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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 23, 2020, Vol. 21, No. 82

                           Headlines



B A H A M A S

COMMONWEALTH OF THE BAHAMAS: S&P Cuts Sovereign Credit Rating to BB


B A R B A D O S

BARBADOS: S&P Affirms B-/B Sovereign Credit Rating, Outlook Stable


B E L I Z E

BELIZE: S&P Lowers Sovereign Credit Rating to 'CCC', Outlook Neg.


B R A Z I L

BRAZIL: Development Bank Missing in Action as Crisis Bites


C H I L E

GUACOLDA ENERGIA: Fitch Cuts LT IDR to 'BB-', Outlook Neg.


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: S&P Affirms BB-/B Ratings, Outlook Now Neg.
DOMINICAN REPUBLIC: Unveils Plan to Reboot the Economy


E L   S A L V A D O R

GRUPO UNICOMER: Fitch Affirms BB- LT IDRs, Alters Outlook to Stable


G U A T E M A L A

GUATEMALA: S&P Affirms 'BB-' LT FC Sovereign Credit Ratings


J A M A I C A

JAMAICA: General Asked to Review Application for CARE Program
JAMAICA: S&P Alters Outlook to Neg., Affirms 'B+/B' SCRs


M E X I C O

ALTOS HORNOS: Bank Debt Trades at 87% Discount
URBI DESARROLLOS: $50MM Bank Debt Trades at 99.3% Discount
URBI DESARROLLOS: $55MM Bank Debt Trades at 99.3% Discount


P E R U

CORPORACION AZUCARERA: Fitch Affirms LT IDR at B, Outlook Stable


V E N E Z U E L A

VENEZUELA: Slams US Over 'Vulgar' Central Bank Funds Seizure

                           - - - - -


=============
B A H A M A S
=============

COMMONWEALTH OF THE BAHAMAS: S&P Cuts Sovereign Credit Rating to BB
-------------------------------------------------------------------
On April 16, 2020, S&P Global Ratings lowered its long-term foreign
and local currency sovereign credit ratings on the Commonwealth of
The Bahamas to 'BB' from 'BB+'. At the same time, S&P Global
Ratings revised down its transfer and convertibility assessment to
'BB+' from 'BBB-'. The outlook is negative.

Outlook

S&P said, "The negative outlook reflects our view that there is at
least a one-in-three chance that we could lower the ratings on The
Bahamas over the next year if the strong economic recovery that we
expect in 2021 is weaker, or more prolonged, than our base case,
due to a failure of COVID-19 containment measures or a longer-term
fall in tourism. If such a scenario were to result in prolonged
deficits at current levels, or a weakened ability to raise or
service debt, we could lower the ratings. We could also lower the
ratings in the next 12 months if the government fails to lower
fiscal deficits following the COVID-19 pandemic." A continued
erosion in fiscal results would suggest a deterioration in The
Bahamas' institutional effectiveness in supporting sustainable
public finances and economic growth.

Alternatively, S&P could revise the outlook to stable over the next
12 months if risks of a more severe or prolonged outbreak were to
subside, and the country's finances stabilized at sustainable
levels.

Rationale

The global spread of COVID-19 will have unprecedented implications
for tourism-dependent sovereigns in the Caribbean and North
Atlantic. S&P expects, in addition to the human costs, the
pandemic, together with travel restrictions both in The Bahamas,
and in visitors' countries, will have a significant impact on GDP,
fiscal accounts, and foreign exchange inflows in 2020. Although
there is a high degree of uncertainty about the rate of spread and
the duration of the coronavirus outbreak, S&P Global Economics'
baseline assumption is that the pandemic will peak about midyear
globally. While the timing of the peak of the pandemic will differ
across sovereigns, the global peak will inform governments'
decisions regarding travel restrictions and border closings, as
well as tourists' propensity to travel. S&P's base case for tourism
to the Caribbean and North Atlantic in 2020 assumes a decline of
60%-70% in the last three quarters of the year compared with 2019,
with the largest declines occurring in the second and third
quarters. S&P said, "While we forecast a rebound in tourism in
2021, in most cases, we do not expect a full recovery until
2022-2023, at the earliest. We believe that the pace of recovery
will depend on the timing of the outbreak peak in The Bahamas and
key visitors' countries, the nature and resiliency of the tourism
sector and sectors that indirectly depend on tourism, and the
government's policy response."

The tourism industry accounts for more than 40% of the Bahamian
economy, with the majority of visitors arriving from North America.
S&P said, "We expect the severe contraction in tourism because of
the COVID-19 pandemic will lead to a significant and unprecedented
contraction in GDP, which we forecast will fall by about 16% in
2020. As a result, we expect GDP per capita to shrink to just above
US$27,800 this year."

S&P said, "Although there is a high degree of uncertainty about the
duration of the pandemic and the impact on consumers' future travel
decisions, our base case assumes the effects of COVID-19 will be
temporary, and we expect a strong--although not full--economic
recovery in The Bahamas in 2021. Although we believe it will take
several years for nominal GDP to reach pre-pandemic levels, we
expect the country will benefit from its strong marketing presence
and easy access for visitors.

"The government had planned sizable deficits for the next two-three
years following Hurricane Dorian, which added almost $1.5 billion
in additional debt over six years. We believe the government could
reprioritize some of its planned spending to meet its pandemic
needs. However, given the importance of tourism to the country, we
expect a decline in revenues, in conjunction with elevated
spending, will lead to very large fiscal deficits over the next two
years. We expect the change in the general government net debt will
average 4.2% from 2020-2023, while the country's net debt will rise
to almost 68% of GDP by the end of 2020. We now expect interest
payments will remain above 15% of government revenues for three or
more years. We expect The Bahamas will finance its deficit via a
combination of domestic and external borrowing.

"The increase in public sector external borrowing will spur an
increase in The Bahamas' external debt, which we expect to continue
to make up about 30% of total government debt. We expect the
external debt of the public and financial sectors, net of usable
reserves and financial sector external assets, will be about 112%
of current account receipts in 2020. These figures include the
government's $1.65 billion in external bonds, but do not include
the external debt and foreign direct investment in the islands'
substantial tourism sector. We expect the country's gross external
financing needs will rise to 342% of current account receipts and
usable reserves in 2020 from about 250% in 2019.

"We expect tourism-driven exports will severely contract in 2020,
although we expect this will be partly mitigated by a fall in
imports, given the high import component of tourism in the country.
Tourism-related exports accounted for about 90% of current account
receipts, according to the latest available annual data. The
country should benefit from the fall in global oil prices, which
represent about 13% of imports. Nevertheless, we expect the current
account deficit will widen considerably to about 19% of GDP, based
on expected lower tourism receipts, partially mitigated by lower
oil prices and lower tourism-related imports."

The Bahamas' limited monetary and exchange rate flexibility
constrains its ability to respond to external shocks. The Bahamian
dollar is fixed at par with the U.S. dollar. S&P expects that the
country will maintain the peg. At the onset of the pandemic, the
country's foreign exchange reserves were high at $1.963 billion in
February 2020, these are expected to fall by at least $900 million
over the year.

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  
                                       To        From
  Bahamas
  Transfer & Convertibility Assessment  
  Local Currency                       BB+  BBB-

  Bahamas
  Senior Unsecured                     BB        BB+

  Downgraded  
                                       To        From
  Bahamas
   Sovereign Credit Rating   BB/Negative/B BB+/Negative/B




===============
B A R B A D O S
===============

BARBADOS: S&P Affirms B-/B Sovereign Credit Rating, Outlook Stable
------------------------------------------------------------------
On April 16, 2020, S&P Global Ratings affirmed its 'B-/B' long- and
short-term sovereign credit ratings on Barbados, and its 'B-'
issue-level ratings on Barbados' debt. In addition, S&P Global
Ratings affirmed its 'B-' transfer and convertibility assessment.
The outlook is stable.

Outlook

S&P said, "The stable outlook reflects our view that the COVID-19
pandemic will have a significant impact on Barbados' economy,
fiscal balances, and external accounts in 2020, but that the
progress and credibility that the government has built over the
past year and a half under the IMF's Extended Fund Facility (EFF)
program will facilitate access to sufficient multilateral
financing.

"We could lower our ratings on Barbados over the next year should
the impact of the COVID-19 pandemic lead to a larger deterioration
in fiscal balances than we currently expect, and should we believe
that the government would not have sufficient funding to meet its
fiscal or external financing needs.

"Although we view this scenario as unlikely, we could raise the
ratings over the next year if the risks of the COVID-19 pandemic to
Barbados' economy, government finances, and external accounts were
to subside; and if income levels and fiscal balances were to revert
to their pre-outbreak levels on a sustained basis, strengthening
confidence and contributing to improved GDP growth prospects.
Higher economic growth would facilitate a reduced debt burden,
which, together with an expectation of continued access to official
funding, could lead us to raise the ratings."

Rationale

The global spread of COVID-19 will have unprecedented implications
for tourism-dependent sovereigns in the Caribbean and North
Atlantic. S&P said, "We expect, in addition to the human costs,
together with travel restrictions both in Barbados, and in
visitors' countries, the pandemic will have a significant impact on
GDP, fiscal accounts, and foreign exchange inflows in 2020.
Although there is a high degree of uncertainty about the rate of
spread and the duration of the coronavirus outbreak, S&P Global
Economics' baseline assumption is that the pandemic will peak about
midyear globally. While the timing of the peak of the pandemic will
differ across sovereigns, the global peak will inform governments'
decisions regarding travel restrictions and border closings, as
well as tourists' propensity to travel. Our base case for tourism
to the Caribbean and North Atlantic in 2020 assumes a decline of
60%-70% in the last three quarters of the year compared with 2019,
with the largest declines occurring in the second and third
quarters. Although we forecast a rebound in tourism in 2021, in
most cases, we do not expect a full recovery until 2022-2023, at
the earliest. We believe that the pace of recovery will depend on
the timing of the outbreak peak in Barbados and key visitors'
countries, the nature and resiliency of the tourism sector and
sectors that indirectly depend on tourism, and the government's
policy response."

