
Invepar is particularly affected. In S&P's view, the situation
could also worsen if the government's social distancing initiatives
to contain the spread of the virus, such as travel restrictions,
continue for longer than expected. In this context, even the
group's most mature and stable assets, such as Rio de Janeiro's
urban toll road Linha Amarela and the city's subway, will face
significant drops in demand, while one of the group's largest
concessions, the Guarulhos airport, would also be hurt by much
lower passenger volumes. The group is working on several
initiatives to preserve cash, taking advantage of specific
government programs including postponing grant fee payments, which
could provide some relief at the operating level.




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: AIRD Says There's Enough Production
-------------------------------------------------------
Dominican Today reports that the Dominican Republic Industries
Association (AIRD) urged the population not to go massively to
businesses and financial entities in search of food and services,
since it poses a risk to health in these times of coronavirus.

It said that there is currently enough national production in the
country to guarantee that "we can all be in our homes keeping
social distance to combat COVID-19," according to Dominican Today.

The industrialists said they are aware that guaranteeing food is
probably the second priority after preserving health, "but it is
necessary to act with due calm and above all, take care of the
health of all Dominicans," 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.

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 stable outlook (2015). Moody's credit rating for Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB- with
stable outlook (2016).

DOMINICAN REPUBLIC: Taxman to Waive Advance Payment Due April 15
----------------------------------------------------------------
Dominican Today reports that Jamaica Internal Taxes (DGII) will
waive the advance payment that's due on April 15, for all taxpayers
of Income Tax (ISR), legal persons or sole-proprietor businesses,
as part of the facilities to deal with the pandemic.

DGII director Magin Diaz, said the benefit will reach more than 99%
of the companies that had to pay it for the fiscal period March
2020, according to Dominican Today.  It will only be charged to a
small group of companies considered large.

"As you have seen in the last two weeks, we are taking, almost
daily, new facilitation measures and we have digitized the services
that were not digitized to facilitate the management of procedures
for taxpayers at this juncture," 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.

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 stable outlook (2015). Moody's credit rating for Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB- with
stable outlook (2016).

[*] DOMINICAN REPUBLIC: Top Supermarket Chains Won't Raise Prices
-----------------------------------------------------------------
Dominican Today reports that two of Dominican Republic's leading
supermarket chains promised separately not to increase prices
during the next few months.

In a statement, Centro Cuesta Nacional (CCN) guarantees stable in
the Nacional and Jumbo supermarkets, according to Dominican Today.
"The decision takes into account the current situation that the
country is going through due to the coronavirus," the report
relays.

                                   Bravo

Earlier, Bravo supermarkets president, Rafael Monestina, noted that
the crisis caused by COVID-19 could impact the cost of foods, but
"Since there is abundant production in the field, prices should not
increase," 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.

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 stable outlook (2015). Moody's credit rating for Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB- with
stable outlook (2016).



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

ECUADOR DIVERSIFIED: Fitch Cuts $195MM Loans Rating to B
--------------------------------------------------------
Fitch Ratings has downgraded the $195 million series 2020-1 Loans
originated by Ecuador Diversified Payment Rights (DPR) to 'B' from
'B+'. This rating action follows the recent downgrades of Ecuador's
Long-Term Issuer Default Rating (IDR) by two notches to 'CCC' from
'B-' on March 19, 2020 and to 'CC' from 'CCC' on March 25, 2020 as
Banco del Pacifico's ratings continue to be highly influenced by
its operating environment. The outstanding notes were placed on
Rating Watch Negative.

The Rating Watch Negative on the notes reflects the potential of a
further downgrade of Ecuador's ratings due to the possible
renegotiation of the terms on its commercial debt liabilities which
Fitch would consider a distressed debt exchange. Should this occur,
a further downgrade would most likely occur placing further
pressure on BdP's operating environment. Additionally, prolonged
containment measures as a result of the coronavirus pandemic and
other economic factors such as the recent major oil price drop may
lead to a deterioration of asset performance increasing downward
pressure on the rating.

TRANSACTION SUMMARY

The future flow program is backed by U.S. dollar-denominated,
existing and future DPRs originated in the U.S. (AAA/Stable) by
Banco del Pacifico S.A. (BdP) of Ecuador. The majority of DPRs
(99.9% in 2019) are processed by designated depository banks (DDBs)
that will execute account agreements (AAs).

Fitch's rating addresses timely payment of interest and principal
on a quarterly basis.

KEY RATING DRIVERS

Originator Credit Quality: The rating of this future flow
transaction is tied to the credit quality of the originator, BdP.
The company's Issuer Default Rating (IDR) is highly influenced by
its operating environment. Ecuador's IDR was downgraded on Mar. 25,
2020 to 'CC' from 'CCC'.

