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       T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, April 30, 2020, Vol. 21, No. 87

                           Headlines



A R G E N T I N A

ARGENTINA: Bondholders Reject Debt Offer
ARGENTINA: Cut Off From Credit, Gets Central Bank to Pay Bills
FIANZAS Y CREDITO: Moody's Withdraws 'Caa2' IFS Rating


B R A Z I L

BRAZIL: Pandemic Reveals High Tariffs and Importation Cost
BRAZIL: Sao Paulo Official Sees GDP Drop 10% in 2nd Qtr
COMPANHIA SIDERURGICA: S&P Cuts GS Rating to 'B-', On Watch Neg.
GLOBO COMUNICACAO: Moody's Affirms Ba1 CFR, Alters Outlook to Neg.
PEREGRINE I: Bank Debt Trades at 76% Discount

[*] Fitch Takes Actions on Brazilian Fleet & Auto Rental Companies


C A Y M A N   I S L A N D S

BCP VII JADE TOPCO: S&P Alters Outlook to Neg. & Affirms 'B' LT ICR
LATAM WALKERS 2006-101: Fitch Cuts CLP UF-Adjusted Certs to Bsf


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: ADOCEM Propose Measures to Protect Workers
DOMINICAN REPUBLIC: Faces Low Oil Storage, No Access to Cheap Oil
DOMINICAN REPUBLIC: Over 90% of Vegetables Grown are Rotting


E C U A D O R

PETROECUADOR: Under Magnifying Glass Over Recent Crude Oil Spills


G U A T E M A L A

GUATEMALA: S&P Rates US$1.2BB Senior Unsecured Notes 'BB-'


M E X I C O

BRASKEM IDESA: Fitch Cuts LT IDR to BB- & Alters Outlook to Neg.
VINTE VIVIENDAS: S&P Alters Outlook to Negative & Affirms 'BB' ICR


P U E R T O   R I C O

ALICE'S SCHOOL: Seeks May 15 Plan Extension Due to Lockdown
PETCO ANIMAL: Moody's Cuts CFR to Caa1, Outlook Negative


V E N E Z U E L A

CHEVRON: Ordered to Halt Oil Production in Venezuela

                           - - - - -


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

ARGENTINA: Bondholders Reject Debt Offer
----------------------------------------
Colby Smith and Benedict Mander at the Financial Times reports that
Argentina's biggest bondholders have rejected the government's
offer to restructure $83 billion of foreign debt, raising the
prospect that the country is headed for its ninth sovereign debt
default.

In statements, three creditor groups rebuffed the terms laid out by
the government, which called for interest payments to be delayed
until 2023 and principal payments until 2026, according to the
Financial Times.

The deal encompassed not only debt issued by the country since
2016, but also previously restructured bonds issued in 2005 and
2010, the report notes.  These so-called "exchange bonds" require a
higher percentage of bondholders to accept any changes to the
payment terms of the debt, potentially making it more difficult for
the government to reach an accord, the report relates.

"Rather than follow a course of constructive engagement, Argentina
has instead chosen to make a unilateral offer," wrote one creditor
group representing holders of these exchange bonds, the report
relates.  "Argentina's proposal does not represent the product of
good faith negotiations and the Exchange Bondholder Group considers
it to be unacceptable and does not intend to support it," he
added.

The group, which is advised by Dennis Hranitzky at law firm Quinn
Emanuel Urquhart & Sullivan and counts hedge funds Monarch
Alternative Capital and HBK Capital Management among its members,
said it collectively held more than 16 per cent of the exchange
bonds issued by Argentina, an amount equivalent to more than $4
billion, the report notes.

Another bondholder group, which is advised by White & Case and
includes BlackRock, Fidelity, Ashmore, T Rowe Price and other large
institutional investors, also said it could not support the
government's proposal, the report discloses.

"The group believes that all stakeholders in Argentina will need to
contribute to a solution that puts Argentina on a path toward
sustainable growth and financial stability," the creditors said in
a statement, the report relays.  "However, the proposals included
in the press release fall short of that mark, and seek to place a
disproportionate share of Argentina's longer-term adjustment
efforts on the shoulders of international bondholders," he added.

The group said it collectively held more than 25 per cent of
Argentina's bonds issued since 2016 and more than 15 per cent of
the country's exchange bonds, the report notes.

A third group, advised by UBS and Mens Sana Advisors, also rejected
the terms of the deal, noting in a statement that the offer came
"without meaningful discussions," the report discloses.

Investors were asked to accept a 62 per cent "haircut" on interest
payments worth almost $38 billion, with the government proposing to
pay interest rates of 0.5 per cent initially, before rising to
levels of less than 5 per cent, the report notes.  The government
also requested a 5.4 per cent reduction in the face value of the
debt, worth around $3.6bn.

According to Gordon Bowers, an emerging markets research analyst at
Columbia Threadneedle, the average recovery value for the exchange
bonds under the government's proposal hovers around 35 cents on the
dollar, the report says.  With Argentina's exchange bond set to
mature in 2033 trading at 39 cents on the dollar, Mr Bowers said
there was "little incentive" for these bondholders to accept the
government's deal, the report discloses.

Siobhan Morden, head of Latin America fixed income at Amherst
Pierpont, said the bonds issued since 2016 had a historically low
average recovery value of 32 cents on the dollar -- an offer more
in line with current market prices, the report relays.

Martin Guzman, Argentina's economy minister, said negotiations with
bondholders would last 20 days -- a narrow window to agree to a
mutually satisfactory deal, investors and analysts said, the report
notes.

"Incremental movement on this proposal is not going to get a deal
done," said a person close to the situation, the report relays.

While UBS's creditor committee noted in its statement that a
"sustainable solution to Argentina's debt crisis remains within
reach", it warned the government against asking too much of
bondholders to eliminate the country's longstanding economic
imbalances, the report says.

"A return to the approach of periodically seeking to externalise
adjustment on to foreign bondholders -- who essentially represent
hard-earned foreign savings -- will fail to create a sustainable
debt solution for Argentina, as has been demonstrated in the past,"
the report adds.

                             About Argentina

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

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

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

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

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

ARGENTINA: Cut Off From Credit, Gets Central Bank to Pay Bills
--------------------------------------------------------------
Patrick Gillespie at Bloomberg News reports that Argentina's money
supply is surging as the country deals with the economic fallout of
the coronavirus pandemic, stoking inflation fears and increasing
the chances of a chaotic debt default next month.

Since the country is cut off from credit markets as it nears
default, it can't borrow to fund stimulus programs, as other
countries in the region are doing, according to Bloomberg News.
Instead, the central bank is emitting massive amounts of money to
cover government programs, threatening to drive up an inflation
rate that is already among the highest in the world, Bloomberg News
notes.

"The risk of inflation is right around the corner," said Marina Dal
Poggetto, executive director at consulting firm Eco Go in Buenos
Aires, in a phone interview.  "Argentina is facing fiscal needs and
the only tool in the short term I'd say is monetary emission," he
added.

Since the lockdown was announced March 19, the monetary base has
increased about 20%, with the central bank sending 340 billion
pesos ($5.2 billion) to the government during that time as
dividends and temporary transfers, Bloomberg News says.

That's causing the peso to lose value as companies and wealthy
citizens try to convert excess pesos into the safe haven of U.S.
dollars. Up until the quarantine, the so-called monetary base had
only grown 7% this year, Bloomberg News notes.

While the U.S. Federal Reserve and other central banks are also
emitting large amounts of money to support their economies during
the pandemic, in Argentina the risks are greater since annual
inflation is already 48%, Bloomberg News relates.  In the past, the
country has suffered hyperinflation, and in 2013 was sanctioned by
the International Monetary Fund for faking its inflation numbers,
Bloomberg News notes.

The government of President Alberto Fernandez was among the
earliest in the region to impose strict lockdown measures to curb
the coronavirus outbreak, Bloomberg News says.  Argentina has so
far been relatively unscathed by the virus, with 3,031 confirmed
infections, but the economic damage has been severe, Bloomberg News
notes.

The economy will shrink 5.7% this year, according to the IMF, among
the deepest slumps in Latin America, and this comes on top of
contractions in 2018 and 2019, Bloomberg News discloses.

The weakening currency makes it harder to pay dollar-denominated
debts. This increases the likelihood of a disruptive default on $66
billion of bonds, according to Joaquin Bagues, head of strategy at
Portfolio Personal Inversiones in Buenos Aires, Bloomberg News
relates.  Investors were already bracing for steep losses, with
most of Argentina's overseas bonds trading at about 30 cents on the
dollar, Bloomberg News notes.

The official currency market is tightly controlled, but the peso
has plunged in recent days in parallel markets, sending the gap
with the official rate to its widest in five years, Bloomberg News
relays.

