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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

          Thursday, April 16, 2020, Vol. 21, No. 77

                           Headlines



A R G E N T I N A

ARGENTINA: Extends Mandatory Quarantine Until April 26
COMPANIA DE TRANSPORTE: S&P Cuts Rating to CCC+ on Refinancing Risk


B R A Z I L

BANCO BMG: Fitch Affirms B+ LT IDR, Alters Outlook to Stable
BANCO BS2: Fitch Affirms B+ LT IDR, Alters Outlook to Negative
BANCO PAN: Fitch Affirms LT IDRs at B+, Outlook Stable
BRAZIL: Banks May Have to Extend Debt Moratorium
EMBRAER SA: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB

JBS SA: JBS Souderton Closed by Coronavirus; Shop Steward Dies
PETROLEO BRASILEIRO: Egan-Jones Cuts Sr. Unsec. Debt Ratings to B+
TEGRA INCORPORADORA: Fitch Affirms LT IDRs at B+, Outlook Stable


C A Y M A N   I S L A N D S

LATAM WALKERS 2006-101: Fitch Cuts CLP UF-Adjusted Notes to 'B+sf'


E C U A D O R

ECUADOR: Fitch Cuts LT IDR to C on Imminent Sovereign Default
ECUADOR: S&P Lowers Sovereign Credit Ratings to 'SD/SD'


G U A T E M A L A

[*] Fitch Takes Action on Guatemalan Banks on Sovereign Downgrade


M E X I C O

METALSA SA: S&P Affirms BB+ Rating, Outlook Stable
MEXICO: Egan-Jones Lowers Senior Unsecured Debt Ratings to B


P A N A M A

COPA HOLDINGS: Ernst & Young Ltd. Corp. Raises Going Concern Doubt


P U E R T O   R I C O

NEW ENERGY: Has Until April 30 to Exclusively File Chapter 11 Plan
POPULAR INC: Fitch Affirms LT IDR at BB, Outlook Stable


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Imbert Projects Higher Budget Deficit for 2020
TRINIDAD & TOBAGO: No Price Decline in Chicken Prices

                           - - - - -


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

ARGENTINA: Extends Mandatory Quarantine Until April 26
------------------------------------------------------
The Latin American Herald reports that Argentina's President
Alberto Fernandez disclosed that the mandatory lockdown imposed
last month to curb the outbreak of the coronavirus will be extended
until April 26.

"We are extending the quarantine until April 26. We are going to
continue doing the same in the bigger cities and large urban
centers," Fernandez told reporters, according to The Latin American
Herald.

Argentina has been under the lockdown since March 20 and has
reported 1,975 cases of COVID-19 and 82 deaths so far, according to
the health ministry's report, the report notes.

The president said the objective of extending the lockdown was to
contain the spread of infection and "ensure that the health system
could respond to those who get infected and need medical
attention," the report relates.

A new presidential decree will add banks, along with mechanical
workshops to repair vehicles of workers going for essential
services, to the sectors excluded from the lockdown, the report
says.

Fernandez said, provincial governments could propose easing
restrictions in villages and areas with no COVID-19 cases, the
report notes.

He said the regional administrations could also make such proposals
for the areas not linked to high-risk zones after which the
national government would analyze the lifting of the quarantine,
the report discloses.

"In this second phase of quarantine, we are going to focus on areas
and activities where the quarantine could be lifted in some way,"
he said, the report relates.

"Many governors have stated the situation of remote villages, very
rural areas which have not registered infection cases and it does
not make sense to keep them isolated," he said, the report says.

Fernandez said the cases of communities that could continue to
function without connecting with others and activities that they
can resume need to be looked into, the report relays.

The majority of the COVID-19 cases are concentrated in the large
urban centers of the country, including the cities such as Buenos
Aires and the densely populated near the capital -- Cordoba,
Rosario, Santa Fe, Mendoza, San Miguel de Tucuman and some of the
localities of the Entre Rios province, the report discloses.

Allowing people with disabilities to go out accompanied was also
under consideration, he said, the report relates.

This is the second time that the government extended the mandatory
social isolation amid increasing pressure from productive sectors
and provincial governments to ease quarantine and allowing
returning to activities, the report says.

For the last two years, Argentina's economy has been facing a
recession with high inflation and more than a third of its
population impoverished, the report notes.

Experts have warned that the impact of the pandemic would worsen
the crisis, the report says.

"In the dilemma between the economy and people, I chose people. An
economy without people is not the same," Fernandez had earlier
said, proposing his decision of extending the quarantine, the
report relates.

The president assured that the state would evaluate new measures of
assistance for all sectors and monitor the hike in prices, the
report notes.  "We will continue working so that no one lacks
food," he added.

The president reiterated that the strict restrictions implemented
across the South American country flattened the curve of infections
since the first case in early March, the report adds.

                         About Argentina

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

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

As reported by the Troubled Company Reporter - Latin America on
April 14, 2020, Fitch Ratings upgraded Argentina's Long-Term
Foreign Currency Issuer Default Rating to 'CC' from 'RD' and
Short-Term Foreign
Currency IDR to 'C' from 'RD'.  

The TCR-LA reported on April 13, 2020, that S&P Global Ratings also
lowered its long- and short-term foreign currency sovereign credit
ratings on Argentina to 'SD/SD' from 'CCC-/C'. S&P also affirmed
the local currency
sovereign credit ratings at 'SD/SD'. There is no outlook on 'SD'
ratings.

On April 9, the TCR-LA reported that Moody's Investors Service
downgraded the Government of Argentina's foreign-currency and
local-currency long-term issuer and senior unsecured ratings to Ca
from Caa2.

COMPANIA DE TRANSPORTE: S&P Cuts Rating to CCC+ on Refinancing Risk
-------------------------------------------------------------------
On April 13, 2020, S&P Global Ratings downgraded Compania de
Transporte de Energia Electrica en Alta Tension Transener S.A.
(Transener) to 'CCC+' from 'B-'.

Refinancing risks increased amid worsening market conditions. The
company hasn't announced how it intends to cover the bond maturity.
Even though Transener's finances were in good shape at the end of
2019 and there are 17 months left until maturity, the current
funding crunch prevents the company from coming up with refinancing
options. In addition, S&P's view the sovereign's selective default
as ratcheting up difficulties for the domestic corporate sector to
refinance its debt for at least the remainder of 2020. However, in
S&P's view, Transener should be able to go through 2020 with
sufficient liquidity to meet its obligations. Given cash on hand
and expected funds from operations (FFO), it doesn't forecast cash
shortages in 2020.

The current administration stated its intention to maintain public
service rates unchanged in the short term to contain high
inflation. Therefore, following an approval of a bill in December
2019, Congress froze energy and gas rates until June 2020, and
created a commission to review the current regulations. Unlike in
2019 during which Transener received the two rate adjustments, the
first adjustment for 2020 (typically announced in March) hasn't
been granted. That makes us doubt that the second adjustment for
this year (typically announced in September) will be granted.

S&P said, "As a result, we have adjusted our 2020 base-case
scenario for Transener to reflect higher uncertainty over its cash
flows. We're currently not applying any pass-through of inflation
costs to rate increases for 2020 and afterwards because we view
them as discretional.

"Therefore, we view that the risks for domestic business conditions
have increased significantly given that the government recently
announced the postponement until December 2020 all payments on
sovereign debt issued under local jurisdiction, a much narrower
fiscal flexibility due to the efforts to contain the coronavirus,
and access to capital markets virtually cut off to corporates in
any attempts to raise new, or refinance existing, debt."




===========
B R A Z I L
===========

BANCO BMG: Fitch Affirms B+ LT IDR, Alters Outlook to Stable
------------------------------------------------------------
Fitch Ratings has affirmed Banco BMG S.A.'s Long-Term Foreign and
Local Currency Issuer Default Ratings at 'B+' and Viability Rating
at 'b+'. At the same time, Fitch has affirmed BMG's Long-Term and
Short-Term National Ratings at 'A(bra)'/'F1(bra)'. The Rating
Outlook on the IDRs has been revised to Stable from Positive and
the Rating Outlook on the National Rating has been revised to
Negative from Positive.

Fitch revised the Outlooks on BMG's ratings as the agency expects
the impact of the coronavirus on the economy to weigh on the bank's
asset quality and profitability. However, the bank's liquidity
metrics remain adequate. While the duration and depth of the crisis
are hard to predict, the risks to the banks' credit profiles from
the fallout of the coronavirus outbreak are skewed to the
downside.

Fitch's revised Brazilian economic growth forecasts include a GDP
contraction of 2% in 2020 mainly due to shocks related to the
coronavirus' effects on commodity prices, lower Chinese growth,
increased risk aversion of foreign investors and lower consumption.
Economic growth is forecast to recover to 2.5% in 2021.

KEY RATING DRIVERS

BMG's VR, IDRs and National ratings primarily reflect generally
positive trends seen in the bank's credit metrics during the last
few years; trends that Fitch expects will continue over the
foreseeable future subject to a more severe impact from the
coronavirus event on BMG's business model than initially expected.

The affirmation of the ratings considers the maintenance of the
bank's sustained ability to continue to grow and generate capital
from its main franchise in the payroll-backed credit card segment.
This business segment has grown further to account for 84% of the
total portfolio as of December 2019 and has a relatively lower
credit risk as compared to the previous business mix (company
profile is a high influence factor in BMG's ratings). The bank's
recurring average return on assets ratio improved to 2.1% as of
December 2019. However, given current market conditions and the
uncertainties surrounding the coronavirus pandemic, BMG's
profitability metrics will experience some weakening, especially
during this year due to higher impairment expenses and lower
revenues.

BMG's asset quality indicators have been on a positive trend over
the past three years, although the bank still shows elevated
impaired loans when compared to peers in a similar rating category
and also when considering the main product offered by the bank. As
of Dec. 31, 2019, the BACEN D-H loans represented 6.5% of the total
loans. This level was expected to improve as the bank continues to
run-off its higher risk assets and grows its main business line of
payroll-backed credit card loans, which by nature, are a product
that carries a lower risk. When looking at the non-performing loans
over 90 days (BACEN E-H), the impairment level of the bank's
payroll-backed loan product was lower at 3.6% as of the same date.
Approximately 83% of the payroll-backed loan product relates to
federal government risk which is expected to serve as a mitigant to
asset quality deterioration during this health and economic crisis
due to low levels of unemployment and pension protections.

BMG's capitalization ratios are very strong and compare well with
its peers. As of Dec. 31, 2019, the bank's Common Equity Tier I
ratio of accounted for 22.4% of the bank's Risk-Weighted Assets.
This was partially the result of the bank's successful IPO of
October 2019, where it raised nearly BRL1.4 billion in new capital,
which was used to reduce its funding costs and was slated to
support further growth in the payroll-backed lending segment.

Even before the IPO, BMG has been operating with a more comfortable
liquidity position, which was partially enhanced by securitizations
of its credit card receivables, funding from diversified customer
deposits and the strategic downsizing of its commercial credit and
run-off portfolios. The bank's adjusted Loan to Deposit ratio was
at a comfortable level of 105% as of Dec. 31, 2019. Also, during
2019, the volume of deposits captured mainly by
distributors/brokers increased, and the bank continued to benefit
from its own funding platform.

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 BMG's liquidity trends given the current operating
environment.

SUPPORT RATING AND SUPPORT RATING FLOOR

BMG's Support Rating and Support Rating Floor are based on Fitch's
belief that the bank is not considered to be 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.

