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

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

          Tuesday, May 12, 2020, Vol. 21, No. 95

                           Headlines



A R G E N T I N A

ARGENTINA: S&P Revises T&C Assessment to 'CCC+'
ARGENTINA: To Consider Easing Capital Controls After Debt Deal
BANCO DE GALICIA: S&P Lowers LT ICR to 'CCC+', Outlook Negative
[*] S&P Downgrades Ratings on Nine Argentine Corporations to 'CCC+'


B E R M U D A

ENSTAR GROUP: Fitch Affirms BB+ Preference Shares Rating


B R A Z I L

BRAZIL: Vehicle Production Drops 99.3% in April
[*] Fitch Alters Outlook on 26 Brazilian Corporates to Negative


C O L O M B I A

TERMOCANDELARIA POWER: Fitch Affirms IDR at BB+, Outlook Stable


C O S T A   R I C A

COSTA RICA: Fitch Cuts LT IDR to 'B', Outlook Negative


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Dominicans are 'Losing Fear' of the Virus
DOMINICAN REPUBLIC: Most Taxpayers Won't Have to Pay ISR
DOMINICAN REPUBLIC: Official Warns Against 'Savage Mining'


E C U A D O R

EMPRESA PUBLICA: Fitch Affirms Sr. Unsec. Notes Rating at 'C'


E L   S A L V A D O R

LA HIPOTECARIA THIRTEENTH: Fitch Affirms Series A Notes at 'Bsf'


J A M A I C A

JAMAICA: Condemns "Acts of Discrimination" Against BPO Workers


M E X I C O

GRUPO KUO: S&P Downgrades ICR to 'BB-' on Operational Setbacks
XIGNUX SA: S&P Downgrades ICR to 'BB' Amid Coronavirus Crisis


P U E R T O   R I C O

HOGAR LA MISERICORDIA: June 11 Hearing on Disclosure Statement
INTERNATIONAL FOOD: Seeks Approval to Hire Consultant
MARINE ENVIRONMENTAL: Wants to Maintain Exclusivity Until Nov. 2
UNITED EMERGENCY: June 10 Hearing on Disclosures and Confirmation
WESTERN HOST: Municipio de San Juan Objects to Disclosure & Plan


                           - - - - -


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

ARGENTINA: S&P Revises T&C Assessment to 'CCC+'
-----------------------------------------------
S&P Global Ratings revised its transfer and convertibility (T&C)
assessment on Argentina to 'CCC+' from 'B-'.

The T&C assessment reflects S&P's view of the likelihood of the
sovereign restricting nonsovereign entities from accessing foreign
exchange needed to satisfy their debt service obligations.

S&P said, "We revised our T&C assessment to 'CCC+' since capital
controls have become somewhat more restrictive. A wide variety of
foreign-exchange restrictions remain in place to protect
international reserves that have been broadly stable since December
2019, down about US$1 billion. However, macroeconomic imbalances
have continued to mount and led to depreciation of both official
and market foreign exchange rates in recent weeks. As the Argentine
authorities aim to mitigate them with some additional foreign
exchange restrictions, we think the risks to our T&C assessment
have risen somewhat."

For example, the Central Bank of Argentina (BCRA) now requires
two-day notification for foreign exchange at the official rate for
debt service over $500,000, versus $2 million previously. Companies
that benefited from subsidized financing (part of the COVID-19
economic relief measures) would need preauthorization by BCRA to
pay debt service (though not for imports), among other
restrictions.

However, S&P's 'CCC+' T&C assessment remains much higher than the
'SD' foreign currency sovereign credit rating because the
government continues to signal that tightened capital controls do
not apply to principal and interest payments for most nonsovereign
entities. In recent months, including this week among the tighter
restrictions, various local governments, financial institutions,
and corporates have accessed foreign exchange at the official rate
and made timely debt-service payments.

S&P could revise down the T&C assessment further if it sees
additional signs of stress in the markets, including if the
sovereign misses a foreign currency coupon payment.

Environmental, social, and governance (ESG) factors relevant to the
rating action:

-- Health and safety


ARGENTINA: To Consider Easing Capital Controls After Debt Deal
--------------------------------------------------------------
Patrick Gillespie and Jorgelina Do Rosario at Bloomberg News report
that Argentina may consider easing the country's ultra tight
capital controls once it finishes negotiations with bondholders to
restructure its debt and coronavirus uncertainty clears, Economy
Minister Martin Guzman said.

The government acknowledges the need to relax the controls over its
currency markets as a way to promote economic activity, Guzman said
in an interview, declining to give any time frame when such a
change may take place, according to Bloomberg News.  A successful
debt renegotiation and more clarity after the global coronavirus
pandemic are necessary before Argentina can consider such a move,
he said, suggesting a revision of the controls is unlikely to
happen anytime soon, Bloomberg News notes.

"It's our intention to ease the capital controls, to move to
capital account regulations that are more appropriate for economic
development," Guzman said in an interview, Bloomberg News relates.
The debt restructuring is "a necessary condition to be able to
alleviate the capital controls," Bloomberg News adds.

Argentina's previous administration brought back capital controls
in September after a rout led the peso to drop over 50%, Bloomberg
News says.  That brought the parallel blue-chip swap rate back into
popular use for both locals and investors looking to buy greenbacks
to protect their savings, Bloomberg News notes.  At 120 pesos per
dollar, the rate is almost double the official exchange rate of 67
pesos per dollar, Bloomberg News relays.

While Guzman emphasized increasing Argentina's foreign reserves has
to precede easing controls, he declined to name a number that would
qualify for lifting any measure, Bloomberg News relays.  The
country forecasts foreign reserves rising to $50 billion by the end
of the year from $43 billion, according to an April 9 document
released earlier, Bloomberg News discloses.  It ultimately sees
reserves reaching $77 billion by 2030, Bloomberg News adds.

                              Parallel Rates

In the past, a wide gap between exchange rates has hindered
Argentina's exports, hurt growth and boosted inflation that's
already running above 48% annually, Bloomberg News relates.  As the
gap between the spot peso and the parallel peso gained over past
weeks, the central bank and the securities regulator tightened
controls on businesses and enhanced oversight of brokers, a move
many interpreted as a way to deter dollar purchases, Bloomberg News
relays.

Guzman said that the government closely follows the gap between
both rates, which widened as much as 53% on May 1, and that he saw
it as a reflection of the country's macroeconomic "fragilities,"
Bloomberg News notes.  The 37-year-old minister added that the
current controls aren't part of the framework for long-term
sustainable economic growth in Argentina, Bloomberg News discloses.
Still, the global pandemic makes it tougher to determine the time
when they'll be unwound, he added.

"Argentina has to be resilient enough to ease capital controls,"
Guzman said, Bloomberg News relays.  "In the context of Covid-19,
it's very hard to make an assessment of what will be the optimal
timing, there are many factors," he added.

The government sees the economy contracting 6.5% this year,
according to the April 9 presentation. He added that in an
optimistic long-term outlook, it sees growth of 1.7% per year,
Bloomberg News notes.  Looking beyond the pandemic, he said the
country will need policies to boost competitiveness and
productivity, and that it's assessing the effects of the virus on
key sectors, like energy, Bloomberg News says.  He declined to give
forecasts for unemployment as a result of the virus, Bloomberg News
notes.

"In the end, the country needs to have a three-pronged approach
that allows job creation, increase in productivity and
macroeconomic consistency to produce foreign revenues that avoid
the country to fall into recurrent balance of payment crises," he
said, Bloomberg News relates.  "The recurrent pattern of booms and
busts in something we need to end," he added.

                    About Argentina

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

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

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

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

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

BANCO DE GALICIA: S&P Lowers LT ICR to 'CCC+', Outlook Negative
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit ratings to
'CCC+' from 'B-' on Banco De Galicia Y Buenos Aires S.A.U. (Banco
Galicia), Banco Patagonia S.A., and Banco de la Provincia de Buenos
Aires (BAPRO). In addition, S&P lowered its short-term ratings of
Banco Patagonia to 'C' from 'B' and its subordinated debt rating on
Banco Galicia to 'CCC-' from 'CCC'. At the same time, S&P affirmed
its 'CCC' long-term ratings on Banco Hipotecario S.A. The outlook
on all entities remains negative.

S&P said, "The downgrade of financial entities follows the revision
of our T&C assessment of Argentina to 'CCC+'. The latter occurred
because capital controls have tightened amid mounting macroeconomic
imbalances, and further depreciation of both official and market
foreign exchange rates in recent weeks. Our 'CCC+' T&C assessment
is higher than the 'SD' foreign currency sovereign credit rating
because the government continues to signal that tightened capital
controls don't apply to principal and interest payments for most
non-sovereign entities. We could revise down the T&C assessment
further if we see additional signs of stress in the markets,
including if the sovereign misses a foreign currency coupon
payment."

The ratings on Banco Hipotecario reflect the refinancing risk
stemming from its November 2020 relevant maturity (refer to Banco
Hipotecario S.A. Downgraded To 'CCC' From 'B-' On Weakening
Financial Conditions; Still On CreditWatch Negative, March 16,
2020).

S&P said, "We consider that financial entities in the country will
continue facing very challenging conditions and exacerbated by
COVID-19. We expect economy to contract about 7% in 2020,
incorporating the impact of the prolonged lockdowns, rising
unemployment, and inflation of about 40%. Therefore, we expect
banks' profitability to suffer due to pressures on margins and
rising cost of credit, given continued deterioration in asset
quality amid payment-chain disruption stemming from COVID-19."


[*] S&P Downgrades Ratings on Nine Argentine Corporations to 'CCC+'
-------------------------------------------------------------------
S&P Global Ratings lowered its foreign and local currency ratings
on the following companies to 'CCC+' from 'B-'. The outlook on
these entities remains negative:

-- AES Argentina Generacion S.A;
-- CAPEX S.A.;
-- Compania General de Combustibles S.A. (CGC);
-- Telecom Argentina S.A.;
-- Transportadora de Gas del Sur S.A. (TGS);
-- Pampa Energia S.A.;
-- Petroquimica Comodoro Rivadavia S.A. (PCR);
-- YPF Energia Electrica S.A.; and
-- YPF S.A.

