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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

          Wednesday, April 15, 2020, Vol. 21, No. 76

                           Headlines



A R G E N T I N A

ASOCIACION DE COOPERATIVA: Moody's Cuts CFR Rating to Caa3
GAUCHO GROUP: Extends CEO's Term Until December 2020
[*] Moody's Cuts Ratings on 14 Argentine Insurers & Guarantors
[*] Moody's Cuts Ratings on 9 Argentine Utilities & Infra. Issuers


B R A Z I L

BANCO ABC BRASIL: Fitch Affirms LT IDR at 'BB', Outlook Stable
BANCO BOCOM: Fitch Affirms LT FC IDR at 'BB', Outlook Stable
BANCO DAYCOVAL: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Neg.
BANCO ORIGINAL: Fitch Cuts LT IDR to 'B', On Watch Negative
BANCO PINE: Fitch Cuts LT IDR to B-, Placed on Rating Watch Neg.

BANCO RCI: Moody's Reviews Ba1 Deposit Rating for Downgrade
BRAZIL: COVID-19 Casualties Up as People Protest Social Restriction


C O L O M B I A

[*] Fitch Takes Action on Colombian FIs on Sovereign Downgrade


D O M I N I C A N   R E P U B L I C

AEROPUERTOS DOMINICANOS: Moody's Affirms Ba3 Rating, Outlook Neg.
DOMINICAN REPUBLIC: APROLECHE Warns Milk Market May Collapse


G U A T E M A L A

[*] Fitch Takes Action on Guatemalan Cos. on Sovereign Downgrade


J A M A I C A

UC RUSAL: Approves New Aluminum Supply Contract With Glencore


M E X I C O

BANCO AZTECA: Moody's Cuts LT Deposit Ratings to Ba1, Outlook Neg.


P E R U

VOLCAN COMPANIA: Fitch Cuts LT IDRs to BB, Outlook Negative


P U E R T O   R I C O

EVERTEC GROUP: Moody's Affirms B2 CFR, Alters Outlook to Stable
FERRELLGAS LP: Proposes to Offer $575-Mil. Secured Notes due 2025


X X X X X X X X

LATIN AMERICA: Faces Another Lost Decade, and Maybe Worse

                           - - - - -


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A R G E N T I N A
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ASOCIACION DE COOPERATIVA: Moody's Cuts CFR Rating to Caa3
----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A., has
downgraded Asociacion de Cooperativas Argentinas Coop.'s Corporate
Family Rating and senior unsecured bank credit facility ratings to
Caa3/Caa1.ar from Caa1/Baa3.ar. The outlook was revised to negative
from ratings under review. This concludes the review for downgrade
initiated on 3 September 2019. The rating action follows the
downgrade of the Government of Argentina's bond rating to Ca from
Caa2, with the outlook changed to negative from ratings under
review, on April 3, 2020.

RATINGS RATIONALE

The downgrade of ACA's ratings to Caa3/Caa1.ar and change in
outlook to negative follows the downgrade of the Government of
Argentina's ratings to Ca from Caa2, with the outlook changed to
negative from ratings under review, on April 3, 2020. The rating
action reflects Moody's view that the creditworthiness of ACA
cannot be completely de-linked from the credit quality of the
Argentine government, and thus its ratings need to closely reflect
the risk that they share with the sovereign. Moody's believes that
a weaker sovereign has the potential to create a rating drag on
companies operating within its borders, and therefore it is
appropriate to limit the extent to which these issuers can be rated
higher than the sovereign, in line with Moody's cross-sector rating
methodology "Assessing the Impact of Sovereign Credit Quality on
Other Ratings " published in June 2019.

ACA's ratings are supported by its position as one of the leading
grain exporters in Argentina, its efficient business model, with a
solid logistics infrastructure in the country, and strong and
long-established relationships with cooperative members. Also,
Moody's expects the company's revenues will continue to benefit
from the peso depreciation, despite higher export taxes on
agriculture products since December 2019. The ratings are also
supported by ACA's strong credit metrics for its rating category
and adequate liquidity profile. However, ACA's ratings are mainly
constrained by the geographic concentration of assets and
operations in Argentina, its relatively small scale compared with
that of its global peers and its exposure to price volatility,
typical of the commodity business.

ACA funds its short-term working capital needs primarily through
uncommitted pre-export credit lines. In this sense, 65% of ACA's
debt is concentrated in the short term, but this debt mostly
comprises borrowings under pre-export credit lines, which are used
to finance inventories and, therefore, are likely to be rolled
over. Additionally, ACA benefits from a solid cash position and its
long-established bank relationships and has access to trade finance
lines from a diversified group of local and international banks.
The availability of these uncommitted credit facilities is above
peak working capital needs, and the company has a good covenant
buffer.

Founded in 1922, Asociacion de Cooperativas Argentinas Coop. (ACA)
is an agricultural cooperative that is among the most important
grain exporters in Argentina, with 147 associated members
(cooperatives) as of June 30, 2019. The presence of ACA in the most
important farm production areas in Argentina constitutes the
fundamental cornerstone of ACA's cooperative system. With an annual
traded volume of 20.9 million tons for the harvest season in
2018-19, of which around 33.7% was exported, ACA's revenue for the
fiscal year ended June 30, 2019 amounted to $3.0 billion.

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

The principal Rating Procedure Manual used in assigning these
ratings was the Procedures Manual to Rate Companies and/or
Securities Issued published in January 2017.

GAUCHO GROUP: Extends CEO's Term Until December 2020
----------------------------------------------------
The Board of Directors of Gaucho Group Holdings, Inc. unanimously
approved an extension to Mr. Scott L. Mathis' employment agreement
with the Company, dated Sept. 28, 2015 to expire on Dec. 31, 2020.
Mr. Mathis is the Company's chairman, president and chief executive
officer.  All other terms of the Employment Agreement remain the
same.  The Board of Directors also approved the payment of Mr.
Mathis' cost of living salary adjustment of 3% for the years 2019
and 2020 to be paid in equal monthly installments beginning Jan. 1,
2021, provided the Company has uplisted to a national stock
exchange.  The Board of Directors granted a retention bonus to Mr.
Mathis that consists of the real estate lot on which Mr. Mathis has
been constructing a home at Algodon Wine Estates, to vest in
one-third increments over the next three years, provided Mr.
Mathis's performance as an employee with the Company continues to
be satisfactory, as deemed by the Board of Directors.  The current
market value of the lot is $115,000, and before ownership of the
lot can be transferred to Mr. Mathis, the Company must be legally
permitted to issue a deed for the property.  Mr. Mathis is eligible
to receive a pro-rata portion of the bonus if his employment is
terminated before the end of the Retention Period.

               Certificate of Designation Amendment

On March 27, 2020, holders of a majority of the issued and
outstanding shares of Series B Convertible Preferred Stock of
Gaucho Group Holdings, Inc. approved an amendment to the
Certificate of Designation of the Series B Convertible Preferred
Stock and on March 29, 2020, the Board of Directors of the Company
unanimously approved the Third Amendment, which extended the period
in which holders of the Series B Shares may voluntarily elect to
convert such shares into shares of common stock of the Company to
Dec. 31, 2020.  In addition, the Third Amendment extends the date
upon which the Company shall redeem all then-outstanding Series B
Shares and all unpaid accrued and accumulated dividends to Dec. 31,
2020.  The Third Amendment was filed with the Secretary of State of
the State of Delaware on March 30, 2020.

                        About Gaucho Group

Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com/-- was incorporated on April 5, 1999.

Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from Algodon
Group, Inc. to Gaucho Group Holdings, Inc.  Through its
wholly-owned ubsidiaries, GGH invests in, develops and operates
real estate projects in Argentina.  GGH operates a hotel, golf and
tennis resort, vineyard and producing winery in addition to
developing residential lots located near the resort.  In 2016, GGH
formed a new subsidiary and in 2018, established an e-commerce
platform for the manufacture and sale of high-end fashion and
accessories.  The activities in Argentina are conducted through its
operating entities: InvestProperty Group, LLC, Algodon Global
Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties
II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its
wines in Europe through its United Kingdom entity, Algodon Europe,
LTD.

Gaucho Group reported a net loss attributable to common
stockholders of $7.38 million for the year ended Dec. 31, 2019,
compared to a net loss attributable to common stockholders of $6.40
million for the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the
Company had $5.92 million in total assets, $5.92 million in total
liabilities, $9.03 million in series B convertible redeemable
preferred stock, and a total stockholders' deficiency of $9.03
million.

Marcum LLP, in New York, NY, the Company's auditor since 2013,
issued a "going concern" qualification in its report dated March
30, 2020 citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.

[*] Moody's Cuts Ratings on 14 Argentine Insurers & Guarantors
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo SA. has
downgraded the global local currency and national scale insurance
financial strength ratings of 10 insurers and 4 reciprocal
guarantors in Argentina. This rating action concludes the review
process initiated on September 4, 2019. The outlook of the 14
entities' ratings are now negative.

This action follows Moody's April 3, 2020 downgrade of the
Argentine government's bond rating to Ca with negative outlook from
Caa2 (under review for downgrade), and the lowering of Argentina's
sovereign local currency ceiling to Caa1 from B2.

RATINGS RATIONALE

The rating downgrades on these entities reflect Moody's assessment
of the correlation between their credit profiles and that of the
Argentine sovereign, primarily taking into account their direct and
indirect exposures to sovereign assets as well as other investments
that are correlated to the sovereign. The deterioration in
Argentina's credit profile as captured in the sovereign rating
downgrade has direct implications for the ratings of insurers and
reciprocal guarantor, given that it also expresses the increase of
systemic risks for all local credits. This reflects increased risks
to investors such as insurers and reciprocal guarantors, of holding
Argentine government bonds. Because of these sovereign linkages,
the downgrade of the Argentine government bond and related ratings
led to the downgrade of the 14 entities' IFS ratings given their
asset concentrations in such investments.

The entities' investment exposures to sovereigns, banks (through
cash and time deposits), and other affected corporate, structured
and mutual fund assets has weakened their asset quality and
liquidity. The companies' financial flexibility has also impaired
after the sovereign downgrade given the limited breadth and depth
of local capital markets. These pressures have an impact on a
specific entity's rating that varies based on a number of factors
that include 1) the significance of the investment exposure to
sovereign and related assets, 2) ownership and parental support,
and 3) how strongly or weakly the insurer was positioned previously
at its rating level.

Moody's notes, however, that Argentine insurers' and reciprocal
guarantors' broadly benefit from very low reliance on debt funding
and financing and their liquidity positions are relatively strong,
given premium revenue streams that derive largely from
legally-mandated insurance coverages. The insurers and reciprocal
guarantors' also benefit from their profitability and from the
internal capital generation that derives from underwriting, as well
as investment activities. These considerations, in addition to past
experience whereby most insurers and reciprocal guarantors
continued paying their contractual obligations during sovereign
crisis, broadly support stronger ratings relative to the country's
bond rating.

Moody's said that the negative outlook on the 14 entities' ratings
considers that a potential downgrade of the Argentine sovereign
rating would exert further downward pressure on the companies'
credit profiles -and consequently rating downgrades- reflecting
Moody's assessment of a high correlation between their credit
profiles and that of the sovereign. Moody's has downgraded the
following insurers' GLC and NS IFS ratings, given their significant
direct investment exposure to sovereign and bank assets, to higher
risk rating categories. The outlook for all the following ratings
is now negative:

  - Allianz Argentina Compania de Seguros S.A.: GLC and NS IFS
ratings downgraded to Caa1 and Baa3.ar, from B2 and Aa3.ar,
respectively
  
- BBVA Consolidar Seguros: GLC and NS IFS ratings downgraded to
Caa1 and Baa3.ar, from B2 and Aa3.ar, respectively

  - Caja de Seguros S.A.: GLC and NS IFS ratings downgraded to Caa1
and Ba1.ar, from B2 and A1.ar, respectively

  - Chubb Seguros Argentina S.A.: GLC and NS IFS ratings downgraded
to Caa1 and Baa3.ar, from B2 and Aa3.ar, respectively

  - Fianzas y Credito S.A. Cia. de Seguros: GLC and NS IFS ratings
downgraded to Caa2 and B2.ar, from B3 and Baa2.ar, respectively

  - La Segunda ART: GLC and NS IFS ratings downgraded to Caa2 and
B1.ar, from B3 and A3.ar, respectively

  - La Segunda Compania de Personas S.A.: GLC and NS IFS ratings
downgraded to Caa2 and B1.ar, from B3 and A3.ar, respectively

  - La Segunda Coop. Ltda Seguros: GLC and NS IFS ratings
downgraded to Caa2 and B1.ar, from B3 and A3.ar, respectively

  - San Cristobal Seguros Generales: GLC and NS IFS ratings
downgraded to Caa2 and B1.ar, from B3 and A3.ar, respectively

  - Seguros Sura S.A. (Argentina): GLC and NS IFS ratings
downgraded to Caa1 and Ba2.ar, from B2 and A2.ar, respectively

Financial guarantors:

  - Affidavit S.G.R.: GLC and NS IFS ratings downgraded to Caa3 and
Caa1.ar, from Caa1 and Baa3.ar, respectively

  - Aval Rural S.G.R.: GLC and NS IFS ratings downgraded to Caa2
and B2.ar, from B3 and Baa1.ar, respectively

  - Fondo de Garantias del Chaco (FOGACH): GLC and NS IFS ratings
downgraded to Caa3 and Caa2.ar, from Caa1 and Baa3.ar,
respectively

  - Vinculos SGR: GLC and NS IFS ratings downgraded to Caa3 and
Caa2.ar, from Caa1 and Baa3.ar, respectively

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

Among the factors that could lead to a further downgrade of the
Argentine insurers' and reciprocal guarantors' ratings include: 1)
an additional downgrade in Argentina's sovereign bond rating, 2)
deterioration in the country's operating environment, or 3) a
worsening trend in the companies' capital adequacy, asset quality
and profitability. Given that the ratings' outlooks are negative,
an upgrade is unlikely. That said, the following factors could
prompt ratings affirmations with stable outlooks 1) an affirmation
of Argentina's sovereign bond rating with a stable outlook, 2)
improvement in the country's operating environment, or 3) a
sustained improving trend in the companies' capital adequacy, asset
quality, and profitability.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to pay punctually senior
policyholder claims and obligations.

The principal Rating Procedure Manual used in rating ALLIANZ
Argentina Compania de Seguros S.A., BBVA Consolidar Seguros, Caja
de Seguros S.A., Chubb Seguros Argentina S.A., Fianzas y Credito
S.A. Cia. de Seguros, La Segunda ART, La Segunda Coop. Ltda
Seguros, San Cristobal Seguros Generales, Seguros Sura S.A.
(Argentina) and La Segunda Compania de Personas S.A. was the
Procedures Manual for the Rating of Insurance Companies published
in January 2019. The principal Rating Procedure Manual used in
rating Affidavit S.G.R., Aval Rural S.G.R., Fondo de Garantias del
Chaco (FOGACH), and Vinculos SGR was Procedures Manual for the
Rating of Guarantor Entities published in January 2019.

[*] Moody's Cuts Ratings on 9 Argentine Utilities & Infra. Issuers
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.,
downgraded the ratings and changed the outlook to negative of 9
utilities and infrastructure companies operating in Argentina. The
rating action follows the downgrade of the Government of
Argentina's senior unsecured ratings to Ca from Caa2, and outlook
change to negative from ratings under review for downgrade, and
reflects the strong credit linkages and exposure these companies
have to Argentina's regulations and operating environment. This
concludes the review for downgrade that was initiated on September
3rd 2019.

Issuers and ratings included in this action are as follows:

1) Camuzzi Gas Pampeana S.A.

Corporate Family Rating downgraded to Caa3/Caa1.ar from
Caa1/Baa3.ar

Outlook, Changed to negative from Rating Under Review for
downgrade

2) Distribuidora De Gas Cuyana S.A.

Corporate Family Rating downgraded to Caa3/Caa1.ar from
Caa1/Baa3.ar

Outlook, Changed to negative from Rating Under Review for
downgrade

3) NATURGY BAN S.A.

Corporate Family Rating downgraded to Caa3/Caa1.ar from
Caa1/Baa3.ar

Outlook, Changed to negative from Rating Under Review for
downgrade

4) MetroGas S.A.

Corporate Family Rating downgraded to Caa3/Caa2.ar from
Caa1/Ba1.ar

$600m Senior Unsecured EURO MTN PROGRAM ratings downgraded to
Caa3/Caa2.ar from Caa1/Ba1.ar

Outlook, Changed to negative from Rating Under Review for
downgrade

5) Empresa Distribuidora de Electricidad Salta

$65m Senior Unsecured EURO MEDIUM TERM NOTES due 2021 ratings
downgraded to Ca.ar from Ba2.ar

6) Empresa Distribuidora Norte S.A.

