/raid1/www/Hosts/bankrupt/TCRLA_Public/200501.mbx        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

          Friday, May 1, 2020, Vol. 21, No. 88

                           Headlines



A R G E N T I N A

ARGENTINA: Debt Offer Delays Most Principal Until Next Decade
TELECOM ARGENTINA: Fitch Affirms LT FC IDR at 'CCC'


B R A Z I L

ODEBRECHT SA: Approves Restructuring Plan
PEREGRINE I: $234MM Bank Debt Trades at 76% Discount
SAMARCO MINERACAO: Bank Debt Trades at 37% Discount


C A Y M A N   I S L A N D S

BURJ AL SAPPHIRE: Bank Debt Trades at 20% Discount


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Economy Could Avert Looming Recession
DOMINICAN REPUBLIC: To Buy 5.6MM Pounds of Chicken From Producers


E L   S A L V A D O R

DISTRIBUIDORA DE ELECTRICIDAD: Bank Debt Trades at 17% Discount


G U A T E M A L A

GUATEMALA: Fitch Rates New $500MM Bonds Maturing 2032 'BB-'


J A M A I C A

JAMAICA: CAC Secures $24.6 Million in Refunds for Customers


P U E R T O   R I C O

FERRELLGAS PARTNERS: GP Enters Change in Control Bonus Agreement


S T .   L U C I A

DIGICEL INTERNATIONAL: Bank Debt Trades at 18% Discount

                           - - - - -


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

ARGENTINA: Debt Offer Delays Most Principal Until Next Decade
-------------------------------------------------------------
Scott Squires, Ben Bartenstein, Jorgelina Do Rosario, and Patrick
Gillespie at Bloomberg News report that Argentina unveiled a
proposal to restructure foreign bonds that would push back the
majority of its debt payments to the next decade.

Holders of the country's overseas debt are being offered a series
of new securities of various maturities, none of which will accrue
interest before 2022, according to Bloomberg News.  No principal
will be returned before 2026.

If accepted by investors, the proposal would significantly reduce
the country's short-term debt payments, part of the government
strategy to buy itself enough time to shore up its finances and the
economy, Bloomberg News notes.  For a nation that has defaulted
twice in the past two decades, the fact investors won't get much of
their money back within 10 years will come as a concern, though no
surprise at this point, Bloomberg News relays.

Argentina presented the broad terms of the offer on April 16, which
included a three-year moratorium on debt payments, a 62% reduction
in interest payments and a 5% cut in principal, Bloomberg News
discloses.  More detailed offer revealed the specific maturities of
the new bonds being offered and showed that none of them start with
an interest rate of more than 0.6%, well below what's typical for
emerging-market notes, Bloomberg News relates.

"They're borrowing for the next 15 years at U.S. Treasury bond
30-year rates," said Martin Schubert, founder and chief executive
officer of European InterAmerican Finance Corp., who is advising a
group of retail investors with Argentine bonds, Bloomberg News
says.  "Does that make sense? Argentina isn't the U.S. Treasury."

The offer would stick creditors holding $66 billion of bonds with
massive losses, Bloomberg News discloses.  It instantly recalled
the country's 2005 debt restructuring, considered one of the
harshest sovereign bond renegotiations in modern history, Bloomberg
News notes.

Still, Argentine bonds had rallied before the final details, a sign
investors had anticipated even worse terms, Bloomberg News says.
Dollar-denominated notes due next year gained the most on record on
a percentage basis, climbing 3.2 cents to 33.3 cents on the dollar,
Bloomberg News relates.

Argentina's economy, currently at a standstill under nationwide
lockdown to halt the spread of coronavirus, will contract 5.7% in
2020, according to an International Monetary Fund forecast,
Bloomberg News notes.  That would mark its third consecutive annual
contraction, Bloomberg News discloses.  Long before the pandemic
punctured global growth rates, Argentina was already in shambles
amid a currency crisis and double-digit inflation, Bloomberg News
relates.

"Any offer that is high enough to be accepted will likely end up
being restructured again," said Diego Ferro, founder of M2M Capital
in New York, Bloomberg News notes.  "It's not serious to present an
offer when the impact of the quarantine is not yet determined. It
adds to a situation that the government thought was terrible, even
before the pandemic," Bloomberg News says.

