/raid1/www/Hosts/bankrupt/TCRLA_Public/200810.mbx        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

          Monday, August 10, 2020, Vol. 21, No. 159

                           Headlines



A R G E N T I N A

ARGENTINA: Creditors Sought Foreign Backing on Debt Clauses
COMPANIA GENERAL DE COMBUSTIBLES: S&P Affirms CCC+ Ratings
NACION SEGUROS: Fitch Affirms Insurer Financial Strength at 'CC'


B R A Z I L

DESENVOLVE SP: Fitch Assigns BB- LT IDRs, Outlook Negative
GOL LINHAS: S&P Downgrades ICR to CCC-, On CreditWatch Negative
SIMPAR SA: S&P Assigns BB- ICR on JSL's Group Reorganization


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Power Companies Hail Sector Reforms


M E X I C O

GRUPO FAMSA: Files for Bankruptcy in United States and Mexico


P U E R T O   R I C O

ASCENA RETAIL: Gets Approval to Hire Prime Clerk as Claims Agent
NEW FORTRESS: S&P Assigns B+ Long-Term ICR; Outlook Stable
SEARS HOLDINGS: Closes Rockaway Townsquare Mall, NJ Location


X X X X X X X X

[*] BOND PRICING: For the Week Aug. 3 to Aug. 7, 2020

                           - - - - -


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

ARGENTINA: Creditors Sought Foreign Backing on Debt Clauses
-----------------------------------------------------------
Scott Squires, Jorgelina Do Rosario, and Carolina Millan at
Bloomberg News report that before Argentina reached an agreement
with creditors on restructuring its $65 billion debt, the creditors
approached several international organizations to seek endorsement
for a proposal to change the rules that govern some of the
country's overseas securities, according to people familiar with
the matter.

The International Monetary Fund, the U.S. Treasury, the
International Capital Market Association and the Institute of
International Finance are among the organizations that have been
informally approached by bondholders, said the people, who asked
not to be identified discussing a private matter, according to
Bloomberg News.

While the groups have no formal say over how bond contracts are
worded, the idea was that their buy-in would give Economy Minister
Martin Guzman political cover to accept the changes, which bolster
creditors' rights by closing legal loopholes for Argentine bonds
issued in 2016 and later, Bloomberg News notes.  The changes to the
indentures was a key point of negotiation in the final stretch of
talks between Argentina's government and major creditors including
Blackrock Inc., Ashmore Plc and Fidelity Management and Research
Co., Bloomberg News relates.

According to Bloomberg News, the bonds' collective action clauses
were written in such a way that Argentina could push through a
restructuring without broad support from its bondholders through
so-called "pac-man" and redesignation strategies, Bloomberg News
notes.  Investors want to make it harder for Argentina to engage in
those tactics, which take advantage of how the CACs are structured,
Bloomberg News says.

Guzman said in a online event the country would adopt the changes
if they are supported by the international community, Bloomberg
News notes.

A spokeswoman for the U.S. Treasury, the IMF's press office, and an
official from the International Institute of Finance declined to
comment.  A spokeswoman for the International Capital Markets
Association didn't reply to requests for comment.

The Economy Ministry's press office also declined to comment.

                        About Argentina

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

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

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

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

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

COMPANIA GENERAL DE COMBUSTIBLES: S&P Affirms CCC+ Ratings
----------------------------------------------------------
On Aug. 6, 2020, S&P Global Ratings affirmed its 'CCC+' ratings on
Argentine oil and gas company Compania General de Combustibles S.A.
(CGC) following its announcement of a debt exchange proposal. At
the same time, S&P assigned a 'CCC+' issue-level rating to CGC's
proposed senior unsecured notes due 2025. CGC intends to exchange
its outstanding 9.5% senior unsecured notes due 2021 for the
proposed 2025 notes. S&P also kept the company's stand-alone credit
profile (SACP) at 'b-'.

CGC intends to exchange its outstanding $300 million 9.5% senior
unsecured notes due 2021 for the proposed 2025 notes that will
amortize starting in 2022. Despite the company's current rating
(constrained by our assessment of Argentina's transfer &
convertibility [T&C] risk), S&P views the proposed transaction as
liability management and not as distressed exchange, because CGC is
intending to complete it several quarters in advance of the
maturity. The existing notes bullet maturity is on November 2021,
so CGC has some time to implement alternative initiatives to roll
this debt over if the exchange isn't successful. The company's
early tender comprises $1,050 per each $1,000 exchanged, of which
$100 will be paid in cash and remaining $950 in new notes with 9.5%
coupon and [annual amortizations]. In S&P's opinion, the proposed
exchange would improve CGC's capital structure because it would
extend the company's debt maturity profile.

