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

          Monday, May 4, 2020, Vol. 21, No. 89

                           Headlines



A R G E N T I N A

GENNEIA SA: Fitch Affirms LT IDR, Sr. Unsec. Notes Rating at 'CCC'


B R A Z I L

BANCO BRADESCO: Default Due to Covid-19, Worst Results in 20Yrs
BRAZIL MINERALS: BF Borgers CPA PC Raises Going Concern Doubt
BRAZIL: Covid Severely Impacts Rio de Janeiro's Retail Economy
BRAZIL: GDP to Drop 10.1% in 2020 in Worst-Case Scenario, Says UBS
LIGHT SA: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Negative



C H I L E

ENJOY SA: S&P Lowers ICR to 'D' on Judicial Reorganization Filing


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Pandemic Hobbles Many Economic Sectors
DOMINICAN REPUBLIC: Tomato Growers Dump Crops, Await Pledged Aid


M E X I C O

GRUPO ELEKTRA: Fitch Affirms 'BB+' LT IDR, Alters Outlook to Neg.
GRUPO KUO: Fitch Affirms 'BB' LT IDR, Alters Outlook to Negative


P A R A G U A Y

PARAGUAY: Fitch Rates $1BB Bond 'BB+' in Line with 'BB+' LT IDR


P E R U

INRETAIL PHARMA: Fitch Affirms BB+ LT IDR, Sr. Unsec. Bond Rating


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Economy Reopening Decision After May 10


X X X X X X X X

[*] BOND PRICING: For the Week April 27 to May 1, 2020
[*] Fitch Takes Further Actions on Latin American Airports

                           - - - - -


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

GENNEIA SA: Fitch Affirms LT IDR, Sr. Unsec. Notes Rating at 'CCC'
-------------------------------------------------------------------
Fitch Ratings has affirmed Genneia S.A.'s Long-Term Foreign
Currency and Local Currency Issuer Default Ratings at 'CCC'. Fitch
has also affirmed Genneia's senior unsecured notes due 2022 at
'CCC'/'RR4'.

Genneia's 'CCC' LT FC IDR is constrained by the Republic of
Argentina's country ceiling of 'CCC', which limits the foreign
currency rating of most Argentine corporates. Fitch's Country
Ceilings are designed to reflect the risks associated with
sovereigns placing restrictions upon private sector corporates,
which may prevent them from converting local currency to any
foreign currency under a stress scenario and/or may not allow the
transfer of FC abroad to service FC debt obligations.

The 'CCC'/'RR4' ratings on the USD500 million senior unsecured
notes due 2022 are based on Genneia's equal FC and LC IDRs. Fitch's
Country-Specific Treatment of Recovery Ratings Criteria no longer
allows for a rating uplift for these obligations. Genneia is capped
at an average Recovery Rating of 'RR4' since Argentina, per the
aforementioned criteria, is categorized within Group D with a soft
cap of 'RR4'. This assumes a recovery in the range of 31% to 50%,
although a bespoke recovery analysis for each of these companies
yields a 75% recovery given a default.

KEY RATING DRIVERS

Dominant Player in Renewables: Although Genneia is considered a
relatively small player in the local power generation industry
(3.3% of the system's installed capacity), the company is the
leading wind power generation provider in the country, with
approximately 41% of the renewable installed capacity of Argentina
as of November 2019. The company is expected to add 167MW (Chubut
Norte II, III and IV) of wind capacity in 2020, increasing its
national market share to 52% by year end and exposing it to greater
execution risk. Fitch expects that, by 2021, renewables, including
wind, solar and biomass, will constitute 73% of the company's
revenue and 76% of its EBITDA.

Heightened Counterparty Exposure: Genneia depends on payments from
CAMMESA, which acts as an agent on behalf of an association
representing agents of electricity generators, transmission,
distribution and large consumers or the wholesale market
participants (Mercado Electrico Mayorista; MEM). CAMMESA's payment
delays to the electricity sector have risen from 50 days at the
beginning of 2019 to currently over 70 days. This risk is slightly
mitigated in the RenovAR program with the presence of the FODER
trust fund, which is prefunded with one year of revenue. Payment
days for the FODER are 42 days, resulting in a consolidated payment
lag for Genneia of approximately 54 days. The company estimates 20%
of its consolidated EBITDA is backed by a World Bank guarantee.

Predictable Operating Cash Flow: Genneia's cash flow generation is
relatively stable and predictable. Almost all of the company's
revenue is related to sales to the wholesale electricity market
under contracts signed under RenovAr, GENREN and 21/16. The company
benefits from USD-denominated power purchase agreements expiring
between 2018 and 2027 for its thermal capacity and between 2027 and
2041 for renewables. These PPAs support the company's cash flow
stability and predictability through fixed payments and fuel
supplied by CAMMESA.

Strong EBITDA Margins: Fitch expects the company's EBITDA to be
USD241 million in 2020, 76% of which will be from renewables. The
company's EBITDA margins remained high in 2020 at 86%, in line with
83% in 2019. Fitch expects EBITDA margins to remain stable at 86%
in 2021 and beyond as the company does not plan any expansions
after 2020 and no PPA or regulatory changes are anticipated until
2027. Due to their low variable cost, EBITDA margins on the
company's renewable assets are 88%, while margins for its thermal
projects are approximately 84%. Genneia has relatively fixed and
stable operating costs and does not need to acquire fuel.

Improving Credit Metrics: Fitch expects Genneia to de-lever to
2.0x-3.0x in 2021 and 2022, in line with its Argentine utility
peers. The company's leverage peaked in 2018 at 6.1x to finance the
addition of 500MW of renewable energy capacity between 2017 and
2020 with an additional 167MW of new wind capacity expected in
2H2020. Fitch estimates Genneia will be FCF positive starting in
2021 after its imminent expansion capex has concluded. Fitch
expects the company to begin paying dividends in 2023, the year
after its 2022 bond matures, at a rate of 50% of the previous
year's adjusted net income, or approximately USD72 million.

Uncertain Regulatory Environment: Fitch believes Argentina's
current economic and political environment increases the regulatory
uncertainty. Following the presidential elections in October 2019,
Fitch believes power companies are exposed to uncertain regulatory
changes that could negatively impact their bottom lines, which is
reflected in their ratings being aligned with the sovereign. The
market has already witnessed the pacification of Base Energy with
other changes to PPAs being considered as the Argentina's
government is currently facing a possible restructuring of its
external bonds. Fitch believes the government may adjust prices
paid to generation companies and force them to absorb some of the
cost.

DERIVATION SUMMARY

Genneia's FC rating is constrained by the Country Ceiling of
Argentina, similar to its Argentine utility peers: Capex ('CCC'),
Pampa ('CCC') and AES Argentina ('CCC'). Nonetheless, the company's
metrics and capital structure are strong and consistent with the
'BB' rating category. Fitch believes that Genneia's gross leverage
peaked at 6.1x following an expansion cycle. In 2019, leverage fell
to 4.3x, and Fitch expects it to drop to 3.9x in 2020 and flatten
thereafter from 2021-2022 at an average of 2.5x once it completes
its scheduled project expansion. Genneia's 2019 leverage was higher
than AES Argentina at 3.2, Capex S.A. at 2.1x, Pampa at 2.7x, and
Albanesi at 3.6x but lower than MSU Energy at 8.3x. Fitch
acknowledges that Genneia is currently in a period of expansion and
will have high leverage during this process but expects the company
to de-lever quickly to a gross leverage in line with its Argentine
peers.

Regional peers include Peruvian generators Orazul Energy Egenor S.
en C. por A. ('BB'/Stable) and Nautilus Inkia Holdings LLC
('BB'/Negative) and Central American operator Investment Energy
Resources Limited (IERL; 'B'/RWN). Unlike its Argentine peers,
Peruvian utilities are not constrained by a Country Ceiling, and
the operating environment in Peru has historically been more stable
and open, in which generation companies are on average exposed to
higher credit quality off-takers and benefit from greater
diversification in their counterparty risk. Nautilus Inkia and
Orazul show weaker capital structures than Genneia, with leverage
estimated to be an average of 5.0x for Orazul and 4.7x for
Nautilus. Their high leverage is mitigated by their asset
diversification. Additionally, Orazul's natural gas production
business makes it uniquely vertically integrated among Peruvian
generation companies.

Similar to Genneia, IERL's comparatively diverse portfolio is
hampered by exposure to relatively weak operating environments,
particularly Honduras and Nicaragua ('B-'/Stable Outlook), putting
additional downward pressure on its overall risk profile. IERL's
leverage of between 4.5x and 5.0x through Fitch's rating horizon,
like Genneia's, is consistent with the 'BB' category

KEY ASSUMPTIONS

  -- Total installed capacity of 1,397MW in 2020 and 1,527MW
thereafter.

  -- Average monomict price of USD69.55/MWh for thermal power
plants in 2020, USD58.09/MWh in 2021 and USD52.22/MWh thereafter.

  -- Average price of USD75/MWh in 2020 and thereafter for
renewable projects.

  -- Load factor for renewables of 43%.

  -- Expansion capex of USD180 million in 2020 and only minimal
maintenance capex in 2021 and after.

  -- Dividends of 50% of previous year's net income starting in
2023.

  -- No income tax paid during the rating horizon due to tax carry
forwards.