Under the proposal, interest rates would start at zero and
gradually increase, creating an average interest rate on the
restructured debt of 2.33%, Bloomberg News relates.  The haircut on
principal is equal to $3.6 billion, while the reduction on interest
obligations totals $37.9 billion, Bloomberg News notes.  When
presenting the outline of the offer, Economy Minister Martin Guzman
said investors would have about 20 days to respond once the offer
is officially made, Bloomberg News relays.

Under the proposal, just one-eighth of the principal payments on
the bonds are due before 2030 with the majority owed during the
following decade, Bloomberg News says.

                               Bond Menu

Holders of bonds issued in 2005 and 2010 are being offered slightly
better terms than investors who hold notes that were sold in 2016,
Bloomberg News notes.  Investors will have a menu of different
bonds to select from, depending on their current holdings, with the
shortest-term notes maturing in 2030 and the longest ones in 2047,
Bloomberg News relates.

Since taking office in December, President Alberto Fernandez has
already pushed back bond payments for some peso- and
dollar-denominated securities governed by local laws, Bloomberg
News relays.  While he made those moves unilaterally, backed by a
friendly court system, the bonds covered by New York law present a
new test because he will have to get creditors to sign off,
Bloomberg News discloses.

Representatives from investment firms including BlackRock Inc.,
Pacific Investment Management Co., Ashmore Group Plc, Greylock
Capital and Fintech Advisory Inc. have been involved in preliminary
talks, Bloomberg News notes.

The country has $3.5 billion in payments on foreign-law bonds due
in the remainder of 2020, according to Buenos Aires-based
consulting firm 1816 Economia y Estrategia, including $500 million
of interest due on April 22, Bloomberg News relates.  Fernandez's
administration has also been in talks with the International
Monetary Fund to rework a record $56 billion financing agreement
signed in 2018, Bloomberg News says.

IMF officials said before the restructuring proposal was unveiled
that a "meaningful contribution" will be necessary from private
bondholders to ensure debt sustainability, Bloomberg News relates.
Argentina has a total debt load of more than $323 billion, equal to
89% of gross domestic product, and its foreign reserves have
tumbled more than 40% over the past year to $43.8 billion,
Bloomberg News 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.

TELECOM ARGENTINA: Fitch Affirms LT FC IDR at 'CCC'
---------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign Currency Issuer
Default Rating of Telecom Argentina S.A. at 'CCC' and affirmed the
company's 2021 and 2026 U.S. dollar notes at 'B-'/'RR2'. Fitch has
also downgraded Telecom Argentina's LT Local-Currency IDR from
'BB-' with a Negative Outlook to 'B+' with a Stable Outlook.

The majority of the company's operations and assets are in
Argentina, an operating environment which is characterized by
macroeconomic instability. The company has demonstrated an ability
to largely pass through inflation to consumers, which blunts
macroeconomic concerns to a degree. Ongoing recessionary pressure
remains a key credit concern as the Argentine economic environment
deteriorates.

The company benefits from a robust financial profile, underpinned
by its operational cash flow generation, relatively conservative
capital structure, and strong competitive position in both fixed
and mobile services.

KEY RATING DRIVERS

Country Ceiling Limits FC Ratings: Telecom Argentina's FC IDR is
constrained by the 'CCC' Country Ceiling of the Republic of
Argentina (C). While the Argentine sovereign defaulted on its debts
in early 2020, Fitch's Country Ceiling Criteria does not allow for
a Country Ceiling below 'CCC'. Fitch believes that the company's
default would most likely be driven by transfer and convertibility
restrictions, rather than by operational deterioration. In this
case, Fitch's criteria allows for Recovery Ratings to be notched
above the Argentina soft cap of 'RR4'. Due to the strength of
Telecom Argentina's underlying credit profile, Fitch has notched
the U.S. dollar notes to the maximum of two notches above the FC
IDR.

Strong Operator, Weak Operating Environment: Telecom Argentina is
the leading convergent competitor in Argentina, with strong
competitive positions in both fixed and mobile services, following
the merger with Cablevision S.A. in 2018. The company's product
offerings and brand recognition support its robust cash flow. Since
the merger, the company has weathered the turbulent macroeconomic
environment by increasing service prices to offset rising operating
expenses. The company's ability to mostly pass through inflation to
consumers enables it to maintain strong credit metrics, despite
hyperinflation and Argentine peso devaluation. Capital outlays
since the merger total USD2.4 billion and should strengthen the
competitive position of the company.