S&P said, "Our 'CCC+' issuer credit rating on CGC is below its 'b-'
SACP. We cap the rating on CGC at our T&C assessment of Argentina.
This reflects our belief that the company wouldn't be able to
continue honoring its foreign currency obligations under potential
restrictions on access to foreign currency and/or restrictions on
the ability to transfer money abroad. The rating on the proposed
notes is the same as the issuer credit rating on CGC, because we
don't believe there's significant contractual or structural
subordination. We estimate priority debt represents around 5% of
consolidated financial obligations."

The SACP reflects the company's small scale, the reserve base's
short life, and its limited geographic and product diversification.
The mitigating factors are CGC's improved operating performance,
resulting in higher production and margins in recent years. The
SACP also reflects stronger credit metrics but high cash flow
volatility. S&P said, "We expect CGC's leverage at 2.0x–2.5x in
2020 amid sluggish demand and low prices, but we believe the
company will generate positive cash flows. We expect CGC to reduce
the pace of its capital investments and to be able to roll over
most of its near-term debt commitments. The company has issued
around $55 million in bond in the domestic markets during the first
half of the year, and we believe it could further tap smaller
amounts of funding in the domestic bond market and from banks in
the second half of the year."


NACION SEGUROS: Fitch Affirms Insurer Financial Strength at 'CC'
----------------------------------------------------------------
Fitch Ratings has affirmed the Insurer Financial Strength of Nacion
Seguros S.A., Nacion Reaseguros S.A. and Nacion Seguros de Retiro
S.A. at 'CC'.

The affirmation reflects the companies' strategic importance to its
parent Banco de la Nacion Argentina, of which they are core
subsidiaries.

KEY RATING DRIVERS

Fitch considers the three Nacion insurance companies core
subsidiaries of BNA. The latter is a large state-owned bank whose
liabilities are guaranteed by the Argentinian government. Fitch
currently rates Argentina's foreign currency long-term Issuer
Default Rating 'RD'. Despite the sovereign's default on its foreign
currency debt, Fitch believes that the bank will likely retain the
capacity to service its foreign currency obligations as its
intrinsic financial profile should be sufficient servicing
capacity. Additionally, Fitch currently believes that the sovereign
is unlikely to impose restrictions on banks' ability to service
their obligations following its own default in the near term,
though this view would be reassessed if stricter capital controls
are announced.

Although Fitch does not publicly rate BNA, the insurance
subsidiaries are rated based on a group approach where the rating
fully reflects the strengths and weaknesses of the group members.
The insurance companies benefit from the bank's large distribution
channels, brand and leadership position in the Argentinian banking
industry.

Nacion Seguros has a favorable business profile with 4.9% market
share (December 2019) in the Argentinian composite insurance
sector. The company has a strong position in some business lines
and a favorable product mix, distribution and geographical
diversification. As of March 2020, the company generated 61.5%
growth in gross written premium, which is affected, as are the
other indicators, by the country's high inflation rates. The
Argentinian central bank (Banco Central de la República Argentina)
reported an annual inflation of 48.4% as of March 2020.

Given their state-owned status, Nacion Seguros and the related
companies, have a strong capitalization strategy. At March 2020,
equity grew 62.1% yoy and net written premium to equity ratio was
1.2x (1.3x as of June 2019). The company has maintained a positive
operating result and bottom-line profitability, reflected in a
combined ratio of 81.5% and a ROAE of 61.4% (83.95% and 56.9%,
respectively, as of June 2019).

Nacion RE is a medium-size company in the Argentinian reinsurance
sector with a 4.9% market share (December 2019) and significant
participation in some business lines. Despite a favorable product
mix and widened insured portfolios, the business remains
concentrated in its related company, Nacion Seguros.