  -- Maturing debt rolled over as needed.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  -- An upgrade to the ratings of Argentina could result in a
positive rating action.

  -- Maintaining a gross leverage ratio of below 4.0x.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  -- A downgrade of Argentina's ratings would result in a downgrade
of the issuer's ratings, given that the company's ratings are
constrained by the sovereign's credit quality.

  -- A significant deterioration of credit metrics and/or
significant payment delays from CAMMESA.

  -- Material delays or cancellation of its expansion projects that
results in penalties or significant increase in the company's
leverage may be viewed negatively by Fitch.

  -- A significant deterioration of credit metrics to total
debt/EBITDA of 5.5x on a sustained 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.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Cash and short-term investments amounted to
approximately USD91 million as of December 2019, equivalent to 1.5
years of interest expense. As of December 2019, Genneia had
leverage of 4.3x. The company continues to face financing needs as
it embarks on its expansion plan. Historically, Genneia has had
strong access to financing in Argentina, as evidenced by the
company's relationship with local banks. Additionally, some of its
shareholders are significant holders of Banco Macro. Genneia's
funding capacity and financial flexibility are considered adequate
given its pro-forma debt level.

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).



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

BANCO BRADESCO: Default Due to Covid-19, Worst Results in 20Yrs
---------------------------------------------------------------
Adele Cardin at Rio Times Online reports that Bradesco's first
quarter balance served as a gauge of the impact that the
coronavirus can have on the financial sector and, therefore, on the
economy.  The bank had its worst yield in 20 years, according to
Bloomberg's historical series, the report notes.

The reason? The expected losses from default, the report relays.

Reuters reports that Banco Bradesco SA (BBDO) reported
first-quarter earnings of $763.8 million.

The bank, based in Sp Brazil, Brazil, said it had earnings of 8
cents per share, Reuters says.  Earnings, adjusted for
non-recurring costs, came to 9 cents per share, Reuters notes.

The financial holding company posted revenue of $5.84 billion in
the period, Reuters says.  Its revenue net of interest expense was
$5.84 billion, exceeding Street forecasts, Reuters discloses.

Rio Times Online relays that expenditures on the provision for bad
debt (PDD) reached R$6.7 billion in the first quarter.  The amount
was 68.5 percent more than the fourth quarter 2019 figure, an
additional R$2.7 billion, the report adds.

As reported in the Troubled Company Reporter-Latin America on
January 24, 2020, Moody's Investors Service assigned a Ba2
long-term foreign currency debt rating to the proposed senior
unsecured notes to be issued by
Banco Bradesco S.A., through its Grand Cayman Branch.  Meanwhile,
S&P Global Ratings assigned its 'BB-' issue-level rating to Banco
Bradesco S.A.'s (BB-/Positive/B), through its Grand Cayman Branch,
proposed series of its global medium-term senior unsecured note
program.

BRAZIL MINERALS: BF Borgers CPA PC Raises Going Concern Doubt
-------------------------------------------------------------
Brazil Minerals, Inc. filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net loss
(attributable to stockholders) of $1,862,077 on $15,393 of revenue
for the year ended Dec. 31, 2019, compared to a net loss
(attributable to stockholders) of $1,666,200 on $19,716 of revenue
for the year ended in 2018.

The audit report of BF Borgers CPA PC states that the Company has
suffered recurring losses from operations and has a net capital
deficiency that raise substantial doubt about its ability to
continue as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $1,026,441, total liabilities of $2,347,085, and a total
stockholders' deficit of $1,320,644.

A copy of the Form 10-K is available at:

                       https://is.gd/BJcv20

Brazil Minerals, Inc., through its subsidiaries, engages in the
mineral exploration business in Brazil.  It owns mineral rights for
gold, diamonds, cobalt, copper, lithium, manganese, nickel,
industrial sand, granite, feldspar, titanium, iron, and rare
earths, as well as precious gems, such as aquamarine, beryl, and
tourmaline.  The company was incorporated in 2011 and is based in
Olhos-d'Agua, Brazil.


BRAZIL: Covid Severely Impacts Rio de Janeiro's Retail Economy
--------------------------------------------------------------
Xiu Ying at Rio Times Online reports that in Rio de Janeiro, the
State Treasury Department issued a report through the Coordination
of Economic and Tax Studies (CEET) -- which, in turn, falls under
the Secretariat of Revenue -- to illustrate the economic impacts
caused by Covid-19 in the state.

The main losses caused by the social isolation period, so far, have
been felt in the clothing and footwear retail sector, with a 75.9
percent decrease in revenue.

In addition, the food and beverage sector of bars, restaurants,
snack bars, and bakeries has also suffered losses over 60 percent.

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: GDP to Drop 10.1% in 2020 in Worst-Case Scenario, Says UBS
------------------------------------------------------------------
Reuters reports that Swiss banking giant UBS (investment banking
company) has revised the estimate for the retraction of the
Brazilian economy in 2020 to 5.5 percent, after anticipating a two
percent drop earlier this month, but depending on the scenario
analyzed, the drop could be even higher, as much as 10.1 percent.

In the first scenario, the economy drops 5.5 percent. In the
second, it is 7.2 percent, according to Reuters.

And in the third scenario, the economy shrinks by two digits, 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.

LIGHT SA: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Negative
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings for Light S.A. and its
wholly owned subsidiaries Light Servicos de Eletricidade S.A. and
Light Energia S.A., including the companies' Long-Term Foreign
Currency and Local Currency Issuer Default Ratings at 'BB-' and
National Scale Ratings at 'A+(bra)'. The Rating Outlook for the
corporate ratings was revised to Negative from Stable.

The Negative Outlook reflects Light group's challenging scenario to
improve its operational performance and present its consolidated
credit metrics in line with the current 'BB-' IDRs. Light group has
tight rating headroom in terms of leverage triggers. Fitch believes
the current high adjusted gross and net leverage ratios will remain
above 4.5x and 4.0x until 2022, respectively, even considering some
financial support from the Brazilian government to Light Sesa and
other distribution companies (DisCos) in order to mitigate
liquidity and cash flow pressures of the distressed scenario caused
by the coronavirus outbreak. A higher than expected rhythm of
recovery in terms of energy demand in the distribution segment,
which is the most important for Light group, after the end of the
quarantine, and the ability to control manageable costs will be
crucial to sustain the current IDRs.

Light group's IDRs reflect its low to moderate business risk
profile resulting from its exclusive electricity distribution
rights in the energy distribution segment, combined with assets on
the power generation segment at Light Energia adding to risk
dilution and cash flow predictability during favorable hydrological
conditions. Fitch's analysis considered the group's sound cash
position and high financial flexibility to manage its debt
maturities despite of the tighter credit market and the forecast
negative FCF. The IDRs reflect a consolidated view of Light group's
credit profile, due to the existence of cross-default clauses in
some debts. Fitch's analysis considered the Brazilian energy
sector's moderate regulatory risk and that hydrological risk
exposure, inherent to the sector, is above the historical average
and currently pressures the group's consolidated cash flow and
financial profile.

KEY RATING DRIVERS

High Leverage Metrics: The expected weaker operating performance in
2020 increases Light's challenge to bring its consolidated
financial leverage metrics to levels more consistent with its
current IDRs. According to Fitch's calculations, the group's
adjusted total debt/EBITDA should remain above 5.0x in the next
couple of years, being 6.2x in 2020 and 5.0x in 2021, with adjusted
net leverage at 5.5x in 2020 and reducing to 4.6x in 2021. As of
Dec. 31, 2019, adjusted net debt/EBITDA was 4.6x, while adjusted
total debt/EBITDA was 5.6x. The leverage metrics incorporate BRL740
million in off-balance-sheet debt guarantees provided to
non-consolidated entities.

Weak Performance in Distribution: Fitch expects an annual demand
reduction of 3.5% in 2020 for Light Sesa, with a 10% decline in
2Q20, to impact its performance. Some recovery of 1.25% is forecast
in 2021, but not enough to return to previous levels. Fitch also
anticipates a 15% increase in the company delinquency levels.
Positively, the base case scenario considers that the company will
be compensated on the entire cost associated with energy purchases,
even if above the regulatory cap of 105% of demand. Light Sesa
needs to reach greater operational efficiency in order to approach
regulatory parameters. The BRL1.0 billion EBITDA in 2019 and
forecast to 2020 is significantly below the regulatory benchmark of
BRL1.6 billion. Energy losses and delinquency remain important
challenges, and Fitch does not believe the company will achieve
significant improvement in the near future. Energy losses of 26.04%
of total energy purchased in 2019 represented 640bps higher than
the regulatory target of 19.62% and a negative impact on EBITDA at
around BRL600 million.

High Leverage Metrics: The expected weaker operating performance in
2020 increases Light's challenge to bring its consolidated
financial leverage metrics to levels more consistent with its
current IDRs. According to Fitch's calculations, the group's
adjusted total debt/EBITDA should remain above 5.0x in the next
couple of years, being 6.2x in 2020 and 5.0x in 2021, with adjusted
net leverage at 5.5x in 2020 and declining to 4.6x in 2021. As of
Dec. 31, 2019, adjusted net debt/EBITDA was 4.6x, while adjusted
total debt/EBITDA was 5.6x. The leverage metrics incorporate BRL740
million in off-balance-sheet debt guarantees provided to
non-consolidated entities.

