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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 19, 2020, Vol. 21, No. 100

                           Headlines



A R G E N T I N A

BUENOS AIRES: S&P Cuts Issuer Credit Rating to SD on Missed Payment


B R A Z I L

BRAZIL: Moody's Affirms Ba2 Issuer & Sr. Unsecured Bond Ratings
BRAZIL: Risk and Dollar Soar as Country Becomes More Risky Economy


C H I L E

LATAM AIRLINES: S&P Lowers ICR to 'CCC+' on Tight Liquidity


C O L O M B I A

AVIANCA HOLDINGS: Sees Governments as Key in Restructuring


C O S T A   R I C A

BANCO INTERNACIONAL: Fitch Maintains 'BB-' LT IDR, On Watch Neg.
GRUPO ICE: Fitch Lowers IDR to B on Sovereign Decline


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Cabarete Mayor Strikes RD$3MM+ Debt of Firms
DOMINICAN REPUBLIC: Construction Sector Seeks Economy Reactivation
DOMINICAN REPUBLIC: Top Health Official Reports on Virus Status


J A M A I C A

JAMAICA: Ministry Seeking Facilities for Excess Farm Produce


P A N A M A

ENA NORTE: S&P Cuts Rating on $600MM Notes to 'BB+', On Watch Neg
ENA SUR TRUST: S&P Lowers Rating on $170MM Class A Notes to 'B+'

                           - - - - -


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A R G E N T I N A
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BUENOS AIRES: S&P Cuts Issuer Credit Rating to SD on Missed Payment
-------------------------------------------------------------------
S&P Global Ratings lowered its global scale issuer credit ratings
on the province of Buenos Aires to 'SD' from 'CC'. S&P also took
the following rating actions:

-- S&P lowered the issue-level rating on the medium-term par
    bonds 2020 (EUR and US$) and on the 2028 global bond to 'D'
    from 'CC'.

-- S&P affirmed other long-term issue-level ratings at 'CC'.

Outlook

S&P doesn't assign outlooks to 'SD' or 'D' ratings because they
express a condition and not a forward-looking opinion of default
probability.

Downside scenario

S&P could lower the ratings on the province's other eight global
bonds that are included in the restructuring offer that the Buenos
Aires is currently negotiating with bondholders, to 'D' from 'CC'
once the exchange offer is completed. S&P said, "In our view, the
offer is a distressed exchange and tantamount to default. If the
restructuring process is extended, we could lower our ratings on
these bonds to 'D' if the province misses a debt service payment.
The 2035 long-term par bonds have an interest payment coming due on
May 15. We will lower the rating on it on May 18 if province misses
the payment."

Upside scenario

S&P said, "We could raise our ratings on the province following the
completion of global debt restructuring process and upon issuance
of new bonds. The post-default rating would reflect the resulting
debt burden and debt service profile, the broad policy strategy
under the Kicillof administration, including its fiscal
consolidation plans, as well as macroeconomic prospects and
potential access to markets. Our post-restructuring ratings tend to
be in the 'CCC' or low 'B' categories, depending on the new debt
structure and capacity to support that debt. Nonetheless, we
highlight that the current 'CCC+' T&C assessment on Argentina
constitutes a rating cap on domestic subnational governments."

Rationale

S&P said, "We lowered our issuer credit rating to 'SD' following
the missed final amortization payment on the medium-term par bonds
during its grace period. Given that the payment was due May 1, a
holiday in Argentina, the bond documentation indicated the
applicable payment date was May 4, while the 10-calendar day grace
period associated with the applicable payment date expired on May
14. We lowered the rating on these bonds to 'D' from 'CC'. Given
the missed payment on this debt, we also don't expect the province
to make payment on the global 2028 bond, which is currently in the
grace period, and lowered our rating on it to 'D' as well."

These three bonds and the two long-term par bonds are part of the
ongoing comprehensive debt restructuring process. The province
presented its exchange offer on April 24, 2020, and extended the
deadline for creditors to accept to May 26 from May 11, given low
acceptance of the terms. The offer consists of exchanging 11 global
bonds, with an outstanding face value of $7.1 billion, for four new
securities maturing in 2032 and 2040 (in addition to two associated
interest-only instruments).

The restructuring offer includes net present value losses for
bondholders, because it entails a reduction in principal and
interest payments, a three-year grace period, and extension of
maturities. The specifics of the proposal, coupled with the
stressed economic and financial conditions in Argentina and the
province, are consistent with S&P's view of the offer as a
distressed exchange and tantamount to default, according to its
methodology.

If majorities of creditors agree to the proposed terms at the
various thresholds specified in each of the bonds' collection
action clauses, new bonds would replace the old defaulted/exchanged
bonds and S&P would engage in a forward-looking assessment of the
province's creditworthiness. However, if not enough creditors
agree, and/or the province proceeds with the exchange and replaces
the tendered bonds with the newly-issued bonds, the issuer credit
rating on the province and the issue-level ratings on the new bonds
would incorporate the potential impact of litigation by holdout
creditors.

The province's access to credit markets has been very limited over
the last several months, reduced mainly to just the issuance of
short-term notes. At the same time, the province's financing needs
are mounting as the fiscal and economic outlooks deteriorate. The
prolonged economic downturn, exacerbated by the COVID-19 pandemic
and the associated lockdown measures, has eroded further the
province's already weak tax revenue. This is despite the increase
in taxes earlier this year, signaling the province's very limited
capacity to boost tax revenue. Reported local tax collection until
March already showed a decrease in real terms (a 32% growth
compared with the same period of 2019, below the inflation rate of
48%).