S&P said, "We expect the sharp contraction in tourism in 2020,
together with the spillover of COVID—19 to other sectors in the
economy, will lead to a significant fall in Barbados' GDP. Under
our base case, we expect the economy will shrink by about 17% in
2020, leading GDP per capita to fall to about $15,000 in 2020 from
an estimated $18,100 in 2019. Tourism is one of the largest sectors
in Barbados. The industry directly represents about 15% of the
country's GDP, and indirectly, likely accounts for over 40%."

However, S&P believes that Barbados entered the outbreak in a
stronger fiscal and external position than it had been before its
debt exchanges in 2018 and 2019, which will facilitate its ability
to weather the economic impact. Following the cessation of external
debt service payments in June 2018, and the subsequent engagement
with the IMF on an EFF program, which was approved in October 2018,
the IMF has disbursed about US$145 million to Barbados, and
completed two successful reviews under the program. During these
reviews, the IMF confirmed that Barbados had met all quantitative
performance criteria, indicative targets, and structural
benchmarks. Early indications also suggest that Barbados has met
its primary surplus target of 6% of GDP in the 2019-2020 fiscal
year, which ended March 31, 2020, before arrears repayment. This
marks a significant milestone for the country.

The IMF disbursements, together with more than $300 million in
concessionary lending from the Inter-American Development Bank
(IDB) and the Caribbean Development Bank (CDB) since the beginning
of the EFF program, and the new external debt service profile, have
supported the material rise in Barbados' international reserves.
This includes the most recent $80 million policy-based loan from
the IDB that was approved in March 2020. Central bank reserves
reached $740 million at the end of 2019, and will likely surpass
$800 million with the disbursement of the new IDB loan, which is
the highest level of international reserves in over a decade.

S&P said, "We believe that this reserve foundation, which we expect
will be further supported by additional multilateral lending
facilities this year, will serve as a solid base on which to draw
to fund higher current account deficits expected in 2020. We expect
the country's gross external financing needs will rise to about
245% of current account receipts plus usable reserves in 2020, from
197% in 2019, before falling to 178% by 2022, as tourism receipts
recover.

"We expect the economic downturn will affect Barbados' revenue
collections this year, while the government will also have to
re-allocate spending to provide health and financial support to
those affected by the pandemic. The government has announced that
it has discussed with the IMF relaxing fiscal and debt targets
under the EFF program because of the pandemic. While these
negotiations have not yet been finalized, we no longer expect the
government will meet its second-year target of 6% of GDP primary
fiscal surplus in the 2020-2021 fiscal year. However, we expect any
revised targets will be agreed upon with the IMF, and do not
believe the new outturn will preclude Barbados from accessing
multilateral funding.

"In our estimates, we forecast the change in net general government
debt-to-GDP will average 3.6% over the next three years, while we
expect net general government debt will rise to 138% of GDP in
2020, partially due to the strong contraction in the economy,
before falling to 113% by 2023. We do not expect this deviation
will lead the government to modify its long-term goal of reducing
public debt-to-GDP to 60% by 2033-2034."

The government's debt restructuring, which was completed on Dec.
11, 2019, on the external side, eases Barbados' external debt
servicing burden over the next 12 months. Between now and year-end
2020, the government has about $87 million in external principal
payments due; S&P expects it will have more-than-sufficient
external funding from its multilateral lending disbursements. In
its external exchange, the government exchanged approximately
US$531 million in new 2029 bonds and US$32 million in past-due
interest bonds to holders of about US$677 million in external debt.
The first principal payment on the new external 2029 bonds is due
on April 1, 2025, after which equal principal payments will be made
biannually until the final maturity on Oct. 1, 2029.

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

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

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

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

  Ratings List

  Ratings Affirmed

  Barbados

   Sovereign Credit Rating     B-/Stable/B
   Transfer & Convertibility Assessment
   Local Currency              B-

  Barbados
   Senior Unsecured            B-




===========
B E L I Z E
===========

BELIZE: S&P Lowers Sovereign Credit Rating to 'CCC', Outlook Neg.
-----------------------------------------------------------------
On April 16, 2020, S&P Global Ratings lowered its long-term foreign
and local currency sovereign credit ratings on Belize to 'CCC' from
'B-'. The outlook on both long-term ratings is negative. S&P also
lowered its short-term foreign and local currency ratings to 'C'
from 'B'. At the same time, S&P lowered its transfer and
convertibility (T&C) assessment to 'CCC+' from 'B-'.

Outlook

The negative outlook reflects increased vulnerability to nonpayment
of upcoming debt service, particularly the interest due on Belize's
global bond (around US$13 million) in August 2020. Timely payment
depends on favorable financial and economic conditions, which we
expect to be strained by the COVID-19 pandemic.

S&P could lower the rating on Belize over the next six to 12
months, if, for example, it expects nonpayment of commercial
obligations or if Belize were to enter into negotiations to
restructure its commercial debt to ease debt and liquidity
pressures.

S&P could revise the outlook to stable within the next six to 12
months should Belize successfully bolster its external liquidity,
for example by securing official or multilateral financing,
allowing it to cover upcoming interest payments on its external
bond.

Rationale

The downgrade of Belize reflects S&P's perception that weakened
economic, external, and fiscal metrics amid the COVID-19 shock
meaningfully increase risks around timely payment of interest on
its global bond later this year.

S&P Global Ratings believes the global spread of COVID-19 will have
unprecedented implications for tourism-dependent sovereigns in the
Caribbean and North Atlantic. In addition to the human costs, S&P
expects the pandemic, together with travel restrictions both within
Belize and in other tourist source markets, will have a significant
impact on GDP, fiscal accounts, and foreign exchange inflows in
2020. Although there is a high degree of uncertainty about the rate
of spread and the duration of the coronavirus outbreak, S&P Global
Ratings' baseline assumption is that the pandemic will peak about
midyear globally. While the timing of the peak of the pandemic will
differ across sovereigns, the global peak will inform governments'
decisions regarding travel restrictions and border closings, as
well as tourists' propensity to travel.

S&P said, "Our base case for tourism to the Caribbean and North
Atlantic in 2020 assumes a decline of 60%-70% in the last three
quarters of the year compared with 2019, with the largest declines
occurring in the second and third quarters. While we expect a
subsequent rebound in tourism in 2021, in most cases, we do not
expect a full recovery until 2022-2023 at the earliest. We believe
that the pace of recovery will depend on the timing of the outbreak
peak in the country and key source markets, the nature and
resiliency of the tourism sector and sectors that indirectly depend
on tourism, and the government's policy response."

Belize's creditworthiness is constrained by institutional
weaknesses that include a track record of poor capability to
maintain sustainable public finances across administrations.
Despite a commitment to reduce the fiscal imbalances under the
terms of the March 2017 debt restructuring, high debt remains a
difficulty for the government and has long been an obstacle for
economic prosperity. Belize also has a track record of default when
its fiscal position comes under pressure. The government last
restructured its global bond in 2017. With national elections
scheduled for November 2020, social pressures and a precarious
health system will inform the policy priorities and willingness to
pay debt services amid tightened financing and liquidity
conditions.

The hit from the COVID-19 pandemic exacerbates the fragility of the
Belizean economy that already entered recession in 2019 owing to a
drought and slowdown in tourism in the second half of the year.
Based on preliminary data, S&P estimates GDP to have contracted by
0.6% in 2019.

S&P said, "We expect a sharp decline in tourism in 2020, which
accounts for 10%-15% of Belize's GDP. We expect this, together with
the spillover of COVID—19 to other sectors in the economy, will
lead to a contraction of 4% in 2020. Beginning 2021 we expect GDP
growth to slowly recover to around 2% as travel restrictions
gradually diminish and tourism slowly recovers. We forecast GDP per
capita around US$4,820 in 2020, down from an estimated US$4,550 in
2019.

Given already high debt levels, low international reserves, and a
weak economy, Belize has limited scope to effectively counter the
pandemic shock and maintain timely debt service. Thus far, the
government has announced fiscal stimulus amounting to Belize dollar
(BZ$) 25 million (about 1% of GDP) in 2020. In addition to some
reallocation of spending within the budget, the stimulus targets
relief for workers affected by the crisis, especially in the
tourism industry. In addition, the Central Bank of Belize has
instituted macroprudential measures to maintain the flow of credit
in the economy.

Higher fiscal deficits and debt projected in the near term reflect
increased spending and a decline in tax revenues. S&P said, "We
expect some additional multilateral and bilateral borrowing to
finance the deficit given limited domestic financing options. We
project net general government debt at 97% of GDP in 2020, from 90%
in 2019, and to then stabilize just above 100% of GDP beginning
2021. The government has an interest payment of US$13 million on
its global bond (known as the "superbond") due in August 2020. In
our view, stressed economic and financial conditions could threaten
meeting this payment."

S&P said, "Due to a major slump in tourism revenues, only partially
offset by lower energy imports, we expect the current account
deficit (CAD) to reach 16% of GDP this year. We then anticipate the
CAD to narrow gradually toward 10% of GDP by 2023. We expect net
Belize's foreign direct investment (FDI) to decline in 2020 to 4%
of GDP with a decline in external assets funding part of the CAD in
the coming years. Consequently, we project narrow net external debt
to rise above 100% of current account receipts (CAR) and external
financing needs to increase further from their already high levels
and reach 160% of CARs and usable reserves in 2020."