Corporate Family Rating downgraded to Caa1.ar from Baa3.ar

$176m Senior Unsecured GLOBAL NOTES due 2022 ratings downgraded to
Caa1.ar from Baa3.ar

7) Empresa Provincial de Energia de Cordoba

Corporate Family Rating downgraded to Ca/Ca.ar from Caa2/B1.ar

$100m Senior Secured NOTES ratings downgraded to Ca/Ca.ar from
Caa2/B1.ar

Outlook, Changed to negative from Rating Under Review for
downgrade

8) Generacion Mediterranea S.A

$336m Backed Senior Unsecured GTD GLOBAL NOTES due 2023 ratings
downgraded to Caa3.ar from B2.ar

9) YPF Energia Electrica S.A.

Corporate Family Rating downgraded to Caa3/Caa1.ar from Caa2/B1.ar

$100m Senior Unsecured NOTES ratings downgraded to Caa3/Caa1.ar
from Caa2/B1.ar

RATINGS RATIONALE

The rating downgrade and negative outlook for the issuers listed
above mainly reflect the downgrade of the sovereign, as all these
companies remain subject to government regulations and local
operating environment. Moody's considers that Argentine Utilities
and Infrastructure companies' credit quality is negatively affected
by Argentina's deteriorating economics and operating environment.
Moody's expects the further deterioration of the ongoing economic
contraction coupled with market conditions that have tightened very
significantly despite lower global rates due to the widening of the
risk premia for emerging markets, to make debt maturities
refinancing very challenging.

Furthermore, Argentina's regulatory framework and the sufficiency
of future regulated tariffs has become more uncertain in the recent
months, and there are no clear policies for the sector. Moody's
expects a weak institutional response to the economic crisis. While
most regulated concessions remain low levered, rising costs amid
very high inflation rates and continued deferrals on tariffs
adjustments will significantly deteriorate regulated companies'
cash generation capacity. The Coronavirus outbreak and the
government announcement to suspend utilities' ability to interrupt
the provision of service to certain delinquent end consumers will
likely add to cash flows' erosion. Moody's expects challenges to
increase, forcing companies to delay payments to suppliers and to
Cammesa (Compañia Administradora del Mercado Electrico Argentino),
the Argentine government's agency overseeing the wholesale
electricity market, to cover their financing needs.

Within the regulated utilities, EDESA's rating was downgraded to Ca
reflecting the company's poor liquidity and low financial
flexibility. While EDESA's provincial regulations have been overall
supportive, EDESA operates in a small, non-diversified service area
and the peso devaluation of recent months has increased its debt
burden significantly because all of the company's outstanding debt
is denominated in foreign currency, and its revenues are generated
in local currency. EDESA's leverage is low but under the current
economic environment and market conditions in Argentina, Moody's
believes EDESA will not be able to generate enough cash flows to
repay its upcoming debt maturities, in particular the balloon
payment of its bonds outstanding due in June 2021 ($26 million).

Empresa Provincial de Energia de Cordoba's (EPEC) ratings also
reflect the application of Moody's Joint Default Analysis framework
for Government-Related Issuers (GRI), which considers the rating of
the Province of Cordoba (Ca/Ca.ar Neg).

The downgrade and negative outlook of unregulated utilities and
unregulated power companies and power projects reflect the power
sector's exposure and reliance on contractual payments from Cammesa
as their key off-taker. It also incorporates the liquidity
pressures and the challenges the companies in this sector face
given Cammesa's increasingly longer payments terms as well as
Cammesa's higher reliance on the funds it receives from the
government to make its contractual payments. Liquidity pressures in
the sector are aggravated by the companies' exposure to short term
debt maturities in the context of a more difficult economic
environment and tight liquidity conditions in local and
international capital market for Argentine issuers, which is
reflected by the negative outlook for the companies in this
sector.

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

Given the negative outlook on the ratings, Moody's does not expect
upward pressures in the rated Argentinean utilities and
infrastructure companies in the near to medium term.

A further downgrade of the sovereign or evidence of a significant
negative shift in policies or regulations will likely result in
negative pressures for Argentine utilities and infrastructure
companies.

Continued liquidity deterioration in a more challenging operating
environment could also result in negative pressures for all issuers
and would likely result in negative actions for companies in the
regulated and power sectors that have higher refinancing needs in
the short term.

The principal Rating Procedure Manual used in rating all Issuers
was the Procedures Manual to Rate Companies and/or Securities
Issued published in January 2017. For Camuzzi Gas Pampeana S.A.,
Distribuidora De Gas Cuyana S.A., MetroGas S.A., NATURGY BAN S.A.,
Empresa Distribuidora de Electricidad Salta, and Empresa
Distribuidora Norte S.A. these ratings are consistent with those
assigned or maintained elsewhere under the methodology Regulated
Electric and Gas Utilities published in June 2017. For Generacion
Mediterranea S.A, and YPF Energia Electrica S.A. these ratings are
consistent with those assigned or maintained elsewhere under the
methodology Unregulated Utilities and Unregulated Power Companies
published in May 2017. For Empresa Provincial de Energia de Cordoba
these ratings are consistent with those assigned or maintained
elsewhere under the methodologies Regulated Electric and Gas
Utilities published in June 2017 and Government-Related Issuers
Methodology published in February 2020.



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B R A Z I L
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BANCO ABC BRASIL: Fitch Affirms LT IDR at 'BB', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Banco ABC Brasil S.A.'s ratings
including its Long-Term Foreign Currency Issuer Default Ratings at
'BB', LT Local Currency IDR at 'BB+' and LT National Rating at
'AAA(bra)'. The Rating Outlook is Stable.

Banco ABC Brasil S.A.

  - LT IDR BB; Affirmed

  - ST IDR B; Affirmed

  - LC LT IDR BB+; Affirmed

  - LC ST IDR B; Affirmed

  - Natl LT AAA(bra); Affirmed

  - Natl ST F1+(bra); Affirmed

  - Viability bb-; Affirmed

  - Support 3; Affirmed

KEY RATING DRIVERS

ABCBr's IDRs and National Ratings are driven by the expected
institutional support that Fitch believes ABCBr would receive from
its parent, Arab Banking Corporation B.S.C. (ABC; Long-Term IDR
BBB-/Stable). Fitch does not expect support to be reduced, even
under Brazil's negative operating environment as a result of the
economic uncertainties related to the impact of the coronavirus.
The Stable Outlook on the IDRs is in line with that of the bank's
parent, and also mirrors the Outlook on the sovereign ratings.
ABCBr's LT Foreign Currency IDR is constrained by Brazil's Country
Ceiling of 'BB', while its LT Local Currency IDR is two notches
above Brazil's long-term rating (LT Foreign Currency and Local
Currency IDRs BB-/Stable), which is the usual maximum uplift Fitch
applies to Brazilian financial institutions owned by strong foreign
shareholders.

The bank's Support Rating of '3' reflects the expected support from
ABC, which is based in Bahrain. Given the subsidiary's relevant
contribution to the parent's revenues and the brand, Fitch believes
that, in the unlikely event it is needed, the Brazilian subsidiary
would likely receive support from its majority shareholder.

ABCBr's VR of 'bb- continues to be driven by the bank's credit
metrics that reflect a low risk profile, stable profitability,
comfortable capitalization and liquidity and sound risk management.
The bank's profitability during 2019 remained satisfactory and was
driven by more diverse sources of revenue, which served to offset
higher provisions and operating expenses as the bank continues to
invest in technology and personnel to support its growth strategy.

The bank's credit metrics remain at comfortable levels and compare
well to peer averages. The bank's credit portfolio tenors continue
to be conservatively matched to the tenors of its funding,
providing comfortable levels of liquidity. ABCBr's ratings also
reflect the well-positioned franchise and its overall sound
financial profile as a wholesale-funded bank.

The bank operates under a well-defined strategy of providing credit
and other banking services mainly to the large corporate segment
(annual revenues over BRL2 billion) and also corporates (annual
revenues between BRL250 million and BRL2 billion). The bank
maintains a very strong liquidity position which enables lower
funding costs.

The bank continues to focus on the business segments that it knows
well. During the past year the expanded credit portfolio which
includes guarantees and corporate securities rose nearly 15%.

For 2020 and 2021, management provided an expanded credit portfolio
growth guidance of 11% to 15%. However, this may need to be
revisited in view of the potential impact of the coronavirus
crisis, which will affect some of its borrowers along with the
bank's risk appetite, which is already conservative.

As of Dec. 31, 2019, ABCBr reported a relatively low level of NPLs
over 90 days (E-H) to total credit exposure of 2.6% (down from
2.9%), while its impaired loan (D-H) to total loans ratio remained
stable at 4.2% down from 5.3% a year earlier.

The bank continues to focus on ensuring a stable liquidity position
through conservative asset liability management policies to
mitigate gaps through hedging and funding diversification.
Strategies include the sourcing of longer-term funding, which
includes the use of long-term instruments. The bank's adjusted loan
to deposits ratio as of December 2019 was at a satisfactory
115.7%.

Local authorities have taken measures to ease the potential impact
of the recent crisis due to the global coronavirus outbreak on
market liquidity. As is the case with other Brazilian mid-sized
banks, despite some deterioration, liquidity is expected to remain
commensurate with the banks' ratings. Fitch will continue to
monitor ABC's liquidity trends given the current operating
environment.

ABCBr continues to maintain satisfactory capital ratios. At Dec.
31, 2019, the bank's CET1 had remained relatively stable at 12.5%
(13.5% a year earlier). The bank already well-exceeds the Central
Bank regulatory minimum total capital requirement just by means of
its FYE 2019 CET 1 regulatory capital ratio. ABCBr had a total
Regulatory Capital ratio of 16.9% at the end of fourth-quarter
2019.

RATING SENSITIVITIES

ABCBr IDRs and SR remain constrained by the sovereign ratings.
While not likely given the current operating environment, factors
that could, individually or collectively, lead to positive rating
action/upgrade:

  -- An upgrade or positive rating action on the sovereign.

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

  -- A sovereign downgrade or a revision of the sovereign's Rating
Outlook to Negative, as the bank is closely linked with Brazil's
operating environment;

  -- A change in Fitch's assessment of ABC's willingness to support
ABCBr;

  -- A multiple-notch downgrade of ABC's ratings.

Factors that could, individually or collectively, lead to negative
rating action/downgrade of the bank's Viability Rating (VR):

  -- A sovereign downgrade or negative rating action;

  -- A significant deterioration of ABCBr's asset quality that
results in credit costs that severely limit its profitability
(operating profit-to-RWAs ratio consistently below 1.5%) and
ability to grow its capital;

  -- A sustained decline in ABCBr's FCC ratio below 11%;

Factors that could, individually or collectively, lead to positive
rating action/upgrade of the VR:

  -- ABCBr's VR has limited upside potential, as it is constrained
by the operating environment.

Changes in ABCBr's IDRs or in the bank's credit profile relative to
its Brazilian peers could result in a reduction in its National
Ratings. Given that ABCBr's National Rating is currently at the top
of the rating scale, an upgrade of this rating is not possible.

BEST/WORST CASE RATING SCENARIO

Ratings of Financial Institutions issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Arab Banking Corporation

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).

BANCO BOCOM: Fitch Affirms LT FC IDR at 'BB', Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Banco BOCOM BBM S.A.'s Long-Term Foreign
Currency Issuer Default Rating at 'BB', LT Local Currency IDR at
'BB+' and LT National Rating at 'AAA(bra)'. The Rating Outlooks on
the LT IDRs and National Ratings remain Stable. Fitch also affirmed
BOCOM BBM's Support Rating at '3' and Viability Rating at 'bb-'.

KEY RATING DRIVERS

IDRS, NATIONAL RATINGS AND SR

BOCOM BBM's IDRs and National Ratings are driven by expected
support from the Bank of Communications Co, Ltd. (BOCOM; LT FC IDR
A/Stable and VR bb-), which owns 80% of BOCOM BBM. BOCOM BBM's LT
FC IDR is constrained by Brazil's Country Ceiling of 'BB', while
its LT LC IDR is two notches above Brazil's long-term rating (LT FC
and LC IDRs BB-/Stable), which is the usual maximum uplift Fitch
applies to Brazilian financial institutions owned by strong foreign
shareholders. The Stable Outlooks on BOCOM BBM's IDRs mirror the
Outlook on the sovereign ratings.

Under Fitch's assessment, state support to BOCOM would flow through
to BOCOM BBM, should the need arise. This is based on the view that
the parent regulators would likely be in favor of BOCOM supporting
its Brazilian subsidiary and that any required support would be
immaterial relative to the ability of BOCOM to provide it.

Fitch considers BOCOM BBM a strategically important subsidiary of
BOCOM, given the potential synergies between the two entities,
BOCOM's long-term growth plans in Brazil, high level of management
and operational integration, the largely fungible capital and
funding, BOCOM's large majority stake in BOCOM BBM, the expected
rise in the proportion of parental non-equity funding, and the
combined parent and local branding. BOCOM BBM's Support Rating
reflects the moderate probability of support by BOCOM and is
constrained by Brazil's country risks.

VR

BOCOM BBM's VR reflects its moderate franchise in the highly
concentrated Brazilian banking sector and its stable but
specialized business model that focuses on corporate lending. It
also takes into account the bank's risk appetite that is increasing
under its revised strategy following the change in ownership.

The deteriorating operating environment as a result of the
coronavirus will pressure the bank's asset quality and
profitability metrics, representing a near-term risk to the
ratings. BOCOM BBM's Capitalization is solid and funding and
liquidity is comfortable and benefits from ordinary support from
BOCOM. The bank's Viability Rating also captures constraints
imposed by the operating environment.

In line with its strategy adopted since the ownership change, BOCOM
BBM has grown faster than peers in the past two years. Total credit
risk exposure (loans, guarantees and private securities) grew 37.5%
and 20.2%, in 2019 and 2018, respectively. In 2020, given the most
challenging operating environment, growth should be slower. BBM
BOCOM maintains executives with considerable experience in the
local market and good corporate governance practices.

BOCOM BBM's impaired loans (D-H) Ratios were only 1.0% of gross
loans as of December 2019 (0.9% as of December 2018 and 2.6% in
December 2017). BOCOM BBM's profitability indicators improved in
2018 and 2019, with operating profit-to-RWAs increasing to 2.4% and
2.3%, respectively, from an average of 1.6% between 2014 and 2017.

BOCOM BBM has a solid capital base that was made up fully of Core
Equity Tier 1 capital at end-December 2019. BOCOM BBM has a stable
and adequate funding base that benefits significantly from ordinary
support provided by BOCOM. The bank's funding base is concentrated,
but related parties make up a meaningful portion of the total. In
March 2020, BOCOM utilized USD67 million of its credit line with
BOCOM, as a way to support the continuity of the bank's growth. In
December 2019, the bank's loans-to-deposits ratio (including
deposit-like financial bills) was an adequate 132% (112% in
December 2018). Local authorities have taken measures to ease
potential impacts of the recent crisis due to the global
coronavirus outbreak on market liquidity. However, Fitch still
expects some deterioration in liquidity metrics in the medium to
long term on the peer group of banks that BOCOM BBM is in. Although
in BOCOM BBM's case, these is expected to remain commensurate with
the bank's ratings, Fitch will continue to monitor its liquidity
trends given the current operating environment.

RATING SENSITIVITIES

IDRS AND SR

BOCOM BBM's IDRs and SR remain constrained by the sovereign
ratings. While not likely given the current operating environment,
factors that could, individually or collectively, lead to positive
rating action/upgrade:

  -- An upgrade or positive rating action on the sovereign.

This would result in a similar action on the bank's long-term IDRs,
while a sovereign rating upgrade or a revision of its outlook to
Positive could lead to a review of the ratings.

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

  -- A sovereign downgrade or a revision of the sovereign's Rating
Outlook to Negative;

  -- A change in Fitch's assessment of BOCOM's willingness to
support BOCOM BBM;

  -- A multiple-notch downgrade of BOCOM's ratings.

NATIONAL RATINGS

Changes in BOCOM BBM's IDRs or in the bank's credit profile
relative to its Brazilian peers could result in changes in its
national ratings.

VR

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

  -- A sovereign downgrade or negative rating action;

  -- A sustained decline in BOCOM BBM'S operating profit-to-RWAs
ratio below 1.0%;

  -- An increase in impaired loans (D-H) above 7% of gross loans
for a sustained period. These later two factors are under pressure
given the coronavirus outbreak,

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

  -- BOCOM BBM's VR has limited upside potential, as it captures
constraints by its operating environment and company profile.

BEST/WORST CASE RATING SCENARIO

Ratings of Financial Institutions issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Bank of Communication

ESG CONSIDERATIONS

BOCOM BBM has an ESG Relevance Score of 4 for Governance Structure
following the same score as your parent, as there is potential for
significant state influence as owner or regulatory influence given
a lack of independence from the state. This negatively affects the
banks' credit profiles and is relevant to the rating in conjunction
with other factors.

Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of 3 - 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).