At the same time, pressures on the spending side are substantial.
The province has one of the highest numbers of infections from
COVID-19 in the country, which not only delays the relaxation of
the lockdowns, but continues to ratchet up pressure on the
province's health care and social safety net expenditures amid
considerable economic strains.

The medium-term fiscal outlook remains highly uncertain at this
point. Nonetheless, S&P considers that fiscal correction will be
only moderate, in line with its base-case assumptions of limited
economic recovery and the administration's indications of
prioritizing social spending above other expenditures (including
debt service) amid a rapidly weakening socioeconomic profile.

S&P said, "Our projections of provincial debt exclude the impact of
any debt restructuring relief, given that negotiations with
creditors are ongoing. In 2019, the province's reported debt was
ARP653 billion ($10 billion), accounting for 66% of estimated
operating revenue. The share of debt stock and debt service of
revenues has increased over the last years, given the peso's sharp
depreciation and revenue erosion. The province aims to restructure
70% of its debt to alleviate its short-term debt service profile
and align it to its sustainable medium- to long-term goals.
Commercial debt service for the next 12 months is estimated at $1.8
billion); in addition we estimate inter-government debt service at
$1.2 billion."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Downgraded; CreditWatch/Outlook Action; Ratings Affirmed
                                   To           From
  Buenos Aires (Province of)
   Issuer Credit Rating           SD/NR    CC/Negative/NR

  Downgraded

  Buenos Aires (Province of)
   Senior Unsecured  
   EUR572.261mil due 5/01/2020      D            CC
   US$63.7mil due 5/01/2020         D            CC
   US$400mil due 4/18/2028          D            CC

  Ratings Affirmed  

  Buenos Aires (Province of)
   Senior Unsecured                CC




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B R A Z I L
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BRAZIL: Moody's Affirms Ba2 Issuer & Sr. Unsecured Bond Ratings
---------------------------------------------------------------
Moody's Investors Service affirmed the Government of Brazil's Ba2
issuer and senior unsecured bond ratings, and (P)Ba2 senior
unsecured shelf rating. The outlook remains stable.

The key drivers behind the rating decision are:

(1) Recent debt dynamics and more favorable interest rate
environment provide adequate buffer to manage increase in
indebtedness due to pandemic-related economic shock

(2) Improved policy effectiveness will support economic performance
and fiscal consolidation post crisis

(3) Limited exposure to external debt, and strong foreign exchange
reserve position

Brazil's debt dynamics have shown some improvement, supported by
approval of social security reform, which is necessary to ensure
compliance with the spending ceiling and put government debt on a
downward trajectory. The current administration has presented a
wide-ranging reform agenda, focused on fiscal reforms, financial
sector measures, and structural reforms aimed at reducing the role
of the state in economic activities, improving the business
environment, and encouraging private sector participation in
infrastructure investment. As a result of improved monetary policy
effectiveness, interest rates have dropped significantly, improving
debt dynamics and supporting fiscal consolidation efforts, which
resulted in a slower pace of debt accumulation. However, the
economic fallout from the spread of coronavirus will delay the
reform agenda and lead to a significant buildup in government debt
this year. Balancing the need for an effective policy response to
the economic and health crisis, against the need to resume fiscal
consolidation next year will be important considerations informing
its views on the country's credit profile in the coming years.

The country ceilings remain unchanged. The long-term foreign
currency bond ceiling remains at Ba1. The long-term foreign
currency deposit ceiling is unchanged at Ba3. The long-term local
currency bond and deposit ceilings remain unchanged at A3. The
short-term bond and deposit foreign-currency ceilings remained
unchanged at NP.

RATINGS RATIONALE

RATIONALE FOR THE RATING AFFIRMATION AT Ba2

RECENT DEBT DYNAMICS AND FAVORABLE INTEREST RATE ENVIRONMENT
PROVIDE ADEQUATE BUFFER TO MANAGE INCREASE IN INDEBTEDNESS DUE TO
PANDEMIC-RELATED SHOCK

Brazil's debt dynamics have been supported by a consistent drop in
interest rates, and debt accumulation have been relatively
contained as a result of one-off revenues, particularly related to
early repayment of debt owed by Banco Nacional de Desenvolvimento
Economico e Social. These dynamics resulted in a slight drop in
government debt to 75.8% last year, down from 76.5% of GDP at end
2018.

Before the coronavirus-related economic shock, Moody's expected
fiscal performance to improve this year and debt to continue to
stabilize. However, as a direct result of the economic contraction
and crisis response this year, Moody's expect fiscal performance to
deteriorate and debt to rise again to around 88% of GDP in 2020-21.
At that level, the debt stock will be higher than previously
expected; however the underlying debt dynamics allow the government
some fiscal space to manage the higher debt level, as monetary
policy easing in response to the economic shock continue to support
debt dynamics. Moody's expects inflation around 2.5% this year, and
3% in 2021, allowing the central bank to maintain an accommodative
stance for longer than anticipated before the crisis hit. Given
that Brazil's debt has a significant component with floating
interest rates, or is inflation-linked debt, the drop in interest
rate and inflation has a material and quick impact on debt service
and debt accumulation. The sustainability of this lower inflation
and supportive interest rate environment provides the government
additional fiscal space to absorb the increase in gross debt
related to the current crisis, without materially eroding its
fiscal strength. Finally, Moody's notes that some aspects of
Brazil's debt structure; including its very limited exposure to
foreign currency risk, and a large and diversified domestic
investor base, are supportive credit features.