Going Concern Assessment: Fitch uses a going concern assessment
(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 'GC1' to BdP based on the bank's
systemic importance and state-owned shareholder. The score allows
for a maximum of six notches above the local-currency (LC) IDR of
the originator; however, additional factors limit the maximum
uplift.

Notching Uplift from LC IDR: The 'GC1' score allows for a maximum
six-notch rating uplift from the bank's IDR, pursuant to Fitch's
future flow methodology. However, uplift is tempered to three
notches from BdP's IDR due to factors mentioned, including
Ecuador's lack of last resort lender, large beneficiary
concentration and high future flow debt relative to total funding.

Relatively High Future Flow Debt: Total future flow debt including
the series 2020-1 loans is expected to represent approximately 6.7%
of BdP's total funding and 46.2% of non-deposit funding utilizing
financials as of December 2019. Fitch considers the ratio of future
flow debt to overall non-deposit funding to be relatively high and
will not allow the financial future flow ratings up to the maximum
uplift indicated by the GCA score.

Coronavirus Impact and Containment Measures Pressure Transaction
Flows: BdP processed an average of approximately $1.54 billion in
DPR flows in 2018 and 2019, up from $1.2 billion in 2017. While
flows between 2018 and 2019 remained nearly flat, the increase from
2017 is mainly related to large nonrecurring capital flows. Fitch
believes these flows should not be relied upon as they are not
continuous flows over the course of business, such as those related
to exports. Fitch excluded certain government related and
nonrecurring DPR flows from its cash flow analysis and base case
assumption. Historical volatility of the DPR flows limits the
notching differential of the transaction. Additionally, other
global events such as weakening oil prices and the coronavirus
crisis are expected to impact the transaction cash flows and can
add pressure to the assigned ratings.

Coverage Levels Commensurate with Assigned Rating: Fitch expects
the pro forma unadjusted quarterly minimum debt service coverage
ratio (DSCR) to be approximately 21.7x. Fitch's adjusted base case
DSCR is 17.2x the maximum quarterly debt service for the life of
the program when considering Fitch's 'B' interest rate stress,
rolling quarterly DDB collections from January 2015 to February
2020 and the exclusion of certain nonrecurring and
government-related DPR flows. Global events including the
coronavirus crisis can affect DPR flows. Fitch received flow data
through March 23, 2020 and no visible impact to the flows has yet
to be realized. Nevertheless, the transaction is in an IO period
with the first principal payment not due until March 2021.
Considering cash flows between January 2015 and February 2020, the
transaction can withstand a drop in flows of approximately 95% and
still cover a max principal and interest payment. Nevertheless,
Fitch will continue to monitor the performance of the flows as
potential pressures could negatively impact the assigned ratings.

No Lender of Last Resort: Ecuador is a dollarized economy without a
true lender of last resort. While certain mechanisms are in place
to help fend off a banking system crisis, this limits the notching
differential of the transaction.

Reduced Redirection/Diversion Risk: The structure mitigates certain
sovereign risks by collecting cash flows offshore until collection
of the periodic debt service amount, allowing the transaction to be
rated over the sovereign country ceiling. Fitch believes payment
diversion risk is partially mitigated by the AAs signed by the
three correspondent banks processing the vast majority of USD DPR
flows originating in the U.S.

RATING SENSITIVITIES

The credit strength of the transaction is linked to the performance
and credit quality of Banco del Pacifico S.A. The ratings are
sensitive to changes to the bank's LC IDR; the ability of the DPR
business line to continue operating, as reflected by the GCA score;
and changes in the sovereign environment and ratings assigned to
the Ecuadorian sovereign. Additionally, a change in Fitch's view of
the bank's GCA score can lead to a change in the transaction's
rating. Any changes in these variables will be analyzed in a rating
committee to assess the possible impact on the transaction
ratings.

Additionally, although coverage ratios are a key input to the
ratings assigned to the new issuance, the pro forma quarterly
minimum DSCR is estimated to be 21.7x, and therefore should be able
to withstand a some decline in cash flows in the absence of
additional issuances.

As the transaction is on Rating Watch Negative, factors that could
trigger a negative rating action include; a downgrade of the bank's
IDR; further deterioration on the bank's local operating
environment; and a sustained deterioration in observed debt service
coverage levels.

As the transaction is on Rating Watch Negative, Fitch does not
currently anticipate developments with a high likelihood of
triggering an upgrade. The main constraint to the program rating is
the originator's rating and its operating environment. Should it be
upgraded, Fitch will consider whether the same uplift of four
notches could be maintained or it should further be tempered in
accordance with criteria.