Weak Performance in Distribution: Fitch expects an annual demand
reduction of 3.5% in 2020 for Light Sesa, with a 10% decline in the
2Q20, to impact its performance. Some recovery of 1.25% is forecast
in 2021, but not enough to return to previous levels. Fitch
anticipates a 15% increase in the company delinquency levels.
Positively, the base case scenario considers that the company will
be compensated on the entire cost associated with energy purchases,
even if above the regulatory cap of 105% of demand.

Light Sesa needs to reach greater operational efficiency in order
to approach regulatory parameters. The BRL1.0 billion EBITDA in
2019 and forecast to 2020 is significantly below the regulatory
benchmark of BRL1.6 billion. Energy losses and delinquency remain
important challenges, and Fitch does not believe the company will
achieve significant improvement in the near future. Energy losses
of 26.04% of total energy purchased in 2019 represented 640bps
higher than the regulatory target of 19.62% and a negative impact
on EBITDA at around BRL600 million.

Generation Benefits Credit Profile: Light group's operating cash
flow generation and business profile benefit from the energy
generation segment, which represented approximately 10% and 30% of
the group's consolidated revenue and EBITDA in 2019, respectively.
Light Energia's results have higher predictability than the energy
distribution segment under normal hydrological scenarios as the
assured energy of its hydroelectric plants is largely
commercialized with large industrial clients, typically through
medium-term contracts.

Fitch forecasts a 10% reduction in energy sales in 2020, returning
to the normal levels in 2021. The company will have to manage the
volume of its energy available for sale to avoid significant
exposure coming from unfavorable hydrological conditions in the
country, with the annual Generation Scaling Factor (GSF) at 0.84 in
2020, according to Fitch's projections. The company has about 25%
of its energy uncontracted in 2020 and 35% in 2021, which mitigates
this exposure.

Pressured FCF in 2020 and 2021: Fitch believes the group will
generate negative FCF over the next four years, with BRL403 million
in 2020, mainly impacted by the weak performance of Light Sesa, and
BRL734 million in 2021, the latest being pressured by the dividend
payments related to 2019 and 2020 net income. Light's decision to
postpone the dividend payment of BRL315 million related to 2019 net
income, due in 2020, is positive in a liquidity perspective. The
agency also incorporates Light Energia's payment in 2021 of 50% of
the BRL657 million amount due of a net liability related to
contractual obligations for energy delivery, with the remaining 50%
paid in 2022.

Average annual investments should be around BRL1.0 billion. Cash
flow from operations (CFFO) is expected to benefit from the return
through tariff of a significant balance of non-manageable costs at
Light Sesa. The base case scenario incorporates the reimbursement
of BRL662 million in net regulatory assets reported in December
2019 over the 2021-2022 period. The group's consolidated EBITDA is
expected to reduce 12% in 2020 to BRL1.4 billion and to increase to
BRL1.8 billion - BRL2.0 billion during 2021-2022.

Balanced Business Profile: The group's credit profile benefits from
its significant position and asset base in the Brazilian electric
energy sector. Light Sesa serves 4.4 million customers and is the
country's seventh largest electricity DisCo, a segment
characterized by a high regulation and low competition. This
segment accounted for approximately 80% and 65% of the group's
consolidated net revenues and EBITDA, respectively, in 2019. With
1.2 GW of installed capacity, a medium size among the country's
main private competitors, the generation segment contributes to
greater diversification of operating cash generation and to the
dilution of operating risks, which are more present in the
distribution segment.

DERIVATION SUMMARY

Light's IDRs are lower than other electric energy groups in Latin
America such as Enel Americas S.A. (A-/Stable), Empresas Publicas
de Medellin S.A E.S:P. (BBB/Rating Watch Negative), Grupo Energia
Bogota S.A. E.S.P. (BBB/Stable) and AES Gener S.A. (BBB-/Stable).
Light's business risk is higher, reflecting its operating
environment in Brazil (BB-/Stable), while its peers are more
exposed to investment grade countries, mainly Chile (A/Negative)
and Colombia (BBB-/Negative). Light's business profile is more
concentrated in energy distribution than those companies, and
presents higher leverage.

Compared to a Brazilian electricity group with operations
predominantly in the distribution segment, Light's less diversified
asset base, lower operational performance and more aggressive
financial profile explain the difference from Energisa group's IDRs
(Local Currency IDR 'BB+' and Foreign Currency IDR 'BB'; both
Stable Outlooks).

KEY ASSUMPTIONS

The Main Assumptions of Fitch's Base Scenario for the Issuer
Include:

  -- Light Sesa's demand decline of 3.5% in 2020 and increase of
1.25% on average in the following three years;

  -- Light Energia's disbursement of BRL657 million in two
installments in 2021-2022 to liquidate its debt at Camara de
Comercializacao de Energia Eletrica (CCEE);

  -- Average annual consolidated capex of BRL1.1 billion during
2020-2023;

  -- Light Sesa's recovery of BRL662 million in non-manageable
costs in 2021-2022;

  -- Dividend payout of 25%, with the payment related to 2019 net
income postponed to 2021;

  -- No asset sale.

RATING SENSITIVITIES

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

  -- Improvements in the distribution segment operating
performance;

  -- Adjusted net leverage consistently equal or less than 3.0x;

  -- Adjusted total leverage consistently equal or less than 4.0x;

  -- Fitch will revise the Outlook to Stable if the company
presents better operating performance in 2020-2021, with
expectation of maintenance of adjusted gross and net leverage
ratios below 5.0x and 4.0x, respectively.

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

  -- Deterioration of the group's liquidity profile;

  -- Adjusted net leverage consistently above 4.0x;

  -- Adjusted total leverage consistently above 5.0x.

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

Strong Financial Flexibility: Light group presents high financial
flexibility, with a robust liquidity position to deal with its debt
maturities and expected negative FCF in the future. At YE 2019, the
group had cash and equivalents of BRL1.7 billion covering its
short-term debt of BRL1.4 billion by 1.2x. If the temporary BRL657
million is excluded from Light Energia's cash, the ratio would
weaken to 0.7. Positively, Fitch expects this cash outflow to occur
during 2021 and 2022. Proceeds from Light Sesa's new debenture
issuance of BRL400 million raised in April 2020 will be used to
fulfill working capital needs and lengthen the debt profile. On
December 2019, total consolidated adjusted debt of BRL8.4 billion
mainly consisted of debentures issuances (BRL4.5 billion),
Eurobonds (BRL1.6 billion) and securitization of receivables (FIDC)
(BRL1.3 billion).

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

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



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

ENJOY SA: S&P Lowers ICR to 'D' on Judicial Reorganization Filing
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit and debt ratings on
Chilean based casino operator, Enjoy S.A. 'D' from 'B-'. The
downgrade follows the company's announcement that it has suspended
the extraordinary shareholder meeting to treat a capital increase
and that the board has decided to file for judicial reorganization
under the Law 20.720. The board's decision to restructure its debt
follows the company's dire financial situation and the impact that
COVID-19 will have on the company's cashflow as it has forced Enjoy
to shut down all of its operations. Once the judicial
reorganization process is finalized, S&P will evaluate the company
under its updated capital structure and strategic plan.




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

DOMINICAN REPUBLIC: Pandemic Hobbles Many Economic Sectors
----------------------------------------------------------
Dominican Today reports that although the pandemic has hobbled many
sectors of the Dominican economy, others have taken advantage and
even profited.

This is not the case with tourism, since 100% of the world's
tourist destinations, 217 in total, have already restricted travel
as a result of the health crisis, compared to 96% at the beginning
of the month, according to a study by the World Tourism
Organization (UNWTO), according to Dominican Today.

It estimates that international tourist arrivals could fall by up
to 30% this year worldwide, for a loss of around US$450.0 billion,
the report notes.

As well as tourism, construction, the automotive sector, clothing
and perfume stores, gyms, electronics, amusement centers, beauty
centers, jewelry stores and countless non-essential activities are
reporting losses while others benefit from the shelter in place,
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: Tomato Growers Dump Crops, Await Pledged Aid
----------------------------------------------------------------
Dominican Today reports that vegetable producers in Ocoa (south)
don't know what to do with their crops and in frank desperation
they have started giving it away and using it to feed the animals
so that they don't rot in the crates.

They assure that they have lost more than three million pounds of
tomatoes, an estimated RD$30 million, only in El Pinar, one of the
areas with the highest production of vegetables in greenhouses,
according to Dominican Today.  They also reported losses in
peppers, cucumbers and other vegetables, the report notes.

The grower Manuel Pujols stated that despite the fact that the
Government, through the Ministry of Agriculture, assured that it
would support them by buying their crops, the purchase price they
offer is almost a mockery compared to the resources they have
invested to manage the harvest, the report relays.

"The Government through the Minister of Agriculture Osmar Benitez
is offering to pay the tomato at RD$6.00 a pound and for us it
costs RD$8 to produce 1 pound of tomato, they also ask us to pack
them in 5-pound bags, take them in cardboard boxes and transport
them, which seems to us a laughable offer, the report discloses.
In the end, it comes out at RD$2 a pound and it costs RD$8 pesos to
produce a pound of tomato in greenhouses," Pujols told Listin, 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).




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

GRUPO ELEKTRA: Fitch Affirms 'BB+' LT IDR, Alters Outlook to Neg.
-----------------------------------------------------------------
Fitch Ratings has affirmed Grupo Elektra, S.A.B. de C.V.'s
Long-Term Foreign and Local Currency Issuer Default Ratings at
'BB+'. The Rating Outlook has been revised to Negative from Stable.