Despite the expected deterioration in fiscal outcomes this year,
the authorities have taken steps to ensure that exceptionally high
spending, above the spending ceiling is limited to 2020 through the
approval of a constitutional amendment to ringfence exceptional
spending from regular government operations. The temporary nature
of these expenditure measures should allow for a narrowing of the
fiscal imbalance next year.

IMPROVED POLICY EFFECTIVENESS WILL SUPPORT ECONOMIC PERFORMANCE AND
FISCAL CONSOLIDATION POST CRISIS

In Moody's assessment, monetary and macroeconomic policy
effectiveness, which the rating agency considers a governance
factor under its ESG framework, has strengthened in the past two
years. This will support the economic recovery and fiscal
consolidation post-crisis. Building on the constitutionally-binding
spending ceiling, approved at the end of 2016, the authorities
approved a pension reform last year, in line with Moody's
expectations and supportive of the Ba2 rating. Approval of pension
reform resulted in total savings of BRL 800 billion, equivalent to
11% of 2019 GDP over 10 years. In late 2019, the government
presented proposals for constitutional amendments to overhaul the
fiscal framework and simplify the tax regime. The fiscal measures
would reduce spending rigidity, address the persistent increase in
mandatory spending, and facilitate compliance with existing fiscal
rules, particularly the spending ceiling.

Monetary policy effectiveness has also yielded positive results,
supporting a substantial reduction in interest rates and anchoring
inflation expectations, which Moody's expect will continue.
Financial sector reforms and the reduction of subsidized lending
improved the transmission mechanism through the interest rate
channel; and together with reduced public spending contributed to a
sustained drop in Brazil's interest rates. Congress is also
analyzing a new law that would grant the central bank de jure
independence, which would further strengthen the institutional
framework for monetary policy.

Although implementation of fiscal and structural reforms has been
paused to focus on coronavirus crisis response, Moody's expect
fiscal and structural reforms to resume as the crisis abates.
Particularly, the fiscal constitutional amendment to reduce
mandatory spending related to the wage bill, and authorize spending
cuts to ensure compliance with the spending ceiling would be
critical to prevent further rise in and, over time, reduce the debt
burden.

THE COUNTRY'S LIMITED EXPOSURE TO EXTERNAL DEBT AND STRONG FOREIGN
EXCHANGE RESERVE POSITION

Brazil's external vulnerability is limited; a long-standing feature
that supports the sovereign's credit profile. The current account
deficit stood at 2.7% of GDP in 2019, and has been fully financed
by foreign direct investment, which remained robust over the past
several years. Brazil's external debt was around 37% of GDP at end
2019, and the share of government debt held by nonresidents was
around 10% in March 2020 The government's balance sheet is thus
resilient to tightening global liquidity. Overall, external
vulnerability is low due to a strong international reserve
position, which provides sufficient liquidity coverage to withstand
external financial shocks.

RATIONALE FOR STABLE OUTLOOK

Although Brazil will experience a large negative growth shock and
its debt burden will increase this year, Moody's expect the
authorities will resume fiscal consolidation and reforms beginning
next year. This supports its view that fiscal deterioration will be
stabilized and reversed in the coming years. The rating agency also
note that Congress has acted swiftly to support the government's
efforts to approve complex constitutional amendments that allowed
the government to deliver a relatively large fiscal and monetary
policy response, which will support the economic rebound next
year.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Brazil's exposure to environmental and social risks is generally
limited. However, because of the negative impact of the coronavirus
outbreak on economic activity and employment, social risks may
increase if the government is not able to contain the contagion and
fails to provide access to treatment to those infected. Moody's
considers the coronavirus outbreak to be a social factor under its
ESG framework, given the substantial implications for public health
and safety. The country's governance framework is a key factor
underpinning investor confidence and its institutional strength
assessment. The country's relatively low rankings in terms of
government effectiveness and control of corruption, as measured by
the Worldwide Governance Indicators, understate the strength of
Brazil's institutional arrangements, particularly the effectiveness
of monetary and macroeconomic policies. More recently, approval of
critical fiscal reforms with support from Congress and the public
underpins its assessment of Brazil's institutional strength.

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

Moody's would change the the outlook on Brazil's rating to positive
if, post pandemic shock, the country's reform agenda proves
effective in furthering fiscal consolidation and economic growth in
the next 2-3 years.

Negative pressure on Brazil's credit profile would emerge in a
scenario where political dynamics worsen to the point that it
impacts reform implementation and impedes the economic recovery
post-coronavirus crisis; delays in fiscal reforms needed to comply
with the spending ceiling and stabilize debt burden would also be
credit negative. Similarly, a materially deeper and more protracted
pandemic shock eroding economic and fiscal strengths would pressure
the rating.

Minutes and stats

GDP per capita (PPP basis, US$): 16,146 (2018 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 1.3% (2018 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 3.7% (2018 Actual)

Gen. Gov. Financial Balance/GDP: -7.2% (2018 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: -2.2% (2018 Actual) (also known as
External Balance)

External debt/GDP: 35.3

Economic resiliency: baa3

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.