Larger fiscal and current account deficits exacerbate the country's
external vulnerabilities, with impaired ability to access external
financing. The government already announced that US$5 million from
the OPEC Fund for International Development (OFID) originally
designated for an infrastructure project will be used to combat the
pandemic. OFID is also fast tracking approval for a new Belize loan
of US$10 million, which the prime minister expects to complement
additional borrowing from the World Bank, the Inter-American
Development Bank, and bilateral creditors.

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; Outlook Action  
                                      To           From
  Belize
   Sovereign Credit Rating     CCC/Negative/C   B-/Stable/B

  Downgraded  
                                      To           From
  Belize
   Senior Unsecured                   CCC            B-
   Short-Term Debt                     C             B
   Transfer & Convertibility Assessment  CCC+        B-




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

BRAZIL: Development Bank Missing in Action as Crisis Bites
----------------------------------------------------------
Peter Millard at Bloomberg News reports that Brazilian businesses,
desperate for government aid to weather the pandemic, aren't
getting much help from a state lender that used to shell out more
than the World Bank.

In past crises, state development bank BNDES would have been quick
to flood the market, swelling its loan books by 30% a year to keep
the economy afloat, according to Bloomberg News.  Now, the bank's
top executive -- tasked with dramatically scaling back the state's
role -- has to navigate a world where governments are suddenly
turning on the fiscal taps like never before, Bloomberg News says.
That tug-of-war between BNDES's past and its recent U-turn toward
neoliberalism has seemingly left it paralyzed, said one former
executive, Bloomberg News notes.

"This is a black swan event like one I've never seen," said Luiz
Carlos Mendonca de Barros, an economist and former BNDES president
in the 1990s. For the bank's new management, "stimulus is the
devil," Bloomberg News says.

When Gustavo Montezano took over as BNDES's chief executive officer
in July after a 17-year career in financial markets, he laid out an
ambitious plan to overhaul the bloated government lender, Bloomberg
News notes.  Top of his list of priorities: stop flooding the
economy with cheap loans, sell off multi-billion-dollar stakes in
Brazil's biggest companies, and start acting more like a
traditional investment bank, Bloomberg News says.

It was a lofty goal applauded by markets -- for years investors had
complained BNDES's subsidized rates undercut monetary policy,
boosted public debt and gave unfair advantage to handpicked
companies. Last year, BNDES slashed lending to the least since
1996, a stark contrast to its $165 billion loan book from just a
few years earlier, Bloomberg News relates.

Then came the coronavirus.

Just part-way through a divestiture spree in which BNDES sought to
raise billions, global markets collapsed, with the Brazilian real
and the nation's Ibovespa index among the hardest hit, Bloomberg
News discloses.  Suddenly, the bank was receiving calls for
emergency assistance, with airlines like Gol Linhas Aereas
Inteligentes SA among the first to enter talks, Bloomberg News
says.

The institution could easily come up with 100 billion reais (about
$20 billion) in direct funding to shore up vulnerable companies,
said Mendonca de Barros, but it's been painfully slow out of the
gate, Bloomberg News discloses.  Such a move goes against the
free-market fundamentalism at the bank and throughout Jair
Bolsonaro's economic team, he said, Bloomberg News relates.

So far, BNDES has announced BRL97 billion in aid, but only 7
billion reais of that is in new loans, which need to be approved
and distributed by private banks, Bloomberg News relates.  The rest
is delayed interest payments for existing loans, a transfer into an
employee savings account, and the distribution of government
assistance for companies to pay wages, Bloomberg News notes.
Montezano said March 29 that BNDES will also support companies'
cash flow through the purchase of local five-year bonds that are
convertible to stocks and carry below-market interest rates,
Bloomberg News relates.

The announcements so far have underwhelmed markets and economists
-- and even the bank's own workers, Bloomberg News discloses.

"BNDES is the main tool of the government for countercyclical
action," Arthur Koblitz, president of BNDES's employee association,
wrote in an April 4 column in Folha de S.Paulo newspaper, Bloomberg
News relates.  He accused management of "deliberately" sitting on
the sidelines.

BNDES didn't respond to an email seeking comment for this story.

The big piece most market watchers are waiting for is help for
Brazil's battered airlines. Gol CEO Paulo Kakinoff told analysts on
conference that talks with BNDES are evolving well, although he
said a proposal could take 30 days or longer, Bloomberg News
relays.

Governments around the world have committed trillions of dollars to
combat the fallout from the coronavirus as shops, offices and
airlines halt most operations, Bloomberg News notes.  Not
surprisingly, the push is being led by developed economies, which
Bloomberg Economics says so far seems sufficient to support a
second-half recovery, Bloomberg News relates.  In emerging markets,
however, where funds are in short supply, stimulus looks set to
fall far short, Bloomberg News says.

It's a situation playing out across the once-spendthrift Latin
America, Bloomberg News discloses.  Mexico's Andres Manuel Lopez
Obrador said last month there will be "no more rescue plans to
banks and big businesses like they did in neo-liberal times,"
Bloomberg News relates.

In Brazil, the barriers to broader BNDES involvement are twofold.
After a crippling recession and a sluggish rebound, Brazil doesn't
have the fiscal might and flexibility to shock and awe like Germany
or the U.S. And even if it did, Bolsonaro's economic team is
ideologically opposed to the big-spending policies that were
cornerstones of former governments, Bloomberg News relays.

To avert a costly stimulus package under discussion in Congress,
Brazil's Economy Ministry is proposing to transfer BRL30 billion to
states and municipalities to ease the impact from the virus, said
two people familiar with the matter, asking not to be identified
because the discussion is not public, Bloomberg News notes.

It's a stark contrast from a decade ago, when Brazil leaned heavily
on state banks to buffet the economy after the global financial
crisis, Bloomberg News relates.  BNDES's loan portfolio swelled 31%
in 2009 and another 27% in 2010, and kept on expanding to peak at
about BRL700 billion at the end of 2015, Bloomberg News notes.  But
that credit explosion was part of free spending policies that
eventually stoked inflation and widened deficits to unsustainable
levels, leading Brazil to lose its investment grade rating,
Bloomberg News relates.

"In past crises under other governments, public banks increased
lending, even to small and medium sized companies and the retail
industry," said Claudio Gallina, a senior director for financial
institutions at Fitch Ratings, Bloomberg News discloses.  In the
end, they "had to restructure because of capital issues," he
added.

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.



=========
C H I L E
=========

GUACOLDA ENERGIA: Fitch Cuts LT IDR to 'BB-', Outlook Neg.
----------------------------------------------------------
Fitch Ratings has downgraded Guacolda Energia S.A.'s Long-Term
Foreign and Local Currency Issuer Default Ratings to 'BB-' from
'BB'. The Rating Outlook is Negative. Fitch also downgraded
Guacolda Energia's Sr. Unsecured Note due 2025 to 'BB-' from 'BB'.

Guacolda's ratings downgrade and Negative Outlook reflect its
declining contractual position, recontracting risk and increased
exposure to the spot market. Gross leverage is expected to increase
to 5.3x in 2021, while net leverage is expected to average 3.2x
between 2020 through 2022, explained by Fitch's assumption that the
company will repay its USD100 million loan maturing in 2020 and
will be FCF positive through 2023, strengthening liquidity in order
to decrease debt when its international bond matures in 2025.
Fitch's base case assumes the company's contracting position will
not improve and will decrease by 54% in 2023 compared to 2019.

KEY RATING DRIVERS

Declining Contractual Position: Guacolda is an efficient and
competitive coal-fired generation company with marginal cost of
approximately USD35/MWh in 2019. Fitch expects the company's
contractual position to decrease by 7% in 2020 compared to 2019,
followed by a 34% decrease in contractual position by the end of
2021. The decreased position in 2021 is explained by the company's
regulated PPAs of 810 GWh/year - representing 12% of total
contracted position. The company's non-regulated contracts are with
investment-grade credit counterparties in the mining and energy
sectors. The contracts are balanced with its efficient generation
capacity and possess long-term energy price indexation mechanisms
to reduce exposure to price fluctuations.

Increasing Leverage: Fitch believes the company's leverage will be
lower in 2020 at 3.3x compared with 2019 at 4.0x. The decrease in
leverage is due to the expectation the company will repay its
USD100 million bank loan maturing at the end of 2020. Gross
leverage is estimated to increase to average 5.3x in 2021 and 2022.
The increase of gross leverage is offset by the expected
accumulation of cash and strong debt service coverage. Fitch
estimates net debt to EBITDA will average 3.2x between 2020-2022,
and FFO interest coverage will average 4.5x between 2020 through
2022.

Re-contracting Risk: Fitch does not expect Guacolda will materially
improve its contracted position over the rated horizon with new
long-term contracts. Since 2019, the company has not added a
material number of new contracts. The company will continue to face
tough competition from local generation companies that are less
exposed to coal. Guacolda's shareholder and operator, AES Gener
(BBB-/Stable) has a strong track record of recontracting capacity,
but both entities face challenges recontracting its coal capacity
(excluding Cochrane (BBB-/Stable) and Angamos (BBB-/Stable), as
off-takers are more inclined to contract energy from cleaner energy
sources.

Cash Flow and Refinancing: Fitch expects the company will be FCF
positive over the rated horizon to strengthen its liquidity
profile, in order to repay its USD500 million note due 2025. Fitch
estimates annual capex will average USD8.0 million between 2020
through 2023, and the company will not pay dividends over this
period. Thus, Fitch estimates the company can accumulate a cash
position of USD250 million by year-end 2022.