S&P said, "The downgrades follow the downward revision of our
Transfer & Convertibility (T&C) assessment on Argentina to 'CCC+'
from 'B-'. The latter reflects the increasing restrictions the
sovereign has put in place for corporations and individuals to buy
foreign currencies and import goods in order to protect the
sovereign's international reserves. Macroeconomic imbalances have
continued to mount and led to depreciation of both official and
market foreign exchange rates in recent weeks. Given that the
authorities aim to mitigate imbalances with some additional foreign
exchange restrictions, we believe the risks to our T&C assessment
have risen somewhat. The T&C reflects our perception of the risk of
the sovereign interfering with the ability of domestic companies to
access, convert, and transfer money abroad, which is essential for
the affected companies to service their financial obligations, many
of which are denominated in foreign currency, particularly dollars.
Our 'CCC+' T&C assessment remains much higher than the 'SD' foreign
currency sovereign credit rating because the government continues
to signal that tightened capital controls don't apply to principal
and interest payments for most nonsovereign entities. In recent
months, including this week among the tighter restrictions, various
entities have accessed foreign exchange at the official rate and
made timely debt-service payments.

"The ratings on these entities are capped at Argentina's T&C level,
because we continue to believe that none of them would be able to
continue honoring their foreign currency obligations under
potential restrictions on access to foreign currency and/or
restrictions on the ability to transfer money abroad."

AES Argentina Generacion, CAPEX, TGS, and Telecom Argentina bear
some form of currency mismatch due to their large proportion of
debts in dollars while the bulk of their cash flows are generated
domestically in Argentine pesos.

In addition to their domestic focus, CGC, PCR, Pampa Energia, and
YPF are suffering from record low demand due to lockdowns imposed
to contain the COVID-19 pandemic, and they all have a meaningful
portion of their debts in dollars. Additionally, exports wouldn't
be a viable option to these companies because international oil and
gas prices are virtually half of those in the domestic markets and
barely cover operating costs.

YPF Energia Electrica is also exposed to Argentina's T&C risks
because it's expanding its asset base entirely in the country
through its $400 million 2026 bond that it issued in July 2019.

The outlook on these entities remains negative, reflecting the
potential further deterioration in their credit quality because of
the worsening business conditions, greater volatility in exchange
rate, and the consequences of the sovereign's debt restructuring on
the domestic economy. Furthermore, potential further restrictions
to access and/or transfer funds abroad could increase drastically
our perception of risk. The latter could result from a deeper
recession, along with increasing inflation, which could in turn
reduce the companies' ability to generate enough revenue in
domestic currency to convert into the needed funds for servicing
the dollar-denominated debt obligations. S&P could raise the
ratings if its perception of the T&C risk diminishes.




=============
B E R M U D A
=============

ENSTAR GROUP: Fitch Affirms BB+ Preference Shares Rating
--------------------------------------------------------
Fitch Ratings has affirmed Enstar Group Limited's Long-Term Issuer
Default Rating at 'BBB', senior unsecured notes at 'BBB-', senior
shelf registration at 'BBB-' and preference shares at 'BB+'. The
Rating Outlook is Stable.

KEY RATING DRIVERS

The rating actions are based on Fitch's assessment of the impact of
the coronavirus pandemic, including its economic impact, under a
set of rating assumptions. These assumptions were used by Fitch to
develop pro forma financial metrics for Enstar that Fitch compared
with rating guidelines defined in its criteria and relative to
previously established rating sensitivities for Enstar.

Enstar's pro forma results remain within key capitalization and
leverage rating sensitivities and guidelines. In particular,
Enstar's pro forma financial leverage ratio of 27.5% (19.7% actual
at Dec. 31, 2019) remains below the 30% downgrade rating
sensitivity and in line with a 'bbb' debt credit factor score. The
pro forma FLR includes drawdowns in March 2020 totaling $350
million on the company's $600 million revolving credit facility to
finance collateral and capital requirements related to a recent
transaction, and to provide for future liquidity. The pro forma net
leverage ratio of 2.5x is only modestly higher than the 2.2x actual
at YE 2019, and remains well below the 3.5x downgrade rating
sensitivity and in line with a 'a' debt credit factor score.
Favorably, Enstar's pro forma score on Fitch's Prism factor-based
capital model remains 'Extremely Strong'.

These pro forma results reflect a 16% decline in shareholders'
equity primarily driven by Fitch's assumptions regarding a decline
in stock indices and an increase in two-year cumulative high-yield
bond default rates. Enstar maintains a manageable exposure to
equities at 5% of the total investment portfolio and 15% of
shareholders' equity at Dec. 31, 2019. Other investments (including
equity method investments) compose 20% of the total portfolio and
59% of shareholders' equity at Dec. 31, 2019. The largest other
investments are hedge funds at 8% of the total portfolio and 23% of
shareholders' equity, which include equity hedges that Fitch gives
partial credit for in its pro forma analysis. The fixed-maturity
portfolio is high quality, with an average rating of 'A+', 22%
rated 'BBB' and 4% below investment grade/unrated at YE 2019.

The affirmation of Enstar's ratings reflects the company's solid
business franchise of acquiring and managing non-life runoff
companies, consistent favorable reserve development in non-life
runoff business and reasonable financial leverage. Offsets to these
positives include the company's risk profile, which is potentially
subject to change based on future acquisitions and capital needs,
recent sizable underwriting losses in its StarStone active business
segment that will be further pressured by coronavirus-related
insurance claims, reduced fixed-charge coverage and a sizable
reinsurance recoverable balance from runoff business.

KEY ASSUMPTIONS

Assumptions for Coronavirus Impact (Rating Case):

Fitch used the following key assumptions, which are designed to
identify areas of vulnerability, in support of the pro forma rating
analysis:

  -- Decline in key stock market indices by 35% relative to Jan. 1,
2020;

  -- Increase in two-year cumulative high-yield bond default rate
to 16%, applied to current non-investment-grade assets, as well as
12% of 'BBB' assets;

  -- Both upward and downward pressure on interest rates, with
spreads widening (including high-yield by 400bps), coupled with
notable declines in government rates;

  -- Capital markets access is limited for issuers at senior debt
levels of 'BBB' and below;

  -- For non-life and reinsurance sectors, a negative impact on the
industry-level accident year loss ratio from coronavirus-related
claims at 3.5 percentage points.

RATING SENSITIVITIES

The ratings remain sensitive to any material change in Fitch's
rating case assumptions with respect to the coronavirus pandemic.
Periodic updates to its assumptions are possible given the rapid
pace of changes in government actions in response to the pandemic,
and the pace with which new information is available on the medical
aspects of the outbreak.

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

  -- A material adverse change in Fitch's ratings assumptions with
respect to the coronavirus impact.

  -- Failure to generate continued material levels of favorable
non-life runoff reserve development; additional capital needs to
support the current runoff business; significant new transaction(s)
that Fitch views as materially increasing the overall risk profile;
net leverage ratio above 3.5x; declines in the financial strength
of active business; FLR approaching 30%; fixed-charge coverage
below 5.0x.

  -- Enstar's preference share ratings could also be lowered by one
notch to reflect higher nonperformance risk if Fitch views
Bermuda's regulatory environment as becoming more restrictive in
its supervision of (re)insurers with respect to hybrid features.

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

  -- A positive rating action is prefaced by Fitch's ability to
reliably forecast the impact of the coronavirus pandemic on the
financial profile of the U.S. Property/Casualty insurance and
global reinsurance sectors, and on Enstar.

  -- Maintaining an FLR at or below 20%; fixed-charge coverage of
at least 10.0x; sustained risk-adjusted capital growth with a
capitalization score under Fitch's Prism factor-based model of at
least 'Very Strong'; a net leverage ratio at or below 2.5x.

  -- Any potential future upgrade would likely be limited to one
notch. However, the nature of the company's business model in
acquiring large blocks of runoff business can materially alter the
company's balance sheet. While this risk has been managed well to
date, it adds potential capital, earnings and business/exposure mix
variability at levels greater than experienced by most insurance
companies operating under more traditional business models.

Stress Case Sensitivity Analysis

  -- Fitch's Stress Case assumes a 60% stock market decline,
two-year cumulative high-yield bond default rate of 22%, high-yield
bond spreads widening by 600bps, more prolonged declines in
government rates, heightened pressure on capital markets access and
an adverse non-life industry-level loss ratio impact of 7
percentage points for coronavirus claims.

  -- The implied rating impact under the stress case would be a
downgrade of no more than one notch.

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).

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of fits 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.



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

BRAZIL: Vehicle Production Drops 99.3% in April
-----------------------------------------------
Rio Times Online reports that in the month in which virtually all
automakers suspended activities due to the novel coronavirus
pandemic, vehicle production fell 99.3 percent in April compared to
the same month last year, reported the National Association of
Automotive Vehicle Manufacturers (ANFAVEA) on May. Compared to
March, there was a 99 percent drop.

In April, plants produced 1,800 units, the lowest result for a
month since 1957, the report notes.

As reported in the Troubled Company Reporter-Latin America on May
8, 2020, Fitch Ratings has affirmed Brazil's Long-Term Foreign
Currency Issuer Default Rating at 'BB-' and has revised the Rating
Outlook to Negative. The Outlook revision to Negative reflects the
deterioration of Brazil's economic and fiscal outlook, and downside
risks to both given renewed political uncertainty, including
tensions between the executive and congress, and uncertainty over
the duration and intensity of the coronavirus pandemic.

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


[*] Fitch Alters Outlook on 26 Brazilian Corporates to Negative
---------------------------------------------------------------
Fitch Ratings has revised the Outlook for the international
long-term ratings of several Brazilian corporates to Negative from
Stable following this week's Brazil's Sovereign Rating Outlook
revision to Negative from Stable.

KEY RATING DRIVERS

The Outlook revision to Negative for these issuers results from
their exposure to Brazil's Country Ceiling or their direct linkage
to the country's sovereign ratings. The Brazilian Sovereign's
Outlook revision to Negative from Stable reflects the deterioration
of Brazil's economic and fiscal outlooks, and downside risks to
both given renewed political uncertainty, including tensions
between the executive and congress, and uncertainty over the
duration and intensity of the coronavirus pandemic. These factors
could hinder the government's capacity for fiscal adjustment and
implementation of economic reforms after the coronavirus pandemic
and a sizeable emergency policy response. Brazil entered the
current period of stress with a relatively weak fiscal balance
sheet and low economic growth.

Fitch expects Brazil's economy to contract by 4% in 2020, with
risks biased to the downside. Average growth of negative 0.6% over
the last five years reflects a slow recovery after a long and deep
recession in 2015/2016. Fitch forecasts the economy to grow by 3%
in 2021 as it recovers from the pandemic and responds to the
comprehensive set of fiscal, quasi-fiscal and monetary measures
adopted by the authorities to prevent a deeper economic collapse.
Fitch forecasts the general government deficit to reach 13% of GDP,
compared with the current 'BB' median of 6.8%, due to the economic
recession, lower oil prices and a sizeable fiscal support package.