On May 12, 2020, a rating committee was called to discuss the
rating of the Brazil, Government of. The main points raised during
the discussion were: The issuer's institutions and governance
strength, have increased. The issuer's fiscal or financial
strength, including its debt profile, has not materially changed.
The issuer's susceptibility to event risks has not materially
changed.


BRAZIL: Risk and Dollar Soar as Country Becomes More Risky Economy
------------------------------------------------------------------
Richard Mann at Rio Times Online reports that Brazil has become a
riskier country for foreign investment in recent weeks, moving away
from other emerging countries.

If the economic crisis triggered by the novel coronavirus pandemic
is true for everyone, the political turmoil, much more intense
here, has raised concerns over the economic rebound and Brazil's
fiscal accounts, according to Rio Times Online.

As a result, the country risk has increased much more in Brazil
than in other regions, and the Brazilian Real is the currency
depreciating the most against the US dollar among the main emerging
economies, the Rio Times relays.

The Troubled Company Reporter-Latin America on May 8, 2020 reported
that 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.

The TCR-LA also 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.




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C H I L E
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LATAM AIRLINES: S&P Lowers ICR to 'CCC+' on Tight Liquidity
-----------------------------------------------------------
S&P Global Ratings, on May 15, 2020, lowered its issuer credit
rating on the LATAM Airlines Group S.A. to 'CCC+' from 'B' and
senior unsecured issue-level ratings to 'CCC' from 'B-'. At the
same time, S&P lowered its rating on EETC-1 class A notes to 'BB',
class B notes to 'B', and class C notes to 'B-'.

S&P said, "We estimate Latam's cash burn has been intense in the
past couple of months and that its cash position could fall below
$1 billion by the end of June. We believe that if the company is
unable to strengthen its cash position in the next two-three
months, incentives to protect cash balances and pursue a
refinancing or debt restructuring that we would consider as
distressed could rise sharply." The most feasible alternative
liquidity strategy for Latam at this point is receiving financial
support from one or several of the governments where the company
operates, given that capital markets are virtually closed to the
industry and opportunities for asset sales are limited. Latam is
currently in talks with the Brazilian, Chilean, and Peruvian
governments, but so far no deals have been reached. Negotiations
with BNDES, the Brazilian development bank, seem to be the most
advanced, because it has already sent proposals to the airlines
this past Wednesday. Yet the package could be substantially lower
than originally expected, totaling from $240 million to $400
million per airline, and would still keep Latam exposed to constant
debt refinancing, which has been more difficult under unfavorable
business conditions. Additionally, governments are aiming to
structure support packages that will include equity convertibility
features, which depending on the conversion ratios, could be deal
breakers for the airlines.

S&P said, "We forecast that air traffic will fall about 55% in
Latin America in 2020 and that recovery in 2021 will be much weaker
than originally expected, with overall traffic still about 25%
lower than in 2019, depressing Latam's revenues. In addition, we
don't believe the company will reduce its capacity at the same pace
and that load factors will weaken in 2020 and 2021. We expect the
company could be only operating at 50%-60% of its capacity by the
end of the year.

"We expect Latam to report a slight shortfall in EBITDA in 2020 and
that the 2021 metric could be 35%-40% lower than in 2019. This
would result in intense cash burn during 2020, which poses
significant risks to both the company's short-term liquidity and
long-term capital structure, because we expect the company to
emerge with a much smaller operational scale, but with an increase
of 10%-15% in net debt."

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

-- Health and safety




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C O L O M B I A
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AVIANCA HOLDINGS: Sees Governments as Key in Restructuring
----------------------------------------------------------
Ezra Fieser at Bloomberg News reports that Avianca Holdings SA
expects the Colombian government to play a key role in its
restructuring efforts after widespread travel bans forced it to
declare bankruptcy, according to court documents.

Latin America's second-largest air carrier, which filed for Chapter
11 protection, said that due to its importance in the Colombian
domestic air travel network, the government "may be one of the key
stakeholders" as it reorganizes, according to Bloomberg News.  The
governments of El Salvador, Ecuador, and, potentially, Peru, may
also play a role, Chief Financial Officer Adrian Neuhauser wrote in
a declaration to the court, without elaborating on the type of aid
it expects, Bloomberg News relates.

Colombia Finance Minister Alberto Carrasquilla said that the
government is considering providing Avianca a loan. He had
previously suggested an equity stake, but appeared to rule that out
in an interview with Blu Radio, Bloomberg News says.  The airline,
which has said it plans to continue to fly throughout the
court-supervised process, has about half of the market share for
domestic flights in the country, Bloomberg News notes.  It operates
frequent flights on routes such as Bogota to Medellin, which is the
busiest in Latin America, according to OAG Aviation Worldwide,
Bloomberg News discloses.

Avianca, which counts United Airlines Holdings Inc. and Kingsland
Holdings as stakeholders, filed for protection from its creditors
in the Southern District of New York, listing as much as $10
billion in liabilities and the same amount in assets, Bloomberg
News relates.  The company said it will not make bond payments
due.