Robust Financial Profile: Telecom Argentina's financial structure
is among the strongest of Fitch-rated telecom companies in the
region, due to the company's conservative capital structure and
consistent EBITDA margins. Fitch forecasts net debt/EBITDA of
approximately 2.0x over the rating horizon, in line with stronger
investment-grade operators throughout the region. Fitch estimates
that the company will maintain U.S. dollar debt of around USD2.3
billion-USD2.5 billion over the rating horizon. Following several
years of capex exceeding 25% of revenues, Fitch estimates that the
company will invest around USD500 million-USD600 million, or less
than 20%, in 2020.

Leading Provider in Mature Market: Competitive dynamics and price
sensitivity in the fixed line markets mean that the company is
generally more able to pass on inflation. The company has
subscriber shares over 36% in mobile and pay TV, and around 54% in
broadband. These competitive strengths help the company offset a
relatively mature telecommunications market in Argentina, where
Fitch estimates that penetration rates exceed 130% for mobile, 63%
for broadband, and 70% for pay TV. Argentina, relative to other
countries in the region, has a much higher post-paid penetration.
These factors will contribute to limited growth headroom in the
future, although the market has not experienced the same level of
price competition as other countries in the region.

Moderate Financial Flexibility: Despite the macroeconomic turmoil
in Argentina beginning in mid-2018, the company has consistently
been able to access international debt markets on an unsecured
basis. Fitch expects refinancing risk to remain low, despite the
company's relatively short-dated amortization profile. The
company's liquidity position is further supported by its
operational cash flow generation, as well as the high proportion of
its cash balances in U.S. dollars abroad, which provide a natural
hedge to FX risk. Fitch does not expect shareholder distributions
to compromise the company's liquidity.

DERIVATION SUMMARY

The company's business and financial profile are in line, or
superior to, diversified investment-grade operators such as the
rated Telefonica entities, including Telefonica Moviles Chile S.A.
(BBB+/Stable), Telefonica del Peru S.A.A. (BBB/Negative), and
Colombia Telecomunicaciones (BBB-/Stable). Telecom Argentina has a
more conservative capital structure, a stronger market position, or
both. Similarly, compared to regional peer UNE EPM
Telecomunicaciones (BBB/Negative), Telecom Argentina has a higher
market shares in mobile and fixed, and lower leverage.

Ultimately, both the FC IDR and LC IDR will continue to be driven
by the difficulties of the Argentine operating environment.

ESG CONSIDERATIONS

Telecom Argentina S.A.

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.

Republic of Argentina

Argentina has an ESG Relevance Score of 5 for both Political
Stability and Rights and for the Rule of Law, Institutional and
Regulatory Quality and Control of Corruption, as is the case for
all sovereigns. Theses scores reflect the high weight that the
World Bank Governance Indicators have in its proprietary Sovereign
Rating Model.

Argentina has a medium WBGI ranking at the 52nd percentile,
reflecting a recent track record of political transitions that have
been peaceful but been accompanied by high policy uncertainty and
macroeconomic instability; moderate control of corruption,
government effectiveness and regulatory quality and rule of law;
and above-average voice and accountability.

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

KEY ASSUMPTIONS

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

  - The company will continue to mostly pass through inflation to
consumers, at a lower rate as purchasing power declines and
economic stagnation continues;

  - The company will maintain EBITDA margins in the low 30% range,
consistent with recent performance, through flexible labor
negotiations and declining marketing, energy and travel expenses.
Increased bad debt expenses should cause EBITDA margins to decline
by 1%-2% points over the rating horizon

  - Capex of around USD550 million in 2020, less than the guidance
of USD643 million, due to the impact of the coronavirus and the
subsequent economic fallout. Capital intensity rising back to the
mid-teens in subsequent years;

  - Successful refinancing of upcoming maturities, consistent with
recent history.

RATING SENSITIVITIES

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

  - An upgrade to the FC IDR and LC IDR is dependent upon a
successful debt restructuring at the sovereign level, as well as an
improvement in the operating environment, including a return to
real economic growth.

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

  - The FC IDR will be downgraded if the Argentine government
imposes capital controls that impair the company's ability to
service FC debt, or if the company is unable to refinance upcoming
maturities.

