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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

          Monday, April 27, 2020, Vol. 21, No. 84

                           Headlines



A R G E N T I N A

ARGENTINA: Fitch Cuts IDR to C on Distressed Debt Exchange Process
RIO NEGRO: Moody's Rates 2020 Treasury Note Program 'Ca'


B R A Z I L

BANCO DE BRASILIA: Fitch Affirms BB- LT IDRs, Alters Outlook to Neg
BANCO DO ESTADO: Fitch Affirms BB- LT IDR, Alters Outlook to Neg.
BANESTES SA: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Negative
ELDORADO BRASIL: Fitch Affirms BB- LT IDR, Alters Outlook to Stable


C A Y M A N   I S L A N D S

BANIF FINANCE: Creditors' Proofs of Debt Due May 8
PARAGON HOLDINGS: Creditors' Proofs of Debt Due May 18


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Council Warns of Shortages
DOMINICAN REPUBLIC: US Allocates $1.4 Million to Humanitarian Aid


E C U A D O R

ECUADOR: Fitch Cuts LT IDR to RD on Bond Repayment Deference
INT'L. AIRPORT: Moody's Cuts Sr. Sec. Rating to Caa2, Outlook Neg.


J A M A I C A

JAMAICA MERCHANT 2015-1: Fitch Affirms LT Ratings at 'BB+'


M E X I C O

PETROLEOS MEXICANOS: Fitch Cuts LT IDR & Sr. Unsec. Rating to BB-
PETROLEOS MEXICANOS: Moody's Cuts Sr. Unsec. Note Ratings to Ba2


P A N A M A

LA HIPOTECARIA FOURTEENTH: Fitch Affirms Series C Notes at 'Bsf'


P U E R T O   R I C O

SALLY HOLDINGS: Moody's Rates New Senior Secured Notes 'Ba2'


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Business Group Seeks Relaxation of Restrictions


X X X X X X X X

LATAM: IDB Provides Policy Recommendations to Cope With Covid 19

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Fitch Cuts IDR to C on Distressed Debt Exchange Process
------------------------------------------------------------------
Fitch Ratings has downgraded Argentina's Long-Term Foreign Currency
Issuer Default Rating to 'C' from 'CC'.

KEY RATING DRIVERS

The downgrade of Argentina's rating to 'C' indicates that a
distressed debt exchange process has begun following the
authorities' announcement of a restructuring proposal for external
bonds. Fitch expects payment default on upcoming bond payments
could be imminent should an agreement with bondholders not be
reached in the coming weeks. Fitch has also downgraded the issue
ratings on the securities included in the exchange offer to 'C'.

On April 16, the Argentine authorities announced the launch of an
exchange offer to restructure almost all of their commercial bonds
issued in external markets. The proposal involves five-year
postponement of principal payments, postponement of coupon payments
until 2023 and gradual step-up thereafter (amounting to a 62%
reduction overall reduction in interest payments, according to the
authorities), and a haircut on principal of 5.4%. The proposed
exchange, if accepted, would constitute a DDE as it involves a
material reduction in terms for creditors and is being pursued to
avoid a traditional payment default.

Coupon payments on three of the eligible bonds are due on April 22,
and have a 30-day grace period. Should a deal with bondholders not
be reached during this time period, or should significantly
progress on an agreement not be achieved, Fitch sees a high risk
that these payments will not be made.

Argentine authorities and the IMF have indicated that Argentina's
sovereign debt is unsustainable, given that the fiscal adjustment
that would be needed to reduce debt levels and financing needs to
manageable levels is not economically or politically feasible, and
even less so in the context of the economic fallout surrounding the
global coronavirus pandemic. Nevertheless, the substantial losses
to investors that the authorities' proposal would entail could make
a fast agreement difficult to achieve, posing the risk of a
protracted negotiation process and missed payments.

Argentina's Local Currency IDRs remain 'RD', given that the
authorities have continued the strategy of swapping
peso-denominated debt instruments on terms that Fitch has deemed
distressed.

ESG - Governance: Argentina has an ESG Relevance Score of 5 for
both Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. Theses scores reflect the high
weight that the World Bank Governance Indicators have in its
proprietary Sovereign Rating Model. Argentina has a medium WBGI
ranking at 52nd percentile, reflecting a recent track record of
political transitions that have been peaceful but been accompanied
by high policy uncertainty and macroeconomic instability; moderate
control of corruption, government effectiveness and regulatory
quality and rule of law; and above-average voice and
accountability.

ESG - Creditor Rights: Argentina has an ESG Relevance Score of 5
for Creditor Rights as willingness to service and repay debt is
highly relevant to the rating and is a key rating driver with a
high weight. Argentina has recently defaulted on its debt and has
done so many times in the past, for extended periods in some cases.
The current 'C' rating indicates another default-like process has
begun.

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

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

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

RATING SENSITIVITIES

Factors that may, individually or collectively, lead to an upgrade
or other positive rating action:

  -- Payment on upcoming commercial debt obligations and/or signs
of improved capacity and willingness to continue to do so.

Factors that may, individually or collectively, lead to a downgrade
or other negative rating action:

  -- Failure to fulfil commercial debt payment within stipulated
grace periods;

  -- Completion of a DDE.

BEST/WORST CASE RATING SCENARIO

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

KEY ASSUMPTIONS

Fitch expects growth of the global economy, and that of key trading
partner Brazil, in line with the projections outlined in the latest
Global Economic Outlook (GEO).

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

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

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

Argentina has an ESG Relevance Score of 5 for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver, as for all sovereigns. Argentina has recently
defaulted on its debt and has done so many times in the past, for
extended periods in some cases. The current 'C' rating indicates
another default-like process has begun.

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

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

RIO NEGRO: Moody's Rates 2020 Treasury Note Program 'Ca'
--------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. has
assigned a Ca -Global Scale local currency debt rating- and an
Ca.ar --National Scale in local currency- to the 2020 Treasury Note
Program of the Province of Rio Negro. The ratings are in line with
the province's long term issuer ratings.

RATINGS RATIONALE

The Treasury Note issuances has been authorized by the Provincial
Law Nº5.385 and by Resolution 2020-19-APN-SHMEC, which sets the
general issuance conditions of the series within the program and
its maximum amount.

The 2020 program considers a maximum outstanding issuance amount of
ARS1,000 million or its equivalent in foreign currency which
represents 1.4% of the province's 2019 total revenues. Each series
of notes, with maturities up to 360 days, could have different
issuance terms and conditions, and would be secured by the Province
possibly affecting any provincial resource coming from the federal
tax-sharing regime. The proceeds will be used to cover seasonal
cash needs.

The assigned debt ratings reflect Moody's view that the willingness
and capacity of Rio Negro to honor these short-term treasury notes
is in line with the province's long-term credit quality as
reflected in the Ca/Ca.ar issuer ratings in local currency.

The assigned Ca/Ca.ar ratings to the Treasury Note Program are
based on preliminary documentation received by Moody's as of the
rating assignment date. Moody's does not expect changes to the
documentation reviewed over this period, nor does it anticipate
changes in the main conditions that the Notes will carry. Should
issuance conditions and/or final documentation of the program
deviate from the original ones submitted and reviewed by the rating
agency, Moody's will assess the impact that these differences may
have on the ratings and act accordingly.

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

Given the strong macroeconomic and financial linkages between the
Government of Argentina's and sub-sovereigns, a downgrade in
Argentina's bond ratings and/or further systemic deterioration
could exert downward pressure on the ratings. Alternatively, an
increase in Rio Negro's idiosyncratic risks could translate into a
downgrade.

Moody's does not expect upward pressures in the rated Argentinean
sub-sovereigns in the near to medium term.

The principal Rating Procedure Manual used in assigning these
ratings was the Procedures Manual for Risk Rating of Sub-Sovereign
Governments published in January 2017.



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B R A Z I L
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BANCO DE BRASILIA: Fitch Affirms BB- LT IDRs, Alters Outlook to Neg
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Fitch Ratings has affirmed Banco de Brasilia's (BRB, or the bank)
Long-Term Foreign Currency and Local Currency Issuer Default
Ratings at 'BB-' and BRB's Long-Term National rating at 'A+ (bra)',
revising the Outlook to Negative from Stable. At the same time,
Fitch has affirmed the Short-Term IDR and National Rating at 'B'
and 'F1(bra)', respectively.

Fitch revised the Outlook on BRB's IDRs and National Rating to
Negative from Stable to reflect the agency's expectation that the
deterioration of the macroeconomic scenario (on account of the
coronavirus pandemic) will affect BRB's asset quality and
profitability. The duration and depth of the crisis will determine
the extent of pressure on the bank's credit metrics, although the
agency expects the bank's funding and liquidity to remain stable.

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

KEY RATING DRIVERS

BRB's Long-Term Local Currency and Foreign Currency Issuer Default
Ratings are driven by its 'bb-' Viability Rating. The bank's VR is
highly influenced by its resilient company profile and also
captures the limitations imposed by the Brazilian operating
environment. BRB continues to maintain its strong franchise in the
Federal District with a stable and diversified retail funding base,
while the bank's financial profile has improved.

BRB's asset quality indicators are good, reflecting its focus on
secured lending. In December 2019, payroll deductible loans and
mortgages made up 55% and 8% of gross loans, respectively (both
credits present low credit risk due to the robustness of the type
of guarantee). During the same period, nonperforming loans (NPLs)
over 90 days stood at a comfortable 1.7% of gross loans, down from
2.0% in 2018. Loans classified in the 'D-H' range fell to 5.1% in
December 2019, down from 7.6% in 2018. Despite this good track
record, Fitch expects the bank to face difficulties maintaining the
asset quality ratios at these levels, especially in personal and
credit card loans (20% of the total), given the more challenging
scenario.

The bank reported a solid profitability, with operating profit at a
high 6.2% of risk-weighted assets as of December 2019 (5.7% in
2018). However, due to economic effects from the coronavirus
pandemic, Fitch believes that BRB's 2020 profitability ratios will
be affected by income reduction and an occasional increase in loan
impairment charges.

BRB's capitalization is comfortable. The bank's common equity Tier
1 (CET1) ratio has steadily improved since 2015, supported by
modest growth, good profitability and moderate dividend payments.
In December 2019, its CET1 ratio stood at 14.6%, up from 12.2% as
of YE 2018. Furthermore, funding and liquidity remains sound. The
bank has a retail funding base that is highly stable, diversified
and low cost.

Local authorities have taken measures to ease potential impacts
stemming from the coronavirus pandemic on market liquidity. As is
the case with other Brazilian midsized banks, despite some
deterioration, liquidity is expected to remain commensurate with
the banks' ratings. Fitch will continue to monitor BRB's liquidity
trends given the current operating environment.

Support Rating

Fitch affirmed BRB's Support Rating at '4'. The bank's SR reflects
the limited probability of support from its majority shareholder,
Governo do Distrito Federal. Fitch believes GDF would have a high
willingness but relatively limited capacity to support BRB should
the need arise. BRB is strategically important for GDF, as it is
the local government's main financial agent and it has a meaningful
market share in the state's loans and time deposits. In addition to
its commercial operations, BRB performs a policy role for the
region through lending operations that aim to promote development
and growth.

ESG Relevance

BRB has an Environmental, Social and Governance Relevance Score of
'4' for Governance Structure. This is due to its state-owned nature
that increases potential political interference risks, which in
turn has a negative impact on the credit profile and is relevant to
the ratings in conjunction with other factors.

RATING SENSITIVITIES

VR and IDRs

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

  -- A Sovereign Rating downgrade, due to the constraint of
sovereign ratings on the bank's long-term IDRs and VR.

  -- A sustained decline in the operating profit/RWA ratio below
2.5%.

  -- A sustained deterioration in the bank's CET1 ratio below 11%.

  -- Negative future developments from the Circus Maximus
operation.

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

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

  -- Although unlikely, an upgrade of the sovereign.

In addition, BRB's ratings currently have a negative outlook, which
makes the possibility of an upgrade in the near future highly
unlikely.

National Ratings

  -- Changes in BRB's IDRs or credit profile relative to its
Brazilian peers could result in changes to its national ratings.

Support Rating

  -- Material changes in Fitch's assessment of GDF's ability and
willingness to provide support to BRB could affect the SR of the
bank.

BEST/WORST CASE RATING SCENARIO

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

BRB's SRs are driven by Governo do Distrito Federal Support.

ESG CONSIDERATIONS

BRB - Banco de Brasilia SA: 4; Governance Structure: 4

Unless otherwise disclosed in this section, the highest level of
environmental, social and governance credit relevance is a score of
3 - 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.

BRB has an ESG Relevance Score of 4 for Governance Structure. This
is due to its state-owned nature that increases potential political
interference risks, which in turn has a negative impact on the
credit profile and is relevant to the ratings in conjunction with
other factors.