The carrier grounded planes in late March after governments across
Latin America sealed borders to curb the spread of the Covid-19
pandemic, Bloomberg News relates.  Avianca had just emerged from a
tumultuous year in which it restructured debt and embarked on a
business turnaround plan aimed at restoring profitability by
focusing on flights through its Bogota hub, Bloomberg News
discloses.

In his declaration, Neuhauser said the company was on the path to
recovery in early 2020, but its operations were crippled by the
pandemic, Bloomberg News notes.  Avianca "has been compelled to
file these Chapter 11 cases for one principal reason: The Covid-19
pandemic, which has affected the world's population and economies
in ways that have never been experienced," Bloomberg News relays.

                          Fleet Reductions

Since March, governments have extended travel bans, reducing
flights in the region to a trickle. Flight capacity in South
America has fallen by almost 90% since January, according to data
compiled by OAG, Bloomberg News notes.

The industry is unlikely to recover even after the bans are lifted.
Avianca expects demand will be 20% to 30% lower than it was before
the pandemic, Bloomberg News relays.  As a result, the company
expects to shed aircraft, it said in court documents, Bloomberg
News discloses.

Due to the costs of maintaining, insuring, leasing the aircraft,
Avianca is "likely to seek to reject numerous aircraft leases at
the outset of the case," Neuhauser wrote, Bloomberg News notes.
The company was operating 143 passenger jets and 13 cargo aircraft
as of the end of last year, it said, Bloomberg News says.

The bankruptcy will be felt widely in the rest of the struggling
airline industry, with providers of aircraft, jet engines and
maintenance services among Avianca's biggest unsecured creditors,
Bloomberg News relays.  The documents show more than $30 million
each is owed to IAE International Aero Engines AG and General
Electric & CMF International, Bloomberg News notes.  Over $28
million of obligations are listed for Rolls Royce Plc.

Lufthansa Group is owed $4.44 million, a unit of Boeing Co. is due
$3.66 million and Airbus claims total $2.83 million, Bloomberg News
discloses.

                          Skipped Payments

Avianca will not pay a $65.6 million bond maturity or make a coupon
on bonds due in 2023, Neuhauser said in an online briefing,
Bloomberg News notes.  The payments are due and the company decided
to keep as much liquidity as possible during the restructuring, he
said, Bloomberg News adds.

The company said it requested authority to continue paying wages
and honoring employee benefit programs, as well as pay vendors and
suppliers, Bloomberg News relays.  It intends to end operations in
Peru, which represents about 5% of its revenue, and make layoffs in
the next 10 days, Bloomberg News notes.

The company is getting financial advice from Seabury Securities LLC
and FTI Consulting, with legal help from Milbank LLP, Smith,
Gambrell & Russell, LLP, Gomez-Pinzon Abogados and Urdaneta,
Vélez, Pearl & Abdallah Abogados, Bloomberg News adds.

The case is Avianca Inc., 20-11132, U.S. Bankruptcy Court for the
Southern District of New York.




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C O S T A   R I C A
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BANCO INTERNACIONAL: Fitch Maintains 'BB-' LT IDR, On Watch Neg.
----------------------------------------------------------------
Fitch Ratings has maintained Banco Internacional de Costa Rica's
Long-Term Issuer Default Rating of 'BB-' and Viability Rating of
'bb-', as well as its long-term National Scale rating of 'A-(pan)'
on Rating Watch Negative.

The RWN reflects Fitch's opinion that operating environment
uncertainty and weaker economic growth amid the coronavirus
pandemic poses increased risks to the bank's financial performance
and prospects.

The maintenance of the RWN follows the downgrade of Costa Rica's
sovereign rating to 'B'/Negative, where BICSA has the largest
proportion of asset exposure, at 36% of total earning assets,
followed by Panama at 24%. Fitch's assessment is that Costa Rica's
operating environment, despite the sovereign downgrade, already
considers the deterioration effects that the current coronavirus
crisis and Costa Rica's own structural issues have on BICSA's
blended operating environment score, which remains unchanged at
'bb-' with a negative trend.

The bank's ST IDRs were not placed on watch status and were
affirmed as part of this action, since these ratings would only be
affected in the case of a multinotch downgrade of the LT IDRs. The
same stands for the National Scale ST ratings, since these could be
affected only in the event of a downgrade of the bank's LT National
Scale rating by two or more notches. Fitch's baseline scenario does
not envision a multinotch downgrade of the bank's LT IDRs or
National Scale ratings.

KEY RATING DRIVERS

IDRS, NATIONAL RATINGS AND SENIOR DEBT IN PANAMA

BICSA's IDRs and national ratings are driven by its VR. BICSA's VR
reflects, with high importance, Fitch's blended operating
environment assessment, which considers 20+ countries. However, the
operating environments of Costa Rica and Panama have the most
influence since more than 60% of the bank's earning assets are
located in these countries.

The bank's company profile also has a high influence on the
ratings. BICSA' geographic diversification is wider than that of
its similarly rated peers, and the bank has a strong focus on trade
finance with a stable base of regional clients.

BICSA's asset quality metrics are in line with its current VR,
reflecting its corporate focus. As of YE19, the bank's impaired
loans to gross loans and net chargeoffs to gross loans ratios of
1.61% and 0.34%, respectively, compared favorably to those of
similarly rated peers. Fitch believes that the coronavirus outbreak
will negatively affect the bank's asset quality due to its moderate
concentrations by debtor and business operations in vulnerable
sectors like manufacturing, construction, rental and leasing
services, and agribusiness.