  - The LC IDR will be downgraded if the company's ability to pass
through inflation to consumers is impaired, due to government
intervention and/or a collapse in demand for telecom services.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity, Low Refinancing Risk: As of Dec. 31 2019,
Telecom Argentina held cash and short-term investments of ARS26.0
billion (USD434 million), against the current short-term debt of
ARS35.3 billion (USD532 million). The majority of the cash balances
are held in U.S. dollars or cash equivalents outside of Argentina.

Throughout 2019, the company repeatedly refinanced upcoming
maturities and extended its amortization profile, through both bank
debt and note issuances. In 2020, the company has been active in
securing additional liquidity, by tapping its global notes program
for approximately ARS4.4 billion (USD73 million), the
Inter-American Development Bank for USD125 million (ARS7.6
billion), and its Paraguayan subsidiary for PYG100 million (ARS948
million or USD16 million).

Fitch believes that the company will continue to be able to
refinance debt, given the strength of the underlying business and
its manageable amortization schedule.

SUMMARY OF FINANCIAL ADJUSTMENTS

  - Adjusted operating lease expenses to reflect Fitch's new
criteria.

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

Telecom Argentina's FC IDR is constrained by the Country Ceiling of
Argentina.

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).



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

ODEBRECHT SA: Approves Restructuring Plan
-----------------------------------------
Tatiana Bautzer at Reuters reports that creditors of Brazilian
corruption-ensnared conglomerate Odebrecht SA have approved debt
restructuring plans of 12 of its subsidiaries, after an online
assembly that lasted more than eight hours.

Odebrecht's lawyer Eduardo Munhoz said the plans approved represent
the restructuring of more than 99% of the BRL53 billion ($9.7
billion) of the conglomerate's debt, according to Reuters.

Percentages of creditor approval were high for all companies with
votes, he added, the report notes.

Another eight companies will have votes on individual debt
restructuring plans in assemblies in May and June, the report
relays.  Odebrecht filed for bankruptcy protection last June, the
report says.

Creditors disagreed with the conglomerate's initial proposal of
consolidating all 20 subsidiaries into a single restructuring plan,
the report adds.

On August 28, 2019, the Troubled Company Reporter - Latin America,
citing The Wall Street Journal, reported that Odebrecht and its
affiliates filed for chapter 15 bankruptcy, seeking U.S.
recognition of the largest-ever bankruptcy in Latin America.
Odebrecht SA and several of its affiliates has filed for
bankruptcy protection in the U.S. Bankruptcy Court for the Southern
District of New York on Aug. 26.  The case is assigned to Hon.
Stuart M. Bernstein.

PEREGRINE I: $234MM 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 $234 million facility was a term loan.  It was scheduled to
mature on March 9, 2015.  

The Company's country of domicile is Brazil.

SAMARCO MINERACAO: Bank Debt Trades at 37% Discount
---------------------------------------------------
Participations in a syndicated loan under which Samarco Mineracao
SA is a borrower were trading in the secondary market around 63
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The USD450 million term loan is scheduled to mature on February 1,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Brazil.



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

BURJ AL SAPPHIRE: Bank Debt Trades at 20% Discount
---------------------------------------------------
Participations in a syndicated loan under which Burj Al Sapphire
Leasing Ltd is a borrower were trading in the secondary market
around 81 cents-on-the-dollar during the week ended Fri., April 24,
2020, according to Bloomberg's Evaluated Pricing service data.

The $210 million facility is a term loan.  It is scheduled to
mature on August 25, 2028.  

The Company's country of domicile is the Cayman Islands.



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

DOMINICAN REPUBLIC: Economy Could Avert Looming Recession
---------------------------------------------------------
Dominican Today reports that the Economic Commission for Latin
America and the Caribbean (Eclac) highlighted that in a context in
which the region's GDP will fall -5.3%, the Dominican Republic
entered the current crisis in a relatively strong position in
relation to the rest of the countries.

ECLAC calculates that in the Dominican case the projection is zero,
when in the rest of the region the growth projection is all
negative. "It is that in the last decade its economy (the
Dominican) expanded almost 5% on average and achieved one of the
highest growth rates in the region," according to Dominican Today.