ESG Considerations: Petroleo Brasileiro S.A. has an ESG Relevance
Score of '4' for human rights, community relations, and access and
affordability due to social pressures' potential impact on pricing
policy. The company's score for Governance Structure is '4',
resulting from its nature as a majority government-owned entity and
the inherent governance risks that arise with a dominant state
shareholder.

Centrais Eletricas Brasileiras S.A. has an ESG Relevance Score of
'4' for GGV due to ownership concentration, as a majority
government-owned entity and due to the inherent governance risks,
that arise with a dominant state shareholder. Eletrobras has an ESG
Relevance Score of '4' for Financial Transparency due to the
quality and timing of financial disclosure, due to the track record
of delays in financial reports, which is relevant to the ratings in
conjunction with other factors.

Rumo S.A. has an ESG Relevance Score of '4' for Labor Relations &
Practices, as it reports labor liabilities from the period when
some of its assets were operated by the government. The company has
exposure to the cash flow impact of judgments regarding these
liabilities.

Rede D'Or Sao Luiz S.A. has an ESG Relevance Score of '4' for Labor
Relations & Practices due to judicial litigation regarding labor5.
Rede D'Or has an ESG Relevance Score of '4' for Financial
Transparency because the quality of public financial disclosure is
low.

KEY ASSUMPTIONS

Fitch assumptions for Brazil's sovereign ratings include the global
economy performing broadly in line with the Global Economic Outlook
published on April 22, 2020, while acknowledging there is a higher
than usual level of uncertainty around its macroeconomic
forecasts.

RATING SENSITIVITIES

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

  -- The Rating Outlook for these issuers could stabilize as result
of a revision to Brazil's Sovereign ratings to Stable from
Negative.

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

  -- A downgrade of Brazil's ratings that results in a downward
revision to the Country Ceiling.

BEST/WORST CASE RATING SCENARIO

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Petrobras' and Eletrobras' ratings are directly linked to the
sovereign rating of Brazil.

ESG CONSIDERATIONS

Petrobras has an ESG Relevance Score of '4' for Human Rights,
Community Relations and SCR. The ESG Relevance score for GGV is
'4'.

Eletrobras' ESG Relevance Score for Governance Structure is 4, and
Financial Transparency also has an ESG Relevance Score of '4'.

Rede D'Or has ESG Relevance Score of '4' for both Labor Relations &
Practices and Financial Transparency.

Rumo's ESG Relevance Score for Labor Relations & Practices is '4'.

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).

Aegea Saneamento e Participacoes S.A.

  - LT IDR BB; Affirmed

  - LC LT IDR BB; Affirmed

Energisa Sergipe - Distribuidora de Energia S/A

  - LT IDR BB; Affirmed

  - LC LT IDR BB+; Affirmed

BR Malls Participacoes S.A.

  - LT IDR BB; Affirmed

  - LC LT IDR BBB-; Affirmed

Petroleo Brasileiro S.A. (Petrobras)

  - LT IDR BB-; Affirmed

  - LC LT IDR BB-; Affirmed

Companhia de Gas de Sao Paulo - COMGAS

  - LT IDR BB; Affirmed

  - LC LT IDR BBB-; Affirmed

Rumo S.A.

  - LT IDR BB; Affirmed

  - LC LT IDR BB+; Affirmed

Energisa S.A.

  - LT IDR BB; Affirmed

  - LC LT IDR BB+; Affirmed

Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)

  - LT IDR BB; Affirmed

  - LC LT IDR BB; Affirmed

Cosan S.A.

  - LT IDR BB; Affirmed

  - LC LT IDR BB+; Affirmed

Globo Comunicacao e Participacoes S.A.

  - LT IDR BB; Affirmed

  - LC LT IDR BBB; AffirmedB

Transmissora Alianca de Energia Eletrica S.A.

  - LT IDR BB; Affirmed

  - LC LT IDR BBB-; Affirmed

Ache Laboratorios Farmaceuticos S.A.

  - LT IDR BB; Affirmed

  - LC LT IDR BBB; AffirmedB

Centrais Eletricas Brasileiras S.A. (Eletrobras)

  - LT IDR BB-; Affirmed

  - LC LT IDR BB-; Affirmed

Energisa Paraiba - Distribuidora de Energia S/A

  - LT IDR BB; Affirmed

  - LC LT IDR BB+; Affirmed

Raizen Combustiveis S.A.

  - LT IDR BBB; AffirmedB

  - LC LT IDR BBB; AffirmedB

Raizen Energia S/A

  - LT IDR BBB; AffirmedB
  
  - LC LT IDR BBB; AffirmedB

Cielo S.A. LT IDR BB; Affirmed

  - LC LT IDR BB; Affirmed

Engie Brasil Energia S.A.

  - LT IDR BB; Affirmed

  - LC LT IDR BBB-; Affirmed

MRS Logistica S.A. (MRS)

  - LT IDR BB; Affirmed

  - LC LT IDR BBB-; Affirmed

Alupar Investimento S.A.

  - LT IDR BB; Affirmed

  - LC LT IDR BBB-; Affirmed

Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.

  - LT IDR BB+; Affirmed

  - LC LT IDR BBB-; Affirmed

Hidrovias do Brasil S.A.

  - LT IDR BB; Affirmed

  - LC LT IDR BB; Affirmed

Energisa Minas Gerais - Distribuidora de Energia S/A

  - LT IDR BB; Affirmed

  - LC LT IDR BB+; Affirmed

Cosan Limited

  - LT IDR BB; Affirmed

  - LC LT IDR BB; Affirmed

Localiza Rent a Car S.A.

  - LT IDR BB; Affirmed

  - LC LT IDR BB+; Affirmed

Rede DOr Sao Luiz S.A.

  - LT IDR BB; Affirmed

  - LC LT IDR BBB-; Affirmed



===============
C O L O M B I A
===============

TERMOCANDELARIA POWER: Fitch Affirms IDR at BB+, Outlook Stable
---------------------------------------------------------------
Fitch has affirmed TermoCandelaria Power Ltd.'s Foreign- and
Local-Currency Issuer Default Ratings at 'BB+'. The Outlook is
Stable. Fitch has also affirmed the USD596 million senior unsecured
note due 2029 at 'BB+'.

TPL's ratings reflect the combined operations of its operating
subsidiaries TEBSA and TECAN, its current competitive position in
the electricity generation market in Colombia, and its limited
geographical diversification and asset operations. Also factored in
the ratings are the expectations for an increasing consolidated
EBITDA performance in the short to medium term, driven by the
strong load factor at TEBSA, as well as the collection of
reliability charge and regulated revenues not exposed to market
dynamics. The ratings also consider TPL's USD596 million
international bond issuance that removed the structural
subordination of the TPL's debt to that of its subsidiaries.
Included in the bond is a USD186 million reopening executed in
January 2020. The reopening will fund TECAN's combined cycle
conversion, which will increase its efficiency by approximately 40%
when completed in mid-2022 and also raise the company's leverage in
2020 and 2021 during construction. The ratings also incorporate
long-term threatens to TPL's consolidated competitive position that
could limit EBITDA generation capacity.

KEY RATING DRIVERS

Moderate Leverage Ahead: TPL's bond reopening is expected to
temporarily increase its consolidated total debt to EBITDA leverage
ratio to 5.0x in 2020 due to the addition of USD200 million in debt
and lower energy demand due to the coronavirus lockdown. Leverage
is expected to return to 2.8x in 2022, as the company's debt begins
to amortize, and then fall to approximately 2.0x in 2023 due to
further debt amortization, the closing of TECAN's cycle and lower
gas costs as the company's more expensive gas contracts expire the
year prior. Future leverage will depend on the EBITDA generated by
its subsidiaries, as additional debt on a consolidated basis over
the rating horizon is not expected.

Medium-Term EBITDA Upside: TPL is expected to maintain stable
consolidated EBITDA generation over the rating horizon given the
stability of electricity generation coupled with a regulatory cost
pass-through mechanism that applies in the market for out-of-merit
generation. When a high hydrology condition prevails in the market,
TEBSA maintains its operations through out-of-merit electricity
generation. In this situation, the company is remunerated based on
its bid price in which all of its variable costs are passed through
the market, capped by its reported referential variable costs.

Inverted Hydrology Risk: TPL's EBITDA generation benefits from low
hydrology conditions and hydrology cyclically, which periodically
occur in Colombia. TEBSA and TECAN could maintain their operations
through in-merit generation since variable costs could be below
spot prices, which would translate into more profitable operations.
Fitch's base case contemplates a three-year delay in EPM's 2,400MW
Hidroituango hydroelectric project, which could result in higher
spot prices through the medium term. The supply dynamic could cause
TEBSA to be dispatched as a baseload generator in addition to its
current role as an out-of-merit generator.

Credit Profile Linked to Subsidiaries: TPL is a holding company
that combines operations of two electricity generation companies,
TEBSA and TECAN, located on Colombia's Caribbean coast. TPL fully
owns and controls TECAN and has a 57.38% stake in TEBSA. TPL's
ratings are mostly related to TEBSA's credit profile as TEBSA
accounts for approximately 80% of TPL's consolidated EBITDA.

Limited Operational Diversification: TPL's credit profile is
constrained by the limited diversification of its operations. The
company is exposed to a higher degree of event risk than local and
regional peers from unexpected outages or disaster disruptions.
Although out of contract sales eliminate exposure to spot market
volatility as a buyer, TPL's take-or-pay regasification contracts
would put additional pressure on its subsidiaries' cost structure
in the event of an interruption in generation. TPL combines the
operations of 1,283MW of thermal electric assets, which represent
around 8% of the Colombian electricity generation matrix and around
27% of the thermal electric installed capacity in Colombia.

Positive Near-Term Supply and Demand Dynamics: TPL benefits from
the country's transmission bottleneck in the northern coast, which
results in persistent dispatch by TEBSA in order to meet demand
despite the company's comparative higher costs relative to
noncoastal generation assets. TPL's ratings incorporate Fitch's
expectation that TEBSA will maintain a load factor around 50% in
the medium term, which would be in line with historical levels.
Demand characteristics of the Caribbean coast also suggest
relatively high growth through the medium term, supporting TEBSA's
continued dispatch as long as present transmission and capacity
dynamics continue.

