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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, June 23, 2020, Vol. 21, No. 125

                           Headlines



A R G E N T I N A

MENDOZA: S&P Lowers ICR to 'SD' on Missed Interest Payment


B R A Z I L

HIDROVIAS DO BRASIL: Fitch Affirms BB LongTerm IDRs, Outlook Neg.
VIAMOBILIDADE: Moody's Rates BRL700MM Secured Debt 'Ba2/Aa2.br'


C H I L E

LATAM AIRLINES: Operations to Plunge 50% by Year's End


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: AFP Rejects Bill That Tags 30% of Pension Funds
DOMINICAN REPUBLIC: Dollar Crunch Eases, Caribe Express Says
DOMINICAN REPUBLIC: Expects Zero Growth in 2020


J A M A I C A

SAGICOR REAL ESTATE: X Fund Suffers 25% Revenue Dip in Q1


M E X I C O

ALPHA GUARDIAN: Taps Wright Ford Young as Tax Advisor

                           - - - - -


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

MENDOZA: S&P Lowers ICR to 'SD' on Missed Interest Payment
----------------------------------------------------------
S&P Global Ratings lowered its global scale issuer credit ratings
on the province of Mendoza to 'SD' from 'CC'.

S&P also lowered the issue-level rating on its 2024 international
bond to 'D' from 'CC'. S&P affirmed the issue-level rating on its
2021 local bond 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 said, "We could lower the issue rating on the 2021 local bond
to 'D' from 'CC', when Mendoza completes the ongoing debt
restructuring negotiation with bondholders. In our view, the offer
would be a distressed exchange and tantamount to default. We could
also lower the rating on this bond to 'D' if the province misses a
debt service payment."

Upside scenario

S&P said, "We would raise our ratings on the province following the
completion of its debt restructuring process. The post-default
rating would reflect the resulting debt profile, broad provincial
policy strategy, 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 'B'
categories, depending on the new debt structure and capacity to
support that debt. Nonetheless, the current 'CCC+' transfer and
convertibility (T&C) assessment on Argentina constitutes a rating
cap on domestic subnational governments."

Rationale

S&P lowered its issuer credit ratings on Mendoza to 'SD' following
the missed coupon payment on its 2024 international bond during its
grace period. The $24.7 million interest payment was originally due
May 18, and had a 30-day grace period that expired on June 18.
Mendoza is now the second Argentine province to enter into
selective default this year, following the default by the province
of Buenos Aires on May 15. The sovereign is also in selective
default as it negotiates its own debt restructuring.

Facing a substantial liquidity crunch, and without access to funds
to service its debt, Mendoza has already presented an offer to
restructure its $587 million international and local debt with
private bondholders. The provincial offer included maturity
extension from 2024 to 2029, grace period on interest payments, and
lowering the interest rate, entailing net present value losses to
investors with respect to original promises.

The province is currently negotiating with private creditors, and
extended the offer deadline to June 26. However, S&P considers that
the process could take longer, as the province agrees the final
terms with atomized creditors. On the other hand, Mendoza's debt
profile is less complex than that of the sovereign or the province
of Buenos Aires, with only two bonds included in its debt
restructuring. With negotiations ongoing, Mendoza made an ARS726
million interest payment on its 2021 local bond on June 9,
highlighting its different treatment of its international and
domestic debt.

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
                              To      From
  Mendoza (Province of)
   Senior Unsecured  
   Foreign Currency           D       CC

  Downgraded; CreditWatch/Outlook Action
                              To       From
  Mendoza (Province of)
   Issuer Credit Rating       SD/--    CC/Negative/--

  Ratings Affirmed

  Mendoza (Province of)
   Senior Unsecured
    Local Currency            CC




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B R A Z I L
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HIDROVIAS DO BRASIL: Fitch Affirms BB LongTerm IDRs, Outlook Neg.
-----------------------------------------------------------------
Fitch Ratings has affirmed Hidrovias do Brasil S.A.'s Long-Term
Foreign and Local Currency Issuer Default Ratings at 'BB' and
National Scale long-term rating at 'AA(bra)'. The Rating Outlook on
LC IDR and National Scale Rating has been revised to Negative from
Stable. The Rating Outlook for the FC IDR is Negative, reflecting
Brazil's (BB-) Negative Outlook. Hidrovias' FC IDR is capped by
Brazil's 'BB' Country Ceiling, as the majority of the company's
growth opportunities should continue to be originated within the
operations in the country.