GUAYAQUIL MERCHANT: Fitch Lowers $175MM Notes Rating to B+
----------------------------------------------------------
Fitch Ratings has downgraded the $175 million series 2019-1 notes
issued by Guayaquil Merchant Voucher Receivables Ltd. to 'B+' from
'BB-'. This rating action follows the recent downgrades of
Ecuador's Long-Term IDR to 'CCC' from 'B-' on March 19, 2020 and to
'CC' from 'CCC' on March 25, 2020, which then triggered a downgrade
of Banco Guayaquil S.A.' ratings to 'CC' from 'B-' on March 27,
2020 (see "Fitch Downgrades Three Ecuadorian Banks Following
Sovereign Rating Action"). The outstanding notes were placed on
Rating Watch Negative.

The Rating Watch Negative on the notes reflects the potential of a
further downgrade of Ecuador's ratings due to the possible
renegotiation of the terms on its commercial debt liabilities,
which Fitch would consider a distressed debt exchange. Should this
occur, a further downgrade is possible, potentially triggering a
further downgrade of BG's ratings. Additionally, prolonged
containment measures as a result of the coronavirus pandemic may
lead to a deterioration of asset performance increasing downward
pressure on the rating.

TRANSACTION SUMMARY

The transaction is backed by future flows due from American Express
(AmEx), Visa International Service Association (Visa) and
Mastercard International Incorporated (Mastercard) related to
international merchant vouchers acquired by BG in Ecuador.

Fitch's ratings reflect timely payment of interest and principal on
a quarterly basis.

KEY RATING DRIVERS

Originator's Credit Quality: The rating of this future flow
transaction is tied to the credit quality of the originator, BG. On
March 27, 2020, Fitch downgraded BG's Long-Term Issuer Default
Rating (IDR) by two notches to 'CC' from 'B-', mirroring the
downgrade of Ecuador's IDR on March 25, 2020. The bank's ratings
continue to be highly influenced by its operating environment.

Going Concern Assessment Score: Fitch uses a going concern
assessment (GCA) score to gauge the likelihood that the originator
of a future flow transaction will stay in operation throughout the
transaction's life. Fitch assigned a GCA score of 'GC2' to BG based
on the bank's systemic importance. The score allows for a maximum
of four notches above the local currency IDR of the originator.

Notching Uplift from IDR: The 'GC2' allows for a maximum four
notch-rating uplift from the bank's Long-Term IDR pursuant to
Fitch's future flow methodology. The assigned rating is at the
maximum notching differential of four notches allowed by Fitch's
future flow methodology for an originator with a GCA score of
'GC2'. Fitch reserves the maximum notching uplift for originator's
rated on the lower end of the rating scale.

Coronavirus Impact and Containment Measures Pressure Transaction
Flows: While international AmEx, Mastercard and Visa acquiring
flows benefit from BG's longstanding credit card business,
transaction flows have been impacted by global travel bans and
quarantine orders enacted due to the coronavirus outbreak. When
compared to February 2020 collections, daily flows as of March 27,
2020 have presented an approximate 84% decline, but are still
sufficient to meet timely debt service on the notes. Additionally,
as the transaction is in an interest only period until period
ending in December 2021; and, assuming the coronavirus situation
does not improve in the short term, and cash flows observed during
this week remain consistent over the next reporting period,
sufficient cash to cover interest due on the notes scheduled July
2020 would be collected during the first three weeks of the
quarter.

Coverage Levels Commensurate with Assigned Rating: When considering
maximum quarterly debt service payment, which is expected in
January 2022, and the last reported daily flows of USD $143,818,
projected quarterly debt service coverage ratio (DSCR) would be
1.24x. However, estimated quarterly flows considering the reported
daily flows of March 27, 2020 translate into a 4.38x interest
coverage ratio, which would remain in line with the assigned rating
level. Nevertheless, Fitch will continue to monitor the performance
of the flows as sustained pressures could negatively impact the
assigned ratings.

No Lender of Last Resort: Ecuador is a U.S. dollarized economy
without a true lender of last resort. While certain mechanisms are
in place to help fend off a banking system crisis, this weakness
limits the transaction rating.

De-Dollarization Risk: While the dollarization system anchors
macroeconomic stability, the risk of de-dollarization exists. It
would only occur in an extreme scenario but would be a major shock
to the Ecuadorean system.

Future Flow Debt Size: The future flow issuance is expected to
represent approximately 4% of BG's total liabilities and
approximately 27.5% of BG's non-deposit funding utilizing
financials as of December 2019. Fitch considers the ratio of future
flow debt to overall liabilities small enough to allow the
financial future flow ratings up to the maximum uplift indicated by
the GCA score.