ECLAC Executive Secretary, Alicia Barcena, indicated that the
Dominican Republic is the latest country in Central America that
shows an improvement in its fiscal balance between 2018 and 2019,
the report notes.  "That seems to us to be very important and this
has given the government space to implement support measures for
workers who become unemployed," the report adds.

                      About Dominican Republic

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

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

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

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

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

DOMINICAN REPUBLIC: To Buy 5.6MM Pounds of Chicken From Producers
-----------------------------------------------------------------
Dominican Today reports that the Government will buy 5.6 million
pounds of chicken from poultry producers, given the country's
difficulties due to the economic paralysis and social isolation to
control the spread of coronavirus.

The information was offered by the Minister of Agriculture, Osmar
Benitez, through his social networks, according to Dominican
Today.

He said those 5.6 million pounds of chicken will be acquired
through the Social Assistance Plan of the Presidency, the State
Economic Kitchens and the Price Stabilization Institute (Inespre),
the report adds.

                      About Dominican Republic

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

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

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

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

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



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

DISTRIBUIDORA DE ELECTRICIDAD: Bank Debt Trades at 17% Discount
----------------------------------------------------------------
Participations in a syndicated loan under which Distribuidora de
Electricidad Del Sur SA de CV is a borrower were trading in the
secondary market around 83 cents-on-the-dollar during the week
ended Fri., April 24, 2020, according to Bloomberg's Evaluated
Pricing service data.

The $25 million term loan is scheduled to mature on August 26,
2023.  As of April 24, 2020, $15 million from the loan remains
outstanding.

The Company's country of domicile is El Salvador.



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

GUATEMALA: Fitch Rates New $500MM Bonds Maturing 2032 'BB-'
-----------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to Guatemala's USD500
million bonds maturing 2032.

The bonds maturing 2032 carry a coupon of 5.375%. Proceeds from the
2032 bonds will be used for eligible social investment.

KEY RATING DRIVERS

The bond ratings are in line with Guatemala's Long-Term Foreign
Currency Issuer Default Rating of 'BB-'.

RATING SENSITIVITIES

The bonds are sensitive to any change in Guatemala's Long-Term
Foreign Currency IDR. Fitch affirmed Guatemala's Long-Term Foreign
Currency IDR at 'BB-' with a Stable Outlook on April 3, 2020.

BEST/WORST CASE RATING SCENARIO

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

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

Guatemala has an Environmental, Social and Governance Relevance
Score of '5' for Political Stability and Rights as World Bank
Governance Indicators have the highest weight in Fitch's Sovereign
Rating Model and are relevant to the rating and a key rating driver
with a high weight.

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

Guatemala has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms as World Bank Governance Indicators have the
highest weight in the SRM and are relevant to the rating and a
rating driver.

Guatemala has an ESG Relevance Score of '4' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver, as for all sovereigns.

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



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

JAMAICA: CAC Secures $24.6 Million in Refunds for Customers
-----------------------------------------------------------
RJR News reports that the Consumer Affairs Commission (CAC) has
secured $24.6 million in refunds for customers for the 2019/20
financial year.

In an interview with JIS, Dorothy Campbell, Communications
Specialist at the CAC, said even though the agency currently has an
84 per cent resolution rate, the CAC is pushing for a higher rate,
according to RJR News.

Some 1,645 complaints were received for the financial year, the
report notes.

As reported in the Troubled Company Reporter-Latin America on April
23, 2020, on April 16, 2020, S&P Global Ratings revised its outlook
on Jamaica to negative from stable. At the same time, S&P Global
Ratings affirmed its 'B+' long-term foreign and local currency
sovereign credit ratings, its 'B' short-term foreign and local
currency sovereign credit ratings on the country, and its 'BB-'
transfer and convertibility assessment.



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

FERRELLGAS PARTNERS: GP Enters Change in Control Bonus Agreement
----------------------------------------------------------------
Ferrellgas, Inc. (the "General Partner") entered into a Change in
Control Retention Bonus Letter Agreement with each of William E.
Ruisinger, chief financial officer and treasurer, Bryan J. Wright,
senior vice president and chief operating officer and Tamria A.
Zertuche, senior vice president and chief information officer.