The revision of the Outlook to Negative reflects the impact of the
coronavirus pandemic and related disruptions on the non-food retail
sector and the expected downturn in discretionary spending that
could extend into 2021. Fitch estimates Elektra's consolidated
gross adjusted leverage to increase close to 4.0x by YE 2020 from
2.5x in 2019, mainly as a result of lower revenues in the retail
business and lower profitability margins driven by higher
non-performing loans from the financial business. Consolidated
adjusted leverage is expected to recover to levels below 2.5x
during 2022 assuming a gradual and sustained revenue and
profitability recovery. A more prolonged or severe downturn could
lead to further negative actions.

The affirmation of the ratings reflects Elektra's long-term retail
trajectory, market position as one of Mexico's main department
store chains, operational and financial linkage with Banco Azteca
S.A. [BAZ; A+(mex)/F1+(mex)], as well as the company's sizable
liquidity position and financial flexibility. The ratings also
consider Fitch's view of the company's related parties' aggressive
treatment toward different stakeholders, which weakens governance.

Rating sensitivities related to leverage for Elektra were changed
to keep consistency, and equivalence to previous leverage
sensitivities due to Fitch's new approach to operating leases for
lease intensive companies after the new international adoption of
IFRS 16 became effective.

KEY RATING DRIVERS

Challenging Retail Environment

Non-food retail sales have been negatively affected in most
countries where Elektra operates as the coronavirus outbreak has
included temporary closures of non-essential stores. However, most
Elektra's stores have not stopped operations as all of them contain
BAZ branches within the stores and financial services are
considered essential activities.

Fitch believes traffic to Elektra's stores has been negatively
affected and it will continue to be affected as governments'
measures to contain the pandemic last. Fitch also believes social
distancing measures will affect consumer behavior even after the
restrictions are lifted; which together with the expected pressure
on consumers' household incomes may weaken consumer demand on
discretionary items and impact the recovery speed of non-food
retailers' revenues during second-half 2020.

Expected Weakened Leverage

Fitch's primary focus on Elektra's credit metrics considers only
the retail business, excluding financial businesses. Following this
approach, Elektra's retail-only gross adjusted debt/EBITDAR was
3.7x in December 2019, an increase from previous years due to the
company's higher sales in low-profitable categories as well as
intense competition. Fitch estimates Elektra's retail-only gross
adjusted debt/EBITDAR to go up to around 4.8x by YE 2020 based on
lower revenues and higher debt levels. In addition, Fitch estimates
Elektra's retail-only leverage ratios will recover to levels of
3.5x in 2022 as long as the company manages to recover revenues and
profitability presented in the past.

Using the captive finance adjustment, as per Fitch's criteria,
consolidated gross adjusted debt/EBITDAR was 2.5x as of Dec. 31,
2019. Fitch expects this ratio to increase close to 4.0x by YE 2020
due to lower revenues and lower profitability margins driven mainly
by BAZ's higher NPLs. This adjusted leverage ratio is expected to
recover and trend to below 2.5x by 2022. Where financial services
(FS) activities are consolidated by a rated entity, Fitch criteria
assumes a capital structure for FS operations, which is strong
enough to indicate that FS activities are unlikely to be a cash
drain on retail operations over the rating horizon. Then, the FS
entity's debt proxy, or its actual debt (if lower), can be
deconsolidated and the remainder debt used for credit metric
calculations.

Strong Market Position

Elektra's market position is supported by the diversification of
its operations and linkage with BAZ, a Mexican bank with the most
granularity in the country. Elektra has a 70-year track record in
the commercialization of durable goods, with operations in five
Latin American countries including Mexico. The company also has a
presence in the U.S. through its subsidiary Purpose Financial Inc.
(formerly Advance America), a payday lending and other short-term
financial services provider.

Elektra's omnichannel strategy includes not only retail but also a
financial business component. Since 2016, the company has invested
in servers and IT platforms to help support innovations that will
allow it to stay updated with consumer trends. Elektra generates
about 80% of the group's consolidated revenues in Mexico, including
retail and financial businesses. However, Fitch believes operations
in other countries across Latin America and the U.S. somewhat
mitigates revenue concentration.

BAZ Complements Elektra's Business Model

The linkage between Elektra's retail and financial divisions is
strong as both depend on one another to complete service offerings
to customers. The retail division complements its product sales by
offering BAZ credit services, while BAZ maintains a strong base of
customers derived from Elektra and Salinas y Rocha's shoppers.
Notwithstanding the above, according to Fitch's Parent and
Subsidiary Rating Linkage criteria, legal ties between Elektra and
BAZ are weak due to the absence of guarantees and cross default
clauses between them. Fitch approach for Elektra's ratings
incorporates the assessment of Elektra's credit profile considering
potential future capital injections BAZ might require from Elektra.
Current assumptions consider no additional capital injections in
the medium term other than the one recently executed.

BAZ's National Long-Term Rating of 'A+(mex)' with a Negative
Outlook reflects Fitch's expectations that the bank's operations
will be negatively affected given its business model focused on
low-income individuals, which Fitch considers to be more sensitive
to economic cycles. Fitch expects BAZ's profitability to be
impacted due to deterioration in asset quality and the
extraordinary impairment provision related to an important client
that went into bankruptcy. BAZ has a robust position in its main
market, consumer loans to the medium-low income segment of the
population. Its ratings also include the bank's solid funding
structure through an ample, stable and diversified base of customer
deposits, its sound liquidity position and capacity to adjust to
adverse operating environments.

Continued Positive FCF

Elektra's consolidated FCF has remained neutral to positive over
the last seven years, despite increasing capex and economic cycles.
In 2019, the company's FCF was MXN26.1 billion and Fitch expects it
to continue to be positive in 2020 and going forward.

Fitch estimates Elektra's capex for 2020 to be lower compared with
the two previous years given the current operating environment in
Mexico. Capex will be mainly focused on store remodeling, Italika's
additional production line and IT developments for the retail and
banking operations to support its commercial strategy.

Currency Exposure Partially Mitigated

While debt is mainly composed of local currency issuances, some of
Elektra's inventory is exposed to currency variations as a portion
of it is linked to the U.S. dollar. This could potentially pressure
profit margins for some products if this effect is not reflected in
price increases, which might in turn affect sales volumes if the
effect is passed through prices. However, this exposure is
partially mitigated by Purpose Financial's cash flows and money
transfer fees collected in U.S. dollars by Elektra. Elektra has
partially covered its U.S. dollar cash flow exposure for 2020 by
entering in forward contracts.

DERIVATION SUMMARY

Elektra's ratings reflect the company's business profile as a
department store business focused on the mid to low economic
segment of the population in Mexico and some countries in Latin
America. Elektra's scale is larger than Grupo Unicomer (BB-/Stable)
and Grupo Famsa and holds one of the largest credit portfolios held
by a retailer in the region. The company is less geographically
diversified than Grupo Unicomer; however, Mexico and the U.S. are
the countries that generate the most cash and have lower country
risk than most Unicomer's countries of operations.

Elektra's financial profile is strong when compared to peers. The
company has a solid financial profile compared to other retailers
and sound financial flexibility due to its high levels of cash and
marketable securities. Elektra's profitability for its retail
business is above the average of Fitch's rated retailers globally,
and its operating margins and liquidity are higher than those of
Grupo Unicomer and Grupo Famsa.

KEY ASSUMPTIONS

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

  -- Fitch base case projections for 2020 considers a decline in
retail revenues for a three-month period and then a gradual
recovery to levels close to 2019 revenues by year end;

  -- Consolidated revenues grow 8.8% annually for 2021-2023.

  -- Annual growth of 4.0% in banking deposits;

  -- The consolidated gross credit portfolio declines in 2020 and
then grows at 9.3% per year on average during 2021-2023;

  -- NPL provisions of MXN12 billion for 2020 and thereafter
average of MXN9.2 billion per year;

  -- Capex of MXN8.4 billion annually, on average;

  -- Dividend payments growing at 5% per year;

  -- The company refinances its debt maturities and raises
additional debt for MXN2.5 billion during 2020.

RATING SENSITIVITIES

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

  -- The Negative Outlook could be revised to Stable if Elektra's
financial performance is better than Fitch's expectations for
Elektra's operating performance, the adjusted leverage for the
retail business results close to or below 3.7x in 2021, and/or the
consolidated adjusted leverage is at or below 2.7x in 2021.

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

  -- Sustained adjusted debt/EBITDAR for the retail division above
3.7x;

  -- Sustained adjusted net debt/EBITDAR for the retail division
above 2.7x (including readily available cash equivalents, as per
Fitch's calculations);

  -- Sustained consolidated adjusted debt/EBITDAR (as per Fitch's
criteria) above 2.7x;

  -- Sustained deterioration in BAZ's creditworthiness;

  -- A deterioration in governance perception

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

Sound Liquidity: As of December 31, 2019, cash for the retail
division was MXN4.4 billion and short-term debt was MXN3.2 billion,
mainly composed of short-term local issuances. In addition, the
retail division presented close to MXN22billion of marketable
financial instruments portfolio (according to Fitch's calculations)
as of December 31, 2019. Fitch considers the cash and marketable
securities at the retail business as readily available cash as
there are no constrains in its disposition. On March 2020,
Elektra's retail division injected MXN7.2 billion of cash to BAZ
due to a capital requirement from the bank.