SUBORDINATED DEBT

BMG's subordinated debt is rated two notches below its VR to
reflect its subordinated status. Recovery Rating was unchanged at
'RR6' for subordinated notes, according to the agency's rating
criteria.

RATING SENSITIVITIES

IDRS, VR AND NATIONAL RATINGS

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

  -- A sustained deterioration in its asset quality (non-performing
loans over 90 days remaining above 8%);

  -- Weak financial performance (negative trend in operating
profit-to-risk-weighted assets from current levels);

  -- A deterioration in capitalization (FCC ratio falling below
9%).

While not likely given the current operating environment, factors
that could, individually or collectively, lead to a positive rating
action/upgrade:

  -- Positive trends in its credit metrics (notably asset quality
and operational profits) could result in a National Rating Outlook
revision to Stable within the next 12 to 18 months;

  -- A consolidation of the bank's business model, including a
relevant and sustained improvement in its operating profitability,
especially if coupled with further and sustained declines in its
impaired loan ratio (D-H) to below 5% of total loans, without
deteriorating charge-offs and foreclosed assets;

  -- Maintenance of its CET 1 ratio above 12%.

SUBORDINATED DEBT

Subordinated TIER II debt ratings would generally move together
with the bank's IDR. However, Fitch's criteria factor in the
compression issue where the VR is 'bb+' or lower provides some room
for a narrower notching. Thus, BMG's subordinated notes is notched
down two levels below the anchor rating, given that BMG's VR (B+)
is non-investment grade.

SUPPORT RATING AND SUPPORT RATING FLOOR

A potential upgrade of BMG's Support Rating and/or 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

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 BS2: Fitch Affirms B+ LT IDR, Alters Outlook to Negative
--------------------------------------------------------------
Fitch Ratings has affirmed Banco BS2 S.A.'s Long-Term Foreign and
Local Currency Issuer Default Ratings at 'B+', Outlook remains
Stable, and Viability Rating at 'b+'. At the same time, Fitch has
affirmed BS2's Long-Term and Short-Term National Ratings at
'BBB+(bra)'/'F2(bra)'. The Rating Outlook on the Long-Term National
Rating has been revised to Negative from Stable.

The revision of the Outlook on its ratings to Negative reflects
Fitch's expectation that the deterioration of the macroeconomic
scenario (due to the coronavirus pandemic) can affect the bank's
asset quality and profitability. The duration and depth of the
crisis are very difficult to predict; however, the risks to the
bank's credit profile from the fallout of the coronavirus outbreak
are clearly skewed to the downside.

Fitch's revised Brazilian economic growth forecast is a GDP
contraction of 2% in 2020 mainly due to shocks related to
coronavirus in commodity prices, lower Chinese growth, increased
risk aversion of foreign investors and lower consumption, followed
by a 2.5% recovery in 2021.

KEY RATING DRIVERS

VR, IDRs, NATIONAL RATINGS

BS2's VR and IDRs primarily reflect the bank's relative success in
facing challenges imposed by the development of new business lines,
though this has pressured its profitability and capital generation
during recent years. The bank's ratings are highly influenced by
its company profile, which is limited by its small size.
Nevertheless, Fitch also recognizes that BS2's credit metrics --
including its adequate liquidity and capitalization ratios,
benefited by successive capital injections made over the last two
years -- still support its current national ratings level.

BS2's strategy is based on a service-oriented digital business hub,
providing both its own and third-party products to its customer
base through partnerships. In early 2019, BS2 launched its own
digital platform for both individuals and SME clients. At the same
time, the bank continues to expand in other areas. Currently, BS2
also operates with judicial securities issued by Brazil's federal
and states governments (Precatorios), SME lending, foreign exchange
and acquiring operations. Fitch notes that BS2's digital platform,
implemented in 2019, has required large investments throughout
2019.

BS2 continues to report better asset quality ratios than peers (its
loans classified as 'D-H' ratings reached 5.9% in December 2019,
from 3.5% at the end of 2018). However, Fitch highlights that BS2's
main loan portfolio, related to judicial securities, (47% of the
bank`s total loans) may face challenges, as the focus of Brazilian
subnational may change to better control the pandemic crisis, and
therefore result in the postponement of payments. Additionally, BS2
exposure to SMEs in vulnerable economic sectors (around 44.8% of
total loans), will negatively affect asset quality this year.

BS2`s strategy of increasing fee-related products has benefited its
revenue diversification (which is expected to be more stable over
economic cycles and require less capital) and, at the same time,
allows the expansion of its credit activities. BS2's operating
profit/risk-weighted assets ratio deteriorated to a negative 0.7%,
from 1.7% in 2018 due to non-recurrent investments from the
development and launch -- including marketing and staff -- of the
bank's digital platform. Administrative expenses increased by 160%
compared with the previous year. Given current market conditions
and uncertainties surrounding the economic fallout from the
coronavirus pandemic, Fitch expects BS2's results to remain under
pressure in 2020 because of lower loan growth and higher credit
costs.

BS2's capitalization ratios have remained stable, even considering
strong asset growth in recent years. Over the last two years,
shareholders injected (through its holding company) BRL245 million
in the bank. The last injection occurred in September 2019 and
totaled BRL100 million, supporting growth of the bank's operations.
In December 2019, BS2's CET1 ratio rose to 10.6%, from 9.6% in
2018, while its total regulatory ratio remained stable at 11.6%.
Although the capital injections increased BS2's capital position,
its reported CET1 level is still below the average of other midsize
banks, providing less of a cushion to deal with unexpected losses
in this deteriorating operating environment.

The bank's funding profile has been focused on its institutional
investors and later on brokerage agreements, which, in turn,
distribute BS2's funding products to its retail customers through
its own platforms. Despite the greater diversification of
investors, with granularity on the final end of the brokerage
companies, BS2 still shows concentrations in its top investors. Its
liquidity remained strong and well above its short-term needs. Cash
totaled BRL1.09 billion in December 2019, covering 97% of its
funding with maturities of less than one year.

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 BS2's liquidity trends given the current operating
environment

SUPPORT RATING AND SUPPORT RATING FLOOR

BS2's Support Rating of '5' and its Support Rating Floor of NF'
were affirmed, reflecting the bank's low systemic importance. In
Fitch's view, the bank is not likely to benefit from external
support.

RATING SENSITIVITIES

IDRs, VR and NATIONAL RATINGS

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

  -- A substantial deterioration of the bank's asset quality;

  -- Sustained operational losses in 2020;

  -- A reduction in the bank's CET1 capitalization ratio below
10%.

Although unlikely in the medium term, factors that could,
individually or collectively, lead to positive rating
action/upgrade include:

  -- The consolidation of BS2's business model and a significant
improvement in its franchise, together with the ability to maintain
its risk appetite under control;

  -- Maintenance of adequate and consistent financial metrics over
the medium-term;

  -- Maintenance of the bank's current credit profile, with
improvements in profitability, for the next 12 to 18 months could
result in an Outlook revision to Stable.

SUPPORT RATING AND SUPPORT RATING FLOOR

A potential upgrade of BS2's Support Rating and Support Rating
Floor is unlikely in the foreseeable future, since this would only
arise from a material gain in the bank's 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

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 PAN: Fitch Affirms LT IDRs at B+, Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed Banco Pan's Long-Term Foreign and Local
Currency Issuer Default Ratings at 'B+' and its Long-Term National
rating at 'A(bra)'. The Rating Outlooks for the Long-Term IDRs and
National Rating are Stable.

Fitch's analytical approach for rating Banco Pan has changed to
institutional support from assessing the bank's intrinsic
creditworthiness as the agency expects the bank's credit profile to
deteriorate due to the disruption of economic activity and
financial markets from the coronavirus pandemic. While it is
difficult to determine the duration and depth of the crisis, the
risks to the bank's credit profile from the fallout of the
coronavirus outbreak are skewed to the downside.

Fitch expects the bank's funding and liquidity to remain stable
given the support of its controlling shareholders. However, the
agency also expects the bank's asset quality and profitability to
deteriorate this year due to its exposure to used vehicle
financing, which accounted for 37% of its loan portfolio. Although
this sector's underwriting standards are considered adequate
(average LTV of 60%), it is one of the sectors that is typically
more vulnerable to deterioration in an economic downturn.

Fitch's latest forecast now expects Brazil's economy to contraction
by 2% in 2020 mainly due to shocks related to coronavirus on
commodity prices, lower Chinese growth, increased risk aversion of
foreign investors and lower consumption, followed by a 2.5%
recovery in 2021.

KEY RATING DRIVERS

IDR, NATIONAL RATINGS

The affirmation of Pan's IDRs and National Ratings reflects Fitch's
assessment on the likelihood of support from its co-controlling
shareholders, Caixa Economica Federal (Caixa; BB-/Stable) and Banco
BTG Pactual S.A. (BTG; BB-/Stable), which remains unchanged. Pan's
IDRs are one notch lower than Caixa's and BTG's IDRs, as Fitch
considers the bank a strategically important subsidiary for both,
despite the differences in strategy, policies, controls and brand.

Fitch believes both shareholders place the same degree of
importance on supporting Pan should a stress scenario occur. The
agency considers that support would be made of credit assignments,
potential liquidity lines and/or capital injection, in case of
need.

VR

Pan's VR continues to be highly influenced by its business model,
which has gradually reduced both dependence on credit assignments
and funding from Caixa. Pan's operating profit/risk weighted assets
(RWA) ratio declined to 2.0% at YE2019 from 2.6% at YE2018, due to
an increase in provision expenses. Pan's asset quality indicators
improved in recent years as a result of the discontinuation of its
SME portfolio. The bank's asset quality ratios are commensurate
with its rating category, with retail non-performing loans/gross
loans ratio of 5.9% at YE2019. However, given current market
conditions and the uncertainties surrounding the coronavirus
pandemic, Fitch expects Pan's asset quality to deteriorate in 2020
due to its vehicle financing portfolio.

Pan's capitalization has improved in recent quarters as internal
capital generation has increased. In 2019, Pan's CET 1 reached
12.7% from 12.1% a year earlier. The bank's funding and liquidity
profile continues to benefit from Caixas' significant and stable
support, which it realizes by acquiring loans from Pan and
providing interbank deposit agreements.

SUPPORT RATING

The affirmation of Pan's Support Rating at '4' reflects the
moderate likelihood of support from Caixa. Fitch believes that the
cost of not providing support to Pan would be greater than
providing it because of the reputational risk to the federal bank.

ESG Considerations

Banco Pan has an ESG Relevance Score of 4 for Group Structure due
to its organizational structure: Joint Venture between a
specialized bank (BTG Pactual) and a state-owned bank (Caixa). This
can complicate the implementation of certain corporate strategies.
For example, in 2017 when the bank needed capital, BTG Pactual paid
in full immediately; however, Caixa exercised its call option only
in March 2019.

RATING SENSITIVITIES

IDR

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

  -- A weakening in the willingness or ability of Caixa and/or BTG
to provide Pan with support;

  -- Changes in the funding limits and the assignment of credit
agreement to Caixa or in Pan's shareholding structure.

Though not likely in the current operating environment, factors
that could, individually or collectively, lead to positive rating
action/upgrade include:

  -- A strengthening in the willingness or ability of Caixa and/or
BTG to provide Pan with support.

VR

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

  -- A severe deterioration in Pan's asset quality and earnings;

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

  -- A sustained deterioration in the bank's capitalization (Tier 1
ratio falls below 10%);

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

  -- A sustained consolidation and the successful development of
its business model with improvement in its operating profitability
and other credit metrics such as asset quality and Tier 1 above
11%;

  -- A sustained recovery in the macroeconomic environment,
including a reduction of vulnerabilities in the Brazilian economy.