The Negative Outlook for Hidrovias' LC IDR reflects Fitch's
expectation that leverage will remain pressured during the next
12-18 months as the company moves forward with its ongoing capex
plan. Hidrovias is in the process of ramping up its operations
while seeking opportunities to leverage its business scale and
improve its client diversification. Fitch expects net adjusted debt
to EBITDAR ratios to be at 4.9x and 4.4x during 2020-21, indicating
higher leverage than Fitch's rating sensitivity expectations. Fitch
expects net leverage to decline to below 4.0x only by 2022. If this
target is not achieved, a downgrade may follow.

Hidrovias' ratings reflect the company's stable operating cash flow
generation derived from its competitive position in the waterway
transportation industry in the North and Central-West of Brazil and
the Parana-Paraguay river system, where logistics infrastructure is
relatively limited. They also reflect its favorable business model,
with the majority -- more than 70% -- of EBITDA coming from solid
long-term take-or-pay contracts that mitigate volume volatility.
The ratings also incorporate Fitch's expectation that Hidrovias
will continue to maintain a solid liquidity position and manageable
debt-amortization schedule with no exposure to refinancing risks in
the short to medium term. The ratings are tempered by the company's
relatively small business scale compared with peers in the
transportation sector in Brazil, its client concentration, FX risk
exposure and its relatively short track record of operations and
access to capital markets.

KEY RATING DRIVERS

Take-or-Pay Contracts Protect Cash Flow: Hidrovias' ratings
incorporate its stable cash flow generation, which reflects the
majority of its EBITDA being generated under long-term take-or-pay
contracts. These contracts provide cash flow visibility, as they
contain features that allow inflation-adjusted price increases and
the pass-through of fuel charges. Considering the ramp-up of
projects and contracts through 2021, Hidrovias has around 70% of
its total capacity contracted under long-term take-or-pay
agreements. Its largest contract duration is more than 12 years.
Fitch expects Hidrovias' annual EBITDA to average BRL623 million
during 2020-2021.

Challenge to Increase Client Diversification: Hidrovias' exhibits
portfolio concentration risk, as its main clients are Vale S.A.,
COFCO Group and Alumina do Norte do Brasil S.A. (Alunorte), which
represent between 16%-22% of EBITDA each, respectively. This client
concentration risk was highlighted in 2018, when the company lost a
client, Multigrain S.A., which represented around 16% of EBITDA.
Positively, the financial impact was mitigated by the BRL306
million of penalties Multigrain paid to Hidrovias for terminating
the take-or-pay contract. There are opportunities for
diversification, as the company is able to add new clients and
sectors to its portfolio, including the announced projects for salt
operations in Brazil's Rio Grande do Norte state and new service
activities in Santos Port.

Route and Production Concentration: In terms of products, grains
and fertilizer, iron ore and bauxite represent 47%, 38% and 15% of
Hidrovias' 2019 EBITDA, respectively. In terms of routes, the
Miritituba-Vila do Conde and Corumba-San Nicolas routes each
represent approximately 37% of the company's total EBITDA each
year. Approximately 60% and 40% of total EBITDA is generated in
Brazil and Uruguay/Paraguay, respectively.

FX Risk Exposure: Hidrovias faces exposure to FX risk, as the
majority of its debt is U.S. dollar denominated. This is partially
mitigated by strong EBITDA generation (around 60%) in hard
currency, as well as its high cash balances (around 90%) that are
denominated in U.S. dollars. This has been key to mitigate currency
mismatch risk effects in short term cash outflow as it relates to
the company's semi-annual bond coupon payments. As of the LTM ended
March 31 2020, Hidrovias's net leverage, per Fitch's criteria,
reached 6.0x. The company has financial covenants on its bond
issuance (3.5x, excluding the cabotage business). The breach of
this covenant does not trigger debt acceleration, but it limits the
company's abilitly to raise new debt (above USD50 million) and to
pay dividends.