BANCO DAYCOVAL: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Neg.
------------------------------------------------------------------
Fitch Ratings affirmed Banco Daycoval S.A.'s Long-Term, Foreign-
and Local-Currency Issuer Default Ratings at 'BB-' and the
Long-Term National Rating at 'AA(bra)', revising the Outlook to
Negative from Stable. At the same time, the agency affirmed the
Short-Term National Rating at 'F1+(bra)'.

KEY RATING DRIVERS

Fitch revised the Outlook on Daycoval's IDRs to Negative from
Stable to reflect the agency's expectation that the deterioration
of the macroeconomic scenario (on account of the coronavirus
pandemic) will affect Daycoval's asset quality and profitability.
The duration and depth of the crisis will determine the extent of
pressure on the bank's credit metrics, although Fitch recognizes
that Daycoval is one of the most resilient banks within the
Brazilian mid-sized banking sector.

The affirmation of Daycoval's VR, IDRs and National Ratings reflect
the bank's solid company profile, underpinned by its stable
franchise and good business diversification (relatively higher than
its peers in Brazil), its consistent and strong performance track
record evidenced through various economic cycles, and its
comfortable capitalization. The bank's credit metrics also support
the current level of the international and national ratings.
However, the domestic operating environment has a high influence on
Daycoval's ratings.

Daycoval's main focus remains SME lending and payroll deductible
loans, which made up 72% and 23% of total loans, respectively, as
of December 2019. The bank's asset quality indicators have remained
largely stable through the cycles, including during the 2015-2016
recession. Impaired loans (those classified in the D-H range of the
central bank's risk scale) declined to 5.80% as of December 2019
from 6.90% in 2018, while non-performing loans (NPLs) above 90 days
remained low at 1.5% in the same period (2.2% in 2018). The bank
continued to post solid profitability through December 2019.

The bank's bottom-line profitability ratios remain higher than its
peer average, due to its higher net interest margin that
comfortably offsets its impairment charges. As of December 2019,
Daycoval's operating profit/RWA ratio rose to a high 5.0% (4.5% in
2018) as a result of an increase of revenues and decrease of
funding costs. However, Fitch believes that Daycoval's 2020
profitability ratios will be affected by income reduction and an
eventual increase in loan impairment charges due to the economic
effects of the coronavirus pandemic, which will reduce the level of
economic activity and affect small and medium-sized companies in
particular.

Daycoval has a strong capital structure Core Equity Tier 1 (CET1)
capital accounting for 95% of total capital. Tier 2 subordinated
instruments issued in 2018 accounted for the remaining capital. The
bank's Tier 1 ratio fell to 13.70% at December 2019, from 14.10% at
December 2018, due to significant RWA growth (+18%). Nevertheless,
it is still comfortably above the regulatory minimum. In 2019, the
dividend payout ratio fell to 27% from 30% in 2018 and 36% in 2017.
Fitch expects the company's CET1 ratio to remain adequate over the
one- to two-year time horizon as a decline in risk-weighted assets
will somewhat offset lower profitability in 2020.

The market recognizes Daycoval as a solid institution, with a
stable and relatively diversified wholesale funding base. As of
December 2019, local funding mainly consisted of deposits and
financial bills (Letras Financeiras) and accounted for 80% of total
funding. Daycoval's liquidity has historically been very
comfortable, and free liquid assets totaled BRL3.0 billion as of
December 2019. In the same period, the loans-to-deposits ratio
(adjusted for the local financial bills) remained stable at 131%
(126% in December 2018).

Daycoval's asset and liability management is also adequate. As of
December 2019, the average maturity of the loan portfolio was 322
days, compared with 596 days for the funding base. Successful debt
issuances in 2019 (around BRL 5 billion) lengthened the bank's
liability structure.

Local authorities have taken measures to ease the potential impact
of the recent crisis due to the global coronavirus outbreak on
market liquidity. As is the case with other Brazilian midsized
banks, despite some deterioration, liquidity is expected to remain
commensurate with the banks' ratings. Fitch will continue to
monitor Daycoval's liquidity trends given the current operating
environment.

KEY RATING DRIVERS - SUPPORT RATING, SUPPORT RATING FLOOR

Daycoval's Support Rating and Support Rating Floor were affirmed at
'5' and 'NF', respectively, reflecting the bank's low systemic
importance and Fitch's view that external support, should the need
arise, cannot be relied upon.

RATING SENSITIVITIES

RATING SENSITIVITIES VR and IDRS

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

  -- As a sovereign rating downgrade would result in a similar
action on Daycoval's VR and long-term IDRs due to the constraint of
the sovereign's ratings;

  -- A sustained decline in the operating profit/RWA ratio below
2%;

  -- A sustained deterioration in the bank's Tier 1 ratio below
12%.

Daycoval's ratings currently have a negative outlook, which makes
an upgrade highly unlikely in the near future.

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

  -- A sustained recovery in the macroeconomic environment,
including a reduction of vulnerabilities in the Brazilian economy
could underpin an Outlook revision to Stable;

  -- Though unlikely, an upgrade of the sovereign.

NATIONAL RATINGS

Changes in Daycoval's IDRs or in the bank's credit profile relative
to its Brazilian peers could result in changes in its national
ratings.

SUPPORT RATING, SUPPORT RATING FLOOR

A potential upgrade of Daycoval's Support Rating and Support Rating
Floor is unlikely in the foreseeable future, reflecting the low
probability that the bank's systemic importance would increase
materially.

BEST/WORST CASE RATING SCENARIO

Ratings of Financial Institutions issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

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).

Banco Daycoval S.A.

  - LT IDR BB-; Affirmed

  - ST IDR B; Affirmed

  - LC LT IDR BB-; Affirmed

  - LC ST IDR B; Affirmed

  - Natl LT AA(bra); Affirmed

  - Natl ST F1+(bra;) Affirmed

  - Viability bb-; Affirmed

  - Support 5; Affirmed

  - Support Floor NF; Affirmed

  - Senior unsecured; LT BB-; Affirmed

BANCO ORIGINAL: Fitch Cuts LT IDR to 'B', On Watch Negative
-----------------------------------------------------------
Fitch Ratings has downgraded Banco Original S.A.'s Viability Rating
to 'b' from 'b+' and its Long-Term Foreign- and Local-Currency
Issuer Default Ratings to 'B' from 'B+'. At the same time,
Original's Long-Term National Rating has been downgraded to
'BBB-(bra)' from 'BBB(bra)' and the Short-Term National Rating to
'F3(bra)' from 'F2(bra)'. Fitch has also placed Original's VR, IDRs
and National Ratings on Rating Watch Negative.

Banco Original S.A.

  - LT IDR B Downgrade

  - ST IDR B Rating Watch On

  - LC LT IDR B Downgrade

  - LC ST IDR B Rating Watch On

  - Natl LT BBB-(bra) Downgrade

  - Natl ST F3(bra) Downgrade

  - Viability b Downgrade

  - Support 5 Affirmed

  - Support Floor NF Affirmed

KEY RATING DRIVERS

IDRS, VR AND NATIONAL RATINGS

The downgrade of Original's ratings reflects the bank's
difficulties in achieving a sustainable breakeven point. Original
has posted negative operational results for four consecutive years,
which continues to be affected by the challenges (and high costs)
linked to the implementation of its digital bank initiative. The
bank's earnings and profitability, as well as its company profile
are factors that highly influence its ratings.

Additionally, Fitch has placed Original's, VR, IDRs and National
Ratings on RWN due to the deteriorating operating environment as a
result of the coronavirus, which will pressure the bank's asset
quality and profitability, representing a near-term risk to the
ratings.

Fitch expects Original's main exposures on the loan side (33% with
corporates) to be affected in the short-term. While it is difficult
to determine the magnitude and duration of the impact, Original's
financial profile compares unfavorably with its peers (mid-sized
banks). Further pressure on the bank's profitability from lower
business volumes and higher loan impairment charges will also
pressure the bank's capitalization metrics.

Original has maintained its wholesale lending operations, while
focusing on the development of its retail digital banking business.
Over the last year, Original posted sound growth in the number of
clients, achieving 2.9 million at the end of 2019, from only 718
thousand clients a year before, as a result of higher investments
combined with the expansion of third-party correspondents.
Additionally, the bank has also extended its digital banking to new
client types, including small businesses, to establish new
partnerships with acquiring companies and fintechs and to make use
of an open-banking model. However, Fitch highlights that its
relative high cost structure in comparison with peers has imposed
additional challenges to the bank to effectively escalate its main
businesses lines and to achieve sustainable profitability levels.

Profitability continues to be Original's weakest rating driver. The
bank reported a modest but positive net income of BRL 17.7 million
in 2019, despite the operating loss equivalent to 0.1% of
risk-weighted assets (RWAs). The bank's 2019 results were
positively influenced by non-recurring / extraordinary revenues
related to the sale of impaired loans to J&F in 2017 and 2018 in
addition to the sale of 80% of its insurance brokerage subsidiary
to J&F in 2018. In 2019, Original's position in JBS shares also
benefited the bank's results, which led to gains close to BRL527
million. Excluding this effect, Original would have reported
operational losses close to 5.2% of RWAs. Given the course of the
current crisis, it is difficult to forecast positive operational
results for the bank in 2020.

Original's asset quality ratio remains adequate and better than
peers, as its impaired loan ratio (classified as 'D-H') stabilized
at 4.8%, in 2019 while reserve coverage was close to 78%. However,
based on public information, Fitch expects asset quality to
deteriorate given the weaker operating environment, loan
concentrations and the bank's exposure to agribusiness and
unsecured personal loans with outstanding credit lines. Fitch also
expects further pressure on the bank's loan impairment charges from
rising NPLs (even considering some flexibility provided by
regulators). However, in the past its shareholders have extensively
used credit sales to reduce the impact on the bank's balance sheet,
which could partially offset those impacts.

Original's capitalization remains adequate due to the measures
taken by the shareholders. At December 2019, common equity tier 1
(CET1) and total regulatory capital ratios stood at 13.3%, while
the Fitch Core Capital (FCC) ratio was 15.1%. Despite lower capital
generation, Fitch expects lower RWA growth to help offset pressures
on capitalization in the near term

Original continues to report good liquidity levels, based on the
bank's implementation of its strategy to hold higher liquidity
since 2017. Original's liquid assets position of around BRL2
billion in December 2019 is enough to pay roughly 130% of its
funding maturing in the next 90 days, 45% up to a year. The bank's
loan portfolio is also largely short-term, which has been key to
reinforcing Original's liquidity over the past years.

Local authorities have taken measures to ease the potential impact
of the recent crisis due to the global coronavirus outbreak on
market liquidity. As is the case with other Brazilian mid-sized
banks, despite some deterioration, liquidity is expected to remain
commensurate with the banks' ratings. Fitch will continue to
monitor Original's liquidity trends given the current operating
environment.

SUPPORT RATING AND SUPPORT RATING FLOOR

The bank's Support Rating and Support Rating Floor reflect Fitch's
belief that the bank is not considered a significant financial
institution locally because of the size of its market share in
deposits and credits. Thus, it is unlikely to receive external
support from the Brazilian sovereign.

Original has an assigned ESG Relevance Score of 4 for Governance
Structure due to existing intra-group transactions which, in
combination with other factors, affects the rating.

RATING SENSITIVITIES

IDRS, VR AND NATIONAL RATINGS

Original's ratings are currently on RWN, due to the short-term
risks to its asset quality metrics given the coronavirus outbreak.
This makes an upgrade highly unlikely in the near future. Factors
that could, individually or collectively, lead to positive rating
action/upgrade:

  -- Limited impact of coronavirus on the Brazilian economy in the
short-term;

  -- Maintenance of current asset quality indicators and improved
operational profitability levels during the crisis.

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

  -- Further deterioration in operating environment that impacts
Original's asset quality;

  -- Negative pressures on its already low profitability and
capitalization metrics.

SUPPORT RATING AND SUPPORT RATING FLOOR

A potential upgrade of Original's Support Rating and Support Rating
Floor is unlikely in the foreseeable future, since this would arise
only from a material gain in systemic importance.

BEST/WORST CASE RATING SCENARIO

Ratings of Financial Institutions issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

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

Original has an assigned ESG Relevance Score of 4 for Governance
Structure due to existing intra-group transactions which, in
combination with other factors, affects the rating.

Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of 3 - 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).

BANCO PINE: Fitch Cuts LT IDR to B-, Placed on Rating Watch Neg.
----------------------------------------------------------------
Fitch Ratings downgraded Banco Pine S.A.'s Viability Rating to 'b-'
from 'b' and its Long-Term Foreign- and Local-Currency Issuer
Default Ratings to 'B-' from 'B'. At the same time, Pine's
Long-Term National Rating is downgraded to 'BB+(bra)' from
'BBB-(bra)' and the Short-Term National Rating to 'B(bra)' from
'F3(bra)'. Fitch has also placed Pine's VR, IDRs and National
Ratings on Rating Watch Negative.

Banco Pine S.A.

  - LT IDR B-; Downgrade

  - ST IDR B; Rating Watch On

  - LC LT IDR B-; Downgrade

  - LC ST IDR B; Rating Watch On

  - Natl LT BB+(bra); Downgrade

  - Natl ST B(bra); Downgrade

  - Viability b-; Downgrade

  - Support 5; Affirmed

  - Support Floor NF; Affirmed

KEY RATING DRIVERS

IDRS, VR AND NATIONAL RATINGS

Fitch downgraded Pine's ratings and has placed its VR, IDRs and
National Ratings on RWN due to the deteriorating operating
environment as a result of the coronavirus and its impact on the
bank, which represents a near-term risk to its ratings.

The downgrade of Pine's ratings reflects Fitch's assessment of the
difficulties imposed by the challenging operating environment for
the bank to revert its negative trend. The bank has posted negative
operational results for five consecutive years due to the
challenges of its new and former business models, which led to a
further reduction in Pine's capitalization levels. Pine's earnings
and profitability, as well as its company profile, are factors that
highly influences its ratings.

Fitch believes that Pine's current business model, which focusses
on SMEs, will be one of the most impacted segments in the
short-term, though the impact will depend on the magnitude and
duration of the crisis. Pine's financial profile is weaker compared
to its peers' (other midsized Brazilian banks) and could
deteriorate more. Fitch expects further pressure on the bank's
profitability from lower business volumes as well as higher loan
impairment charges from rising NPLs (even considering some
flexibility provided by regulators), which is likely to jeopardize
its already weak capitalization metrics.

In December 2019, Pine reported operational losses for the fifth
consecutive year, BRL 299.7 million, which was equivalent to
negative 5.45% of risk-weighted assets (RWAs) (negative 1.5% in
2018). Pine's bottom-line losses would have been much larger if not
for tax deferrals of BRL 178.8 million.

Pine's management of its asset quality remains challenging due to
the negative effect of its legacy portfolio. Despite the reduction
observed in 2019, the bank's impaired loans ratio (classified as
'D-H') remained high and exceeded its peers, at 15.6% as of
December 2019, from 21.6% in 2018. At the same time, non-performing
loans (NPLs) over 90 days increased from 0.9% of gross loans at the
end of 2018 to 2.5% by the end of 2019. Fitch also uses a broader
measure to analyze Pine's asset quality considering its
restructured portfolio, which accounted for 11% of loans, in
addition to its foreclosed assets, that totaled BRL 565 million.

Given material losses in recent years, Pine's capitalization
metrics have been below average. The bank's Fitch Core Capital
ratio declined to 10.4% at YE 2019 from 11.6% at YE 2018. This
reduction would have been higher if not for the BRL 90 million
capital injection made by the shareholder at the end of year. The
bank's common equity Tier 1 (CET1) ratio also declined to 10.8%
from 11.9% in the same period. In Fitch's view, the bank's
capitalization metrics constrain its ability to absorb losses and
fully implement its business model.

Pine's liquidity and funding structure, which is broadly based on
diversified deposits from individuals remains good. The bank's
structure reduces the level of its higher cost funding and is less
confidence sensitive in comparison to institutional investors. As
of December 2019, the bank reported liquid assets of BRL 2.8
billion (approximately 28% of total assets). The bank's
loan-to-deposits ratio adjusted for the local deposit-like products
stood at a sound 56% in December 2019, which compares favorably
with peers.

Local authorities have taken measures to ease the potential impact
of the recent crisis due to the global coronavirus outbreak on
market liquidity. As is the case with other Brazilian mid-sized
banks, despite some deterioration, liquidity is expected to remain
commensurate with the banks' ratings. Fitch will continue to
monitor Pine's liquidity trends given the current operating
environment.

SUPPORT RATING AND SUPPORT RATING FLOOR

The bank's Support Rating and Support Rating Floor reflect Fitch's
belief that the bank is not considered a significant financial
institution locally because of the size of its market share in
deposits and credits. Thus, it is unlikely to receive external
support from the Brazilian sovereign.