Structure Mitigates Exogenous Market Risks: In the long term, new
investments in the transmission network or the development of
nonconventional renewable energy projects in Colombia's coastal
region could displace TEBSA within the dispatch curve, resulting in
lower EBITDA. The government planning unit is coordinating auction
processes to encourage the incorporation of newly installed
electric capacity in 2022-2023. In addition, a new transmission
line that will permit up to 1,000MW of new projects to be installed
in the Guajira region will be available in 2022. These risks are
partially mitigated by TPL's amortizing structure and by the cash
preservation mechanisms established under the issuance.

Stabilizing Cost Structure: TPL's consolidated cash flow from
operations is relatively predictable due to recent changes to
capacity remuneration in Colombia. Both TEBSA and TECAN will
receive reliability payments until 2025 amounting to annual
revenues of around USD160 million in order to be able to dispatch
its firm energy obligations when spot prices surpass the scarcity
price as defined by the regulator. Both companies chose to elect
the new scarcity price defined under CREG Resolution 140 of 2017 as
the reported variable costs of the thermal electric matrix. This
limits the possibility of being required to dispatch with a
negative gross margin, a situation experienced by TECAN during the
last El Nino phenomenon in 2015-2016.

Secure Fuel Supply: TPL has reduced its exposure to liquid fuel
price volatility by entering into long-term gas supply contracts
that extend to 2026 with the right to extend until 2031. TEBSA and
TECAN will receive around USD30 million in annual
dollar-denominated regulated revenues for securing this LNG access,
which represents 50% of the of the fixed payments TPL has to make
to the LNG operator for granting access to this natural gas source.
Fitch expects TPL's regulated revenues along with reliability
charges payments will continue to be enough to cover the company's
fixed costs, absent any interruption in the company's generation
capacity.

DERIVATION SUMMARY

TPL's ratings are one notch above Nautilus Inkia Holdings LLC's
(BB/Negative), its closest peer. Although lacking Inkia's
geographical diversification and asset base mix provided by its key
subsidiary Kallpa Generacion S.A. (BBB-/Negative), TPL's capital
structure is more conservative, with expected 2022 gross leverage
levels post-expansion of 2.8x, while Fitch expects Inkia's leverage
to be around 5.0x in 2020 and around 4.5x in the medium term. Also,
Inkia's debt is structurally subordinated to debt at the operating
companies, while TPL's recent transaction fully replaced debt at
this subsidiaries level. TPL's capital structure also compares
positively with Orazul Energy Peru S.A. (BB/Stable). Orazul's high
medium-term leverage of 5.0x under Fitch's forecast places it at
the high end of its rating level.

TPL's business risk is considered higher than multi-asset energy
regional investment grade peers such as AES Panama, S.R.L.
(BBB-/Stable). Kallpa and AES Gener S.A. (BBB-/Stable). All of
these companies benefit from a strong contractual position in their
respective markets. These companies' PPAs support their cash flow
stability through USD-linked payments and, in Kallpa's case,
pass-through clauses related to potential increases in fuel costs.
This contributes to a higher EBITDA visibility in the long term
compared to TPL, which remains exposed and exogenous supply/demand
dynamics. Although TPL's key subsidiary TEBSA maintains relative
cost efficiency that currently places it within the coastal base
load, future additions to the local renewable energy matrix or
expansion of the national transmission network could potentially
displace the company from its strong competitive position in the
coastal region in the long term.

TPL ratings are one notch below Fenix Power Peru S.A.
(BBB-/Stable). As a single-asset generator with a high proportion
of take-or-pay costs and including its deleverage trajectory of
reaching 5x by 2021, Fitch views Fenix standalone credit quality in
line with a 'BB' rating, Nevertheless, Fenix ratings are buoyed by
its strong support from its parent Colbun S.A. (BBB/Positive).

KEY ASSUMPTIONS

  -- The company closes the cycle at its TECAN plant increasing its
installed capacity to 524MW from 324MW in July 2022;

  -- The company's reliability charge increases at the expected
U.S. CPI rate of inflation or 1.63% in 2020 and 0.81% thereafter;

  -- No additional debt is contemplated at the TPL's holding level
or subsidiaries over the rating horizon;

  -- TPL's combined annual generation over the medium term reaches
at least 3,700GWh per year in 2021, similar to the level reported
in 2017;

  -- TEBSA's and TECAN's strong availability factors at above 90%.

RATING SENSITIVITIES

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

  -- A positive rating action is unlikely in the medium term, given
the TPL's limited asset diversification and threatens in the long
term to its competitive position.

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

  -- Additional material debt at TEBSA or TECAN level that
structurally subordinates debt repayments at TPL´s holding level;

  -- A material deterioration of TEBSA or TECAN EBITDA's generation
capacity, declining to below USD150 million on a sustained basis;

  -- Consolidated leverage levels above 3.5x 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: TPL's liquidity levels are explained by stable
cash inflows from its subsidiaries and moderate financial debt at
the holding level. As a holding company without operations, TPL
does not maintain a material cash balance on a nonconsolidated
basis. In the absence of execution of sizable projects as is
currently the case, any excess funds are paid in dividends. TPL's
pro forma capital structure includes a USD196 million bond
reopening in January 2020. Liquidity will become tight in 2022 as
the TECAN project is being completed and the bond amortization will
have begun in the previous year. Fitch expects the pressure will
subside in 2023 due to increased cash flow from the expansion and
lower gas costs. TPL had USD65 million in cash and equivalents at
the end of 2019.

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

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).



===================
C O S T A   R I C A
===================

COSTA RICA: Fitch Cuts LT IDR to 'B', Outlook Negative
------------------------------------------------------
Fitch Ratings has downgraded Costa Rica's Long-Term
Foreign-Currency Issuer Default Rating to 'B' from 'B+'. The
Outlook is Negative.

KEY RATING DRIVERS

The downgrade of Costa Rica's Long-Term Foreign-Currency IDR to 'B'
reflects increased risks of near-term financing stress due to
widening fiscal deficits, a steep amortization schedule and
borrowing constraints, against a background of economic contraction
caused by the effects of the coronavirus pandemic. The ongoing
health crisis comes at a time when Costa Rica's fiscal space is
limited and rapidly narrowing, raising risks to post-crisis debt
sustainability. The interest bill is climbing rapidly, and the debt
burden is on a relatively steep upward trajectory.

The Negative Outlook reflects further downside risks to debt
sustainability amid uncertain prospects for post-crisis fiscal
consolidation, economic growth and borrowing costs. The government
will rely on multilateral loan disbursement this year to secure
budget financing. However, uncertain external market access coupled
with a domestic capital market that has become costly in past
periods of sovereign liquidity stress pose financing risks. Risks
from the ongoing health crisis remain tilted to the downside, as
Fitch's forecasts are predicated on a three-month period of
economic disruption due to the coronavirus. In the event of a
second wave of infections and the re-imposition of lockdown
measures, economic and fiscal outturns would be weaker for 2020 and
2021.

Fitch expects Costa Rica's economy will contract by 4% in 2020,
with risks tilted to the downside. Containment measures will lead
to a sharp contraction in households' and firms' disposable income,
which will affect domestic demand and unemployment. Domestic demand
was already weakening prior to the health crisis due to high
unemployment, weak private credit growth and declining consumer
confidence. External demand is highly vulnerable given the expected
halt in tourism (6% of GDP, 19% of current account receipts) and
the expected economic contraction of trading partners, particularly
the U.S., which is the destination for 40% of Costa Rica's goods
exports. Fitch expects the economy to recover gradually from 2H20,
growing by 2.6% in 2021, and while this forecast is subject to
unusually high uncertainty, a stronger rebound could be hindered by
a lasting negative shock to tourism and policy uncertainty related
to fiscal issues.

The economic contraction will lead to a significant loss of
government revenues and widen the fiscal deficit to over 9% of GDP,
according to Fitch estimates. Fitch expects government revenues to
decline by more than 3% yoy given the expected economic
contraction. Revenue measures announced by the government to
mitigate the economic crisis include a three-month temporary
moratorium on tax payments and social security contributions.

The government proposed a fiscal package of CRC260 billion
(USD460million, 0.75% of GDP). The bulk of the package represents
direct transfers to households vulnerable to the coronavirus that
it expects to be funded by budget reallocations, containing the
impact on the deficit, as well as new multilateral loans.
Expenditure reallocations include the suspension of wage increases
for public employees, excluding the police. However, a rapid
increase in interest payments continues to widen the overall fiscal
deficit.

The fiscal responsibility law approved in 2018 was intended to
limit current expenditure growth starting in 2020. The government
expects to invoke a temporary activation of the emergency escape
clause embedded in the fiscal rule. This would only apply to
institutions related to the health crisis at this juncture. The
government intends to reinstate the fiscal rule by 2021.
Nevertheless, the absence of a track record of compliance with the
fiscal rule and some ambiguity over the degree of spending
containment it will require in the coming years hinder its
credibility as an anchor for medium-term fiscal consolidation.
Compliance with the rule would require major cuts to primary
current spending to offset a rising interest bill, which would
likely face political and social resistance.

Fitch expects the central government debt burden to reach slightly
below 70% of GDP by 2020 from 58.5% in 2019 and 53.1% in 2018. This
would represent a doubling of the debt ratio over the past decade.
Fitch expects general government debt, which nets out social
security holdings, to reach 62.5% of GDP in 2020, above the current
'B' median of 58% this year. Central government debt to government
revenues is set to reach 471% in 2020, while interest payments
accounted for 28% of revenues in 2019. In Fitch's view, debt
sustainability risks have increased significantly.

Fitch estimates sovereign financing needs of nearly 13% of GDP for
2020 (3.8% of GDP in debt repayments and 9.0% of GDP for budget
financing) and to remain above 12% of GDP in 2021 and 2022 due to
increasing amortizations. The main sources of funding will come
from multilateral organizations, domestic bond issuances and use of
government deposits. The government issued a USD1.5 billion bond in
November 2019 that eased the financing pressures over the first
quarter of the year. The authorities discussed the possibility of
signing a Stand-By Arrangement with the IMF, which could ease Costa
Rica's funding stress.

The government plans to use multilateral borrowing of up to USD
3.175 billion (5.2% of GDP) for 2020. These include loans from
Inter-American Development Bank, Banco de Desarrollo de America
Latina, the World Bank and Central American Bank for Economic
Integration, all of which still require congressional approval,
except for a USD500 million loan from CAF already disbursed. These
also include the IMF Rapid Financing Instrument of USD508 million
for balance of payment support, which can be used for budgetary
needs. Failure to secure these external loans would lead to a
fiscal financing gap given prohibitive external market borrowing
costs and limited domestic market size. Although the government
continues to place debt in the local market, recent issuances were
short-dated (expiring before year-end), raising potential near-term
rollover risks.