NATIONAL RATINGS

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

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

Pan's Ratings are Driven by its parent Institutional Support (Caixa
Econômica Federal and Banco BTG).

ESG CONSIDERATIONS

Banco Pan has an ESG Relevance Score of 4 for Group Structure due
to its organizational structure: Joint Venture between a
specialized bank (BTG Pactual) and a state-owned bank (Caixa). This
can difficult the implementation of certain corporate strategies.
For example, in 2017 when the bank needed capital, BTG Pactual paid
in full immediately; however, Caixa exercised its call option only
in March 2019.

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).

BRAZIL: Banks May Have to Extend Debt Moratorium
------------------------------------------------
Carolina Mandl at Reuters reports that Brazilian banks may have to
extend a moratorium on loan payments by consumers and small
businesses beyond an initial two-month time frame, Banco Bradesco
SA's chief executive said, as the coronavirus crisis squeezes Latin
America's biggest economy.

Chief Executive Officer Octavio de Lazari became the latest top
Brazilian banker to warn that existing measures to help the
country's small businesses and consumers may need to last longer
given the gravity of the crisis, according to Reuters.

In March, Brazilian banks paused retail debt payments for two
months amid the crisis caused by the coronavirus, the report
relates.  Lazari said banks would have room to pause such payments
for up to six months without being required to make provisions for
them, the report notes.

He also said the 2020 outlook Bradesco disclosed in February was no
longer valid, while refraining from setting new targets, the report
discloses.

"It makes no sense any longer," the CEO said on the webcast in
response to questions from financial newspaper Valor Economico.
Bradesco had previously targeted loan book growth of 13% this year,
the report says.

The executive said the bank's 90-day default ratio could double due
to bad loans, but he did not say when that would happen. Bradesco's
delinquency rate ended December at 3.3%, the report notes.

Earlier, Itau Unibanco Holding SA CEO Candido Bracher said that a
BRL40 billion credit line funded by Brazil's Treasury and banks to
finance small business payrolls during the coronavirus outbreak
would run out in two months, adding the government might consider
an extension, the report notes.

The crisis is likely to hit smaller businesses hardest, the report
says.  "Small and medium-size companies are at the epicenter of the
economic shakeup caused by the necessary lockdown," analysts at
Credit Suisse wrote in a note to clients, the report discloses.

They expect small companies' default ratio to roughly double from
the current 3.7%, the report notes.  The ensuing writedowns would
affect between 5% and 11% of banks' earnings over the next 18
months, with Banco Santander Brasil SA the lender likely under the
most pressure, the analysts added, the report relates.

As reported in the Troubled Company Reporter-Latin America on April
10, 2020, that S&P Global Ratings revised on April 6, 2020, its
outlook on its long-term ratings on Brazil to stable from positive.
At the same
time, S&P affirmed its 'BB-/B' long- and short-term foreign and
local currency sovereign credit ratings. S&P also affirmed its
'brAAA' national scale rating and its transfer and convertibility
assessment of 'BB+'. The outlook on the national scale rating
remains stable.

EMBRAER SA: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB
-----------------------------------------------------------
Egan-Jones Ratings Company, on March 30, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Embraer SA to BB from BBB-.

Embraer S.A. is a Brazilian aerospace conglomerate that produces
commercial, military, executive and agricultural aircraft and
provides aeronautical services. It is headquartered in the city of
Sao Jose dos Campos, São Paulo. The company is the third-largest
producer of civil aircraft, after Boeing and Airbus.


JBS SA: JBS Souderton Closed by Coronavirus; Shop Steward Dies
--------------------------------------------------------------
Bob Keeler at The Associated Press reports that the JBS Souderton
beef packing plant is one of at least four meat plants in
Pennsylvania that was temporarily closed because of COVID-19,
according to The Associated Press and published reports.

Enock Benjamin, of Philadelphia, a 70-year old union steward at the
JBS plant, died April 3 from "respiratory failure brought on by the
pandemic virus," the Philadelphia Inquirer reported April 10,
according to The Associated Press.

The JBS plant had previously announced that it temporarily reduced
production because management members had flu-like symptoms and
that those people were sent home to self-monitor for two weeks with
operations at the plant expected to return to normal on April 14,
the report notes.

Along with the JBS Souderton plant, CTI Foods hamburger-grinding
plant in King of Prussia, Empire Kosher Poultry Inc. in
Mifflintown, and Cargill Meat Solutions in Hazleton closed for the
coronavirus, Wendell Young IV, president of the United Food and
Commercial Workers Local 1776, which represents workers at all four
plants, said in the Inquirer article, the report relates.

In a separate telephone interview with MediaNews Group, Young said
his union represents a little more than 1,400 workers at the JBS
plant, which also has administrative and management employees that
are not part of the union, the report notes.

As of April 8, the plant had 17 confirmed COVID-19 cases among
hourly workers, he said, the report says.

JBS worked with Benjamin and other union representatives to try to
make sure proper procedures were being followed to prevent the
spread of the virus, Young said, the report notes.

"They're very good at these plants at sanitation protocols,
especially in this kind of facility, and this is the biggest
facility of its kind east of Chicago," he said, the report notes.
"They have a lot of experience at having a clean plant and a well
sanitized plant, but this germ doesn't just travel from surface
contact. It travels in the air," the report says.

It's difficult to do social distancing at meat plants, he said.

"I'm not saying it's impossible. I'm just saying it's hard to
separate everybody," he said. "Certain parts of the operation,
people are gonna come in close contact," the report relates.

The union will work with the company to reopen the plant in a way
that is safe for everyone, he said, the report notes.

"Before they reopen that plant, we want to make sure that all the
proper protocols are in place to help best protect everyone who
works there, everyone from the plant manager on down," Young said,
"but also to help protect the community," the report relates.

The Inquirer reported the following planned precautions:

"Among the precautions the company plans to take when the Souderton
plant reopens: promoting physical distancing by staggering starts,
shifts, and breaks, and increasing spacing in cafeterias and break
and locker rooms; dedicating staff to continuously clean
facilities; temperature-testing team members when they enter the
complex; providing extra personal protective equipment, including
protective masks; removing vulnerable employees from the plant with
full pay and benefits; and relaxing attendance policies so people
don't come to work sick," the article said.

The World Health Organization, the U.S. Food and Drug
Administration, and the Centers for Disease Control and Prevention
say COVID-19 cannot be spread through food, the article reported,
the report adds.

As reported in the Troubled Company Reporter-Latin America on Dec.
19, 2019, Moody's Investors Service upgraded JBS S.A.'s corporate
family rating to Ba2 from Ba3 and the senior unsecured ratings of
its wholly-owned subsidiaries JBS USA Lux S.A. and JBS Investments
II GmbH to Ba2 from Ba3. The rating of the secured term loan under
JBS USA Lux S.A. was upgraded to Ba1 from Ba2. The outlook for all
ratings is stable.

PETROLEO BRASILEIRO: Egan-Jones Cuts Sr. Unsec. Debt Ratings to B+
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 30, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Petroleo Brasileiro SA to B+ from BB-.

Petroleo Brasileiro S.A. — Petrobras, more commonly known as
simply Petrobras, is a semi-public Brazilian multinational
corporation in the petroleum industry headquartered in Rio de
Janeiro, Brazil. The company's name translates to Brazilian
Petroleum Corporation — Petrobras.


TEGRA INCORPORADORA: Fitch Affirms LT IDRs at B+, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Tegra Incorporadora S.A.'s Long-Term
Foreign and Local Currency Issuer Default Ratings at 'B+' and its
Long-Term National Scale Rating at 'A-(bra)'. The Rating Outlook is
Stable.

Tegra's ratings reflect the strong and consistent financial support
from its controlling shareholder, Brookfield Asset Management Inc.
(BAM; A-/Stable), and its integration with the parent, which is in
line with Fitch's expectations. BAM has frequently provided support
to Tegra, evidenced by approximately BRL5.9 billion of cash
injected through capital increases and parent loans between 2014
and March 2020. BAM indirectly controls 100% of Tegra.

BAM's support and capitalization measures were fundamental to
finance high-working capital requirements to strengthen Tegra's
capital structure and to reduce refinancing risk. Fitch
incorporated in the analysis its 'Parent and Subsidiary Rating
Linkage' criteria and considers the linkages between BAM and Tegra
moderate. Fitch rates Tegra with a bottom-up approach from its
standalone credit profile. On an individual basis, without the
evidences of support and integration with the parent, Tegra's
rating would be 'CCC+'. Tegra continues to present weak credit
metrics, with constantly negative operating margins and cash flow
generation. The company has the challenge to continue the
turnaround of its operations, improve operating margins, and
monetize the high volume of inventory of concluded units.

The Stable Outlook reflects Fitch's expectation that the
integration between Tegra and BAM will be maintained and that
Tegra's refinancing risk will remain low. Fitch also expects that
BAM will continue to provide financial support to Tegra if
necessary, and failure to do so could trigger a rating downgrade.

KEY RATING DRIVERS

Robust Financial Support Is Key: Tegra's ratings reflect the strong
and consistent financial support from BAM. Fitch incorporated in
the analysis its 'Parent and Subsidiary Rating Linkage' criteria
and considers the linkages between BAM and Tegra moderate. Despite
the strong financial support, the legal ties between the entities
are limited, with no guarantees or cross-default clauses between
the companies, and Tegra has a small scale of operations compared
to BAM's results. Fitch rates Tegra with a bottom-up approach from
its standalone credit profile. The financial support provided by
BAM is strong and recurrent, which supports the rare circumstance
in which Tegra is rated three notches above its standalone rating.

Low Refinancing Risk: Capitalization measures from the parent have
been fundamental to substantially reduce Tegra's refinancing risk
and to support working capital needs from project launches. From
2014 to March 2020, Tegra received BRL5.9 billion from the
controlling shareholder, of which BRL1.4 billion refers to capital
increases and BRL4.5 billion refers to intercompany loans that have
flexible maturity and no interest rate. Continued support from BAM
is evidenced by the BRL370 million received in 2019 and BRL180
million in the first quarter of 2020, and the capitalization of
BRL2.2 billion of intercompany loans in 2019. As of Dec. 31, 2019,
adjusted corporate debt was BRL737 million, including BRL70 million
of off-balance sheet debt that Tegra guarantees, and is not
guaranteed by BAM.

Deteriorating Operating Environment: The homebuilding industry is
strongly dependent on the domestic economic environment, and demand
is directly linked to inflation and interest rates, income
availability, employment levels and consumer confidence. The
slowdown in the Brazilian economy will negatively affect demand for
houses and the recovery will depend on the intensity and length of
the disruptions related to the coronavirus outbreak on the economy.
Fitch projects Brazilian GDP will be reduced by 2% in 2020. In the
short term, homebuilders will have to materially reduce project
launches and manage both a strong reduction in sales and higher
sales cancellation and delinquency levels. Additional working
capital pressures are expected depending on the decision of halting
works, which makes liquidity a key factor for the sector. As of
April 9, Tegra has not suspended any construction activity.

Cash Burn to Remain in 2020: On a standalone basis, Tegra continues
to report very weak credit indicators, with negative cash flow
generation and high levels of concluded inventory. EBITDA and cash
flow from operations has been negative since 2013, and Fitch
expects it to remain negative in 2020. EBITDA should remain
pressured by Tegra's high inventories that carry units from older
projects with lower margins. Higher working capital needs are
expected during 2020 due to the coronavirus outbreak, pressuring
operating cash flow. For the upcoming years, cash flow generation
will depend on the recovery of domestic economic environment and
Tegra's ability to monetize receivables and inventory. In 2019,
Tegra reported negative EBITDA of BRL156 million and negative CFFO
of BRL251 million. The company launched a Potential Sales Value of
BRL1.8 billion in 2019.