RATING SENSITIVITIES

IDRS, VR AND NATIONAL RATINGS

Pine's ratings are currently on RWN, due to the short-term risks to
its asset quality metrics given the coronavirus outbreak. This
makes an upgrade highly unlikely in the near future.

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

  -- Limited impact of coronavirus on the Brazilian economy in the
short-term;

  -- Maintenance of current asset quality indicators and improved
operational profitability levels during the crisis.

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

  -- Further deterioration in operating environment that impacts
Pine's asset quality;

  -- Negative pressures on its already-low profitability and
capitalization metrics.

SUPPORT RATING AND SUPPORT RATING FLOOR

A potential upgrade of Pine's Support Rating and Support Rating
Floor is unlikely in the foreseeable future, since this would arise
only from a material gain in systemic importance.

BEST/WORST CASE RATING SCENARIO

Best/Worst Case Rating Scenarios - Financial Institutions:

Ratings of Financial Institutions issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

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).

BANCO RCI: Moody's Reviews Ba1 Deposit Rating for Downgrade
-----------------------------------------------------------
Moody's Investors Service has placed on review for downgrade Banco
RCI Brasil S.A.'s Ba1 long-term local currency bank deposit rating.
RCI Brasil's ba1 adjusted baseline credit assessment, its
Baa3(cr)/Prime-3(cr) respectively long- and short-term Counterparty
Risk Assessments and its Baa3/Prime-3 respectively long- and
short-term local currency Counterparty Risk Ratings were also
placed on review for downgrade. At the same time, Moody's affirmed
the bank's baseline credit assessment at ba3, its long-term foreign
currency bank deposit rating at Ba3, its long-and short-term
foreign currency Counterparty Risk Ratings at Ba1/Not Prime,
respectively, and its short-term local and foreign currency deposit
ratings at Not Prime. On the Brazilian national scale, Moody's
placed RCI Brazil's Aaa.br long-term deposit ratings on review for
downgrade and affirmed its Aaa.br/BR-1 long- and short-term CRR and
its BR-1 short-term deposit rating.

The rating review was prompted by similar actions taken on the
ratings of its immediate parent, RCI Banque (Baa1 long-term senior
unsecured rating, review for downgrade).

RATINGS RATIONALE

Moody's noted that RCI Brasil's deposit ratings reflect its role as
a captive financing arm, being solely engaged in financing sales of
vehicles produced by both Renault do Brasil and Nissan do Brasil.
As such, the bank's business strategy and performance are closely
tied to those of its auto manufacturing companies.

The rapid and widening spread of the coronavirus outbreak, the
deteriorating global economic outlook, and falling oil prices are
dampening consumer and business activity and creating a severe and
extensive credit shock across many sectors, regions and markets.
The outbreak will have a direct negative impact on the asset
quality and profitability of banks, and the longer it takes for
households and businesses to resume normal activity, the greater
the economic impact. Moody's views asset quality and profitability
as weakening over the next 12 months, following expected economic
deceleration, sales decline, and rising unemployment rates. Moody's
notes that RCI Brasil's adequate asset quality could weaken,
despite its historically better-than-market credit risk, anchored
by the low-risk nature of new car financing and adequate credit
risk management.

In the meantime, lower business volumes, combined with higher
credit and funding costs will weigh on RCI Brasil's profitability,
with revenues already limited by its monoline business model. Banco
RCI's ratings are constrained by its reliance on market funds and
the low level of liquid assets. About 44% of the bank's funds are
sourced from related parties, mostly in the form of interbank
deposits, resulting in a fairly concentrated funding profile,
although management is working to expand its investor base.
Additionally, its stock of liquid assets is very modest relative to
similarly rated banks, which is partially offset by a match-funded
balance sheet.

Moody's notes that the bank's capital base remains adequate to
provide additional protection against loan losses. RCI's capital
ratios are consolidated into Santander's prudential conglomerate
for regulatory purposes, although the bank's capital position is
individually overseen by both regulators and controlling
shareholders.

The bank's Ba1 local currency deposit rating currently benefits
from a two-notch uplift from the bank's standalone BCA of ba3. This
uplift reflects its assessment of a high likelihood of support from
its parent, RCI Banque, based on the shared strategy between the
parent and the Brazilian subsidiary.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Its action reflects the impact of the breadth and
severity of the shock, and the deterioration in credit quality it
has triggered. As its relationship with Renault S.A. (Renault; Ba1
ratings under review) is key to its business, the environmental
considerations are closely aligned to those of Renault. While the
environmental challenges related to tightening emissions
regulations in key global markets may not affect RCI Brasil's
near-term profitability, they could weigh on credit quality of
automakers and their captives globally in the longer term. Moody's
does not have any particular concerns regarding RCI Brasil's
governance.

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

The review for downgrade indicates that a rating upgrade is
unlikely over the next 12-18 months. Because of the support
assumptions incorporated into RCI Brasil's rating, a downgrade of
RCI Banque's rating may lead to a downgrade of RCI Brasil's
ratings. The bank's ratings could also face negative pressures as a
result of material deterioration of asset quality and
profitability, arising from higher provisions and increase in
funding costs. A consistent decline in profitability could hurt the
bank's ability to replenish capital through earnings, which could
be negative in the long run.

METHODOLOGY USED

The principal methodology used in these ratings was Banks
Methodology published in November 2019.

Banco RCI is 60.1% owned by RCI Banque in France and 39.9% by Banco
Santander Brasil. It is a credit-oriented monoline bank created in
2000 to finance the sales of vehicles produced by Renault and
Nissan in Brasil. Headquartered in Curitiba, it presented equity of
BRL 1.3 billion and loans of BRL 13.5 billion in December 2019.

The following ratings of Banco RCI Brasil S.A. were placed under
review for downgrade:

  - Long-term global local-currency deposit rating of Ba1, Ratings
Under Review from Stable

  - Adjusted baseline credit assessment of ba1

  - Long-term counterparty risk assessment of Baa3(cr)

  - Short-term counterparty risk assessment of P-3(cr)

  - Long-term global local-currency counterparty risk rating of
Baa3

  - Short-term global local-currency counterparty risk rating of
P-3

  - Long-term Brazilian national scale deposit rating of Aaa.br

The following ratings and assessments of Banco RCI Brasil S.A were
affirmed:

  - Baseline credit assessment of ba3

  - Long-term global foreign-currency counterparty risk rating of
Ba1

  - Long-term Brazilian national scale counterparty risk rating of
Aaa.br

  - Short-term global foreign-currency counterparty risk rating of
NP

  - Short-term Brazilian national scale Counterparty Risk Rating of
BR-1

  - Long-term global foreign-currency deposit rating of Ba3, stable
outlook

  - Short-term global foreign-currency deposit rating of NP

  - Short-term global local-currency deposit rating of NP

  - Short-term Brazilian national scale deposit rating of BR-1

Outlook Actions for Banco RCI Brasil S.A:

  - Outlook changed to Rating Under Review from Stable

BRAZIL: COVID-19 Casualties Up as People Protest Social Restriction
-------------------------------------------------------------------
The Latin American Herald reports that Brazil recorded 852 new
COVID-19 cases in the past 24 hours, bringing the total number of
confirmed infections to 11,000 and 486 deaths in just over a month,
while people in Sao Paulo took to the streets to protest against
social isolation measures.

According to the latest report from the Ministry of Health, in the
past 24 hours there were 54 new deaths, representing an increase of
12.5 percent, the report notes.

The increase was also seen in the number of confirmed cases that in
the last day grew 8 percent with more than 850 new infections,
according to The Latin American Herald.

The fatality rate, which was 4.2 percent, rose to 4.4 percent, and
according to health authorities, 81 percent of deaths are people
over 60 years of age, the report says.

Sao Paulo, the most populous and industrialized state in the
country, with a population of 46 million people, has the most cases
in all of Brazil, with 4,620 infections and 275 deaths, the report
relates.

It is followed by Rio de Janeiro with 1,594 confirmed cases and 64
deaths, and Ceara (northeast) with 823 cases and 26 deaths, the
report notes.

Although the number of cases already exceeds 11,000 in the South
American giant, the ministry has insisted that the actual numbers
may be higher since the tests to confirm the COVID-19 have only
been carried out on critically ill and hospitalized patients and
there are still patients with pending results, the report notes.

The data provided by the health department indicates that the trend
of the coronavirus curve is entering an acceleration phase,
although it is still below the levels that other countries such as
Italy or Spain had for the same period, the report relates.

This is due to the insistence of the health authorities on social
isolation, a measure to prevent the spread of the virus that has
been strongly criticized by President Jair Bolsonaro, who goes
against the scientific recommendations announced by the World
Health Organization, the report discloses.

About a hundred Bolsonaro supporters broke social isolation
measures in Sao Paulo to criticize the authorities for measures put
in place to prevent the spread of the virus, the report notes.

Waving Brazilian flags and wearing green and yellow, the protesters
demanded that Sao Paulo state governor Joao Doria lift the
restrictions, the report says.  The protesters, including several
senior citizens, began the demonstration on the iconic Paulista
Avenue and then marched to the Legislative Assembly, the report
notes.

Shouting through megaphones, they criticized Doria’s management
while waving a banner calling for his dismissal and labeling it a
"shame" and a "disgrace" for Brazil, the report discloses.

While the governor is in favor of social isolation to stop the
spread of the virus, Bolsonaro opposes the restrictions, promotes
people returning to work, and has even described these restrictions
in force in some of the country's 27 states as a crime, the report
relates.

The president considers that the infectious disease caused by the
SARS-CoV-2 coronavirus is a "little cold" that only older people
should be wary of, and for which an entire country should not stop
due to social isolation measures, the report relates.

His controversial position on the coronavirus fight has earned him
the strong criticism of his administration, backed by only 33
percent of Brazilians, the report discloses.

However, according to a poll released by Datafolha, 59 percent of
Brazilians think that the president should not step down from his
position because of the work he has carried out in the fight
against COVID-19, while 52 percent of people think that he has the
conditions to continue governing the South American country, the
report adds.



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

[*] Fitch Takes Action on Colombian FIs on Sovereign Downgrade
--------------------------------------------------------------
Fitch Ratings has taken various negative rating actions on
Colombian Financial Institutions and their foreign subsidiaries'
Long-Term Issuer Default Ratings and Viability Ratings, following
the country's sovereign downgrade and Rating Outlook revision.
Fitch recently downgraded the Colombia's sovereign rating to 'BBB-'
and maintained its Rating Outlook Negative. Colombia's downgrade
reflects the likely weakening of key fiscal metrics in the wake of
the economic downturn caused by a combination of shocks stemming
from the sharp fall in the oil price and efforts to combat the
coronavirus pandemic.

The VRs, IDRs and senior debt ratings of Colombian FIs that have
been rated at the sovereign level have been downgraded to reflect a
materially weakened operating environment, as Fitch does not expect
to rate banks in Colombia higher than the respective sovereign
rating, based on their intrinsic credit profiles. Other
subordinated debt was also downgraded mirroring the downgrade on
the anchor ratings.

Fitch has adjusted its assessment of the operating environment
faced by financial institutions in Colombia to 'bb+' with a
negative outlook. Fitch's assessment of the operating environment
not only has a direct influence on bank ratings, but the revision
of this score to sub-investment level also has implication on the
core benchmark metrics used to assess banks' financial profiles, as
per Fitch's criteria. The negative outlook on the operating
environment score reflects that this has further downside
potential, depending on the local implications of the rapidly
developing external shocks.

Fitch has also taken rating actions on selected Colombian entities
whose IDRs are support driven and currently at a certain level
above the sovereign (e.g. BBVA Colombia S.A.), since the uplift
relative to the sovereign level is constrained under Fitch's
criteria, while the recently downgraded country ceiling of Colombia
imposes a hard cap on banks' foreign-currency IDRs. Certain banks
that were already rated below the sovereign before the recent
sovereign downgrade have also seen negative rating actions, mostly
in the form of outlook revisions to Negative from Stable, even when
not constrained by the sovereign. This reflects the downside
potential of these ratings in the event of further worsening of
Fitch's assessment of the operating environment in Colombia,
coupled with a relatively tighter assessment of their financial
profiles, given the changed benchmark metrics once the score for
the operating environment has been revised to 'bb+' with a negative
outlook.

The Central American subsidiaries, whose ratings are directly
linked to their Colombian parent, have also been included in this
portfolio review.

As part of this review, Fitch has also taken rating actions on
certain hybrid and subordinated securities issued by some of these
entities, which had been placed on the status of "Under Criteria
Observation" (UCO) upon the release of Fitch's latest Bank Rating
Criteria. These actions are also listed at the end, while being
described and explained in the Drivers and Sensitivities sections
below.

Banco de Comercio Exterior de Colombia S.A.

  - LT IDR BBB-; Downgrade

  - ST IDR F3; Downgrade

  - Support 2; Affirmed

  - LC LT IDR BBB-; Downgrade

  - LC ST IDR F3; Downgrade

  - Support Floor BBB-; Support Rating Floor Revision

Financiera de Desarrollo Territorial S.A. - Findeter

  - LT IDR BBB-; Downgrade

  - ST IDR F3; Downgrade

  - LC LT IDR BBB-; Downgrade

  - LC ST IDR F3; Downgrade

  - Support 2; Affirmed

  - Support Floor BBB-; Support Rating Floor Revision

  - Senior unsecured; LT BBB-; Downgrade

Multi Financial Group, Inc. Natl

  - LT AA(pan); Affirmed

  - Natl ST F1+(pan); Affirmed

Multibank, lnc.

  - LT IDR BBB-; Affirmed

  - ST IDR F3; Affirmed

  - Natl LT AA(pan); Affirmed

  - Natl ST F1+(pan); Affirmed

  - Viability bbb-; Affirmed

  - Support 5; Rating Watch Maintained

  - Support Floor NF; Affirmed

  - Senior unsecured; LT BBB-; Affirmed

  - Senior unsecured; Natl LT AA(pan); Affirmed

  - Senior unsecured; Natl ST F1+(pan); Affirmed

Banco de Occidente (Panama), S. A.

  - LT IDR BBB-; Downgrade

  - ST IDR F3; Affirmed

  - Support 2; Affirmed

Banco GNB Sudameris S.A.

  - LT IDR BB+; Affirmed

  - ST IDR B; Affirmed

  - LC LT IDR BB+; Affirmed

  - LC ST IDR B; Affirmed

  - Viability bb+; Affirmed

  - Support 4; Affirmed

  - Support Floor B+; Affirmed

  - Subordinated; LT BB-; Downgrade

Banco Davivienda S.A.

  - LT IDR BBB-; Downgrade

  - ST IDR F3; Affirmed

  - LC LT IDR BBB-; Downgrade

  - LC ST IDR F3; Affirmed

  - Viability bbb-; Downgrade

  - Support 3; Downgrade

  - Support Floor BB+; Support Rating Floor Revision

  - Senior unsecured; LT BBB-; Downgrade

  - Subordinated; LT BB; Downgrade

Grupo Aval Acciones y Valores S.A.

  - LT IDR BBB-; Downgrade

  - ST IDR F3; Affirmed

  - LC LT IDR BBB-; Downgrade

  - LC ST IDR F3; Affirmed

  - Support 5; Affirmed

  - Support Floor NF; Affirmed

Financiera de Desarrollo Nacional S.A.

  - LT IDR BBB-; Downgrade

  - ST IDR F3; Downgrade

  - LC LT IDR BBB-; Downgrade

  - LC ST IDR F3; Downgrade

  - Support 2; Affirmed

  - Support Floor BBB-; Support Rating Floor Revision

Banco Agrario de Colombia S.A.

  - LT IDR BBB-; Downgrade

  - ST IDR F3; Downgrade

  - LC LT IDR BBB-; Downgrade

  - LC ST IDR F3; Downgrade

  - Viability bb; Affirmed

  - Support 2; Affirmed

  - Support Floor BBB-; Support Rating Floor Revision

Bancolombia Puerto Rico Internacional Inc.

  - LT IDR BBB-; Downgrade

  - ST IDR F3; Downgrade

  - Support 2; Affirmed

Grupo Aval Limited  

  - Senior unsecured; LT BBB-; Downgrade

Banco de Occidente S.A.

  - LT IDR BBB-; Downgrade

  - ST IDR F3; Affirmed

  - LC LT IDR BBB-; Downgrade

  - LC ST IDR F3; Affirmed

  - Viability bbb-; Downgrade

  - Support 2; Affirmed

Bancolombia (Panama) SA

  - LT IDR BBB-; Downgrade

  - ST IDR F3; Downgrade

  - Support 2; Affirmed

  - Long-term deposits; LT BBB-; Downgrade

  - Short-term deposits; ST F3; Downgrade

Sura Asset Management S.A.