As of March 2020, Nacion RE rquity grew 69.4% yoy. Despite the
growing operations, the company maintained a net written premium to
equity ratio of 0.2x (June 2019: 0.2x). At that time the company
reported positive operating income of ARS12.2 million and a
combined ratio of 32.6%, comparing favorably with last fiscal
year-end (141.9%). This was due to significant decrease in claim
costs. When including financial income Nacion RE's results
significantly improve with a return on average equity of 12.7%
(8.4% as of June 2019). Finally, Nacion RE exhibited a 7.3%
retention and a reinsurance recoverable to equity ratio of 255.5%.
The latter compares widely favorable to 2Q 2019's ratio of 490.7%
due to the mentioned decrease in claims.

Nacion Retiro is the second largest retirement insurer in Argentina
and has a strong market position (10.9% market share as of December
2019). The company's NWP are mainly composed of retirement products
associated with benefits granted to BNA' employees. Similar to
other insurance subsidiaries, Nacion Retiro has a strong
capitalization strategy with equity growing organically YOY (69.4%
as of March 2020). Therefore, the company has improved operating
leverage indicators (March 2020: 5.3x; March 2019: 6.2x). Nacion
Retiro reported a negative operating result of ARS932 million but
positive bottom line profitability (ROAE:64.0%), explained by the
financial income.

Financial income is an important component of the combined
company's net income. Investments are concentrated in the local
market where high inflation rates generate high returns and drive
bottom line profitability.

The three insurance companies' investment risk and liquidity
indicators are affected by the country's non-investment grade
condition, which makes all sovereign and related securities to be
considered as risky and illiquid. In this scenario, Nacion Seguros,
Nacion RE and Nacion Retiro presented a risky asset ratio of
540.2%, 268.5% and 3,984.0%, respectively. The liquidity indicator
for the first two companies, which is calculated over net claim
reserves, was 20.1% and 24.3%, while for the third one, over net
technical reserves, was 12.7%.

RATING SENSITIVITIES

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

The ratings and their Outlooks are dependent on Fitch's view of the
ability and willingness of BNA to provide support to the insurance
subsidiaries. A positive change to Argentina's sovereign rating
could also have an impact on the Nacion insurance ratings.

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

The ratings and their Outlooks are dependent on Fitch's view of the
ability and willingness of BNA to provide support to the insurance
subsidiaries. A negative change to Argentina's sovereign rating
could also have an impact on the Nacion insurance ratings.

BEST/WORST CASE RATING SCENARIO

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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



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

DESENVOLVE SP: Fitch Assigns BB- LT IDRs, Outlook Negative
----------------------------------------------------------
Fitch Ratings has assigned Desenvolve SP - Agencia de Fomento do
Estado de Sao Paulo SA's Long-Term Foreign Currency and Local
Currency Issuer Default Ratings at 'BB-' with a Negative Rating
Outlook and the National Long-Term Rating at 'AA(bra)', with a
Stable Rating Outlook.

KEY RATING DRIVERS

IDRs, National Ratings and Support Rating

Desenvolve SP's ratings are derived from and equalized to the
parent ratings, the State of Sao Paulo (BB-/Negative), because
Fitch considers Desenvolve SP strategically important to the state.
In Fitch's opinion, Desenvolve SP is a core subsidiary in terms of
financial services to its owner, the state where Desenvolve SP
focuses its operation. Fitch does not assign a Viability Rating to
the institution, as it is a company with a role of development
agency, for which Fitch cannot form an entirely standalone credit
view.

Desenvolve SP's ratings are highly influenced by the role it plays
to the state, in Fitch's opinion. Desenvolve SP is an integral part
of the state as a development arm of the government, with an
important role in boosting the growth of the local economy through
lending to micro and small enterprises, as well as providing
resources for municipalities within the state. Fitch sees these as
highly important factors to Desenvolve SP's ratings.

Fitch also considers in its assessment the following: the group
regulation, the size of the institution relative to the financial
capacity of Sao Paulo; the very low potential for selling the
institution; the high reputational risk to the state; the high
level of operational integration between the state and Desenvolve
SP; and the fact that it is a state-controlled institution.

Desenvolve SP's Support Rating of '3' reflects the moderate
probability of support, if needed Sao Paulo's ratings reflect the
combination of Low Midrange risk profile and 'b' debt
sustainability under Fitch's rating case scenario.

The state's Standalone Credit Profile is 'b+'. Sao Paulo's IDRs
benefit from an uplift from the state's SCP due to the support
derived from the Federal Government being Sao Paulo's most relevant
creditor. The Negative Outlook reflects the sovereign's Outlook.