High Finished Inventory Remains a Concern: An important challenge
for Tegra is to significantly reduce its high inventory of
concluded units and to finalize the sale of the units from the
legacy of low margin projects, in a depressed business environment.
As of Dec. 31, 2019, total inventory had an estimated market value
of BRL3.2 billion, of which about 40% consisted of concluded units.
Out of concluded inventory, about 62% refers to commercial units,
that should remain in the company's inventory in the medium term.
Programmed project deliveries of about BRL1.1 billion in 2020, of
which 44% consist of units in inventory, should contribute to
maintain finished inventory pressured in the near term. The
conclusion of the delivery of the units from older projects during
2018 contributed to reduced sales cancellations and Tegra has the
challenge to preserve them at conservative levels. The company
reported cancellation of sales contracts of BRL231 million in 2019,
compared to BRL525 million in 2018 and BRL1.4 billion in 2017.

ESG Impact: Tegra has an ESG Relevance Score of 4 for GEX -
Strategy Implementation, Operational Execution - due to its track
record of below-average execution of strategy. Fitch considers this
to have a negative impact on the credit profile and to be relevant
to the ratings in conjunction with other factors.

DERIVATION SUMMARY

Tegra's ratings reflect strong and consistent financial support
from its controlling shareholder, BAM, and the expectation that the
parent will continue to provide financial support to the company,
if necessary. Fitch incorporated in the analysis its 'Parent and
Subsidiary Rating Linkage' criteria and views the linkages between
BAM and Tegra as moderate. Despite the strong financial support,
legal ties between the entities are weak, with no guarantees or
cross-default clauses between the companies, and Tegra has a small
scale of operations compared to BAM's results.

Tegra is rated on a bottom-up approach from its standalone credit
profile. The financial support provided by BAM is strong, which
supports the rare circumstance in which Tegra is rated three
notches above its standalone rating. On an individual basis,
without the evidences of support and integration with the parent,
Tegra's rating would be 'CCC+', as the company has reported very
weak credit metrics, with negative operating margins since 2013.

Tegra is rated the same as Servicios Corporativos Javer, S.A.B. de
C.V.'s (Javer; B+/Stable), due to the financial support from BAM.
On stand-alone basis, Tegra would be rated lower, as Javer's rating
is supported by its market leadership and product diversification
in Mexico, and has historically reported positive operating
margins, moderate leverage and adequate liquidity related to
short-term debt maturities. On an individual basis, Tegra is rated
the same as Andrade Gutierrez Engenharia S.A. (AGE, CCC+/Stable),
as both companies have the challenge to continue the turnaround of
its operations in order to improve overall credit quality. Tegra's
standalone rating is higher than General Shopping e Outlets do
Brasil S.A. (GSB, CCC-), as GSB has limited financial flexibility,
weak capital structure and track record of negative FCF.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within its Rating Case for the Issuer

  -- Continued financial support and integration with the
controlling shareholder;

  -- Maintenance of moderate levels of corporate debt;

  -- Slowdown of project launches in 2020.

RATING SENSITIVITIES

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

  -- Strengthening of the legal ties between Tegra and BAM;

  -- Material strengthening of Tegra's standalone credit profile,
with a sustainable recovery of credit metrics, profitability and
cash flow generation.

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

  -- Any evidence that the integration between Tegra and BAM has
reduced, with lower level of support provided by the parent;

  -- Weakening of Tegra's standalone credit profile, frustrating
Fitch's expectation of gradual improvement on operating results.

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

Strong Reliance on Parent Support: Tegra's liquidity strongly
relies on financial support from BAM. The company used the proceeds
from capital increases and intercompany loans to reduce refinancing
risk and finance working capital needs of the projects in
development.

As of Dec. 31, 2019, cash and marketable securities was BRL478
million and total adjusted debt, excluding intercompany loans of
BRL1.3 billion, was about BRL1 billion. Excluding intercompany
loans, Tegra had BRL104 million of total debt due in 2020 and
BRL176 million in 2021, of which BRL71 million and BRL138 million,
respectively, are related to corporate debt. In 2019, Tegra
received BRL370 million of new intercompany loans from BAM, and
BRL180 million of capital increase during the first quarter of
2020. In 2019, BAM also capitalized about BRL2.2 billion of
intercompany loans, reducing total adjusted debt to BRL2.3 billion
in December 2019, from BRL3.4 billion in December 2018. Fitch
expects BAM to continue to provide financial support to the
company.

As of Dec. 31, 2019, Tegra's total adjusted debt consisted of
intercompany loans (BRL1.3 billion), debentures (BRL470 million),
credit lines from SFH (BRL203 million), working capital (BRL90
million), Real Estate Certificates Deposits (BRL186 million) and
off-balance sheet debt that Tegra guarantees (BRL70 million).

SUMMARY OF FINANCIAL ADJUSTMENTS

  -- Fitch excludes financial expenses allocated in the costs from
EBITDA calculation.

  -- Fitch excluded the impact of intercompany loans from CFFO.

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

Tegra's rating is linked to Brookfield Asset Management's rating.

ESG CONSIDERATIONS

Tegra Incorporadora S.A.: 4.2; Management Strategy: 4

Tegra has an ESG Relevance Score of 4 for GEX - Operational
Execution due to below-average execution of strategy that has
contributed in the past to a high level of sales cancellations,
project delays, and excess costs, which has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors.

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



===========================
C A Y M A N   I S L A N D S
===========================

LATAM WALKERS 2006-101: Fitch Cuts CLP UF-Adjusted Notes to 'B+sf'
------------------------------------------------------------------
Fitch Ratings has downgraded Latam Walkers Cayman Trust 2006-101 as
follows:

  -- CLP5,348,000,000 CLP UF-Adjusted notes to 'B+sf' from
'BB-sf';

The Rating Outlook has been maintained at Negative.

Latam Walkers Cayman Trust 2006-101  
     
  -- Series 2006-101 XS0272088781; LT B+sf; Downgrade

KEY RATING DRIVERS

The rating action follows Fitch's downgrade of the reference entity
Petroleos Mexicanos. On April 3, 2020, Fitch downgraded PEMEX to
'BB' from 'BB+' and maintained the Negative Outlook. The rating
considers the credit quality of Bank of America Corporation as
issuer of the qualified investment and the swap counterparty. The
rating also considers the Issuer Default Rating of the reference
entity, PEMEX, which is subject to restructuring as a credit event.
Therefore, as a result of the credit-linked note criteria,
"Single-and Multi-Name Credit-Linked Notes Rating Criteria," dated
Feb. 12, 2020, Fitch applied a one-notch downward adjustment to the
PEMEX rating to 'BB-'/Negative from 'BB'/Negative, prior to
applying the two-risk matrix. The Rating Outlook reflects the
Outlook on the main risk driver, PEMEX, which is the lowest rated
risk-presenting entity.

Coronavirus Impact: Fitch acknowledges the uncertainty and rapidly
evolving events related to the coronavirus pandemic and its impact
on global markets. This disruption may impact the ratings of the
risk-presenting entities.

RATING SENSITIVITIES

The rating of the CLN is directly linked to the credit quality of
the risk-presenting entities. A change in Fitch's assessment of the
credit quality of lowest rated risk-presenting entities would
automatically result in a change in the rating on the CLN.

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

Rating Scenarios Regarding PEMEX (assuming no change to the current
rating assigned to Bank of America Corp.):

  -- An upgrade of one notch would result in a rating upgrade of
the notes to 'BB-sf';

  -- An upgrade of two notches would result in a rating upgrade of
the notes to 'BBsf'.

Rating Scenarios Regarding Bank of America Corp. (assuming no
change to the current rating assigned PEMEX):

  -- An upgrade of one notch would result in a rating upgrade of
the notes to 'BB-sf';

  -- An upgrade of two notches would result in a rating upgrade of
the notes to 'BB-sf';

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

Rating Scenarios Regarding PEMEX (assuming no change to the current
rating assigned to Bank of America Corp.):

  -- A downgrade of one notch would result in a rating downgrade of
the notes to 'Bsf';

  -- A downgrade of two notches would result in a rating downgrade
of the notes to 'B-sf'.

Rating Scenarios Regarding Bank of America Corp. (assuming no
change to the current rating assigned PEMEX):

  -- A downgrade of one notch would have no impact on the current
rating of the notes;

  -- A downgrade of two notches would have no impact on the current
rating of the notes.

BEST/WORST CASE RATING SCENARIO

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

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

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

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

The rating of the CLN is directly linked to the credit quality of
the risk-presenting entities. A change in Fitch's assessment of the
credit quality of lowest rated risk-presenting entities would
automatically result in a change in the rating on the CLN.



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

ECUADOR: Fitch Cuts LT IDR to C on Imminent Sovereign Default
-------------------------------------------------------------
Fitch Ratings Downgrades Ecuador's Long-Term Foreign Currency
Issuer Default Rating to 'C' from 'CC'.

KEY RATING DRIVERS

The 'C' rating reflects Fitch's view that a sovereign default of
some kind is imminent following the "consent solicitation" made by
the Ecuadorian government to defer external bond payments while it
pursues a comprehensive restructuring. A deferment in payments, if
agreed to by bondholders, would constitute a distressed debt
exchange in Fitch's view. If such agreement is not reached, the
risk of a missed debt payment is high. Ecuador is currently using a
30-day grace period on two coupon payments, the first of which will
expire in late April. Both scenarios would constitute an event of
default under Fitch's Sovereign Rating Criteria.

On April 8, the government of Ecuador submitted a "commencement of
consent solicitations" to holders of 10 global bonds, requesting
deferral of scheduled interest payments totaling over USD800
million until Aug. 15. The authorities have made this request in
order to achieve cash flow relief that could better enable them to
attend to the health and economic crisis stemming from the
coronavirus pandemic. They have also indicated that they intend to
use this four-month standstill period to pursue a comprehensive
debt restructuring to ensure debt sustainability.

Fitch deems this formal request to be the initiation of a
default-like process, consistent with a 'C' rating. Should
majorities of creditors agree to the request at the thresholds
specified in collective action clauses (CACs), the payment
standstill would constitute a DDE under Fitch's criteria given that
it entails a material reduction in terms and is needed to avoid an
outright default. Should creditors not agree to the request, the
risk of a missed interest payment is high.

Fitch is also downgrading the ratings on Ecuador's senior unsecured
foreign-currency bonds included in the "consent solicitation" to
'C' from 'CC'. This includes all of the bonds rated by Fitch with
the exception of two that are not subject to the solicitation
(XS0055571789, XS0055572084) and are being affirmed at 'CC'.

The sovereign's liquidity position is exceptionally tight, and
social and political pressure for relief from external debt service
in order to attend to the domestic crisis has grown considerably.
Incentives to seek relief on external debt repayment may also build
in order to mitigate risks to the dollarization regime. Central
bank international reserves fell below USD2 billion at end-March
and cover 43% of the reserve requirements of financial
institutions, the lowest levels in the past two decades of
dollarization. Fitch downgraded Ecuador's rating to 'CC' on March
24 to indicate probable default of some kind as a result of these
pressures.