Migrating Energy Matrix and Regulatory Environment: Fitch believes
Guacolda will be affected in the long term by the government's plan
to phase-out coal generation completely by 2030-2050 and the
connection of the north and central transmission grids, which Fitch
estimates will put downward pressure on contract and spot prices.
Guacolda is protected through the end of 2020 from this risk due to
a combination of its strong contractual positions and coverage
ratios supported by experienced parents. Guacolda will be more
exposed to regulatory changes affecting coal generators, as its
contracts expire and is more exposed to the spot market. Fitch has
assigned an ESG score of 4 to exposure of environmental impacts as
a result of the decarbonization policy of Chile.

Weak Parent Relationship: Fitch believes the parent subsidiary
linkage between AES Gener and Guacolda is weak and views Guacolda
as a stand-alone entity. Fitch does not expect AES Gener will
financially support the company over the rated horizon.
Additionally, AES Gener reported a USD154 million impairment cost
in 2019 after reporting USD158 million in 2018, which suggests a
weaker contribution within AES Gener's portfolio of assets. The
company announced the impairment originated because the present
value of the cash flows of Guacolda is expected to be less than the
book value of its assets.

DERIVATION SUMMARY

Guacolda's rating downgrade reflects the weaker parent relationship
with AES Gener, its declining contractual position, recontracting
risk and higher expected leverage due to decreasing EBITDA. Fitch
expects gross leverage to be 5.3x in 2020, resulting in a more
stressed capital structure than peers Engie Energia Chile and
Colbun. In terms of financial risk, Colbun's credit profile is
quite similar to Engie, both consistent in the 'BBB' rating level
with leverage in the range of 2.8x measured as debt to EBITDA and
significantly stronger than Guacolda's or AES Gener's capital
structure. Engie is currently in an aggressive expansion phase,
which adds some risks. This is similar to Colbun's more aggressive
growth through potential acquisition expansions.

Guacolda's ratings are the lowest compared to its Chilean peers:
AES Gener (BBB-/Stable), Enel Generacion Chile (A-/Stable), Engie
Energia Chile S.A. (BBB/Positive) and Colbun (BBB/Positive) as a
result of the company's relatively weaker financial profile, though
they carry similar business risks. Guacolda's consolidated gross
leverage, which is expected to 5.3x in 2020 and 2021, is higher
than that of AES Gener at 4.0x, Enel Generacion, which consistently
reports gross leverage below 2.0x, and Engie and Colbun with
leverage in the mid-2x range.

Unlike its Chilean electricity GenCos mentioned above, Guacolda's
credit profile does not benefit from having a diverse generation
portfolio, being exclusively coal power plants and faces material
expiration of its contractual position.

KEY ASSUMPTIONS

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

  - Annual net generation on average of nearly 4,000GWh/year during
the next five years;

  - Average contracted position of 5.51Wh 2020-2021 and average of
3.6GWh thereafter;

  - Variable costs on average of USD35-USD40 MW/h;

  - Repay USD100 million term loan maturing in 2020;

  - No Dividend payments over the rated horizon;

  - Annual Capex of USD9.5 million between 2020-21;

  - No cash taxes in 2020-23 due to tax deferral.

RATING SENSITIVITIES

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

  - Improved long-term contracted position with strong off-takers
and increased remaining life of contracts;

  - Although a positive rating action is not expected in the
foreseeable future, Fitch will view positively a consolidated
debt-to-EBITDA rations of 3.5x or lower;

  - FFO fixed-charge coverage of 4.5x or above on a sustained
basis;

  - Financial support from shareholders.

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

  - A material and sustained deterioration of credit metrics
reflected in total consolidated debt/EBITDA of over 6.0x while Net
Debt/EBITDA above 3.5x;

  - FFO fixed-charge coverage of 3.0x or below;

  - Dividends paid over the rate horizon.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity Position: As of Dec. 31, 2019, Guacolda had
USD28 million in cash and equivalents, which covers 2020 interest
expense of USD25 million. Fitch expects Guacolda will repay the
USD100 million term loan maturing in 2020 with cash flows and cash
on hand. Thereafter, Guacolda's only debt is its 4.56% USD500
million Senior Unsecured Notes due April 2025.

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

Guacolda has an ESG Relevance Score of '4'[-] for GHG Emissions &
Air Quality, as Guacolda is a coal fired plant, and Chile has set a
deadline of 2050 to decarbonize the Chilean grid. Therefore,
Guacolda is not expected to material improve its contract position
due to increased competition from peers that are less exposed to
coal to green tax. This has a negative impact on the credit profile
of the company.

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



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

DOMINICAN REPUBLIC: S&P Affirms BB-/B Ratings, Outlook Now Neg.
---------------------------------------------------------------
On April 16, 2020, S&P Global Ratings revised its outlook on the
long-term ratings on the Dominican Republic to negative from
stable. At the same time, S&P affirmed its 'BB-/B' long- and
short-term foreign and local currency sovereign credit ratings. The
transfer and convertibility (T&C) assessment is unchanged at
'BB+'.

Outlook

The negative outlook reflects S&P's view that there is at least a
one-in-three chance that it could lower the ratings on the
Dominican Republic over the next 12-18 months, given the potential
impact of the COVID-19 pandemic, and associated containment
measures, on the sovereign's vulnerable fiscal and external
profiles. A more severe economic decline through both tourism and
other material economic sectors, or a more prolonged impact from
the pandemic, could limit the expected recovery in 2021. This could
push the government to borrow more to implement a larger fiscal
package, which could lead to materially worse debt and external
profiles.

Downside scenario

S&P said, "We could lower the ratings over the next 12-18 months if
the economic recovery that we currently expect in 2021 is weaker,
or if the crisis is more prolonged than our base case, because of a
deeper impact of COVID-19 containment measures and longer border
closures. If such a scenario results in a more structural
deterioration of the government's external and debt profiles, we
could lower the ratings."

Upside scenario

S&P could revise the outlook to stable over the same time frame if
risks of a more severe or prolonged crisis subside and pressures on
fiscal performance and debt buildup ease. S&P would also expect a
potential new government to take steps to improve structural fiscal
trends, such as through fiscal and energy-sector reforms or
tackling the quasi-fiscal deficit of the central bank. Lower fiscal
deficits, coupled with sustained improvement in external liquidity
ratios, could also stabilize the outlook over the next 12-18
months.

Rationale

S&P's ratings on the Dominican Republic reflect its dynamic
economy, which is vulnerable to external shocks but has quickly
adjusted in the aftermaths and has posted higher long-term growth
rates than peers. The fast economic growth has downplayed some of
the Dominican Republic's structural problems in the past.

S&P's ratings are constrained by the country's institutional
weaknesses, reflected in its inability to pass meaningful reforms,
and its rapid buildup in debt, which has gradually worsened its
external profile and limits the space for further fiscal
corrections.

Institutional and economic profile: Economic growth should come to
a halt in 2020 due to the severe external shock but recover in the
following years

-- The Dominican Republic's economy will suffer a severe hit in
2020, although we consider its flexibility will enable it to resume
growth over the next three years, more rapidly than several of its
peers.

-- S&P does not expect progress on structural reforms given the
presidential election this year and the more urgent challenges the
incoming administration will face.

-- Continued delays in advancing structural reforms diminish the
sovereign's capacity to maintain sustainable public finances in the
long term.

The global spread of COVID-19 will have unprecedented implications
for tourism-dependent sovereigns in the Caribbean and North
Atlantic. In addition to the human costs, we expect the pandemic,
together with travel restrictions, will have a significant impact
on GDP, fiscal accounts, and foreign exchange inflows in 2020.
S&P's base case for tourism to the Caribbean and North Atlantic in
2020 assumes a decline of 60%-70% in the last three quarters of the
year compared with 2019, followed by a rebound in tourism in 2021.

The Dominican Republic is more diversified than other
tourism-dependent sovereigns in the Caribbean and North Atlantic.
S&P said, "However, we consider that the combination of a halt in
domestic demand and a sudden stop in tourism inflows, and the
likely spillovers to several sectors of the economy, will
contribute to a significant deceleration of the Dominican
Republic's GDP in 2020. We expect the economy to contract 2% in
2020 and per capita GDP to fall to about $8,100." This forecast is
subject to significant downside risks, given the uncertainty about
both the extent of the COVID-19 pandemic and its economic
implications.

S&P said, "Nonetheless, our base case assumes the impact of
COVID-19 will be a temporary hit, and we expect a sustained
recovery in 2021. We forecast that the Dominican Republic's real
GDP growth will converge to about 5% over the next three years,
comparing positively with its regional peers with a similar level
of economic development." If the economic impact is more severe
than expected, or if the recovery is more prolonged, the fiscal,
institutional, and social challenges would promptly become more
evident. The negative outlook highlights these uncertainties.

Elections in 2020 will set the stage for a new president to take
office in August. However, S&P expects the severe economic shock,
social discontent, and alleged corruption to limit the government's
ability to pass key structural reforms to improve fiscal
consolidation by increasing revenues or curbing expenditures.

The ongoing delays and failure to advance reform in key sectors of
the economy reflect, in S&P's view, a still limited capacity to
maintain sustainable public finances and promote balanced economic
growth over the longer term.

Flexibility and performance profile: External debt is likely to
continue increasing as new borrowings finance fiscal deficits

-- S&P expects the current account deficit (CAD) to widen to about
5% of GDP in 2020 because of the sudden stop of tourism inflows and
fewer remittances.

-- The Dominican Republic's fiscal deficits should spike in 2020,
as the government implements its fiscal package, and average 4% of
GDP over the next three years.

-- Extraordinary fiscal measures and external needs would be
partially covered with new borrowings, which would weigh on the
sovereign's external and debt profiles.

S&P said, "We expect the pandemic to have a significant impact on
the government's revenues and expenditures this year, through a
severe drawdown in tax collection and direct subsidies aimed to the
most vulnerable. However, our base-case scenario assumes that the
economic recovery would help ease fiscal pressures, and we are
projecting the general government deficit to average 4% of GDP over
the next three years, of which around 2% corresponds to the central
bank quasi-fiscal deficit.