Desenvolve SP's main objective is to elaborate and promote
government programs to help develop Sao Paulo's economy through
financing lines to SMEs and municipalities, especially for
investments focused on innovation and clean energy. This objective
is in line with the government's development plan, which is
reviewed annually.

Desenvolve SP's financial profile has no direct rating
implications, but remained stable in the last few years.

The underwriting standards are adequate for the risk assessment,
which became more conservative and stricter. Credit assets are the
main risk for Desenvolve SP, corresponding to 85% of its
risk-weighted assets. The remainder of the assets is allocated in
its securities portfolio, which presents low risk and is composed
mostly -- directly or through funds -- of government securities.

Desenvolve SP's asset quality showed significant volatility in
recent years compared with figures presented by the National
Financial System. The December 2019 impaired loans/gross loans
ratio was 11.3%, down from 13% one year earlier. NPLs meanwhile
improved to 1.61% from 5.30% in 2018. Despite this higher
volatility compared with the SFN average, almost the entire
portfolio of Desenvolve SP has real guarantees (guarantee of funds,
tax credits, properties or financial investments), which
significantly reduces the final loss.

The operating profit/RWA ratio was 3.22% in December 2019, up from
0.73% in 2018 and 4.41% in 2017. The weaker result in 2018 was
caused by the increase in provision expenses. Due to its public
mission, Desenvolve SP's focus is not maximizing profits, despite
seeking profitability in all credit operations. Fitch expects a
reduction in Desenvolve SP's profitability ratio for 2020 and 2021,
considering the possible increase in delinquencies in the SMEs
segment due to the coronavirus pandemic.

Desenvolve SP has strong capitalization, with a regulatory capital
ratio of 44.4% in 2019, compared with 30.2% in 2018, integrally
composed of common equity Tier 1. While the minimum regulatory
capital ratio is 10.5% according to the rules of the Brazilian
Central Bank, Desenvolve SP works with a minimum ratio of 20%.

As a development agency, Desenvolve SP has limitations regarding
its funding sources. The credit portfolio was mainly financed by
equity or on-lendings from official entities, such as Banco
Nacional de Desenvolvimento Economico e Social and Financiadora de
Estudos e Projetos - FINEP. However, Desenvolve SP aims to increase
and diversify its funding, mainly with international development
banks. It signed a loan agreement with Corporación Andina de
Fomento for USD 50 million in 2019.

RATING SENSITIVITIES

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

IDRs

  -- Further changes in Brazil's ratings or Outlooks;

  -- A downgrade to Sao Paulo's ratings and/or a decrease in its
propensity to support Desenvolve SP may result in a rating review.

National Long-Term Ratings

  -- Downgrades in Desenvolve SP's National Scale Ratings are
sensitive to negative changes in Sao Paulo's ratings.

SR

  -- If Sao Paulo's rating is downgraded to the 'B' category,
Desenvolve SP's SR would be downgraded to '4' from '3'.

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

IDRs

  -- Potential upgrades to Desenvolve SP's IDRs are limited given
the Negative Rating Outlook. While Fitch does not consider it
likely in the short to medium term, Desenvolve SP's IDRs can be
revised upward if there is an upgrade to Sao Paulo's ratings in the
long term.

National Long-Term Rating

  -- An upgrade to Desenvolve SP's National Long-Term Rating also
depends on the improvement of Sao Paulo's ratings, which is limited
due to the challenging economic environment.

SR

  -- An SR upgrade depends on an upgrade to Sao Paulo's ratings.

BEST/WORST CASE RATING SCENARIO

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Desenvolve SP's Ratings are driven by the State of Sao Paulo's
Ratings.

Agencia de Fomento do Estado de Sao Paulo - Desenvolve SP

  - LT IDR BB- New Rating

  - ST IDR B New Rating

  - LC LT IDR BB- New Rating

  - LC ST IDR B New Rating

  - Natl LT AA(bra) New Rating

  - Natl ST F1+(bra) New Rating

  - Support 3 New Rating

GOL LINHAS: S&P Downgrades ICR to CCC-, On CreditWatch Negative
---------------------------------------------------------------
On Aug. 6, 2020, S&P Global Ratings lowered its issuer credit and
issue-level ratings on Brazil-based airline, Gol Linhas Aereas
Inteligentes S.A. (Gol) to 'CCC-' from 'CCC+'. At the same time,
S&P lowered the national scale rating to 'brCCC-' from 'brBB' and
revised the CreditWatch implications to negative from developing.
The recovery rating remains at '4' (30%).