Reduced Redirection and Diversion Risk: The structure mitigates
certain sovereign risks by collecting cash flows offshore until
investors are paid. Fitch believes diversion risk is mitigated by
notice, consent and agreements (C&As) obligating AmEx, Visa and
Mastercard to remit payments to the collection accounts controlled
by the trustee.

RATING SENSITIVITIES

The transaction's ratings are sensitive to changes in the credit
quality of Banco Guayaquil S.A. The ratings are sensitive to
changes to the bank's IDR; the ability of the credit card acquiring
business line to continue operating, as reflected by the GCA score;
and changes in the sovereign environment and ratings assigned to
the Ecuadorian sovereign. Changes in Fitch's view of the bank's GCA
score can lead to a change in the transaction's rating.
Additionally, the merchant voucher programs could also be sensitive
to significant changes in the credit quality of American Express,
Visa, or MasterCard to a lesser extent.

The transaction's ratings are sensitive to the performance of the
securitized business line. The expected quarterly max DSCR is
approximately 1.24x assuming daily flows observed on March 27th
remain consistent throughout the next quarterly reporting cycle.

As the transaction is on Rating Watch Negative, factors that could
trigger a negative rating action include; a downgrade of the bank's
IDR; further deterioration on the bank's local operating
environment; and a sustained deterioration in observed debt service
coverage levels.

As the transaction is on Rating Watch Negative, Fitch does not
currently anticipate developments with a high likelihood of
triggering an upgrade. The main constraint to the program rating is
the originator's rating and the current rating of the transaction
currently at the maximum notching uplift dictated by the GCA score.
If upgraded, Fitch will consider whether the same uplift of four
notches could be maintained or it should further be tempered in
accordance with criteria.



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

CEMEX SAB: S&P Places 'BB' Global Scale ICR on Watch Negative
-------------------------------------------------------------
On April 1, 2020, S&P Global Ratings placed its ratings on CEMEX
S.A.B. de C.V. and its subsidiaries on CreditWatch with negative
implications, including its global scale 'BB' and national scale
'mxA/mxA-1' issuer credit ratings.

Following a year of weaker-than-expected performance due to a
double-digit drop in volume sales in Mexico, Mexican cement
producer CEMEX faces increasingly difficult business conditions,
because our expectations for a recession in the company's key
markets will further pressure its key credit metrics.

S&P said, "We expect that governments will generally reallocate
funds to address the coronavirus pandemic, which would likely
result in less public spending on infrastructure projects and other
construction works. In parallel, the shutdown of various economic
activities this year will inhibit private investment in commercial
and housing projects. Economic recessions in Mexico, U.S., Spain,
and the U.K. will abruptly bring down volume sales for CEMEX and
weaken its profitability. In addition, an extended period of
exchange rate volatility for currencies in some of the markets
where CEMEX operates, including Latin America, could further
undermine leverage metrics because the company has some exposure to
debt denominated in U.S. dollars and euros.

"While we consider that CEMEX is well equipped to withstand
liquidity pressures and that its extended debt maturity profile
largely mitigates refinancing risks for the next two years, we now
estimate the company's debt-to-EBITDA ratio could exceed 5x by the
end of the year, which would trigger a downgrade.

"The CreditWatch listing reflects unanticipated risks from the weak
global economy due to the coronavirus pandemic that will
significantly disrupt the construction industry and drop cement
demand. We expect to resolve our CreditWatch listing within the
next 90 days once we have more clarity on the duration of the
COVID-19 pandemic and the magnitude of its impact on CEMEX's
operations, earnings, and financial position in 2020, as well as
the prospects of a recovery in 2021."

S&P could lower the ratings if:

-- S&P concludes that CEMEX's metrics will not return to their
previous levels, including leverage below 5.0x.

-- CEMEX's liquidity or covenants come under pressure; or

-- S&P sees a more prolonged and severe economic impact that
compromises CEMEX's growth prospects and profitability.




===========
P A N A M A
===========

BANCO LA HIPOTECARIA: Fitch Affirms BB+ LT IDR, Outlook Negative
----------------------------------------------------------------
Fitch Ratings has affirmed Banco La Hipotecaria, S.A.'s Long-Term
Issuer Default Rating (IDR) at 'BB+'. The Rating Outlook for the
Long-Term IDR is Negative. Fitch has also placed Banco La
Hipotecaria's VR of 'bb' on Rating Watch Negative (RWN) to reflect
the negative financial implications of the coronavirus pandemic.