The government will likely finance its fiscal package through
lending from multilateral institutions and new borrowings,
including lending from the central bank up to the limit allowed by
law. S&P expects the change in net general government debt to spike
to about 8% of GDP in 2020 and to converge to 5% in 2021-2023.

This would increase the sovereign's net debt to around 57% of GDP
in 2020, up from 49% of GDP in 2019 and 33% of GDP in 2011. The
rapid buildup in debt exacerbates fiscal weaknesses, and diminishes
structural buffers to deal with potential future external shocks.
The net debt stock includes central bank certificates (13% of GDP
in 2019) and excludes the bonds that the central government issued
to capitalize the central bank (3% of GDP in 2019) following the
2003-2004 bailout of the banking sector.

The sovereign has improved its reputation as a frequent issuer, and
we think it could get new financing as international markets
reopen. That said, local capital markets remain comparably shallow,
and foreign currency debt of about 55% of total debt underscores
the vulnerability to Dominican peso depreciation.

Higher debt will keep interest payments high, at an average of 22%
of general government revenues over the next three years. This
figure reflects the Dominican Republic's very low tax burden.
However, it is not fully comparable with peers because almost 25%
of the central government's interest bill is paid to the central
bank to help recapitalize it.

On the external side, the CAD is likely to widen markedly in 2020,
to about 5% of GDP, as a result of the sudden stop in tourism
inflows and a drop in remittances, which together account for half
of the Dominican Republic's current account receipts (CARs). This
would only be partially compensated by lower oil prices--the
Dominican Republic is a net oil importer. S&P said, "For 2021-2023,
we expect the CAD to gradually narrow and average 2% of GDP,
following the recovery of the tourism sector and U.S. real wages.
We expect the CAD to continue being fully financed by foreign
direct investment (FDI), which we project to drop and remain below
3% of GDP, on average, over the same period."

S&P said, "According to our base case, the pickup in external
indebtedness, especially driven by the central government's worse
fiscal outcomes and lower CARs, should result in narrow net
external debt spiking toward 115% of CARs and a correction to about
90% of CAR in 2021-2023. Given the Dominican Republic's tight links
with the U.S. economy, we continue to consider the Dominican
Republic as vulnerable to sudden changes in FDI flows--net external
liabilities, which include the high stock of FDI in the country,
account for about 230% of CARs. With FDI fully financing the CAD
and the government issuing external debt, the central bank has been
increasing usable reserves, which accounted for about 11% of GDP in
2019. As a result, we expect the country's gross external financing
needs to be slightly above 100% of CAR plus usable reserves during
2020-2023."

Since 2012, when the central bank became operationally independent,
inflation has remained below its target range (4% plus/minus 1%).
S&P expects inflationary pressures to remain subdued, given the
weak economic activity in 2020. Still, S&P considers monetary
policy to be somewhat constrained by quasi-fiscal losses, a low
level of domestic credit (below 30% of GDP), and shallow domestic
debt and capital markets. A new memorandum of understanding signed
by the Finance Ministry and the central bank could allow for a
gradual recapitalization of the latter, over the next seven years.
This could ease the central government's interest burden and
strengthen the central bank's tools. However, it is still uncertain
how the new agreement would work and how commitments could become
enforceable.

S&P considers banking sector contingent liabilities limited, given
that the sector is relatively small, with total assets estimated at
about 40% of GDP. The financial sector is concentrated in a few
large banks, which we consider to be systemic and have relatively
stronger capital and liquidity ratios. Nonetheless, the severe
external shock could rapidly erode the financial sector strengths,
especially for smaller banks, and entities that are more exposed to
tourism, remittances, and sharp increases in unemployment.

Environment, 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

  Ratings Affirmed; Outlook Action  
                                      To            From
  Dominican Republic
   Sovereign Credit Rating     BB-/Negative/B    BB-/Stable/B

  Ratings Affirmed  

  Dominican Republic
   Transfer & Convertibility Assessment    BB+
   Senior Unsecured                        BB-


DOMINICAN REPUBLIC: Unveils Plan to Reboot the Economy
------------------------------------------------------
Dominican Today reports that the Dominican Government disclosed a
comprehensive plan to reactivate the economy and normalize it after
the pandemic in the country passes, which includes greater support
to micro, small and medium-sized companies, through a special
treatment that will allow access to resources provided by the
Monetary Board at an annual rate of 3.5%.

It also includes accessing funds from the International Monetary
Fund (IMF); the Federal Reserve of the United States (FED), and the
International Bank of Payments, where an account has already been
opened to access the resources in case of need, Central Banker,
Hector Valdez Albizu, revealed in a National Palace press
conference with Finance Minister Donald Guerrero, according to
Dominican Today.

The officials met with President Danilo Medina to discuss the
emergency situation and the policy measures to reactivate the
economy, the report notes.

Valdez indicated that the Central Bank has large deposits in the
FED, which can be used to make them available to the country's
economic sectors, the report adds.

                    About Dominican Republic

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

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

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

On April 16, 2020, S&P Global Ratings revised its outlook on the
long-term ratings on the Dominican Republic to negative from
stable. At the same time, S&P affirmed its 'BB-/B' long- and
short-term foreign and local currency sovereign credit ratings.
The
transfer and convertibility (T&C) assessment is unchanged at
'BB+'.

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



=====================
E L   S A L V A D O R
=====================

GRUPO UNICOMER: Fitch Affirms BB- LT IDRs, Alters Outlook to Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Grupo Unicomer Corp.'s Long-Term Local
and Foreign Currency Issuer Default Ratings at 'BB-'. The Rating
Outlook is revised to Stable from Positive. Fitch has also affirmed
Grupo Unicomer's USD350 million Senior notes due in 2024 at 'BB-'.

The revision to a Stable Outlook reflects Fitch's view that a
rating upgrade for Unicomer is unlikely within the next 12 months,
as the company's operations and financial profile will be strained
given the significant business interruption from the global
coronavirus pandemic and the expected downturn in discretionary
spending that could extend into 2021. In addition, the outlook
revision to stable incorporates Fitch's expectation that Unicomer's
credit metrics will return to levels consistent with its rating
category in FY22 after weakening in FY21. Its view is supported by
Unicomer's consistent cash flow generation, with free cash flow
expected to be mostly positive despite a temporary reduction in
sales and EBITDA. A more prolonged or severe economic downturn in
the company's main markets could lead to negative rating actions.

Grupo Unicomer Corp.'s ratings incorporate its leading business
position in most of the countries in which it operates, relatively
stable operating cash flows and the solid financial position of its
main shareholders. The ratings also consider Grupo Unicomer's
geographic and format diversification, which have contributed to
solid operating cash flow generation throughout economic cycles.
The company has proven its ability to innovate and quickly respond
to different consumer environments with the combination of its
retail and financial businesses, which has strengthened its market
share in the countries where it has operations.

KEY RATING DRIVERS

Coronavirus Disruptions to Impact Sales and Profitability: Fitch
estimates Unicomer's consolidated revenues will decline by 25% and
EBITDA will fall around 39% during FY21. The company's consolidated
gross-adjusted debt-to-EBITDAR is expected to be around 5.3x in
FY20 and FY21, versus 4.4x in FY19. Fitch expects the increase in
the consolidated gross-adjusted leverage ratio to be temporary,
with a decline to around 4.7x in FY22, assuming sustained revenues
recover. Excluding the consumer finance business, the retail-only
adjusted gross leverage ratio (calculated pre-IFRS 16) would be
close to 4.0x by FY22, according to Fitch's calculations.

Latin American non-food and specialty retailers are exposed to the
disruption of the coronavirus pandemic due to their reliance on
physical stores to generate sales. Fitch expects sales for these
retailers to fall sharply given the lockdowns and restrictions of
movement imposed by governments to limit the pandemic spread,
coupled with the expected downturn in discretionary spending that
could extend into 2021.

An important portion of the company's debt is related to the
financial business and repaid with credit portfolio collections. As
of December 2019, Unicomer's net credit portfolio represented 120%
of the company's consolidated total debt, and it serves as an
additional source of cash flows for debt repayment. Under the
current macroeconomic scenario, Fitch expects Unicomer to restrict
its credit origination and instead focus on credit collections -
despite higher estimated nonperforming loans (NPLs) - to increase
its cash flow inflows.

Solid Business Position: Grupo Unicomer has commercial operations
in 24 countries across Central America, South America and the
Caribbean. The company has a track record of more than 19 years in
consumer durables sales, which has enabled it to develop long-term
relationships with suppliers and to have competitive advantages in
terms of store location within small countries, where prime
retailing points of sale are very limited. The company maintains a
leading business position in the retailing of consumer durable
goods; this is supported by its proprietary financing services and
economies of scale in terms of purchasing power and logistics.

Geographic and Format Diversification: Geographic diversification
allows Grupo Unicomer to have a broad revenue base, supported by
different economic dynamics and mitigating the company's country
risk from any individual market. Jamaica, Costa Rica, Trinidad and
Tobago, Guyana, Honduras and Guyana are among the most important
cash flow contributors, which gives the company some strength and
stability to its operating cash flows. Most of the countries in
which the company operates are in the 'B' rating category. The
company has several store formats and brands across its operations
that cover different socioeconomic segments of the population.