Pursuant to the terms of each CIC Bonus Agreement, commencing on
April 24, 2020 and continuing through the date of consummation of a
"change in control" that occurs on or prior to April 30, 2021, the
General Partner will pay a change in control retention bonus in an
amount equal to 1.5 times each Named Executive Officer's current
base compensation rate, less applicable withholdings and deductions
required by law.  Eligibility to receive the Change in Control
Retention Bonus requires that the Change in Control occurs during
the Retention Period and that the Named Executive Officer is
employed on a continuous basis through the date of consummation of
a Change in Control that occurs during the Retention Period.

For purposes of the CIC Bonus Agreement, "change in control" means,
in summary, the occurrence of (i) acquisition by any person or
group of persons (excluding the General Partner or its subsidiaries
or any related employee benefit plan) of 33% or more of the
combined voting power of the General Partner's outstanding
securities, (ii) the consummation of a merger or consolidation of
the General Partner or any direct or indirect subsidiary of the
General Partner with any other corporation or other entity (subject
to certain exceptions, including a merger or consolidation
involving a related party), (iii) approval of a plan of liquidation
or winding up of the General Partner or agreement for sale or
disposition of all of the General Partner's assets (excluding sales
to related parties), (iv) a change in the majority of the board of
directors of the General Partner, (v) Ferrell Companies, Inc.
ceases to beneficially own 51% of the economic interests in the
capital stock of the General Partner, (vi) the General Partner
ceases to manage and control Ferrellgas Partners, L.P. and
Ferrellgas, L.P., (vii) the Partnership ceases to control 100% of
the Operating Partnership, and (viii) a change in control or
similar event pursuant to the terms of any indebtedness of the
General Partner, the Partnership or the Operating Partnership.

                 Amendments to Articles of Incorporation

On and effective as of April 24, 2020, the Partnership, as the sole
limited partner of the Operating Partnership, and its General
Partner, in its capacity as the general partner of the Operating
Partnership, entered into a Fourth Amended and Restated Agreement
of Limited Partnership of Ferrellgas, L.P., amending and restating
in its entirety the Operating Partnership's Third Amended and
Restated Agreement of Limited Partnership dated as of April 7,
2004, as thereafter amended.

The primary changes to the Current Partnership Agreement effected
by the Fourth Partnership Agreement include: (i) authorizing the
Operating Partnership to admit two additional general partners,
each of which is a separate Delaware limited liability company
controlled by Ferrell Companies, Inc.; (ii) providing for the
manner in which multiple general partners manage the Operating
Partnership, including by majority vote of the general partners;
(iii) conforming changes to reflect the addition of multiple
general partners; and (iv) establishing authority for the issuance
of "blank check" Operating Partnership securities, which may be
authorized by the Operating Partnership's general partners for any
partnership purpose, which securities may be issued from time to
time in one or more classes, or one or more series, with such
designations, preference and relative, participating, optional or
other special rights, powers and duties as the general partners may
determine.

                       About Ferrellgas

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

Ferrellgas reported net loss of $64.54 million for the year ended
July 31, 2019, a net loss of $256.82 million for the year ended
July 31, 2018, and a net loss of $54.50 million for the year ended
July 31, 2017.  As of Jan. 31, 2020, the Company had $1.47 billion
in total assets, $754.88 million in total current liabilities,
$1.73 billion in long-term debt, $84.55 million in operating lease
liabilities, $45.26 million in other liabilities, and a total
partners' deficit of $1.14 billion.

                          *    *    *

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

As reported by the TCR on March 18, 2020, Moody's Investors Service
downgraded Ferrellgas Partners L.P.'s Corporate Family Rating to
Caa3 from Caa2.  "Ferrellgas's downgrade is driven by the company's
continued high financial leverage and the very high likelihood that
the partnership will complete a full debt recapitalization in the
near-term," said Arvinder Saluja, Moody's vice president.



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S T .   L U C I A
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DIGICEL INTERNATIONAL: Bank Debt Trades at 18% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Digicel
International Finance Ltd is a borrower were trading in the
secondary market around 82 cents-on-the-dollar during the week
ended Fri., April 24, 2020, according to Bloomberg's Evaluated
Pricing service data.

The $1,055 million term loan is scheduled to mature on May 27,
2024.  As of April 24, 2020, $1,034 million from the loan remains
outstanding.

The Company's country of domicile is Saint Lucia.


                           *********


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

Troubled Company Reporter-Latin America is a daily newsletter
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Chapman, Editors.

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

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