Good Performance Despite Drought: Hidrovias has shown solid
operational performance with increasing volumes, improved
competitiveness and market-share gains. In the short term, the
company is facing challenges on its south corridor operations with
unprecedented drought in the Parana-Paraguay waterway, which has
been driving volumes down. This has been partly offset by the
take-or-pay contracts framework as it protects the company from
adverse hydrological risks. Nevertheless, this limits the company's
growth opportunities to operate spot contracts and Fitch expects
some decline in operating margins for the corridor during 2020.

Growing CFFO, Capex to Pressure FCF: Fitch expects Hidrovias to
reach positive FCF (average BRL40 million) during 2020-2021 due to
strengthening cash flow generation despite higher capex. Fitch
forecasts cash flow from operations of BRL429 million and capex of
BRL397 million for 2020 and BRL405 million and BRL350 million,
respectively, for 2021. For 2022, a likely increase in capex to
expand the operations in the North Corridor should lead to a
negative FCF of around BRL105 million, considering dividends
payments of around BRL50 million. Hidrovias paid its first
dividends amounting to BRL136 million in May 2019. Given the
covenant limitations, Fitch did not include any dividend payouts in
its forecasts during 2020-21.

Deleveraging to Take Longer Than Expected: The impact of FX
volatilities and ongoing capex plans have postponed Hidrovias
deleverage trend to beyond 2021, per Fitch's criteria. Management's
strategy in regarding business diversification/growth, its
discretionary associated capex, and return to shareholders will be
key to define leverage trends going forward. Fitch expects net
leverage ratios to be at 4.9x and 4.4x during 2020-21,
respectively, and to decline to below 4.0x only by 2022. The
maintenance of the 'BB' rating is linked to leverage moving around
3.5x in the medium to long term, in line with main peers.

DERIVATION SUMMARY

Hidrovias is well positioned in the 'BB' rating category relative
to transportation/logistics peers across the region, which are
generally rated in the 'BB' to 'BBB' categories. Hidrovias' main
constraint derives from its business concentration and short track
record of operations. Hidrovias' ratings incorporate its still-low
track record of operational performance, capital structure and
scale versus Brazilian peers, such as MRS Logistica S.A.
(BB/Negative), Rumo S.A. (BB/Negative), and VLI S.A. (National
Long-term Rating AAA[bra]/Stable). Hidrovias is starting to build a
good track record in terms of profitability, FCF generation and net
leverage metrics based on take-or-pay contracts, which should help
in the comparison going forward.

Hidrovias' expected 2020-2021 net leverage metrics are higher than
net leverage expected for other rated Brazilian peers in the
transportation/logistics sector with more mature operations. Rumo,
VLI and MRS Logistica are forecast to reach 2020 net leverage
ratios of 2.8x, 3.2x and 1.0x, respectively. Hidrovias' ratings
factor in the expectation of the company's net adjusted leverage
ratio trending to under 4.0x by 2022.

KEY ASSUMPTIONS

  - Strong Revenue growth in 2020 reflecting FX rates and ramping
up of operations, with low single digit growth in 2021;

  - EBITDA margin pressured at around 42% in 2020 and 45% in 2021;

  - Salt and Santos Project capex, USD18 million and USD50
million;

  - Total capex of around BRL400 million in 2020 and BRL350 million
in 2021;

  - No dividends distributions during 2020 and 2021.

RATING SENSITIVITIES

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

Hidrovias' Foreign Currency IDR is capped at Brazil's Country
Ceiling considering the majority of the company's growth
opportunities continue to originate within the country.

For the National-Scale and Local Currency ratings, the following
sensitivities apply:

  - Broader client diversification;

  - Net leverage consistently below 3.0x and gross leverage below
4.5x;

  - Interest coverage consistently above 4.0x;

  - Maintenance of strong liquidity to avoid refinancing risks,
with cash/short-term debt ratio at a minimum of 1.5x.

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

  - Recurring negative FCF;

  - Net leverage consistently above 4.0x during 2021-2022;

  - Deterioration of liquidity position, with the
cash-to-short-term debt ratio below 1.0x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity Position: Fitch expects Hidrovias to maintain a
solid cash position while conservatively managing its FCF
generation with strong growth strategy. The company's cash position
as of March 31, 2020 was very strong at BRL1.1 billion, while
short-term debt was BRL180 million, including leasing obligations.
The company presents a very comfortable debt-amortization schedule
in the medium term, with an average of BRL59 million due between
2021 and 2024. Hidrovias does not have a committed standby credit
facility. Almost of all of its debt is U.S. dollar denominated,
while around 90% of the company's cash position is also held in
U.S. dollars. This strong hard currency cash balance helps to
mitigate FX risk mismatch related to its short-term debt
obligations and/or bond coupon payment.