DERIVATION SUMMARY

The company has about the same scale in number of stores as Grupo
Elektra (BB+/Stable), while Grupo Famsa (CC) has less stores. Grupo
Unicomer's credit portfolio is smaller in size than Elektra's and
Famsa's, as it does not lend through regulated banking operations.
The company is more geographically diversified than Elektra and
Famsa, which mitigates the company's operating risk of any
individual market (as mentioned above). From a financial risk
profile view, the company maintains lower profitability margins and
higher leverage than Elektra, although it is stronger than Famsa.
Unicomer's operating margins are higher than Famsa's, while Elektra
has the best operating margins of the three companies. As per
Fitch's criteria, Grupo Unicomer's applicable Country Ceiling is
'BB-'. At the current rating level, the operating environments (OE)
of the countries where the company has operations do not constrain
the ratings, but the OE would likely constrain them in the upper
'BB' rating range.

KEY ASSUMPTIONS

  -- Fitch's base case projections for Grupo Unicomer consider the
following:

  -- For FY21, a month of store closures in most of the company's
operations, then a decline in product sales followed by a gradual
recovery to levels close to FY20 revenues by fiscal year-end.

  -- For FY21, sales by in-house credit are 55% of product sales,
with an average duration period of 19 months for credits.

  -- Revenues grow 19.9% for FY22 and 6.7% for FY23.

  -- An EBITDA margin of 10.1% during FY21 and 11.6% on average for
FY22 and FY23.

  -- A capex of USD20 million for FY21 and USD40 million per year
on average for FY22 and FY23.

  -- A dividend payment of USD22 million for fiscal year-end March
2020.

  -- Dividend payments equal to 25% of net income for fiscal
year-ends March 2021 through March 2023.

  -- NPLs increase during FY21.

  -- Potential inorganic growth in FY22.

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
positive rating action include:

  -- Diversification of operating subsidiaries in countries with
lower sovereign risk.

  -- Consolidated adjusted net leverage close to 4.0x on a
sustained basis.

  -- Retail-only adjusted net leverage close to 3.5x on a sustained
basis.

  -- Maintained credit quality of the portfolio and significant
reduction on its current maturities, resulting in a consistent
ratio of cash plus cash flow from operations (CFFO)/short-term debt
of 1.0x.

Developments that may, individually or collectively, lead to
negative rating action include:

  -- Deterioration in overdue accounts from the consumer finance
business.

  -- A significant reduction in cash flow generation.

  -- Further debt-financed acquisition activity resulting in a
consolidated net-adjusted debt/EBITDAR ratio above 5.0x.

  -- Retail-only net-adjusted leverage above 4.5x on a sustained
basis.

  -- Deterioration of liquidity compared with short-term debt.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity to Weather Current Operating Environment: As of
Dec. 31, 2019, Grupo Unicomer reported total debt of USD768
million, of which USD167 million was short-term. This level of
short-term debt compares with USD121 million of cash and marketable
securities and a short-term credit receivables portfolio of USD604
million. The company recently raised close to USD50 million of its
available credit lines to have them on hand if needed.

Fitch believes Unicomer's liquidity cushion of cash on hand and
operating cash flows coupled with its receivable portfolio will be
sufficient to cover short-term debt and withstand the current
crisis. The liquidity ratio, measured as FCF plus cash and
marketable securities over short-term debt, was 0.9x as of Dec. 31,
2019; when including short-term account receivables in the
calculation, the ratio increases to 4.5x.

ESG Considerations

Unicomer's highest level of environmental, social and governance
credit relevance is a score of 3, which means ESG issues are credit
neutral or have only a minimal credit impact on the entity, due to
either their nature or the way in which they are being managed by
the entity.

SUMMARY OF FINANCIAL ADJUSTMENTS

Summary of Financial Statement Adjustments - Financial statements
as of June 2019, September 2019 and December 2019 were adjusted to
revert the IFRS 16 effect.

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.



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

GUATEMALA: S&P Affirms 'BB-' LT FC Sovereign Credit Ratings
-----------------------------------------------------------
On April 16, 2020, S&P Global Ratings affirmed its 'BB-' long-term
foreign-currency and 'BB' long-term local-currency sovereign credit
ratings on Guatemala. S&P's outlook on the long-term ratings
remains stable. S&P also affirmed its 'B' short-term foreign- and
local-currency ratings on Guatemala.

The transfer and convertibility assessment remains 'BB+'.

Outlook

S&P said, "The stable outlook reflects our view that the social and
economic impact of the COVID-19 pandemic, and the downturn in
global growth, will result in increased government borrowing and a
higher debt burden this year. However, we expect that a combination
of economic recovery starting next year and cautious economic
policies will help reverse the near-term deterioration in the
sovereign's fiscal and debt profile, limiting the long-term
negative impact on its financial profile."

Downside scenario

S&P could lower the ratings over the next 12-18 months if the
expected contraction in Guatemala's economy and rising government
fiscal deficit in 2020 lead to persistently weak public finances
over the long term. A weakening of Guatemala's fiscal or debt
profiles, potentially due to limited economic recovery next year or
greater-than-expected fiscal deterioration, could weaken the
sovereign's financial profile beyond our expectations and result in
a downgrade.

Upside scenario

S&P could raise the ratings over the same timeframe if the impact
of the current crisis is less damaging to the economy than we
expect, and if good economic management were to substantially
improve Guatemala's economic growth prospects and public finances
on a sustained basis. Such an improvement would likely stem from
the implementation of a reform agenda that strengthens Guatemala's
governability and public institutions, increasing its tax
revenues.

Rationale

S&P expects that the global spread of COVID-19 will have
unprecedented implications to Guatemala's economic and fiscal
prospects in the near term. Given its persistently narrow tax base,
as well as shortfalls in basic public services and physical
infrastructure, Guatemala has limited fiscal room to address the
shock without increasing its debt burden. On the other hand,
Guatemala's solid external position, moderate general government
debt to GDP, and sound monetary policy constitute relative credit
strengths that provide key resiliency to manage the challenging and
volatile environment. S&P's ratings on Guatemala also reflect its
view of still-developing governing public institutions and a
challenging political environment that constrains policymaking
effectiveness.

Institutional and economic profile: A challenging political
environment and still-developing governing public institutions
affect the sovereign´s ability to promote long-term economic
growth.

-- A challenging political environment limits the government's
ability to advance meaningful reforms.

-- The economic impact of the pandemic and global downturn will
not likely reduce Guatemala's long-term growth prospects.

-- S&P projects the country's GDP will contract by 2% in 2020 and
grow by 4.4% in 2021.

-- Although there is a high degree of uncertainty about the rate
of spread and the duration of the coronavirus outbreak, S&P Global
Ratings' baseline assumption is that the pandemic will peak about
midyear globally.

On March 13, 2020, the Guatemalan government declared a state of
calamity through April 19, 2020, though this date could be
extended. Non-essential activities in the private and public
sectors are suspended, all national borders are closed, and a
14-day curfew (4 p.m. until 4 a.m.) was put into force. For
COVID-19 mitigation, the government is drawing on emergency
budgetary reserves (about US$60 million), an IADB Budget Support
Loan for US$250 million, and a World Bank Disaster Risk Management
loan for US$200 million. In addition, the Guatemalan Congress voted
to give the administration authority to contract new loans up to
US$1 billion. Congress had previously deferred such loan approvals,
indicating that the crisis has helped to reduce the political
gridlock between the executive and legislative branches of
government that historically has impeded the effectiveness of
public policy.

S&P sid, "We project Guatemala´s economic growth will contract by
2% in 2020, down from estimated growth of 3.5% in 2019, largely due
to COVID-19. Locally, the impact of containment measures, lower
investor confidence, and financial market volatility will constrain
consumption and investment. In addition, a drop in remittances,
which account for 14% of GDP in 2019, will hit private consumption.
Exports will also fall, as about one-third are typically destined
to the U.S. We expect GDP growth to accelerate to 4.4% in 2021,
explained largely by a statistical effect. On a per capita basis,
the forecast implies GDP contraction of 3.7% in 2020 and average
growth of 2.2% over 2021-2023.

"Our economic assessment for Guatemala reflects its low per capita
income (estimated to be US$5,150 in 2020) and its history of
below-average economic growth compared with that of its rating
peers. Its persistent low growth reflects--among other
factors--limited basic public services (such as education and
health care), a limited physical infrastructure, and a high crime
rate."

At this point, S&P considers the pandemic shock to be temporary and
without negative long-term consequences on the Guatemalan economy.
Over the long term, sustained economic growth will depend on the
sovereign's ability to improve productivity and strengthen the rule
of law and the enforcement of contracts, which will help to attract
more private investment.

Since its start in January 2020, the administration of President
Alejandro Giammattei has maintained economic policies encouraging
greater private-sector participation in the economy. However, a
challenging political environment limits the government's ability
to advance meaningful reforms. Our assessment of Guatemala's
governance reflects weak checks and balances between institutions,
perceptions of corruption, and a record of weak policy
implementation.

Flexibility and performance profile: A solid external position, and
a sound monetary policy that keeps inflation within target

-- S&P expects Guatemala's external profile to remain stable in
the coming three years despite increasing pressure.

-- A flexible exchange rate and sound monetary policy have
anchored inflation expectations.

-- A cautious fiscal policy should prevent long-term
deterioration, and S&P expects the net general government debt
burden to increase to about 22% of GDP in 2020 from 17% of GDP in
2019.

Guatemala's current account continued to register a surplus in 2019
(0.6% of GDP), similar to the surplus of 0.8% of GDP in 2018. The
U.S. recession will lower Guatemalan exports and substantially
reduce inflows of remittances. That should contribute to a larger
trade deficit, despite lower oil prices, and a return to current
account deficits averaging 1.4% of GDP during 2020-2023.