BICSA's profitability has been low compared to peers due to its
corporate banking focus and less diverse operations. Fitch expects
BICSA's operating profitability to decline during the current
economic downturn due to lower business volumes and credit
deterioration. As of YE19, the bank's operating profit to RWA ratio
was 0.68% lower than that of other corporate-oriented peers, most
with stronger corporate franchises and complementary lines of
business.

In the current operating environment, wholesale funding could be
restricted, thus increasing the bank's overall liability cost. The
bank's higher deposit concentration relative to peers could also
challenge funding and liquidity by increasing the risks of deposit
withdrawals. As of YE19, the top 20 depositors represented 60% of
total deposits, while the bank's loan/deposits ratio remains at a
high level of 216% due to its funding structure, which is
distributed between customer deposits (44%) and wholesale funding
(56%).

BICSA's capitalization, measured by its CET1 ratio, is adequate and
commensurate with its VR. As of YE19, BICSA's CET1 was 12.14%,
remaining in line with that of most of its peers. Capitalization
benefits from the bank's recurrent earning generation and full
retention policy.

SUPPORT RATINGS

BICSA's Support Rating reflects Fitch's opinion of the entity's
shareholders, BCR and BNCR, and their ability and propensity to
support BICSA, should the need arise. The Support Rating of '4'
reflects a limited probability of support from shareholders, given
their capacity as demonstrated by their IDRs.

NATIONAL SENIOR DEBT RATINGS IN EL SALVADOR

The national rating of BICSA's senior unsecured debt issuances in
El Salvador, rated 'AAA(slv)', reflects the relative strength of
the Panamanian bank compared to other issuers in El Salvador.
BICSA's IDR is three notches above El Salvador's 'B-' sovereign
rating.

RATING SENSITIVITIES

IDRs, VR AND NATIONAL RATINGS

Factors that could, individually or collectively, lead to negative
rating action/downgrade of BICSA's VR:

  -- A further downgrade or material deterioration of the main
operating environments where BICSA holds its major exposures,
namely Costa Rica and Panama.

  -- A reduction in the bank's CET1 capital ratio consistently
below 11%.

  -- A disruption in the bank's funding stability.

A downgrade of BICSA's VR could likely affect its IDRs and national
ratings as well, but the resulting levels of these ratings would be
determined by the implicit floor derived from its shareholder's
IDRs, as the ratings could return to being driven by parent
support.

Upside potential for the bank's ratings in the near future is
limited. However, factors that could, individually or collectively,
lead to positive rating action/upgrade include:

  -- The maintenance of the bank's financial profile, despite the
deteriorating operating environment, could trigger the removal of
RWN and affirmation of the ratings at current levels.

  -- An improvement in the bank's operating environments,
particularly in Panama and Costa Rica, could lead to a rating
upgrade over the medium term.

SUPPORT RATINGS

The Support Rating is sensitive to changes in BCR and BNCR's
capacity or propensity to provide timely support to the bank.

DEBT RATINGS IN PANAMA

Although the bank's debt does not have an explicit Rating Outlook,
the global debt ratings would mirror any potential movements on
their respective IDRs. The senior unsecured debt ratings would
continue to be aligned with the bank's IDR.

NATIONAL SENIOR DEBT RATINGS IN EL SALVADOR

The national ratings could be downgraded in response to a material
reduction in BICSA's IDR.

BEST/WORST CASE RATING SCENARIO

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

SUMMARY OF FINANCIAL ADJUSTMENTS

Pre-paid expenses and other deferred assets were reclassified as
intangible and deducted from Fitch Core Capital.

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

BICSA has an ESG relevance score of '4' for Government Structure as
it is owned by Costa Rica's state-owned banks. This could
potentially influence the bank's business model and/or board
independence and effectiveness.

GRUPO ICE: Fitch Lowers IDR to B on Sovereign Decline
-----------------------------------------------------
Fitch Ratings has downgraded Instituto Costarricense de
Electricidad y Subsidiarias' (Grupo ICE) ratings as a result of
Fitch's recent downgrade of Costa Rica's Sovereign Rating to 'B'
from 'B+'. The Rating Outlook remains Negative.

KEY RATING DRIVERS

Costa Rica

On May 8, 2020, Fitch Ratings downgraded Costa Rica's Long-Term
Foreign-Currency and Local Currency Issuer Default Ratings to 'B'
from 'B+'. The Rating Outlook remains Negative. The downgrade of
Costa Rica's IDRs 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 Sovereign's 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.

Instituto Costarricense de Electricidad y Subsidiarias

ICE's ratings downgrade reflects its strong linkage to Costa Rica's
Sovereign Ratings. As per Fitch's government-related entities
methodology, ICE's IDRs are capped by those of the sovereign, given
its strategic importance to Costa Rica and the potentially
significant negative socio-political and financial implications of
any financial distress at the level of the company on the
sovereign. ICE's Standalone Credit Profile of 'b+' incorporates the
company's diversified asset portfolio, high leverage, modest capex
program, and its monopoly position in the electricity industry and
strong market position in the telecommunications business. As of
September 2019, 10.6% of the debt was guaranteed by the Costa Rican
Government.