As of March 31 2020, Hidrovias' total adjusted debt, per Fitch's
calculation, was BRL3.9 billion, which is mainly composed of BRL3.1
billion of cross-border bonds due 2025 and BRL669 million of Banco
Nacional de Desenvolvimento Economico e Social financing. Fitch
includes in the debt calculation BRL107 million (USD21.5 million)
of guarantees related to one of its 50% joint ventures, Obrinel
S.A. domiciled in Uruguay.

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).

Hidrovias International Finance S.a.r.l.

  - Senior unsecured; LT BB; Affirmed

Hidrovias do Brasil S.A.

  - LT IDR BB; Affirmed

  - LC LT IDR BB; Affirmed

  - Natl LT AA(bra); Affirmed


VIAMOBILIDADE: Moody's Rates BRL700MM Secured Debt 'Ba2/Aa2.br'
---------------------------------------------------------------
Moody's America Latina Ltda. has assigned Ba2 global scale and
Aa2.br national scale ratings to Concessionaria das Linhas 5 e 17
do Metro de Sao Paulo S.A.'s BRL700 million backed senior secured
debentures with final maturity in April 2030, issued in the form of
infrastructure debentures pursuant to law 12,431. The outlook is
stable. This is the first time that Moody's assigns ratings to the
project's securities.

RATINGS RATIONALE

The Ba2/Aa2.br ratings consider the credit profile of the project's
main sponsor, CCR S.A. (CCR, Senior unsecured Ba2/Aa2.br stable),
who provides a corporate guarantee to the debentureholders relative
to its 83.3% ownership of ViaMobilidade. The minority shareholder,
RuasInvest Participacoes S.A. (RuasInvest, unrated), guarantees the
other 16.7%. The corporate guarantees will remain until the
project' financial completion (at least until 2024 per the
definitions contained in the debentures) at which time the project
will be exposed to demand risk. The ratings also consider standard
project finance features offering adequate creditor protection upon
the release of the corporate guarantees.

The project's expected cash flows are supported by ViaMobilidade's
20-year concession agreement to operate and maintain new urban rail
infrastructure assets for passenger service in a densely populated
region in the southwest of the metropolitan area of Sao Paulo,
Brazil's largest city with over 12 million inhabitants. Robust
passenger ridership will support future cash flows. Tariffs are
contracted and updated annually to account for inflation. In
addition, the concession benefits from low construction risk and
operations of moderate complexity that will yield an average debt
service coverage of 1.2x under Moody's base case throughout the
life of the transaction.

The ratings also consider the concession contract with the State of
Sao Paulo (Ba2 stable) that includes provisions whereby the parties
share demand risks in the form of mitigation revenue transfers and
allowing the reinstatement of the contract's economic equilibrium
in case of a major ridership shortfall, such as the one caused by
the current Covid-19 pandemic.

In the last twelve months ending March 2020, the concession's
average ridership was 459 thousand passengers per day or close to
70% of the projected passenger traffic under the concession
agreement, primarily capturing the ramp up of Line 5, fully
operational since April 2019. Since mid-March, ridership levels
have dropped by more than 70% reflecting the effects of the
adoption of social distancing measures in the city of Sao Paulo. In
the month of April, daily passengers dropped to a record low of 123
thousand daily passengers.

The forward-looking rating scenario considers that passenger demand
will remain constrained through the third quarter recovering just
gradually towards the last quarter of this year. For the full year
2020, Moody's assumes a 36% drop in ridership compared to 2019,
equivalent to 42% of projected passenger volumes under the
concession contract. ViaMobilidade's budgeted scenario incorporates
medium to long term ridership in the 70% - 73% range of projected
volumes under the concession contract. Risks associated to this
scenario include the pace of recovery on employment rates,
household income and longer-term demographic trends.

From a break-even perspective, Moody's estimates that the project
could withstand a prolonged reduction in ridership up to 60% of
projected passenger volumes and still be able to meet timely
principal and interest payments. This is equivalent to an
approximately 420.5 thousand daily passengers for line 5 and 467.8
thousand daily passengers for the combined infrastructure with the
monorail line 17.