"In Argentina, devaluation, even at the parallel currency level, is
a one-way ticket to an acceleration in inflation," said Bagues.

Fernandez is seeking a negotiated settlement with creditors to
avoid a disruptive hard default. Argentina's next coupon payments
amount to about $500 million on April 22, with a 30-day grace
period, Bloomberg News notes.

Economy Minister Martin Guzman formally presented his offer to
creditors, offering no interest payments for three years and no
principal payments until 2026. Creditors have already panned the
offer, setting the stage for tense negotiations in the coming
weeks, Bloomberg News relates.

Central bank chief Miguel Pesce said in a TV interview that growth
in the monetary base comes from a measure designed to boost lending
to businesses, Bloomberg News says.

The bank reduced the number of short-term notes in which commercial
banks can invest, with the aim of freeing up funds to lend to
companies, Bloomberg News notes.  Rather than risk lending to
businesses at a time of acute distress, banks preferred to leave
much of their surplus cash deposited with the central bank. These
deposits count toward the monetary base, Bloomberg News relates.

In a statement, the central bank said it doesn't foresee a major
short-term risk to inflation and that it can mop up excess pesos
once the pandemic subsides. The bank said it is monitoring
Argentina's different exchange rates because a stable peso is
critical to normalizing the economy, and that it is ready to
provide additional support to the government if the lockdown is
prolonged beyond April 26th.

Argentina's primary budget deficit in March was nearly five times
bigger than in February, according to data released. Spending shot
up 70% from a year ago, while revenues only rose 31% over the same
time, notes the report.

Argentina can't pay for all of its stimulus "only with money
printing without generating a dangerous spiral up in inflation,"
Bank of America analyst Sebastian Rondeau wrote in a note, the
report says.

Bloomberg News says the country will have another headache when the
pandemic eventually abates, and the authorities need to try to mop
up some of the money they're creating, said Adrian Rozanski,
director of Argentine consulting firm 1816.

"Some day coronavirus is going to pass, whether in two months or a
year, and for all the pesos they're emitting, you have to see
what's the exit strategy for all this printing," Rozanski said,
Bloomberg News says.

                             About Argentina

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

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

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

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

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

FIANZAS Y CREDITO: Moody's Withdraws 'Caa2' IFS Rating
------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo, S.A. has
withdrawn the Caa2 global local currency and B2.ar Argentine
national scale insurance financial strength ratings of Fianzas y
Credito S.A. Compania de Seguros. At the time of the withdrawal,
the ratings carried a negative outlook.

RATINGS RATIONALE

Moody's has withdrawn the ratings in accordance with local
regulatory requirements following the termination of the rating
agreement at the request of the issuer.



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

BRAZIL: Pandemic Reveals High Tariffs and Importation Cost
----------------------------------------------------------
Richard Mann at Rio Times Online reports that in the dispute
between countries to acquire supplies to tackle the novel
coronavirus pandemic, Brazil was hit by high import tariffs and
dependence on the foreign market in the medical-hospital sector.

Before zeroing the import tax on a number of goods, as of March 17,
the country applied an average tariff of 9.8 percent on imports of
products in the sector, twice the average (4.8 percent) of 130
countries included in the World Trade Organization (WTO), according
to data compiled by the Brazilian Institute of Economics of the
Getulio Vargas Foundation, according to Rio Times Online.

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

BRAZIL: Sao Paulo Official Sees GDP Drop 10% in 2nd Qtr
-------------------------------------------------------
Richard Mann at Rio Times Online reports that amid the impacts of
the coronavirus pandemic, the Brazilian economy is expected to
contract ten percent in the second quarter of 2020 and three
percent in the year-to-date, projects Henrique Meirelles, Sao Paulo
state Secretary of Treasury and Planning.

"The moment we are experiencing is indeed dramatic and requires
urgent and effective action," he said, according to Rio Times
Online.

To his projection, the former Minister of Treasury in the
government of Michel Temer uses the official estimate of
infectologists on the length of the crisis, with the peak number of
cases in April, the report notes.

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

COMPANHIA SIDERURGICA: S&P Cuts GS Rating to 'B-', On Watch Neg.
----------------------------------------------------------------
S&P Global Ratings lowered its global scale ratings to 'B-' from
'B' and national scale rating to 'brBBB-' from 'brA' on Companhia
Siderurgica Nacional (CSN) and placed them on CreditWatch with
negative implications. S&P said, "We also revised the outlook on
Gerdau S.A. and Gerdau Ameristeel Corp. to negative from stable,
and affirmed the global scale 'BBB-' ratings on both companies. We
also affirmed our 'brAAA' Brazil national scale on Gerdau, and the
outlook on this scale rating remains stable. Finally, we revised
the global and national scale rating outlooks on Usinas
Siderurgicas de Minas Gerais S.A. (Usiminas) to negative from
stable, and affirmed our 'B+' and 'brAA' ratings."

The overall negative trend reflects the likelihood of downgrades
depending on the duration and magnitude of the crisis, as well as
the countercyclical measures taken to contain debt and preserve
cash.

S&P's current forecast of a 20% steel volume drop or more in Brazil
for 2020 depends on the timing for key steel clients to resume
operations. In such a scenario, the companies won't be able to
implement price adjustments, despite domestic steel prices
currently at a discount over imports parity due to the depreciation
of the Brazilian real, which, in turn, is raising the steelmakers'
dollar-denominated debt.

Out of the three steelmakers, two (Gerdau and Usiminas) have
announced significant production cuts, including the shutdown of a
portion of blast furnaces, which take more time to restart, and of
mini-mills or rolling mills, which restart faster. This, coupled
with the flexibility of cost structures and capex cuts, could
diminish the drain of cash and liquidity.

Despite the rising concerns over the global economy, iron ore
prices remain above $80 per ton. S&P believes such a level to be
supportive, but volatility in price could dent some of the
companies' performance because their cash flows are heavily
dependent on the metal's sales. For example, more than 80% of CSN's
EBITDA came from iron ore in 2019, while Usiminas' EBITDA is
increasingly correlated to the metal's price (almost 40% in 2019)
given the rising production at its subsidiary, Mineracao Usiminas
S.A. (MUSA).


GLOBO COMUNICACAO: Moody's Affirms Ba1 CFR, Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service affirmed Globo Comunicacao e
Participacoes S.A.'s Corporate Family Rating at Ba1. At the same
time Moody's affirmed Globo's Ba1 senior unsecured ratings. The
outlook was changed to negative from stable.

Ratings affirmed:

Issuer: Globo Comunicacao e Participacoes S.A.

Corporate Family Rating: Ba1

$325 million senior unsecured notes due 2025: Ba1

$500 million senior unsecured notes due 2030: Ba1

Outlook actions:

Issuer: Globo Comunicacao e Participacoes S.A.

Outlook, Changed to Negative from Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. As cases and
deaths continue to mount, the rapid dispersion of the disease has
produced an upheaval in consumer demand and economic activity,
which will ripple through advertising budgets and hurt advertising
spending. Moody's expects the COVID-19 outbreak to persist through
at least the second quarter, resulting in a sharp slowdown in
economic activity and rising risk of recession that will negatively
influence Globo's revenue growth. More specifically, the weaknesses
in Globo's credit profile, including its exposure to advertising
spending that makes up to 61% of the company's revenues, have left
it vulnerable to shifts in market sentiment in these unprecedented
operating conditions and Globo 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.

The change in outlook to negative was prompted by the sharp decline
in revenues and margins expected for 2020 as a result of lower
demand for advertising combined with Globo's high fixed cost base.
Moreover, the sharp devaluation of the Brazilian Real will
deteriorate the company's credit metrics given its large exposure
to the US dollar in its capital structure where almost all its
indebtedness is US dollar denominated and most of revenues are
generated in BRL. The ongoing increase in competition from
streaming platforms and digital media advertising against the
traditional open air TV and pay-TV is also imbedded in the negative
outlook. On the other hand, Moody's expects that Globo will
prudently manage its capital spending and dividend distributions to
maintain adequate liquidity to service its financial obligations.

Globo's Ba1 ratings are mainly supported by its solid credit
metrics and liquidity, and its leading market position in the
Brazilian TV broadcasting market, with a 35% share of the overall
national audience and 43% during prime time in 2019. The rating
also reflects Globo's diversification away from advertising revenue
toward the higher-margin content and programming segment, which
accounted for 36% of revenue in 2019. The company's high-quality
content, with most of its prime-time programing produced in-house,
is an additional credit positive. The company executed liability
management at the beginning of 2020 issuing USD500 million with
maturity in 2030 and repaying USD300 million in senior unsecured
noted with maturity in 2022 resulting in even stronger debt
maturity and liquidity profiles.