Monetary policy prioritized liquidity and the easing of credit
conditions for households and businesses to soften the economic
damage from the health crisis. Costa Rica's Central Bank cut its
policy rate by a 100bps to a record low of 1.25% since the
beginning of the pandemic. Additionally, the BCCR began to purchase
government securities in the secondary market to provide liquidity
during times of systemic market stress. The BCCR purchases will be
limited to local-currency securities issued prior to 2020 with a
maximum maturity of 10 years.

Banks have adequate capitalization and liquidity levels. However,
banks remain vulnerable to high household indebtedness and high
credit dollarization, largely to unhedged borrowers. NPLs have been
low, 2.6% of total loans as of March 2020, but gradually increased
over the past years. Risks remain tilted to the downside, as the
economic shock will weaken asset quality across the banking system.
The BCCR has a financial facility available to the banking system
of about 5% of GDP in case of liquidity pressures. Other measures
include reducing cost of credit, relaxing regulations on loan
restructuring and a two-month moratorium on principal payments on
loans from affected households and firms, pending congressional
approval.

External finances are being supported amid the global crisis by
improved terms of trade and the absence of large foreign capital in
the local market, as demonstrated by the absence of recent currency
depreciation. Nevertheless, portfolio dollarization of domestic
agents could pose a risk, as has occurred in the past. Issuance of
the USD1.5 billion eurobond and access to multilateral loans
reduced the government's FX demand in the near term, but renewed
external financing constraints could increase pressure on the
exchange rate. Net foreign reserves stood at USD8.5 billion (6.1
months of goods imports) by April 2020.

ESG - Governance: Costa Rica has an ESG Relevance Score of '5' for
both Political Stability and Rights, and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. Theses scores reflect the high
weight the World Bank Governance Indicators have in its proprietary
Sovereign Rating Model. Costa Rica has a high WBGI percentile of
70.7%, reflecting its long track record of stable and peaceful
political transitions, well established rights for participation in
the political process, strong institutional capacity, effective
rule of law and a low level of corruption.

SOVEREIGN RATING MODEL AND QUALITATIVE OVERLAY

Fitch's proprietary SRM assigns Costa Rica a score equivalent to a
rating of 'BBB' on the LT FC IDR scale.

In accordance with its rating criteria, Fitch's sovereign rating
committee decided to adjust the rating indicated by the SRM by more
than the usual maximum range of +/- three notches because of the
extent of Costa Rica's sharply rising debt burden, fiscal budget
financing constraints and emergence of macroeconomic
vulnerabilities.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
rated peers, as follows:

  -- Structural: -2 notches; one negative notch reflects a long
track record of institutional gridlock that has hindered progress
on necessary reforms, which is not fully captured in the WBGI in
the SRM. Fitch added an additional negative notch to highlight the
constraints on external financing posed by political gridlock in
the context of the current crisis.

  -- Fiscal: -2 notches; reflects the severe constraints on fiscal
financing flexibility, and reflects its expectation that government
debt will continue to rise fairly rapidly over the medium term
while the appetite to further increase the revenue base is
limited.

  -- External: -1 notch; reflects the institutional gridlock that
led to periodic barriers to external bond issuance. Absent
authorization for further external bond issuances, the government
would be a net buyer of FX rather than a supplier, increasing
external vulnerabilities.

  -- Macro: -1 notch; reflects policy framework weakness, as
evidenced by the government's decision to use short-term financing
from the central bank, as well as spillover effects from the fiscal
imbalances affecting macro stability.

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

RATING SENSITIVITIES

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

  -- Evidence of sovereign funding stress in the event that
external and domestic borrowing sources cannot be accessed, or a
significant buildup of short-term debt liabilities;

  -- Increased risks to debt sustainability reflected by difficulty
in post-crisis fiscal consolidation, weaker economic recovery
prospects and increase in borrowing costs;

  -- Evidence of external liquidity stress; for example, a
significant sharp decline of international reserves.

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

  -- Sustained improvement in government financing flexibility,
including sustained access to external funding sources.

  -- Greater confidence in the political commitment to fiscal
consolidation that significantly reduces the steep upward
trajectory of the government's debt/GDP ratio.

  -- Reduction of political fragmentation that supports more
cohesive policy making, for example, a significant improvement in
the relationship between the executive branch and the legislative
assembly.

BEST/WORST CASE RATING SCENARIO

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

KEY ASSUMPTIONS

Fitch assumes the global economy performs broadly in line with its
most recent Global Economic Outlook published in April 2020.

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

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

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

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

Costa Rica 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 for Costa Rica, 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,
either due to their nature or to the way in which they are being
managed by the entity.



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

DOMINICAN REPUBLIC: Dominicans are 'Losing Fear' of the Virus
-------------------------------------------------------------
Dominican Today reports that Dominican Republic Public Health
minister, Rafael Sanchez Cardenas, acknowledged the increase in
traffic and movement of people in recent weeks.

He said the population seems to be losing fear of the coronavirus,
according to Dominican Today.

"There is traffic in the day, there is no curfew, the population
seems to be losing fear or supplies are running out in the house,
so people need to go outside, as far as we can see," the official
said, the report notes.

Sanchez Cardenas recognized, however, that the Ministry of Health
"has had to intervene due to crowds of people," in several parts of
the country, 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: Most Taxpayers Won't Have to Pay ISR
--------------------------------------------------------
Dominican Today reports that Internal Taxes (DGII) announced that
it maintains the exemption from the payment of the Advance Income
Tax (ISR) for most taxpayers, corresponding to May, whose due date
is next May 15, 2020.

In a statement, the DGII indicated that the measure will be applied
automatically, so that taxpayers will not have to make particular
requests for their application, according to Dominican Today.

In its announcement, the agency noted that major national taxpayers
that continue to operate are subject to the payment of the Advance
Income Tax, the report notes.

                  About Dominican Republic

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

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

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

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

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

DOMINICAN REPUBLIC: Official Warns Against 'Savage Mining'
----------------------------------------------------------
Dominican Today reports that the Energy and Mines Minister warned
of pressures from "backward sectors" to boycott the amendment of
Law 146, the legal framework of mining that for almost five decades
has fostered "crumbs for the State" and large profits for the
private capital of the industry.

Antonio Isa Conde said that the unprecedented and balanced reform
in the sector, "they are already taking their claws out, with a
mind that does not take into account national interests and that is
selfish, like everything that savage mining represents for
capitalism," according to Dominican Today.

Isa labeled the bill for the National Mining Law as a progressive
initiative, based on criteria of sustainable development, focused
on defending the interests of Dominicans, "with a vision of win win
for the company, the communities and the country," the report
notes.

                    About Dominican Republic

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

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

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

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

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



=============
E C U A D O R
=============

EMPRESA PUBLICA: Fitch Affirms Sr. Unsec. Notes Rating at 'C'
-------------------------------------------------------------
Fitch Ratings has affirmed the senior unsecured notes issued by
Empresa Publica de Exploracion y Explotacion de Hidrocarburos
Petroamazonas EP due in November 2020 at 'C'/'RR4'.

The affirmation reflects the completion of the consent solicitation
processing for which the company received valid consents from
98.91% of bondholders. The notes have a total outstanding amount of
approximately USD175 million.

The purpose of the solicitation of consents was to amend the senior
unsecured notes, which Fitch considers a distressed debt exchange
as per its DDE criteria. In Fitch's opinion, the offering imposes
to bondholders of the notes a material reduction in the notes'
terms as (i) it seeks to extend the maturity date to Dec. 6, 2021
from Nov. 6, 2020, (ii) establish a new amortization schedule,
(iii) reduce the interest amount now scheduled to Sept. 6, 2020 by
USD0.5 for each USD1,000 notes and (iv) eliminate cross defaults
events arising from certain sovereign notes. The proposed
amendments require the affirmative vote of holders of more than 75%
of the outstanding aggregate principal amount of the existing
notes, in accordance with the existing notes indenture.

The notes are fully covered by a sovereign guarantee, which
constitutes a general, direct, unsecured, unsubordinated and
unconditional obligation of the sovereign. The guarantee is backed
by the full faith and credit of the Republic of Ecuador and ranks
equally in terms of priority with other sovereign debt. This
linkage reflects PetroAmazonas' importance to the government of
Ecuador as the main supplier of the country's energy supply and a
large contributor of U.S. dollar-linked revenues.

KEY RATING DRIVERS

PetroAmazonas' senior unsecured notes rating reflect those of
Republic of Ecuador as a guarantor. The downgrade of Ecuador's
rating to 'RD' on April 20th follows the agreement by commercial
bondholders to the government's "consent solicitation" to defer
upcoming bond repayments by four months. Fitch considers this the
first step in a distressed debt exchange that will have concluded
when an intended comprehensive restructuring of these securities is
carried out, which normalizes the relationship with the
international financial community.

On April 18, the government announced that holders of 10 external
bonds totaling USD19.2 billion agreed to the "consent solicitation"
initiated on April 8 that will defer approximately USD800 million
in upcoming interest payments until August. The authorities have
made this request to achieve cash flow relief that could better
enable them to attend to the health and economic crisis stemming
from the coronavirus pandemic. They plan to use this four-month
standstill period to pursue a comprehensive restructuring of those
bonds to ensure debt sustainability, as well as a new "successor
program" to the existing Extended Fund Facility with the IMF.

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

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

DERIVATION SUMMARY

The linkage of PetroAmazonas' notes to the sovereign is similar in
nature to peers, such as YPF S.A. (CCC), Petroleo Brasileiro S.A.
(Petrobras, BB-/Stable), Ecopetrol S.A. (BBB/Negative), Petroleos
Mexicanos (BB-/Stable), Petroleos del Peru - Petroperu S.A.
(BBB+/Stable) and Empresa Nacional del Petroleo (ENAP, A/Negative).
These companies all have strong linkages to their respective
sovereigns, given their strategic importance to each country and
the potentially significant negative sociopolitical and financial
implications their financial distress would have for their
countries.

The 'C'/'RR4' rating on PetroAmazonas's notes reflects its close
linkage with the sovereign rating of Ecuador due to its strategic
importance to the country as one of the largest suppliers of crude
oil. Ecuador depends on oil exports as a significant source of hard
currency for the country, which historically has represented 50% of
the country's exports. The sovereign linkage is further evidenced
by the sovereign guarantee provided to PetroAmazonas to cover its
debt obligations under the notes.

