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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

          Thursday, August 6, 2020, Vol. 21, No. 157

                           Headlines



A R G E N T I N A

ARGENTINA: Strikes $65 Billion Debt Deal to Avert Hard Default


B R A Z I L

BANCO DE BRASILIA: S&P Affirms B+/B Ratings, Outlook Stable
ODEBRECHT SA: Brazil Judge Approves Bankruptcy Restructuring Plan


C H I L E

LATAM AIRLINES: Committee Hires Dechert LLP as Lead Counsel


C O S T A   R I C A

CREDOMATIC INTERNATIONAL: S&P Withdraws BB+/B ICRs


J A M A I C A

JAMAICA URBAN: Managers Meet w/ Board in Light of Performance Audit


M E X I C O

GRUPO AEROMEXICO: Plan to Restructure Stock Certificates Approved


P U E R T O   R I C O

NEW FORTRESS: Moody's Assigns B1 CFR, Outlook Stable

                           - - - - -


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

ARGENTINA: Strikes $65 Billion Debt Deal to Avert Hard Default
--------------------------------------------------------------
Reuters reports that Argentina has reached an agreement with
creditors to restructure around $65 billion in sovereign debt,
breaking a deadlock in talks that will help the country climb out
of default and banish fears of a damaging and protracted legal
standoff.

The report relays that economy ministry said in a statement here on
Tuesday it had reached an accord with major creditors after
agreeing to adjust some payment dates and legal clauses to sweeten
what had been touted as its "final" proposal made in early July.

According to the report, a deal will help overwrite memories of
Argentina's last major default in 2001-2002, which led to over a
decade of litigation and left it a pariah in global capital
markets.

"Early this morning we finally reached an agreement and took a
decisive step," the report quotes Economy Minister Martin Guzman as
saying in an evening press conference, adding the deal was key to
bringing the public sector out of a "situation of asphyxia."

He said the deal had the backing of a majority of creditors, and
Argentina would look to convince any still undecided, the report
relays.

A major grain producer and once one of the world’s wealthiest
countries, Argentina fell into its ninth sovereign default in May
and is headed for an estimated 12% economic contraction this year
on the back of two years of recession, Reuters recounts.

The report says three creditor groups--the Ad Hoc Group, Argentina
Creditor Committee and the Exchange Bondholder Group--said they
were pleased to have reached an "agreement in principle" that
provided debt relief and would lead to renewed access to
international capital markets for Argentine issuers.

"The agreement is a good outcome for all participants and delivers
an offer that all creditors should support," the report quoted the
group as saying.

The ministry said it would extend the deadline for creditors to
formally accept the new deal to Aug. 24. It had been set to expire
on Aug. 4, says Reuters.

BOND MARKETS CHEER

The report relates that the agreement helped lift sovereign bonds
an average of 8.7% following a rally on Aug. 3 in anticipation of a
deal.

The country had been at an impasse with creditors, which included
big-name funds such as BlackRock (BLK.N) and Ashmore (ASHM.L), over
revamping the debt.

Investors were cheered by the announcement of an agreement, notes
Reuters.

"It is something that the main bondholder groups can accept," said
Graham Stock, an emerging markets strategist at creditor BlueBay
Asset Management, who said the average net present value of the new
offer was 54.8 cents on the dollar, says the report. "The economic
situation in Argentina is very challenging and a key focus for us
was to make sure there was sufficient cash flow relief for the
government in the short-term to help the government address the
economic fallout from coronavirus."

Reuters notes that Riccardo Grassi, risk manager at Mangart Capital
Advisors, said the two sides had reached a "political compromise."
"I wouldn't say creditors are happy, but we are happy that this
thing has been resolved," he added.

Gabriel Torres at credit ratings agency Moody's said the agreement
would allow the country to avoid "protracted and costly legal
proceedings with bondholders" and called for "credible and
sustainable fiscal and monetary policies," the report relates.