The ratings' base case considers that the concessionaire will
receive some form of financial compensation for at least 35% of the
revenue losses resulting from the pandemic within the next 12
months in the form of incremental transfers, reduction on the
payment of variable concession fees, deferral of investment
requirements or a combination of them. Absent financial relief from
the State of Sao Paulo, the project will require around BRL80
million from its shareholders to support required investments over
the next 12 to 18 months.

The project's operations and maintenance costs are mostly fixed and
defined under a plan approved by the granting authority, including
the maintenance of the rolling stock and meeting quality standards
for the transportation services, which requires recurrent
expenditures on personnel (48%), spare parts and other services
(33%) and energy procurement (19%). The budget also considers
BRL168 million in capital expenditures through 2021 to complete new
stations and connections. Over-cost risks for both O&M expenses and
capital expenditures are reflected in Moody's cash flow
sensitivities, particularly between 2025-2026 when Moody's expects
that the monorail line 17 will start operations. Under the ratings
base case, the average EBITDA margin of 35-40% already captures a
10% overrun in budged costs, which implies moderate sensitivity of
DSCRs to future increases in operating expenses.

DEBT STUCTURE & SECURITY

The second issuance of ViaMobilidade's BRL700 million senior
secured debentures follows law 12,431 (infrastructure debentures),
where the proceeds have been entirely used to reimburse expenses,
investments and debt related to the concession. The debt fully
amortizes and matures in April 2030 through biannual principal and
interest payments starting in, respectively, October 2020 and April
2022. The notes pay a fixed interest of 9.76% per year swapped to a
variable cost based on the average interbank deposit rate (DI;
currently at 2.9% per year) plus 1.44%.

The designed amortization schedule allows for a gradual
deleveraging with backloaded amortization payments that allow for
relatively smaller payments in 2025 to accommodate the ramping up
of the monorail line 17. In Moody's base case, the project shows an
average DSCR of 1.2x between 2021 and 2029, and a minimum of 1.0x
in 2025.

The security package includes the fiduciary assignment of the
concession agreement including all the rights to its cash balances,
future receivables and indemnification in the event of contract
termination. The structure also contains an incurrence covenant
test for dividend distributions, constraining pay-out at the
minimum legal requirement of 25% of net earnings if the DSCR drops
below 1.3x. and limitations to issue additional debt to a maximum
of up to 3.5x net debt to EBITDA. Additionally, the indenture
requires a pre-funded six-month debt service reserve account,
Although the guarantee agreements have not been formalized yet, the
draft documentation reviewed by Moody's include provisions for a
cash waterfall definition that is in line with typical project
finance structures. Creditors will also benefit from a fiduciary
alienation of all the issuer shares for step-in-rights in the event
of a default.

Debenture holders benefit from corporate guarantees provided by the
project sponsors in the proportion of their ownership interest.
Although the guarantee provisions do not ensure full credit
substitution to the credit profile of the guarantors, there are
strong incentives for timely payment at or shortly after the grace
period, particularly from CCR, given reputational risks and
cross-default provisions embedded in the company's existing debt
arrangements. The corporate guarantees can be replaced by bank
guarantees from any of Brazil's five largest banks, a scenario that
Moody's has not considered at this point. The guarantees can be
released only after the project's DSCR surpasses 1.3x, based on the
audited annual report, for two consecutive years starting on 2022,
along with the legal execution of all the guarantees to the
debenture holders. As such, it will remain in place until at least
early 2024.

The assigned ratings are based on preliminary guarantee
documentation. Moody's does not anticipate changes in the main
conditions that the debentures will carry. Should issuance
conditions and/or final documentation deviate from the original
ones submitted and reviewed by the rating agency, Moody's will
assess the impact that these differences may have on the ratings
and act accordingly.

OUTLOOK

Despite the unprecedent volume stress that ViaMobilidade has been
through due to the pandemic, the stable outlook reflects the
structure that effectively provides for CCR's guarantee until the
project achieves completion and the expectation that the majority
shareholder will continue to provide timely support to the project,
if needed.