While the ultimate economic and financial market implications of
the pandemic are unclear at this stage, Fitch has placed the bank's
VR on RWN as the agency believes that the negative impact of the
pandemic on Panama's operating environment increases near-term
risks for widespread loan payment suspensions that will weaken
asset quality and reduce the bank's funding options by limiting its
ability to securitize its loan portfolio.

KEY RATING DRIVERS

IDRs, NATIONAL RATINGS AND SENIOR DEBT

Banco La Hipotecaria, S.A. (BLH)'s IDRs, national and senior debt
ratings reflect Fitch's assessment about the ability and propensity
of support from its shareholder, Grupo ASSA, S.A., if required.
Grupo ASSA is a regional financial conglomerate that mainly
operates in the insurance and banking services while maintaining
some non-controlling interest in other industries with a presence
in Panama, Nicaragua, Costa Rica, El Salvador, Honduras, Guatemala
and Colombia. Grupo ASSA currently has a long term IDR:
'BBB-'/Negative, which reflects its ability to support BLH.

Fitch's opinion about Grupo ASSA's propensity to support BLH is
based on the fact that BLH operates in a jurisdiction identified as
strategically important and in complementary market segments for
Grupo ASSA's subsidiaries. This allows exploiting cross sales among
products and services such as the signing of insurance policies
that accompany the mortgage credit.

Fitch also considers the high reputational risk that a default by
one of its subsidiary would imply for the group. Additionally, the
Group has supported the bank with guarantees to obtain funding.

VR

BLH's limited franchise in the Panamanian banking sector, with
market shares of total assets, loans and deposits below 1%, highly
influences its VR of 'bb-'. The bank has a niche servicing
primarily the mortgage market. This creates a disadvantage over
other banks in its peer group that are more diversified and with
larger market shares.

The bank's funding and liquidity also highly influence its VR. At
243% as of end-March 2020, the bank's loans/deposit ratio is high
relative to peers. Fitch expects revenues to decline as the bank
implements measures approved by the superintendence to support
borrowers that are most at risk. As such, funding will become more
relevant to maintain sufficient liquidity to meet its payment
obligations. In Fitch's view, operating environment pressures will
increase refinancing risks despite the bank's diversified funding
sources, as unemployment and companies' reduced cash flows will
reduce deposits, while market volatility will challenge access to
credit lines and capital markets. Liquid assets covered 39.9% of
deposits and short-term funding at 19.9%.

BLH's VR also considers with high importance its asset quality. The
bank's NPL ratio stood at 0.9% as of December 2019, which compares
favorably to other Latin American banks in its rating category.
However, at 10.6% reserve coverage of NPLs is weak compared with
local and regional peers. Nevertheless, given the bank's
orientation towards the medium-low segment, it will be more
vulnerable to the country's deteriorating economic activity due to
the outbreak, which will pressure credit costs as unemployment
increases. However, 90% of loans are secured by collateral.

BLH's profitability metrics are low compared to regional peers and
the system average. This reflects the bank's lower risk business
model, which results in a narrow net interest margin, and its high
non-interest expenses. The banks' performance could be particularly
pressured as a result of lower net interest income following the
implementation of the government's relief measures and potential
asset deterioration in a weaker economic environment.

At 12.2%, BLH's CET1 capital ratio is in line with similarly rated
banks. However, losses generated by variations in foreign currency
(Colombian peso) have pressured capitalization, limiting the bank's
capacity to deal with unexpected losses. In Fitch's opinion, the
impact of the coronavirus and the sharp drop in oil prices increase
peso depreciation risks, which will pressure the entity's
capitalization.

DEBT RATINGS

The ratings for the marketable securities are aligned with the
issuer's short-term ratings. The tranches for the unsecured
negotiable notes have the same long-term rating as the issuer. This
is due to the absence of any subordination of these securities and
specific guarantees. The ratings for both the tranches with
guarantees from Grupo ASSA as well as the negotiable notes
guaranteed with mortgage loans are a notch above the bank's
long-term rating. Particularly, the negotiable notes with the
mortgage loan guarantees benefit from an extended warranty.

RATING SENSITIVITIES

IDRs

Banco La Hipotecaria's IDRs and senior issuances could be
downgraded due to an increase in its Grupo ASSA, SA's risk profile
or a deterioration of Fitch's assessment on this shareholder's
ability, or willingness, to provide support to its subsidiary.

Currently, there is no upside potential given the sensitivity of
the bank's parent to its multi-jurisdictional operating
environment.

VR

Fitch will resolve the RWN once there is more clarity on the impact
of the coronavirus on the entity's financial profile. BLH's VR
could be downgraded if there is a sharp deterioration in asset
quality that pressures the bank's profitability and capitalization
metrics, as well as a disruption of its funding stability.