DERIVATION SUMMARY

ICE's linkage to the sovereign is similar to peers such as Comision
Federal de Electricidad (BBB/Stable) and Centrais Eletricas
Brasileiras S.A. BB-/Stable). These companies all have strong
linkages to their respective sovereigns given their strategic
importance to each country and the potentially significant negative
socio-political and financial implications of any financial
distress at these companies.

ICE's ratings are supported by its linkage to Costa Rica's
Sovereign Rating, which stems from the company's government
ownership and the implicit and explicit expectation of government
support. The ratings reflect the company's diversified asset
portfolio, moderate capex program, and its monopoly position in the
electricity industry and strong market share position in the
telecommunications business. ICE has a relatively lower scale of
operations compared with its peers. Adjusted leverage as of LTM
September 2019 of 5.9x was higher than CFE's 2.6x but lower than
Eletrobras' 6.3x. Regarding the adjusted coverage ratio, ICE's 2.2x
compares negatively with peers.

KEY ASSUMPTIONS

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

  - ICE remains important to the government as a strategic asset
for the country;

  - Electricity demand falls 2% in 2020; organic growth around 1%
for 2021-2023;

  - Adjusted leverage at or below 6.0x over the rating cycle;

  - ICE's Telco market share remains strong;

  - Tariffs adjustments for 2020 reflect appropriate operating
expenses;

  - The recovery analysis assumes that under a hypothetical
bankruptcy or debt restructuring process ICE would be a going
concern and Fitch has assumed a 10% administrative claim with a
going-concern EBITDA close to CRC401,000 million and an EV multiple
of 5.0x;

  - The Recovery Rating is limited, however, to 'B'/'RR4' as Costa
Rica is categorized as Group D, per Fitch's Country-Specific
Treatment of Recovery Ratings Criteria, which caps the Recovery
Ratings at 'RR4'.

RATING SENSITIVITIES

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

  - Upgrade on the sovereign's ratings.

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

  - A sovereign downgrade;

  - Sustained and consistently adjusted leverage over 6.0x;

  - Regulatory intervention that negatively affects the company.

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: ICE has historically financed capex with owned
resources and new debt, where debt related to electricity projects
represents approximately 90% and the rest to the Telco segment.
ICE's cash balance, as of May 2020, was CRC305,403 million, enough
to cover 2020 debt maturities. Moreover, Fitch expects ICE to
generate positive FCF across the rating cycle with annual average
of CRC124,000 million, given the modest capex needs.

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

ICE has an ESG Relevance Score of '4' for Governance Structure,
Group Structure and Financial Transparency, due to uncertain
management strategy coupled with weaker financial transparency
reporting compared to regional peers.

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

Instituto Costarricense de Electricidad y Subsidiarias

  - LT IDR B; Downgrade

  - LC LT IDR B; Downgrade

  - Senior unsecured; LT B; Downgrade



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

DOMINICAN REPUBLIC: Cabarete Mayor Strikes RD$3MM+ Debt of Firms
----------------------------------------------------------------
Dominican Today reports that Cabarete municipal district mayor
Freddy Cruz last week ordered to condone the debt of all companies,
totaling over RD$3 million, "as part of the easing measures before
the current health crisis facing the country."

In a statement the mayor of the Dominican ruling party (PLD) said
that although the amount to be condoned sounds strong, it is
necessary to shield those companies from the attack in economic
terms in that period "and thus cushion what it would be the
commitments to their employees," according to Dominican Today.

                    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: Construction Sector Seeks Economy Reactivation
------------------------------------------------------------------
Dominican Today reports that the Dominican Republic construction
sector asked the Government to reactivate the economy, since it is
one of the main investors and employers in the country, also being
one of the groups that most contributes to the trade balance. and
the flow of exports.

"It is a fundamental sector for the economic recovery of the
country due to its great effect on a multitude of other industrial
and transport activities," highlights a statement signed by
CADOCON, the associations that group the sector with different
institutions in the construction sector, according to Dominican
Today.

"The reactivation of construction, in addition to not involving the
consumption of additional public resources, would benefit all
suppliers, subcontractors and self-employed workers, not to mention
the potential absorption of temporary unemployment by citizens
whose sectors require a little more time to reopen", said the
representatives of the builders, 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: Top Health Official Reports on Virus Status
---------------------------------------------------------------
Dominican Today reports that Dominican Republic's Public Health
Minister Rafael Sanchez Cardenas said that with the serological
surveys carried out by the Ministry, the exact number of positive
coronavirus cases in the country will be known.

Mr. Cardenas said that 80 percent of the population the virus is
asymptomatic, but can still spread, and that only five percent
become serious, according to Dominican Today.

Mr. Cardenas affirmed that in the country, the number of people in
ICU is around 38 or 39 percent, and of those, less than 40 percent
are on ventilators, the report notes.

Regarding the curfew, the official reiterated that a series of
measures should be adopted to reopen commerce, limiting the number
of people in each business and maintaining prevention measures and
the use of masks, 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).




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

JAMAICA: Ministry Seeking Facilities for Excess Farm Produce
------------------------------------------------------------
Radio Jamaica Online reports that the Ministry of Agriculture is
continuing to engage the private sector to identify buyers and
distributors with cold storage facilities island-wide.

The initiative seeks to find new markets for the excess fruits and
vegetables and other agricultural items from farmers impacted by
COVID-19, according to Radio Jamaica Online.