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

Global scale and national scale ratings can be downgraded upon
deterioration in the credit quality of CCR, as the main debt
guarantor until the project achieves financial completion. The
global scale rating of CCR is linked to the credit quality of the
sovereign. Accordingly, a positive or negative action on
ViaMobilidade's global scale rating could result from a similar
action for the Government of Brazil (Ba2 stable).

Upward rating pressure on the national scale rating could result
from an improvement of the project's standalone credit profile,
evidenced through, for example, a rapid and sustained recovery to
pre-Covid levels of ridership volumes that lead to a Moody's
perception that medium-term passenger volume will trend close to or
above 80% of projected demand in the concession agreement.
Alternatively, negative rating pressure on both the global and
national scale ratings would increase if the project faces a
deterioration of the long term DSCRs to below 1.2x driven by, for
example, a prolonged demand imbalance, delays or haircut in the
expected revenue transfers, or consistently higher than the
expected operating, maintenance and administrative expenses.

ISSUER PROFILE

Headquartered in Sao Paulo, Brazil, ViaMobilidade is a special
purpose company created to operate and to maintain the
transportation services of (i) the operating subway line 5 - Lilac
and (ii) the monorail line 17 -- Gold under construction, under a
20-year concession contract signed with the State of Sao Paulo (Ba2
stable) in April 2018. Altogether, the project includes 25 stations
and 27.8 kilometers of rail extension for passenger service, part
of the urban rail transit system in the metropolitan area of Sao
Paulo. In the twelve months ended March 2020, the ViaMobilidade
concession transported an average 460 thousand passengers per day.

ViaMobilidade is owned by CCR S.A. (Ba2/Aa1.br stable, 83.3%) and
RuasInvest Participacoes S.A (not rated, 16.7%). The controlling
shareholder, CCR S.A. is the holding company of one of Brazil's
largest infrastructure concession groups managing and operating a
toll road network of 3,735 kilometers through 11 different
concessionaires with maturities ranging from 2021 to 2048. CCR also
participates in other urban mobility, airport concessions and
infrastructure services in the Americas. In 2019, CCR S.A. posted
adjusted net revenues of BRL9.5 billion, EBITDA of BRL5.9 billion
and total adjusted debt of BRL21.3 billion. During the same period,
ViaMobilidade accounted for 4% of the group's consolidated net
revenues, 2% of the EBITDA and 3% of the debt.

METHODOLOGY

The principal methodology used in these ratings was Generic Project
Finance Methodology published in November 2019.




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

LATAM AIRLINES: Operations to Plunge 50% by Year's End
------------------------------------------------------
Fabian Cambero at Reuters reports that LATAM Airlines Group S.A.
Chief Executive Roberto Alvo said he expects the region's largest
carrier to be operating at half of pre-pandemic levels by the end
of 2020, and that a full recovery was unlikely for at least 3-4
years.

LATAM filed for U.S. bankruptcy protection last month, aiming to
restructure $18 billion in debt.  It was the world's largest
airline to date to seek an emergency reorganization due to the
coronavirus pandemic, according to Reuters.

Alvo said the company plans to file a $2 billion plan with the U.S.
bankruptcy court in the coming days to address the crisis, the
report notes.

                       About LATAM Airlines

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise.  

LATAM Airlines Group S.A. is the largest passenger airline in South
America.  Before the onset of the COVID-19 pandemic, LATAM offered
passenger transport services to 145 different destinations in 26
countries, including domestic flights in Argentina, Brazil, Chile,
Colombia, Ecuador and Peru, and international services within Latin
America as well as to Europe, the United States, the Caribbean,
Oceania, Asia and Africa.

LATAM Airlines Group S.A. and its 28 affiliates sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11254) on May 25,
2020.  Affiliates in Chile, Peru, Colombia, Ecuador and the United
States are part of the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as general
bankruptcy counsel; FTI Consulting as restructuring advisor; and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel.  Prime Clerk LLC is the claims agent.




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

DOMINICAN REPUBLIC: AFP Rejects Bill That Tags 30% of Pension Funds
-------------------------------------------------------------------
Dominican Today reports that the Dominican Association of Pension
Fund Administrators (ADAFP) said that the improvement of the
Dominican Social Security System will only be possible through a
process of joint reflection by the sectors involved, in a dialogue
of goodwill, over and above individual interests and conjunctures.