As of March 31, 2020, Fitch estimates the cash and marketable
securities for Elektra's retail division was around MXN18.0
billion, which is still strong compared with its short-term
financial obligations.

SUMMARY OF FINANCIAL ADJUSTMENTS

Financial statements were adjusted to revert IFRS 16 effect.
Banking deposits were deducted from consolidated debt.

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

Elektra has an ESG Relevance Score of 5 for Governance Structure
resulting from ownership concentration and the company's related
party's aggressive treatment toward different stakeholders and
arrangements with related companies that benefit shareholders but
impact creditor's interests. This has a negative impact on the
credit profile and is highly relevant to the rating in conjunction
with other factors.

Elektra has an ESG Relevance Score of 4 for Financial Transparency
due to the level of detail and transparency of financial
disclosure. This has a negative impact on the credit profile and is
relevant to the rating in conjunction with other factors.

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

GRUPO KUO: Fitch Affirms 'BB' LT IDR, Alters Outlook to Negative
----------------------------------------------------------------
Fitch Ratings has affirmed Grupo KUO, S.A.B. de C.V.'s Long-Term
Foreign and Local Currency Issuer Default Ratings at 'BB'. In
addition, Fitch has affirmed KUO's National Scale Long-Term Rating
at 'A(mex)'. The Rating Outlook was revised to Negative from
Stable.

The Negative Outlook reflects an expected decline in KUO's revenues
and operating cash flow leading to net leverage higher than 2.5x in
the next 12 to 24 months. The disruptions created by the
coronavirus pandemic are expected to impact the operating results
mainly of its automotive and chemical business due to a weaker
demand of dual clutch transmissions and lower volumes and margins
of chemical products, respectively. While the portfolio of its
consumer business is projected to be more resilient under the
current environment, this will not be sufficient to counterbalance
the exposure on its more cyclical businesses.

The ratings affirmation reflects KUO's diversified business
portfolio, leading market positions across the industries where it
participates, and its joint ventures with recognized companies such
as Repsol Quimica S.A. and Grupo Herdez, S.A.B. de C.V. KUO's
ratings are tempered by its export diversification, which
represents around 51% of its total revenues and its strategy to
develop high value-added products with attractive returns. The
ratings are limited by the company's exposure to volatility in
product demand and input costs across its business units and the
uncertainties associated with world trade policy and the economic
activity in Mexico.

For analytical purposes, Fitch incorporates financial information
for KUO under the proportional consolidation of its joint ventures
in Herdez Del Fuerte and Dynasol (pro forma). In addition, Fitch
considers reported consolidated figures, which account for the JVs
under the equity method (consolidated).

KEY RATING DRIVERS

Weaker Operating Results: KUO's financial performance will be
pressured in 2020 due to the operational and economic disruptions
related to the coronavirus pandemic. Fitch believes that sales of
DCT will be at lower levels than previously projected for 2020 due
to the temporal production shutdown of Ford and GM facilities, the
expected decline in the demand of autos globally and the uncertain
speed of recovery of the automotive industry by 2021.

In addition, the weak trend in the chemical business related to the
negative cycle of the industry is anticipated to worsen with a
further decline of oil prices which drive downward the company's
average sales prices and margins of its products. Though KUO's
operations in the pork meat business and Herdez Del Fuerte JV are
better positioned to manage the actual recessionary scenario, it is
not expected to offset a decline in its consolidated results.
Fitch's updated base case projection for 2020 incorporates that
KUO's pro forma revenues to be flat and an EBITDA decline of
approximately 7%.

Higher Leverage: Fitch projects KUO's pro forma total debt/EBITDA
and net debt/EBITDA will be around 4.4x and 3.5x, respectively, at
YE 2020. The increase in leverage is expected to come from the
decline in EBITDA and higher total debt as the company pulled out
USD80 million in April 2020 from its committed credit lines to
support the financial position. While these leverage metrics are
above Fitch's negative rating triggers, an improvement in KUO's pro
forma gross and net leverage during 2021 to levels around 3.0x and
2.5x, respectively, could result in a revision of the Outlook to
Stable. For the LTM as of March 31, 2020, KUO's pro forma reported
net leverage was 2.9x. On a consolidated basis, accounting for JVs
under the equity method, Fitch projects gross and net leverage to
be around 4.0x and 3.3x, respectively, at YE 2020.

Negative FCF: KUO has maintained negative FCF generation across the
rating horizon. For 2020, Fitch projects that KUO's cash flow from
operations, before capex and dividends, on a pro forma basis to be
around USD65 million (MXN1.5 billion). This amount should cover
capex of approximately USD60 million (MXN1.4 billion) and a portion
of dividends from 2019 of around USD9 million (MXN200 million),
respectively. The company's capex was adjusted for the rest of the
year and will be mainly dedicated to maintenance. In 2019, KUO's
FCF on a pro forma basis, as calculated by Fitch, was approximately
negative USD16 million (MXN308 million), whereas on a consolidated
basis, accounting for JVs under the equity method, was negative
USD69 million (MXN1.3 billion).

Diversified Business Portfolio: KUO has a diversified business
portfolio in the consumer, automotive and chemical industries,
which allows the company to mitigate the volatility from economic
and industry cycles. The company's most significant businesses,
pork meat and the Herdez Del Fuerte JV, are oriented to the more
stable consumer segment and represented around 50% of revenues and
60% of EBITDA in 2019. The chemical and automotive businesses are
more volatile, with higher exposure to demand cycles.

The chemical businesses (synthetic rubber JV and polystyrene) and
the automotive businesses (transmission and aftermarket)
contributed around 30% and 10%, respectively, of KUO's EBITDA in
2019. Fitch believes KUO's investment strategy in the pork meat and
transmission businesses and its focus on value-added products in
the chemical sector should improve its portfolio and reduce
volatility in revenues and cash flows.

Leading Positions in Key Markets: KUO's businesses maintain
significant market positions in their industries. KUO is Mexico's
largest pork meat producer, with vertically integrated operations
serving the domestic market. KUO also exports products to Japan,
China and South Korea. Around 36% of the company's products are
exported, 38% is sold by KUO-owned Maxicarne stores and the rest is
sold in the commodity market. Under the Herdez Del Fuerte JV, KUO
has highly recognized brands, with a leading share in Mexico of
various products, such as tomato paste and mole, among others.

In addition, the JV provides the company with operations in the
U.S., including a JV with Hormel Foods Corp. This positions KUO as
a producer and distributor of Hispanic brands in the U.S., with a
leading position as a distributor of guacamole. The transmissions
business is a leading producer of rear wheel transmissions in North
America for the high-performance original equipment manufacturer
segment. In the aftermarket business, KUO is a leader in engine
components, with recognized proprietary brands and third-party
products in Mexico. The company is Mexico's largest producer of
synthetic rubber through a JV with Dynasol and is the country's
main producer of polystyrene.

DERIVATION SUMMARY

KUO's ratings are supported by its diversified business portfolio,
solid business position of its main brands and products in
different industries, geographic diversification, and stable
financial position. Its credit profile is comparable with other
diversified groups as Alfa, S.A.B. de C.V. (BBB-/Stable) and
Votorantim, S.A. (BBB-/Stable). KUO has lower size and scale and
geographic diversification and a relatively weaker competitive
position in its main businesses when compared with peers such as
Alfa and Votorantim. While KUO's leverage metrics are slightly
stronger than Alfa and Votorantim, these companies have higher
profitability levels and more consistent positive FCF generation
that provide more flexibility to deleverage. KUO's current leverage
is considered strong for its 'BB' rating, but its negative FCF
across the business cycle, mainly associated with its higher capex
requirements, limits the ratings. Other comparable companies in the
'BB' category are Cydsa, S.A.B. de C.V. (BB+/Stable) and Grupo
Cementos de Chihuahua, S.A.B. de C.V. (BB+/Stable).

KEY ASSUMPTIONS

Fitch's Key Assumptions on a Pro Forma Basis, Including
Proportional Consolidation of JVs, Include:

  -- Revenue flat in 2020 and 17% in 2021;

  -- EBITDA margin of around 11% in 2020 and 12% in 2021;

  -- Capex around MXN1.4 billion in 2020 and MXN2 billion in 2021;

  -- Dividends around MXN200 million in 2020 and MXN400 million in
2021;

  -- Total debt/EBITDA and net debt/EBITDA trending down to 3.0x
and 2.5x, respectively, by YE 2021.

Fitch's Key Assumptions on a Consolidated Basis, Excluding
Proportional Consolidation of JVs, Include:

  -- Revenue growth of around 4% in 2020 and 21% in 2021;

  -- EBITDA margin of around 11% in 2020 and 12% in 2021;

  -- Capex around MXN1.3 billion in 2020 and MXN1.6 billion in
2021;

  -- Dividends around MXN200 million in 2020 and MXN400 million in
2021;

  -- Total debt/EBITDA and net debt/EBITDA close to 4.0x and 3.5x,
respectively, by YE 2021.

RATING SENSITIVITIES

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

  -- Neutral to positive FCF through the economic cycle;

  -- Maintaining a strong liquidity position;

  -- Sustaining lower leverage ratios for pro forma total debt to
EBITDA and net debt to EBITDA of around 2.5x and 2.0x,
respectively.