There is no upside potential given the current operating
environment.

PROMERICA FINANCIAL: Fitch Downgrades LT IDR to B, Outlook Neg.
---------------------------------------------------------------
Fitch Ratings has downgraded Promerica Financial Corporation's
Long-Term Issuer Default Rating to 'B' from 'B+'. The Rating
Outlook is Negative.

The downgrade reflects Fitch's assessment of the group's operating
environment following the recent downgrade of Ecuador's Sovereign
rating to 'CC'. One of PFC's largest operations, Banco de la
Produccion S.A. (Produbanco), is based in Ecuador. Produbanco's
long-term IDR was recently downgraded to 'CC' from 'B-' following
the sovereign downgrade.

The Negative Outlook reflects the increasing downside risks from
the disruptions caused by the global reach of the coronavirus
pandemic and its effects on PFC's consolidated credit profile. To
reflect these challenges, Fitch has downgraded PFC's operating
environment to 'b-' from 'b', a factor that highly influences PFC's
ratings.

KEY RATING DRIVERS

PFC's rating is based on its consolidated business and risk
profile. PFC's Viability Rating (VR) reflects with high importance
the challenging operating environments of most countries where the
group has presence. Fitch's Assessment of PFC's operating
environment is 'b-' and has material downside potential as the
sovereign ratings and operating environments of Costa Rica,
Guatemala and Panama, are on Negative Outlook and Ecuador's 'CC'
sovereign rating signals heightened sovereign financing risks and
worsening economic conditions.

The high risk of the operating environment is offset by the strong
franchises of the largest subsidiaries, in Ecuador and Nicaragua,
and their diversified and deposit funded business models. Other
operations in countries such as Guatemala, Costa Rica and El
Salvador maintain meaningful local franchises in consumer and
credit card segments, in spite of their smaller market shares by
total assets.

For 2020, PFC's will maintain a dividend upstream coverage of its
non-consolidated financial interest expenses (i.e. global bonds and
interbank liabilities) consistent with the 'B'-rating category. As
of December 2019, liquidity was solid across all operations. PFC's
sound liquidity reflects the group's practices and the high
liquidity maintained by the operations in Ecuador and Nicaragua.
However, in Fitch's view, mobility restrictions imposed to contain
the effects of the coronavirus pandemic and relief measures for
debtors who have been affected by the crisis will hit the group's
profitability and the subsidiaries capacity to upstream dividends
to the holding in the medium term. Fitch does not rule out dividend
payment restrictions being imposed on some operations.

Asset quality and profitability are consistent with the 'B'-rating
category although have already been pressured by challenging
economic conditions in some locations. Consolidated profitability
metrics (operating profits to risk weighted assets of 1.80%) will
experience further pressure as most governments have imposed
mobility restrictions to contain the outbreak and relief measures
that will defer payments from affected debtors. Depending on the
length of the crisis, lower profitability will be followed by asset
quality deterioration and balance sheet contractions, as the
subsidiaries' cash flows decrease. These measures will have a
short-term impact on the group's financial performance, and
eventually impact asset quality metrics.

Compared to peers, PFC's capitalization remains tight. As of
December 2019 the group consolidated capital levels decreased (CET1
Ratio of 9.61% as of December 2019) although additional loss
absorption capacity is also provided by preferred shares (The
capital is 75% tier 1) and adequate loan loss reserves coverage. In
Fitch's view, a prolonged effect by coronavirus crisis could put
pressures on PFC's already tight capital ratios.

Support Rating and Support Rating Floor

PFC Support Rating (SR) of '5' and Support Rating Floor (SRF) of
'NF' reflect Fitch's view that external support for the bank,
though possible, cannot be relied upon given Panama's longstanding
dollarized economy and lack of a lender of last resort.

Senior Secured Debt

The rating assigned to PFC's senior notes is at the same level as
PFC's Long-Term IDR, as the likelihood of default on the notes is
the same as PFC's. Despite being senior secured and unsubordinated
obligations, in Fitch's view, the shares pledged would not have a
significant impact on recovery rates. Based on the agency's
assessment of the default risk/recovery prospects, the issuance has
average recovery prospects. Fitch believes the pledged shares are
not traded and have not been rated by Fitch in its opinion on
recovery prospects.

RATING SENSITIVITIES

IDRs and VR

The Rating Outlook is Negative. A rating downgrade could result
from a weaker operating environment that results in a material
deterioration of the subsidiaries' financial performance pressuring
PFC's Fitch Core Capital ratio or liquidity. Specifically, this
could happen if PFC's Fitch Core Capital-to-RWA ratio is
consistently lower than 8% and/or the subsidiaries dividends
upstream to PFC pressures its debt servicing. The Rating Outlook
could be revised to Stable if PFC is able to sustain its current
financial performance despite operating environment challenges.