BANCO DO ESTADO: Fitch Affirms BB- LT IDR, Alters Outlook to Neg.
-----------------------------------------------------------------
Fitch Ratings has affirmed Banco do Estado do Rio Grande do Sul
SA's (Banrisul, or the bank) Long-Term, Foreign Currency and Local
Currency Issuer Default Ratings at 'BB-', revising the Outlook to
Negative from Stable. At the same time, Fitch has affirmed
Banrisul's Long-Term National Rating at 'A+(bra)', revising the
Outlook to Negative from Positive.

The revised Outlooks on Banrisul's ratings reflect Fitch's
expectations of economic impacts from the coronavirus pandemic to
weigh on the bank's asset quality and profitability. While the
ultimate duration and depth of the crisis are hard to predict,
risks to the banks' credit profiles from the fallout of the
coronavirus outbreak are skewed toward the downside. Nevertheless,
Fitch recognizes Banrisul's current adequate funding and liquidity
structure.

Fitch's recently revised Brazilian economic growth forecasts
include a GDP contraction of 2% in 2020, mainly due to shocks
related to the outbreak's effects on commodity prices, lower
Chinese growth, the increased risk-aversion of foreign investors
and lower consumption.

KEY RATING DRIVERS

The affirmation of Banrisul's Viability Rating, IDRs and National
Rating reflect the resilience and stability of the bank's business
model and franchise in recent years, despite the challenging
regional operating environment of the State of Rio Grande do Sul.
Banrisul's IDRs derive from its VR and are highly influenced by the
company's profile and asset quality, with adequate credit metrics
in recent years. However, Fitch considers that these credit metrics
are subject to a more serious impact from the coronavirus
outbreak.

The ratings also reflect satisfactory levels of key financial
profile metrics, a moderate risk appetite, adequate management
quality and sound strategies. Fitch points out that, like other
public entities, Banrisul is potentially subject to political
influence, given its control structure, despite its solid corporate
governance structure. The ratings also factor Rio Grande do Sul's
specific operating environment, given the bank's high regional
importance and concentration in such state.

Banrisul operates as a commercial bank, serving both companies and
individuals. The bank has a strong presence in Rio Grande do Sul,
with a 20% market share in credit and 49% in term deposits as of
December 2019. Banrisul has a stable business model and offers a
wide range of financial products and services.

Underwriting standards are in line with practices of the major
banks. Risk management is consolidated, which makes different areas
consistent with each other. Loans to individuals corresponded to
the main part of the total portfolio in 2019, with a predominance
of payroll loans. The top 10 borrowers accounted for only 3.2% of
total loans; historically this ratio is low. The bank has regional
concentration, with 97% of its credit originated in the country's
southern region, mainly in the State of Rio Grande do Sul.

Fitch considers asset quality to be adequate. The 90-day
nonperforming loan ratio totaled 3.4% of the portfolio in 2019
(versus 2.6% in 2018). Impaired loan (in the "D-H" risk range)
ratios totaled 11.3% in 2019, compared to 12.9% in 2018.
Banrisul´s profitability ratios were solid, with operating profit
to risk-weighted assets of 3.4% in 2019 and 4.1% in 2018, from an
average of 3.5% between 2016 and 2019. The deteriorating operating
environment as a result of the coronavirus pandemic will pressure
the bank's asset quality, and it is likely that profitability
metrics will experience some weakening, especially in 2020 due to
higher impairment expenses and lower revenues.

Banrisul's capitalization was acceptable; the Common Equity Tier 1
(CET1) capital ratio was 13.8% in December 2019, up from 13.5% in
2018. One of Banrisul's strengths is its stable and diversified
funding base, with clients related to savings accounts and time
deposits. In Fitch's opinion, Banrisul's liquidity is adequate,
while its policy of minimum cash is conservative. The bank's
loans-to-deposits ratio was an adequate 68.0% in 2019 (versus 67.1%
in December 2018). Local authorities have taken measures to ease
potential impacts stemming from the global coronavirus outbreak on
market liquidity.

Support Rating and Support Rating Floor

The Support Rating of '4' and the Support Rating Floor of 'B'
reflect a limited likelihood of support from the federal government
during a crisis scenario due to the bank's relative moderate
systemic importance. In December 2019, Banrisul was the 12th
largest financial institution in the country in terms of assets and
10th in deposit volume. However, there are no explicit guarantees
of support from the federal government.

Subordinated Debt

Subordinated Tier 2 USD Notes: The rating of the Tier II Capital
Subordinated Notes (due in February 2022) has been affirmed at 'B',
two notches below the VR, which has been affirmed at 'bb-'. The
notching includes a subtraction of one notch to reflect loss
severity.

RATING SENSITIVITIES

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

  -- The operating profits/RWAs ratio falls below 2.5%.

  -- A sustained deterioration in the bank's CET1 ratio below 11%.

  -- Any negative change in Fitch's opinion on the State of Rio
Grande do Sul's operating and economic situation, given the bank's
strong presence and concentration in this state.

In addition, a downgrade of the Sovereign Rating on Brazil or a
revision of the Sovereign Rating Outlook to Negative would result
in a similar action on the bank's Long-Term IDRs.

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

  -- While not likely given the current operating environment, a
sustained recovery in the macroeconomic environment, including a
reduction of vulnerabilities in the Brazilian economy, that
underpins an Outlook revision to Stable.

  -- While highly unlikely given the current operating environment,
an upgrade of the Sovereign Rating on Brazil.

SR and SR Floor

The SR is potentially sensitive to any change in Fitch's view of
the sovereign's propensity or ability to provide support to the
bank should the need arise.

National Rating

Banrisul's national ratings may be affected by a change in Fitch's
perception of the bank's local affiliates with respect to other
entities.

BEST/WORST CASE RATING SCENARIO

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

BANESTES SA: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Negative
-------------------------------------------------------------------
Fitch Ratings has affirmed Banestes SA - Banco do Estado do
Espirito Santo's (Banestes) Long-Term, Foreign and Local Currency
Issuer Default Ratings at 'BB-' and has revised the Rating Outlook
to Negative from Stable. In addition, Fitch has affirmed Banestes'
National Long Term Rating at 'A+ (bra)' and has revised the Rating
Outlook to Negative from Positive.

The Outlook revision to Negative reflects Fitch's expectation that
the deterioration of the macroeconomic scenario (due to the
coronavirus pandemic) will affect Banestes's quality of assets and
profitability. While the duration and depth of the crisis are hard
to predict, the risks to the bank's credit profiles from the
fallout of the coronavirus outbreak are skewed to the downside. The
bank's adequate liquidity and good funding structure can mitigate
the negative impacts of the most challenging operating environment
in the short term.

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

KEY RATING DRIVERS

IDRs, VRs AND NATIONAL RATINGS

Banestes' IDRs are driven from its Viability Rating, i.e. by the
bank's intrinsic creditworthiness. The affirmation of the VR, IDRs
and National Ratings mainly reflects the continuity of the
institution's stable business model, which has a robust regional
franchise but limited market share in the national financial
system. The bank's VR is also highly influenced by Brazil's
challenging operating environment.

Ratings are also moderately influenced by Banestes's risk appetite,
the quality of the management and its financial profile. As a
state-owned bank, a relevant part of its strategy is focused on
providing services and granting credit to state and municipal
public employees, as well as companies interested in investing in
the state.

However, the ratings may be impacted by changes in the State of
Espirito Santo's financial flexibility and/or credit profile, due
to the concentration of the bank's activity in the state and the
correlation between portfolio performance and the local operating
environment. Like other public entities, the bank is subject to
political influence, due to its shareholding control, despite solid
corporate governance structure.

Banestes's underwriting standards are aligned with the practices of
major national banks. Credit risk is the most capital consuming. In
December 2019, risk-weighted assets represented 66.7% of the
portfolio, which in the period consisted of retail loans (63.5%)
and non-retail (36.5%). The top 10 largest clients represented only
7.4% of total credit in the period.

The quality of the bank's assets is adequate, Banestes's overdue
loans ratio has remained stable at 2.7% in December 2019 and 2018.
Loans in the 'D-H' risk range, according to Central Bank Resolution
2,682 (Bacen), totaled 11.1% of the portfolio at the end of 2019,
compared to 10.7% in 2018 and 13.6% in December 2017. Provisions
for loan losses covered 62.9 % of doubtful loans (D-H) in the
period (compared to 60.7% in 2018 and 56% in 2017). The agency
believes that the bank will find it difficult to maintain default
levels given the more challenging scenario.

In recent years, Banestes has shown adequate and relatively stable
profitability. The operating profit over the average of
risk-weighted assets was of 2.3% in December 2019, compared to 3.4%
in 2018 and 2.7% in 2017. The Return on Equity ratio was 13, 8% in
December 2019 (12.7% in 2018 and 13.1% in 2017). Fitch believes
that given the current scenario, Banestes will face challenges in
maintaining profitability levels, given the expectation of higher
provisioning expenses throughout the year, due to the new
coronavirus scenario.

The bank showed a drop in its capitalization ratios. In March 2020,
the Regulatory Capital ratio was 12.8%, 14.1% at the end of 2018
and 17.1% in 2017. In December 2019, the Fitch Core Capital - FCC
ratio was 13.1% (15.8% in 2018, 12.6% in 2017). The capital
reduction was due to the market-to-market of assets of private
securities classified as available for sale. These bonds have been
impacted by market volatilities due to the coronavirus crisis.
Fitch believes the bank's capitalization indicators remain
acceptable for its activity.

The bank's funding structure is stable and diversified. The bank's
main sources of financing come from cash deposits, savings and time
deposits. The ratio of loans to customer deposits was 36.6% by the
end of 2019 (from 39% in 2018). In December 2019, the most liquid
assets corresponded to around 50% of total deposits and financial
bills, and were mainly composed of federal government securities.
Fitch considers the bank's liquidity adequate and considers
Banestes's minimum cash policy conservative. In addition,
regulators have taken steps to limit the negative impact on market
liquidity in general. However, Fitch will continue to monitor the
bank's liquidity trends due to the negative evolution of the
operating environment.

SUPPORT RATING

Banestes's Support Rating '4' reflects the limited likelihood of
support from its controlling shareholder, the State of Espirito
Santo. Fitch believes that the state would have a high propensity,
but limited capacity to support the bank, if necessary. In Fitch's
opinion, Banestes is strategically important for Espirito Santo, as
it acts as its main tax collection agent, making transfers to
municipalities and is responsible for cash management. In addition,
public entities, to which the bank provides services and grants
credit to suppliers, as well as payroll deductible credits to
public employees, make up an important portion of Banestes's
business.

RATING SENSITIVITIES

IDRs AND VR

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

The ratings may be downgraded if the bank presents a material
deterioration in its asset quality, which compromises its
profitability indicators, with an operating result/asset weighted
by risk below 2%. In addition, deterioration in its capital
position with a Tier 1 Capital ratio of less than 11% and
significant outflows in its funding base, compromising its
liquidity can lead to negative actions.

Factors that can, individually or collectively, lead to a positive
/ elevating rating action:

There is limited possibility of positive actions in the medium
term, given the current operating environment, but a sustained
recovery of the macroeconomic environment, including the reduction
of vulnerabilities in the Brazilian economy, could support a
revision of the outlook to stable.

Fitch's internal analysis of the State of Espirito Santo may affect
Banestes' ratings, which would therefore be impacted by any change
in the state's financial profile.

In addition, negative actions in the sovereign's IDRs may result in
similar actions for the bank's IDRs.

SUPPORT RATING

Banestes's SR can be revised if there is any change in its
strategic importance or changes in the capacity or propensity of
the State of Espirito Santo's support.

NATIONAL RATINGS

Banestes's National Ratings may be upgraded if there is a change in
Fitch's perception of the bank's local relativity towards other
entities.

BEST/WORST CASE RATING SCENARIO

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

Banestes has an ESG Relevance Score of '4' for Governance
Structure, due to its nature as a public bank, which increases the
risk of potential political interference. This, in turn, has a
negative impact on the institution's credit profile and is relevant
to the ratings, together with other factors.Except for the matters
discussed above, the highest level of ESG credit relevance, if
present, is a score of 3. This means ESG issues are credit-neutral
or have only a minimal credit impact on the entity(ies), either due
to their nature or to the way in which they are being managed by
the entity(ies).

ELDORADO BRASIL: Fitch Affirms BB- LT IDR, Alters Outlook to Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Eldorado Brasil Celulose S.A.'s
Long-Term Foreign- and Local-Currency Issuer Default Ratings at
'BB-' and the National Long-Term Rating at 'A(bra)'. Fitch has also
affirmed the 'BB-' rating of the 2021 unsecured notes issued by
Eldorado Intl. Finance GmbH, which are guaranteed by Eldorado and
Cellulose Eldorado Austria GmbH. The Rating Outlook on the
corporate ratings was revised to Stable from Positive.