PAYMENT DATES CHANGE

As part of the deal, notes Reuters, the government said it would
adjust some payment dates for the new bonds set out in the offer to
raise the proposal's value.

The offer will also adjust certain legal aspects of so-called
collective action clauses (CACs), which determine how future
changes can be made to bond agreements. These had become a key
point of contention in the talks, the report says.

Some bondholders had feared Argentina would try to use the CACs to
adopt a "Pac-Man" strategy of attempting to get them on board one
at a time, the report recalls.

Reuters relates that Carlos de Sousa of Oxford Economics said the
changes and the accord with major creditors meant a deal was almost
in the bag.

"It should be straight forward now to achieve the required
qualified majorities for a successful debt exchange," he said, the
report notes.

Under the deal, payment dates on the new bonds will be Jan. 9 and
July 9, instead of March 4 and Sept. 4. The new bonds will begin
amortizing in January 2025 and mature in July 2029.

Moderate Peronist President Alberto Fernandez and Guzman had been
adamant that Argentina was unable to improve the offer made in
early July, though people close to the talks said there could be
wiggle room to sweeten the offer, Reuters notes.

Argentina struck a $57 billion loan deal with the International
Monetary Fund in 2018 and has said it will seek a new program with
the fund after it wraps up its talks with private creditors.

"A very significant step. Look forward to a successful conclusion
in the interest of all," IMF head Kristalina Georgieva said in a
congratulatory post on Twitter, the report relates.


                        About Argentina

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

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

As reported by the Troubled Company Reporter - Latin America on
July 30, 2020, S&P Global Ratings said it lowered its issue
ratings on two of Argentina's foreign currency-denominated bonds,
BIRADs due January 2022 and January 2027, to 'D' from 'CC'.
These are New York-law U.S. dollar-denominated bonds that had a
total of about US$220 million in interest due July 26, 2020, and
an applicable payment date of July 27. Other similar bonds S&P
already lowered to 'D' include the BIRADs due 2021, 2026, January
2028, July 2028, 2036, 2046, 2048, and 2117, as well as a
New York-law U.S. dollar-denominated discount bond due December
2033 and an English-law euro-denominated discount bond due
December 2033. These bonds will remain at 'D' pending conclusion
of the debt renegotiations that are underway. The current
deadline for acceptance remains Aug. 4, with a settlement date
of Sept. 4.

The TCR-LA reported on  April 14, 2020, that Fitch Ratings
upgraded Argentina's Long-Term Foreign Currency Issuer Default
Rating to 'CC' from 'RD' and Short-Term Foreign Currency IDR
to 'C' from 'RD'.

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




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B R A Z I L
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BANCO DE BRASILIA: S&P Affirms B+/B Ratings, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings affirmed its global scale 'B+/B' and national
scale 'brAA/brA- 1+' ratings on BRB – Banco de Brasilia S.A.
(BRB). The outlook on the ratings remains stable. At the same time,
S&P revised BRB's stand-alone credit profile downwards to 'b+' from
'bb-'.

S&P said, "We expect the COVID-19 pandemic to impair Distrito
Federal's fiscal profile, despite the administration's prudent
fiscal policies and expected support from the national government.
Moreover, the state's liquidity profile could further erode if the
pandemic is more prolonged than we currently expect, which could
limit Distrito Federal's fiscal recovery in 2021. Nonetheless, so
far we haven't seen any evidence of intervention in the bank's
operations. We believe that BRB's strong bottom-line results,
coupled with Brazilian banking regulations, the Fiscal
Responsibility Law, and the State-Owned Company Act, should protect
the bank from the state's intervention to some extent. However,
Distrito Federal remains a key risk exposure to BRB due to the
state's role as a paying agent of payroll-deductible loans, which
represents a large share of the bank's assets, and relevance of
Distrito Federal's fiscal health to the local economy due to its
higher share of public-sector activity in the GDP when compared to
other states. As such, we still believe that a deterioration in the
credit quality of Distrito Federal could harm the bank's asset
quality and bottom-line results."