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
  
  -- Higher than expected negative FCF over the next two years;

  -- A weak liquidity position;

  -- Sustained deterioration in operating performance across the
company's businesses, leading to pro forma total debt/EBITDA and
net debt/EBITDA consistently above 3.0x and 2.5x, respectively

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: KUO's readily available cash of MXN3.2 billion
on a pro forma basis, as of March 31, 2020, is sufficient to cover
its debt amortization in the short term of MXN2.3 billion, which
includes MXN730million of nonrecourse factoring and MXN1.2 billion
of revolving credit lines in its JVs. The company's liquidity is
also supported by available committed credit lines of USD190
million that expire between in 2024. On a consolidated basis, KUO's
cash balance was MXN790 million and a short-term debt of MXN1.1
billion, including factoring.

Fitch considers KUO's debt maturity profile is manageable with
USD54 million due in 2021, USD25 million due in 2022, USD21 million
due in 2023, USD258 million due in 2024 and USD476 million due
afterwards. Fitch believes KUO has good access to capital markets
and banks loans and will refinance a portion of these maturities
before they are due. KUO's total debt, including nonrecourse
factoring, as of 1Q20 was MXN21 billion (USD865 million) on a pro
forma basis, and MXN19.8 billion (USD814 million) consolidated.

ESG CONSIDERATIONS

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.

SUMMARY OF FINANCIAL ADJUSTMENTS

IFRS 16 was reversed in 2019' financial statements.

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.



===============
P A R A G U A Y
===============

PARAGUAY: Fitch Rates $1BB Bond 'BB+' in Line with 'BB+' LT IDR
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Paraguay's USD1
billion bond, with final maturity in 2031. The bonds have a coupon
of 4.95%.

Proceeds from the issuance will be used for general budgetary
purposes, including funding the emergency measures established by
Law No. 6524/20 in response to the coronavirus pandemic.

KEY RATING DRIVERS

The bond rating is in line with Paraguay's Long-Term
Foreign-Currency Issuer Default Rating of 'BB+'.

RATING SENSITIVITIES

The bond would be sensitive to any changes in Paraguay's Long-Term
Foreign Currency IDR, which Fitch affirmed at 'BB+' with a Stable
Outlook on Dec. 6, 2019.

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

Paraguay 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.

Paraguay 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.

Paraguay 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.

Paraguay 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, 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).



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

INRETAIL PHARMA: Fitch Affirms BB+ LT IDR, Sr. Unsec. Bond Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign Currency and Local
Currency Issuer Default Ratings of InRetail Pharma S.A. and its
senior unsecured bonds at 'BB+'. Fitch has also affirmed the LT FC
and LT LC IDRs of InRetail Real Estate Corp. at 'BB+'. Fitch has
also affirmed the senior unsecured bond issued by InRetail Shopping
Malls at 'BB+'. The Rating Outlook is Stable.

The ratings reflect InRetail Pharma's and InRetail Real Estate's
strong linkage with its parent, InRetail Peru Corp., the parent's
consolidated credit profile and the solid business positions of its
supermarket, pharmacy and shopping mall subsidiaries.

The rating affirmation and Stable Outlook reflect the view that
InRetail Peru's adequate financial flexibility and resilient
business model will allow it to successfully navigate the
challenging 2020 scenario with the increased downside risks from
the economic implications of the coronavirus pandemic, which is
projected to cause the Peruvian economy to contract by more than
4%. The ratings affirmation factors in some deterioration in
InRetail Peru's credit metrics during 2020, while recovering during
2021. In the current macro-business environment, Fitch views
InRetail Peru's supermarkets and pharmacy retail businesses as
defensive, which should compensate for the expected credit
deterioration in the company's shopping malls business.

KEY RATING DRIVERS

Strong Parent/Subsidiary Linkage: InRetail Peru's consolidated
financial profile is a key credit driver for InRetail Pharma's and
InRetail Real Estate's ratings, due to the strong parent/subsidiary
linkage. InRetail Peru manages and owns 100% of InRetail Real
Estate Corp. (BB+/Stable), 99.98% of Supermercados Peruanos S.A.
and 87.02% of InRetail Pharma (BB+/Stable). Fitch views these
businesses as core and strategically important for InRetail Peru's
business model. Fitch considers parent/subsidiary strategic and
operational linkages among InRetail Peru and its subsidiaries as
strong based on a common management team, decision-making process
and lack of restrictions in cash movements.

Adequate Liquidity: Fitch views the company's liquidity and
financial flexibility as adequate due to InRetail Peru's solid cash
position, proven access to the capital markets and manageable debt
maturities. InRetail Peru has a consolidated cash position and
short-term debt of PEN762 million and PEN386 million, respectively,
as of Dec. 31, 2019. The company does not have any material
principal debt payment during 2020-2022. Fitch forecasts the
company's coverage ratio, measured as total EBITDAR/(interest paid
plus rents), at around 2.4x during 2020-2021, versus the average
level of 2.6x observed during 2018-2019. The company has reduced
its 2020 capex plan to preserve liquidity. The company's FCF
generation, measured as cash flow from operations after working
capital needs minus capex and paid dividends, is expected to be
neutral during 2020.

Supermarkets and Pharmacy, Defensive Businesses: InRetail Peru's
revenue, EBITDAR, and cash position in FY 2019 was PEN13.1 billion,
PEN1.8 billion, and PEN762 million, respectively. The supermarket,
pharma, and real estate businesses represented 27%, 54%, and 19%,
respectively, of the company's consolidated 2019 EBITDA. Fitch's
rating base case considers the supermarket and pharmacy retail
formats to grow in the low to mid-single digits during 2020. These
two businesses, which represent approximately 80% of InRetail
Peru's total revenues, are viewed as more defensive in the current
coronavirus macro-business environment. Supermarket sales trend
have spiked in recent weeks during the lockdown period.

Shopping Mall Business More Exposed: InRetail Peru's shopping malls
business is vulnerable to the current scenario. In order to
preserve liquidity, the company is slashing operating costs to
minimal levels and putting any capex on hold over the next months.
The coronavirus led to mall closings in Peru, with only grocery and
drug stores allowed to remain open. For the stores remaining closed
due to the lockdown, the company has taken the commercial decision
of not charging any rents for those tenants. Fitch's base case
assumes the company's shopping mall operations will remain closed
between two to three months, resulting in the company shopping
mall's revenues declining in the 20% to 25% range in 2020 versus
2019 levels. Shopping mall operations are expected to normalize
during second-half 2020.

2020-2021 Leverage Trend Incorporated: The ratings incorporate some
deterioration in InRetail Peru's leverage metrics in 2020 and
posterior recovery toward 2021. InRetail Peru's consolidated net
adjusted debt/EBITDAR was 4.1x in 2019 (4.5x in 2018). The
company's retail-only net adjusted leverage was 3.7x, while its
real-estate net adjusted leverage was 5.9x in 2019. Considering
each businesses' operational performance through the pandemic,
Fitch expects InRetail Peru's consolidated net adjusted leverage to
be 4.5x and 3.9x in 2020 and 2021, respectively. The company's
retail-only net adjusted leverage is viewed as stable reaching 3.7x
and 3.4x in YE 2020 and YE 2021, respectively. The company's
real-estate net adjusted leverage is anticipated to deteriorate and
reach 8.3x in 2020 and to recover to 5.4x in 2021, when factoring
in the expected deterioration in the shopping mall business.

Manageable FX Risk: InRetail Peru counterbalances a revenue/debt
currency mismatch using hedged instruments. The company's total
revenue is 90% Peruvian Nuevos soles denominated, while total debt
is 60% U.S. dollar denominated. InRetail Peru's main component in
its debt structure is the debt held by its subsidiaries InRetail
Pharma's USD400 million unsecured senior notes due in 2023 and
InRetail Real Estate's USD350 million unsecured notes due in 2028.
The company has hedged debt covering the principal amounts of the
U.S. dollar denominated unsecured senior notes. Fitch estimates
local currency depreciation to the U.S. dollar of 30% would not
have a material effect on the company's credit metrics, as the use
of hedged debt counteracts FX volatility. Further, Peru's currency
is viewed as one of the less volatile currencies in the region,
with a year to date depreciation versus the dollar of 3%.

DERIVATION SUMMARY

InRetail Peru's consolidated financial profile is a key credit
driver for InRetail Pharma's ratings, due to the strong
parent/subsidiary linkage. InRetail Peru Corp is well-positioned
relative to its regional retail peers in the Peruvian market due to
its diversified business profile, with activities in food and
pharmacy retail, and shopping malls, as well as its solid
competitive position in each business segment. InRetail Peru Corp's
scale and geographic diversification are considered weaker when
compared with regional peers such as Falabella S.A. (BBB/Negative),
Cencosud S.A. (BBB-/RWN), and El Puerto de Liverpool, S.A.B. de
C.V. (BBB+/Stable). InRetail Peru Corp.'s 2019 consolidated net
adjusted leverage at 4.1x is viewed as similar when compared with
Falabella's 4.3x and Cencosud's 3.9x, and weaker than Liverpool's
negative 0.01x, as of Dec. 31, 2019.