SUPPORT RATING AND SUPPORT RATING FLOOR

As Panama is a dollarized country with no lender of last resort, a
change in PFC's SR or SRF is unlikely.

SENIOR SECURED DEBT

Senior secured debt rating would mirror any change to PFC's IDRs.



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

RUTAS DE LIMA: S&P Downgrades Rating to 'CCC', On Watch Negative
----------------------------------------------------------------
On March 31, 2020, S&P Global Ratings lowered its issue-level
rating on Rutas de Lima (RdL) to 'CCC' from 'B' and placed the
rating on CreditWatch with negative implications.

S&P said, "The rating action mainly reflects our expectation of a
further deterioration in financial performance amid a severe
traffic reduction of about 30% in 2020 stemming from the outbreak
of COVID-19 and the measures taken by the government to contain the
virus, including traffic restrictions. Under our revised scenario,
and without including any compensation measure, we expect CFADS
won't be sufficient to cover the next 12 months debt services.
However, the company might face the next two coupon payments with
its existing cash and cash equivalent of about PEN8 million and
proceeds from the six-month DSRA. However, the inability to keep
the six-month DSRA fully funded would constitute a breach of
covenant, triggering an event of default."

Moreover, the rating action also reflects the possibility of a
downgrade in the following days if the company isn't able to obtain
the waivers to extend the date to finalize mandatory works at
Panamericana Norte and Panamericana Sur. Based on the term sheet of
the notes, the project had to finalize mandatory works at both
sections before March 31, 2020. As of the date of this report there
are still some pending works (about 30%) which won't be finished by
the due date. Therefore, the refusal of the bondholders to approve
the change of the "date certain" could also trigger an event of
default.




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

SEARS HOLDINGS: Apex, Basil Vasiliou Removed as Committee Members
-----------------------------------------------------------------
The U.S. Trustee for Region 2 on March 31, 2020, disclosed in a
notice filed with the U.S. Bankruptcy Court for the Southern
District of New York that these companies are the remaining
members
of the official committee of unsecured creditors appointed in the
Chapter 11 cases of Sears Holdings Corporation and its affiliates:


     1. Pension Benefit Guaranty Corporation   
        1200 K Street N.W.   
        Washington, D.C. 20005-4026   
        Attention:  Adi Berger, Director  
        Telephone: (202) 326-4000  

     2. Oswaldo Cruz   
        23002 Dolores Street   
        Carson, California 90747   
        (310) 809-6610
  
     3. Winiadaewoo Electronics America, Inc.   
        65 Challenger Road, #360   
        Ridgefield Park, New Jersey 07660   
        Attention:  Minje Kim, President   
        Telephone: (201) 552-4950

     4. Computershare Trust Company, N.A.   
        2950 Express Drive South, Suite 210   
        Islandia, New York 11749   
        Attention: Michael A. Smith, Vice President   
        Telephone: (631) 233-6330

     5. The Bank of New York Mellon Trust Company   
        601 Travis 16th Floor   
        Houston, Texas 77002   
        Attention: Dennis Roemlein, Vice President   
        Telephone: (713) 483-6531

     6. Simon Property Group, L.P.   
        225 W. Washington Street   
        Indianapolis, Indiana 46204   
        Attention:  Ronald M. Tucker
        Vice President/Bankruptcy Counsel   
        Telephone: (317) 263-2346

     7. Brixmor Operating Partnership, L.P.   
        450 Lexington Avenue 13th Floor   
        New York, New York 10017   
        Attention: Patrick Bennison, Vice President   
        Telephone: (212) 869-3000

The names of Apex Tool Group, LLC and Basil Vasiliou did not appear
in the notice.  Both were appointed as committee members on Oct.
24, 2018, court filings show.

                       About Sears Holdings

Sears Holdings Corporation (OTCMKTS: SHLDQ)
--http://www.searsholdings.com/-- began as a mail ordering catalog
company in 1887 and became the world's largest retailer in the
1960s.  At its peak, Sears was present in almost every big mall
across the U.S., and sold everything from toys and auto parts to
mail-order homes.  Sears claims to be is a market leader in the
appliance, tool, lawn and garden, fitness equipment, and automotive
repair and maintenance retail sectors.

Sears and Kmart merged to form Sears Holdings in 2005 when they had
3,500 US stores between them. Kmart emerged in 2005 from its own
bankruptcy.