So far, 1.1 million pounds of produce, impacting more than 1,000
farmers across 10 parishes have been moved, the report notes.

The ministry has now teamed with agriculture and food processing
facility, Lyford Logistics in St. Ann to store excess produce, the
report adds.

                           About Jamaica

The Troubled Company Reporter-Latin America reported that S&P
Global Ratings, on April 16, 2020, revised its outlook on Jamaica
to negative from stable. At the same time, S&P 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.

The TCR-LA also reported in April 2020 that Fitch Ratings 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.




===========
P A N A M A
===========

ENA NORTE: S&P Cuts Rating on $600MM Notes to 'BB+', On Watch Neg
-----------------------------------------------------------------
S&P Global Ratings, on May 14, 2020, lowered its issue-level rating
on Panamanian toll road ENA Norte Trust's (ENA Norte) $600 million
notes to 'BB+' from 'BBB', while keeping it on CreditWatch with
negative implications since S&P placed it on April 6, 2020.

S&P said, "We updated our forecast for ENA Norte. The new base-case
scenario incorporates $13.5 million in operating expenses for 2020,
15% higher than the 2019 figure, attributable mostly to the
acquisition of a crane and additional construction materials for
ongoing maintenance works. Although generally projects have some
level of flexibility to accommodate maintenance capex during
downturns, we don't expect a postponement in ENA Norte's case
because of the advanced stage of construction.

"In addition, we assume a slower recovery in traffic in the very
short term, given that most drivers shifted to free alternative
roads parallel to ENA Norte (such as Domingo Diaz Avenue) because
they're less congested during the current lockdown, therefore,
there's no significant time savings for using the toll road. Given
that the Panamanian government plans to lift the quarantine by the
end of May, we expect traffic volumes at ENA Norte to remain in
line with those in April (80% lower than the 2019 figure) until the
end of June and will gradually start to recover afterwards, as the
free alternative roads start to congest. As a result, we now expect
a traffic drop at ENA Norte close to 40% in 2020, rather than our
previous projection of 35%, leading to revenue for 2020 of $50
million - $55 million, down from the previous forecast of $55
million - $60 million. The combination of these factors will lead
to a liquidity shortfall of about $2.5 million by mid-2020.

"In our view, ENA Norte has sufficient liquidity to handle the
shortfall due to the existence of a six-month debt service reserve
account (DSRA) of about $8.3 million. ENA Norte benefits from a
full cash sweep mechanism for principal payments, providing
flexibility to defer payments until the traffic recovers. As such,
we only expect interest payments at least in the next few quarters
that limits the absolute value of the shortfalls under our current
assumptions, which is not the case for other projects, such as ENA
Sur Trust. On the other hand, we view negatively the project's
weaker resilience to the currently difficult conditions. This will
prompt ENA Norte to use the reserve account, while we previously
expected minimum debt service coverage metric ratio (DSCR) well
above 1.1x under our downside case."

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

-- Health and safety


ENA SUR TRUST: S&P Lowers Rating on $170MM Class A Notes to 'B+'
----------------------------------------------------------------
S&P Global Ratings, on May 14, 2020, lowered its issue-level rating
on ENA Sur's Class A $170 million notes to 'B+' from 'BBB-'.

S&P said, "We updated our forecasts for ENA Sur. The new base-case
scenario incorporates $16 million in operating expenses for 2020,
which is 40% higher than 2019 figures, and two times the amount
projected in our last review, mostly attributed to the acquisition
of a crane and additional construction materials already placed on
the road in order to proceed with ongoing maintenance works.

"In addition, we assume a slower-than-expected recovery of traffic
levels in the very short term, given that most drivers have shifted
to free alternative roads parallel to ENA Sur (such as Domingo Diaz
Avenue) because they're less congested in the lockdown context and,
therefore, there's no significant time savings for using the paid
alternative. Considering that the Panamanian government plans to
lift the quarantine by the end of May, we expect traffic volumes at
ENA Sur will remain in line with that of April (85% lower than 2019
figures) until the end of June, and will gradually start to recover
from July onwards, as the free alternative roads start to congest.
Hence, we now expect a traffic drop close to 40% in 2020, rather
than our previous 35%, leading to annual revenues for 2020 of $40
million-$45 million, versus the previous $45 million-$50 million."

The combination of these factors will lead to a liquidity shortfall
of about $3.5 million by the end of 2020. In S&P's view, there is
sufficient liquidity in the structure to handle the shortfall,
namely due to the six-month debt service reserve account (DSRA) of
about $9.6 million, and excess cash already held in the project's
accounts of about $4.4 million to pay interest and principal of the
class A notes.

The project has two pari passu bonds outstanding: $170 million
class A notes and $225 million class B notes due in May 2025 (not
rated). The class B notes have a 100% cash-sweep mechanism, in
which principal payments are paid with the excess cash flow after
covering the project expenses, interest payments, replenishing
reserve accounts, and covering major maintenance costs, according
to the cash flow waterfall.

The project managed to postpone 33% of the major maintenance capex
originally projected for 2020 until traffic conditions normalize
and it recovers its financial flexibility, while we previously
expected they would postpone 80%. S&P said, "Therefore, we forecast
less excess cash in order to pre-pay the principal of class B
notes. Despite principal deferral, we continue to expect class B
notes to be fully paid before the due date, with no refinancing
risk."

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

-- Health and safety



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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


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