InRetail Peru and Cencosud operate retail formats that are more
oriented to the food segment, which is more defensive in the
current coronavirus macro-business environment. Falabella and
Liverpool operate retail formats more oriented to the non-food
segment, which is more vulnerable in the current scenario of
extensive nationwide lockdowns. Fitch expects InRetail Peru to
manage its consolidated net adjusted financial leverage, measured
as net adjusted debt/EBITDAR, in the 4x to 5x range during 2020 due
to the coronavirus impact, and to deleverage as operations
normalize during 2021.

KEY ASSUMPTIONS

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

InRetail Peru

  - Consolidated net adjusted debt/LTM EBITDAR around 4.5x in 2020
and 4x in 2021;

  - Neutral FCF in 2020;

  - Interest coverage (EBITDAR/interest + rent expenses)
consistently around 2.3x and 2.6x in 2020 and 2021, respectively.

RATING SENSITIVITIES

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

  - Net adjusted leverage, measured as total adjusted net
debt/EBITDAR, consistently below 3.5x at InRetail Peru;

  - Increased revenue and geographic diversification at InRetail
Real Estate.

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

  - Net adjusted leverage, measured as total adjusted net
debt/EBITDAR, consistently above 5.0x at InRetail Peru;

  - Weak same-store sales and business trends at InRetail Pharma
and/or Supermercados Peruanos;

  - Increasing vacancy rates at InRetail Real Estate.

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).



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

TRINIDAD & TOBAGO: Economy Reopening Decision After May 10
----------------------------------------------------------
Trinidad Express reports that Trinidad and Tobago Trade Minister
Paula Gopee-Scoon said a decision on the reopening of the economy
would be announced after May 10, and would be based on the
prevailing public health environment.

She was responding to a question in the Senate from UNC senator
Wade Mark on whether the Government intended to facilitate the
request of the T&T Chamber of Commerce for businesses to be
reopened on a phased basis from May 4 (which the Chamber is
denying), according to Trinidad Express.

"The current threat posed by COVID-19 is still a real one, even
though the statistics on the rate of infection are encouraging and
give room for optimism that we can return to a new state of
normalcy in the not-too-distant future," Gopee-Scoon said, the
report notes.

She said Government was working with all stakeholders including the
business community in confronting the challenges faced by COVID-19,
the report relays.

On the issue of consultations on the reopening of the economy,
Gopee-Scoon said there was a Committee on Business and
Manufacturing co-chaired by herself, Rambharat and Works and
Transport Minister Rohan Sinanan, which also comprises the head of
the Supermarkets Association, the Trinidad and Tobago Manufacturers
Association (TTMA) and the chief executive of the T&T Chamber of
Commerce, the report discloses.

"We have had several meetings, firstly to ensure that there would
be the smooth operations of those businesses that provide essential
services and goods and secondly to discuss the reopening of
business," she said, the report says.

She also pointed to the Road Map to Recovery team, which also has
sub committees dealing the manufacturing and retailing industries
and which has several members of the business community, the report
notes.

"So the discussions are real and we have the support of the
business community. That is a fact," she said, the report adds.



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

[*] BOND PRICING: For the Week April 27 to May 1, 2020
------------------------------------------------------
  Issuer Name             Cpn     Price   Maturity  Country  Curr
  -----------             ---     -----   --------  -------   ---
SACI Falabella             2.3    50.6    7/15/2020    CL     CLP
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Banco Security SA          3.0    27.4     6/1/2021    CL     CLP
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
China Huiyuan Juice Gr     6.5    46.6    8/16/2020    CN     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
KrisEnergy Ltd             4.0    40.4     6/9/2022    SG     SGD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Plaza SA                   3.5    38.3    8/15/2020    CL     CLP
Banco Security SA          3.0     5.6     7/1/2019    CL     CLP
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Corp Universidad de Co     5.9    64.2   11/10/2021    CL     CLP
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
Enel Americas SA           5.8    32.7    6/15/2022    CL     CLP
Empresa Provincial de     12.5     0.0    1/29/2020    AR     USD
Odebrecht Finance Ltd      7.0    17.0    4/21/2020    KY     USD
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Energetica de Pern     6.2     1.1    1/15/2022    BR     BRL
Yida China Holdings Lt     7.0    74.3    4/19/2020    CN     USD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
MIE Holdings Corp          7.5    56.4    4/25/2019    HK     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Empresa de Transporte      4.3    30.9    7/15/2020    CL     CLP
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
Empresa Electrica de l     2.5    63.8    5/15/2021    CL     CLP
Sociedad Austral de El     3.0    17.0    9/20/2019    CL     CLP
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Esval SA                   3.5    49.9    2/15/2026    CL     CLP

[*] Fitch Takes Further Actions on Latin American Airports
----------------------------------------------------------
Fitch Ratings has conducted a second portfolio review of Latin
American airports to reflect the increased concern that impact on
air travel from the coronavirus health crisis will be deeper and
more prolonged and, combined with the resulting effects on the
region's economies, will cause a less robust recovery that may
extend beyond 2022.

As a result of the negative environment facing airports, Fitch has
revised its key enplaned passenger assumptions into three new cases
as compared with two initial coronavirus scenarios published in the
Rating Action Commentary released on March 27, 2020 titled "Fitch
Takes Actions on Latin American Airports".

The following ratings have been affected:

  -- Grupo Aeroportuario de la Ciudad de Mexico de C.V. (GACM)

  -- Concessionaria do Aeroporto Internacional de Guarulhos S.A.
(GRU)

  -- Sociedad Concesionaria Operadora Aeroportuaria Internacional,
S.A.(OPAIN)

  -- ACI Airport Sudamerica, S.A. (ACI)

  -- Aeropuerto Internacional de Tocumen, S.A. (AITSA)

  -- Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (OMA)

  -- International Airport Finance S.A. (Quiport)

KEY RATING DRIVERS

Grupo Aeroportuario de la Ciudad de Mexico de C.V. (GACM)

The downgrade of Mexico City's Airport Trust to 'BBB-' follows
Fitch's recent action on Mexico's Sovereign Ratings. GACM's rating
is constrained by the sovereign rating given its linkages with the
Mexican government and its nature as a government-related entity,
under Fitch's Government-Related Entities Rating Criteria. The
Standalone Credit Profile remains assessed at 'bbb'.

On April 15, 2019, Fitch downgraded Mexico's Long-Term Foreign
Currency Issuer Default Rating to 'BBB-' with a Stable Outlook. The
downgrade mainly reflects the expectation that the economic shock
represented by the coronavirus pandemic will lead to a severe
recession in the country in 2020. A recovery starting in 2H20 will
likely be held back by the same factors that have hampered recent
economic performance, which has lagged rating and income level
peers. These include a previously noted deterioration in the
business climate in certain sectors and a perceived erosion of
institutional strength in the regulatory framework.

The Negative Outlook reflects concerns with respect to duration of
the recent outbreak of coronavirus and its effects on traffic
volumes over the next few years. It also continues to reflect the
ongoing uncertainty with respect to key related credit issues, such
as: (i) the lack of a viable medium- to long-term business strategy
to address Mexico City's air transportation needs as the main
gateway to the country; (ii) the possibility of addressing these
needs by means of an airport system as opposed to a single airport
and uncertainty with respect to airlines' reaction to this
potential solution; (iii) deterioration in the future pricing power
of the airport as the passenger usage fee is now earmarked to repay
a stranded financial obligation as opposed to a capital improvement
project; and (iv) potential deterioration of the asset quality in
the absence of material capital investments over the medium to long
term.

In Fitch's rating case, leverage, measured by net debt/cash flow
available for debt service (CFADS), peaks at 17.7x in 2020, which
is well above the indicative range for airports with Stronger and
Midrange assessments for volume and price risks in the rating
category. Nonetheless, it is expected to rapidly return to former
levels at around 8x by 2022. Under this case, GACM is expected to
generate enough revenues to timely service its debt without drawing
upon reserves.

Concessionaria do Aeroporto Internacional de Guarulhos S.A. (GRU)

The downgrade to 'BB-(bra)' from 'BB(bra)' and the Rating Watch
Negative reflect the expectation of even sharper traffic declines
in 2020 and a lengthier recovery, which will increase the need for
additional resources and reinforce GRU airport's necessity to
renegotiate its concession fees and/or debts to avoid a default.
The recent measures announced by the grantor, which postponed the
payment of the concession fees (BRL1.5 billion) to December, and by
Banco Nacional de Desenvolvimento Economico e Social (BNDES), which
postponed debt service obligations for six months (BRL 0.2
billion), alleviate liquidity pressures in the short term, but are
not able to counterbalance the negative effects of the lower
expected traffic.

Currently, the airport has BRL0.6 billion in unrestricted cash and
reserve accounts. The net present value (NPV) of additional
resources needed to meet debt service increased to BRL3.4 billion
from BRL3.3 billion when comparing the rating cases of April and
March, respectively.

The RWN will be resolved once Fitch has more visibility with
respect to the issuer's ability to renegotiate concession fees
and/or debt obligations as to avoid liquidity shortfalls.

Sociedad Concesionaria Operadora Aeroportuaria Internacional, S.A.


The RWN reflects the expectation of even sharper traffic declines
in 2020 and a lengthier recovery to 2019 levels. Under Fitch's
revised its rating case, the debt service coverage ratio (DSCR)
reaches its minimum in 2020 at 0.8x with debt service expected to
be complemented by currently held cash balances. This scenario also
incorporates a decrease in capital expenditures to COP7.5 billion
in 2020 from an originally projected COP25 billion. Average DSCR is
1.2x. Peak-leverage, measured by net debt/CFADS, is 6.3x in 2020
but returns to levels below 2.0x in 2023.