The revision of the rating Outlook to Stable reflects heightened
refinancing risk associated with lower credit availability. Despite
baseline interest rates at historically low levels, market
volatility has led to tighter credit, which had negatively impacted
banking lines, and increased funding cost as financial institutions
more becoming more selective on credit.

In the short term, Eldorado's liquidity is manageable and supported
by its strong cash position and the expectation of positive FCF in
2020; importantly, Eldorado has been able to refinance its trade
finance lines, which represents almost half of its short-term debt.
In 2021, Eldorado has about BRL2.9 billion of debt maturing,
including its USD350 million bond due in June and about BRL670
million of loans from BNDES. Fitch views the ongoing arbitration
process between J&F and the minority shareholder Paper Excellence,
and the associated uncertainties with the company's future
shareholding structure will somewhat limit the company's financial
flexibility and present challenges to Eldorado's capacity to extend
its debt profile and improve its capital structure.

Eldorado's ratings continue to reflect the company's strong
business profile, limited scale of operations with only one pulp
mill and excellent position in the production cost curve due to
productive forests, a favorable climate for growing trees and a
modern pulp mill. The ratings also incorporate the Fitch's
expectation that Eldorado will continue to report strong FCF,
despite weak pulp prices, benefiting from the depreciation of
Brazilian real and a period of lower investments. This will allow
the company to continue to deleverage. By the end of 2021, Fitch
projects the company's net leverage ratio to be around 2.5x. Fitch
does not expect Eldorado to enter into a new investment cycle at
least until the arbitration process is concluded.

KEY RATING DRIVERS

Downturn in Pulp Cycle: The market pulp industry is very cyclical;
prices move sharply in response to changes in demand or supply.
Fitch believes prices of bleached eucalyptus kraft pulp delivered
to China have already bottomed out after plummeting to USD480/ton
at YE 2019 from USD725/ton at YE 2018. Weaker demand for paper and
packaging in Europe and a slowdown of the Chinese economy will
continue to pressure the recovery of pulp prices. At current pulp
price levels, high cost producers are already operating at very low
profit margins and may extend their maintenance capex or shut down
their mills to reduce supply. Demand from printing and writing and
specialty papers will decline due to depressed global economies,
but the tissue market is showing signs of increasing demand,
providing a level of support for pulp demand and prices. In 2019,
tissue and fluff end use represented about 50% of market pulp
demand.

FCF to Remain Positive: Fitch projects Eldorado will generate about
BRL2.1 billion of adjusted EBITDA in 2020 and BRL2.3 billion in
2021. This compares with BRL1.9 billion of Fitch-adjusted EBITDA in
2019. EBITDA margins are expected to remain at 45% and 50%. Despite
weaker pulp prices, Eldorado's cash flow generation should benefit
from the depreciation of Brazilian real, and lower investments and
financial expenses. Base case projections considered no dividends
and investments of around BRL500 million in 2020 and BRL700 million
in 2021, leading to annual FCF between BRL700 million and BRL750
million in 2020 and 2021.

Declining Leverage: Eldorado's leverage should remain low, as the
company will continue to use FCF to lower net debt. Fitch projects
net debt to reduce to about BRL5.5 billion by the end 2021, from
BRL5.9 billion in Dec. 31, 2019, and net debt/adjusted EBITDA to
2.9x in 2020 and 2.4x in 2021. In 2019, net leverage was 3.1x.
Eldorado's continued leverage reduction will depend on the absence
of expansion projects and the company's ongoing focus to use FCF to
pay down debt. In Fitch's opinion, Eldorado's deleveraging strategy
in the past few years places the company in a good position to get
through the negative part of the pulp cycle with conservative
credit metrics and should allow Eldorado's balance sheet to absorb
a period of higher investments, if Vanguarda II project is
approved.

Arbitration Process to be Concluded in 2020: The ongoing
arbitration process between J&F and the minority shareholder Paper
Excellence, which is an affiliated of Asia Paper and Pulp, should
be concluded during the second half of 2020. The uncertainties
associated with the company's future shareholding structure still
limits Eldorado's ratings and Fitch will reassess the company's
strategy and credit quality once the arbitration decision is
finalized and the litigation concluded. Fitch believes that
Eldorado's financial flexibility is more limited while the
arbitrage process is not concluded.

J&F's Ongoing Investigation: Eldorado's rating is constrained by
weak corporate governance due its shareholder's structure, and
uncertainty as several investigations involving its shareholders
continue to move forward. These include administrative procedures
by the CVM (Brazilian Securities and Exchange Commission),
potential fines from the U.S. Department of Justice. These ongoing
legal matters create uncertainty regarding the timing and magnitude
of potential fines J&F might face. Fitch believes the probability
that Eldorado will become involved in them has diminished over
time. Furthermore, any addition fines that may be incurred by the
company's shareholders would likely be paid through dividends
received from Eldorado's sister company, JBS S.A. (Long-Term
Foreign and Local Currency IDR BB/Stable, National Long-Term Rating
AA+(bra)/Stable).

Above-Average Business Profile: Eldorado has limited scale of
operations compared with peers in Latin America and only one pulp
mill, which is located in Brazil. This mill has an annual
production capacity of 1.7 million tons of BEKP. Nevertheless, the
company is extremely competitive in the industry due to its
productive forests, a favorable climate for growing trees and a
modern pulp mill. In 2019, the company's cash cost of production
was about USD161 per ton, which placed it firmly in the lowest
quartile of the cost curve. Eldorado also has some financial
flexibility from its forest base, with the accounting value of the
biological assets of its forest plantations at BRL2.7 billion as of
Dec. 31, 2019.

ESG Influence: Eldorado has an ESG Relevance Score of 4 for EFM
Environment - Energy Management as the company sells excess energy
to the grid from cogeneration based upon a renewable resource,
which has a positive impact on the credit profile, and is relevant
to the ratings in conjunction with other factors. The company has
an ESG Relevance Score of 5 for GGV - Governance Structure due to
the arbitrage process involving J&F and Paper Excellence, which has
a negative impact on the credit profile, and is relevant to the
ratings.

DERIVATION SUMMARY

Eldorado's business profile is strong and reflects its excellent
position in the lowest quartile of the production cost curve due to
its productive forests, a favorable climate for growing trees and a
modern pulp mill. Fitch expects the company to report net leverage
around 2.9x in 2020 and 2.4x in 2021, as FCF will be used to pay
down short-term and higher cost bank debt.

Similar to other Latin American pulp producers, Eldorado's pulp
production cash costs are among the lowest in the world, ensuring
its long-term competitiveness. This places the company's business
risk profile in line with Latin America pulp companies like Suzano
(BBB-/Negative), Empresas CMPC (BBB/Stable) and Celulosa Arauco
(BBB/Negative). However, Eldorado has only one mill located in
Brazil, while its peers have higher scale of operations and
geographic diversification. Eldorado is also concentrated only in
pulp and is therefore more exposed to the cyclicality of pulp
prices compared with companies with higher product diversification
like Arauco and CMPC, which are leaders in the wood products
segment and tissue markets, respectively. Compared with its
investment grade peers, Eldorado's ratings are, however, still
constrained by ongoing litigation issues at its controlling
shareholders and weak corporate governance standards.

KEY ASSUMPTIONS

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

  -- Pulp sales volume of 1.75 million tons;

  -- Average hardwood net pulp price of USD525 per ton in 2020 and
USD575 per ton in 2021;

  -- Average FX rate of 4.9 BRL/USD in 2020 and 4.5 BRL/USD in
2021;

  -- No dividends;

  -- Base case does not incorporate investments in the new pulp
mill.

RATING SENSITIVITIES

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

Positive outcome of the arbitrage process between Paper Excellence
and J&F; conclusion of investigations involving J&F; combined with
lower refinancing risk and more extended debt amortization
profile.

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

  -- Negative outcome involving the arbitrage process opened by
Paper Excellence and/or involving litigations against J&F and the
Batista family affecting the company's ability to access more
adequate financing locally or abroad;

  -- Decreased access to bank financing or capital markets;

  -- Increased refinancing risk.

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

Manageable Liquidity in the Short Term: Eldorado's refinancing risk
has increased amid a scenario of more restrictive access to credit.
Eldorado's liquidity is manageable in the short term, supported by
strong cash position and expectation of positive FCF in 2020. As of
Dec. 31, 2019, cash and marketable securities was BRL899 million
and total debt was BRL6.8 billion. Eldorado had BRL2.3 billion due
in 2020, BRL2.9 billion in 2021 and BRL1.5 billion in 2022.
Excluding trade finance lines, debt maturities in the short term
are about BRL1.2 billion as of Dec. 31, 2019. During the first
quarter of 2020, the company was able to refinance trade finance
lines of about USD310 million.

Eldorado has about BRL2.9 billion of debt maturing in 2021,
including its USD350 million bond due in June and about BRL670
million of loans from BNDES. Fitch's views the ongoing arbitration
process between J&F and the minority shareholder Paper Excellence,
and the uncertainties associated with the company's future
shareholding structure, as somewhat limiting to the company's
financial flexibility and capacity to extend its debt profile and
improve its capital structure. Despite baseline interest rates at
historically low levels, the current challenging environment and
market volatility led to tighter funding with financial
institutions becoming more selective on credit.

As of Dec. 31, 2019, total debt was composed of trade finance lines
and pre-export financing (47% of total debt), loans from the
Brazilian Development Bank (25%), senior unsecured notes (21%), and
others (7%).

SUMMARY OF FINANCIAL ADJUSTMENTS

  -- Fitch excludes gains and losses from derivatives transactions
from FFO and adds to other investing and financing cash flow;

  -- Fitch excludes from adjusted EBITDA calculation ICMS credits,
PIS/COFINS credits, wood inventory appreciation, insurance
indemnity and fair value of biological assets;

  -- Fitch excludes interest paid from net debt proceeds and
includes on FFO.

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

Eldorado has an ESG Relevance Score of 4 for EFM Environment -
Energy Management as the company sells excess energy to the grid
from cogeneration based upon a renewable resource, which has a
positive impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

Eldorado has an ESG Relevance Score of 5 for GGV - Governance
Structure due to the arbitrage process involving J&F and Paper
Excellence, which has a negative impact on the credit profile, and
is relevant to the ratings.

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



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

BANIF FINANCE: Creditors' Proofs of Debt Due May 8
--------------------------------------------------
The creditors of Banif Finance Limited are required to file their
proofs of debt by May 8, 2020 to be included in the company's
dividend distribution.

The company's liquidator is Matin Trott.

Contact for inquiry:

          James McGrath
          R&H Restructuring Cayman Ltd
          Winward I, Regatta Office Park
          PO Box 897
          Grand Cayman, Cayman Islands KYI-1103  
          E-mail: jmcgrath@rhrrestructing.com

PARAGON HOLDINGS: Creditors' Proofs of Debt Due May 18
------------------------------------------------------
The creditors of Paragon Holdings SCS 1 Ltd, Paragon Holdings SCS 2
Ltd, and Paragon Offshore Finance Company are required to file
their proofs of debt by May 8, 2020 to be included in the company's
dividend distribution.

The company's liquidator is Grant Hiley.

Contact for inquiry:

          Brian Wong
          Deloitte & Touche
          Citrus Grove Building
          PO Box 1787
          Grand Cayman, Cayman Islands KYI-1109



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

DOMINICAN REPUBLIC: Council Warns of Shortages
----------------------------------------------
Dominican Today reports that the vice president of the National
Council for Trade in Provisions (CNCP), Jorge Morales, warned that
the warehouses are beginning to run out, in addition to the fact
that the food industries and importers are not working at full
capacity.  Meanwhile, the population hopes there will be no more
price increases, according to Dominican Today.

In a document, he called on President Danilo Medina to make the
schedules of the workers in the industry more flexible "that you
make the decision to allow the industries to work and work full
time to guarantee a real and effective supply of the basic
necessity products," the report notes.

He asked to facilitate bureaucratic and customs plans for the
removal of medical kits and that tests for the coronavirus arrive
on time, the report notes.

Morales reiterated that all merchants collaborate with the
population to maintain acceptable prices, discarding part of their
goods and distributing food, through the 74 associations that form
the union, the report relates.

He stated in the statement that the situation the country is
experiencing due to the virus is everyone's business and as such it
must be managed with the participation of the political leadership,
the business, productive sector, and merchants, the report
discloses.  In order to face this crisis, he proposed two aspects
that must be taken into account: the health and food issues, the
report says.