  - LT IDR BBB+; Affirmed

  - ST IDR F2; Affirmed

  - LC LT IDR BBB+; Affirmed

  - LC ST IDR F2; Affirmed

  - Senior unsecured; LT BBB+; Affirmed

BAC International Bank, Inc. Natl

  - LT AA(pan); Downgrade

  - Natl ST F1+(pan); Affirmed

Credomatic International Corporation

  - LT IDR WD; Withdrawn

  - LT IDR BBB-; Downgrade

  - ST IDR WD; Withdrawn

  - ST IDR F3; Downgrade

  - Support 2; Affirmed

  - Support WD; Withdrawn

Gilex Holding S.A.R.L.

  - LT IDR BB; Affirmed

  - ST IDR B; Affirmed

  - LC LT IDR BB; Affirmed

  - LC ST IDR B; Affirmed

  - Senior secured; LT BB; Affirmed

BBVA Colombia S.A.

  - LT IDR BBB; Downgrade

  - ST IDR F2; Rating Watch Maintained

  - LC LT IDR BBB+; Rating Watch Maintained

  - LC ST IDR F2; Rating Watch Maintained

  - Viability bbb-; Downgrade

  - Support 2; Affirmed

  - Subordinated; LT BBB-; Affirmed

Banco de Bogota, S.A.

  - LT IDR BBB-; Downgrade

  - ST IDR F3; Downgrade

  - LC LT IDR BBB-; Downgrade

  - LC ST IDR F3; Downgrade

  - Viability bbb-; Downgrade

  - Support 3; Downgrade

  - Support Floor BB+; Support Rating Floor Revision

  - Subordinated; LT BB; Downgrade

  - Senior unsecured; LT BBB-; Downgrade

Corporacion Financiera Colombiana S.A. (Corficolombiana)

  - LT IDR BBB-; Downgrade

  - ST IDR F3; Downgrade

  - LC LT IDR BBB-; Downgrade

  - LC ST IDR F3; Downgrade

  - Viability bbb-; Downgrade

  - Support 2; Affirmed

Bancolombia S.A.

  - LT IDR BBB-; Downgrade

  - ST IDR F3; Downgrade

  - LC LT IDR BBB-; Downgrade

  - LC ST IDR F3; Downgrade

  - Viability bbb-; Downgrade

  - Support 3; Downgrade

  - Support Floor BB+; Support Rating Floor Revision

  - Senior unsecured; LT BBB-; Downgrade

  - Subordinated; LT BB; Downgrade

  - Subordinated; LT BB; Downgrade

Banistmo S.A.

  - LT IDR BBB-; Downgrade

  - ST IDR F3; Downgrade

  - Natl LT AA+(pan); Downgrade

  - Natl ST F1+(pan); Affirmed

  - Support 2; Affirmed

  - Senior unsecured; LT BBB-; Downgrade

  - Senior unsecured; Natl LT AA+(pan); Downgrade

Itau CorpBanca Colombia S.A.

  - LT IDR BBB-; Affirmed

  - ST IDR F3; Affirmed

  - LC LT IDR BBB-; Affirmed

  - LC ST IDR F3; Affirmed

  - Viability bbb-; Affirmed

  - Support 3; Affirmed

  - Support Floor BB+; Affirmed

The ratings were withdrawn for commercial purposes.

KEY RATING DRIVERS

LARGE PRIVATE SECTOR BANKS

The downgrade of the Viability Ratings, and Foreign and Local
Currency IDRs for Bancolombia S.A., Banco de Bogota, S.A., Banco
Davivienda S.A., and Banco de Occidente S.A., reflect Fitch's
revised assessment of the operating environment in Colombia to
'bb+', and the impact of this action on their overall credit
profiles. These ratings have been downgraded accordingly to remain
at a level not higher than the sovereign rating.

STATE-OWNED FINANCIAL INSTITUTIONS

In turn, Banco de Comercio Exterior de Colombia S.A., Financiera de
Desarrollo Territorial S.A., inanciera de Desarrollo Nacional
S.A.'s and Banco Agrario de Colombia S.A.'s long-term and
short-term IDRs are fully aligned with the sovereign, reflecting
Fitch's assessment of the government's willingness and capacity to
provide timely support if needed. While Bancoldex and Findeter have
a partial explicit guarantee from the sovereign and FDN and
Banagrario only benefit from implicit sovereign support, Fitch
views these entities as an integral arm of the state given their
importance to the implementation of the government's National
Development Plan, and its majority ownership by the state.
Colombia's ability to support these entities is reflected in its
sovereign rating (BBB-/Negative).

Banagrario's VR has been affirmed at 'bb' to reflect that the
bank's capital position is still commensurate with the high risk of
its loan book. Nevertheless, Fitch believes that profitability
remains vulnerable to changes in asset quality that may increase
credit costs.

BBVA COLOMBIA

BBVA Colombia S.A.'s IDRs are driven by parent support. Fitch
believes BBVA Colombia is a strategic subsidiary for its parent,
mainly due to the relevance of the Latin American operations and
the integration and synergies among the entities.

Fitch has maintained BBVA Colombia's Local Currency Long-Term and
Short-term IDR on rating watch negative, since these ratings are
not directly affected by the sovereign downgrade, but the RWN
reflects that they can be affected by a potential downgrade of the
parent's ratings. The FC long-term IDR has been downgraded to 'BBB'
and removed from RWN, since this rating is capped by Colombia's
country ceiling, which was also downgraded. The ST FC IDR of 'F2'
has been maintained on RWN, in line with the respective LC ST IDR.

BBVA Colombia's subordinated debt has been affirmed at 'BBB-',
mirroring its anchor rating, the bank's support-driven LT IDR.

ITAU CORPBANCA COLOMBIA, BANCO GNB SUDAMERIS AND GILEX HOLDINGS

Itau Corpbanca Colombia S.A.'s and Banco GNB Sudameris S.A.'s
Long-Term IDRs were affirmed at 'BBB-' and 'BB+' to reflect their
relatively tighter profitability and capital adequacy metrics,
respectively.

The Outlook of Gilex Holding S.a r. l. ratings has been revised to
Negative from Stable, mirroring that of GNB's, since Fitch expects
the notching between the two to remain unchanged in the foreseeable
future.

GRUPO AVAL, CORFICOLOMBIANA AND BOP

Grupo Aval Acciones y Valores S.A.'s ratings are driven by the
business and financial profile of its main operating subsidiary,
Banco de Bogota. The ratings for Grupo Aval Limited's senior
unsecured debt are aligned with those of Grupo Aval, as this entity
guarantees the senior bonds issued by the former.

Corporacion Financiera Colombiana S.A. ratings reflect the
potential support it would receive from its main shareholder and
its controlling company, Banco de Banco de Bogota and Grupo Aval,
respectively, should it be required.

Banco de Occidente Panama S.A. IDRs reflect the potential support
they would receive from Banco de Occidente and its ultimate parent
Grupo Aval, if required. In Fitch's view, these entities are an
integral part of its parent's business model and core to its
strategy.

CIC AND BAC International Bank, Inc.

Credomatic International Corporation's IDRs were downgraded as
result of Banco de Bogota's negative rating action. Subsequently,
Fitch withdrew CIC's ratings for commercial reasons. At the moment
of the withdrawal, CIC's Long-Term IDR Outlook was Negative and
aligned to Banco de Bogota's LT IDR Negative Outlook. As from this
moment, Fitch will no longer monitor CIC's ratings or produce any
CIC-related research.

BAC International Bank, Inc. National Scale Ratings are based on
the potential support it would receive from its parent, Banco de
Bogota if required. BIB's Long-term National Scale Rating was
downgraded as Bogota de Bogota's downgrade implies changes in BIB's
support driven national ratings relative to other rated issuers in
Panama, while the Short-term National Rating was affirmed. The
Negative Outlook on BIB's National Long-Term Ratings is aligned
with the Negative Outlook on Bogota.

The agency's support assessment is driven by the fundamental role
that BIB has on Banco de Bogota's international strategy and
regional operations, providing core services and products to a core
market to Banco de Bogota. BIB's consistent track record of
adequate performance is also considered by Fitch in the support
opinion. Fitch also considers that Banco de Bogota has high
incentives to provide timely support given the existence of
cross-default clauses, which indicate that a default of BIB would
grant acceleration rights to Banco de Bogota's creditors.

BANCOLOMBIA PANAMA (BP), BANCOLOMBIA PUERTO RICO (BPR) AND
BANISTMO

Bancolombia Panama SA (BP) and Bancolombia Puerto Rico
Internacional Inc. (BPR) IDRs reflect the potential support they
would receive from Bancolombia, if required. In Fitch's view, these
entities are an integral part of its parent's business model and
core to its strategy.

Banistmo S.A IDRs and senior unsecured debt ratings are equalized
to its shareholder's reflecting the potential support the entity
would receive from its shareholder if required. The National
ratings reflect the relative strength of the shareholder compared
to other issuers in Panama, and are downgraded with a Stable
Outlook to reflect that in the event of further downgrades the
national ratings would be driven by the bank's VR of bbb-.

Banistmo's Support Rating (SR) of '2' reflects a high probability
of support.

SURA AM

SURA Asset Management S.A.'s ratings are highly influenced by its
leading regional franchise and a conservative risk appetite that
Fitch views as commensurate with the company's ratings. SURA AM's
ratings also consider its consistent investment performance, stable
earnings and cash flow, its ample expertise and sound risk
management, as well as its debt service ratios that are consistent
with rating category guidelines.

The revision of SURA AM's Rating Outlook to Negative from Stable
follows the downgrade of Colombia's sovereign rating and the recent
revision of the outlook of Chile's IDR. Currently, the sovereign
ratings of Chile, Colombia and Uruguay have Negative Outlooks.
While SURA AM's risk appetite is conservative and its financial
profile is sound, the magnitude of the economic and financial
implications of the coronavirus crisis is not yet clear and, hence,
the downside risks in the medium term on the operating environments
of the countries where the company operates and in SURA AM's
financial profile have increased.

In addition, Capital markets volatility is likely to continue and
affect SURA AM's assets under management (AUM) and, therefore,
impact its EBITDA as fees in Mexico depend on AUM volumes, and as
valuation losses impact its legal reserve (encaje).

The rating assigned to SURA AM's senior unsecured bonds corresponds
to the company's Long -Term IDR, considering that the probability
of default is the same than that of the issuer.

Multibank and MFG

Fitch has affirmed Multibank Inc.'s VR at 'bbb-' its Long-Term IDRs
at 'BBB-', Outlook Negative, and removed the Rating Watch Positive
on the Bank IDRs and the National ratings of the bank and its
holding Multi Financial Group (MFG). The national ratings have been
affirmed with a Stable Outlook.

The Rating Watch Positive has been removed as there is no further
support-driven upside potential from institutional support from
Banco de Bogota for Multibank and its local holding. The group's
potential buyer, Banco de Bogota is now rated at the same level of
Multibank's standalone rating. The ratings were affirmed with a
Negative outlook, aligned to Fitch's Negative Outlook on the
Panamanian operating environment. The Negative Outlook was also
aligned with the Potential Buyer's Rating Outlook.

Multibank's ratings are driven by its intrinsic financial strength,
as reflected by its 'bbb-' Viability Rating. The bank's VR
reflects, with high importance the operating environment in Panama
and the bank's modest franchise. The bank's financial profile
remains consistent with its rating, with commensurate asset quality
metrics and a positive trend in capital position. Multibank's
liquidity position is sufficient to meet near-term financial
obligations during this uncertain period and its profitability is
good but expected to decrease further as low economic activity
decreases business volumes and limits fees and commissions.

Multibank's Support rating of '5' is being maintained on Rating
Watch Positive to reflect that after the acquisition this rating
would be upgraded by more than one category and driven by
institutional support.

Multibank's ratings of its outstanding senior unsecured obligations
are at the same level of the company's IDR as the likelihood of
default of the obligations is the same as the one of Multibank.

Multi Financial Group Inc. y Subsidiarias (MFG)'s ratings reflect
the adequate creditworthiness of its main subsidiary, Multibank,
Inc. (Multibank), rated in international and national scale for the
long and short term at 'BBB-' and 'F3', and 'AA(pan)' and
'F1+(pan)', respectively. The national scale ratings are equalized
to those of its main subsidiary considering the holding's low
double-leverage, low regulatory restrictions to transfer liquidity
and/or capital, and shared brand.

SUBORDINATED DEBT

Banco de Bogota, Bancolombia, Davivienda and GNB plain vanilla
subordinated debt has been downgraded by one notch and removed from
UCO to reflect the change in baseline notching for loss-severity to
two notches, from one notch previously, from the entity's VR.

RATING SENSITIVITIES

IDRs and VRs

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

  -- The ratings currently have a Negative Outlook, which makes an
upgrade highly unlike in the near future as the banks' and related
entities' IDRs are constrained by the sovereign rating and country
ceiling, while the VRs are constrained by the worsening operating
environment;

  -- While not likely in the current operating environment, BBVA
Colombia's FC IDRs and VR could be upgraded in the event of an
upgrade of Colombia's sovereign rating.

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

Bancolombia, Banco de Bogota, Davivienda, BBVA Colombia, Occidente,
Itau Corpbanca, Corficolombiana, Bancoldex, Findeter, FDN and
Banagrario.

  -- Any negative rating action on the sovereign would also lead to
a similar action on the Foreign Currency and Local Currency IDRs
for all banks in this peer review.

  -- An extended period of economic disruption as a result of the
Coronavirus that leads to a significant deterioration in the
operating environment, asset quality and/or profitability,
resulting in an erosion of capital cushions would also be negative
for ratings.

Under Fitch's current support assessment, BBVA Colombia's IDR will
likely remain at the level determined by its own Viability Rating,
or one notch below the parents' IDR, whichever is higher, but
subject to sovereign rating and country ceiling considerations.
BBVA Colombia Institutional support as part of Latin American
subsidiaries could decline as a result of the effects of the
coronavirus on their parent companies' business and financial
profiles.

GNB downside pressure for the VR and IDRs would arise from further
deterioration of its FCC ratio (consistently below 8%), especially
if accompanied by negative trends in its profitability and/or asset
quality metrics that could arise from a material impact of the
crisis. Itau Corpbanca's VR and IDRs could be affected by a
reversal in the rebuilding of its profitability metrics. These two
banks' VRs could also be affected by further worsening of Fitch's
assessment of the Colombian operating environment. The IDRs and
debt ratings of Gilex would move accordingly with any potential
change in the ratings of GNB.

Sovereign Support Ratings

Bancolombia, Banco de Bogota, Davivienda, Itau Corpbanca,
Bancoldex, Findeter, FDN and Banagrario

Support Ratings and Support Rating Floors would be affected if
Fitch changes its assessment of the government's ability and/or
propensity to support these entities.

GRUPO AVAL AND CORFICOLOMBIANA

Grupo Aval's IDR would remain at the same level as Banco de
Bogota's and would move in tandem with any rating actions on its
main operating subsidiary. The ratings for Grupo Aval Limited's
senior unsecured debt would move in line with Grupo Aval's IDRs.

Under Fitch's current support assessment, Corficolombiana's IDR
will likely remain at the level determined by its own Viability
Rating, or at the same level as its main shareholder and its
controlling company, whichever is higher.

BANCO DE OCCIDENTE PANAMA

The IDRs of this entity are support-driven and aligned with those
of its parent's. Therefore, these ratings would mirror any changes
in Banco de Occidente's IDRs.

CIC

Rating sensitivities are no longer relevant given today's
withdrawal.

BAC International Bank, Inc.

Factors that could, individually or collectively, lead to positive
rating action/upgrade to BIB's National ratings:

  - The ratings currently have a negative outlook, which makes an
upgrade highly unlike in the near future;

  - The Outlook can be revised back to Stable or upgraded over the
medium term only in case of positive rating actions on Banco de
Bogota's ratings.

Factors that could, individually or collectively, lead to negative
rating action/downgrade to BIB's National ratings:

  - Further downgrades on Banco de Bogota's ratings would also lead
to a similar rating action on BIB's National Scale Ratings;

  - Changes on Fitch's opinion about parent support, mirroring
lower propensity from Banco de Bogota to provide timely support if
required.

BANCOLOMBIA PANAMA AND BANCOLOMBIA PUERTO RICO

The IDRs of these entities are support-driven and aligned with
those of its parent's. Therefore, these ratings would mirror any
changes in Bancolombia's IDRs.

BANISTMO

IDRs and National Ratings

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

  - A positive rating action on the banks' shareholder;

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

  - The ratings would be downgraded if banks' shareholder rating is
downgraded.

Banistmo's SR has no upside potential.

  - A downgrade in the Bancolombia's IDRs will trigger a downgrade
of the Banistmo's SR.

  - A change in Fitch's support assessment that implies a reduction
in Bancolombia's propensity to support the bank.

SURA AM

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

  -- The ratings currently have a Negative Outlook. Given the
limitations of the current operating environments in the main
countries that SURA AM operates, a rating upgrade is unlikely in
the medium term.

  -- Over the medium term, the ratings could be upgraded if SURA
AM's consistently improves its financial profile, with leverage
(gross debt/EBITDA) improving and remaining below 1.5x and interest
coverage (EBITDA/interest expense) rising and remaining above
12.0x.