The RWN will be resolved once Fitch has more visibility with
respect to the actions under way by OPAIN's management to address
this year's potential liquidity constraints.

ACI Airport Sudamerica, S.A. (ACI)

The downgrade to 'BB' from 'BBB-' reflects the expectation of even
sharper traffic declines in 2020 and a lengthier recovery. The RWN
flags the potential need for additional resources in the next 18
months (for up to USD16 million) in excess of the amount of ACI's
standby LOC (SBLC) from Bank of America, N.A. (AA-/Stable) of
USD13.5 million in Fitch's revised rating case. In this revised
case, DSCRs in 2020 and 2021 are well below 1.0x and the average
throughout the life of the debt is 1.3x. Peak-leverage, measured by
net debt/EBITDA, is 14.3x in 2020, but returns to levels below 5.0x
in 2022.

The RWN will be resolved once Fitch has more visibility with
respect to the actions under way by ACI management to address this
year's second-quarter envisioned liquidity shortfalls.

Aeropuerto Internacional de Tocumen, S.A. (AITSA)

The downgrade to 'BBB-' from 'BBB' and to 'AA+(pan)' from
'AAA(pan)' reflects the expectation of even sharper traffic
declines in 2020 and a lengthier recovery. The RWN reflects
concerns with respect to AITSA's liquidity position and the
reduction in its ability to meet its debt service obligations in
the near term. The latter resulted in a weaker credit profile and
AITSA's deleveraging at a slower pace than originally expected,
consistent with a weaker SCP, assessed now at 'bb+'.

AITSA's notes are rated under its "Government-Related Entities
Rating Criteria". Fitch's combination of strong and moderate
assessments for the strength of the link between the Panamanian
government and the airport and the perceived incentive of
government support when needed support a rating one notch below
that of the Panamanian sovereign, at 'BBB-', as its SCP is less
than three notches away from the sovereign.

Under the revised rating case, leverage, measured as net debt/CFADS
increases to 30.8x from 15.8x from prior review, returning to 12x
levels in 2021 while average DSCR decreases to 1.1x from 1.2x.
Also, the airport would have to make use of the Debt Service
Reserve Fund (DSRF) to meet its debt service obligations due in
November 2020. This fund, which currently has a balance of USD43
million, would be reduced by USD31 million, if drawn upon.

The RWN will be resolved once Fitch has more visibility with
respect to the actions under way by AITSA's management to address
this year's envisioned liquidity constraints.

Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (OMA)

The Revision of the Outlook to Stable from Positive reflects
concerns regarding the payment of the bullet in June 2021 in light
of the coronavirus pandemic, which could negatively affect market
access for issuers in the aviation sector. Under Fitch's revised
rating and sensitivity cases which assume no refinancing of the
bullet in 2021 and traffic declines of 50%-60% in 2020, it is
expected that OMA will need to undertake steep reductions in opex,
capex, and dividend payments in order to make the payment
considering current cash on hand.

The affirmation of the rating reflects Fitch's expectations that
airport management and OMA's board of directors will act prudently
in order to ensure that a sufficient amount of liquidity remains in
its accounts to service the bullet in case market conditions
prevent refinancing. However, the current environment makes
positive rating action over the near-term less likely given the
uncertainty which exists with regard to how much dividends will
actually be cut in 2020 given their discretionary nature and the
extent to which OMA will be able to cut expenses and postpone
capex, as negotiations for the next five-year Master Development
Plan remain underway.

Leverage, as measured by gross debt/CFADS, peaks at roughly 9x in
2020 under Fitch's rating case, and generally maintains at or below
2x thereafter. To the extent financial performance is better than
projected under Fitch's cases in 2020 and OMA continues to retain
sufficient cash to service the 2021 bullet, positive rating action
is likely as the issuer's leverage profile post-2021 remains
consistent with a higher rating.

International Airport Finance S.A. (Quiport)

The rating affirmation reflects the fact that the transaction's
long-term credit profile remains commensurate with a higher rating,
according to Fitch's applicable criteria, despite the expectation
of even sharper traffic declines in 2020 and a lengthier recovery.
The presence of a 12-month DSRA and/or SBLC provide sufficient
liquidity to preserve debt service if short lived capital controls
are imposed, supporting a 'B-' rating, one notch above Ecuador's
Country Ceiling (CCC). Additionally, Quiport counts with offshore
capex reserve account and/or SBLC covering staggered percentages of
the next 18 months of capex needs.

The Negative Outlook reflects concerns regarding the duration of
the coronavirus pandemic and related government containment
measures coupled with the fragile credit quality of the Ecuadorian
sovereign.

Under Fitch's revised Rating Case, DSCR reaches its minimum in 2020
at 0.5x with debt service complemented by currently retained cash
balances. This scenario also incorporates a decline in investments
to USD24 million, half of what was considered in the prior scenario
in light of the grantor willingness for review and the capex curve
in light of the coronavirus pandemic. Average DSCR is 1.3x.
Peak-leverage, measured by net debt/CFADS, is 15.0x in 2020 but
returns to levels below 5.0x in 2023.

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

  -- The Negative Outlook may be revised to Stable upon the
identification of clear signals of sustained traffic recovery.

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

  -- A Negative Rating action could be triggered by a Negative
Rating action on the Mexican Sovereign Rating (BBB-/Stable), a
traffic reduction in 2020 greater than 50% and/or the expectation
slower than expected recovery, or net debt/CFADS sustainably and
materially above 10x.

GRU:

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

  -- The RWN may be resolved upon evidence of a solution to address
envisioned liquidity constraints.

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

  -- A Negative Rating action could derive from the failure for
raising additional resources in a timely manner.

OPAIN

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

  -- The RWN may be resolved upon evidence of a solution to address
envisioned liquidity constraints.

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

  -- A Negative Rating action could be caused by difficulties in
preserving liquidity or by traffic reduction in 2020 greater than
50% and/or the expectation slower than expected recovery.

ACI

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

  -- The RWN may be resolved upon evidence of a solution to address
envisioned liquidity constraints.

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

  -- A Negative Rating action could derive from difficulties in
preserving liquidity or by traffic reduction in 2020 greater than
50% and/or the expectation slower than expected recovery.

AITSA

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

  -- The RWN may be resolved upon evidence of a solution to address
envisioned liquidity constraints.

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

  -- A Negative Rating action could result from difficulties in
preserving liquidity, traffic reduction in 2020 greater than 50%
and/or the expectation slower than expected recovery, significant
downsizing in operations from its anchor carrier, COPA Airlines, or
a decline in the credit quality of the sovereign rating.

OMA

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

  -- A Positive Rating action could derive from experiencing
traffic declines beneath 50% in 2020, maintenance of cash balances
above MXN3.0 billion, confirmation that OMA's five-year plan of
committed capex and granted maximum tariffs will remain within
manageable levels, and/or continued expectation that low leverage
levels at or below 6x will be maintained.

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

  -- A Negative Rating action could derive from the erosion of cash
balances meaningfully below MXN3.0 billion and/or the indication
that leverage levels could be at risk of rising above 6x.

QUIPORT

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

  -- The Negative Outlook may be revised to Stable upon the
identification of clear signals of sustained traffic recovery.

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

  -- A Negative Rating action could result from traffic reduction
in 2020 greater than 50% and/or the expectation slower than
expected recovery, inability to postpone capex in 2020 or the
imposition of capital controls by the Ecuadorian sovereign.

As indicated, the recent outbreak of coronavirus and related
government containment measures worldwide creates an uncertain
global environment for air travel in the near term. While all
related issuers and airports performance data through most recently
available issuer data may not have indicated impairment, material
changes in revenue and cost profile are occurring across the
airport and aviation sectors in Latin America and likely to worsen
in the coming weeks and months as economic activity suffers and
government restrictions are maintained or expanded.

Fitch's ratings are forward-looking in nature, and Fitch will
monitor developments in the sector as a result of the virus
outbreak as it relates to severity and duration, and incorporate
revised base and rating case qualitative and quantitative inputs
based on expectations for future performance and assessment of key
risks.

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

GACM has an ESG Relevance Score of 4 for Management Strategy as
part of the Governance factor due to uncertainty brought about by
the lack of a sound strategy to address Mexico City's air
transportation needs as the main gateway to the country, which has
a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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

ACI Airport SudAmerica, S.A.  
  
  - LT BB; Downgrade

Concessionaria do Aeroporto Internacional de Guarulhos SA    

  - Natl LT BB-(bra); Downgrade

Sociedad Concesionaria Operadora Aeroportuaria Internacional S.A.  


  - LT BBB-; Rating Watch On

Aeropuerto Internacional de Tocumen, S.A.    

  - LT BBB-; Downgrade

  - Natl LT AA+(pan); Downgrade

Grupo Aeroportuario de la Ciudad de Mexico, S.A. de C.V.    

  - LT BBB-; Downgrade

International Airport Finance S.A.    

  - LT B-; Affirmed

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.

  - Natl LT AA+(mex)vra; Affirmed

  - Natl ST F1+(mex); Affirmed

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V./Debt/1

  - Natl LT AA+(mex)vra; Affirmed


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

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

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

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