The main factors constraining Globo's ratings are its dependence on
Brazil's economic growth, revenue concentration in the cyclical
Brazilian TV advertising market, with a degree of foreign-exchange
exposure, high-fixed-cost base stemming from its high-quality
programming strategy, margin compression, especially during
economic downturns and amid a soft economic environment, and strong
competition from streaming platforms and digital media
advertising.

Globo is currently going through a restructuring process as part of
its digital transformation strategy centralizing the production of
content and digital businesses in a single business unit. The
strategy aims to leverage its streaming platform Globoplay,
reacting to the increasing competition of other streaming platforms
and the tougher digital advertising competition. Moody's expects
some further margin compression for 2020 as a result of the
economic slowdown expected for 2020 and the cancelation of major
sporting events including the summer Olympic games in Tokyo that
would boost advertising revenues.

Despite the 12% decline in revenue observed since 2015 along with a
compression in operating margins, Globo's overall credit metrics
remain strong. The company's total adjusted debt/EBITDA was 2.2x as
of December 2019, while coverage (measured by EBIT/interest
expense) remained strong at 6.4x.

Globo has a solid liquidity position, supported by total cash of
BRL10.5 billion as of December 2019. The company's increased
liquidity covers total adjusted debt of around BRL3.3 billion by
almost 3.0x. Globo has a very comfortable debt maturity profile,
with no major maturities until 2025.

Around 95% of Globo's debt is denominated in US dollars, exposing
the company to foreign-currency fluctuations. Accordingly, the
company hedges at least its next 24-month foreign-currency
exposure, and some debt maturities that are due in 2025 and 2027,
which mitigates cash impacts. With the stress scenario triggered by
the coronavirus outbreak Moody's expects leverage to increase to as
high as 5.0x total debt to EBITDA by the end of 2020 from 2.2x in
the end of 2019.

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

The ratings are unlikely to be upgraded in the short term. Positive
rating pressure would not arise until the coronavirus outbreak is
brought under control, consumer demand and advertising spending
return to more normal levels and Globo proves that it is able to
return to higher levels of profitability. At this point Moody's
would evaluate the balance sheet and liquidity strength of the
company and positive rating pressure would require evidence that
the company is capable of substantially recovering its financial
metrics and restoring liquidity.

Moody's could downgrade Globo if:

  - There are expectations of deeper and longer declines in
revenues and profitability including a material extension into Q3
2020 as a result of the coronavirus outbreak, particularly if there
is significant reduction in sources of liquidity

  - Wider liquidity concerns increase, for instance due to cost
inflexibility

  - There are clear expectations that the company will not be able
to maintain financial metrics compatible with a Ba1 rating
following the coronavirus outbreak if:

  - Gross adjusted leverage is expected to be sustainably above
3.5x

  - (EBITDA-CAPEX)/Interest Expense is expected to be sustainably
below 3.0x

The principal methodology used in these ratings was Media Industry
published in June 2017.

Headquartered in Rio de Janeiro and owned by the Marinho family,
Globo is Brazil's largest media group and leading broadcast TV
network, with net revenue of BRL14.1 billion (equivalent to $3.58
billion) as of in 2019. Globo engages in other business activities,
including pay-TV production and programing, sound recording,
magazine publishing and internet businesses, through its
subsidiaries.

PEREGRINE I: Bank Debt Trades at 76% Discount
----------------------------------------------
Participations in a syndicated loan under which Peregrine I LLC is
a borrower were trading in the secondary market around 24
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The US$25 million facility is a term loan.  It is scheduled to
mature on March 9, 2015.  

The Company's country of domicile is Brazil.


[*] Fitch Takes Actions on Brazilian Fleet & Auto Rental Companies
------------------------------------------------------------------
Fitch has conducted a portfolio review of Brazilian fleet leasing
and auto rental companies. As a result of this review, the Local
Currency and Foreign Currency Issuer Default Ratings of JSL S.A.
and the LC IDR of Localiza Rent a Car S.A. have been downgraded one
notch, while the FC IDR of Localiza and the LC and FC IDRs of Ouro
Verde Locacao e Servico S.A. have been affirmed.

In conjunction these international rating actions, the National
Scale Ratings of JSL and Vamos Locacao de Caminhoes, Maquinas e
Equipamentos S.A. have been downgraded one notch, while the
National Scale Ratings of Localiza, Localiza Fleet S.A.; Ouro
Verde; Companhia de Locacao das Americas - LOCOAMERICA and Unidas
S.A.; Movida Participacoes S.A.; and LM Transportes Interestaduais
Servicos e Comercio S.A. have been affirmed.

The coronavirus outbreak containment measures, such as social
distancing and mobility restrictions, are severely impacting the
rent-a-car business and used car sales. Fitch forecasts revenue in
these segments to drop on average between 70% and 90%,
respectively, during the second quarter of 2020. Fleet leasing
should be relatively less exposed to short-term volatility, as
revenue streams are based on long-term contracts with medium to
large corporate clients.

The impact of lockdown measures on operating cash flow will be
significant, as Fitch projects 45% of total cash costs, on average,
to be fixed for RaC business. Sales of used cars will limit
downward pressure on FCF, however. At this point, EBITDA is
expected to decline between 15% and 25% in 2020. If the outbreak
containment is longer than one quarter and the ability to rent and
sell used vehicles remains challenged, EBITDA will drop more
significantly and FCF will become pressured.

The downgrades of JSL's and Localiza's IDRs reflect Fitch's view
that the fall in demand, and its effects in cash flow generation,
will pressure both companies' capital structure in the medium term,
delaying the agency's expectations that they would reach or keep
leverage ratios aligned with their previous rating categories.
Localiza's National Scale Rating was affirmed as it is still
consistent with the lower LC IDR. In the case of JSL, its National
Scale Rating was downgraded along with its LC IDR. The ratings
affirmations for the other issuers reflect Fitch's opinion that
fleet leasing and auto rental companies have enough flexibility, in
different levels, to face at least one quarter of very weak
activity without materially affecting their business profile or
debt service capacity in 2020, and that they will have the ability
to adjust capex and their fleet to an environment of lower demand.

The Negative Outlooks reflect the challenges the companies will
face to strengthen their financial profiles to previous levels by
the end of 2021. They also reflect the increasing uncertainties
about the duration of the coronavirus outbreak and the companies'
ability to absorb a longer period of significant drop in demand.
The speed with which demand recovers and the companies' ability to
recoup lost revenue, adjust their costs and fleet size, and manage
liquidity will be critical in Fitch's assessment of the need for
further rating actions.

KEY RATING DRIVERS

JSL S.A.: Frustration on Deleverage Pressured Ratings

JSL had very limited rating headroom before the outbreak. Its
leverage is now expected to remain above 4.0x in the medium term.
Fitch believes that its liquidity position at the end of March
2020, ex-Movida, was above average. On a consolidated basis, JSL's
cash to short-term debt ratio should be higher than 3.0x and at
around 1.5x when trade payables to original equipment manufacturer
(OEM) are added to the company's short-term debt.

Fitch expects mixed results among JSL's main lines of business.
Movida, with 33% of group EBITDA, will be the most affected by
social-distancing and mobility-restriction measures. RaC revenue
may fall around 70% during 2Q20. The logistics and fleet rentals
businesses, JSL Logistic (26% of EBITDA), Vamos (26% EBITDA) and CS
Brasil (13% of EBITDA), should be relatively less exposed to
short-term volatility, as revenue streams are based on long-term
contracts mainly with medium to large corporate clients. In these
segments, 2Q20 revenue declines should be at around 25%.

Vamos Locacao de Caminhoes S.A: Strong Linkage with JSL

Vamos' rating and Outlook reflect the company's strong legal,
operational and strategic links as a wholly owned subsidiary of
JSL, according to Fitch's parent and subsidiary rating linkage
criteria, which equalizes the ratings of the two companies. In
addition to full ownership, JSL guarantees some debt of Vamos,
reinforcing the legal tie between them. JSL also has a tracking
record of capital increases at Vamos, between assets and cash, to
support its growth, which shows great commitment to Vamos.
Operational and strategic links are also strong. Companies benefit
from important commercial synergies, such as greater bargaining
power when buying vehicles and negotiating with customers. Vamos
has been a growth arm of the JSL group. On a standalone basis,
Vamos' business profile should be more resilient to the effects of
the coronavirus outbreak.

Localiza Rent a Car S.A.: Downgrade Due to Higher Leverage

Fitch expects Localiza's net leverage to be higher than 3.5x in the
short to medium term, which is above previous downgrade thresholds.
Positively, liquidity is robust and the strongest in the sector.
Fitch estimates as of March 2020 Localiza would have enough cash on
hand to meet six months of all of its operating costs plus its OEM
trade payments and its 2020 debt service without the need to borrow
or generate additional cash.