On the upcoming July 5 presidential and congressional elections,
the ADAFP says "[it] endorses the commitment of this event, with
the hope and confidence that good faith and commitment will prevail
of the parties to improve the quality of life of Dominican workers
and contribute to the economic stability of the country," according
to Dominican Today.

These statements were issued after June 12 when the Chamber of
Deputies approved at first reading the bill that proposes to
deliver 30% of pension funds to workers, the report notes.

Faced with this panorama, the ADAFP reiterated its rejection of
said project and calls for reflection and good sense to all sectors
of national life, the report relays.

The report discloses that according to the document delivered to
Diario Libre, some of the main negative effects of moving forward
with this bill that is in the National Congress are:
The pension funds were created in order to guarantee a quality
retirement to the affiliated workers. Therefore, the advance of 30%
of these funds the workers would be assuming with their own savings
the cost of the economic crisis caused by the COVID-19, "when that
is a duty of the State, for which it made an issue of sovereign
bonds denominated COVID-19 for RD$40 billion."

Through the document, ADAFP also indicates that due to the negative
impact it would have on the economy, making prices more expensive
and weakening the local currency, the value of the workers' pension
would decrease twice: first, by withdrawing part of the savings
obtained to date and, in addition, due to the implications that the
operation would have on the patrimonial value of the funds, placing
them in a precarious situation in the future, the report relays.

They highlight that as the Governor of the Central Bank points out,
the modification of Law 87-01 would have perverse consequences on
the most vulnerable sectors of society, as well as for stability
and economic growth, the report discloses.

Also, it would disproportionately increase the monetary issue by
more than 64% with respect to the current level, which would cause
high inflation rates, greater pressure and slippage of the exchange
rate, increase in interest rates, and reduce the purchasing power
of individuals, in particular of lower-income households, the
report notes.

It indicates that these negative consequences have also been warned
by the Ministry of Finance, the Superintendency of Pensions
(SIPEN), the National Council of Private Enterprise (CONEP), the
Association of Industries of the Dominican Republic (AIRD), the
Institutional Foundation and Justice (Finjus), unions, the majority
political parties, and experts in economy and pensions in the DR
and abroad, the report adds.

                                 Bill

In its statement, the ADAFP explains that as it has been conceived,
"the bill is unfeasible for multiple reasons."  These range from
the logistics that require the delivery of more than RD$175 billion
to workers within ten days, to the management of these funds,
impossible to achieve through the sale of securities to the Central
Bank or commercial banks, due to the amount of the same, to which
is added the adverse effect on the national economy, the report
says.

The ADAFP warns that in the event that these are sold in the
international market, it should be noted that at the present time
they would have to be sold well below their value, resulting in an
onerous operation for the workers.

"Given the obvious infeasibility of this bill, it is not prudent to
feed expectations that may create frustration and social tension in
a segment of the population," the document cites, 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.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).


DOMINICAN REPUBLIC: Dollar Crunch Eases, Caribe Express Says
------------------------------------------------------------
Dominican Today reports that the company Caribe Express said the
economic upheaval caused in the Dominican Republic by the pandemic
produced a drastic decrease in the main cash-generating foreign
exchange entities, such as tourism, border trade, exports, among
other productive activities.

In a press release, the remittance company said the situation
caused difficulties to obtain that currency, which was reflected in
the remittance payments in dollars, according to Dominican Today.

"Thanks to the Central Bank's wise decision to import cash dollars
to face the shortage in the market, this situation has been
mitigating, which in turn helps us adequately cope with the
distribution of remittances to be paid in dollars to our clients,
thus complying with the instructions received from the senders,"
Caribe Express said, the report notes.

The remitter added that "we hope that these measures are
maintained, and that the Central Bank continues to provide cash
dollars to the entire sector until the conditions of the economy
allow a return to normal.  This will help us maintain the customary
efficiency of the service we offer to our valued customers," the
report relays.

                   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.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).


DOMINICAN REPUBLIC: Expects Zero Growth in 2020
-----------------------------------------------
Dominican Today reports that the Dominican Republic government
published its first macroeconomic forecasts for this year, after
several months of silence due to the uncertainty generated by the
effects of COVID-19.