ESG - Governance: Ecuador has an ESG Relevance Score (RS) of 5 for
both Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. Theses scores reflect the high
weight that the World Bank Governance Indicators (WBGI) has in its
proprietary Sovereign Rating Model. Ecuador has a low WBGI ranking
at the 35th percentile, reflecting the absence of a recent track
record of peaceful political transitions, balancing weak control of
corruption, rule of law and regulatory quality with somewhat better
(albeit below-average) political stability, government
effectiveness and voice and accountability.

ESG - Creditor Rights: Ecuador has an ESG Relevance Score (RS) of 5
for Creditor Rights as willingness to service and repay debt is
highly relevant to the rating and is a key rating driver with a
high weight. Ecuador has defaulted on its commercial debt
obligations repeatedly in the past, and the current rating action
taken on Ecuador reflects Fitch's view that another default event
is imminent.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

In accordance with its rating criteria, Fitch's sovereign rating
committee has not utilized the SRM and QO to explain the ratings,
which are instead guided by the ratings definitions.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centered
averages, including one year of forecasts, to produce a score
equivalent to a Long-Term Foreign Currency IDR. Fitch's QO is a
forward-looking qualitative framework designed to allow for
adjustment to the SRM output to assign the final rating, reflecting
factors within Fitch's criteria that are not fully quantifiable
and/or not fully reflected in the SRM.

RATING SENSITIVITIES

The main factors that may, individually or collectively, lead to
positive rating action/upgrade are: - Payment of pending coupon
payments within stipulated grace periods and sustained alleviation
of sovereign financing constraints that would enable timely payment
of upcoming debt repayments.

The main factors that may, individually or collectively, lead to a
negative rating action/downgrade are: - Acceptance by creditors of
the proposed standstill in debt repayment, or any other proposal
that entails a material reduction in terms and a DDE.

  - Failure to make payment on coupon payments within stipulated
grace periods.

BEST/WORST CASE RATING SCENARIO

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

KEY ASSUMPTIONS

Fitch projects global Brent prices to average USD35/barrel in 2020
and USD45/barrel in 2021, in line with the baseline assumption set
out in the April 2020 Global Economic Outlook (GEO) COVID-19 Crisis
Update.

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

Ecuador has an ESG Relevance Score of 5 for Political Stability and
Rights as World Bank Governance Indicators have the highest weight
in Fitch's SRM and are highly relevant to the rating and a key
rating driver with a high weight.

Ecuador has an ESG Relevance Score of 5 for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight.

Ecuador has an ESG Relevance Score of 5 for Creditor Rights as
willingness to service and repay debt is highly relevant to the
rating and is a key rating driver with a high weight. Ecuador has
defaulted on its commercial debt obligations repeatedly in the
past, and the current rating action taken on Ecuador reflects
Fitch's view that another default event is imminent.

Ecuador has an ESG Relevance Score of 4 for Human Rights and
Political Freedoms as strong social stability and voice and
accountability are reflected in the World Bank Governance
Indicators that have the highest weight in the SRM. They are
relevant to the rating and a rating driver.

Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact on the
entity(ies), either due to their nature or to the way in which they
are being managed by the entity(ies).

ECUADOR: S&P Lowers Sovereign Credit Ratings to 'SD/SD'
-------------------------------------------------------
On April 13, 2020, S&P Global Ratings lowered its long- and
short-term sovereign credit ratings on Ecuador to 'SD/SD' from
'CCC-/C'. S&P removed the ratings from CreditWatch, where it had
placed them with negative implications on March 25, 2020.

S&P also took the following rating actions:

-- S&P lowered the issue ratings on the global 2022, 2025, and
2030 bonds with coupons due March 27 to 'D' from 'CCC-'.

-- S&P lowered the issue ratings on the global 2023, 2024, 2026,
June and October 2027, 2028, and 2029 bonds to 'CC' from 'CCC-'
because these are the remaining bonds included in the consent
solicitation for a delay in interest payments.

-- S&P removed all of these 10 issue ratings from CreditWatch with
negative implications.

-- S&P affirmed its transfer and convertibility assessment at
'CCC-'.

Outlook

S&P said, "We do not assign outlooks to 'SD' (selective default) or
'D' (default) ratings because they express a condition and not a
forward-looking opinion of default probability.

"We could lower the ratings on the remaining seven rated global
bonds noted above to 'D' from 'CC' should the required bondholders
consent to the solicitation agreement, indicating timely interest
will not be made. Should the required conditions of the consent
solicitation not be met, the 'CC' ratings on these issues could be
lowered to 'D' when a missed coupon payment occurs or the
government signals it will not pay the coupons.

"Only upon completion of any formal bond restructuring process,
which we would characterize as a distressed exchange under our
methodology, will we raise the sovereign issuer credit and issue
ratings on the individual bonds from 'SD' and 'D', respectively.
Those ratings would reflect Ecuador's post-exchange
creditworthiness, considering the resulting debt burden and
agreement with the International Monetary Fund (IMF), as well as
policy prospects under the Moreno and next administration (with
national elections scheduled in 2021). Our post-restructuring
ratings tend to be in the 'CCC' or low 'B' category, depending on
the sovereign's new debt structure and capacity to support that
debt."

Rationale

Ecuador's already large budgetary financing needs have been
exacerbated by the plunge in global oil prices and the negative
global economic impact of the COVID-19 pandemic. The country is one
of the worst affected by the virus outbreak in the region.
Liquidity pressures are mounting in response to the health care and
economic crisis as the government faces loss of access to markets
and Congress' opposition to debt repayments.

On April 8, Ecuador announced it started two solicitations of
consent with bondholders to provide short-term relief on various
global bonds while it engages with investors to reprofile its debt
and negotiate a new agreement with the IMF.

The proposed modifications would affect 10 global bonds and defer
until mid-August 2020 the payment of over $800 million in interest
due between March 27 and July 15, 2020. In addition, they would cut
the interest amount of the first originally scheduled payment by
US$0.5 for each US$1,000 principal amount. These modifications
would become effective should majorities of creditors agree to the
request at the thresholds specified in the bonds' collection action
clauses. The expiration time for the consent solicitation is April
17, 2020. If the majorities of investors agree to the request, S&P
would likely treat the solicitation of consent as a distressed
exchange, given the nature of the request amid stressed financing
conditions and limited options for bondholders.

The consent solicitations follow Ecuador's missed interest payment
on March 27 of its 2022, 2025, and 2030 bonds (totaling about
US$240 million). In our opinion, if bondholders do not agree to the
proposal, the government will not make the payment in the stated
grace period (in this case, 30 days). Therefore, S&P assigns
Ecuador an issuer credit rating of 'SD/SD' under its criteria and
lower the ratings on these three bonds to 'D'.

The consent solicitation includes a new IMF program by August 2020
as part of its conditionality, thus demonstrating commitment to the
plan from both Ecuador and the IMF. The administration has complied
with key aspects of the Extended Fund Facility program, initiated
in March 2019, notwithstanding the political complexities of doing
so. A new funded program from the IMF could provide a policy anchor
and encourage other international institutions' financial support.
In the near term, the IMF is expected to agree to grant Ecuador
access to the Rapid Financing Instrument.

S&P said, "Once the restructuring process is completed, we are
likely to review the 'SD' rating. We will consider raising the
rating from 'SD' at the resolution of the default or distressed
exchange--that is, once the offer has been completed and the
government resumes debt payments according to new terms and
conditions.

"Depending on the conditions of the prospective new IMF program,
the outcome of negotiations between Ecuador and bondholders, and
the country's economic, external, and fiscal metrics following the
COVID-19 shock, we would likely raise the rating on the government
to the high 'CCC' or low 'B' category upon resolution of the
default.

"Our ratings on Ecuador are constrained by elevated financing
needs, external vulnerabilities, weak institutions, relatively low
wealth levels, and lack of monetary and exchange rate flexibility."
With weak domestic capital markets, Ecuador's rating trajectory
depends on its access to official and external commercial financing
to cover the government's financing needs and support foreign
exchange reserves.

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

-- Health and safety


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

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

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

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

  Ratings List
  
  Downgraded; CreditWatch/Outlook Action  
                               To           From
  Ecuador
  Sovereign Credit Rating SD/SD    CCC-/Watch Neg/C

  Ecuador
   Senior Unsecured            CC      CCC-/Watch Neg
   Senior Unsecured            D       CCC-/Watch Neg
   
  Ratings Affirmed  
  
  Ecuador
   Transfer & Convertibility Assessment  
   Local Currency             CCC-




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

[*] Fitch Takes Action on Guatemalan Banks on Sovereign Downgrade
-----------------------------------------------------------------
Fitch Ratings has taken various negative rating actions on five
Guatemalan banks and three foreign related-companies following the
downgrade of Guatemala's sovereign rating to 'BB-' from 'BB' and
the downgrade of the country ceiling to 'BB' from 'BB+'.

Fitch has downgraded the foreign currency long-term Issuer Default
Rating of Banco Agromercantil de Guatemala, S.A. to 'BB' from 'BB+'
as it is constrained by the Guatemalan country ceiling; its Outlook
was revised to Stable from Negative. In turn, the downgrade of the
bank's Local Currency IDRs to 'BB+' from 'BBB-' is consistent with
a maximum uplift of two notches above the sovereign rating; its
Outlook remains Negative in line with the its parent's ratings.
BAM's Viability Rating was downgraded to 'b+' from 'bb' given its
weaker financial profile compared to its peers, which provides it
with less intrinsic capacity to face the challenges of the current
coronavirus crisis, marked by an economic deceleration, commercial
activities disruption and a likely increase of unemployment. The
national ratings of the bank and its subsidiaries are unaffected.

Fitch also downgraded the Foreign and Local Currency Long-Term
Issuer Default Ratings of Banco Industrial, S.A. (Industrial),
Banco de Desarrollo Rural, S.A. (Banrural) and Banco G&T
Continental, S.A. (G&TC) to 'BB-' from 'BB' following sovereign
rating action, and their Viability Ratings to 'bb-' from 'bb'. The
downgrades maintain these ratings at the same level as the
sovereign rating. Fitch does not rate Guatemalan banks above the
sovereign rating based on their intrinsic credit profiles given the
high influence of the operating environment on the financial sector
and the banks' credit profiles.

Fitch revised the Outlook on Industrial's IDRs to Stable from
Negative and affirmed the bank and its subsidiaries' national
ratings with Outlook Stable considering Industrial's financial
profile to be more resilient to the deterioration of the operating
environment. In turn, the agency maintained the Negative Rating
Outlook of G&TC's IDRs and Banrural's IDRs and National ratings to
reflect the higher sensitivity of their financial profiles to
operating environment deterioration and the economic pressure
arising from the coronavirus pandemic.

The National ratings of Banrural and its subsidiary Financiera
Rural (Finrural) were downgraded as Fitch does not consider its
financial profile to be less sensitive to deterioration in the
operating environment compared to local peers. In turn, the
National ratings G&T and their local subsidiaries were affirmed and
the outlooks revised to Negative in accordance to the outlook of
G&TC's LC IDR. Banco de Desarrollo Rural Honduras, S.A. (Banrural
Honduras)'s National ratings were affirmed and outlook revised to
Negative from Stable, reflecting the Negative outlook of its parent
company.

Banco de los Trabajadores (Bantrab)'s Foreign and Local Currency
Long-Term IDRs were affirmed at 'BB-', Outlook revised to Negative
from Stable, VR affirmed at 'bb-', National ratings affirmed at
A-(gtm) and the Outlook was revised to Negative from Positive.
Financiera de los Trabajadores's (Fintrab) National ratings and
outlook mirror the rating actions of its parent's National ratings,
reflecting the sensitivity of its financial profile to the
deterioration of the operating environment due to the coronavirus
crisis.