Fitch forecasts revenue for RaC and used car sales within Brazil to
drop substantially in 2Q20 or while social-distancing measures
persist; those segments represented approximately 30% and 61%,
respectively, of Localiza's net revenue in 2019. The effects of
plummeting sales and rentals will be relevant, as Fitch projects
45% of total cash costs to be fixed. Fleet leasing, representing 9%
of Localiza's net revenue, should be in a better position to face
short-term volatility. Fitch does not expect the company to be a
net cash burner in 2Q20 or to face unmanageable working capital
needs. Localiza should also be able to keep its strong business
position and competitive advantages within the sector.

Companhia de Locacao das Americas S.A. (Unidas): Stronger Fleet
Leasing Business Mitigate RaC Exposure

Fitch forecasts marginal deterioration of Unidas' credit metrics,
as the company's capital structure was strengthened by a BRL1.2
billion follow-on in December 2019, and capex should be materially
lower in 2020. Leverage should be around 3.5x in the medium term.
By the end of March 2020, liquidity should be solid, with the ratio
of cash to short-term debt plus trade payables to OEM at around
1.5x. Fitch does not foresee the company to be a net cash burner in
2Q20.

Fleet leasing represents approximately 27% of Unidas' net revenue,
and should be relatively less exposed to short-term volatility. RaC
and used car sales segments represented around 21% and 51%,
respectively, of Unidas' net revenue in 2019 and will be more
exposed to deterioration on the 2Q20 or while social-distancing
measures persist. The effects of plummeting sales and rentals will
be relevant, as Fitch estimates that almost 40% of Unidas' total
cash costs are fixed.

Movida Participacoes S.A.: Relevant RaC Exposure is Challenging

Fitch foresees leverage to spike in 2020, reaching close to 4.0x,
and then to decline to below 3.5x in 2021, considering an expected
material capex reduction in 2020 and 2021. The ratio of cash to
short-term debt was forecast at around 3.0x by the end of March
2020. However, liquidity seems less robust when including trade
payables to OEM in the company's short-term debt, which should make
this ratio lower than 1.0x. Normally for RaC players, trade
payables to OEM are met with the proceeds of used car sales, which
should recover in the second half of the year.

RaC and used car sales segments represented approximately 30% and
58%, respectively, of Movida's net revenue in 2019 and should
suffer during the 2Q20 or while social-distancing measures persist.
The effects of plummeting sales and rentals will be relevant, as
Fitch projects 45% of total cash costs to be fixed. Fleet leasing,
representing 12% of Movida's net revenue, should be relatively less
affected.

Ouro Verde Locacao e Servico S.A.: None-RaC Exposure is Positive

Ouro Verde's financial profile was strengthened at mid-year 2019
following Brookfield's acquisition of 100% of the company's shares
and a BRL500 million capital injection, along with the completion
of a debt restructuring. Fitch believes Ouro Verde to have a robust
liquidity position as of March 2020, with estimated cash coverage
of over 3.0x, no foreign exchange risk, and a well-spread debt
amortization profile. Refinancing risk is considered limited.

Ouro Verde's strong presence in heavy vehicles and machinery
rentals should make its revenue stream, based on long-term
contracts with corporate clients, less exposed to measures such as
social distancing and mobility restrictions. Moreover, contracts
maturing until the end of 2020 represent, approximately, between
15% and 20% of total revenue - with normalized historical
renovation rates over 80%. The company has a higher proportion of
fixed costs compared with auto rental companies, a limited scale
and a more concentrated client portfolio that may pose a challenge
as clients seek to renegotiate terms or extent payments date.

LM Transportes Interestaduais Servicos e Comercio S.A.: Medium-Size
Fleet Leasing Player

Fitch projects leverage to spike in 2020, reaching close to 4.0x,
and then to decline below 3.5x in 2021, considering an expected
material capex reduction in 2020 and 2021. Additionally, Fitch
forecasts that liquidity by the end of March 2020 was adequate,
with cash to short-term debt at around 1.3x and at around 1.1x when
adding trade payables to OEM to the company's short-term debt.
While, at this point, the company should not be a net cash burner
in 2Q20, working capital needs, which is harder to assess at this
early stage of the crisis, may be a challenge as the company has
limited scale and a more concentrated client portfolio, which can
be problematic as clients may seek to renegotiate terms or extent
payments date.

Fleet leasing represents, approximately, 90% of LM Frotas' net
revenue, while ride-haling business accounted for 10% in 2019.
Compared with RaC, both segments should be relatively less exposed
to short-term volatility, with fleet leasing considerably more
resilient. Positively, less than 5% of the company's fleet leasing
contracts mature in 2020 - with historical renovation rates over
80%. Used car sales represents a smaller percentage of the group
total revenue, less than 40%, as the company's fleet-turnaround
ratio is much lower than that of RaC players, leaving LM Frotas
more room to better spread its used auto sales along the second
half of the year.

DERIVATION SUMMARY

Fitch believes the top-three auto rental players Localiza, Unidas
and Movida are, in different levels, better positioned than peers
to absorb the shock related to the coronavirus outbreak. They
benefit from larger scale and have enough cash positions to
accommodate one quarter of very weak demand for auto rental and
asset sales without significantly damaging their business positions
while taking a manageable hit in their credit profiles, in terms of
both leverage and liquidity.

Smaller players, such as LM Frotas and Ouro Verde, have weaker
financial profiles but none or very little exposure to RaC-like
products. LM Frotas has greater exposure to fleet management, while
Ouro Verde is stronger in heavy vehicle and machinery rentals, both
of which have revenues based on long-term contracts. On the other
hand, both companies carry cash positions relatively lower than
those of the big three, while Ouro Verde may benefit from having a
stronger shareholder with stronger and proven funding access.

KEY ASSUMPTIONS

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

  -- Coronavirus-containment measures to persist only during 2Q20;

  -- Companies have limited ability to adjust cost structure in the
short-term;

  -- RaC and used car sales demand to drop, on average, 70% and
90%, respectively, in 2Q20;

  -- Fleet Rental segments to be less exposed to short-term
volatility;

  -- Companies retain access to more expensive new funding, if
needed.

RATING SENSITIVITIES

JSL S.A.:

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

An upgrade on the ratings is not expected on the short-term.

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

  -- Failure to preserve liquidity and inability to access adequate
funding;

  -- Prolonged decline in demand coupled with company inability to
adjust operation, leading to a higher than expected fall in
operating cash flow;

  -- Increase in net adjusted leverage to more than 4.0x beyond
2021;

  -- Material deterioration on the group's fleet rental and
logistics business.

Vamos Locacao de Caminhoes, Máquinas e Equipamentos S.A.:

Due to the existence of a strong parent and subsidiary linkage
between the rating of Vamos and that of its parent company JSL,
changes in the rating and Outlook will follow movements on JSL's
rating and Outlook.

Localiza Rent a Car S.A.:

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

An upgrade on the LC and FC IDRs is not expected on the short-term.
The resolution of the Negative Outlook for the LC IDR and National
Scale Rating will depend on the severity of the impact on the
issuer's operating cash flow generation in 2020 and 2021, together
with the ability to adjust cost, fleet size, and manage leverage
and liquidity.

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

  -- Failure to preserve liquidity and inability to access adequate
funding;

  -- Prolonged decline in demand coupled with company inability to
adjust operation, leading to a higher than expected fall in
operating cash flow;

  -- Increase in total adjusted leverage to more than 4.5x and in
net adjusted leverage to more than 3.5x on a regular basis;

  -- A further negative rating action on Brazil's sovereign rating
and country ceiling could result in negative rating action for the
company's FC IDR.

Localiza Fleet S.A:

Due to the existence of a strong parent and subsidiary linkage
between the rating of Localiza Fleet and that of its parent company
Localiza, changes in the rating and Outlook will follow movements
on Localiza's rating and Outlook.

Movida Participacoes S.A.:

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

An upgrade on the ratings is not expected on the short-term. The
resolution of the Negative Outlook will depend on the severity of
the impact on the issuer's operating cash flow generation in 2020
and 2021, together with the ability to adjust cost, fleet size, and
manage leverage and liquidity.

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

  -- Failure to preserve liquidity and inability to access adequate
funding;

  -- Prolonged decline in demand coupled with company inability to
adjust operation, leading to a higher-than-expected fall in
operating cash flow;

  -- Increase in net adjusted leverage to more than 4.0x on a
regular basis;

  -- Downgrade of JSL's National Long-Term Rating to a level below
that of Movida.