Meanwhile, BRB's ambitious expansion projects can bring additional
risks related to higher exposure to segments or geographies in
which the bank is less experienced. Since the new management took
over in 2019, BRB has been developing several initiatives aimed at
expanding and diversifying its operations while promoting the local
economy's development. More recently, BRB has launched economic
stimulus measures that should help local commercial and individual
borrowers to cope with the pandemic-induced crisis by disbursing
loans at low rates. Although such initiatives could expand revenue
diversification in the longer term, they could also increase
exposures to riskier assets stemming from a weak economy. As a
result, S&P revised downwards its stand-alone credit profile of BRB
to b+ from bb-.

On the other hand, BRB has been restructuring its internal
governance and enhancing its credit and guarantees policies, while
its NPL ratio has been consistently decreasing and its
profitability has reached historic highs. BRB reported a 27% return
on average equity for 2019, much higher than the average of the
Brazilian banking system. S&P said, "And we estimate that the
bank's profitability will remain high during 2020 due to its high
share of payroll loans in its total loans. NPLs plunged to 1.8% in
December 2019 from 4.6% in December 2016. We believe that these
factors should provide some cushion against a possible increase in
NPLs that could arise from the bank's expansion plans."


ODEBRECHT SA: Brazil Judge Approves Bankruptcy Restructuring Plan
-----------------------------------------------------------------
Aluisio Alves at Reuters reports that a Brazilian judge approved a
bankruptcy restructuring plan for Odebrecht, the battered
construction conglomerate that was a key fixture of the sprawling
corruption probe known as "Operation Car Wash."

The judge, in a decision seen by Reuters, approved the plan and
rejected objections from creditors, including state bank BNDES,
Itau Unibanco, Banco Bradesco, Santander Brasil and Banco do
Brasil, according to Reuters.

Creditors in April had approved the restructuring plan for most of
the subsidiaries that make up Odebrecht, the report notes.

                        About Odebrecht S.A.

Odebrecht S.A. -- www.odebrecht.com -- is a Brazilian conglomerate
consisting of diversified businesses in the fields of engineering,
construction, chemicals and petrochemicals.  Odebrecht S.A. is a
holding company for Construtora Norberto Odebrecht S.A., the
biggest engineering and contracting company in Latin America, and
Braskem S.A., the largest petrochemicals producer in Latin America
and one of Brazil's five largest private-sector manufacturing
companies. Odebrecht controls Braskem, which by revenue is the
fourth largest petrochemical company in the Americas.

On June 17, 2019, Odebrecht filed for bankruptcy protection, aiming
to restructure BRL51 billion (US$13 billion) of debt.

The bankruptcy filing comes after years of struggles for Odebrecht,
the biggest of the Brazilian engineering groups caught in a
sweeping political corruption investigation that has rippled across
Latin America, Reuters relayed, as reported by The Troubled Company
Reporter - Latin America.

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



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

LATAM AIRLINES: Committee Hires Dechert LLP as Lead Counsel
-----------------------------------------------------------
The Official Committee of Unsecured Creditors of LATAM Airlines
Group S.A. and its affiliates seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to retain
Dechert LLP as its lead counsel.