Fitch has also downgraded the Support Ratings (SRs) and Support
Rating Floors of Industrial, Banrural and G&TC, while Bantrab's SR
and SRF were affirmed.

Fitch downgraded the national ratings for GTC Bank, Inc. (GTC) and
BI Bank, S.A. in Panama, as a result of their supporting companies'
downgrade given Fitch's view that these banks have a relatively
weaker creditworthiness compared with other issuers in Panama.

As part of this review, Fitch has also downgraded Industrial's
subordinated securities, which have been removed from the status of
"Under Criteria Observation" placed previously upon the release of
Fitch's latest Bank Rating Criteria.

KEY RATING DRIVERS

IDRs AND VRs

BAM

BAM's IDRs are rated above the sovereign to reflect potential
support from its shareholder Bancolombia, S.A. if required. The
bank's Foreign Currency IDR is rated at the country ceiling of
'BB', which captures transfer and convertibility risks, and the
local currency IDR is given the maximum uplift of two notches above
the sovereign rating, which in Fitch's opinion reflects the
moderate owner's commitment to its subsidiary. In the agency's
view, Bancolombia's propensity to provide support is highly
influenced by the huge reputational risk that BAM's potential
default would constitute to its parent, which could damage its
franchise. Although the relative size of this subsidiaries is small
compared to its shareholder, which theoretically facilitates
support if necessary, Fitch will closely monitor the ability of the
parent companies to support its subsidiaries.

A challenging operating environment and weaker financial
performance compared to its closest peers (large commercial banks
in Guatemala) influence BAM's VR. The VR also considers the bank's
moderate market position and the challenges to sustain its low
financial metrics in the current environment.

The national ratings of BAM are unaffected.

Industrial, Banrural, G&TC

Industrial, Banrural and G&TC's VR driven IDRs are rated at the
sovereign level. The downward revision of the country's growth
prospects related to the global coronavirus crisis as well as
heightened political tensions influence the business environment
and the local banks' performance which Fitch believes limit their
VRs. The three banks' VRs are highly influenced by the operating
environment and their strong local franchises.

Bantrab

Bantrab's IDRs and VR are mainly influenced by the challenging
operating environment and its company profile. In the agency's
opinion the operating environment will increase pressures on
overall economic growth, thus hindering the bank's potential for
growth, while the company profile is defined by a sound franchise
in consumer lending, second in the industry, and a competitive
position in product leadership for some target segments. Also,
stability in earnings from public sector employees is expected to
continue through the credit cycle.

SUPPORT RATING AND SUPPORT RATING FLOOR

BAM's SR of '3' reflects a moderate probability of support from
Bancolombia's, if needed.

Industrial, Banrural and G&TC's SRs of '4' reflect Fitch's opinion
about the limited probability of extraordinary support that the
banks will receive from the sovereign, if needed. Fitch's
assessment of support is based on the sovereign ability to provide
support, as reflected in its rating and the small relative size of
the banking system. The SRs also reflect the banks' deposit-based
funding structure and systemic importance in Guatemala.

Industrial, G&TC and Banrural's SRFs are one notch below the
sovereign rating of Guatemala and according to Fitch's criteria,
indicate the minimum level to which the entity's Long-Term IDR
could fall as long as Fitch's assessment of the support factors
does not change.

Bantrab's SR and SRF remain at their current levels of '5' and
'NF', respectively. Guatemala's propensity or ability to provide
timely support to Bantrab is not likely to change given the bank's
low systemic importance.

SENIOR DEBT, SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Industrial Senior Trust Notes ratings are in line with their banks'
VR, reflecting that the senior unsecured obligations rank equally
to the banks unsecured and unsubordinated obligations,
respectively.

Industrial's subordinated Tier I capital (IST- I) notes are rated
four notches below the bank's VR given its deep subordination
status and discretionary coupon omission.

Industrial Subordinated Trust's (ISbT) Notes, a special issuance
vehicle of Industrial, are removed from Under Criteria Observation
and downgraded to B, two notches below Industrial's VR, reflecting
the subordinated status, ranking junior to all Industrial's present
and future senior indebtedness, pari passu with all other unsecured
subordinated debt and senior to Industrial's capital and tier I
hybrid securities.

Bantrab Senior Trust (BST) ratings were affirmed at 'BB-'.
Bantrab's Senior Trust's (BST) seven-year U.S.-dollar loan
participation notes' rating is in line with Bantrab's VR,
reflecting that the senior unsecured obligations rank equally with
the bank's unsecured and unsubordinated obligations.

SUBSIDIARIES AND AFFILIATED COMPANIES

BIBANK

BIBank's National Ratings in Panama reflect the potential support
from its sister company, Industrial through their holding company
Bicapital Corporation. Its support assessment considers with a high
importance that a default would constitute high reputational risk
to its parent and to Industrial.

WESTRUST BANK, CONTECNICA AND FINANCIERA INDUSTRIAL

The national ratings of Industrial's subsidiaries in Guatemala:
Westrust Bank, Contecnica and Financiera Industrial, are aligned
with Industrial's national ratings. The national ratings of the
subsidiaries reflect Fitch's assessment of the potential support
they would receive from Industrial, if necessary.

Banco del Pais

Banco del Pais' National Scale ratings in Honduras were unaffected
by Industrial's rating action as Fitch's opinion about its capacity
to provide support relative to other local entities remains
unchanged.

FINANCIERA G&TC, CONTICREDIT AND GTC

Fin G&TC, Conticredit and GTC's Guatemalan National Scale Ratings
and GTC's Panamanian National Ratings reflect the potential support
from its parent G&TC. Fitch's assessment of support considers its
relevant role within the group's strategy and that a default would
constitute a very high reputational risk to its parent.
Conticredit's senior unsecured national scale ratings were affirmed
and remain aligned to the national ratings of their issuer.

GTC

GTC Bank Inc.'s, Panamanian National Scale Ratings' reflect the
potential support from its parent G&TC. Fitch's assessment of
support considers its relevant role within the group's strategy and
that a default would constitute a very high reputational risk to
its parent.

Banrural Honduras

Banrural Honduras ratings are driven by the potential support it
would receive from its parent Banrural, from Guatemala, if
required. Banrural has high capacity and propensity to support its
Honduran subsidiary. Fitch considers that support relies mostly
upon the potential impact that a default could cause to parent's
reputation, since the Honduran subsidiary is the first and only
foreign subsidiary, which has the same branding.

FINANCIERA DE LOS TRABAJADORES

Fintrab's National Ratings are underpinned by institutional support
it would likely receive from its shareholder, Bantrab. Fitch's
opinion of support is based on the significant reputational risk
that a default would pose to Bantrab. As a result, Fintrab's
national ratings are aligned with Bantrab's credit profile.

RATING SENSITIVITIES

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

INDUSTRIAL, BANRURAL, BANTRAB, G&TC, BAM, and their issuances and
subsidiaries

  -- The IDRs and National ratings of Industrial and its
subsidiaries, its issuances (IST-I, ISnT) and Agromercantil have
limited upside potential given the current sovereign rating,
country ceiling and broader operating environment.

  -- Industrial and BAM's IDR and VRs, could be upgraded in the
event of an upgrade of Guatemala's sovereign rating and improvement
of the operating environment.

  -- There is limited upside potential given that ratings are at
the sovereign level. Banrural, G&TC and Bantrab IDRs and National
Ratings could be affirmed, and their Negative Outlooks revised to
Stable, if the impact of the economic disruption from the
coronavirus outbreak does not result in significant deterioration
on its financial metrics, especially in terms of asset quality and
earnings and profitability.

  -- The rating outlooks of Finrural, Banrural Honduras, G&T
Conticredit, Financiera G&T Continental, GTC Bank and Fintrab's
could be revised to Stable if the ratings outlooks of their
respective parent companies' rating outlooks are revised to Stable
from Negative.

SUPPORT RATINGS and SUPPORT RATING FLOOR

  -- Industrial, G&TC and Banrural's SR and SRF and BAM's SR could
be upgraded in the event of an upgrade of Guatemala's sovereign
rating and improvement of the operating environment. There is
limited upside potential for Bantrab's SR due to low systemic
significance and non-material government ownership.

SENIOR DEBT, SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

  -- IST-I, ISnT and ISbT's ratings would be upgraded if
Industrial's VR is upgraded.

  -- Bantrab Senior Trust ratings would be upgraded if Bantrab's VR
is upgraded.

  -- Conticredit's senior unsecured debt would be upgraded in case
of positive rating actions on Conticredit's National ratings.

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

INDUSTRIAL, BANRURAL, BANTRAB, G&TC, BAM and their subsidiaries

  -- Banrural, G&TC, Bantrab's ratings could be downgraded if the
deterioration of the financial profile of these entities caused by
the pandemic turns out to be significantly more important than
anticipated.

  -- Ratings are also sensitive to a downgrade of the sovereign
rating.

Industrial and BAM 's ratings are sensitive to a downgrade of the
sovereign rating and country ceiling.

  -- Industrial's IDRs and VR would be downgraded if sustain a
deterioration in its asset quality and financial performance that
drives its FCC ratio to a level consistently below 9%.

  -- Banrural's IDRs and VR would be downgraded if its operating
profit to RWAs decline to a level below 2%, along with a decline in
capitalization (FCC/RWA close to 12%).

  -- G&TC's IDRs and VR would also be downgraded in a scenario of a
significant deterioration of asset quality which increases the
bank's impairment levels, and results in a sustained decline in the
bank's operating profits to risk weighted assets ratio consistently
below 1% and FCC ratio below 9%.

  -- The rating outlooks of Finrural, Banrural Honduras, G&T
Conticredit, Financiera G&T Continental, GTC Bank and Fintrab's
could be revised to Stable if the ratings outlooks of their
respective parent companies' rating outlooks are revised to Stable
from Negative.

  -- BAM's VR could be downgraded in a scenario of a material
deterioration in the local operating environment that reduce its
operating profit to RWA metric below 1% and/or the Fitch Core
Capital ratio consistently falls below 9%.

  -- The national ratings of Finrural, Banrural Honduras, G&T
Conticredit, Financiera G&T Continental, GTC Bank and Fintrab's
could be downgraded if the ratings of their respective parent
companies' rating are downgraded.

SUPPORT RATINGS and SUPPORT RATING FLOOR

Industrial, G&TC and Banrural's SR and SRF and BAM's SR could be
downgraded in the event of a downgrade of Guatemala's sovereign
rating and reflecting a weaker operating environment. No downside
potential for Bantrab's SR and SRF since they are at the lowest
level of the scale.

SENIOR DEBT, SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

  -- IST-I, ISnT and ISbT's ratings would be downgraded if
Industrial's VR is downgraded.

  -- Bantrab Senior Trust ratings would be downgraded if Bantrab's
VR is downgraded.

  -- Conticredit's senior unsecured debt would be downgraded in
case of negative rating actions on Conticredit's National ratings.

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

BAM's ratings are support driven by its shareholder Bancolombia,
S.A.

The ratings of the subsidiaries of Banco Industrial: Contecnica,
Westrust, BI Bank and Financiera Industrial are driven by support
from Banco Industrial; while the ratings of the special purpose
vehicles Industrial Senior Trust and Industrial Subordinated Trust
are linked to the rating of Banco Industrial.

The ratings of the subsidiaries of Banco G&T: FINANCIERA G&TC,
CONTICREDIT AND GTC are driven by support from Banco G&T.

Financiera de los Trabajadores' ratings are support-driven by Banco
de los Trabajadores' ratings. the ratings of the special purpose
vehicles Bantrab Senior Trust are linked to the ratings of
Bantrab.