Companhia de Locacao das Americas - LOCOAMERICA and Unidas S.A.:

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

An upgrade on the ratings is not expected in the short-term. The
resolution of the Negative Outlook will depend on the severity of
the impact on the issuer's operating cash flow generation in 2020
and 2021, together with the ability to adjust cost, fleet size, and
manage leverage and liquidity.

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

  -- Failure to preserve liquidity and inability to access adequate
funding;

  -- Prolonged decline in demand coupled with company inability to
adjust operation, leading to a higher-than-expected fall in
operating cash flow;

  -- Increase in net adjusted leverage to more than 4.0x on a
regular basis.

Ouro Verde Locacao e Servico S.A.:

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

An upgrade on the ratings is not expected on the short-term.

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

  -- Failure to preserve liquidity and inability to access adequate
funding;

  -- Perception of lower support from Brookfield;

  -- Prolonged decline in demand coupled with company inability to
adjust operation, leading to a higher-than-expected fall in
operating cash flow;

  -- Material deterioration of the company's capital structure.

LM Transportes Interestaduais Servicos e Comercio S.A.:

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

An upgrade on the ratings is not expected on the short-term. The
resolution of the Negative Outlook will depend on the severity of
the impact on the issuer's operating cash flow generation in 2020
and 2021, together with the ability to adjust cost, fleet size, and
manage leverage and liquidity.

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

  -- Failure to preserve liquidity and inability to access adequate
funding;

  -- Prolonged decline in demand coupled with company inability to
adjust operation, leading to a higher-than-expected fall in
operating cash flow;

  -- Increase in net adjusted leverage to more than 3.5x on a
regular basis.

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.

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).  

Unidas S.A. Natl

  - LT AA+(bra); Affirmed

  - Senior unsecured; Natl LT AA+(bra); Affirmed

JSL Europe      

  - Senior unsecured; LT BB-; Downgrade

Vamos Locacao de Caminhoes, Maquinas e Equipamentos S.A.

  - Natl LT AA-(bra); Downgrade

  - Senior unsecured; Natl LT AA-(bra); Downgrade

Localiza Fleet S.A. Natl

  - LT AAA(bra); Affirmed

  - Senior unsecured; Natl LT AAA(bra); Affirmed

Ouro Verde Locacao e Servico S.A

  - LT IDR B; Affirmed

  - LC LT IDR B; Affirmed

  - Natl LT BBB(bra); Affirmed

  - Senior unsecured; Natl LT BBB(bra); Affirmed

Companhia de Locacao das Americas - LOCAMERICA

  - Natl LT AA+(bra); Affirmed

  - Senior unsecured; Natl LT AA+(bra); Affirmed

LM Transportes Interestaduais Servicos e Comercio S.A.

  - Natl LT A-(bra); Affirmed

Localiza Rent a Car S.A.

  - LT IDR BB; Affirmed

  - LC LT IDR BB+; Downgrade

  - Natl LT AAA(bra); Affirmed

  - Senior unsecured; Natl LT AAA(bra); Affirmed

Movida Participacoes S.A.

  - Natl LT AA-(bra); Affirmed

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

JSL S.A.

  - LT IDR BB-; Downgrade

  - LC LT IDR BB-; Downgrade

  - Natl LT AA-(bra); Downgrade

  - Senior unsecured; LT AA-; Downgrade

  - Senior unsecured; Natl LT AA-(bra); Downgrade



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

BCP VII JADE TOPCO: S&P Alters Outlook to Neg. & Affirms 'B' LT ICR
-------------------------------------------------------------------
S&P Global Ratings revised the outlook on Cerdia International
GmbH's parent BCP VII Jade Topco (Cayman) Ltd. to negative, while
affirming the 'B' long-term issuer credit rating.

S&P said, "We believe Cerdia will need to align better with the
structurally declining cigarette market, with expected benefits for
operating leverage, but potential significant upfront restructuring
costs.  We expect Cerdia may post higher-than-budgeted
restructuring costs in the coming years, after about EUR19 million
in 2019, reflecting a scaling-down of capacities. This would align
with our view of a structural decline in the cigarette market,
expected at 2%-3% per year, and moderate overcapacity in acetate
tow, used in cigarette filters, globally. We forecast about $100
million in adjusted EBITDA in 2020, fairly unchanged compared with
2019. This is, however, significantly lower than our initial
forecast for 2019 of $117 million-$123 million (EUR105 million-$110
million), mainly due to one-off costs. Although we expect cost
initiatives will progressively translate to EBITDA benefits, we
estimate that leverage will remain very high at 8.0x-8.5x in 2020,
thereby increasing pressure on the rating.

Acetate tow purchase allocation by tobacco majors remains difficult
to predict, resulting in moderate volume volatility for Cerdia,
while prices are stable at weak levels.  Cerdia's operating
performance also remains largely exposed to customer behavior.
Customers (large tobacco companies) have relative comfort in
switching suppliers due to the oligopolistic industry structure,
making Cerdia's volume allocation very difficult to predict. S&P
said, "With 95,000 tons of filter tows sold in 2019, volumes are on
the low side of our previous forecast range. We estimate that
volume catch up from independent customers will compensate for key
customer volumes lost, notably to Celanese following the failed
merger between the two competitors in 2018. We expect volume
allocations for 2020, already largely agreed at year-end 2019, to
be flat year on year. Meanwhile prices for filter tow have
stabilized at very low levels, following several years of declines
driven structurally by lower demand for cigarettes and acetate tow
oversupply. We expect supply side restructurings across the
industry, including Cerdia's, to have only a marginal effect on
filter tow prices."

Profitability remains high, with low capital intensity supporting
strong FOCF and demand stickiness mitigating some effects from the
COVID-19 pandemic.  High underlying profitability, despite
depressed prices and recurring one-off costs linked to
overcapacity, is a key strength for the business. We estimate an
adjusted EBITDA margin of about 20% in the current environment,
which is very high for a commodity chemicals producer, reflecting
its strong competitive position. Strong cash conversion is another
key mitigating factor for Cerdia's high leverage, given that we
expect $30 million-$40 million of FOCF in 2020, potentially rising
toward $50 million next year. This essentially reflects the limited
capital-intensity of the business. Furthermore, we believe the
COVID-19 pandemic will only marginally affect earnings in 2020,
because we estimate cigarette consumption is fairly delinked from
macroeconomic variables.

S&P said, "The negative outlook reflects rating pressure due to the
very high leverage we forecast in 2020 given the high restructuring
charges we factor in.

"We could lower the rating to 'B-' if we expect one-off charges to
recur, such that adjusted debt to EBITDA would remain materially
above 6.5x. Pressure on the rating could also arise if Cerdia's
adjusted FOCF declined below $30 million in 2020, or if we don't
see a recovery in adjusted EBITDA. Further pressure from
COVID-19-related headwinds on the cigarette market, although
currently not expected to be material, could also lead to a
downgrade.

"We could revise the outlook back to stable if we expect higher
EBITDA and FOCF generation. We expect generally strong profit,
helped by cost savings, to stabilize adjusted debt to EBITDA closer
to 6.5x, which we view as commensurate with the rating."


LATAM WALKERS 2006-101: Fitch Cuts CLP UF-Adjusted Certs to Bsf
---------------------------------------------------------------
Fitch Ratings has downgraded LatAm Walkers Cayman Trust Series
2006-101 as follows:

  -- CLP5,348,000,000 CLP UF-Adjusted Certificates notes to 'Bsf'
from 'B+sf'.

The Rating Outlook has been revised to Stable from Negative.

LatAm Walkers Cayman Trust Series 2006-101     

  - Series 2006-101 XS0272088781; LT Bsf Downgrade

KEY RATING DRIVERS

The rating action follows Fitch's downgrade of the reference entity
Petroleos Mexicanos. On April 17, 2020, Fitch downgraded PEMEX to
'BB-' from 'BB' and revised the Negative Outlook to Stable. The
rating considers the credit quality of Bank of America Corporation
as issuer of the qualified investment and Merrill Lynch Capital
Services, Inc. as the swap counterparty. The rating also considers
the Issuer Default Rating of the reference entity, PEMEX, which is
subject to restructuring as a credit event. Therefore, as a result
of the credit-linked note criteria, "Single-and Multi-Name
Credit-Linked Notes Rating Criteria," dated Feb. 12, 2020, Fitch
applied a one-notch downward adjustment to the PEMEX rating to
'B+'/Stable from 'BB-'/Stable, prior to applying the two-risk
matrix. The Rating Outlook reflects the Outlook on the main risk
driver, PEMEX, which is the lowest rated risk-presenting entity.