Morales further explained that one is important for transparent and
adequate management of purchases and everything to plan, and the
other must be made up of the State, producers and merchants "to
know what we need and what we have in this situation," 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).


DOMINICAN REPUBLIC: US Allocates $1.4 Million to Humanitarian Aid
-----------------------------------------------------------------
Dominican Today reports that the United States government has
allocated $1.4 million to mitigate the spread of the COVID-19
outbreak in the Dominican Republic.  This financing will serve to
support activities of epidemiological analysis and prognosis,
identification and monitoring of the location of contacts and
surveillance of the pandemic, according to Dominican Today.

This emergency humanitarian assistance will strengthen health care,
protecting the most vulnerable, and supporting the efforts of the
Dominican Republic to combat the pandemic, the report notes.
Assistance for the Dominican Republic comes from funds from the
State Department and the United States Agency for International
Development (USAID), the report relates.

The United States, through USAID, provides life-saving support,
coordinating with the Government of the Dominican Republic,
international humanitarian partners, and other interlocutors to
identify priority areas for investment, the report discloses.

"We are pleased that our assistance can support the Dominican
Republic during this pandemic," said Charge d'Affaires ai Shane
Myers.  "We continue to be a strong partner of the Dominican
Republic, especially in the area of health. Funding is directed at
halting coronavirus transmission by strengthening health care
systems, preparing laboratories, and training medical workers. The
United States Embassy in Santo Domingo, through agencies such as
USAID and the CDC, has invested for years in capacity development,
materials and training in the health sector in order to be better
prepared to do in the face of pandemics," the report says.

The United States and the Dominican Republic have a long history of
cooperation and investment in health and development issues, the
report notes.  The United States has invested in the health and
sustainable development of the Dominican Republic more than $1
billion in assistance over the past 20 years, including nearly $298
million in healthcare, the report relays.  This recent contribution
of $ 1.4 million is a comprehensive response from the people of the
United States to reinforce the work of the Dominican Republic
against COVID-19, 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 C U A D O R
=============

ECUADOR: Fitch Cuts LT IDR to RD on Bond Repayment Deference
------------------------------------------------------------
Fitch Ratings has downgraded Ecuador's Long-Term Foreign-Currency
Issuer Default Rating to 'RD' from 'C'.

RATING WITHDRAWALS

The issue ratings on senior unsecured foreign-currency bonds
affected by the government's "consent solicitations" have been
downgraded to 'D' and withdrawn for the following reason:
bankruptcy of the rated entity, debt restructuring or issue/tranche
default. Issue ratings on unaffected bonds have been affirmed at
'CC' and withdrawn for the following reason: no longer considered
by Fitch to be relevant to the agency's coverage.

KEY RATING DRIVERS

The downgrade of Ecuador's rating to 'RD' follows the agreement by
commercial bondholders to the government's "consent solicitation"
to defer upcoming bond repayments by four months, which Fitch deems
to be the first step in a distressed debt exchange that will have
concluded when an intended comprehensive restructuring of these
securities is carried out that normalizes the relationship with the
international financial community.

On April 18, the government of Ecuador announced that holders of
ten external bonds totaling USD19.2 billion agreed to the "consent
solicitation" initiated on April 8 that will defer approximately
USD800 million in upcoming interest payments until August. The
authorities have made this request to achieve cash flow relief that
could better enable them to attend to the health and economic
crisis stemming from the coronavirus pandemic. They plan to use
this four-month standstill period to pursue a comprehensive
restructuring of those bonds to ensure debt sustainability, as well
as a new "successor program" to the existing Extended Fund Facility
with the IMF.

Fitch deems this change in the terms of existing external bonds to
be a DDE, given that it entails a material reduction in terms for
bondholders and was agreed upon to avoid an outright payment
default on these securities.

The sovereign's liquidity position is exceptionally tight, and
social and political pressure for relief from external debt service
to attend to the domestic crisis has grown considerably. Incentives
to seek relief on external debt repayment may also build to
mitigate risks to the dollarization regime. Central bank
international reserves fell below USD2 billion at end-March and
covered 43% of the reserve requirements of financial institutions,
the lowest levels in the past two decades of dollarization. Fitch
downgraded Ecuador's rating to 'CC' on March 24 to indicate
probable default of some kind as a result of these pressures and to
'C' on April 9 when the government initiated the consent
solicitation process.

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

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

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

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

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

RATING SENSITIVITIES

The main factors that could, individually or collectively, lead to
positive rating action/upgrade are:

  - Completion of a commercial debt restructuring that Fitch judges
to have normalized the relationship with the international
financial community.

BEST/WORST CASE RATING SCENARIO

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

KEY ASSUMPTIONS

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

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

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

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

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

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

INT'L. AIRPORT: Moody's Cuts Sr. Sec. Rating to Caa2, Outlook Neg.
------------------------------------------------------------------
Moody's Investors Service downgraded the Senior Secured rating of
International Airport Finance, S.A. to Caa2 from B3 and changed the
outlook to negative from stable.

This follows Moody's rating action in which the agency downgraded
the Government of Ecuador's ratings to Caa3 and changed the rating
outlook to negative.

RATINGS RATIONALE

Moody's rating action to downgrade Quiport's rating to Caa2 from B3
recognizes that Quiport has various linkages with the Government of
Ecuador. These include the reliance on contracts with the
Municipality of Quito under which the airport operates and the
tariff setting process that requires Municipality approval.
Notwithstanding, the Caa2 rating of Quiport, one-notch above the
Government of Ecuador's rating of Caa3, reflects certain
characteristics that limit its exposure to Ecuador: substantial
international revenues, strong stand-alone credit quality, and
access to international financing.

Its rating is also supported by the project finance features,
including a 12-month Debt Service Reserve Account held offshore,
O&M and Capex reserves, dividend distribution and additional
indebtedness, and a collateral package.

In 2019, total departing traffic decreased approximately 3.1%.
Nonetheless, total revenue increased 1.4% which result in financial
metrics in line with expectations. According to preliminary
information Cash interest coverage ("CIC", cash flow available for
debt service / interest) was close to 3.2x and Funds from
operations to debt of approximately 13.9%. Moody's expects that the
COVID-19 outbreak will have an impact on passenger volumes and
financial performance in 2020, but that Quiport will be able to
cover liquidity needs with cash available and cost control
measures.

The negative outlook mirrors the outlook on the ratings of
Ecuador.

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

Given the negative outlook on the ratings, Moody's does not expect
upward pressures in the near to medium term.

Downward pressure on the rating could develop due to a material and
sustained financial and liquidity weakening. Further deterioration
of the rating of the Ecuador or evidence of a significant negative
shift in policies or regulations could also lead to downward
pressure on the rating.

Quiport is owned indirectly by CCR S.A. (Ba2/Aa1.br, stable)
(46.5%), which is a Brazilian-based infrastructure company focused
on airport, toll roads and mass transit infrastructure projects
with a portfolio of international airports, including Belo
Horizonte, Curacao and San Jose; Odinsa (unrated) (46.5%), which is
part of Grupo Argos and has a diverse portfolio of transportation
concessions, including the International Airport of Bogota; and
HASDC (unrated) (7%), a US-based international airport development
and management company affiliated with the Houston airports
system.

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



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

JAMAICA MERCHANT 2015-1: Fitch Affirms LT Ratings at 'BB+'
----------------------------------------------------------
Fitch Ratings has affirmed the issue-specific ratings assigned to
all outstanding series of notes issued by Jamaica Merchant Voucher
Receivables Limited and Jamaica Diversified Payment Rights Company.
The Rating Outlook has been revised to Negative from Positive
following the revision of National Commercial Bank Jamaica's Rating
Outlook on April 15, 2020 to Negative from Positive.

The Negative Outlook on the notes reflects NCBJ's Negative Outlook
along with the uncertainty related to the magnitude and length of
the spread of the coronavirus and containment measures in place
that may also lead to further sustained deterioration of
transaction flows for both programs.

Jamaica Merchant Voucher Receivables Limited      

  - Class 2015-1 470170AB7; LT BB+; Affirmed

  - Class 2016-1 470170AD3; LT BB+; Affirmed

Jamaica Diversified Payment Rights Company (DPR) (NCB)      

  - Class 2013-1 G5005FAC7; LT BB; Affirmed

TRANSACTION SUMMARY

Jamaica Merchant Voucher Receivables Limited is backed by future
flows due from Visa International Service Association and
MasterCard International Incorporated related to international
merchant vouchers acquired by National Commercial Bank Jamaica Ltd.
in Jamaica.

Jamaica Diversified Payment Rights Co. is backed by existing and
future U.S. dollar-denominated diversified payment rights
originated by NCBJ. DPRs are defined as electronic or other
messages used by financial institutions to instruct NCBJ to make
payment to a beneficiary. The majority of DPRs are processed by
designated depository banks that have executed agreements
obligating them to send payments to accounts controlled by the
transaction trustee.

KEY RATING DRIVERS

Originator's Credit Quality: The rating of this future flow
transaction is tied to the credit quality of the originator, NCBJ.
On Feb. 3, 2020, Fitch affirmed NCBJ's Long-Term Issuer Default
Rating at 'B+' and revised the Rating Outlook to Positive from
Stable following the revision of Jamaica's Rating Outlook to
Positive from Stable on Jan. 29, 2020. The Jamaican operating
environment remains the principal constraint on NCBJ's ratings.

The revision on the Outlook of NCBJ's IDRs reflects the downside
risk to NCBJ's credit profile resulting from the economic
implications of the coronavirus pandemic. This Outlook revision is
mainly driven by the adjustment of Fitch's assessment of the
operating environment Outlook to Negative due to the weaker
operating conditions that will likely result in asset quality
deterioration and will weigh on profitability.

Going Concern Assessment (GCA): Fitch assigned NCBJ a GCA score of
'GC1' based on the bank's systemic importance. The 'GC1'
theoretically allows the maximum rating uplift from the bank's IDR
pursuant to Fitch's future flow methodology. However, the agency
limits the rating uplift for the future flow series due to factors
mentioned below.

Future Flow Debt Size: NCBJ's total outstanding future flow debt
(FF) represented approximately 7.1% of the bank's total funding and
16.4% of non-deposit funding considering outstanding consolidated
program balances as of January 2020 and financials as of September
2019. Although Fitch considers the current ratios small enough to
allow the future flow ratings the maximum uplift at the aggregate
outstanding balance, Fitch considers the future flow programs will
continue to remain an active source of long-term funding for NCBJ.
Additionally, the agency limits the rating uplift for the future
flow programs to three notches for the MV program and two notches
for the DPR program due to factors mentioned below, including Fitch
reserving the maximum uplift for originators rated at the lower end
of the rating scale.

MV Program's Coronavirus Impact and Containment Measures Pressure
Transaction Flows: While flows benefit from NCBJ's market-leading
and dominant credit card franchise and diversification from two top
credit card brands, transaction flows have been affected by global
travel bans and quarantine orders enacted due to the coronavirus
outbreak.

When compared with the first half of March 2020, the average daily
flows during the first 15 days of April presented an approximate
decline of 66%. Fitch considers that flows would nevertheless be
sufficient to meet timely debt service.

Assuming the coronavirus situation does not improve in the short
term and cash flows observed during the first 15 days of April
remain consistent over the next reporting period, sufficient cash
to cover max debt service on the notes scheduled July 2020 would be
collected during the first five weeks of the quarter.

MV Program's Coverage Levels Remain Commensurate with Assigned
Rating: When considering maximum quarterly debt service payment and
the average daily flows between the first 15 days of April of
USD649,675, projected quarterly debt service coverage ratio (DSCR)
would be 2.8x. Fitch will nevertheless continue to monitor the
performance of the flows as sustained DSCR levels below 3.0x over
the long term could potentially lead to a negative rating action on
the notes.

DPR Line's Coronavirus Impact and Containment Measures Pressure
Transaction Flows: NCBJ processed approximately $861.9 million in
DPR flows during the first three months of 2020. While March flows
show an increase when compared to 2019 flows during the same month,
Fitch expects that global events such as the expected sharp
economic contractions given the coronavirus pandemic and different
containment measures will translate into a decrease in transaction
cash flows, which can add pressure to the assigned ratings.
Additionally, JDPR involves top beneficiaries that are NCBJ
affiliates as well as entities with high domestically originated,
government-related capital flows (which Fitch sees as more volatile
than export-related payments and remittances). Therefore, the
potential volatility of the DPR flows limits the notching
differential of the transaction.