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

  -- Should SURA AM's erode its credit metrics so that its debt to
adjusted EBITDA ratio deteriorates and remains consistently above
3.0x or its adjusted EBITDA/financial expense remains well below
6.0x, its ratings could be pressured downwards;

  -- A significantly adverse change in regulation or further
downgrades of the sovereign ratings of its key markets could affect
its ratings negatively;

  -- Although not Fitch's base case, a severe deterioration of its
parent's credit profile would weigh on its ratings as a contagion
effect cannot be ruled out.

The senior unsecured debt would generally move together with SURA
AM's long-term IDR.

Multibank and Multi Financial Group

Multibank's VR has limited upside potential given the current
operating environment.

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

  - A positive rating action on the banks' potential shareholder;

  - A positive rating action on Panamas sovereign rating.

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

  - Any further changes in Panama's operating environment that
pressures profits and drives the banks' CET1 capital ratio to a
level below 10% would lead to a downgrade;

  - A prolonged and severe economic disruption from the coronavirus
pandemic could lead to a lower operating environment score for
Panama's banks, which would also pressure the bank's VR.

Fitch will resolve the Positive Rating Watch on the bank's SR once
the transaction is approved and closed. Subsequently, the SRF would
be withdrawn, as it would no longer apply under an institutional
support evaluation.

  - The support rating will be upgraded after Fitch evaluates the
new shareholder's propensity and capacity to support the acquired
subsidiaries;

  - The support rating does not have downside potential as it is
the lowest possible on Fitch Support Rating scale.

Multibank's debt ratings would move in line with the bank's IDRs.

The holding company's national ratings would remain aligned with
Multibank's National Ratings as long as MFG's double-leverage ratio
remains below 120%. An increase in double leverage above 120% would
lead to a downgrade of MFG's ratings.

SUBORDINATED DEBT AND HYBRID SECURITIES

Subordinated debt and hybrid securities ratings will mirror any
action on the banks' VR. For BBVA, subordinated debt ratings will
mirror any action on the bank's support driven LT IDR.

BEST/WORST CASE RATING SCENARIO

Ratings of Financial Institutions issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Banco Agrario, Bancoldex, Findeter, FDN and FNA ratings are driven
by sovereign ratings; Bancolombia Panama, Bancolombia Puerto Rico
and Banistmo ratings are driven by Bancolombia's ratings; BAC,
Banco de Occidente Panama, Banco de Occidente, Corficolombiana,
CIC, Grupo Aval Limited ratings are driven by Grupo Aval's ratings
(which ratings are driven by Banco de Bogota's ratings); Grupo
Bolivar's ratings are driven by Davivienda's support; Gilex's
ratings are driven by GNB's ratings; BBVA Colombia's ratings are
driven by BBVA S.A ratings.

ESG CONSIDERATIONS

GNB has an ESG Relevance Score of 4 for governance structure due to
key person risk, which has a negative impact on the credit profile,
and is relevant to the ratings in conjunction with other factors.

Banco Agrario has an ESG Relevance Score of 4 for Governance
Structure due to its exposure to the government's plans and
incentives, which has a negative impact on the credit profile and
is relevant to the ratings in conjunction with other factors.

Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of 3 - 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).



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

AEROPUERTOS DOMINICANOS: Moody's Affirms Ba3 Rating, Outlook Neg.
-----------------------------------------------------------------
Moody's Investors Service affirmed the Ba3 rating assigned to the
$317 million (approximate issuance amount) Senior Secured Notes
issued by Aeropuertos Dominicanos Siglo XXI, S.A. and changed the
outlook to negative from stable.

Affirmations:

Issuer: Aeropuertos Dominicanos Siglo XXI, S.A.

Senior Secured Regular Bond/Debenture, Affirmed Ba3

Outlook Actions:

Issuer: Aeropuertos Dominicanos Siglo XXI, S.A.

Outlook, Changed to Negative from Stable

RATINGS RATIONALE

Moody's rating affirmation and outlook change to negative from
stable reflects Aerodom's exposure to sharply declining traffic and
revenues in 2020 stemming from materially lower demand and travel
restrictions resulting from the coronavirus outbreak.

Moody's regards the coronavirus outbreak as a social risk under its
Environmental, Social and Governance framework, given the
substantial implications for public health and safety that lead to
severe restrictions to air travel and thus cancellations of airline
routes and closing of borders as well as enhanced requirements to
maintain health and safety in the airport operations.

Moody's assumption is that the coronavirus outbreak will lead to a
period of severe cuts in passenger traffic over the next months but
that there will be a gradual recovery in passenger volumes starting
by the third quarter 2020. On a yearly basis, Moody's currently
expects that the decline in passenger traffic will amount to around
35-45% in 2020 compared to the previous year. Moody's recognizes
that more challenging downside scenarios could materialize.

Moody's expects that the contraction in cash flow generation
resulting from the declining passenger levels will lead to a
deterioration of Aerodom's liquidity position and potential
covenant breaches. Aerodom has ample liquidity available with a
cash balance of $66.8 million (as of March 2020) including a $27
million debt service reserve fund that would cover 6 months of debt
service payments. Under its base case scenario, Moody's does not
expect Aerodom to make any draws from the 6-month debt service
reserve fund to meet debt service payments.

RATING OUTLOOK

The negative outlook reflects the downside risks stemming from the
impact on the coronavirus on passenger performance and cash
generation capacity which could lead to weaker liquidity.

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

In light of the negative outlook, upward rating pressure on
Aerodom's ratings is unlikely in the near future.

The rating could be downgraded if the coronavirus outbreak has a
longer and continued impact on passenger levels that lead to a
material reduction of available liquidity sources or its assessment
that Aerodom will breach covenants without curing them or obtaining
waivers from creditors.

ABOUT AERODOM

Aerodom operates six airports in the Dominican Republic (Government
of Dominican Republic, Ba3 stable) through a long-term concession
that expires in 2030 and that was granted by the country's
government. Aerodom's operations include las Americas International
Airport in Santo Domingo, the country's capital. Aerodom's rating
considers its strong market position operating under a supportive
long-term concession that allows fair compensation to invested
capital and has shown adequate tariff setting mechanisms. Aerodom
has ample capacity to accommodate expected traffic growth by
undertaking only minimal capital investments. Furthermore, Moody's
recognizes Aerodom's relatively low passenger traffic volatility
stemming from its origin and destination passenger profile and its
diversified carrier base that limits its exposure to airlines.

The principal methodology used in this rating was Privately Managed
Airports and Related Issuers published in September 2017.

DOMINICAN REPUBLIC: APROLECHE Warns Milk Market May Collapse
------------------------------------------------------------
Dominican Today reports that the Dominican Association of Milk
Producers (APROLECHE) warned that the effects of the health crisis
due to the expansion of the Coronavirus have decreased the demand
for fresh milk by at least 50 percent, mainly due to the closure of
the companies cheesemakers.

He added that the cheesemakers, who have stopped buying more than a
million liters of milk daily, depend in turn on sales and/or
consumption that are registered in establishments such as hotels,
cafes, inns, restaurants, and supermarkets, according to Dominican
Today.

Eric Rivero, president of Aproleche, explained that he has received
complaints from all the provinces of the country in which the
abandonment of milk by producers is being registered, "because
processors cannot industrialize it, and because the State has not
included UHT milk and cheeses in purchases of the Social Plan of
the Presidency," the report notes.

Rivero, also president of the National Confederation of
Agricultural Producers (Confenagro), said that "this situation is
very worrying, because milk is a perishable product, which cannot
be stored fresh, and must be processed within a few hours after
milking, therefore, producers could go bankrupt," the report
relates.

The president of Aproleche recalled that developed countries are
the most affected by this world crisis, so they will not be able to
offer subsidized imports, which, he stated, implies that the
Dominican Republic will survive on national production while
pointing out that it is essential that the State and its
authorities understand this situation, the report says.

He warned that before the closure of the national livestock "we
would be threatening not only the 58 thousand cattle families, in
an activity that generates more than 12 billion pesos a year, but
also that the country’s food security is at risk since that
imports will not be available in international markets, due to the
world crisis," the report discloses.

The report relates that he considered that it is vital to face the
food crisis that is looming in the country because once the virus
is overcome, it can be more traumatic than this, so he asks the
Government to execute a plan that contains three main actions.

He indicated that these would be, first of all, to execute an
ambitious plan to purchase at least 10 million liters of UHT milk
with purchase contracts from the processing plants, through the
Social Plan of the Presidency, to distribute them to poor families,
with the one condition that they acquire the surplus milk
production, the report notes.

Also, a special line of credit must be executed through Banco
Agricola to capitalize on the country’s dairies that need it, the
report relates.  "And finally, imports of powdered milk and cheeses
should be temporarily prohibited, because they would cause the
total bankruptcy of livestock activity," he said, 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).

The purchase and sale of the US dollar is at RD $ 54.00 (pesos) in
the Dominican Republic



=================
G U A T E M A L A
=================

[*] Fitch Takes Action on Guatemalan Cos. on Sovereign Downgrade
----------------------------------------------------------------
Fitch Ratings has taken the following rating actions on Guatemalan
corporates following the country's sovereign rating downgrade to
'BB-' from 'BB' and revision of its Rating Outlook to Stable from
Negative.

ENERGUATE

Fitch Ratings downgraded ENERGUATE Trust's (Energuate's) Long-Term
Local and Foreign Currency Issuer Default Ratings to 'BB-' from
'BB'/Outlook Negative, and the rating for its USD330 million bond
due in 2027 to 'BB-' from 'BB'. The Rating Outlook for the IDRs is
Stable. The downgrade reflects the company's high dependence on
subsidies from the government of Guatemala (BB-/Stable), which
Fitch estimates accounted for approximately 70% of 2019 EBITDA.
Energuate's ratings consider the combined operations of
Distribuidora de Electricidad del Oriente S.A. (DEORSA) and
Distribuidora de Electricidad del Occidente S.A. (DEOCSA), and
primarily reflect its close linkage to the Guatemalan government
due to subsidy payments. Fitch expects a recent court decision to
lower the value-added from distribution component of its tariff to
be reversed by regulators beginning in May. The change would add
approximately USD10 million to EBITDA in 2020 and USD25 million per
year in the medium term. A recent monthly subsidy increase of USD10
million from April to June for Energuate customers is expected to
offset slowdowns in collections from end users. While the company's
credit profile is supported by its natural monopoly in its
concession area, its exposure to socioeconomically unstable regions
within the country creates a challenging environment for maximizing
profitability and operational efficiency.

Comcel

Fitch Ratings has downgraded the long-term Foreign Currency IDR and
long-term senior unsecured notes of Comcel Trust (Comcel) to 'BB'
from 'BB+', and revised the Rating Outlook to Stable from Negative.
Fitch has also affirmed Comcel's long-term local currency rating at
'BB+'/Stable. The downgrade of the foreign currency and senior
unsecured notes reflects the downgrade of Guatemala's country
ceiling to 'BB' from 'BB+'. The Stable Outlook reflects the Stable
Outlook of Guatemala.

Comcel's ratings reflects its strong market position as the leading
mobile provider in Guatemala and its robust financial profile, with
low leverage for the rating category. The company's ratings are
tempered by its lack of geographical and service revenue
diversification, as well as high shareholder returns, which limit
any material deleveraging. Comcel's ratings are closely linked to
that of its parent, Millicom International Cellular S.A. given its
strong financial and strategic linkage. Comcel Trust is a 55%-owned
subsidiary of Millicom International Cellular S.A. (MIC;
BB+/Stable).

The Central American Bottling Corp.

Fitch Ratings has affirmed The Central America Bottling
Corporation's Long-Term Foreign and Local Currency IDR at 'BB+'
following the downgrade of the country ceiling of Guatemala to
'BB'. The Rating Outlook is Negative.

CBC's ratings are supported by its business position as an anchor
bottler of the PepsiCo system with operations in Central America,
the Caribbean, Ecuador, Peru and Argentina. The company has a
diversified product portfolio of PepsiCo and proprietary brands
across its franchised territories, combined with a good
distribution network in key markets. CBC's ratings are constrained
by the sovereign ratings where it operates, the competitive
environment of the beverage industry and the volatility of prices
in its main raw materials.

CBC's Long-Term Foreign Currency IDR is rated one notch higher than
its applicable country ceiling mainly due to its cash position held
abroad and in a lesser extent the EBITDA generated outside of
Guatemala. Both factors contribute to cover the company's hard
currency debt service over the midterm more than 1x.

The Negative Outlook continues to reflect a lower deleverage trend
than previously projected by Fitch, a weaker economic environment
across the countries where the company operates, and the
uncertainty about the extent of social containment actions to
mitigate the spread of coronavirus. Fitch forecasts CBC's total
debt to EBITDA and total net debt to EBITDA will be around 3.9x and
2.7x, respectively, by YE 2020, which are above its previous
projections of 3.1x and 2.3x. A revision of the Outlook to Stable
would result if the company leverage metrics maintain at or below
3.5x and 2.5x, respectively, in the next 12 to 18 months.

Guatemala

On April 3, 2020, Fitch Ratings downgraded Guatemala's Long-Term
Foreign-Currency Issuer Default Rating to 'BB-' from 'BB' and
revised the Rating Outlook to Stable from Negative. The downgrade
of Guatemala's IDRs reflected diminishing fiscal flexibility due to
the government's low tax collection amid continuous political
gridlock preventing forceful fiscal measures, as well as a downward
revision to growth prospects related to the global pandemic.
Congressional elections in 2019 resulted in a fractured Congress,
leading to continued political gridlock and diminished reform
prospects. A continued failure to enact reforms in the tax
administration and pass new tax measures will lead to further
erosion of revenues. Low tax collection, coupled with high budget
rigidity, limits the government's capacity to address large
infrastructure and social needs, which will be further stretched by
the public health crisis represented by the coronavirus and the
consequent shock to the economy.

Fitch projects real GDP will not grow in 2020 after a 3.5%
expansion in 2019 due to the global coronavirus impact and the
government's measures to contain the outbreak. Fitch's estimates
incorporate a contraction of private consumption over the year
driven by lower remittances inflows. Commerce is the largest sector
in the economy (18% of GDP) and will be disproportionately affected
by social distancing measures. Tourism (accommodation and
restaurant services) will also be severely affected; however, it
accounts for only 3% of GDP (and 9% of current account receipts),
limiting its direct impact on growth.

KEY RATING DRIVERS

Energuate Trust

Energuate: In 2019, government subsidies to Energuate totaled USD88
million, or approximately 14% of revenue and 70% of EBITDA. Given
its importance to the company's profitability, Fitch considers
Energuate's counterparty exposure to the government to be high.
Fitch expects Energuate's value-added from distribution to rise in
the May tariff reset to its previous levels as of December 2019 as
indicated by the company. This corresponds to increases of
approximately 17% for DEOCSA and 13% for DEORSA in the value-added
from distribution for the social tariff rate. Fitch expects the
changes will add USD10 million to EBITDA in 2020. In January, a
Guatemalan court lowered the rates to their July 2019 levels
following a more favorable adjustment by newly-appointed regulators
for November and December 2019. Fitch expects Energuate's gross
leverage to decline to 2.2x in 2023 from its current level of 3.6x
due to tariff inflation adjustments, energy loss reduction and the
amortization of its USD120 million local loan. The company's
leverage decreased to 3.6x in 2019 from 4.1x in 2018 due to growth
in energy sales to 2,347 GWh from 2,270 GWh in 2018, a slight
improvement in energy losses, and a USD5 million reduction in
operating expenses. Fitch expects the company to continue to reduce
energy losses to below 18% in 2023 from 19.4% in 2019 due to
continued investment in anti-theft lines. Fitch estimates a 1%
energy loss reduction translates to an additional USD6 million of
EBITDA.

Comcel Trust

Fitch does not expect any disruptions to Comcel's business over the
near term. Comcel's network investments from recent years well
positions the company to handle increased demand for mobile and
fixed line services. Fitch expects increased demand for
telecommunication services and higher amounts of data usage from
both B2C and B2B customers in the current environment. The
company's entrenched market position is supported by its solid
network and service quality, as well as its strong brand
recognition. Fitch expects these competitive strengths to remain
intact and ward off competitive pressures over the medium term.

Comcel's leverage is expected to remain moderately low for the
rating category, with its net debt/EBITDAR to remain below 1.5x
over the medium term, backed by its solid operational cash
generation. Fitch does not foresee any material improvement in the
company's financial profile due to the current economic environment
as well as the aggressive shareholder return policy in the medium
term. The Central American Bottling Corp.