The economic authorities estimate that this year, the GDP of the
Dominican Republic will range from -1% to 1%, according to
Dominican Today.  In this way, the economy - which the government
expects to start its recovery in the second half of the year -
shows neutral growth of 0% in 2020, the report notes.

The Macroeconomic Framework document corresponding to June, quoted
by Diario Libre indicates that the economic forecast is not final,
due to the changing external and domestic situation caused by the
pandemic, the report relates.  "It's based on the economic
information available until mid-May 2020, both from the
international environment and from the local level," the report
discloses.

The projection was agreed between the Finance and Economy
ministries, 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.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).




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

SAGICOR REAL ESTATE: X Fund Suffers 25% Revenue Dip in Q1
---------------------------------------------------------
RJR News reports that Sagicor Real Estate X Fund suffered a 25
percent dip in revenue during the January to March quarter as it
grappled with the effects of the COVID 19 pandemic.

Due to the decline in international tourist travel, Sagicor said
its local hotel and those owned by its partner, Playa Hotels and
Resorts suspended operations, according to RJR News.

DoubleTree by Hilton remains open but is operating with reduced
occupancy, the report notes.

Sagicor said the unprecedented downturn in business activities led
to a reduction in earnings for the quarter, the report relays.

Inflows to its coffers declined from $1.78 billion  last year to
$1.34 billion, the report notes.

The Group also generated a net loss of $2.77 billion compared to a
net profit of $690 billion in the prior year, the report adds.



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

ALPHA GUARDIAN: Taps Wright Ford Young as Tax Advisor
-----------------------------------------------------
Alpha Guardian and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Nevada to employ Wright Ford
Young & Co. as tax advisor.

The firm's services will include

  (a) the preparation of Debtors' federal and state tax
      returns;

  (b) accounting and bookkeeping assistance necessary for
      the filing of tax returns;

  (c) tax advisory services including, but not limited to,
      preparing income tax projections, analysis of net
      operating losses and limitation, and other tax specific
      consulting services.

The estimated fee for the preparation of the 2019 tax returns is
between $15,000 and $22,000.  Tax advisory services will be billed
at the firm's hourly rates ranging from $150 to $275 for staff and
senior accountants and from $325 to $425 for managers and
partners.

The firm has not been paid a retainer.

Tim Stephens of Wright Ford Young disclosed in court filings that
the firm is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code.

The firm can be reached through:

     Tim Stephens
     Wright Ford Young & Co.
     16140 Sand Canyon Ave.
     Irvine, CA 92618
     Telephone: (949) 910-2727
     Facsimile: (949) 910-2728
     
                       About Alpha Guardian

Established in July 2017, Alpha Guardian --
https://www.alphaguardian.com/ -- provides consumers with secure
storage solutions. Its products are sold to major retailers across
the United States under the Cannon Safe, Stack-On and GunVault
brands, all of which are designed to fill unique consumer needs.
The company operates manufacturing and distribution facilities in
the U.S. and Mexico and has employees in multiple countries. Cannon
Safe -- https://www.cannonsafe.com/ -- is a manufacturer of
large-scale gun safes and secure home storage solutions. Since
1965, its focus has been on manufacturing safes to protect prized
possessions.

GunVault -- https://www.gunvault.com -- offers a wide range of gun
safes including biometric safes, pistol safes, and portable safes.
Stack-On -- https://www.stack-on.com/ -- manufactures and
distributes gun security products.

Alpha Guardian and its affiliates filed Chapter 11 petitions
(Bankr. D. Nev. Lead Case No. 20-11016) on Feb. 24, 2020. At the
time of the filing, Debtors had estimated assets of between $10
million and $50 million and liabilities of between $100 million and
$500 million in liabilities.

Judge Bruce T. Beesley oversees the cases.

Debtors tapped Garman Turner Gordon LLP as their bankruptcy
counsel; Nicholas Rubin of Force Ten Partners, LLC as chief
restructuring officer; and Wright Ford Young & Co. as tax preparer
and tax advisor. Stretto is Debtors' claims noticing and
solicitation agent.

The U.S. Trustee for Region 17 appointed a committee of unsecured
creditors on March 11, 2020. The committee tapped Brown Rudnick,
LLP as its lead bankruptcy counsel, and McDonald Carano, LLP as its
local 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
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
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Information contained herein is obtained from sources believed to
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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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