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

RATING SENSITIVITIES

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BEST/WORST CASE RATING SCENARIO

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



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

DOMINICAN REPUBLIC: ADOCEM Propose Measures to Protect Workers
--------------------------------------------------------------
Dominican Today reports that various construction sector
institutions brought together a technical team with its best health
and safety experts to design the Construction Health and Safety
Guide to Prevent COVID-19, the Dominican Portland Cement Producers
Association (ADOCEM) said.

"The guide has been sent to the authorities for review and approval
. . . to protect the health of workers in the development of the
works and in the provision of supplies and materials," it said in a
statement obtained by the news agency.

They also hope to work side by side with the State in a unified
strategy and a well-structured dynamism of the national economy,
according to Dominican Today.

Adocem said the proposed guide stems from the analysis of the
recommendations of international organizations, as well as the
measures successfully implemented in other countries, in which
construction activity has been restored, the report notes.

It reveals that it covers from the necessary actions prior to the
gradual reactivation of the works that includes the training of
subcontractors, crew chiefs and supervisors, and the planning of
entry by groups to avoid crowds, the report relays.  "Likewise, the
conditions for recommending self-isolation and recommendations for
transportation to and from jobsites," it added.

                    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: Faces Low Oil Storage, No Access to Cheap Oil
-----------------------------------------------------------------
Dominican Today reports that the Dominican Republic can't take
advantage of the low oil prices in the international markets
because of its limited storage.

"We do not have storage capacity because we have our tanks full of
crude oil.  The refinery's crude capacity is 900,000 barrels. And
how many barrels do we have now? 900,000 barrels because we cannot
process," Refidomsa PDV refinery CEO, Felix Jimenez, told Diario
Libre, according to Dominican Today.

"It's necessary to consider that one thing is the price of crude
oil and another thing is what happens with petroleum products.  For
example, there was a wild variation in the price of the West Texas
Intermediate for delivery in May and few people know that when it
comes to the WTI price, which is a reference price for the market
of United States, there are three prices that must be valued: There
is the price for immediate sale and delivery; There is the price
for delivery to May, this is the future the following month, and
there is the future price in two months, the report notes.

                    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: Over 90% of Vegetables Grown are Rotting
------------------------------------------------------------
Dominican Today reports that more than 90% of the vegetables grown
in the open in Constanza (central) are being lost and producers are
concerned with the "slowness" with which the Government has been
taking measures to bring harvests to markets.

"The measures disclosed by the Government to buy vegetables from
producers are only being applied to people who have greenhouses or
who produce in greenhouses," said National Union of Agricultural
Producers (Unaproda) president Pantaleon Cepeda, according to
Dominican Today.

Among the products rotting figure tomatoes, carrots, broccoli,
cauliflower, lettuce, cabbage, among others. Their problem is that
they are very perishable, the report notes.

"Those products are being lost by more than 90% because the markets
have very limited hours. We understand that they must be in a more
complete, longer or normal schedule as before, always having the
space to sanitize and to be able to handle the current situation,"
he told Diario Libre, 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
=============

PETROECUADOR: Under Magnifying Glass Over Recent Crude Oil Spills
-----------------------------------------------------------------
Daniela Brik at EFE News reports that around 100,000 people in
Ecuador's Amazon region have been affected by petroleum spills in
two rivers resulting from ruptures in three oil pipelines built
through a highly seismic and eroded zone.

The situation dates back to the first week of April, in the middle
of the Covid-19 crisis in the South American nation which has
eclipsed this other environmental and human emergency that is
preventing river communities from getting access to water, fishing
or irrigation for their crops, with farming and fishing being their
main livelihoods during the movement restrictions and isolation
measures decreed by the government to battle the pandemic,
according to EFE News.

A coalition of local non-governmental organizations has demanded
that the government and the involved oil companies (one of them the
state-owned Petroecuador) take responsibility in the situation and
punish those who took action too late to prevent a spill that has
even affected Peru, but work to mitigate the situation is up in the
air, the report says.

The pipeline ruptures were caused by a landslide and spilled crude
oil into the Coca River, which then flowed to the Napo and to the
indigenous communities across the border in Peru, the report
notes.

The oil companies, which have been under pressure to guarantee the
supply of oil, say that this was an act of God and that they are
working to repair the damage in a situation in which leading
international companies are intervening, the report discloses.

Consulted by EFE, the Heavy Crude Pipeline (OCP) said that it
"closed the valves on April 7" and that the spill occurred "due to
inertia, (from) the remnants (of oil) left in the pipeline,"
although there is still no exact figure for how much oil spilled.
OCP also said it has offered water and food to the local
population.

But those statements do not convince those affected by the
situation, the report relays.

"We don't have any figures that are convincing to us. At first,
they said that 4,000 barrels had spilled. Then OCP revealed in
parliament that it was 8,900 barrels," Carlos Mazabanda, the
coordinator in Ecuador for Amazon Watch, the organization that is
monitoring the spill, told EFE.

He said that similar spills that affected the same communities in
2009 and 2013 had a similar impact, adding that "there's no
transparency on the part of the state (for us) to know what the
real amount of crude was that spilled," the report notes.

Belen Paez, the director of the environmentalist Pachamama
Foundation, referred to the 2013 accident in which 50,000 barrels
of oil spilled, saying that "the dimensions of (this) disaster are
similar," the reports discloses.

"We've had earlier spills, but the magnitude of the contamination
today is rather worrying," Olger Gallo, the leader of the Panduyaku
community, in Sucumbios province, said, the report notes.

Gallo's community has 183 families and about 800 people in it, and
it is contending with both geographical isolation and social
isolation due to the coronavirus, as well as seeing its economy
virtually vanish, the report discloses.

"Our way of life today is very much altered. Our livelihood has
been decimated and there's hunger," he said, pointing especially to
about 15 families who live along the riverbank and were directly
affected by the spill, the report discloses.

The village was one of the first to be reached by the spill and he
said that when that occurred it seemed as if it had been wiped out
by the crude, the report notes.

"Everything was contaminated with oil. When we woke up we found on
the riverbanks dead fish, snakes and frogs. The fields with their
crops were affected" by the rise in the river due to heavy rains in
the area, he said, the report discloses.

The petroleum is not still flowing but the river "is devastated"
and the black patches of oil can be seen all along the entire
riverbank coating plants, animals, rocks and soil, despite the
constant downpours, the report notes.

"There are 150 indigenous communities, 24 parishes affected and an
estimated 113,000 people," Mazabanda said, the report relates.

Paez said that what has happened in Amazonia is "a human and
environmental drama that has been repeated over the past 20 years
in Ecuador in the provinces of Sucumbios and Orellana," the report
notes.

The pollution along hundreds of kilometers of the Coca River will
have incalculable consequences for the local fauna and flora, and
some say that certain species could "disappear completely" from the
area, the report adds.



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

GUATEMALA: S&P Rates US$1.2BB Senior Unsecured Notes 'BB-'
----------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue rating to Guatemala's
US$1.2 billion senior unsecured notes--US$500 million due in April
2032 and US$700 million due in June 2050. Guatemala will use the
proceeds from the issuance for general budgetary purposes,
including repayment of debt, and to finance or refinance, in whole
or in part, new or existing eligible social investments. The rating
on the notes is the same as the long-term foreign currency
sovereign credit rating on Guatemala.

S&P expects that the global spread of COVID-19 will have
unprecedented implications for Guatemala's economic and fiscal
prospects in the near term. Given its persistently narrow tax base,
as well as shortfalls in basic public services and physical
infrastructure, Guatemala has limited fiscal room to address the
shock without increasing its debt burden.

On the other hand, Guatemala's solid external position, moderate
general government debt to GDP, and sound monetary policy are
relative credit strengths that provide key resiliency to manage the
challenging and volatile conditions.

S&P's ratings on Guatemala (foreign currency: BB-/Stable/B; local
currency: BB/Stable/B) also reflect its view of still-developing
governing public institutions and a difficult political environment
that constrains policymaking effectiveness.




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

BRASKEM IDESA: Fitch Cuts LT IDR to BB- & Alters Outlook to Neg.
----------------------------------------------------------------
Fitch Ratings has downgraded Braskem Idesa, S. A. P. I.'s Long-Term
Foreign and Local Currency Issuer Default Rating to 'BB-' from
'BB'. The Rating Outlook has been revised to Negative from Stable.

The downgrade reflects Fitch's perception of heightened
counterparty risk related to Petroleos Mexicanos' (Pemex; IDR
BB-/Stable) ethane supply agreement, which has been a key risk for
Braskem Idesa, amid the negative oil price environment. Pemex has
the challenge to deal with its elevated tax burden, high leverage,
rising per-barrel lifting costs and high investment needs to
maintain production and replenish reserve, which is key to support
all of its long-term supply agreements. Braskem Idesa's higher than
expected leverage in the next 12-18 months, with net leverage being
above its negative rating trigger of 4.5x by 2021 also pressures
its ratings.