S&P affirmed the term loan rating at 'BB-', because it reflects the
unsecured debt ratings on Delta Air Lines Inc. (BB/Negative/--).

The CreditWatch negative listing reflects the possibility of
default in the very short term. Even if Delta repays Gol's term
loan because the former is the guarantor, if Gol fails to meet its
obligations, S&P could consider a selective default (SD).


SIMPAR SA: S&P Assigns BB- ICR on JSL's Group Reorganization
------------------------------------------------------------
On Aug. 6, 2020, S&P Global Ratings assigned 'BB-' global scale and
'brAA+' national scale issuer credit ratings to Simpar S.A.

S&P said, "We also lowered the issuer credit ratings on
Brazil-based transportation group JSL S.A.  to 'B+' from 'BB-' on
global scale and to 'brAA-' from 'brAA+' on national scale.

"We affirmed our 'BB-' rating on the group's 2024 senior unsecured
notes and 'brAA+' rating on the 13th debenture issuance. This is
because these two issuances now mirror the credit quality of
Simpar. At the same time, we lowered the rating on JSL's 8th
debenture issuance to 'brAA-' from 'brAA+', following the same
action on the issuer credit rating, because this issuance will
remain on JSL's balance sheet."

Given the minority shareholders' acceptance of the proposed group
reorganization, Simpar is now the non-operating holding entity of
several logistics and transportation companies, which JSL
previously controlled. S&P expects the group to pursue growth by
focusing on each of its subsidiary through internal and
acquisition-based growth funded with own cash flows and eventual
equity increases. Any significant acquisition would be expected to
be accompanied by equity raising, maintaining manageable leverage
metrics.

JSL Europe's 2024 senior unsecured notes and the group's 13th
debenture issuance, among other debt instruments, will now be
guaranteed by--or migrate to--Simpar. Although creditors of these
instruments will now be at a risk of not relying directly on an
operating company, the amount of debt and cash at Simpar compared
with the net value of each subsidiary mitigate the risks of
structural subordination. S&P revised the recovery rating on those
instruments to '4' from '3', indicating lower recovery
expectations, but still affirming the issue-level ratings, which
are at the same level as the group's credit rating.

The spin-off of the logistics and cargo transportation business has
diminished JSL's scope and raised its leverage. In S&P's view,
JSL's business strengths stem from its status as the leading
logistics services provider in Brazil, with around twice revenue
base than those of peers. JSL provides the significant range of
services to 16 sectors, operating with adequate profitability,
although somewhat geographically concentrated in Brazil and with
smaller scale than those of global peers.

S&P said, "We believe JSL will post debt to EBITDA of 4.7x-5.0x and
funds from operations (FFO) to debt close to 10% in 2020. These
ratios incorporate its recently announced acquisition of Fadel
Holding Ltda. We believe JSL could engage in additional M&As, given
the market's fragmentation. Still, we expect that any large
transaction would be accompanied by an equity issuance, so that the
company's leverage wouldn't increase above the forecasted levels
expected for 2020. Our 'B+' final rating on JSL, one notch above
the 'b' stand-alone credit profile (SACP), reflects our view of its
relevance for the group. In line with the lower issuer credit
rating, we also lowered our rating on JSL's eighth debentures
issuance, which remained on its balance sheet.

"The negative outlook reflects our view that despite the
significant impact on some of the subsidiaries' cash flows in 2020,
Simpar's business resiliency should help soften it this year and
boost recovery in 2021. The long-term contracts on its fleet
management services and truck and heavy equipment rentals should
partly offset the expected reduction in Simpar's cash flows. We
view its exposure to rental cars (30%-35% of Simpar's EBITDA) as a
factor that would pressure credit metrics if movement restrictions
are prolonged in the next few months, or lower economic activity
lasts for longer than expected. In 2020, we project a drop in
consolidated revenues and EBITDA of about 10% and 10%-15%,
respectively, compared with 2019.