KEY ASSUMPTIONS

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

  -- Senior unsecured notes fully guaranteed by the Republic of
Ecuador in 2020;

  -- Approved budget and consequent government transfers will be
enough to cover operating expenses, capex investments and debt
service payments.

KEY RECOVERY RATING ASSUMPTIONS

  -- The recovery analysis assumes that the value of PetroAmazonas
would be assessed under a going concern approach;

  -- Fitch has assumed a 10% administrative claim

RATING SENSITIVITIES

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

  -- An upgrade of the sovereign.

Factors that could lead to a positive rating action on Ecuador:

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

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

  -- Not Applicable as the 'C' rating is the lowest a debt can be
rated.

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.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch included adjustments to company reported values, mainly
associated to revenues. The company does not report any revenues.
The Republic of Ecuador has not defined an income model to
compensate PetroAmazonas directly for is production efforts.
Instead, the majority of PetroAmazonas' operations are funded
through an annual contribution from the Ministry of Finance in an
amount equal to the General Budget approved by the board of
directors. Given that this is the main source of income for the
company, Fitch adjusted these contributions and reflected them as
revenues.

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.



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

LA HIPOTECARIA THIRTEENTH: Fitch Affirms Series A Notes at 'Bsf'
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of La Hipotecaria Eleventh
Mortgage-Backed Notes Trust Series A Notes, La Hipotecaria
Thirteenth Mortgage-Backed Notes Trust Series A Notes, and La
Hipotecaria Fifteenth Mortgage-Backed Notes Trust Series A and
revised the Rating Outlooks to Negative from Stable following
Fitch's revision of El Salvador's Outlook on April 30, 2020. Fitch
affirmed the ratings and maintained the Outlooks of the La
Hipotecaria Fifteenth Mortgage-Backed Notes Trust Series B and C
Notes.

Additionally, Fitch affirmed the ratings and maintained the
Outlooks of La Hipotecaria El Salvadorian Mortgage Trust 2013-1
Certificates, La Hipotecaria El Salvadorian Mortgage Trust 2016-1
Certificates and La Hipotecaria Trust 2019-1 Certificates.

La Hipotecaria Thirteenth Mortgage-Backed Notes Trust      

  - Series A PAL3008861A4; LT Bsf; Affirmed

La Hipotecaria El Salvadorian Mortgage Trust 2013-1      

  - Series 2013-1 Certificates 501716AA2; LT AAAsf; Affirmed

La Hipotecaria El Salvadorian Mortgage Trust 2016-1      

  - Series 2016-1 50346VAA7; LT AAAsf; Affirmed

La Hipotecaria Eleventh Mortgage-Backed Notes Trust      

  - Series A Notes PAL3005461A6; LT Bsf; Affirmed

La Hipotecaria Trust 2019-1      

  - Series 2019-1 Certificates; LT AAAsf; Affirmed

La Hipotecaria Fifteenth Mortgage-Backed Notes Trust      

  - Series A; LT Bsf; Affirmed

  - Series B; LT CCCsf; Affirmed

  - Series C; LT CCCsf; Affirmed

KEY RATING DRIVERS

Coronavirus-Related Economic Shock: Fitch has made assumptions
about the spread of the coronavirus and the economic impact of the
related containment measures. As a base-case (most likely)
scenario, Fitch assumes sharp economic contractions hit major
economies in 1H20 at a speed and depth that are unprecedented since
World War Two. Sequential recovery begins from 3Q20 onward as the
health crisis subsides after a short but severe global recession.
As a downside (sensitivity) scenario in the Rating Sensitivities,
Fitch takes into consideration a more severe and prolonged period
of stress delaying any meaningful recovery to beyond 2021. Having
this in mind, foreclosure frequency figures have been increased.

Coronavirus-Related Impact: The measures put in place to limit the
spread of the virus are affecting El Salvador's economy, with many
businesses temporarily shut down with little or no income. It is
important to mention that La Hipotecaria S.A. de C.V. LHES offered
clients a three-month payment holiday, which, as of May 2020, 22%
of the El Salvador portfolio has taken part, while 78% continued
paying as usual. LHES, as the sub-servicer, is currently advancing
scheduled payments for clients who accepted the offer to the
transaction.

La Hipotecaria Eleventh Mortgage Backed Notes Trust Series A Notes:
Fitch expects the coronavirus to affect the performance of
mortgages, but Fitch does not expect a rating impact on the 'Bsf'
rated note. This is because the 'Bsf' can absorb Fitch's base case
scenario of the coronavirus-related impacts, and in addition, the
rated note has an average six-month interest coverage ratio of
3.6x, which allows for decreases in collections of about 72% before
the need of using the reserve account, as principal collections can
be used for Series A Notes interest payment.

La Hipotecaria Thirteenth Mortgage-Backed Notes Trust Series A
Notes: Fitch expects the coronavirus to affect the performance of
mortgages, but Fitch does not expect a rating impact on the 'Bsf'
rated note. This is because the 'Bsf' can absorb Fitch's base case
scenario of the coronavirus-related impacts above, and in addition,
the rated note has an average six-month interest coverage ratio of
2.8x, which allows for decreases in collections of about 64% before
the need of using the reserve account, as principal collections can
be used for Series A Notes interest payment.

La Hipotecaria Fifteenth Mortgage-Backed Notes Trust Series A, B &
C Notes: Fitch expects the coronavirus to affect the performance of
mortgages, but Fitch does not expect a rating impact on the 'Bsf'
rated note. This is because the 'Bsf' can absorb Fitch's base case
scenario of the coronavirus-related impacts, and in addition, the
rated note has an average six-month interest coverage ratio of
3.0x, which allows for decreases in collections of about 66% before
the need of using the reserve account, as principal collections can
be used for Series A Notes interest payment. The 'CCCsf' note's
rating addresses the ultimate payment of interest and ultimate
payment of principal.

Sovereign LC IDR: On April 30, 2020, Fitch affirmed El Salvador's
Issuer Default Ratings at 'B-' and its Country Ceiling at 'B' and
revised the Outlook to Negative from Stable. According to Fitch's
'Structured Finance and Covered Bonds Country Risk Rating
Criteria,' the ratings of Structured Finance notes cannot exceed
the CC of the country of the assets unless the transfer and
convertibility risk is mitigated. While the transaction has
sufficient credit enhancement to be rated above the country's IDR,
the T&C risk is not mitigated, so the ratings remains constrained
by the country ceiling and ultimately linked to the ratings of El
Salvador.

Asset Analysis

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

La Hipotecaria Eleventh Mortgage Backed Notes Trust Series A Notes:
Fitch has defined a weighted average foreclosure frequency of 26.3%
and a weighted average recovery rate of 96.5% for a 'Bsf' scenario.
These assumptions consider the main characteristics of the assets,
where OLTV is 86.6%, the seasoning averages 134 months and
remaining term is 212 months, WA current loan-to-value is 70.8%, WA
payment-to-income is 26.2% and the majority of borrowers (59.2%)
pay through payroll deduction mechanism.

La Hipotecaria Thirteenth Mortgage-Backed Notes Trust Series A
Notes: Fitch has defined a WAFF of 19.8% and a WARR of 77.5% for a
'Bsf' scenario. These assumptions consider the main characteristics
of the assets, where OLTV is 86.44%, the seasoning averages 86
months and remaining term is 258 months, WA current loan-to-value
is 76.7%, WA payment-to-income is 26.1% and the majority of
borrowers (65.9%) pay through payroll deduction mechanism.

La Hipotecaria Fifteenth Mortgage-Backed Notes Trust Series A, B
and C Notes: For the 'Bsf' scenario, the A notes need to be able to
support a weighted average foreclosure frequency of 15.4% and a
weighted average recovery rate of 64.8%. At a 'CCCsf' scenario, the
B and C notes need to be able to support a weighted average
foreclosure frequency of 5.4% and a weighted average recovery rate
of 77.8%. These assumptions consider the main characteristics of
the assets, where OLTV is 86.8%, the seasoning averages 59 months
and remaining term is 291 months, WA current loan-to-value is
80.5%, WA payment-to-income is 26.6% and the majority of borrowers
(72.0%) pay through payroll deduction mechanism.

Liability Analysis

La Hipotecaria Eleventh Mortgage Backed Notes Trust Series A Notes:
Credit Enhancement has increased during the last year due to the
sequential nature of the structure. As of March 31, 2020, CE has
increased to 36.6% up from 32.3% observed during the same month of
last year. Stability in the excess spread along with good asset
performance has also helped to improve this metric. The transaction
also benefits from a six month interest reserve account for the
Series A Notes, which is sufficient to cover almost 6 months of
senior expenses and interest payment on Series A. Additionally,
Fitch has assumed that 50% of the borrowers take payment holidays
for a period of six months, in order to account for the potential
volatility in collections.

La Hipotecaria Thirteenth Mortgage-Backed Notes Trust Series A
Notes: Credit Enhancement has increased during the last year due to
the sequential nature of the structure. As of March 31, 2020, CE
has increased to 15.9% up from 14.6% observed during the same month
of last year. Stability in the excess spread along with good asset
performance has also helped to improve this metric. The transaction
also benefits from a six month interest reserve account for the
Series A Notes, which is sufficient to cover almost 6 months of
senior expenses and interest payment on Series A. Additionally,
Fitch has assumed that 50% of the borrowers take payment holidays
for a period of six months, in order to account for the potential
volatility in collections.

La Hipotecaria Fifteenth Mortgage-Backed Notes Trust Series A, B &
C Notes: Credit Enhancement has increased during the last year due
to the sequential nature of the structure. As of March 31, 2020, CE
has increased to 13.4% up from 12.1% observed during the same month
of last year for the series A notes. For the series B notes, CE
increased to 3.0% from 1.9% last year and for the series C notes,
CE increased to 0.8% up from -0.1% last year. Stability in the
excess spread along with good asset performance has also helped to
improve this metric. The transaction also benefits from a three
month interest reserve account for the Series A Notes, which is
sufficient to cover almost 3 months of senior expenses and interest
payment on Series A. Additionally, Fitch has assumed that 50% of
the borrowers take payment holidays for a period of six months, in
order to account for the potential volatility in collections.

Operational Risk: Pursuant to the servicer agreement, Grupo ASSA,
S.A. (the primary servicer), which is rated 'BBB-'/Negative by
Fitch, has hired La Hipotecaria S.A. de C.V. (the sub-servicer) to
be the servicer for the mortgages. Fitch has reviewed LHES systems
and procedures and is satisfied with its servicing capabilities. It
is important to note that LHES has implemented its business
continuity plans and is fully function with all key processes.