Despite some improvements from recent investments, Braskem Idesa
remains quite depended on Pemex's ethane supply. The company is
studying alternatives to further increase its capacity to import
ethane, but this should become really effective only by mid-2021
and 2022. The expansion of the fast track project could allow
another 16% capacity to import, elevating total capacity to around
35%-40% via this channel. The construction of a new import terminal
for ethane by Braskem Idesa is not incorporated into the analysis.
The company seeks logistic partners for this project and potential
impact on the rating from this development will depend on terms and
financing conditions.

Braskem Idesa's Negative Outlook could be revised to Stable if
during the next 12-18 months Pemex's supply ethane remains
consistently above 74% (as reported during 2019), which associated
with the fast track project would allow Braskem Idesa's utilization
rates to remain above 86% and to maintain healthy profitability and
operating cash flow levels.

Braskem Idesa's ratings reflect its strong competitive position
within the global petrochemical sector underpinned by its access to
competitive raw materials, which supports its high margins, large
business scale and strong market share in the Mexican polyethylene
market. The company's ratings are constrained by uncertainties
surrounding its long-term ethane supply agreement with Pemex, which
have provided the company with competitive-cost feedstock. Other
rating constraints include its single asset operation, its
moderately high leverage and limited financial flexibility until it
pays down its full project finance debt (USD1.6 billion). The
cyclical nature of the petrochemical industry, which results in
cash flow volatility, and the commodity nature of Braskem Idesa's
products are additional negative rating considerations.

KEY RATING DRIVERS

Exposure Risk to Pemex: Pemex's lack of investments has resulted in
a decline in the production, including ethane and natural gas.
Braskem Idesa and Pemex's ethane contract considers 66k bpd of
supply of ethane, which the company has not been able to deliver:
it is currently able to only provide about 49k bpd. During February
2020, Braskem Idesa's initiated the operation of its fast track
project to import ethane from the U.S. (capex of USD3.5 million),
which is expected to rump-up, allowing imported ethane to reach up
to 16k bpd by 2022 (out of 25kbpd of capacity), or 24% of total
needs.

Cyclical Commodity Business: The inherently cyclical nature of the
commodity chemicals sector makes Braskem Idesa exposed to feedstock
and end-product price volatility, driven by prevailing market
conditions and demand/supply drivers. Fitch expects PE-ethane
spread during 2020 and 2021 to remain pressured due uncertainties
on global recession, despite relatively better than initially
forecasts due to the lower feedstock prices, with average industry
spreads of between USD615-USD699 per ton (down from USD708-978 per
ton during 2018-2019). Fitch expects spreads to start a more
meaningful recovery during the latter half of 2021 as the markets
become more balanced.

Good Business Position: Braskem Idesa is a single asset complex
polyethylene producer with a relatively large business scale (1.05k
ton) compared to global peers in the industry; its production
facility is modern and uses industry leading technology. The
company has a market share of around 34% in Mexico in the segments
of high-density polyethylene and low-density polyethylene. Its
competition is primarily importing of PE. The company's PE products
serves a broad and diverse range of end markets, including
packaging, food and beverage, industrials, construction and others.
Amid this COVID-19 environment, Fitch expects Braskem Idesa to
remain able to recovery sales volumes due to its cost competitive
advantages. The petrochemical industry remains operating at full
capacity, it is considered essential, and volumes should be driven
more in function of ethane supply.

Low Cost Position: Braskem Idesa benefits from its access to
natural gas-based ethylene feedstock. The company has a 20-year
supply agreement to purchase ethane from state-owned Pemex at a
discount to market reference. This feedstock price advantage in
combination with Braskem Idesa's large scale and modern facilities
has resulted in high EBITDA margins (40%-50%), which compares
favorably to margins of its peers of between 20% and 25%. Fitch's
base case scenario projects EBITDA margins gravitating toward
39%-42% during 2020 and 2021 due to weaker spreads and mix of
ethane supply from Pemex and imported.

Leverage Under Pressure: Fitch's currently base case does not
incorporate the receivable of liquidated damages from Pemex during
2020 and 2021, which together with the scenario of global recession
pressuring a meaningful spreads recovery, currently benefited by
lower raw material prices, should lead limit a further deleverage
trend. Fitch forecast net debt to EBITDA ratio to be around 6.9x
during 2020 and to decline to 5.2x by 2021. Braskem Idesa's net
leverage had increased to 6.0x in 2019 due to the deterioration of
spreads and lower utilization rate. This compares to 4.7x and 4.0x
during 2017 and 2018, respectively.

Braskem Idesa's FCF during 2020 and 2021 should be around MXN2
billion and MXN3.6 billion, considering capex of MXN0.4 billion in
2020 and 2021, and no distribution to sponsors. This remains
conditioned to the completion of financial completion covenants,
that the company has the waiver until end of 2020. Given its
state-of-the-art facilities, Braskem Idesa's maintenance capex
should be low until 2023, when it has a scheduled maintenance
stoppage (MXN1.6 billion of capex).

Moderate Rating Linkage: Braskem Idesa and its controlling
shareholder Braskem S.A. (75% equity interests, IDR BBB-/Negative)
have some operational and functional ties within the production and
sale of PE. Braskem Idesa is strategically important for Braskem as
it lowers its feedstock risk and increases its access to other
markets. Legal ties are weak, as the parent does not guarantee the
debt obligations of the subsidiary. Braskem Idesa's project finance
debt has a strong set of covenants that limits financial
flexibility and dividends distributions. As of Dec. 31, 2019,
Braskem Idesa reported MXN42billion of obligations under
subordinated shareholder loans, being MXN31 billion with Braskem
and MXN11 billion with Grupo IDESA.

DERIVATION SUMMARY

Given its access to competitive cost feedstock, Braskem Idesa's
EBITDA margin is well positioned relative to PE producers' peers
such as Braskem S.A. (BBB-/Negative) and more diversified player
such as Dow Chemical Company (BBB/Stable) in terms of operating
margins. It also positively compares with its Latin American
chemical peers such as Alpek S.A (BBB-/Stable) or Orbia Advance
Corporation, S.A.B de C.V. (BBB-/Stable). Nevertheless, Braskem
Idesa has a higher exposure to supply/contract risks compared to
its peers. It also has a weaker position in terms of exposure to a
single asset and product and geographic diversification.

Braskem Idesa's net leverage ratios should remain above most of its
peers until mid-2022, when its ratios should decline to around
4.0x. The average leverage for the Latin American investment grade
chemicals peers is around 2.5x, while Dow's net leverage is around
2.0x and Nova's is 3.5x.

KEY ASSUMPTIONS

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

  - 74% of ethane being supplied by Pemex and increasing imports
levels to support a utilization rate around 91% by 2021;

  - Braskem Idesa spreads around USD710-USD818 per ton during
2020-2021;

  - Average capex of MXN 0.4 billion in the next three years;

  - No shareholder loans distributions in 2020-2021.

RATING SENSITIVITIES

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

  -- The Outlook Negative on Braskem Idesa's ratings could be
revised to Stable if during the next 12-18 months Pemex's supply
ethane remains consistently above 74% (as reported during 2019),
which associated with the fast track project would allow Braskem
Idesa's utilization rates to remain above 86% and to maintain
healthy profitability and operating cash flow levels.

  -- A lower dependence on Pemex's ethane supply and/or elimination
of uncertainties surrounding the contract with Pemex should improve
Braskem Idesa's business risk.

  -- Net leverage ratio below 4.5x by 2021.

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

  -- Changes in the supply agreement with Pemex or a greater
deterioration in PE spreads that leads net leverage to remain above
5.5x by 2021;

  -- Deterioration of its PE's market share in Mexico.

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

Tight Liquidity: As of Dec. 31, 2019, Braskem Idesa had MXN4.7
billion of cash and marketable securities and MXN3.5 billion of
short-term debt and total debt of MXN46.9 billion. The company's
debt is mostly composed by the project finance debt of MXN29.7
billion with final maturity in 2029 and MXN17.0 billion of secured
bond issuance due 2029. As a project finance business structure,
Braskem Idesa's cash flow generation is expected to be sufficient
to cover its project finance debt amortization schedule, with
average of MXN4.2 billion on annual basis.

ESG CONSIDERATIONS

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

Braskem Idesa has an ESG Relevance Score of 4 for Governance
Structure due to a track record of corruption scandal of one of its
parents and 4 for Financial Transparency, with below average
financial disclosure. It has a negative impact on the credit
profile, and is relevant to the rating in conjunction with other
factors.

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.