The Committee requires Dechert LLP to:

     a) participate in in-person and telephonic meetings of the
Committee and subcommittees formed thereby, and otherwise advise
the Committee with respect to its rights, powers and duties in
these Chapter 11 Cases;

     b) assist and advise the Committee in its meetings and
negotiations with the Debtors and other parties in interest
regarding the administration of these Chapter 11 Cases;

     c) assist the Committee in analyzing claims asserted against,
and interests in, the Debtors, and in negotiating with the holders
of such claims and interests and bringing, or participating in,
objections or estimation proceedings with respect to such claims
and interests;

     d) assist with the Committee's review of the Debtors'
Schedules of Assets and Liabilities, Statement of Financial Affairs
and other financial reports prepared by the Debtors, and the
Committee's investigation of the acts, conduct, assets, liabilities
and financial condition of the Debtors and their insiders and of
the historic and ongoing operation of their businesses;

     e) assist the Committee in its analysis of, and negotiations
with the Debtors or any third party related to, financing, asset
disposition transactions, compromises of controversies, assumption
and rejection of executory contracts and unexpired leases;

     f) assist the Committee in its analysis of, and negotiations
with the Debtors or any third party related to, the formulation,
confirmation and implementation of a chapter 11 plan(s) and all
documentation related thereto;

     g) assist and advise the Committee with respect to its
communications with the general creditor body regarding significant
matters in these cases;

     h) respond to inquiries from individual creditors as to the
status of, and developments in, these Chapter 11 Cases;

     i) represent the Committee at hearings and other proceedings
before the Court and such other courts or tribunals, as
appropriate;

     j) review and analyze complaints, motions, applications,
orders and other pleadings filed with the Court, and advise the
Committee with respect to its positions thereon and the filing of
any responses thereto;

     k) assist the Committee in its review and analysis of, and
negotiations with the Debtors and non-Debtor affiliates related to,
intercompany transactions and claims;

     l) review and analyze third party analyses or reports prepared
in connection with potential claims of the Debtors, advise the
Committee with respect to its positions thereon, and perform such
other diligence and independent analysis as may be requested by the
Committee;

     m) assist the Committee in preparing pleadings and
applications, and pursuing or participating in adversary
proceedings, contested matters and administrative proceedings as
may be necessary or appropriate in furtherance of the Committee's
duties, interests, and objectives;

     n) assist and advise the Committee with respect to applicable
foreign proceedings that may arise in the course of these Chapter
11 Cases; and
   
     o) perform such other legal services as may be necessary or as
may be requested by the Committee in accordance with the
Committee's powers and duties as set forth in the Bankruptcy Code.

The 2020 hourly rates charged by Dechert are:

     Partners            $960 - $ 1,650
     Counsel             $700 - $1,550
     Associates          $595 - $960
     Paraprofessionals   $150 - $430

Craig P. Druehl, partner of the law firm Dechert LLP, attests that
the firm is a "disinterested person" as that term is defined in
Bankruptcy Code section 101(14), and neither represents nor holds
an interest adverse to the interests of the Committee, the Debtors,
or their estates with respect to the matters on which it is to be
employed.

In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, Mr.
Druehl disclosed that:

     -- it has not agreed to any variations from, or alternatives
to, its standard or customary billing arrangements for this
engagement;

     -- none of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
case;

     -- the firm has not represented the Committee in the 12
months
prepetition; and

     -- Dechert expects to work with the Committee to develop a
prospective budget and staffing plan.

The counsel can be reached through:

     Allan S. Brilliant, Esq.
     Craig P. Druehl, Esq.
     David A. Herman, Esq.
     DECHERT LLP
     1095 Avenue of the Americas
     New York, NY 10036
     Phone: (212) 698-3500
     Fax: (212) 698-3599
     Email: allan.brilliant@dechert.com
            craig.druehl@dechert.com
            david.herman@dechert.com

                      About LATAM Airlines Group

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; Togut,
Segal & Segal LLP and Claro & Cia in Chile as special counsel;
PricewaterhouseCoopers Consultores Auditores SpA as independent
auditors; and Larrain Vial Servicios Profesionales Limitada as
Latin America investment banker. Prime Clerk LLC is the claims
agent.



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

CREDOMATIC INTERNATIONAL: S&P Withdraws BB+/B ICRs
--------------------------------------------------
S&P Global Ratings withdrew its 'BB+/B' long- and short-term issuer
credit ratings on Credomatic International Corp. (CIC) at the
issuer's request.