Challenging Operating Environment Pressure Leverage: Fitch expects
CBC will face short-term headwinds in its operations given a
recessionary environment in the region and the disruptions coming
from the actions taken to control the spread of coronavirus. Fitch
projects for 2020 that CBC's revenues will decline around 4% and
estimates an EBITDA margin of close to 12%. A recovery is projected
until 2021 with revenue growth of about 3% and EBITDA margin of
13%. CBC's gross and net leverage are forecast to be around 3.7x
and 2.7x, respectively, by YE 2020, which are higher than Fitch's
negative rating sensitivities. While a gradual deleverage is
projected in the following 12 to 18 months, it is still uncertain
and it will depend in the pace of recovery in the economic activity
in the short to mid-term.

DERIVATION SUMMARY

Energuate Trust:

Energuate's profitability continues to compare favorably with
regional peers such as AES El Salvador Trust II (AES SLV;
B-/Stable) and Elektra Noreste S.A. (ENSA; BBB/Stable). Its EBITDA
margin improved to 20% in 2019, higher than its cited peers, which
tend to have EBITDA margins of 13% to 14%. Energuate's leverage
improved to 3.6x in 2019 and is higher but comparable with the
aforementioned companies (3.4x for AES SLV and 3.1x for ENSA). The
distribution model generally supports higher leverage than other
industries, and Energuate's deleveraging trajectory is in line with
the 'BB' category. Similar to AES SLV, a material component of
Energuate's cash flow comes from government subsidies. In contrast
to the Salvadoran government, the government of Guatemala has
maintained a strict 30-day payment cycle. Nevertheless, an
increasingly fraught political environment exposes Energuate to
government counterparty risk as its central rating sensitivity.

Comcel Trust:

Comcel's credit profile is strong compared with its regional
telecom peers in the 'BB' rating category given its high
profitability, robust cash flow generation, and low leverage,
underpinned by its leading market shares and solid network quality
and coverage. The company's credit profile is in line with its peer
Telefonica Celular del Paraguay (BB+), an integrated telecom
operator and MIC's another subsidiary in Paraguay. Comcel's credit
profile is stronger than Axtel (BB-/Positive) and VTR Finance
(BB-/Stable) given their lack of service diversification and weaker
financial profiles. The company's lack of geographic
diversification and weak revenue diversification, as well as its
high shareholder return temper the credit. Parent/subsidiary
linkage is applicable given MIC's strong influence over Telecel's
operations and MIC's reliance on Telecel's dividend upstream.

The Central American Bottling Corp.

CBC's 'BB+' ratings are below other beverages peers in the region
such as Arca Continental, S.A.B. de C.V. (A/Stable), Coca-Cola
FEMSA, S.A.B. de C.V. (A-/Positive) or Embotelladora Andina S.A.
(BBB+/Stable) given its lower size and scale and weaker competitive
position of PepsiCo and proprietary beverage brands when compared
to the stronger brand equity of Coca-Cola products. Also, the
company's ratings reflect its lower profitability margins and
higher exposure to lower-rated countries. CBC's ratings are above
other beverage companies such as Grupo Embotellador Atic S.A.
(B/Stable) given its better operating performance, adequate
leverage metrics and ample liquidity.

KEY ASSUMPTIONS

Energuate:

  -- Demand growth in line with forecast sovereign GDP growth of
approximately 3.5% per year;

  -- Approximately 55,000 new customers per year;

  -- Inflation of around 4%, in line with historical figures;

  -- Minimal FX fluctuation, reflecting Guatemala's managed float;

  -- USD10 million in pro forma cost savings annually due to OPEX
reduction plan;

  -- Capex of between USD45 million and USD50 million annually
through the medium term;

  -- A significant portion of capex from 2020-2022 is approved by
the regulator and incorporated into tariffs.

Comcel Trust: -Slowed/Stagnant subscriber growth over the short
term;

  -- EBITDA margin to stabilize around 48% over the medium term;

  -- Total Capex-to-sales around 12%;

  -- Net leverage to remain below 1.5x over the medium term.

The Central American Bottling Corp.

  -- Revenue decline of 4% in 2020 and 3% increase in 2021;

  -- EBITDA margins around 12% in 2020 and 13% in 2021;

  -- Slightly Positive FCF in 2020 and improving in 2021;

  -- Total debt/EBITDA and total net debt/EBITDA at around 3.9x and
2.7x, respectively, by 2020.


RATING SENSITIVITIES

Energuate:

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

Considering Energuate's geographically limited operations and
fundamental exposure to macroeconomic conditions, an upgrade is
unlikely barring a positive rating action on the sovereign in
combination with a sustained debt/EBITDA ratio of 3.5x or less.

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

  - A downgrade to Guatemala's sovereign rating;

  - A significant weakening in the country's electricity regulation
system, either regarding tariff adjustments or a material change in
the subsidies received by Energuate;

  - Weaker operational results due to higher than expected energy
losses and lower than anticipated tariff increases;

  - A downgrade of Energuate's parent, Nautilus Inkia Holdings LLC,
coupled with significant interference in Energuate's capital
structure;

  - A sustained debt/EBITDA ratio of 5.5x or greater.

Comcel Trust:

Factors that could, individually or collectively, lead to positive
rating action/upgrade: -- An upgrade of Guatemala's sovereign
rating and country ceiling would lead to an upgrade of Comcel's FC
IDR to 'BB+';

  -- An upgrade of Millicom, Comcel's controlling shareholder, to
'BBB-' from 'BB+' would also have positive rating implications.

Factors that could, individually or collectively, lead to negative
rating action/downgrade: -- A downgrade of Guatemala's sovereign
rating or country ceiling would lead to a downgrade of Comcel's FC
IDR;

  -- Deterioration in Comcel's net leverage to beyond 3.5x on a
sustained basis;

  -- A negative rating action on Millicom due to net leverage
exceeding 3.5x on a consolidated basis or 4.5x on a holding company
debt/dividend received basis.

The Central American Bottling Corp.

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

Fitch does not foresee positive ratings actions for CBC in the
midterm; however, the combination of lower leverage ratios, better
operating performance, solid FCF across the cycle, and cash flow
generation from investment-grade countries will be considered
positive to credit quality.

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

Deterioration of its operating results, negative FCF generation, or
significant debt-financed acquisitions that result in total
debt/EBITDA and total net debt/EBITDA higher than 3.5x and 2.5x,
respectively, on a sustained basis. Also, downgrades in Guatemala's
Country Ceiling or sovereign ratings could pressure the ratings.

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

Energuate:

Adequate Liquidity: Energuate's liquidity position benefits from
expected stable cash flow generation and longer-term maturities,
with its main financial obligation being a USD330 million bond due
in 2027. Increased subsidies from April to June should help the
company weather a storm of a lag in collections. The company also
has local currency-denominated loans of USD120 million, which begin
amortizing at a rate of approximately USD16 million per year in
mid-2020. The company maintains committed credit facilities of
USD40 million, of which USD31 million is available and available
uncommitted facilities of USD30 million to cover potential
liquidity shortfalls should trade collections lag. Energuate plans
to adjust dividends to shareholders to match future cash flow.
Fitch expects the company's 2027 bond to be rolled over upon
maturity.

Comcel Trust:

Solid Liquidity: Comcel has a solid liquidity profile backed by its
high cash balance, stable CFFO and well-spread debt maturities. As
of the LTM ended Sept. 30, 2019, the company generated USD586
million in cash flow from operatiosn (CFFO) and held USD226 million
in cash and equivalents, which favorably compares with no
short-term debt. The company faces no debt maturities until 2024
when its bond matures. The company's total debt, as of Sept. 30,
2019 was USD1,175 million, which consisted of USD800 million senior
unsecured bonds due 2024, lease liabilities of USD246 million and
other local loans.

Comcel Trust is a special-purpose vehicle (SPV) created in the
Cayman Islands to issue USD800 million senior unsecured notes on
behalf of the Tigo Guatemalan entities, all of which jointly and
severally guarantee the note on a senior unsecured basis.

The Central American Bottling Corp.

Ample Liquidity: As of Dec. 31, 2019, CBC's liquidity was ample
with a cash position of USD183 million and USD67 million of
short-term debt. Approximately USD137 million of its cash it is
readily available and the rest is invested in short-term
instruments with different banks. In addition, around 78% of its
total cash was maintained in U.S. dollars. The company's debt
amortizations are manageable for 2020 and 2021, and Fitch believes
CBC has financial flexibility given its CFO generation capacity and
liquidity position.

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

Central America Bottling Corporation has an ESG Relevance Score of
4 for Financial Transparency given that the company presents a
below average financial disclosure of country specific or regional
operating results. This has a negative impact on the credit profile
and is relevant to the rating in conjunction with other factors.

Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of 3 - 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).



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

UC RUSAL: Approves New Aluminum Supply Contract With Glencore
-------------------------------------------------------------
RJR News reports that Windalco's parent company Russian firm UC
Rusal has approved a new long-term aluminium supply contract worth
US$16.3 billion with British multi-national commodity trading
company Glencore.

Glencore has been one of the main clients of Rusal, and also owns a
stake in Rusal's parent E N Plus Group, according to RJR News.

Rusal noted that the new contract is for 2020 to 2024, with an
option to be extended for another year, the report notes.

According to Rusal, its board of  directors approved the deal in
December last year, which replaces a previous contract that expired
in late 2018, the report adds.

As reported in the Troubled Company Reporter-Latin America on Jan.
24, 2020, Fitch Ratings revised United Company RUSAL Plc's Outlook
to Negative from Stable and affirmed the metal group's Long-Term
Issuer Default Rating at 'BB-'. Fitch has also affirmed Rusal
Capital D.A.C.'s senior unsecured rating at 'BB-'/'RR4'.



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

BANCO AZTECA: Moody's Cuts LT Deposit Ratings to Ba1, Outlook Neg.
------------------------------------------------------------------
Moody's de Mexico has downgraded to Ba1, from Baa3, the long-term
local and foreign currency deposit ratings of Banco Azteca, S.A.,
and changed the outlook on the ratings to negative from stable. The
bank's long-term Mexican national scale deposit rating was
downgraded to A1.mx, from Aa3.mx, while the short-term Mexican
national scale deposit rating was affirmed at MX-1.

Moody's also downgraded the bank's standalone baseline credit
assessment (BCA) and adjusted BCA to ba3, from ba2. In addition,
the rating agency downgraded Banco Azteca's short-term global local
and foreign currency deposit ratings to Not Prime, from Prime-3. At
the same, the bank's long- and short-term counterparty risk
assessments were downgrade to Baa3(cr) and Prime-3(cr), from
Baa2(cr) and Prime-2(cr), respectively.

The following ratings and assessments were downgraded:

Banco Azteca, S.A. (820150724)

Baseline credit assessment to ba3, from ba2

Adjusted baseline credit assessment to ba3, from ba2

Long-term global local currency deposit rating to Ba1, from Baa3;
outlook changed to negative, from stable

Short-term global local currency deposit rating to Not Prime, from
Prime-3

Long-term global foreign currency deposit rating to Ba1, from Baa3;
outlook changed to negative, from stable

Short-term global foreign currency deposit rating to Not Prime,
from Prime-3

Long-term Mexican National Scale deposit rating to A1.mx, from
Aa3.mx

Long-term Counterparty Risk Assessment to Baa3(cr), from Baa2(cr)

Short-term Counterparty Risk Assessment to Prime-3(cr), from
Prime-2(cr)

The following rating was affirmed:

Banco Azteca, S.A. (820150724)

  - Short-term Mexican national scale deposit rating of MX-1

Outlook action:

Banco Azteca, S.A. (820150724)

  - Outlook changed to negative from stable

RATINGS RATIONALE

The downgrade of Banco Azteca's ratings and assessments
incorporates the material deterioration in its asset quality and
profitability following the recent Chapter 11 filing of a single
large corporate loan. In addition, the rating action reflects the
challenges posed by the economic contraction in Mexico and
resulting decline in business volumes that will directly affect
Banco Azteca's lending franchise, and consequently its asset
quality and profitability.

As an unsecured consumer lender, Banco Azteca targets primarily
low-to-middle income households in the informal economy, which are
particularly vulnerable to the decline in domestic business
activity as Mexico begins to deal with the coronavirus outbreak and
implements stricter containment measures nationwide. Such measures
will likely limit the bank's loan origination and collection
processes, which rely in part on store traffic and sales and
collection representatives. Moody's therefore anticipates a decline
in loan origination and increase in delinquencies and provisions,
which will hurt Banco Azteca's earnings. Banco Azteca's consumer
loans accounted for 57% of the loan book, and corporate loans 33%,
as of December 2019. When including the recently announced problem
corporate loan in the asset quality metrics, the bank's
nonperforming loan ratio would increase to about 10%, substantially
higher than the 3.7% reported in December 2019. The bank will
nevertheless write off the problematic loan.

Despite high net interest margins, Banco Azteca's operating and
credit costs are usually also high, and consumed about 95% of net
revenues in 2019, when the bank's net income relative to tangible
assets was 1.12%, which is about 50 basis points below that of
other banks in the system. However, profitability ratios will be
hard hit as the bank decides to fully provision the problem
corporate loan, in addition to spikes in credit costs resulting
from the effect of the unfavorable credit environment on its
borrowers' repayment capacity as the economy decelerates against a
more negative global and domestic growth context.

In response to the extraordinary credit provision, Banco Azteca's
holding company, Grupo Elektra, S.A.B de C.V., announced its
intention to capitalize the bank in approximately $7 billion, a
move that will rebuild the bank's capitalization ratio - measured
by Moody's as tangible common equity to risk-weighted assets - to
about 16%, from 13.9% as of December 2019. However, Moody's remains
concerned that the bank will continue to be exposed to high single
borrower concentrations and related party loans, which may add
volatility to asset quality and earnings in situations of stress,
as the recent case demonstrates. Absent extraordinary
capitalizations, loan concentrations will continue to expose the
bank to rapid deterioration in asset quality and profitability, and
subsequent limited loss absorption capacity. As of December 2019,
the bank's top 20 largest exposures represented almost 2x its
tangible common equity, and its related party loans increased to
almost 40% of the tangible common equity, from 18% a year earlier,
a credit negative development.

Banco Azteca's Ba1 deposit ratings benefit from two notches of
uplift from its ba3 BCA to reflect Moody's assessment of a high
probability of support from the Mexican government (A3 negative)
stemming from Banco Azteca's important franchise among very
granular, low-income depositors.

The outlook on Banco Azteca was changed to negative from stable,
taking into consideration the challenges the bank's business model,
asset quality and profitability will face in a scenario of economic
contraction stemming from containment measures, given its high
concentration on relatively higher risk sectors.

The global spread of the coronavirus is resulting in simultaneous
supply and demand shocks. Moody's expects these shocks to
materially slow economic activity, particularly in the first half
of this year. Moody's forecasts a decline in Mexico's real GDP of
about 3.7% in 2020 followed by a modest 0.9% recovery in 2021.
Moody's regards the coronavirus outbreak as a social risk under its
environmental, social and governance framework, given the
substantial implications for public health and safety. In this
context, Banco Azteca's exposure to social risks is high, over and
above the Moody's general assessment of moderate for the global
banking sector.

In changing the rating outlook to negative from stable, Moody's
said 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. Banco Azteca and
other Mexican banks have been affected by the shock given their
direct lending exposures to consumer and commercial clients and the
likelihood of asset quality and profitability deterioration in
2020.

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

Given the negative outlook, an upgrade of Banco Azteca's ratings
and assessments is unlikely. However, the outlook could be
stabilized if pressures on asset quality and profitability moderate
to levels that are in line with peers.

Downward rating pressure could be triggered by further material
weakening in asset quality, straining earnings and capital.

The principal methodology used in these ratings was Banks
Methodology published in November 2019.

The period of time covered in the financial information used to
determine Banco Azteca, S.A.'s rating is between January 1, 2015
and December 31, 2019 (source: Moody's and issuer's financial
statements).



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

VOLCAN COMPANIA: Fitch Cuts LT IDRs to BB, Outlook Negative
-----------------------------------------------------------
Fitch Ratings has downgraded Volcan Compania Minera S.A.A.'s
Long-Term Foreign and Local-Currency Issuer Default Ratings to 'BB'
from 'BBB-'; Volcan's IDRs are maintained on Outlook Negative.

The downgrade is due the unfavorable environment for selling assets
and raising cash through equity, created by the coronavirus
pandemic, as well as the pressure placed upon the company's cash
flow and liquidity from falling zinc prices and operational
stoppages related to government measures to slow the spread of the
virus. Prior to the crisis Volcan had intended to reduce its net
debt through extraordinary measures such as selling non-core assets
or pursuing equity sources in order to meaningfully improve its
capital structure.

The Negative Outlook reflects heightened refinancing risks in the
current environment. At the end of 2019, Volcan had USD34 million
of cash and USD194 million of short-term debt as of Dec. 31, 2020.
Fitch expects the company to roll over the majority of the debt
with the aforementioned banks and some additional relationship
banks. If this does not occur within the next four or five months,
additional downgrades could occur.