VINTE VIVIENDAS: S&P Alters Outlook to Negative & Affirms 'BB' ICR
------------------------------------------------------------------
On April 22, 2020, S&P Global Ratings revised its outlook on
Mexico-based homebuilder, Vinte Viviendas Integrales S.A.B. de C.V.
to negative from stable. At the same time, S&P affirmed its
long-term 'BB' global and 'mxA' national scale issuer credit
ratings.

The economic contraction that Mexico will undergo in 2020, coupled
with a temporary paralysis due to the spread of the coronavirus,
will hit both the demand and supply in the housing industry. S&P
said, "Therefore, we consider that homebuilders must prioritize
prudent financial policies and preserve liquidity in the short
term. Vinte faces these difficult conditions after several years of
growth in revenue and EBITDA. However, in the past couple of years,
its debt obligations have grown at a greater pace. At the end 2019,
Vinte's net debt to EBITDA was above our expectation of 2.0x,
despite the consolidation of the Jardines de Mayakoba project into
financial results on a pro forma basis. The company expects this
project to contribute revenue, EBITDA, and cash in 2020, which
could support a gradual deleveraging. However, we believe that its
capacity to do so is largely hampered by external and unanticipated
factors, such as the depth of erosion in housing demand and the
extension of restrictive measures to contain the virus." This could
maintain Vinte's leverage metrics elevated for the current rating
level, with net debt to EBITDA above 2.0x and with no foreseeable
debt reduction in the short term.

To offset the impact of the pandemic-induced economic crisis, the
company is working on accelerating the sale of finished or advanced
inventory, freezing land purchases, reducing non-essential
operating expenses, and might postpone dividend payments. Vinte is
also securing various sources of liquidity to gain financial
flexibility and absorb short-term impacts. At this point, S&P
believes the company has sufficient liquidity to meet its
operating, fiscal, and debt obligations in the near term. Given the
rapidly evolving nature of the pandemic and its effect, S&P will
monitor the company's resiliency in the next few months.

At the end of 2019, national housing starts closed near 180,000
units, a drop from 300,000 units in 2015 or 700,000 units in 2007,
while employment has grown to about 20 million by the end of 2019
from 14 million in 2007. S&P said, "This was mainly due to a
consistent decline in government subsidies to the sector, in
addition to restricted access to funding among several
homebuilders, and we expect the shock from COVID-19 to exacerbate
an already downbeat trend. We consider that Vinte's capacity to
adjust its product offering to evolving market conditions will be
important to stop the contraction of its operations, particularly
in the residential and middle-income housing segments, where the
downturn could be greater than in the low-income one. For 2021, we
don't expect a robust economic recovery in Mexico, with growth of
only 2.9%. As a result, Vinte and the housing industry will rely
more on the initiatives of Infonavit and Fovissste—the
government-owned mortgage lenders--to incentivize housing demand."




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

ALICE'S SCHOOL: Seeks May 15 Plan Extension Due to Lockdown
-----------------------------------------------------------
Alices School, Inc., said that due to the Government-ordered
lockdown, the Debtor's counsel has experienced difficulty in
complying with all scheduled terms in all of her office's cases.
Accordingly, the Debtor requests an extension until May 15, 2020,
of the deadline to file a Chapter 11 Plan and a Disclosure
Statement.  

Attorney for the Debtor:

        Rosana Moreno Rodriguez
        MORENO & SOLTERO, LLC
        P.O. BOX 679
        TRUJILLO ALTO, PR 00977
        Tel: (787) 750-8160  
        Fax: (787) 750-8243
        E-mail: rmoreno@morenosolterolaw.com

                    About Alices School Inc.

Based in Carolina, Puerto Rico, Alices School Inc. filed its
petition for relief under Chapter 11 of the Bankruptcy Code
(Bankr.
D.P.R. Case No. 19-05929) on Oct. 15, 2019, listing under $1
million in both assets and liabilities.  Rosana Moreno Rodriguez,
Esq., at Moreno & Soltero Law Office, LLC, represents the Debtor.

PETCO ANIMAL: Moody's Cuts CFR to Caa1, Outlook Negative
--------------------------------------------------------
Moody's Investors Service downgraded Petco Animal Supplies, Inc.'s
corporate family rating and probability of default rating to Caa1
and Caa1-PD from B3 and B3-PD respectively. Additionally, Moody's
also downgraded the company's senior secured term loan to B3 from
B2. The outlook remains negative.

"Despite Petco stores being deemed essential by government
authorities and therefore being open during the coronavirus
pandemic, traffic will remain weak at least in the first half on
2020 and company's service business will be negatively impacted,"
Moody's Vice President Mickey Chadha stated. "If the company needs
to curtail capital expenditures to preserve liquidity the
company's
growth plans in the veterinary hospital business could be
negatively impacted as well, and although we consider the overall
pet industry to be relatively stable, competitive pressure from
e-commerce and mass retailers will continue post coronavirus,
hence
the negative outlook", Chadha further stated.

Downgrades:

Issuer: Petco Animal Supplies, Inc.

Probability of Default Rating, Downgraded to Caa1-PD from B3-PD

Corporate Family Rating, Downgraded to Caa1 from B3

Senior Secured Bank Credit Facility, Downgraded to B3 (LGD3) from
B2 (LGD3)

Outlook Actions:

Issuer: Petco Animal Supplies, Inc.

Outlook, Remains Negative

RATINGS RATIONALE

Petco's Caa1 Corporate Family Rating reflects its weak operating
trends and high financial leverage that stems from the acquisition
of the company by the CVC Capital Partners Advisory (U.S.) and
Canada Pension Plan Investment Board in January 2016.
Lease-adjusted debt/EBITDA remains high at 6.6 times for the
twelve-month period ended February 1, 2020, and interest coverage
is modest with EBIT/interest at 0.9 times. Moody's expects credit
metrics to deteriorate in the next 12 months as same store sales
and margins will be pressured as traffic trends will also be weak
as consumers consolidate trips to the store given the stay at home
and social distancing mandates currently in place due to the
coronavirus pandemic. As a result, Moody's expects debt/EBITDA and
EBIT/interest in the next 12 months to be over 7.0 times and below
1.0 times respectively. The company is owned by a private equity
sponsor, which inherently has certain risks specifically as it
relates to the high likelihood of a shareholder friendly financial
policy that can lead to the maintenance of a highly leveraged
capital structure. The rating also acknowledges that while Petco's
market presence is substantial, the competitive landscape is
getting tougher as consumers are increasingly shopping online at
company's like Chewy (owned by Petsmart) and Amazon and the mass
channel which includes supermarkets, Walmart, and Target continues
to price aggressively. These channels will see increased sales
during the coronavirus related disruptions. Petco's ratings are
supported by its adequate liquidity, well-known brand, broad
national footprint. The pet products industry also remains
relatively recession-resilient, driven by factors such as the
replenishment nature of consumables and services and increased pet
ownership.

The negative outlook reflects Moody's expectation that coronavirus
related disruptions and competitive pressure will make it very
challenging for the company to improve credit metrics,
profitability and cash flow in the next 12 months.

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 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 Petco's credit profile, has left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and Petco 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.

Petco's ratings could be upgraded if the company's operating
performance improves as demonstrated by an increase in same store
sales and profitability while maintaining adequate liquidity
including refinancing debt well in advance of its maturity and
financial policies that are focused on improving credit metrics.
Specific metrics include achieving and maintaining lease-adjusted
debt/EBITDA below 6.0 times and EBIT/interest expense over 1.0 time
even after any refinancing of its debt

Petco's ratings could be downgraded if operating trends are not
reversed, financial policies become more aggressive, or if
liquidity erodes. Specifically, ratings can be lowered if operating
margins do not stabilize or free cash flow deteriorates or company
does not refinance its debt well in advance of maturities.

Quantitatively, a downgrade could occur if lease-adjusted
debt/EBITDA is sustained above 7.0 times or if EBIT/interest
expense remains below 1.0 time.

Petco Holdings, Inc. is a national specialty retailer of premium
pet consumables, supplies and companion animals and services with
1,478 retail locations in 50 states, the District of Columbia and
Puerto Rico as of February 1, 2020. The company is owned by CVC
Capital Partners Advisory (U.S.) and Canada Pension Plan Investment
Board.

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



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

CHEVRON: Ordered to Halt Oil Production in Venezuela
----------------------------------------------------
RJR News reports that the Trump administration has ordered Chevron
to halt oil production in Venezuela, dealing another blow to the
American oil giant's century-long relationship with the
crisis-ravaged OPEC nation.

The directive requires Chevron to wind down its operation in
Venezuela by December 1, according to RJR News.

It is part of the US president's effort to pressure the regime of
Venezuelan President Nicolas Maduro by starving it of cash, the
report notes.

Chevron is the last remaining American oil producer in Venezuela,
the report adds.


                           *********


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

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