At the time of the withdrawal, the ratings and stable outlook on
CIC reflected that of its ultimate parent, Banco de Bogota
(BB+/Stable/B), since we consider it a core subsidiary for the
group.




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

JAMAICA URBAN: Managers Meet w/ Board in Light of Performance Audit
-------------------------------------------------------------------
RJR News reports that senior managers of the Jamaica Urban Transit
Company (JUTC) met with the board of the state run bus company.

The managers were summoned to the meeting in the wake of the
findings of the Auditor General's Department performance audit of
the JUTC, according to RJR News.

The audit report, which was tabled in the House of Representatives,
reported several weaknesses in the Transport Ministry's
accountability standards and guidelines in relation to the bus
company, the report relays.

In a media release, the JUTC board said it takes the findings of
the audit seriously as the company is a public body subject to
government regulations, the report notes.

The board said the meeting would seek to discuss the
recommendations of the Auditor General and urgently correct the
breaches identified, the report discloses.

Among other things, the report stated that breaches identified by
the Risk Manager and recommendations of the Internal Auditor were
either ignored or not adequately addressed, and this added to
losses at the JUTC, the report says.

Following the meeting, Russell Hadeed, Chairman of the JUTC, said
several decisions were made regarding the findings of the Auditor
General's report, RJR News reports.

He told Radio Jamaica News that a statement outlining the decisions
will be released later.



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

GRUPO AEROMEXICO: Plan to Restructure Stock Certificates Approved
-----------------------------------------------------------------
Dave Graham at Reuters reports that Mexican airline Grupo
Aeromexico, S.A.B. de C.V. said that a proposal for restructuring
stock certificates was approved in general terms under conditions
it put forward at meeting of holders.

Mexico's largest airline is engaged in bankruptcy proceedings that
began late last month in the United States, according to Reuters.

                   About Grupo Aeromexico

Grupo Aeromexico, S.A.B. de C.V. and three of its subsidiaries
sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No.
20-11563) on June 30, 2020.  In the petitions signed by CFO
Ricardo Javier Sanchez Baker, the Debtors were estimated to have
consolidated assets and liabilities of $1 billion to $10 billion.

Grupo Aeromexico, S.A.B. de C.V. is a holding company whose
subsidiaries are engaged in commercial aviation in Mexico and the
promotion of passenger loyalty programs. Mexico's global airline
has its main hub at Terminal 2 at the Mexico City International
Airport. Its destinations network features the United States,
Canada, Central America, South America, Asia and Europe.

At the time of filing, the Group's operating fleet of 119 aircraft
is comprised of Boeing 787 and 737 jet airliners and Embraer 170
and 190 models. Aeromexico is a founding member of the SkyTeam
airline alliance, which celebrated its 20th anniversary, and serves
in 170 countries by the 19 SkyTeam airline partners. Aeromexico
created and implemented a Health and Sanitization Management System
(HSMS) to protect its customers and employees at all steps of its
operations.

Davis Polk & Wardwell LLP and Cervantes Sainz are acting as
Aeromexico's legal counsel, Rothschild & Co. is acting as financial
advisor, and AlixPartners, LLP is serving as restructuring advisor
to the Company.  Epiq Bankruptcy Solutions is the claims agent.



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P U E R T O   R I C O
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NEW FORTRESS: Moody's Assigns B1 CFR, Outlook Stable
----------------------------------------------------
Moody's Investors Service assigned first time ratings to New
Fortress Energy LLC, including a B1 Corporate Family Rating, a
B1-PD Probability of Default Rating, a B1 rating to its senior
secured term loan and a SGL-3 Speculative Grade Liquidity rating.
The outlook is stable.