"We view JSL as a highly strategic subsidiary of the group. We
understand that because of the reorganization, the company will
operate as an independent subsidiary, in line with the group's
strategy of separating each entity according to its business lines
and maintaining a non-operational holding. Still, we expect JSL to
benefit from the group's long-term commitment because the
subsidiary represents a relevant portion of consolidated EBITDA."
Therefore, JSL is likely to receive support during stressed
conditions. Also, JSL currently has acceleration-type covenants
measured by Simpar's results, as well as cross-default clauses and
cross-acceleration type covenants with Simpar.

S&P said, "Given COVID‐19's impact on the group's 2020 cash flows
and its capacity to reduce the size of its fleet in order to adapt
to market conditions, we expect Simpar's debt to EBITDA to increase
to 4.0x-4.5x and FFO to debt to be slightly lower than 12%. Despite
the reduced cash flows, we expect EBIT interest coverage at
1.4x-1.7x in 2020. Given our forecast of economic rebound in Brazil
in 2021, Simpar's leverage metrics should also improve, with EBIT
interest coverage at 1.6x-1.8x, debt to EBITDA at 3.5x-4.0x, and
FFO to debt above 12% next year."




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

DOMINICAN REPUBLIC: Power Companies Hail Sector Reforms
-------------------------------------------------------
Dominican Today reports that the Dominican Electricity Industry
Association (ADIE) expressed support for reforms in the electricity
sector that are oriented to efficiency and sustainability and that
are in accordance with the provisions of the law.

The ADIE noted that it has always advocated institutionalism and
compliance with what is established in the regulations, for which
it welcomes the fact that the Ministry of Energy and Mines (MEM)
assumes the leadership in the planning and design of the sector
policies, according to Dominican Today.

It stressed the importance of having a professionalized Electricity
Superintendence, with members who are knowledgeable about
regulation at the national and international level, with the
capacity to apply the regulations appropriately and, above all, to
operate independently, the report notes.

The ADIE expressed its support for the distribution companies to
achieve the long-awaited financial sustainability, that they can
reduce their levels of losses and operating expenses and become
true companions to development, supplying the energy that the
country needs, the report relays.

"From ADIE we have insisted on multiple occasions that it is
imperative that the distribution sector be reformed in order to
transfer to the population the achievements that have been obtained
in the generation sector over the years," said Manuel Cabral, vice
president of the entity which groups the power companies, 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).



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M E X I C O
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GRUPO FAMSA: Files for Bankruptcy in United States and Mexico
-------------------------------------------------------------
Abraham Gonzalez at Reuters reports that Mexican retailer Grupo
Famsa said that a shareholder meeting authorized a request to file
for Chapter 15 Bankruptcy in the United States and bankruptcy in
Mexico.

"The presentation of both applications has been carried out before
the competent jurisdictional authorities," the retailer said in a
filing to the Mexican stock exchange, according to Reuters.

"Grupo Famsa will seek to reach an agreement and a comprehensive
solution by restructuring its liabilities through dialogue with
creditors so as to strengthen its financial situation, safeguarding
its interests and those of creditors," the report notes.



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

ASCENA RETAIL: Gets Approval to Hire Prime Clerk as Claims Agent
----------------------------------------------------------------
Ascena Retail Group, Inc. and its affiliates received approval from
the U.S. Bankruptcy Court for the Eastern District of Virginia to
hire Prime Clerk LLC as their claims and noticing agent.

The firm will oversee the distribution of notices and will assist
in the maintenance, processing and docketing of proofs of claim
filed in Debtors' Chapter 11 cases.

Debtors provided Prime Clerk an advance in the amount of $100,000
prior to their bankruptcy filing.

Benjamin Steele, vice president of Prime Clerk, disclosed in a
court filing that his firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.

Prime Clerk can be reached through:

     Benjamin J. Steele
     Prime Clerk LLC
     830 Third Avenue, 9th Floor
     New York, NY 10022
     Direct: (212) 257-5490
     Mobile: 646-240-7821
     Email: bsteele@primeclerk.com

                   About Ascena Retail Group

Ascena Retail Group, Inc. (Nasdaq: ASNA) is a national specialty
retailer offering apparel, shoes, and accessories for women under
the Premium Fashion (Ann Taylor, LOFT, and Lou & Grey), Plus
Fashion (Lane Bryant, Catherines and Cacique), and Value Fashion
(Dressbarn) segments, and for tween girls under the Kids Fashion
segment (Justice).  Ascena, through its retail brands, operates
ecommerce websites and approximately 2,800 stores throughout the
United States, Canada, and Puerto Rico.  Visit
http://www.ascenaretail.comfor more information.   