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

Credit Quality: The rating assigned to La Hipotecaria El
Salvadorian Mortgage Trust 2013-1 Certificates, La Hipotecaria El
Salvadorian Mortgage Trust 2016-1 Certificates and La Hipotecaria
Trust 2019-1 Certificates are commensurate with the credit quality
of the guarantee provider. The credit quality of the U.S.
International Development Finance Corporation (DFC) is directly
linked to the U.S. sovereign rating (AAA/F1+/Stable), as guarantees
issued by, and obligations of, DFC are backed by the full faith and
credit of the U.S. government, pursuant to the Foreign Assistance
Act of 1969.

Reliance on DFC Guaranty: Fitch assumes the payments on the La
Hipotecaria El Salvadorian Mortgage Trust 2013-1 Certificates, La
Hipotecaria El Salvadorian Mortgage Trust 2016-1 Certificates and
La Hipotecaria Trust 2019-1 Certificates will rely on the DFC
guaranty. Through this guaranty DFC will unconditionally and
irrevocably guarantee the receipt of proceeds from the underlying
notes in an amount sufficient to cover timely scheduled monthly
interest amounts and the ultimate principal amount on the
certificates.

Ample Liquidity: The La Hipotecaria El Salvadorian Mortgage Trust
2013-1 Certificates, La Hipotecaria El Salvadorian Mortgage Trust
2016-1 Certificates and La Hipotecaria Trust 2019-1 Certificates
benefit from liquidity, in the form of a five-day buffer between
payment dates on the underlying notes and payment dates on the
certificates. Additionally, the certificates benefit from a
three-month debt service reserve account at the underlying note
level. Fitch considers this as sufficient to keep debt service
current on the guaranteed certificates until funds under a claim of
DFC are received.

RATING SENSITIVITIES

Coronavirus Downside Scenario Sensitivity:

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

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

The ratings of La Hipotecaria Eleventh Mortgage Backed Notes Trust
Series A Notes and La Hipotecaria Thirteenth Mortgage-Backed Trust
Series A Notes and La Hipotecaria Fifteenth Mortgage Backed Notes
Trust Series A Notes are currently capped at El Salvador's Country
Ceiling level. These ratings could only be upgraded in case of an
upgrade of El Salvador's Country Ceiling.

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

In the case of La Hipotecaria El Salvadorian Mortgage Trust 2013-1
certificates, of La Hipotecaria El Salvadorian Mortgage Trust
2016-1 certificates and the La Hipotecaria Mortgage Trust 2019-1,
the ratings assigned are at the maximum possible, so upgrades are
not possible.

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

The ratings of La Hipotecaria Eleventh Mortgage-Backed Notes Trust
Series A Notes and La Hipotecaria Thirteenth Mortgage-Backed Trust
Series A Notes and La Hipotecaria Fifteenth Mortgage-Backed Notes
Trust Series A Notes could be downgraded in case of a downgrade of
El Salvador's Country Ceiling. The agency also tested scenarios of
15%-30% increases / decreases in Foreclosure Frequency / Recovery
Rates and found that these ratings could withstand current levels,
which is basically explained by the structures and high level of
Credit Enhancement in place.

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

In the case of La Hipotecaria El Salvadorian Mortgage Trust 2013-1
certificates, of La Hipotecaria El Salvadorian Mortgage Trust
2016-1 certificates and the La Hipotecaria Mortgage Trust 2019-1,
the rating assigned could be downgraded in case of a downgrade on
the U.S. sovereign rating.

BEST/WORST CASE RATING SCENARIO

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

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

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS

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

ESG CONSIDERATIONS

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



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

JAMAICA: Condemns "Acts of Discrimination" Against BPO Workers
--------------------------------------------------------------
RJR News reports that the Global Services Association of Jamaica,
the Jamaica Chamber of Commerce, the Jamaica Manufacturers and
Exporters Association and the Private Sector Organisation of
Jamaica have condemned acts of discrimination against workers in
the Business Process Outsourcing (BPO)industry.

The groups are discouraging any form of discriminatory treatment of
the employees and other individuals who may be included in contact
tracing, according to RJR News.

They say the BPO industry and its members play an important role in
Jamaica's economic and social development, the report relays.

BPO companies in Jamaica were ordered to close for 14 days, amid
the outbreak of  coronavirus at the Alorica call centre in St.
Catherine, the report notes, the report notes.

However, the government offered exemptions to operators who support
critical private and public sector services, the report adds.

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

On April 17, 2020, the TCR-LA reported that Fitch Ratings has
revised Jamaica's Outlook to Stable from
Positive. The Long-Term Foreign-Currency Issuer Default Rating is
affirmed at B+. The Outlook change reflects the shock to Jamaica
from the coronavirus pandemic, which is expected to lead to a sharp
contraction in its main sources of foreign currency revenues:
tourism, remittances and alumina exports.



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

GRUPO KUO: S&P Downgrades ICR to 'BB-' on Operational Setbacks
--------------------------------------------------------------
On May 8, 2020, S&P Global Ratings lowered its global scale issuer
credit ratings on Grupo KUO to 'BB-' from 'BB' and its national
scale ratings to 'mxBBB+' from 'mxA'. At the same time, S&P lowered
its global scale issue-level rating to 'BB-', while affirming the
recovery rating of '3'. S&P also removed the ratings from
CreditWatch with negative implications and assigned a negative
outlook.

S&P based the downgrade of KUO on its expectation that the
company's credit metrics will remain high for the rating level,
after KUO announced last Monday that there had been a fire at its
pork meat processing plant, which will severely hamper production.
This is a major setback because the plant represents about 30% of
the total processed meat that KUO sells, a business line that
accounted for 47% of the conglomerate's total revenues in 2019.

Moreover, its auto parts and chemicals business lines could
struggle amid production shutdowns and decrease in commodity prices
and demand, respectively. S&P believes the challenges across all
sectors will result in lower revenues and EBITDA generation for
this year than in its previous base case, with KUO maintaining debt
to EBITDA close to 5.0x for 2020 and above 4.0x in 2021.

Additionally, the negative outlook reflects the uncertainty about
how long the meat processing plant will be shut down. Furthermore,
the current recession could result in lower demand for cars such as
the Corvette and Ford Mustang, which use the DCT transmissions that
KUO produces. The uncertainty on these two business lines, as well
as the continued weak performance of the chemical segment, could
slow EBITDA recovery, potentially keeping debt to EBITDA close to
5.0x during 2020.

S&P said, "In our last review, we expected that the pork meat
business would offset the possibility of an extended shutdown at
the DCT plant, as well as the softer demand for styrene and
butadiene products in the chemical business. The company's results
during the first quarter of the year supported our view, as the
rising prices and exported volumes of pork resulted in a major
EBITDA increase, although we also saw rising costs in the
transmission business due to the production shutdown and lower
prices and volume sold in the chemical business.

"However, we now forecast pork production will decline for the rest
of the year, and could only recover fully by 2021, hampering EBITDA
generation. We believe KUO will redirect some of its processing
business to its other two plants; however, those are already at
almost full capacity and have limited capability to increase
production. Therefore, even though we expect that the favorable
pork prices will continue because the Asian market continues to
have a demand surplus due to the African swine fever, revenues will
decline from the 2019 level, and will modestly recover in 2021, as
KUO ramps up the production again at the facility.

"KUO's DCT plant continues to be shut down due to the COVID-19
outbreak, which has resulted in higher costs and lower EBITDA
generation. The shutdown remains in place; however, we expect it
will be lifted later this month. We anticipate that the auto parts
segment will generate a double-digit revenue increase in 2020 as
the original equipment manufacturers (OEMs) fill their DCT
inventories, as illustrated by the 31% revenue increase in the auto
parts business during the first quarter of 2020. However, demand
for the product could decline in 2021 if the demand for the cars
declines because of the recession, resulting in lower EBITDA.

"We believe that the prices of butadiene and styrene will remain
low this year, which will also lead to lower cost absorption and a
depreciating effect on KUO's inventories. Likewise, the demand for
single-use applications has weakened in this quarter. Both effects
combined will dampen EBITDA generation for the segment this year."

During the first quarter of 2020, exports' share of KUO's total
revenues was about 56%, a number that had increased during 2019 as
KUO exported more pork meat to China and Japan, and its DCT plant
started operating. S&P said, "We still think that the company will
maintain a similar share in 2020 despite the decrease of meat
production. Nonetheless, KUO has a significant amount of debt
denominated in dollars, with $450 million senior secured notes due
2027 and a recently drawn $80 million credit facility due 2024. We
forecast that the foreign exchange rate by the end of the year will
be MXN22.0 per $1--a significant increase from 2019
levels--offsetting the revenue increase."

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Health and Safety


XIGNUX SA: S&P Downgrades ICR to 'BB' Amid Coronavirus Crisis
-------------------------------------------------------------
On May 8, 2020, S&P Global Ratings lowered its global scale issuer
credit rating on Mexico-based conglomerate Xignux, S.A. de C.V.
(Xignux) to 'BB' from 'BB+' and its national scale ratings to
'mxA+/mxA-1' from 'mxAA-/mxA-1+'.

S&P said, "At the same time, we lowered our long-term issue-level
rating to 'mxA+' from 'mxAA-' on its local bond (CEBURES) XIGNUX 13
due 2023, and our short-term issue-level rating to 'mxA-1' from
'mxA-1+' on its local bond (CEBURES) program.

"Xignux's adjusted debt to EBITDA of above 3.0x in 2019 (excluding
Prolec GE from our calculations) was higher than our forecast of a
weighted average of 1.5x-2.0x. We expected EBITDA to rise thanks to
stronger operating and financial performance of its cable and food
business units, along with the expected cost efficiencies in fuel
and energy consumption, as well as the pass-through of copper price
volatility to end clients. However, lower activity in Mexico's
infrastructure and construction industry, as well as 7% decline in
copper prices caused the company's cable segment's revenue to be
19% below our previous assumptions. Furthermore, despite our
expectations of greater cost efficiencies stemming from the
increase of its installed capacity at its food business unit, both
current and new plants maintained certain operating cost duplicity
that lowered profitability for the year. Xignux posted total
revenue of MXN50.2 billion (compared with our foreact MXN55 billion
- MXN56 billion) and adjusted EBITDA of MXN3.3 billion (MXN4.5
billion) in 2019.