Assignments:

Issuer: New Fortress Energy LLC

Probability of Default Rating, Assigned B1-PD

Speculative Grade Liquidity Rating, Assigned SGL-3

Corporate Family Rating, Assigned B1

Issuer: NFE Atlantic Holdings LLC

Senior Secured Term Loan, Assigned B1 (LGD3)

Outlook Actions:

Issuer: New Fortress Energy LLC

Outlook, Assigned Stable

Issuer: NFE Atlantic Holdings LLC

Outlook, Assigned Stable

RATINGS RATIONALE

NFE's B1 CFR is underpinned by Moody's expectations of rising sales
of LNG, backed by long term contracts and proprietary downstream
infrastructure appended to power generation facilities in Jamaica
and Puerto Rico, as well as Mexico and Nicaragua, and by the
expectation of rapid deleveraging in 2021.

The company's ratings also reflect Moody's views on the credit
quality of its customers. NFE plans to improve its customer and
geographic diversification in 2020-2021, but its operating cash
flow retains high dependence on a few key utility customers in
Jamaica and Puerto Rico. The rating assumes a relatively low
volatility in earnings, underpinned by high level of contracted
revenues, including some take-or-pay and minimum volume
commitments, expected volume growth, as well as above market
contracted prices that support strong cash margins.

NFE is a high growth business. The B1 CFR reflects its expectation
that the company will maintain a conservative balance of debt and
equity funding while executing on numerous growth opportunities.
NFE's financial policy targets reasonable financial leverage of
debt/EBITDA of 3x, to be supported by reinvestment of growing
operating cash flows and equity issuances to help fund growth
investments. The Company expects to more than double its earnings
in 2021 as a result of launching new facilities in Nicaragua and
Mexico in the second half of 2020. This should result in leverage
declining rapidly to below 3x in 2021 from the 6.2x debt/EBITDA
that Moody's expects in 2020.

NFE maintains adequate liquidity, reflected in its SGL-3 rating,
that is supported by substantial cash balances, that at the end of
June 2020 stood at $167 million (or about 18% of its long-term
debt). With all operating facilities generating substantial
operating cash margin, NFE's principal financing needs are driven
by its growth capital investment. The rating assumes that NFE will
maintain a sizable cash balance in 2020-21 and will continue to
proactively raise additional financing to support growth investment
requirements. The adequate liquidity position is also supported by
substantial alternate liquidity sources, including growing
infrastructure power assets, as well as the demonstrated ability to
raise equity to support growth. The company also benefits from
extended maturity profile of its debt, with the $800 million senior
secured loan maturing in 2023.

NFE's senior secured term loan due 2023 is rated B1, at the same
level as the CFR. The facility is raised at the level of NFE
Atlantic Holdings LLC, an indirect wholly owned subsidiary of NFE,
and is guaranteed by NFE and its operating companies. The term loan
comprises the substantial majority of the company's consolidated
debt.

The stable outlook assumes continued robust execution on growth
plans and strong operating performance across the expanding asset
base that should deliver a step up in operating cash flows in the
second half of 2020 and strengthen the leverage profile in 2021.

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

The B1 CFR could be upgraded if the company sustains growth in
EBITDA and builds a strong operating track-record. The upgrade
would require an improvement in the credit profile of the customer
base, including through broader earnings diversification or larger
exposures to higher rated customers and jurisdictions. Also, the
company will need to demonstrate its commitment to equity
co-funding of future growth projects and its ability to operate
within the stated financial policy with debt/EBITDA below 3x.

The ratings may be downgraded if the deleveraging trend is reversed
as a result of a decline in operations or regulatory interference
with debt/EBITDA not trending below 5x or if liquidity position
weakens. Failure to resolve FERC dispute in Puerto Rico in a timely
manner may cause a significant disruption to operations and lead to
a negative outlook or a downgrade of the ratings.

New Fortress Energy LLC is a US-listed, high growth energy
infrastructure company with downstream LNG operations in Jamaica,
Puerto Rico and in the US.

The principal methodology used in these ratings was Midstream
Energy published in December 2018.


                           *********


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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