DPR Line's Coverage Levels Commensurate with Assigned Rating:
Global events including the coronavirus crisis are expected to
negatively impact DPR flows. However, these situations have not
translated into a decrease in flows as of March 31, 2020. When
considering cash flows between Dec. 2015 and Feb. 2020, the
projected quarterly debt service coverage ratio (DSCR) is 58.2x,
and the transaction can withstand a drop in flows of approximately
98.2% and still cover a maximum quarterly principal and interest
payment. Nevertheless, Fitch will continue to monitor the
performance of the flows, as potential pressures could negatively
impact the assigned ratings.

Potential Redirection/Diversion Risk: The structure mitigates
certain sovereign risks by collecting cash flows offshore until
collection of periodic debt service amount. Fitch believes
diversion risk is partially mitigated by the consent & agreements
or acknowledgments signed by Visa and Mastercard (in the case of
JMVR) or DDBs (in the case of JDPR).

RATING SENSITIVITIES

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

  -- Fitch does not anticipate developments with a high likelihood
of triggering an upgrade. However, the main constraint to the
program rating is the originator's rating and NCBJ's operating
environment. If upgraded, Fitch will consider whether the same
uplift could be maintained or if it should be further tempered in
accordance with criteria.

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

  -- The transaction ratings are sensitive to changes in the credit
quality of NCBJ. A deterioration of the credit quality of the
sovereign and/or NCBJ by one notch is likely to pose a constraint
to the rating of the outstanding series of notes for both programs
from their current level.

  -- The transaction ratings are sensitive to the performance of
the securitized business lines. The expected quarterly DSCR is
approximately 2.8x for the merchant voucher program and sustained
coverage levels under 3.0x could potentially lead to a downgrade of
the notes. Additionally, Fitch's base case for the DPR program is
58.2x and should be able to withstand a decline in cash flows.
Nevertheless, a significant decline in DPR flows could lead to a
negative rating action.

The transaction's ratings are sensitive to the ability of the
credit card acquiring and DPR business line to continue operating,
as reflected by the GCA score, and changes in the sovereign
environment and ratings assigned to the Jamaican sovereign. Changes
in Fitch's view of the bank's GCA score can lead to a change in the
transaction's rating. Additionally, the MV program could also be
sensitive to significant changes in the credit quality of Visa or
Mastercard to a lesser extent.

Any changes in these variables will be analyzed in a rating
committee to assess the possible impact on the transaction
ratings.

BEST/WORST CASE RATING SCENARIO

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

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

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The future flow ratings are driven by the credit risk of National
Commercial Bank of Jamaica Limited as measured by its Long-Term
Local Currency IDR.

ESG CONSIDERATIONS

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



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

PETROLEOS MEXICANOS: Fitch Cuts LT IDR & Sr. Unsec. Rating to BB-
-----------------------------------------------------------------
Fitch Ratings has downgraded the international Foreign- and
Local-Currency Long-Term ratings for Petroleos Mexicanos, Comision
Federal de Electricidad, Infraestructura Energetica Nova, S. A. B.
de C. V. y Subsidiarias' and Cometa Energia, S. A. de C. V.
following this week's downgrade of Mexico's sovereign rating to
'BBB-/OS' from 'BBB/OS'. Fitch has also affirmed El Puerto de
Liverpool S.A.B. de C.V.'s ratings and revised its Rating Outlook
to Stable from Positive as a result of Mexico's Country Ceiling
downgrade to 'BBB+' from 'A-'. Fitch has also revised PEMEX's
Rating Outlook to Stable from Negative. The rating actions only
affect international ratings.

PEMEX and CFE's rating downgrades reflect these companies' direct
linkage to Mexico's sovereign ratings, per Fitch's
government-related entities methodology. PEMEX's ratings are three
notches below those of the sovereign as a result of the continued
deterioration of its stand-alone credit profile to 'ccc-' amid the
downturn in the global oil and gas industry, Fitch's lower oil
price assumptions and the weakening credit linkage between Mexico
and PEMEX. PEMEX's SCP deterioration reflects the company's limited
flexibility to navigate the downturn in the oil and gas industry
given its elevated tax burden, high leverage, rising per-barrel
lifting costs and high investment needs to maintain production and
replenish reserves. CFE's ratings are equalized to those of Mexico
given its strong linkage to the government and the company's SCP of
'bb'.

The rating downgrades of IEnova and Cometa reflect the increased
counterparty risk on their credit profile since GREs represent a
high portion of both companies' cash flow. CFE, PEMEX and CENAGAS
(NR) represent around 45%-50% of IEnova's EBITDA, while CFE and
CENAGAS represent around 50% of Cometa's revenues. Additional
negative rating actions on GREs will factor in IEnova and Cometa's
ratings.

Liverpool's Rating Outlook was revised to Stable from Positive
following the downgrade of Mexico's Country Ceiling to 'BBB+'.
Liverpool's Foreign-Currency IDR is constrained by Mexico's Country
Ceiling as operations are concentrated in Mexico and linked to
Mexico's economic performance. Additional negative rating actions
on Mexico's Country Ceiling will factor in Liverpool's ratings.

KEY RATING DRIVERS

Mexico's sovereign rating downgrade reflects the economic shock
represented by the coronavirus pandemic, which will lead to a
severe recession in Mexico in 2020. A recovery starting in 2H20
will likely be held back by the same factors that have hampered
recent economic performance, which has lagged that of rating and
income-level peers. These include a previously noted deterioration
in the business climate in certain sectors - notwithstanding
examples of cooperation with the private sector in areas such as
developing infrastructure - and a perceived erosion of
institutional strength in the regulatory framework. In line with
its April 2 "Global Economic Outlook" update, Fitch expects the
economy to contract by at least 4% in 2020, with a steep fall in
1H20 followed by the start of a sequential recovery in 2H20, but
given the nature of the crisis, there is a higher than usual level
of uncertainty around its forecasts, and the balance of risks is
firmly to the downside.

Even in the absence of a debt-financed fiscal response to the
economic recession, general government debt/GDP is likely to jump
by at least 6pp of GDP to almost 50%, the highest since the 1980s.
Consolidating public finances once the crisis is over and returning
debt/GDP to a sustainable path will prove challenging in Fitch's
view. At the same time, the credible monetary policy framework
built around a flexible exchange rate and inflation targeting
remains a rating strength and will help the economy absorb the
external shock, while minimizing current account external
imbalances.

ESG -- Governance: Fitch considers PEMEX's corporate governance
weak given the continued high level of government interference in
the company's strategy, financing and management changes with
changes in administration. PEMEX is also exposed to social and
community relationships in its area of influence, as it has been
afflicted by pipelines ruptures.

CFE has an ESG Relevance Score of 4 for Governance Structure due to
board independence and effectiveness, which has a negative impact
on the credit profile, and is relevant to the ratings in
conjunction with other factors. Also, CFE has an ESG Relevance
Score of 4 for Financial Transparency due to the quality and timing
of financial disclosure, which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

RATING SENSITIVITIES

PEMEX

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

  -- An upgrade of Mexico's sovereign ratings.

  -- An irrevocable guarantee from Mexico's government of
sustainably more than 75% of PEMEX's debt.

  -- A material capitalization, coupled with a material reduction
of PEMEX taxes, together with a business plan that results in
neutral to positive FCF through the cycle, while implementing a
sustainable upstream capex that is sufficient to replace 100% of
reserve and stabilize production profitably.

  -- A sustainable FFO-adjusted leverage below 5.0x.

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

  -- A downgrade of Mexico's sovereign rating.

  -- A sustained deterioration of PEMEX's financial flexibility,
coupled with government inaction to support liquidity. This could
result from continued negative FCF and/or a material reduction of
the company's cash on hand, credit facilities and/or restricted
capital markets access.

CFE

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

  -- An upgrade of CFE's ratings could result from an upgrade of
the sovereign.

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

  -- A downgrade of the sovereign's rating.

  -- The perception of a lower degree of linkage between CFE and
the sovereign, coupled with weakening operating and financial
profile.

IEnova

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

  -- Although a positive rating action is not expected in the short
or medium term, it could be considered if total debt to EBITDA is
below 4.0x on a sustained basis, combined with an upgrade of its
main off-takers (CFE, PEMEX and CENAGAS) and stronger operating and
regulatory environments.

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

  -- Total debt to EBITDA above 4.5x on a sustained basis, which
could occur if the company adopts an aggressive dividend policy,
implements aggressive expansion plans financed by debt or fails to
execute on its refinancing strategy.

  -- Adverse changes to the regulatory and operating environment,
reflected by CFE pursuing actions against market participants, or a
failure to diversify its client base, resulting in reduced cash
flow predictability.

  -- A downgrade of CFE or Mexican sovereign rating.

Cometa Energia

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

  -- Although a positive rating action is not expected in the short
or medium term, it could be considered with a positive rating
action on CFE.

  -- It could also be considered if the company increases its
contracted position with investment-grade counterparties, other
than GREs, while maintaining strong contract terms.

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

  -- Material deterioration on its contractual position,
represented by exposure to volume risk signed with lower-rated
counterparties.

  -- A negative rating action on CFE's ratings.

  -- Failure to deleverage, measured by total debt/ EBITDA toward
3.5x by 2023.

El Puerto de Liverpool

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

  -- Although a positive rating action is not expected, one could
be considered as a result of an upgrade of Mexico's Country Ceiling
and Liverpool maintaining strong operating cash generation, a
consolidated adjusted debt/EBITDAR ratio consistently below 2.5x, a
retail-only gross adjusted (for captive finance) leverage
consistently below 1.5x and steadily positive FCF throughout the
business cycle and a successful integration with Suburbia.

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

  -- A one-notch downgrade in Mexico's sovereign Country Ceiling
could result in a downgrade.

  -- Factors that can influence a downgrade in the rating includes
an expansion strategy financed primarily with debt, a sustained
consolidated adjusted leverage ratio (gross adjusted debt/EBITDAR)
above 3.5x, a retail-only gross adjusted (for captive finance)
leverage consistently above 2.5x, sustained negative free cash flow
below Fitch's expectations, a substantial deterioration in
non-performing receivables (more than 90 days) and lower
profitability margins.

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.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Cometa is indirectly linked to the rating of Mexico's sovereign
rating as CFE is its main offtaker. IEnova is indirectly linked to
Mexico's sovereign as the GREs are its main offtakers. PEMEX and
CFE are directly linked to the sovereign rating.

ESG CONSIDERATIONS

PEMEX has an ESG Relevance Score of 4 for Community Relations &
Social Access as oil and gas production companies are typically
exposed to social and community relationship issues in their area
of influence.

PEMEX has an ESG Relevance Score of 4 for Governance Structure
resulting from its nature as a majority government-owned entity and
the inherent governance risk that arises with a dominant state
shareholder.

CFE has an ESG Relevance Score of 4 for Governance Structure due to
board independence and effectiveness, which has a negative impact
on the credit profile, and is relevant to the ratings in
conjunction with other factors. Also, CFE has an ESG Relevance
Score of 4 for Financial Transparency due to the quality and timing
of financial disclosure, which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

Except for the matters discussed 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).

Comision Federal de Electricidad (CFE)

  - LT IDR BBB-; Downgrade

  - LC LT IDR BBB-; Downgrade

  - Senior unsecured; LT BBB-; Downgrade

Petroleos Mexicanos (PEMEX)

  - LT IDR BB-; Downgrade

  - LC LT IDR BB-; Downgrade

  - Senior unsecured; LT BB-; Downgrade

Cometa Energia, S.A. de C.V.

  - LT IDR BBB-; Downgrade

  - LC LT IDR BBB-; Downgrade

  - Senior secured; LT BBB-; Downgrade

Infraestructura Energetica Nova, S. A. B. de C. V. y Subsidiarias
(IEnova)

  - LT IDR BBB; Downgrade

  - LC LT IDR BBB; Downgrade

  - Senior unsecured; LT BBB; Downgrade

El Puerto de Liverpool, S.A.B. de C.V.

  - LT IDR BBB+; Affirmed

  - LC LT IDR BBB+; Affirmed

  - Senior unsecured; LT BBB+; Affirmed

PETROLEOS MEXICANOS: Moody's Cuts Sr. Unsec. Note Ratings to Ba2
----------------------------------------------------------------
Moody's Investors Service downgraded Petroleos Mexicanos' senior
unsecured ratings on the company's existing notes, as well as the
ratings based on PEMEX's guarantee, to Ba2 from Baa3.
Simultaneously, Moody's withdrew PEMEX's Baa3 issuer rating and
assigned a Ba2 corporate family rating to the company. Moody's also
lowered PEMEX's Baseline Credit Assessment, which reflects its
standalone credit strength, to caa2 from caa1. These rating actions
were triggered by the company's higher liquidity and business risk
and by Moody's announcement on April 17, 2020 that it had
downgraded its ratings on the Government of Mexico's to Baa1 from
A3 and maintained the negative outlook on the government's ratings.
The outlook on Pemex's ratings remains negative.