"For 2020, we expect that around 70% of total EBITDA will come from
the cable and infrastructure/transformer divisions, which we view
as highly dependent on the economic recovery in Mexico and the U.S.
Our assumptions include that Mexico's GDP will contract 6.7% and
that of the U.S. 5.2% during 2020; and a potential recovery of 2.9%
and 6.2%, respectively for 2021. We believe Mexico and Un.S. will
suspend infrastructure, construction, and renewable energy projects
for at least a three-month period during 2020, which could
compromise the financial performance that we expect for both
divisions of the company. As of March 31, 2020, including Prolec
GE, the company's debt to EBITDA was around 2.0x.

"The remainder of total EBITDA comes from the food division, which
has a diversified product portfolio split between 'value' and
'premium' brands. Amid the current economic downturn, we believe
this segment could be less exposed to lower demand because it's
considered as an 'essential' industry during current lockdown.
However, we believe Xignux's food unit will slightly reduce volumes
amid the expected lower spending on premium goods during 2020. We
believe that as Mexico slowly moves forward current lockdown, we
could see slightly higher demand from tourism, which will
reactivate lodging industry companies operations by the end of 2020
and beginning of 2021; supporting higher volume sales for Xignux's
food division.

"We believe difficult industry and economic conditions could raise
Xignux's current leverage metrics. Therefore, we now believe its
debt to EBITDA will be 2.0-3.0x, FFO to debt 20%-30%, and OCF to
debt at 15%-25%.

As of Dec. 31, 2019, the company has been including Prolec GE
Internacional, S. de R.L. C.V.'s (Prolec GE Internacional) results
in it financial reports, which were previously accounted under the
method of investments in associates and joint ventures. S&P
includes Prolec GE in its estimates for 2020, but not for 2019.
Prolec GE produces electrical transformers for the generation,
transmission, and distribution of electrical energy. The company
has high exposure in the U.S. in terms of sales. The inclusion of
this unit will represent close to $715 million and $58 million in
revenue and EBITDA, respectively, for Xignux. In addition, this
division benefits from high operating cash generation and reduced
debt funding requirements. However, S&P believes that the current
economic downturn worldwide could cloud the benefits from
consolidating Prolec GE during 2020, but it will contribute to the
recovery in 2021.

S&P said, "Moreover, our base-case scenario for the next two years
assumes that the integration of this business unit will increase
Xignux's share of revenue in dollars to 70% of total. We expect
this will benefit the company as we assume foreign exchange rates
of MXN22.0 per $1 in 2020 and MXN21.75 per $1 for 2021. This will
partly offset the impact of the expected decline in volume sales at
the cable and infrastructure/transformer divisions, as well as the
peso's further slide in value against the dollar, given that around
70% of sales are denominated in dollars.

"We believe the company has taken the necessary measures to protect
its liquidity position amid current economic downturn. These
strategies include $115 million in committed credit facilities, the
refinancing of its debt to keep around 94% of it maturing after
2021, and the expected cuts in capital expenditures (capex) during
the next 12 months. Moreover, on a pro forma basis, available cash
as of March 31, 2020, reached about MXN6.3 billion, which allows
the company to cover more than 1.5x its liquidity uses for the next
two years including $55 million in dividend payments for 2020. As
of this report's date, we believe Xignux maintains ample liquidity
headroom to withstand the potentially more pronounced decline in
EBITDA."

Environmental, social, and governance (ESG) credit factors taken
into account for this rating.

-- Health and safety




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

HOGAR LA MISERICORDIA: June 11 Hearing on Disclosure Statement
--------------------------------------------------------------
Judge Edward A. Godoy has ordered that a hearing on approval of the
Disclosure Statement filed by Hogar La Misericordia Inc is
scheduled for June 11, 2020 at 9:30 a.m. at the United States
Bankruptcy Court, Southwestern Divisional Office, MCS Building,
Second Floor, 880 Tito Castro Avenue, Ponce, Puerto Rico.

Objections of the Disclosure Statement should be filed and served
not less than 14 days prior to the hearing.

                  About Hogar La Misericordia

Hogar La Misericordia, Inc., sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 19-07107) on Dec. 4,
2019.  At the time of the filing, the Debtor disclosed assets of
between $100,001 and $500,000 and liabilities of the same range.
Judge Edward A. Godoy oversees the case.  The Debtor tapped
Norberto Colon Alvarado Law Office as its legal counsel.

INTERNATIONAL FOOD: Seeks Approval to Hire Consultant
-----------------------------------------------------
International Food Service Purchasing Group, Inc. seeks authority
from the U.S. Bankruptcy Court for the District of Puerto Rico to
tap the services of a consultant to assist in the operation of its
business.

The Debtor proposes to employ Jan Walton and pay the consultant an
hourly fee of $24.

Mr. Walton is disinterested within the meaning of  Section 101(14)
of the Bankruptcy Code, according to court filings.

Mr. Walton holds office at:

     Jan Walton
     700 Burnt Mill Drive
     Lake Arrowhead, CA 92378
     Tel: 951-314-2167
     Email: jwalton@ifscg.us

                 About International Food Service
                       Purchasing Group Inc.

International Food Service Purchasing Group Inc. is a non-profit
organization in San Juan, P.R., that provides supply chain analysis
and management services for the restaurant industry.

International Food Service filed a Chapter 11 petition (Bankr.
D.P.R. Case No. 20-01458) on March 20, 2020. In the petition
signed by Charles A. Maxwell, president, Debtor was estimated to
have $1 million to $10 million in both assets and liabilities.
Alexandra Bigas Valedon, Esq., at Modesto Bigas Law Office, is
Debtor's bankruptcy counsel.

MARINE ENVIRONMENTAL: Wants to Maintain Exclusivity Until Nov. 2
----------------------------------------------------------------
Marine Environmental Remediation Group, LLC and MER Group Puerto
Rico LLC ask the U.S. Bankruptcy Court for the District of New
Jersey for a third extension of the period during which only the
companies can file a Chapter 11 plan to November 2 and the period
to solicit acceptances for the plan to January 4, 2021.

The Debtors are working to generate financial recovery through
these two adversary proceedings: one against Anointed Security
Services Inc. and the other against Starr Indemnity & Liability
Company. The Debtors seek millions of dollars from Anointed alone.
In the adversary proceeding against Starr, the Debtors seek to
expunge Starr's $1.24 million secured claim asserted on the
proceeds from the Debtors' former vessel -- the Seven Polaris.

Additionally, the Debtors are communicating with the Local
Redevelopment Authority for Roosevelt Roads of Puerto Rico to
address the LRA's pending request for an administrative expense
claim. The Debtors have also been in communications with the
Committee and Maritime Equities LLC to discuss the framework for a
potential chapter 11 plan.

Accordingly, the Debtors believe that an extension of the
exclusivity periods would permit them to complete these important
tasks towards achieving plan confirmation in these cases.

                    About Marine Environmental

MER Group -- http://www.mergroupllc.com-- provides ship recycling
services at facilities in the United States and Europe. MER claims
to have pioneered an environmentally-sensitive process of
dismantling obsolete vessels that meets or exceeds all U.S. EPA,
OSHA, state and Commonwealth regulations.

Marine Environmental Remediation Group LLC and affiliate MER Group
Puerto Rico LLC filed voluntary petitions seeking relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No.
19-18994) on May 1, 2019. In the petitions signed by Martin Vulaj,
CEO, the Debtors' estimated $1 million to $10 million in both
assets and liabilities. The case is assigned to Judge Vincent F.
Papalia. Jeffrey D. Vanacore, Esq., at Perkin Coie LLP, represents
the Debtors.

UNITED EMERGENCY: June 10 Hearing on Disclosures and Confirmation
-----------------------------------------------------------------
Due to the Covid-19 emergency, Judge Mildred Caban Flores has
ordered that a hearing on final approval of Disclosure Statement
and confirmation of the Plan filed by United Emergency Medical Corp
is scheduled, for cause, for June 10, 2020, at 9:00 a.m., at the
U.S. Bankruptcy Court, Jose V. Toledo Federal Building and US
Courthouse, 300 Recinto Sur Street, Courtroom 3, Third Floor, San
Juan, Puerto Rico.

                     About United Emergency

United Emergency Medical Corp. is a privately held company that
provides medical transportation services. United Emergency filed a
Chapter 11 petition (Bankr. D.P.R. Case No. 19-02477) on May 2,
2019.  The case is assigned to Hon. Mildred Caban Flores.  At the
time of filing, the Debtor disclosed assets of $1,681,407 and
liabilities of $825,705.  The Debtor's counsel is Ruben Gonzalez
Marrero, Esq. of GONZALEZ & VELASCO LAW OFFICE.

WESTERN HOST: Municipio de San Juan Objects to Disclosure & Plan
----------------------------------------------------------------
Creditor MUNICIPIO DE SAN JUAN (MSJ) filed an objection to Western
Host Associates' Plan and Disclosure Statement.

On August 28, 2018, Creditor filed Proof of Claim No. 11 for
Municipal License Tax.  Said Proof of Claim included an Unsecured
Priority portion of $49,320.23, Unsecured portion of $15,218.74
and
a total prepetition claim of $64,538.97.

The Debtor has provided no basis or evidence for its proposed
treatment of the MSJ's tax claims, therefore the MSJ is unable to
assess said treatment.

Municipality of San Juan objects the proposed Disclosure Statement
and Plan of Reorganization as filed, for failure to consider the
amounts according to its Proof of Claim No 11.

A full-text copy of MSJ's objection dated April 21, 2020, is
available at https://tinyurl.com/ycbduasl from PacerMonitor at no
charge.

The Creditor is represented by:

         CARLA FERRARI-LUGO
         FERRARI LAW PSC
         PO Box 988
         Aguadilla, P.R. 00605
         Tel: (787) 891-4255
         Fax: (787) 986-7493
         E-mail: ferraric@ferrarilawpr.com

                About Western Host Associates

Western Host Associates, Inc., owns a four-story commercial hotel
building located at 202 San Jose Street, Old San Juan, Puerto
Rico.

The hotel is currently non-operational and is valued by the company
at $1.35 million.

The company previously sought bankruptcy protection on Nov. 14,
2012 (Bankr. D.P.R. Case No. 12-09093) and on May 19, 2011
(Bankr.D.P.R. Case No. 11-04152).

Western Host Associates sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-02696) on May 15, 2018.
In the petition signed by Luis Alvarez, president, the Debtor
disclosed $1.36 million in assets and $4.82 million in
liabilities.

Judge Brian K. Tester oversees the case.

The Debtor tapped Gratacos Law Firm, PSC, as its legal counsel and
the Law Offices of Jose R. Olmo-Rodriguez, as special counsel.


                           *********


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

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

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

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