KEY RATING DRIVERS

Deteriorating Cash Flow: The coronavirus pandemic is expected to
create a rapid decline in Volcan's operating cash flow due to a
collapse in zinc demand globally from weak industrial activity and
auto sales, as well as new mining capacity. Volcan's position has
been exacerbated by measures taken by the Peruvian government,
which has led to the closure of its mines on March 16. There
continues to be uncertainty whether the measures will be lifted on
April 12 as scheduled, as well as the timing for which the company
ramps up operations. Fitch used a price of USD1,900 per ton of zinc
in 2020 and an expectation of 205,000 tons of zinc output for
financial modeling purposes, which compare with USD2,539 per ton of
zinc and 239,000 tons of output in 2019. Fitch expects Volcan's
EBITDA to decline to approximately USD100 million in 2020 from
USD189 million based upon these assumptions.

Elevated Refinancing Risk: Volcan had USD35 million of cash at the
end of 2019 and USD194 million of USD782 million of total debt fall
during 2020. Short term debt is concentrated in a USD17.5 million
loan with Citibank, a USD60 million loan with Banco de Credito, and
a USD110 million loan syndicated by Scotiabank. Fitch expects these
relationship banks to roll over most of this debt. They may also be
required to extend working capital to the company. If this does not
occur in next four or five months, additional downgrades could
occur.

Glencore Ownership: Fitch views Glencore's majority voting right
ownership as a positive to Volcan, but the overall rating
implication is a soft consideration for the company. Glencore has a
very large scale of operations in the zinc market and has the
ability to influence prices by curtailing other high-cost
operations during times of suppressed prices. This was evident when
Glencore mothballed around a third of its zinc output during the
previous low zinc-price environment. Given the widespread impact
upon the metals and mining industry and the impact upon Glencore's
operations globally, support in the form of an equity contribution
is not factored in the rating.

Asset Sales Headwinds: The coronavirus has increased elevated
global uncertainty and skewed risks to the downside. Pursuing
measures such as selling noncore assets remains challenging. Key
assets that could be sold are the company's Volcan's approximate
20% stake in Polpaico, a Chilean cement producer, and its hydro
assets. The company also owns a port project, which is not expected
to be sold.

Cost Position Expected to Increase: The company's consolidated
operations exhibited a reasonable cost position with a C1 cash cost
net of by-products of USD1,400/metric ton (MT) for zinc during
2019, which falls in the third quartile of the global zinc cost
curve. However, cash cost is expected to increase due to lower
production volumes and lower dilution of fixed costs, together with
lower prices for Volcan's main byproducts. Volcan's cash cost
position for 2019 was well below CRU's 90th percentile cash cost of
around USD2,220/MT.

Weaker Zinc Fundamentals: Prior to the crisis, Fitch had forecast a
downward trend for zinc prices for 2020 due to weak auto demand in
China and Europe, and a projected increase in mine output of more
than 5%. While disruptions will curtain the latter figure, auto
demand is expected to contract by more than 10% globally.

DERIVATION SUMMARY

Volcan benefits from a fairly diversified production of base and
precious metals, similar to peers BVN and Nexa, and is more
diversified than Minsur. The company's scale of operations is
larger than Nexa Resources Peru S.A. (NexaPeru: BBB-/Stable) and
Minsur (BBB-/Negative), yet considerably smaller than higher rated
miners Industrias Penoles S.A.B de C.V. (BBB/Stable) and Southern
Copper Corporation (BBB+/Stable). Volcan has a weaker capital
structure than these peers, as it did not use elevated prices in
2017 and 2018 to reduce debt or build cash. The company also has a
much poorer liquidity position than its peers.

The company's ratings continue to reflect a competitive cost
position and moderate scale, with its Negative Outlook focused on
its weakened capital structure and lower liquidity. Similar to
peers, Volcan demonstrated a willingness and ability to reduce
development and exploration expenditure during periods of lower
commodity prices to preserve cash flow. The company's consolidated
life of mine of eight years of reserves is also on the lower end,
when compared with Peruvian and other global mining peers.

KEY ASSUMPTIONS

Average zinc price of USD1,900/tonne in 2020, and USD2,000/tonne in
2021 and USD2,000/tonne in 2022;

Average silver price of USD15.50/ounce (oz) for the whole projected
period;

Lead prices at USD1,835/tonne in 2020, USD1,790/tonne in 2021,
USD1,895/tonne in 2022,

Average copper price of USD5,300/tonne in 2020, USD5,800/tonne in
2021 and USD6,200/tonne in 2022;

Average gold price of USD1,400/oz in 2020; USD1,300/oz in 2021 and
USD1,300/oz in 2022 thereafter;

Capex of USD150 million in 2020, USD190 million in both 2021 and
2022;

No assets sales or equity issuance;

Production is closed for six weeks;

Short-term debt with banks will be rolled over.

RATING SENSITIVITIES

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

Refinancing the bank debt would lead to a stabilization of the
rating;

Maintaining leverage at or below 3.0x through the cycle would also
lead to rating stabilization.

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

The inability to refinance its current maturities;

An inability to replenish reserves and resources, leading to
significantly lower mine life at key operations;

An adverse change in the overall framework for mining projects in
Peru, and if taxes and royalties turn punitive.

BEST/WORST CASE RATING SCENARIO

Best/Worst Case Rating Scenarios Non-Financial Corporate:

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

Elevated Refinancing Risk: Volcan has a sizable large maturity
profile due within the next 12 months. The collapse in zinc prices
has further deteriorated this situation. As of year-end 2019, the
company had availability of USD33 million while faces short term
debt maturities of USD216 million.

As of Dec. 31, 2019, the company's total debt amounted to USD786
million (excluded operating leasing) from this amount USD570
million are in the long term and USD535 million corresponded to
senior unsecured notes maturing in February 2022.

SUMMARY OF FINANCIAL ADJUSTMENTS

Excluded debt related to operating Leases


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).



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

EVERTEC GROUP: Moody's Affirms B2 CFR, Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service affirmed EVERTEC Group, LLC's B2
Corporate Family Rating and B3-PD Probability of Default Rating and
changed the outlook to stable from positive. Moody's also affirmed
the B2 ratings on the company's senior secured bank credit
facilities. The SGL-1 speculative grade liquidity rating is
unchanged.

The change of the outlook to stable from positive reflects Moody's
expectation that Evertec will report somewhat depressed operating
results in 2020 depending on the depth and duration of economic
impacts resulting from the COVID-19 pandemic. Though business and
consumer spending are expected to decline broadly resulting from
the measures in place to combat the spread of COVID-19, Evertec
enters this period of economic turmoil with a very good liquidity
position. Evertec's services revenue is expected to remain stable
and while payments volume and average ticket size will decline, the
company's processing network is a critical payments mechanism in
Puerto Rico and will continue to generate cash flow. Further,
Evertec has demonstrated impressive business resilience in the face
of numerous exogenous demand shocks in recent years.

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 payment
processing sector has been one of the sectors significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, the weaknesses in Evertec's credit
profile, including its exposure to Puerto Rico have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and Evertec remains vulnerable to the outbreak
continuing to spread. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. Its action reflects the
potential impact on Evertec from the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

Affirmations:

Issuer: EVERTEC Group, LLC

Probability of Default Rating, Affirmed B3-PD

Corporate Family Rating, Affirmed B2

Senior Secured Bank Credit Facility, Affirmed B2 (LGD3)

Outlook Actions:

Issuer: EVERTEC Group, LLC

Outlook, Changed to Stable from Positive

RATINGS RATIONALE

The B2 CFR reflects Evertec's limited operating scale and elevated
risk related to economic and fiscal uncertainty in Puerto Rico, a
region which accounted for about 80% of the company's revenues.
These risks are offset by the company's moderate leverage levels,
solid free cash flow generation and strong position within its
largest market. Emigration, declining household income and the
financially stressed government of the Commonwealth of Puerto Rico
could represent headwinds to the company's long-term growth
prospects. Evertec also has substantial revenue concentration with
Banco Popular de Puerto Rico.

Evertec's business risks are mitigated, nonetheless by the critical
role it plays in Puerto Rico's economy as the dominant payment's
processor with the leading ATM and PIN debit network. The company's
payment processing and merchant acquiring services continue to
benefit from a secular shift to electronic payments and generate
recurring transaction processing revenues. These services have high
operating leverage and drive strong adjusted EBITDA margins and
free cash flow generation. Evertec is publicly traded and widely
held with a largely independent board of directors. The company is
expected to have moderate leverage over time and maintain a
balanced financial strategy.

The stable outlook reflects Evertec's very good liquidity position
and Moody's expectation that Evertec will (i) manage through the
coronavirus threat and continue to generate relatively stable
revenue and EBITDA in its main market, Puerto Rico, after the
outbreak abates and outperform the Commonwealth's GDP (ii) maintain
ample liquidity and net leverage (per the credit agreement) between
2-3x, with possible temporary increases up to 4x for acquisition
activity or economic cycles.

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

The ratings could be upgraded if Puerto Rico's economic outlook
improves significantly or if Evertec continues to diversify its
business geographically while maintaining a healthy growth profile
and relatively conservative credit metrics. Operating challenges
and/or aggressive financial policies causing total debt to EBITDA
to approach 5x on a Moody's adjusted basis could put downward
pressure on the ratings. Ratings could also be downgraded if
liquidity deteriorates or free cash flow is expected to be below 5%
of total debt.

The SGL-1 speculative grade liquidity rating reflects Evertec's
very good liquidity over the next 12 months. The company had an
unrestricted cash balance of about $111 million and access to a
$125 million revolving credit facility (currently undrawn) as of
December 31, 2019. Evertec is expected to use a combination of cash
flow and revolver drawings to fund potential M&A activity although
Moody's expects minimal activity with the economic downturn. The
term loan A and revolver include a financial maintenance covenant
with a maximum total secured net leverage test of 4.25x, which
steps down to 4x at December 31, 2020. The term loan B does not
contain a financial maintenance covenant. Moody's expects the
company to remain compliant with its financial covenants over the
next year.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

EVERTEC GROUP, LLC is the main operating subsidiary of EVERTEC,
Inc. (taken together "Evertec", NYSE: EVTC). Evertec provides
transaction and payment processing, merchant acquiring and
processing, and other business process information technology
services to financial institutions, government agencies and
merchants in Puerto Rico, the Caribbean and Latin America. The
company generated revenue of $487 million in 2019.

FERRELLGAS LP: Proposes to Offer $575-Mil. Secured Notes due 2025
-----------------------------------------------------------------
Ferrellgas, L.P. and its wholly-owned subsidiary Ferrellgas Finance
Corp. announced that they intend to offer $575 million aggregate
principal amount of senior secured first lien notes due 2025 in a
private offering to eligible purchasers.  The Notes will be senior
secured first lien obligations of the Issuers and will be
guaranteed on a senior secured first lien basis by Ferrellgas
Partners, L.P., Ferrellgas, Inc. and each existing and future
subsidiary of the Company, subject to certain exceptions. The
Issuers intend to use a portion of the net proceeds received from
the offering of the Notes to repay all of the outstanding
indebtedness under the Company's existing senior secured credit
facility, which will be terminated upon completion of the offering,
and to cash collateralize all of the letters of credit outstanding
under the existing senior secured credit facility, and the
remainder for general corporate purposes.

The Notes have not been and will not be registered under the
Securities Act of 1933, as amended, or any state securities laws
and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirements of the Securities Act and applicable state laws.  The
Notes are being offered and sold only to persons reasonably
believed to be qualified institutional buyers pursuant to Rule 144A
under the Securities Act and to certain non-U.S. persons outside
the United States in compliance with Regulation S under the
Securities Act.  

                       About Ferrellgas

Ferrellgas Partners, L.P. (www.ferrellgas.com), through its
operating partnership, Ferrellgas, L.P., and subsidiaries, serves
propane customers in all 50 states, the District of Columbia, and
Puerto Rico.

Ferrellgas reported net loss of $64.54 million for the year ended
July 31, 2019, a net loss of $256.8 million for the year ended July
31, 2018, and a net loss of $54.50 million for the year ended July
31, 2017.  As of Jan. 31, 2020, the Company had $1.47 billion in
total assets, $754.9 million in total current liabilities, $1.73
billion in long-term debt, $84.55 million in operating lease
liabilities, $45.26 million in other liabilities, and a total
partners' deficit of $1.14 billion.

                           *   *   *

As reported by the TCR on Oct. 22, 2019, S&P Global Ratings lowered
its issuer credit rating on Ferrellgas Partners L.P. (Ferrellgas)
to 'CCC-' from 'CCC'.  The downgrade is based on S&P's assessment
that Ferrellgas' capital structure is unsustainable given the
upcoming maturity of its $357 million notes due June 2020.



===============
X X X X X X X X
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LATIN AMERICA: Faces Another Lost Decade, and Maybe Worse
---------------------------------------------------------
Eric Martin and Patrick Gillespie at Bloomberg News report that
Latin America's economy was already going backward when the
coronavirus hit. Now it's at risk of losing a whole decade -- and
pushing fragile democracies closer to their breaking points.

Like most of the world, the region is bracing for the deepest
recession in its modern history. Bank of America expects a 4.4%
slump in output this year as the epidemic spreads.

Into The Abyss
Latin America is poised for its deepest recession on record after
coronavirus

But what's distinctive about Latin America is that incomes had
already been declining for years -- driven in part by lower
commodity prices. Rising debt, meanwhile, has left governments
short of the stimulus tools that their developed-world peers have
turned to. And protecting jobs is much harder anyway, because more
than half the Latin workforce is off-the-books.

The result may literally be a lost decade, according to Alejandro
Werner, director for the western hemisphere at the International
Monetary Fund. Given the recession and the potential speed of the
recovery, per-capita GDP in Latin America won't have grown at all
by 2025 compared with 2015 levels, he said.

All at Once
Updated IMF forecasts due out soon will likely show the deepest
recession on record. There might be worse numbers for individual
economies somewhere in the history books, Werner said, "but
you’ve never had a year in which every country is suffering a
deep contraction."

The world's most unequal and violent region has been rocked by
protests in the past year -- even reaching into historically stable
countries like Chile. Dismal economies have driven sharp swings to
the political left and right. And if leaders struggle to shield
vulnerable citizens from the pandemic, faith in the system may
erode further.

"You risk having an epidemic, an economic crisis, a social crisis
and a political crisis -- all at the same time," said Monica de
Bolle, a senior fellow at the Peterson Institute for International
Economics in Washington.

Homicide Cities
Many countries are already suffering some combination of the
above.

Argentina and Ecuador are on the brink of debt default.
Venezuela’s economy collapsed into hyperinflation years ago,
triggering an exodus of millions of refugees -- some of whom are
now being forced by the epidemic to return. Unemployment in Brazil
just logged its fourth straight year above 10% and Economy Minister
Paulo Guedes likened the pandemic to be hit by a "meteor."

Violence is rife: Out of the 50 global cities with the highest
homicide rates, Latin America is home to 43 of them. A drug war in
Mexico helped push murders to record highs last year.

And the virus is striking especially hard in countries that saw the
most serious unrest last year, like Chile and Ecuador. In the
latter, which has one of the continent’s highest per-capita
infection rates, bodies are being carted off the streets.

Central banks across Latin America have responded like their global
peers, by slashing interest rates to shore up economies. In terms
of a budget response, the region had more room during the financial
crisis of 2008 than it does now: its debt-to-GDP ratio has risen to
almost 70% from about 45% a decade ago.

‘All That's Left'
The challenge of getting cash to households is exacerbated by the
size of the informal economy -- which accounts for some 140 million
people, or more than half the workforce, according to the
Inter-American Development Bank.

"Economic informality, combined with a much-reduced social safety
net, means this is going to hit very hard," said Arturo
Porzecanski, an economics professor at American University.

Still, some governments are attempting unconditional cash transfers
to encourage people to stay home. Brazil plans to hand out 600
reais ($114) to informal workers for the next three months, and
Peru and Argentina are implementing similar plans.

Mexico, though, has been a laggard, with President Andres Manuel
Lopez Obrador insisting that significant fiscal aid isn’t needed.
Meanwhile, the virus is likely to slow cash remittances from
expatriates working in rich countries like the U.S. -- a lifeline
for poorer families in places like Guatemala, Venezuela or Mexico.

In most of the region’s countries, there’s a history of social
upheaval in the wake of economic slumps.

In recent decades, external shocks have destroyed jobs, spurred
populist movements and driven millions of Latin Americans into
poverty. The recent slumps in Venezuela and Argentina, for example,
are part of a wider pattern: both countries have spent more than a
quarter of the years since 1950 in recession.

And with economic prospects now deteriorating fast, the unrest of
recent months may portend worse to come. Wide-scale bankruptcies
and unemployment would lead to "a social crisis," said Eduardo
Levy-Yeyati, director of Buenos Aires-based consulting firm
Elypsis.

"There's a danger that these protests resurface with more force
when the fear of the pandemic dissipates, and all that's left is
recession," he said.


                           *********


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

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

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

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

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

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


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