"We downgraded PEMEX's ratings and maintained the negative outlook
on its ratings following the downgrade of Mexico's rating and its
negative outlook given the critical importance of the government's
financial strength and support in the assessment of PEMEX's credit
risk," commented Nymia Almeida, Moody's Senior Vice President. "The
actions took in consideration its expectations for an extended
period of negative free cash flow and the need for external
funding, despite the company's efforts to adjust costs and
investments to low oil prices."

Ratings downgraded as follows:

Downgrades:

Issuer: Petroleos Mexicanos

Gtd Senior Unsecured Medium-Term Note Program, Downgraded to (P)Ba2
from (P)Baa3

Gtd Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2 from
Baa3

Issuer: Pemex Project Funding Master Trust

Gtd Senior Unsecured Medium-Term Note Program, Downgraded to (P)Ba2
from (P)Baa3

Gtd Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2 from
Baa3

Withdrawals:

Issuer: Petroleos Mexicanos

Issuer Rating, previously rated Baa3

Assignments:

Issuer: Petroleos Mexicanos

Corporate Family Rating, Assigned Ba2

Outlook Actions:

Issuer: Petroleos Mexicanos

Outlook, Remains Negative

Issuer: Pemex Project Funding Master Trust

Outlook, Remains Negative

RATINGS RATIONALE

PEMEX's Ba2 corporate family rating and caa2 BCA reflect the
company's high vulnerability to low commodities prices given its
fragile liquidity position and excessive debt burden. Between mid
2019 and early 2020, management was able to stabilize oil
production and refinance debt. However, PEMEX's cash flow
generation and credit metrics will remain weak in the foreseeable
future as the company grapples with low oil prices, high debt
maturities, and underinvestment in exploration and production in
favor of an expansion of its refining business, which has generated
losses for several years.

Moody's believes that PEMEX's need for external funding to cover
negative free cash flow will increase as a consequence of the
company's limited ability to improve its business results due to
the mature stage of oil fields; shortage of capital to sufficiently
invest in exploration and production, with negative consequences in
production and reserve replacement; and the mandate to expand the
refining business, which Moody's expects will continue to post
operating losses and be vulnerable to the oil and gas industry
medium-term demands trends. PEMEX's management believes that the
company was able to replace proved reserves at a rate of 120% in
2019; however, it is unlikely that the company will be able to
replace reserves at a rate equal or close to 100% in 2020-21 given
weak cash generation and limited access to capital.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines, are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The oil and gas
sector has been one of the sectors most significantly affected by
the shock given its sensitivity to consumer demand and sentiment.
More specifically, the weaknesses in PEMEX's credit profile has
left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and PEMEX remains vulnerable to
the outbreak continuing to spread. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety.

PEMEX's Ba2 ratings take into consideration Moody's joint default
analysis, which includes the rating agency's assumptions of very
high government support in case of need and very high default
correlation between PEMEX and the Government of Mexico, resulting
in six notches of uplift from the company's caa2 BCA. Since 2016,
the government has supported PEMEX in various ways, including
capital injections, tax reductions and early redemption of notes
receivable from the government. The government has most recently
announced a reduction in PEMEX's taxes by $2.6 billion in 2020 and
Moody's base assumption is that the Mexican government will provide
support to help fund PEMEX's negative free cash flow. The company
will have to increase debt in 2020 in order to invest to meet the
government's and PEMEX's revised objective of maintaining
production stable from 2019 levels.

PEMEX has weak liquidity and is highly dependent on government
support. At December 31, 2019, PEMEX had $3.2 billion of cash and
currently has $8.9 billion in unused committed revolving credit
facilities to address over $8 billion in debt maturities in 2020-21
besides negative free cash flow of over $9 billion in the period,
as estimated by Moody's.

The negative rating outlook on PEMEX's Ba2 ratings coincides with
the negative outlook on Mexico's Baa1 rating given the importance
of the sovereign's credit strength and ongoing support to PEMEX's
ratings.

Mexico's negative outlook reflects the risk that economic and
fiscal strength deteriorate beyond what is captured in a Baa1
rating due to the continuing absence of policies that can
effectively address the country's economic challenges and Pemex's
continued financial and operating problems.

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

A downgrade of Mexico's Baa1 rating would likely result in a
downgrade of PEMEX's rating. In order for Moody's to consider an
affirmation of PEMEX's Ba2 rating following a sovereign downgrade,
the company's BCA would have to substantially improve. Factors that
could drive a higher BCA would be the ability of the company to
strengthen its liquidity position and ideally internally fund
sufficient capital reinvestment to fully replace reserves and
deliver modest production growth, and generate free cash flow for
debt reduction. Because PEMEX's ratings are highly dependent on
support from the government of Mexico, a change in assumptions
about government support and its timeliness could lead to a
downgrade of PEMEX's ratings.

A lowering of the BCA could also lead to a downgrade of PEMEX's
ratings. Factors that could lead to a lower BCA include material
increase in net debt, an operating performance worse than
forecasted, reserves declines and decreases in reserves life.

An upgrade is unlikely given the negative outlook for Mexico's Baa1
rating and Moody's expectations for continued negative free cash
flow at PEMEX.

The methodologies used in these ratings were Integrated Oil and Gas
Methodology published in September 2019.

Founded in 1938, PEMEX is Mexico's national oil company, with fully
integrated operations in oil and gas exploration and production,
refining, distribution and retail marketing, as well as
petrochemicals. PEMEX is also a leading crude oil exporter, around
60% of its crude is exported to various countries, mainly to the US
and Asia. In the twelve months ended December 31, 2019 the company
produced an average of 1,703 thousand barrels of per day of crude
oil (excluding partners).



===========
P A N A M A
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LA HIPOTECARIA FOURTEENTH: Fitch Affirms Series C Notes at 'Bsf'
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings and Rating Outlooks of La
Hipotecaria Eight Mortgage-Backed Notes Trust 2007-1 Series A
Notes, La Hipotecaria Tenth Mortgage Trust Series A Notes and IO
Notes, La Hipotecaria Twelfth Mortgage-Backed Notes Trust Series A
Notes and La Hipotecaria Fourteenth Mortgage-Backed Notes Trust
Series A, B and C Notes.

Additionally, Fitch affirmed the ratings and Rating Outlooks of La
Hipotecaria Panamanian Mortgage Trust 2007-1 - 2007-1 Certificates,
La Hipotecaria Panamanian Mortgage Trust 2010-1, La Hipotecaria
Panamanian Mortgage Trust 2014-1 A-1 and A-2 Certificates, and La
Hipotecaria Trust 2019-2 - 2019-2 Certificates.

La Hipotecaria Trust 2019-2
     
  - Series 2019-2 Certificates; LT BBBsf; Affirmed

La Hipotecaria Tenth Mortgage Trust Series A Notes      

- Interest Only; LT Asf; Affirmed

  - Series A; LT Asf; Affirmed

La Hipotecaria Eight Mortgage Backed Notes Trust 2007-1      

  - Series A; LT Asf; Affirmed

La Hipotecaria Panamanian Mortgage Trust 2010-1      

  - Series 2010-1 Certificates; LT AAAsf; Affirmed

  - Series 2010-1 Certificates; ULT Asf; Affirmed

La Hipotecaria Fourteenth Mortgage-Backed Notes Trust      

  - Series A; LT BBBsf; Affirmed

  - Series B; LT B+sf; Affirmed

  - Series C; LT Bsf; Affirmed

La Hipotecaria Panamanian Mortgage Trust 2007-1 2007-1      

  - Series 2007-1 Certificates 50346AAA3; LT Asf; Affirmed

  - Series 2007-1 Certificates 50346AAA3; ULT Asf; Affirmed

La Hipotecaria Panamanian Mortgage Trust 2014-1      

  - Class A-1 50346EAA5; LT AAAsf; Affirmed

  - Class A-2 50346EAB3; LT BBBsf; Affirmed

La Hipotecaria Twelfth Mortgage-Backed Notes Trust      

  - Series A PAL3006961A4; LT BBBsf; Affirmed

KEY RATING DRIVERS

Coronavirus-Related Economic Shock:

Fitch has made assumptions about the spread of the coronavirus and
the economic impact of the related containment measures. As a
base-case (most likely) scenario, Fitch assumes a global recession
in 1H20 driven by sharp economic contractions in major economies
with a rapid spike in unemployment, followed by a recovery that
begins in 3Q20 as the health crisis subsides. As a downside
(sensitivity) scenario in the Rating Sensitivities section below,
Fitch takes into consideration a more severe and prolonged period
of stress delaying any meaningful recovery to beyond 2021. Having
this in mind, Foreclosure Frequency figures have been increased.

Coronavirus-Related Impact:

The measures put in place to limit the spread of the virus are
affecting Panama's economy, with many businesses temporarily shut
down with little or no income. It is important to mention that
Banco La Hipotecaria (BLH) offered clients a three-month payment
holiday, but, initially, only 17% of its portfolio took it, while
83% continued paying as usual.

La Hipotecaria Eight Mortgage-Backed Notes Trust 2007-1 Series A
Notes

Fitch expects the measures to have an impact on the performance of
mortgages, but Fitch did not expect a rating impact on the 'Asf'
rated note. This is because the 'Asf' rated note can absorb Fitch's
base case scenario of the coronavirus-related impacts above and, in
addition, the rated note has an average six-month interest coverage
ratio of 4.8x that allows for decreases in collections of about 79%
before needing to use the reserve account, as principal collections
can be used for a Series A Notes interest payment.

La Hipotecaria Tenth Mortgage Trust Series A Notes and IO Notes

Fitch expects the measures to have an impact on the performance of
mortgages, but Fitch did not expect a rating impact on the 'Asf'
rated note. This is because the 'Asf' rated note can absorb Fitch's
base case scenario of the coronavirus-related impacts above, and,
in addition, the rated note has an average six-month interest
coverage ratio of 6.0x that allows for decreases in collections of
about 83% before the need of using the reserve account, as
principal collections can be used for Series A Notes interest
payment.

La Hipotecaria Twelfth Mortgage-Backed Notes Trust Series A Notes

Fitch expects the measures to have an impact on the performance of
mortgages, but Fitch did not expect a rating impact on the 'BBBsf'
rated note. This is because the 'BBBsf' rated note can absorb
Fitch's base case scenario of the coronavirus-related impacts
above, and, in addition, the rated note has an average six-month
interest coverage ratio of 2.8x that allows for decreases in
collections of about 65% before the need of using the reserve
account, as principal collections can be used for a Series A Notes
interest payment.

La Hipotecaria Fourteenth Mortgage-Backed Notes Trust Series A, B
and C Notes

Fitch expects the measures to have an impact on the performance of
mortgages, but Fitch did not expect a rating impact on the 'BBBsf'
rated note. This is because the 'BBBsf' rated note can absorb
Fitch's base case scenario of the coronavirus-related impacts
above, and, in addition, the rated note has an average six-month
interest coverage ratio of 3.0x that allows for decreases in
collections of about 67% before there is need of using the reserve
account, as principal collections can be used for Series A Notes
interest payment. The 'B+sf' and 'Bsf' note ratings address the
ultimate payment of interest and ultimate payment of principal.

Asset Analysis:

Because of the current uncertainties, Fitch increased the
Performance Adjustment Factor floors defined in the Latin America
RMBS Rating Criteria by 30%, on the basis that past performance may
no longer reflect future performance.

La Hipotecaria Eight Mortgage Backed Notes Trust 2007-1 Series A
Notes: Fitch has defined a weighted average foreclosure frequency
(WAFF) of 45.5% and a weighted average recovery rate (WARR) of
96.3% for an 'Asf' scenario. These assumptions consider the main
characteristics of the assets, where OLTV is 92.7%, the seasoning
averages 173 months and remaining term is 182 months, WA current
loan-to-value is 59.2% and 54.5% of borrowers pay through payroll
deduction mechanism.

La Hipotecaria Tenth Mortgage Trust Series A Notes & Interest Only
Notes: Fitch has defined a WAFF of 42.7% and a WARR of 87.1% for an
'Asf' scenario. These assumptions consider the main characteristics
of the assets, where OLTV is 93.3%, the seasoning averages 149
months and remaining term is 208 months, WA current loan-to-value
is 63.6%, WA payment-to-income is 14.0% and 58.5% of borrowers pay
through payroll deduction mechanism.

La Hipotecaria Twelfth Mortgage-Backed Notes Trust Series A Notes:
Fitch has defined a WAFF of 22.0% and a WARR of 86.7% for a 'BBBsf'
scenario. These assumptions consider the main characteristics of
the assets, where OLTV is 91.1%, seasoning averages 120 months and
remaining term is 237 months, WA current loan-to-value is 68.3%, WA
payment-to-income is 26.9% and 68.3% of borrowers pay through
payroll deduction mechanism.