S&P said, "Accordingly, we forecast Guatemala's narrow net external
debt to increase to 29% of current account receipts this year and
hover around 35% during 2021-2023. The country's gross external
financing needs will likely average 83% of current account receipts
and usable reserves over the same period. Net foreign direct
investment has declined consistently since 2012, to 1.3% of GDP in
2019. We expect a further decline in 2020 toward 0.5% of GDP, no
longer enough to fully cover the current account deficit. In our
view, besides global uncertainty, poor foreign direct investment
reflects low investor confidence given the political instability
and the overall weak business climate. We expect that planned
initiatives to restore legal certainty for large-scale investment
projects could boost investors' confidence over the next couple of
years.

"Guatemala's general government reported a deficit of 2.3% of GDP
in 2019 (it was a 1.8% deficit in 2018). We assume that economic
contraction will boost the fiscal deficit toward 5% of GDP,
reflecting a loss of revenues and higher expenditures due to the
COVID-19 pandemic. Subsequently, we expect the general government
deficit to gradually converge toward its previous average over the
next two years. Structurally and prior to the COVID-19 crisis, the
sovereign demonstrated limited ability to increase its revenues,
which have remained at about 11% of GDP (incorporating the central
bank´s 2019 revision of national accounts that results in a lower
nominal GDP). Without fiscal reform, it is highly unlikely that
these revenues could rise substantially as a share of GDP over the
next three years."

Despite fiscal pressure on 2020, S&P expects that continued
cautious fiscal policies should recover a stable general government
debt burden during 2021-2023. Following expected general government
deficits, the net general government debt could increase toward 22%
of GDP in 2020 from 16.8% in 2019. Interest payments will likely
remain below 15% of general government revenues over the same
period.

As of Jan. 31, 2020, 48.4% of the sovereign's debt was denominated
in U.S. dollars, which exposes it to a sudden quetzal depreciation.
Although this ratio is down from 58% in 2012, it remains a negative
rating factor. Balancing this exposure is that 79% of sovereign
debt is at fixed interest rates, and its maturity profile is stable
over the next three years. In addition, most of its external
debt--which accounted for 44.4% of total debt--is with multilateral
institutions.

Guatemala's monetary policy continues to reflect the central bank's
mandate to control inflation as well as its operational
independence, despite recurrent political instability. The low
inflation also reflects overall currency stability over the last
few years. S&P estimates inflation will stay within the central
bank's target of 4% (plus/minus 1%). The central bank has lowered
its policy rate by 75 basis points to 2% since March 18, 2020, and
stands ready to secure liquidity provision facilities, including by
acting as lender of last resort. To support the financial sector,
the Monetary Board has temporarily eased 180 days) credit risk
management regulations to enable loan restructuring, loan payments
moratorium, and the use of generic provisions.

Environment, 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

  Ratings Affirmed
  
  Guatemala
   Sovereign Credit Rating
   Foreign Currency                       BB-/Stable/B
   Local Currency                         BB/Stable/B
   Senior Unsecured                       BB-
   Transfer & Convertibility Assessment   BB+





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

JAMAICA: General Asked to Review Application for CARE Program
-------------------------------------------------------------
RJR News reports that the Office of the Auditor General has been
asked to review the application and disbursement processes under
the Government's COVID-19 Allocation of Resources for Employees
(CARE) program.

The temporary cash transfer arrangement, for which applications
opened on April 9, will provide grants and relief packages to
businesses and individuals, in order to cushion the economic impact
from the coronavirus pandemic, according to RJR News.

Finance Minister Dr. Nigel Clarke said the review will take place
while the program is ongoing, the report notes.

                           About Jamaica

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings on April 16, 2020, revised its outlook on Jamaica to
negative from stable. At the same time, S&P Global Ratings affirmed
its 'B+' long-term foreign and local currency sovereign credit
ratings, its 'B' short-term foreign and local currency sovereign
credit ratings on the country, and its 'BB-' transfer and
convertibility assessment.

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

JAMAICA: S&P Alters Outlook to Neg., Affirms 'B+/B' SCRs
--------------------------------------------------------
On April 16, 2020, S&P Global Ratings revised its outlook on
Jamaica to negative from stable. At the same time, S&P Global
Ratings affirmed its 'B+' long-term foreign and local currency
sovereign credit ratings, its 'B' short-term foreign and local
currency sovereign credit ratings on the country, and its 'BB-'
transfer and convertibility assessment.

Outlook

S&P said, "The negative outlook reflects our view that there is at
least a one-in-three chance that we could lower the ratings on
Jamaica over the next 12 months, if the strong economic recovery
that we expect in 2021 is weaker, or the pandemic is more
prolonged, than our base case. If such a scenario were to result in
prolonged deficits at current levels or weaker external accounts,
we could lower the ratings.

"Alternatively, we could revise the outlook to stable over the next
12 months if risks of a more severe or prolonged outbreak were to
subside, the country's finances returned to previous levels, and
its external position remained in line with our forecast."

Rationale

The global spread of COVID-19 will have unprecedented implications
for tourism-dependent sovereigns in the Caribbean and North
Atlantic. S&P said, "We expect, in addition to the human costs, the
pandemic, together with travel restrictions both in Jamaica, and in
visitors' countries, will have a significant impact on GDP, fiscal
accounts, and foreign exchange inflows in 2020. Although there is a
high degree of uncertainty about the rate of spread and the
duration of the coronavirus outbreak, S&P Global Economics'
baseline assumption is that the pandemic will peak about midyear
globally. Although the timing of the peak of the pandemic will
differ across sovereigns, the global peak will inform governments'
decisions regarding travel restrictions and border closings, as
well as tourists' propensity to travel. Our base case for tourism
to the Caribbean and North Atlantic in 2020 assumes a decline of
60%-70% in the last three quarters of the year compared with 2019,
with the largest declines occurring in the second and third
quarters. While we expect a rebound in tourism in 2021, in most
cases, we do not expect a full recovery until 2022-2023, at the
earliest. We believe that the pace of recovery will depend on the
timing of the outbreak peak in Jamaica and key visitors' countries,
the nature and resiliency of the tourism sector and sectors that
indirectly depend on tourism, and the government's policy
response."

S&P said, "Jamaica's economy is relatively well diversified, and
tourism directly accounts for just less than 10% of the economy;
therefore, we expect the economic contraction will be more moderate
than in many other Caribbean sovereigns. Under our base case, we
expect GDP per capita will shrink to just below US$5,300 this year,
down from almost US$5,900 in 2019.

"Although there is a high degree of uncertainty about the duration
of the pandemic and the effects on local economies, our base case
assumes the impact of COVID-19 will be temporary, and we expect a
strong--although not full--economic recovery in Jamaica in 2021.
While we believe it will take several years for nominal GDP to
reach pre-outbreak levels, we think the country will benefit from
its economic diversity.

"The government of Jamaica had been planning fiscal surpluses and a
continuation of debt retirement in 2020. We expect it will deviate
from these plans. It has already announced a J$25 billion stimulus
package to support Jamaicans through the outbreak. In addition to
spending measures, a fall in revenues will also put pressure on
government finances, and lead to a deficit of about 4% of GDP and a
rise in debt to about 100% of GDP in 2020.

"We expect tourism-driven exports will severely contract in 2020,
although we believe this will be partially mitigated by a fall in
imports, given the high import component of tourism in the country.
Services, which include tourism, account for about 40% of current
account receipts, according to the latest available annual data.
The country should benefit from the fall in global oil prices,
which we believe represent about a quarter of merchandise imports.
Nevertheless, we expect the current account deficit will widen
considerably to about 6% of GDP, based on expected lower tourism
receipts, partially mitigated by lower oil prices and lower
tourism-related imports.

"We expect the government will finance the deficit with domestic
and external debt, and as announced by the finance minister April
6, potential funding from the IMF to support its balance of payment
flows. The increase in external debt in conjunction with the lower
expected current account receipts will weaken external accounts. We
expect the external debt of the public and financial sectors, net
of usable reserves and financial sector external assets, will be
about 100% of current account receipts in 2020 and the country's
gross external financing needs will rise to 102% of current account
receipts and usable reserves in 2020, from about 97% in 2019."

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

  Ratings Affirmed  

  Jamaica
   Transfer & Convertibility Assessment  
   Local Currency      BB-

  Jamaica
   Senior Unsecured     B+

  Air Jamaica Ltd.
   Senior Unsecured     B+

  National Road Operating and Constructing Company Ltd
   Senior Unsecured     B+

  Ratings Affirmed; CreditWatch/Outlook Action  

                                 To             From
  Jamaica
   Sovereign Credit Rating   B+/Negative/B    B+/Stable/B




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

ALTOS HORNOS: Bank Debt Trades at 87% Discount
----------------------------------------------
Participations in a syndicated loan under which Altos Hornos de
Mexico SA de CV is a borrower were trading in the secondary market
around 13 cents-on-the-dollar during the week ended Fri., April 17,
2020, according to Bloomberg's Evaluated Pricing service data.

The USD27 million term loan is scheduled to mature on April 11,
2004.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is Mexico.


URBI DESARROLLOS: $50MM Bank Debt Trades at 99.3% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Urbi Desarrollos
Urbanos SAB de CV is a borrower were trading in the secondary
market around 0.71 cents-on-the-dollar during the week ended Fri.,
April 17, 2020, according to Bloomberg's Evaluated Pricing service
data.

The credit facility is a USD50 million term loan.  As of April 17,
2020, the full amount is drawn and outstanding.

The Company's country of domicile is Mexico.


URBI DESARROLLOS: $55MM Bank Debt Trades at 99.3% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Urbi Desarrollos
Urbanos SAB de CV is a borrower were trading in the secondary
market around 0.71 cents-on-the-dollar during the week ended Fri.,
April 17, 2020, according to Bloomberg's Evaluated Pricing service
data.

The credit facility is a USD55 million term loan.  As of April 17,
2020, the full amount is drawn and outstanding.

The Company's country of domicile is Mexico.