Financiera Rural, S.A and Banrural Honduras' ratings are
support-driven by Banrural.

ESG CONSIDERATIONS

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

Bantrab has an ESG Relevance Score of 4 for Management Strategy
which indicates that its strategy, while evolving positively, is
still considered exposed to operational implementation risks.

Bantrab has an ESG Relevance Score of 4 for Governance Structure
since Fitch expects the relatively recent consolidation of the
corporate governance framework to be proven effective in the
foreseeable future, namely board independence and effectiveness.

Banco Industrial, S.A.

  - LT IDR BB-; Downgrade

  - ST IDR B; Affirmed

  - LC LT IDR BB-; Downgrade

  - LC ST IDR B; Affirmed

  - Natl LT AA(gtm); Affirmed

  - Natl ST F1+(gtm); Affirmed

  - Viability bb-; Downgrade

  - Support 4; Downgrade

  - Support Floor B+; Support Rating Floor Revision

  - Subordinated; LT CCC+; Downgrade

G&T Conticredit, S.A.

  - Natl LT AA-(gtm); Affirmed

  - Natl ST F1+(gtm); Affirmed

  - senior unsecured; Natl LT AA-(gtm); Affirmed

  - senior unsecured; Natl ST F1+(gtm); Affirmed

Banco de Desarrollo Rural, S.A.

  - LT IDR BB-; Downgrade

  - ST IDR B; Affirmed

  - LC LT IDR BB-; Downgrade

  - LC ST IDR B; Affirmed

  - Natl LT AA(gtm); Downgrade

  - Natl ST F1+(gtm); Affirmed

  - Viability bb-; Downgrade

  - Support 4; Downgrade

  - Support Floor B+; Support Rating Floor Revision

Industrial Senior Trust       

  - Senior unsecured; LT BB-; Downgrade

Financiera de los Trabajadores, S.A.

  - Natl LT A-(gtm); Affirmed

  - Natl ST F2(gtm); Affirmed

Financiera G &T Continental, S.A.

  - Natl LT AA-(gtm); Affirmed

  - Natl ST F1+(gtm); Affirmed

Westrust Bank (International) Limited

  - Natl LT AA(gtm); Affirmed

  - Natl ST F1+(gtm); Affirmed

GTC Bank, Inc. (Panama)

  - Natl LT A-(pan); Downgrade

  - Natl ST F1(pan); Affirmed

Bantrab Senior Trust       

  - Senior unsecured; LT BB-; Affirmed

BI Bank, S.A.

  - Natl LT BBB+(pan); Downgrade

  - Natl ST F1(pan); Affirmed

Banco Agromercantil de Guatemala S.A.

  - LT IDR BB; Downgrade

  - ST IDR B; Affirmed

  - LC LT IDR BB+; Downgrade

  - LC ST IDR B; Downgrade

  - Viability b+; Downgrade

  - Support 3; Affirmed

Contecnica S.A.

  - Natl LT AA(gtm); Affirmed

  - Natl ST F1+(gtm); Affirmed

Financiera Rural, S.A Natl

  - LT AA(gtm); Downgrade

  - Natl ST F1+(gtm); Affirmed

GTC Bank, Inc. (Guatemala)

  - Natl LT AA-(gtm); Affirmed

  - Natl ST F1+(gtm); Affirmed

Industrial Subordinated Trust       

  - Subordinated; LT B; Downgrade

Financiera Industrial, S.A.

  - Natl LT AA(gtm); Affirmed

  - Natl ST F1+(gtm); Affirmed

Banco de Desarrollo Rural Honduras, S.A.

  - Natl LT AA(hnd); Affirmed

  - Natl ST F1+(hnd); Affirmed

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

Banco de los Trabajadores

  - LT IDR BB-; Affirmed

  - ST IDR B; Affirmed

  - LC LT IDR BB-; Affirmed

  - LC ST IDR B; Affirmed

  - Natl LT A-(gtm); Affirmed

  - Natl ST F2(gtm); Affirmed

  - Viability bb-; Affirmed

  - Support 5; Affirmed

  - Support Floor NF; Affirmed

Banco G&T Continental S.A.

  - LT IDR BB-; Downgrade

  - ST IDR B; Affirmed

  - LC LT IDR BB-; Downgrade

  - LC ST IDR B; Affirmed

  - Natl LT AA-(gtm); Affirmed

  - Natl ST F1+(gtm); Affirmed

  - Viability bb-; Downgrade

  - Support 4; Downgrade

  - Support Floor B+; Support Rating Floor Revision



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

METALSA SA: S&P Affirms BB+ Rating, Outlook Stable
--------------------------------------------------
On April 13, 2020, S&P Global Ratings affirmed ratings and kept the
outlook stable on two Mexican auto suppliers, Metalsa S.A. de C.V.
(global scale: BB+/Stable/--) and Nemak S.A.B. de C.V.
(BB+/Stable/-- and national scale: mxAA-/Stable/--).

The economic impact from the COVID-19 pandemic poses significant
downside risks to the global auto industry, and it has already
triggered dozens of negative ratings actions among the sector's
rated players.

S&P expects Mexican auto suppliers' ample leverage headroom to
withstand the original equipment manufacturers' (OEMs') plant
closures in response to the pandemic and the drop in global
demand.

S&P projects these auto supplier companies' key credit metrics will
remain well in line with our credit guidelines while their
liquidity positions to remain sound in 2020.

Rating affirmations reflect S&P views that the companies currently
have high financial flexibility and healthy liquidity to cope with
the downside risks that the COVID-19 pandemic poses.

As of Dec. 31, 2019, Metalsa maintained debt to EBITDA below 1.5x,
and S&P previously expected the company to remain in line with this
leverage assessment through 2021. On the other hand, Nemak posted
debt to EBITDA close to 2.0x and it's likely remain stable for the
next two years.

MEXICO: Egan-Jones Lowers Senior Unsecured Debt Ratings to B
------------------------------------------------------------
Egan-Jones Ratings Company, on March 30, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Mexico to B from BB-. EJR also downgraded the rating
on commercial paper issued by the Company to B from A3.

Mexico, officially the United Mexican States, is a country in the
southern portion of North America. It is bordered to the north by
the United States; to the south and west by the Pacific Ocean; to
the southeast by Guatemala, Belize, and the Caribbean Sea; and to
the east by the Gulf of Mexico.




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

COPA HOLDINGS: Ernst & Young Ltd. Corp. Raises Going Concern Doubt
------------------------------------------------------------------
Copa Holdings, S.A. filed with the U.S. Securities and Exchange
Commission its annual report on Form 20-F, disclosing a net profit
of $247,002,000 on $2,707,408,000 of revenue for the year ended
Dec. 31, 2019, compared to a net profit of $88,198,000 on
$2,677,627,000 of revenue for the year ended in 2018.

The audit report of Ernst & Young Limited Corp. states that as a
result of the effects of COVID-19 global pandemic in March 2020,
the Company and the entire aviation industry began to experience a
significant drop in the demand for air travel, as evidenced by a
significant reduction in forward sales over the next few months.
In addition, several countries have either prohibited flights to
their countries or imposed significant travel restrictions.  On
March 19, 2020, the Republic of Panama suspended all international
passenger fights in Tocumen International Airport, where the
Company's hub is located, for a period of 30 days in response to
the virus.  As a result of the government's decision, the Company
was compelled to suspend all its operations in the near term.
These actions, which are largely outside the control of the
Company, raise substantial doubt about the Company's ability to
continue as a going concern.  In response, the Company has accessed
additional sources of liquidity, deferred capital expenditures, and
is seeking various vendor relief.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $4,357,378,000, total liabilities of $2,422,472,000, and
$1,934,906,000 in total equity.

A copy of the Form 20-F is available at:

                       https://is.gd/4lOgoW

Copa Holdings, S.A., through its subsidiaries, provides airline
passenger and cargo services. The company offers flights to 80
destinations in 33 countries in North, Central, and South America,
as well as the Caribbean. Copa Holdings, S.A. was founded in 1947
and is based in Panama City, Panama.




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

NEW ENERGY: Has Until April 30 to Exclusively File Chapter 11 Plan
------------------------------------------------------------------
Bankruptcy Judge Enrique Lamoutte extended to April 30 the
exclusive period for New Energy Consultants & Contractors LLC to
file its Chapter 11 plan of reorganization and disclosure
statement.

NECC sought exclusivity extension to allow conclusion of its
ongoing negotiations with Sunrun and AEE Solar. At the same time,
the company had to reassess the need of the capital contribution by
way of new value that will be requested from its members. As a
matter of fact, a meeting of the members will be held early in the
month of April 2020. The result of such negotiations will be
instrumental to the plan to be filed.  

In addition, NECC had to re-evaluate the financial consequences
caused by the unprecedented lockdown caused by the COVID-19
pandemic, as well as its impact in the cash flow and the
projections that form an integral part of the projections to be
included in the disclosure statement.

NECC is confident that it can conclude the negotiations and be able
to file a disclosure statement and plan of reorganization by April
30.

                    About New Energy Consultants

New Energy Consultants & Contractors LLC is a Puerto Rican company
with a mission to serve residential and commercial renewable energy
markets.

New Energy Consultants filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 19-05891) on Oct. 10, 2019. In the petition signed by
Yolanda Gonzalez Gomez, chief financial officer and chief
restructuring officer, the Debtor estimated $50,000 in assets and
$10 million to $50 million in liabilities.  Judge Enrique S.
Lamoutte Inclan oversees the case.

Jose F. Cardona Jimenez, Esq., at Cardona Jimenez Law Offices, PSC,
is the Debtor's legal counsel.

POPULAR INC: Fitch Affirms LT IDR at BB, Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed Popular Inc.'s Long-Term Issuer Default
Rating at 'BB'. The Rating Outlook remains Stable.

While the ultimate economic implications of the coronavirus
pandemic are unclear and the risk to banks' financial profiles is
clearly skewed to the downside, Fitch believes these risks are
already captured in BPOP's current ratings levels. In addition,
fiscal, monetary and liquidity programs launched by U.S. federal
government are expected to mitigate the full effect on banks'
financial performance. Although asset quality and earnings may be
challenged over the Outlook Horizon, Fitch believes BPOP is
entering this stress period from a position of relative strength.

KEY RATING DRIVERS

IDRs and VRs and Senior Debt

Fitch expects that the coronavirus pandemic and associated
lockdowns in Puerto Rico will have a negative impact on the
island's economic activity in the near term. However, Fitch expects
Puerto Rico's reliance on federal transfer payments, fiscal
stimulus programs enacted by the federal government, and lower
energy prices to provide support for Puerto Rico's economy. As a
result, Puerto Rico's economy may be less impacted than the U.S.
mainland as a result of the coronavirus pandemic.

BPOP's ratings continue to be constrained by a challenging and
uncertain operating environment in Puerto Rico over the longer
term. Fitch expects that federal aid from the federal government
and rebuilding efforts will have a positive medium-term impact on
the island's economy. Additionally, Fitch believes the size of the
aid package outweighs some of the uncertainty around the timing and
amount of federal aid that will Puerto Rico will ultimately
receive. The latest approved fiscal plan from the Government of
Puerto Rico estimates total aid of approximately $82 billion
consisting of federal aid and insurance proceeds over a 15-year
time period. Longer-term prospects for the island's economy,
outside of the current Outlook horizon, depend heavily on the
effectiveness of fiscal and structural reforms.