Unable to keep up with online stores and other brick-and-mortar
retailers, a long series of store closings has left it with 687
retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin
Islands as of mid-October 2018.  At that time, the Company employed
68,000 individuals, of whom 32,000 are full-time employees.

As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets, $11.33 billion in total liabilities and a total deficit of
$4.40 billion.

Unable to cover a $134 million debt payment due Oct. 15, 2018,
Sears Holdings Corporation and 49 subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15,
2018.  The Hon. Robert D. Drain is the case judge.

The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel;
M-III Partners as restructuring advisor; Lazard Freres & Co. LLC as
investment banker; DLA Piper LLP as real estate advisor; and Prime
Clerk as claims and noticing agent.

The U.S. Trustee for Region 2 appointed nine creditors, including
the Pension Benefit Guaranty Corp., and landlord Simon Property
Group, L.P., to serve on the official committee of unsecured
creditors.  The committee tapped Akin Gump Strauss Hauer & Feld LLP
as legal counsel; FTI Consulting as financial advisor; and Houlihan
Lokey Capital, Inc. as investment banker.

The U.S. Trustee for Region 2 on July 9, 2019, appointed five
retirees to serve on the committee representing retirees with life
insurance benefits in the Chapter 11 cases.

                         *     *     *

In February 2019, Bankruptcy Judge Robert Drain granted Sears
Holdings approval to sell the business to majority shareholder and
CEO Eddie Lampert for approximately $5.2 billion.  Lampert's ESL
Investments, Inc., has won an auction to acquire substantially all
of Sears' assets, including the "Go Forward Stores" on a
going-concern basis.  The proposal will allow 425 stores to remain
open and provide ongoing employment to 45,000 employees.



===============
S U R I N A M E
===============

SURINAME: S&P Lowers Sovereign Credit Rating to CCC+, Outlook Neg.
------------------------------------------------------------------
On April 1, 2020, S&P Global Ratings lowered its long-term
sovereign credit rating on the Republic of Suriname as well its
unsecured debt rating on the country's US$550 million bond due in
2026 to 'CCC+' from 'B'. At the same time, S&P Global Ratings
lowered its transfer and convertibility assessment to 'CCC+' from
'B+'. The outlook is negative.

Outlook

The negative outlook reflects the potential for a downgrade over
the next 12 months should economic conditions, fiscal outcomes, or
funding availability not improve. S&P believes the upcoming
election has introduced political uncertainty that is limiting the
policy response to the worsening economic, fiscal, and financial
challenges facing the country. In this scenario, the government
could be faced with difficult trade-offs, in which it could opt to
not service some or all of its debt obligations in full and on
time, constituting a default according to our criteria.

Upside scenario

S&P could revise the outlook to stable in the next 12 months if
positive economic news or smaller deficits lead to increased
availability of domestic or external funding, improving the
government's capacity to service its debt obligations.

Rationale

The downgrade reflects our view that the economic shock from the
pandemic and fall in oil prices will keep general government
deficits and financing requirements at already elevated levels.
Suriname's institutions have weakened in the past year and
political uncertainty related to the upcoming election may reduce
the effectiveness of future policy responses to the economic and
fiscal challenges facing the country. The government might not be
able to fully fund its elevated financing requirements because
investors have become more risk-averse.

According to the Ministry of Finance, the government's debt service
costs should be close to SRD1.7 billion in 2020. Domestic debt
service costs should be SRD500 million. Although debt service costs
will rise in 2020, they are still broadly in line with historical
levels.

The current political context poses short-term risks for the
government responding quickly and appropriately to the challenges
facing it. The implications of the president's sentence may weigh
on the upcoming election in May 2020. The ruling party holds a slim
majority, which it could lose. It may be difficult for any party
without a clear majority to make difficult decisions during this
period of stress and implement on a timely basis the reforms
necessary to put Suriname's finances on the path to
sustainability.

S&P understands that Suriname's National Assembly recently imposed
foreign exchange restrictions. The restrictions include the
requirement that contracts denominated in foreign currency must be
converted into Surinamese dollar terms and transactions can only be
made in Surinamese dollars. It is S&P's understanding that the
restrictions do not apply to the foreign currency obligations of
the government.

Environmental, social, and governance (ESG) factors relevant to the
rating action:

-- Strategy, execution, and monitoring
-- Health and safety

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
  Suriname
   Transfer & Convertibility Assessment  
   Local Currency         CCC+           B+

  Suriname
   Senior Unsecured       CCC+           B

  Downgraded; CreditWatch/Outlook Action  
                                   To              From
  Suriname
   Sovereign Credit Rating     CCC+/Negative/C    B/Stable/B




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

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


                  * * * End of Transmission * * *