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

CORPORACION AZUCARERA: Fitch Affirms LT IDR at B, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign-Currency and
Local-Currency Issuer Default Ratings of Corporacion Azucarera del
Peru S.A. at 'B'. Fitch has also affirmed Coazucar's Senior
unsecured notes at 'B/RR4'. The Rating Outlook is Stable.

The affirmation of the ratings reflects Fitch's expectation that
Coazucar will maintain net leverage metrics within rating trigger
thresholds, despite depressed international sugar prices due to the
impact of the coronavirus pandemic on commodity prices.

KEY RATING DRIVERS

Solid Performance Despite Challenges: As an essential business,
Coazucar is allowed to operate despite Peruvian restrictions in
other sectors that have been in place since March 16. Fitch expects
Coazucar to be able to maintain sugar prices in Peru above
international prices in 2020 due to its strong market share and
distribution capacity. The company sold brown sugar at 19 cents per
pound on average in 4Q19, which was a 6 cents per pound premium
versus international prices. In 1Q20, Fitch expects sugar prices to
continue to be elevated despite aggressive measures taken in Peru
to combat Covid-19.

Positive Cash Flow: Fitch forecasts a slight decline in Coazucar's
volumes sold in 2020 but has not incorporated in its base case
scenario any major disruptions of the company's operations.
Coazucar is projected to generate more than PEN290 million of
EBITDA in 2020 and PEN60 million of FCF. These figures compare with
PEN283 million of EBITDA in 2019 and PEN69 million of FCF. Fitch
anticipates the company has some flexibility to reduce investments
to about PEN100 million in 2020 from PEN170 million in 2019.

Steady Leverage: Fitch expects Coazucar's net debt to EBITDA ratio
to remain stable in 2020 due to depressed sugar prices, as the
company continues to price its product at a premium to
international prices of between 6 cent to 8 cents per pound.
Coazucar's net leverage decreased to 5.2x in 2019 from about 12x in
2018 due to a solid operating performance and a working capital
inflow.

Product and Geographic Concentration: The ratings incorporate risks
associated with product concentration in sugar, which represented
83% of Coazucar's revenues, alongside alcohol with 12% and other
by-products with 5%. By nature, the sugar industry is volatile and
exposed to fluctuations in commodity prices and external factors.
Coazucar is geographically concentrated in Peru, with about 72% of
its revenues generated in the country; it also has operations in
Ecuador. EBITDA from Peruvian operations accounted for 83% of total
EBITDA in 2019.

Currency Risk: Coazucar is exposed to currency risk, and Fitch
estimates that about 70% of the company's debt is still mostly
dollar-denominated without any hedge against local-currency
depreciation. About 50% of revenues are in U.S. dollars due to the
group's operation in Ecuador and contracts in U.S. dollars for
exports and refined sugar. The balance of revenues is generated in
Peru. In this market, Coazucar's revenues follow the trend of the
dollar-denominated international prices of sugar, while its costs
are mainly in Peruvian soles.

ESG Influence: Coazucar has an ESG Relevance Score of '4' for GGV -
Governance Structure, as the company has key person risk and
limited board independence through family ownership. Coazucar's
shareholders, the Rodriguez family, have demonstrated their
financial commitment to preserving the company's liquidity. In
2018, the shareholders injected PEN95 million in cash to Coazucar.
The Rodriguez family's other investments include Gloria S.A., the
leading dairy company in Peru, and Yura S.A., the leading cement
producer in southern Peru.

DERIVATION SUMMARY

Coazucar's ratings reflect its dominant domestic position as the
largest sugar producer in Peru, with about 55% market share. The
company benefits from its proximity to owned sugarcane fields and
low dependence on third-party producers. This position enables the
company to price sugar in the domestic market at a high premium
compared to international prices, which is not the case for
Brazilian companies in the same sector rated by Fitch.

Coazucar also benefits from the support of the Rodriguez family,
which has been supporting the company's liquidity by injecting cash
into the company since 2016. The rating is tempered by Coazucar's
high business risk inherent to an industry characterized by intense
price volatility and performance exposure to weather conditions.
Coazucar's operations in Ecuador diversify its production base but
entail higher sovereign risk than Peru. The company reports lower
profitability and weak credit metrics compared to other rated
companies in the sector, such as Jalles Machado S.A. (A+ [bra]).
The company is also less diversified in terms of geographies and
products than Tereos SCA (BB-/Negative).

KEY ASSUMPTIONS

  -- Single-digit growth driven by prices and FX.

  -- EBITDA close to PEN300 million.

  -- Capex of about PEN100 million.

  -- Net debt/EBITDA below 5.5x in 2020.

Fitch believes that a debt restructuring would likely occur under
stressed economic conditions and external shocks such as climatic
events or international commodity price pressure. Therefore, Fitch
has performed a going concern recovery analysis for Coazucar that
assumes that the company would be reorganized rather than
liquidated.

Key going-concern assumptions are:

  -- Coazucar would have a going-concern distressed EBITDA of about
PEN198 million. This figure takes into consideration factors such
as climatic events, production shutdowns and low commodity prices.

  -- A distressed multiple of 6.0x due to the exposure to the
agribusiness sector and strong market share in Peru.

  -- A distressed enterprise value of PEN1.1 billion (less 10% for
administrative claims).

  -- Total debt of about PEN1.6 billion.

The recovery performed under this scenario resulted in a recovery
level of 'RR3', reflecting good recovery prospects. Because of
Fitch's soft cap for Peru, which is outlined in its criteria,
Coazucar RR has been capped at 'RR4', reflecting average recovery
prospects.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action:

  -- Net leverage below 4.5x on a sustainable basis.

  -- Support from the shareholder that would be transformational
for the group's capital structure.

  -- Visibility regarding the refinancing of the 2022 Senior
unsecured notes.

Developments that May, Individually or Collectively, Lead to
Negative Rating Action:

  -- Deterioration of liquidity.

  -- Net leverage above 5.5x by 2020.

BEST/WORST CASE RATING SCENARIO

International scale credit 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

Liquidity: Coazucar had PEN118 million in cash and equivalents
versus short-term debt of PEN233 million as of YE19. Fitch expects
Coazucar's shareholders to continue to support the company's
liquidity. Of total debt, 15% is short term, and USD243 million in
international bonds are due in 2022.

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

Corporacion Azucarera del Peru S.A.: 4.2; Governance Structure: 4

Coazucar has an ESG Relevance Score of '4' for GGV - Governance
Structure, as the company has key person risk and limited board
independence through family ownership.



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

VENEZUELA: Slams US Over 'Vulgar' Central Bank Funds Seizure
------------------------------------------------------------
Agence France-Presse reports that Venezuela hit out at the United
States over the seizure of $342 million that its central bank had
held in an account at Citibank.

In a Twitter post, Foreign Minister Jorge Arreaza blasted the
"vulgar dispossession" of the money "ordered" by the US -- and
pointed to "complicity" by the opposition-controlled National
Assembly, according to Agence France-Presse.

The US-based assets of Venezuela's central bank are among those
that have been frozen under tough sanctions put in place by the
government of President Donald Trump, the report notes.

Venezuela's legislature -- led by US-backed Juan Guaido --
authorized the transfer of the funds from a central bank account
with Citibank to its account at the New York branch of the US
Federal Reserve, the report relays.

Neither the National Assembly nor the central bank divulged the
amount transferred, but opposition lawmaker Angel Alvarado told AFP
it amounted to $342 million, the report discloses.

Alvarado said the move aimed to "further protect these assets," but
the central bank called it illegal, the report relates.

President Nicolas Maduro's government does not recognize the
National Assembly as the lawful legislature, the report relays.

In January 2019, Guaido used his position as assembly speaker to
declare himself acting president in a direct challenge to Maduro,
the report recalls.

He has since been recognized by more than 50 countries, including
his principal ally in Washington, the report notes.

Washington has helped Guaido seize control of Venezuelan government
assets held in the United States, including Citgo, the US-based
subsidiary of state oil company PDVSA, the report adds.

                            Venezuela

Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South America, consisting of a
continental landmass and a large number of small islands and
islets in the Caribbean sea.  The capital is the city of Caracas.

Hugo Chavez was president to Venezuela from 1999 to 2013.  The
Chavez presidency was plagued with challenges, which included a
2002 coup d'etat, a 2002 national strike and a 2004 recall
referendum.  Nicolas Maduro was elected president in 2013 after
the death of Chavez.  Maduro won a second term at the May 2018
Venezuela elections, but this result has been challenged by
countries including Argentina, Chile, Colombia, Brazil, Canada,
Germany, France and the United States who deemed it fraudulent and
moved to recognize Juan Guaido as president.

The presidencies of Chavez and Maduro have challenged Venezuela
with a socioeconomic and political crisis.  It is marked by
hyperinflation, climbing hunger, poverty, disease, crime and death
rates, social unrest, corruption and emigration from the country.

Standard and Poor's long- and short-term foreign currency
Sovereign credit ratings for Venezuela stands at 'SD/D' (November
2017).

S&P's local currency sovereign credit ratings on the other hand
Are 'CCC-/C'. The May 2018 outlook on the long-term local currency
sovereign credit rating is negative, reflecting S&P's view that
the sovereign could miss a payment on its outstanding local
currency debt obligations or advance a distressed debt exchange
operation, equivalent to default.

Moody's credit rating (long term foreign and domestic issuer
ratings) for Venezuela was last set at C with stable outlook
(March 2018).

Fitch's long term issuer default rating for Venezuela was last set
at RD (2017) and country ceiling was CC. Fitch, on June 27, 2019,
affirmed then withdrew the ratings due to the imposition of U.S.
sanctions on Venezuela.


                           *********


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
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Chapman, Editors.

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