BPOP's risk appetite is in line with its current rating level and
could limit upward rating potential for BPOP over the longer term.
Positively, BPOP has meaningfully reduced its exposure to
construction and commercial loans to SMEs in Puerto Rico over the
last several years, which were responsible for the vast majority of
BPOP's commercial net charge-offs on the island since the financial
crisis. However, BPOP has exhibited outsized growth in its U.S.
mainland CRE portfolio over the last several years. Fitch has
voiced concerns about outsized growth in CRE, particularly in
multifamily lending, due to weakening underwriting standards and
the risk stemming from overvaluation within the sector.

BPOP's financial profile has proven to be resilient despite the
challenging fiscal situation in Puerto Rico and damage stemming
from the hurricanes. Although BPOP's asset quality is weaker
relative to U.S. mainland banks, deterioration in asset quality
stemming from the hurricanes and fiscal challenges in Puerto Rico
has been minimal. Fitch expects that asset quality metrics will
likely deteriorate in the near term, with the ultimate impact on
credit losses will depend heavily on the severity and duration of
the negative economic impact of the coronavirus pandemic, and to
what degree fiscal interventions by the U.S. federal government are
able to mitigate the impact on businesses and consumers.

BPOP's capital ratios remain a rating strength and should provide
an adequate buffer to potential losses stemming from credit quality
deterioration. BPOP's CET1 ratio stood at 17.8% at YE 2019, up from
16.4% from the prior year, and is among the highest in Fitch's
rated universe in the U.S. Fitch views the company's higher capital
ratios as prudent and supportive of ratings and expects that
capital ratios may come down modestly from current levels over the
next few years through increased shareholder returns.

BPOP's earnings have been relatively stable in recent quarters and
should provide a good buffer against potential credit quality
deterioration. Fitch still expects that earnings could face
headwinds due to lower interest rates and increased provision
expenses as a result of the coronavirus pandemic.

BPOP has a solid funding profile driven by its leading deposit
franchise in Puerto Rico and a favorable loan-to-deposit ratio. The
company's loan-to-deposit ratio has decreased over the past couple
of years to 63% at YE 2019 driven in part by weak organic loan
demand in Puerto Rico and an influx of public sector deposits that
are collateralized by high quality liquid securities.

LONG- AND SHORT-TERM DEPOSIT RATINGS

Long-term deposits at BPOP's subsidiary banks are rated one notch
higher than BPOP's Long-Term IDR because U.S. uninsured deposits
benefit from depositor preference. U.S. depositor preference gives
deposit liabilities superior recovery prospects in the event of
default.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

BPOP's hybrid capital instruments issued are notched down from the
company's Viability Rating in accordance with Fitch's assessment of
each instrument's respective non-performance and relative loss
severity risk profiles, which may vary considerably.

BPOP's preferred stock and trust preferred stock rating are rated
three notches below its VR in accordance with Fitch's assessment of
the instruments' non-performance and loss severity risk profiles
for issuers with VRs in the 'bb' category.

HOLDING COMPANY

BPOP has a bank holding company structure with the bank as the main
subsidiary. The company's IDRs and VRs are equalized with those of
the operating company and bank, reflecting its role as the bank
holding company, which is mandated in the U.S. to act as a source
of strength for its bank subsidiary. Double leverage is below 120%
for the BPOP parent company.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating of '5' and Support Ratings Floor of 'NF' reflect
Fitch's view that BPOP is not considered systemically important;
and therefore, the probability of support is unlikely. The IDRs and
VRs do not incorporate any support.

RATING SENSITIVITIES

IDRs and VRs and Senior Debt

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

Positive rating momentum could build over time if structural and
fiscal reforms in Puerto Rico result in stabilized and improved
demographic trends, economic growth and a more favorable business
climate. Positive rating pressure could develop should BPOP exhibit
a reduced risk appetite relative to current levels, particularly if
accompanied by stable capital levels.

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

A more prolonged coronavirus-related economic downturn or sustained
lockdown measures that result in a structurally weaker asset
quality and earnings performance would be negative for ratings.

BPOP's ratings would also be sensitive to changes in risk appetite
such that credit, market, or operational risk is likely to increase
over time from current levels. Negative rating pressure could
result from loan growth in excess of economic growth or increased
exposure to higher-risk loan types, particularly if accompanied by
materially weaker capital ratios. BPOP's ratings could be
negatively impacted if environmental factors such as severe weather
events that result in weaker demographic or economic growth trends
and/or sustained asset quality deterioration.

LONG- AND SHORT-TERM DEPOSIT RATINGS

The long-term deposit ratings of BPOP's subsidiary banks are
sensitive to changes in the company's Long-Term IDR. The short-term
deposit rating is sensitive to changes in the long-term deposit
rating and Fitch's assessment of BPOP's funding and liquidity
profile.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The ratings of hybrid securities are sensitive to any change in
BPOP's Long-Term IDR or to changes in BPOP's propensity to make
coupon payments that are permitted but not compulsory under the
instruments' documentation.

HOLDING COMPANY

If BPOP became undercapitalized or increased double leverage
significantly, Fitch could notch the holding company IDR and VR
down from the ratings of the bank subsidiary. Additionally, upward
momentum at the holding company could be limited should BPOP manage
its holding company liquidity more aggressively over time evidenced
by cash coverage of less than four quarters of required cash
outlays.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor are sensitive to
Fitch's assumption around capacity to procure extraordinary support
in case of need.

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

Popular, Inc.: 4; Exposure to Environmental Impacts: 4

BPOP has an ESG Relevance Score of 4 for Environmental Impacts as
the impact of Hurricanes Irma and Maria have complicated the
Commonwealth of Puerto Rico's efforts to reverse outward migration,
generate sustainable economic growth, and address its fiscal and
debt imbalances, which has a negative impact on the credit profile,
and is relevant to the rating in conjunction with other factors.



=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

TRINIDAD & TOBAGO: Imbert Projects Higher Budget Deficit for 2020
-----------------------------------------------------------------
Asha Javeed at Trinidad Express reports that Trinidad and Tobago
Finance Minister Colm Imbert estimates the 2020 budget deficit will
be about $11-$12 billion.

He made this disclosure even as he announced that revenue
collection for January to March was $3.6 billion, which was
$600-$700 million less than he expected, according to Trinidad
Express.

He estimated that 80 per cent of the revenue shortfall for T&T's
second quarter of the fiscal year was attributable to the energy
sector, the report notes.

But the minister said the Government's decision to introduce a
royalty-based tax regime on the production of both oil and natural
gas in the 2018 budget presentation prevented T&T's revenues from
being further battered by the decline in energy prices, the report
relates.

He said the fall off in oil prices affected collection in royalties
by $300 million and $300 million in corporation tax, the report
discloses.

At a press conference, Imbert was asked about the impact that
revenue collection could have on the overall budget, the report
relates.

On March 10, Imbert announced that the price on which the country's
2020 budget is based has been revised--the oil price is now pegged
at US$40 a barrel with a well head gas price of US$1.80 per mmbtu,
the report relays.

The adjustment was made because declining oil prices as a result of
the fallout between Saudi Arabia and Russia and the impact of
COVID-19 on the T&T economy, the report discloses.

With that revision, he had projected the country would realize a
revenue loss of $3.5 billion and the country's revenue which was
projected at $47.7 million would fall to $44.2 million, the report
relates.  To meet that $3.5 billion shortfall, Imbert said that the
Government would look at borrowings, drawdowns from the country's
Heritage and Stabilization Fund (HSF) and the sale of assets, the
report notes.

He explained that the revenue loss would be in the vicinity of $6
to $7 billion which was a figure he disclosed in Parliament when he
debated amendments to the HSF legislation, the report relays.

"We have not revised that figure.  The reason we are not revising
it is that our calculations so far have proven to be accurate in
terms of estimate of shortfall," he said, the report notes.

Imbert said the Government had been able to access close to US$450
million (about $3 billion) from international financial
agencies--such as the World Bank, the International Development
Bank (IDB), and CAF Bank, the report discloses.

Asked whether the Government would accede to requests by some in
the private sector to defer corporate taxes, Imbert said it is
important that taxes be paid because that was the only way the
Government would get revenue to meet it expenses, the report
notes.

For the ministry to stop collecting taxes, he said, was akin to
cutting off one's nose to spite its face, the report relates.

"We need every single cent. The only way the Government can help is
to collect as much as possible," he said, the report adds.

TRINIDAD & TOBAGO: No Price Decline in Chicken Prices
-----------------------------------------------------
Trinidad Express reports that closure of all restaurants in
Trinidad and Tobago in an attempt to slow the spread of COVID-19
could lead to a glut of about 250,000 excess chickens a week on the
local market, according to president of the T&T Poultry
Association, Robin Phillips.

But consumers of T&T's favourite protein source, should not expect
an immediate decline in the price of chicken, as processors of the
meat intend to reduce production and place some of the surplus in
cold storage, Phillips said, according to Trinidad Express.

"We are trying, as best as possible, to sell chicken so that we
don't lose money," he said, the report notes.

The Government disclosed the decision to close all restaurant and
food services until further notice, the report relates.  Speaking
at a news conference in Port of Spain, Prime Minister Dr. Keith
Rowley said these measures were aimed at keeping people indoors to
stem the spread of the COVID-19 coronavirus, the report says.

"We're removing people from having to come out and get things and
taking steps to put more people indoors until April 30.  This is
how we're aiming not to walk the road others have walked as they
missed this milestone," he said, the report notes.

In a telephone interview with the Express, Phillips said the
decision to close all restaurants will have a significant impact on
the poultry industry in T&T as 30 per cent of the 800,000 chickens
produced weekly is typically supplied to the food service industry,
the report relays.

"The poultry market in Trinidad is divided into different segment:
The first is the pluck shop section which utilizes about 280,000
chickens a week, then the supermarket sector which uses about
270,000 and the food service sector which is about 250,000 chickens
a week.  That large sector has since been shut down. Producers now
have to keep these chickens with no market to sell them to. I don't
think the smaller sectors will be able to absorb the large amount
of chickens that are now without a place," he said, the report
notes.

Phillips said, the virus had already slowed the service industry
prior to restaurant closure but the effects currently observed are
not as severe, the report relays.

"Well, the food service sector definitely had a decline but at the
same time there was a major pick-up in the supermarket and quick
shop sector at that time so it balanced the sales.  We did not have
a major problem at that time.  We were selling most of our
products," he said, the report notes.

As a result of the closure of the food service sector, he said that
producers now have to find a way to absorb the excess chickens or
access external storage outside of the poultry sector, the report
relays.  As the majority of the consuming public in the country
prefers fresh over processed meat, poultry producers are looking to
sell as many fresh chickens as possible, the report discloses.  The
rest, he said, would have to be cold-stored, the report says.

"The producers have no alternative but to get the chickens off the
farms as keeping them on the farms will continue to incur costs for
feeding and care.  What we are planning to do is transfer them to
processing plants.  We are trying to sell as many as we can fresh
which is what the Trinidad and Tobago consumers prefer.  We do not
currently have the capacity to facilitate that kind of storage so
we have to look into external food storage which we have yet to get
access to," said Phillips, the report notes.

However, he said that there was no drive to reopen the food service
industry at this time as it was understood by producers that this
was a means of stopping the spread of COVID-19, the report
relates.

"What the Government is asking is based on information that they
have.  Any information that they have which indicates that closing
the restaurants would be a benefit to the wider population is
something we have to accept.  All we are doing is providing
information on the impact it has had on the industry, we have no
comment on restaurants being reopened," the report adds.


                           *********


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
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Chapman, Editors.

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

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