La Hipotecaria Fourteenth Mortgage-Backed Notes Trust Series A, B
and C Notes: For the series A notes, Fitch has defined a WAFF of
18.0% and a WARR of 82.2% for a 'BBBsf' scenario. For the series B
and C notes, where the ratings address the ultimate payment of
interest and the ultimate payment of principal, Fitch defined a
WAFF of 6.1% and WARR of 90.5% for the 'B+sf 'scenario and defined
a WAFF of 3.8% and WARR of 91.7% for the 'Bsf' scenario.

These assumptions consider the main characteristics of the assets,
where the OLTV is 84.2%, the seasoning averages is 97 months and
remaining term is 246 months, WA current loan-to-value is 69.1%, WA
payment-to-income is 28.9% and 76.9% of borrowers pay through
payroll deduction mechanism.

Liability Analysis:

La Hipotecaria Eight Mortgage Backed Notes Trust 2007-1 Series A
Notes: Credit Enhancement (CE) has increased during the last year
due to the sequential nature of the structure. As of Jan. 31, 2020,
CE has increased to 52.34% up from 47.0% observed during the same
month of last year. CE continues to build due to the sequential
nature of the transaction structure. Stability in the excess spread
along with good asset performance has also helped to improve this
metric. The transaction also benefits from a reserve account of 1%
of the outstanding balance of the Series A Notes, which is
sufficient to cover almost three months of senior expenses and
interest payment on Series A. Additionally, Fitch has assumed that
50% of the borrowers take payment holidays for a period of six
months, in order to account for the potential volatility in
collections.

La Hipotecaria Tenth Mortgage Trust Series A Notes & Interest Only
Notes: CE has increased during the last year due to the sequential
nature of the structure. As of Jan. 31, 2020, CE has increased to
43.2% up from 36.7% observed during the same month of last year.
Stability in the excess spread along with good asset performance
has also helped to improve this metric. The transaction also
benefits from a reserve account of 1% of the outstanding balance of
the Series A Notes, which is sufficient to cover almost three
months of senior expenses and interest payment on Series A.
Additionally, Fitch has assumed that 50% of the borrowers take
payment holidays for a period of six months, in order to account
for the potential volatility in collections.

La Hipotecaria Twelfth Mortgage-Backed Notes Trust Series A Notes:
CE has increased during the last year due to the sequential nature
of the structure. As of Jan.31, 2020, CE has increased to 19.0% up
from 15.6% observed during the same month of last year. CE
continues to increase as expected considering the frequency of the
fiscal credit payments. Fitch expects the CE level will continue to
increase as fiscal credits are received and applied to the
outstanding principal balance. The transaction also benefits from a
reserve account of 1% of the outstanding balance of the Series A
Notes, which is sufficient to cover almost three months of senior
expenses and interest payment on the Series A. Additionally, Fitch
has assumed that 50% of the borrowers take payment holidays for a
period of six months, in order to account for the potential
volatility in collections.

La Hipotecaria Fourteenth Mortgage-Backed Notes Trust Series A, B &
C Notes CE has increased during the last year due to the sequential
nature of the structure. As of Jan. 31, 2020, CE for the Series A
notes has increased to 8.9% up from 8% at closing in February of
2019. The Series B notes have increased to 2.3% up from 2% and the
Series C notes has increased to 0.11% up from 0.0%. Fitch expects
CE to continue to increase as per the sequential nature of the
structure. The transaction benefits from a reserve account of three
month interest for the Series A Notes, which is sufficient to cover
almost three months of senior expenses and interest payments on the
Series A. Additionally, Fitch has assumed that 50% of the borrowers
take payment holidays for a period of six months, in order to
account for the potential volatility in collections.

Operational Risk:

Pursuant to the servicer agreement, Grupo ASSA, S.A. (the primary
servicer), which is rated 'BBB-' / Negative by Fitch, has hired BLH
(the subservicer) to be the servicer for the mortgages. Fitch has
reviewed BLH's systems and procedures, and is satisfied with its
servicing capabilities. It is important to note that BLH has
implemented its business continuity plans and is fully functioning
with all key processes.

Additionally, Banco General S.A., which is rated 'BBB+' / Negative
by Fitch, has been designated as back-up servicer to mitigate the
exposure to operational risk, and will replace the defaulting
servicer within five days of a servicer disruption event.

Sovereign LC IDR:

As of Feb. 6, 2020, Panama's Issuer Default Ratings were affirmed
at 'BBB'. The Outlook was revised to Negative from Stable and the
Country Ceiling (CC) is 'A'.

For La Hipotecaria Eight Mortgage-Backed Notes Trust 2007-1 Series
A Notes and La Hipotecaria Tenth Mortgage Trust Series A Notes and
IO Notes, according to Fitch's "Structured Finance and Covered
Bonds Country Risk Rating Criteria" the ratings of structured
finance notes cannot exceed the CC of the country of the assets,
unless the transfer and convertibility (T&C) risk is mitigated.
While the transactions have sufficient credit enhancement to be
rated above the country's IDR, the T&C risk is not mitigated, so
the ratings remain constrained by the CC and are ultimately linked
to the ratings of Panama.

For La Hipotecaria Twelfth Mortgage-Backed Notes Trust Series A
Notes and La Hipotecaria Fourteenth Mortgage-Backed Notes Trust
Series A, B and C Notes, the transactions are constrained by the
country's IDR due to the underlying portfolios of mortgages having
a high dependence on the public sector and, in the case of the
Twelfth, exposure to subsidies granted by the government of
Panama.

Credit Quality:

La Hipotecaria Panamanian Mortgage Trust 2007-1 Certificates: The
rating assigned to the 2007-1 certificates relies on the timely
payment of interest and ultimate payment of principal on the Series
A Notes of La Hipotecaria Eight Mortgage-Backed Notes Trust.

La Hipotecaria Panamanian Mortgage Trust 2010-1 Certificates: The
rating assigned to the 2010-1 certificates is commensurate with the
credit quality of the guarantee provider. Through this guaranty DFC
will unconditionally and irrevocably guarantee the receipt of
proceeds from the underlying notes in an amount sufficient to cover
timely scheduled monthly interest amounts and the ultimate
principal amount on the certificates. The credit quality of DFC is
directly linked to the U.S. sovereign rating (AAA/F1+/Stable), as
guarantees issued by, and obligations of, DFC are backed by the
full faith and credit of the U.S. government, pursuant to the
Foreign Assistance Act of 1969.

La Hipotecaria Panamanian Mortgage Trust 2014-1 A-1 Certificates:
The rating assigned to the 2014-1 A-1 certificates is commensurate
with the credit quality of the guarantee provider. Through this
guaranty DFC will unconditionally and irrevocably guarantee the
receipt of proceeds from the underlying notes in an amount
sufficient to cover timely scheduled monthly interest amounts and
the ultimate principal amount on the certificates. The credit
quality of DFC is directly linked to the U.S. sovereign rating
(AAA/F1+/Stable), as guarantees issued by, and obligations of, DFC
are backed by the full faith and credit of the U.S. government,
pursuant to the Foreign Assistance Act of 1969.

La Hipotecaria Panamanian Mortgage Trust 2014-1 A-2 Certificates:
The rating assigned to the 2014-1 A-2 certificates relies on the
timely payment of interest and ultimate payment of principal on the
Series A Notes of La Hipotecaria's Twelfth Mortgage-Backed Notes
Trust.

La Hipotecaria Trust 2019-2 Certificates: The 2019-2 certificates
rely on the timely payment of interest and ultimate payment of
principal on the Series A Notes of La Hipotecaria's Fourteenth
Mortgage-Backed Notes Trust.

RATING SENSITIVITIES

Coronavirus Downside Scenario Sensitivity:

Fitch has added a coronavirus downside sensitivity analysis that
contemplates a more severe and prolonged economic stress caused by
a re-emergence of infections in the major economies, delaying any
meaningful recovery to beyond 2021. Because of this, Fitch
increased the Performance Adjustment Factor floors defined in the
Latin America RMBS Rating Criteria by 50%. Additionally, Fitch has
assumed that 50% of the borrowers take payment holidays for a
period of twelve months, in order to account for the potential
volatility in collections. With this, Fitch does not observe a
negative migration on ratings assigned to the different
transactions.

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

The ratings of La Hipotecaria Eight Mortgage Backed Notes Trust
2007-1 Series A Notes and La Hipotecaria Tenth Mortgage Trust
Series A Notes & IO Notes are currently capped at Panama's Country
Ceiling level. These ratings could only be upgraded in case of an
upgrade of Panama's Country Ceiling (CC).

The ratings of La Hipotecaria Twelfth Mortgage-Backed Notes Trust
Series A Notes and La Hipotecaria Fourteenth Mortgage-Backed Notes
Trust Series A Notes are currently capped at Panama's LT IDR. These
ratings could be upgraded in case of an upgrade of Panama's LT IDR.
In addition, future improvement of CE to a level that allow the
transaction to cover its exposure to the Sovereign, could also lead
to an upgrade on these ratings.

The ratings of La Hipotecaria Fourteenth Mortgage-Backed Notes
Trust Series B and C Notes could be upgraded in case of a future
improvement of CE levels. Fitch tested scenarios of 15% decreases /
increases in Foreclosure Frequency / Recovery Rates and found that
these ratings could be upgraded by 1 to 2 notches.

The La Hipotecaria Panamanian Mortgage Trust 2007-1 certificates'
ratings are sensitive to changes in the credit quality of the La
Hipotecaria Eight Mortgage Backed Notes Trust 2007-1 Series A
Notes. If La Hipotecaria Eight Mortgage-Backed Notes Trust Series A
Notes are upgraded, that could lead to an upgrade of the
certificates.

The La Hipotecaria Panamanian Mortgage Trust 2010-1 certificates'
unenhanced ratings are sensitive to changes in the credit quality
of the La Hipotecaria Tenth Mortgage Backed Notes Trust 2010-1
Series A Notes. If La Hipotecaria Tenth Mortgage Backed Notes Trust
2010-1 Series A Notes are upgraded, that could lead to an upgrade
of the unenhanced rating of the certificates. In the case of the
enhanced rating assigned, it is in its maximum level possible, so
no upgrades are possible.

In the case of La Hipotecaria Panamanian Mortgage Trust 2014-1 A-1
certificates, the rating assigned is at the maximum possible, so
upgrades are not possible.

The La Hipotecaria Panamanian Mortgage Trust 2014-1 A-2
certificates' ratings are sensitive to changes in the credit
quality of the La Hipotecaria Twelfth Mortgage-Backed Notes Trust
Series A notes. If La Hipotecaria Twelfth Mortgage-Backed Notes
Trust Series A Notes are upgraded, that could lead to an upgrade of
the certificates.

The Hipotecaria Mortgage Trust 2019-2 certificates' ratings are
sensitive to changes in the credit quality of the La Hipotecaria
Fourteenth Mortgage-Backed Notes Trust Series A Notes. If La
Hipotecaria Fourteenth Mortgage-Backed Notes Trust Series A Notes
are upgraded, that could lead to an upgrade on the certificates.

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

The ratings of La Hipotecaria Eight Mortgage Backed Notes Trust
2007-1 Series A Notes and La Hipotecaria Tenth Mortgage Trust
Series A Notes & IO Notes could be downgraded in case of a
downgrade of Panama's Country Ceiling (CC). The agency also tested
scenarios of 15%-30% increases / decreases in Foreclosure Frequency
/ Recovery Rates and found that these ratings could withstand
current levels, which is basically explained by the high level of
Credit Enhancement in place.

The ratings of La Hipotecaria Twelfth Mortgage-Backed Notes Trust
Series A Notes and La Hipotecaria Fourteenth Mortgage-Backed Notes
Trust Series A Notes could be downgraded in case of a downgrade of
Panama's LT IDR. The agency also tested scenarios of 15%-30%
increases / decreases in Foreclosure Frequency / Recovery Rates and
found that these ratings could withstand current levels.

The ratings of La Hipotecaria Fourteenth Mortgage-Backed Notes
Trust Series B and C Notes could be downgraded in case of a
decrease of CE levels, caused by a more than expected deterioration
in asset quality.

The La Hipotecaria Panamanian Mortgage Trust 2007-1 certificates'
ratings are sensitive to changes in the credit quality of the La
Hipotecaria Eight Mortgage Backed Notes Trust 2007-1 Series A
Notes. If La Hipotecaria Eight Mortgage-Backed Notes Trust Series A
Notes are downgraded, that could lead to a downgrade of the
certificates.

The La Hipotecaria Panamanian Mortgage Trust 2010-1 certificates'
unenhanced ratings are sensitive to changes in the credit quality
of the La Hipotecaria Tenth Mortgage Backed Notes Trust 2010-1
Series A Notes. If La Hipotecaria Tenth Mortgage Backed Notes Trust
2010-1 Series A Notes are downgraded, that could lead to a
downgrade of the unenhanced rating of the certificates. In the case
of the enhanced rating assigned, it could be downgraded in case of
a downgrade on the U.S. sovereign rating.

In the case of La Hipotecaria Panamanian Mortgage Trust 2014-1 A-1
certificates, the rating assigned could be downgraded in case of a
downgrade on the U.S. sovereign rating.

The La Hipotecaria Panamanian Mortgage Trust 2014-1 A-2
certificates' ratings are sensitive to changes in the credit
quality of the La Hipotecaria Twelfth Mortgage-Backed Notes Trust
Series A notes. If La Hipotecaria Twelfth Mortgage-Backed Notes
Trust Series A Notes are downgraded, that could lead to a downgrade
of the certificates.

The Hipotecaria Mortgage Trust 2019-2 certificates' ratings are
sensitive to changes in the credit quality of the La Hipotecaria
Fourteenth Mortgage-Backed Notes Trust Series A Notes. If La
Hipotecaria Fourteenth Mortgage-Backed Notes Trust Series A Notes
are downgraded, that could lead to a downgrade on the
certificates.

BEST/WORST CASE RATING SCENARIO

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

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

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS

A description of the transaction's representations, warranties and
enforcement mechanisms (RW&Es) that are disclosed in the offering
document and which relate to the underlying asset pool is available
by clicking the link to the Appendix. The appendix also contains a
comparison of these RW&Es to those Fitch considers typical for the
asset class as detailed in the Special Report titled
'Representations, Warranties and Enforcement Mechanisms in Global
Structured Finance Transactions'.

ESG CONSIDERATIONS

ESG Relevance Scores are not formally part of the rating committee
materials on which committee members vote and, as such, they are
not subject to the Ratings Process Manual. Instead the Committee
process is used to ensure at least annual administrative review of
ESG Relevance Scores. It is acceptable to the committee members to
review and question the ESG Relevance Scores but queries may be
resolved outside the committee process.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the La Hipotecaria
Eight Mortgage Backed Notes Trust 2007-1, La Hipotecaria Tenth
Mortgage-Backed Notes Trust, La Hipotecaria Twelfth Mortgage-Backed
Notes Trust and La Hipotecaria Fourteenth Mortgage-Backed Notes
Trust either due to their nature or the way in which they are being
managed

La Hipotecaria Eight Mortgage-Backed Notes Trust 2007-1, La
Hipotecaria Tenth Mortgage-Backed Notes Trust, La Hipotecaria
Twelfth Mortgage-Backed Notes Trust and La Hipotecaria Fourteenth
Mortgage-Backed Notes Trust have an ESG Relevance Score of 4 for
Human Rights, Community Relations, Access & Affordability due to
Accessibility to affordable housing, which has a positive impact on
the credit profile, and is relevant to the rating[s] in conjunction
with other factors.

La Hipotecaria Eight Mortgage-Backed Notes Trust 2007-1: 4; Human
Rights, Community Relations, Access & Affordability: 4

La Hipotecaria Fourteenth Mortgage-Backed Notes Trust: 4; Human
Rights, Community Relations, Access & Affordability: 4

La Hipotecaria Tenth Mortgage Trust Series A Notes: 4; Human
Rights, Community Relations, Access & Affordability: 4

La Hipotecaria Twelfth Mortgage-Backed Notes Trust: 4; Human
Rights, Community Relations, Access & Affordability: 4



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

SALLY HOLDINGS: Moody's Rates New Senior Secured Notes 'Ba2'
------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to Sally Holdings
LLC's new proposed senior secured notes. Moody's also affirmed the
company's Ba2 corporate family rating and its Ba2-PD probability of
default rating. The Ba1 senior secured term loan rating and Ba3
senior unsecured notes rating were also affirmed. The outlook
remains negative and there is no change to the company's
speculative grade liquidity rating of SGL-2.

"Moody's expects the notable drag on revenue and profitability from
the company's temporary store closures due to the COVID-19 outbreak
and the likely economic slowdown through the rest of the year will
weaken Sally's credit profile", Moody's Vice President Mickey
Chadha stated. "The negative outlook acknowledges the risk that
Sally's credit profile may not fully recover given the considerable
uncertainty around the duration of store closures and pace of
rebound in consumer demand once the pandemic begins to subside",
Chadha further stated.

The affirmation of the Ba2 CFR acknowledges the strength of Sally's
credit metrics prior to the store closures, its somewhat less
discretionary product concentration in hair care products and
overall good liquidity. Moody's estimates Sally Beauty's cash on
hand including sizable revolver borrowings and proceeds from the
new note issuance will provide it with the ability to withstand
the
near-term cash flow pressures while its stores are closed.

Assignments:

Issuer: Sally Holdings LLC

Senior Secured 2nd Lien Regular Bond/Debenture, Assigned Ba2
(LGD4)

Affirmations:

Issuer: Sally Holdings LLC

Probability of Default Rating, Affirmed Ba2-PD

Corporate Family Rating, Affirmed Ba2

Senior Secured 1st l Lien Bank Credit Facility, Affirmed Ba1
(LGD3)

Senior Unsecured Regular Bond/Debenture, Affirmed Ba3 (LGD5)

Outlook Actions:

Issuer: Sally Holdings LLC

Outlook, Remains Negative

RATINGS RATIONALE

Sally's Ba2 Corporate Family Rating reflects its solid market
position, in terms of units, in the professional beauty supply
market, typically steady performance through economic cycles,
geographic diversity, and strong merchandising focus which has
historically benefitted the company's margins. Prior to the
COVID-19 crisis, credit metrics were solid, with lease adjusted
debt/EBITDAR of about 2.8 times and EBIT/Interest of 3.5 times for
the latest twelve months ended March 31, 2020. However, Moody's
expects credit metrics to deteriorate significantly due to
temporary store closures. Sally's stores are currently slated to
remain closed until April 9 but there is a high probability the
closures will continue beyond that. The weaker consumer due to lost
wages and the economic slowdown is also expected to negatively
impact sales even after the pandemic subsides. Therefore, Moody's
expect the company's leverage to remain elevated for fiscal 2020.

Sally's governance is a key credit factor as the company has taken
proactive steps to address the strain on liquidity that the store
closures and overall lower demand has caused. The company has drawn
$395 million under its revolver and has suspended share repurchases
indefinitely. The company is also cutting costs where possible
including lowering capex and reducing inventory flows. The salary
of the CEO and the Board members has been cut by 50% for the
duration of the COVID-19 crisis. Therefore, Sally's liquidity is
expected to remain good supported by its expectation that operating
cash flow and cash on hand will be sufficient to cover near term
cash deficits, working capital and investment spending. There are
no near-term maturities with the earliest being the ABL revolving
credit facility in July 2022. The rating is constrained by recent
challenging sales trends, high debt load and continued need to
execute its business transformation and debt reduction plans.

The negative outlook reflects uncertainty around the duration of
unit closures, liquidity, and pace of rebound in consumer demand
once the pandemic begins to subside.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The Non-food
retail sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, the weaknesses in Sally's credit
profile, including its exposure to widespread store closures have
left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and Sally remains vulnerable to
the outbreak continuing to spread. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety. Its action
reflects the impact on Sally of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

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

Ratings could be upgraded with consistent revenue growth and margin
expansion, increased global scale including improving the
positioning of its e-commerce business, and willingness to maintain
adjusted debt to EBITDA around 3.5 times and retained cash
flow-to-net debt above 20%.

Ratings could be downgraded if operating performance were to
sustainably weaken, financial policies were to become more
aggressive, or the Company were unable to maintain at least good
liquidity. Specific metrics include adjusted debt to EBITDA
sustained near 5.0 times, adjusted interest coverage below 2.75
times and retained cash flow-to-net debt below 12.5%.

The principal methodology used in these ratings was Retail Industry
published in May 2018.

Sally Beauty Holdings, Inc. is an international specialty retailer
and distributor of professional beauty supplies with revenues of
approximately $3.9 billion annually. Through the Sally Beauty
Supply and Beauty Systems Group businesses, the Company sells and
distributes through 5,072 stores, including 157 franchised units,
and has operations throughout the United States, Puerto Rico,
Canada, Mexico, Chile, Peru, the United Kingdom, Ireland, Belgium,
France, the Netherlands, Spain and Germany.



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

TRINIDAD & TOBAGO: Business Group Seeks Relaxation of Restrictions
------------------------------------------------------------------
Yvonne Baboolal at Trinidad Express reports that some 500 people
employed by the Couva/Point Lisas business sector are out of work,
at present and the head of the business group for the area is
calling on the Government to begin the first phase of the
relaxation of public health restrictions.

"It is estimated that around 80 per cent of the business sector in
this area, which comprise small and medium-sized enterprises and
family-owned businesses, are not operating at this time.  It is
estimated that some 500 people, therefore, are out of work and not
receiving any incomes," said Couva/Point Lisas Chamber of Commerce
president, Ramchand Rajbal, according to Trinidad Express.

Rajbal fears this may lead to problems, notes the report.

He said he is calling for the relaxation of the restrictions based
on information coming out of the Government press briefings, the
report notes.

"In the last few briefings, it would appear the rate of Covid-19
infections are quite marginal. Further, no new deaths were
reported, the report relates.

"Based on this data, it would appear the curve is possibly
flattening in T&T.

"If this is so, we are calling for the commencement of the phased
relaxing of these restrictions so businesses can reopen and
re-employ their staff by May 1 for the latest," the report notes.

Rajbal said the economic signs don't look good right now.

"The IMF has reported that our economy is undergoing a deep
contraction. We need to restart the business sector to generate
sales and incomes and have the economic wheels turning again," the
report relays.

He said worldwide, the Covid-19 crisis is expected to change the
way business and society operate, the report discloses.

"It is likely to fuel online shopping, online education and more
public health investments, for instance, the report relates.

"It is likely to change how companies configure their supply chains
and start the trend of moving away from dependence on a few mega
factories," the report notes.

While it appears the COVID-19 curve is flattening in T&T, Health
Minister Terrence Deyalsingh has, however, warned against
celebrating any victory at this point, the report says.

He referred to the 1918 Spanish Flu outbreak which killed millions,
saying many thought it had gone away and relaxed social distancing
and other public health restrictions and returned to the streets,
the report discloses.

He said the second wave of the flu broke out and killed many more
people, the report relays.

Rajbal said he understands that "a national lockdown is necessary
in order to contain the COVID-19 spread," but added he remains very
concerned about the slowing down of business activity in his
community and the impact of that slowdown in the not-too-distant
future, the report adds.



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

LATAM: IDB Provides Policy Recommendations to Cope With Covid 19
----------------------------------------------------------------
The economic and financial implications of the coronavirus crisis
on the Caribbean is the focus of the newly released Caribbean
Quarterly Bulletin of the Inter-American Development Bank (IDB).
The report assesses the economic impacts of the virus on key
sectors including trade and tourism, reviews policies being
undertaken by governments in the region, and provides
recommendations on further efforts policymakers should take in
order to mitigate the economic fallout of the crisis.

The report notes that the crisis is unprecedented, and that its
economic impact is likely to be severe for The Bahamas, Barbados,
Guyana, Jamaica, Suriname and Trinidad & Tobago -- IDB
member-countries covered in the Quarterly Bulletin.

The report also presents newly developed data, and uses scenarios
to highlight the potential magnitude of economic shocks to
Caribbean countries. It also explores various transmission channels
thorough which the crisis will impact economies in the region, and
highlights some of the most important vulnerabilities that
policymakers will have to focus on when developing their response
packages.

It recommends governments in the region take immediate action to
contain both the virus itself, and its economic impacts via prudent
use of the full spectrum of policy measures available to them.

According to the report, measures to flatten the curve are
essential to "keep the human capital stock healthy, for when the
crisis is over." The study also says that given limited fiscal
space and the importance of safeguarding long-term debt
sustainability, policy measures should be "targeted and
temporary."

General Manager for the IDB's Country Department Caribbean (CCB)
Therese Tuner- Jones says the special edition of the Quarterly
Bulletin is another way the IDB is supporting the region in this
crisis. She says, "This pandemic has generated an unprecedented
wave of economic shocks for the Caribbean. Our role as the leading
multilateral partner is to provide as much support as possible. We
are working with governments in the region to respond quickly and
deploy all available resources. Our team is also responding with
comprehensive analysis of the effect on our economies. In this
latest edition of our Caribbean Quarterly Bulletin we use existing
data to explore different shock scenarios for the region as well as
specific implications for all of our member countries."


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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