Ascena Retail reported a net loss of $661.4 million for the fiscal
year ended Aug. 3, 2019, a net loss of $39.7 million for the year
ended Aug. 4, 2018, and a net loss of $1.06 billion for the year
ended July 29, 2017.

On July 23, 2020, Ascena Retail Group and its affiliates sought
Chapter 11 protection (Bankr. E.D. Va. Case No. 20-33113).  As of
Feb. 1, 2020, Ascena Retail had $13,690,710,379 in assets and
$12,516,261,149 in total liabilities.

The Hon. Kevin R. Huennekens is the case judge.

Debtors have tapped Kirkland & Ellis LLP and Cooley LLP as
bankruptcy counsel, Guggenheim Securities, LLC as financial
Advisor, and Alvarez and Marsal North America, LLC as restructuring
advisor.  Prime Clerk, LLC is the claims agent.

NEW FORTRESS: S&P Assigns B+ Long-Term ICR; Outlook Stable
----------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issuer credit rating
to New Fortress Energy LLC. S&P also assigned its 'B+' issue-level
rating and '3' recovery rating to the company's existing senior
secured term loan.

S&P's assessment of NFE's business risk profile reflects the lack
of diversity, small but growing operating scale, and some
volumetric and commodity price exposure with mitigations in place.
NFE generates its revenues through selling LNG/gas, electricity,
and steam to its customers in the power, industrial, and
transportation sectors through long-term contracts. The contracts
provide predictability to cash flows because they include minimum
take-or-pay volume and fixed fees such as demand charge and
capacity payment. Although the customers have committed various
levels of volumes, NFE's ability to ramp up its volume to run rate
will partially depend on its customers' ability to continue to
purchase volumes in excess of the minimum take-or-pay volumes.

NFE's business risk is partially constrained by its lack of
diversity and execution risk on growth projects. S&P generally
thinks that greater geographic diversity should provide better
protection against risk factors that might affect one country but
not another. Over the next 12 months, S&P estimates that almost all
of the operating margin will come from LNG/gas, steam, or power
sales in Jamaica, Puerto Rico (which is a U.S. territory),
Nicaragua, and Mexico. NFE invests and operates in emerging and
underdeveloped markets across different continents that typically
have inefficient and outdated infrastructure and generate power
through oil-based fuel, which is more expensive than LNG/natural
gas. Because energy imposes fundamental constraints on economic
growth and development, S&P thinks emerging markets should present
growth prospects for NFE over the next few years, but the company
could face heightened jurisdictional and political risks as it
seeks to expand into these markets.

"We also believe that NFE's integrated model has not yet been
tested enough under various economic conditions. For a business
that's evolving, we look for an established record of operational
performance and how the company manages volatility in cash flows
over time. A change in the business risk profile will also depend
on how well NFE continues to execute on its growth plan," S&P
said.

S&P's assessment of NFE's financial risk profile factors in its
growth trajectory with an EBITDA of at least $150 million during
the second half of 2020 and over $400 million for the full year of
2021, supported by new projects in Mexico and Nicaragua that the
rating agency expects to come online either by the end of 2020 or
early 2021. S&P forecasts NFE's weighted average adjusted debt to
EBITDA, based on committed projects, to be about 3.6x from 2020 to
2022, with 2021 and 2022 carrying more weight in the rating
agency's leverage calculation because EBITDA begins to ramp up in
the second half of 2020. S&P's adjusted debt includes NFE's
operating lease, which is a standard adjustment in the rating
agency's credit metric calculation. NFE has a number of projects in
its pipeline that are currently under various stages of development
with a few close to reaching the financial investment decision
(FID). If the projects that are near FID come into fruition in the
near term, S&P's adjusted leverage on NFE could potentially reach
below 3x starting in 2022, assuming all other inputs are
unchanged.

"Our view of NFE's aggressive financial risk profile is factored
into a cushion of potential variance to our financial forecast to
account for a probable scenario in which volume ramp up is slower
than expected and the lack of track record of delivering actual
performance in line with guidance given that the company has
recently transitioned to an operating company from a developing
company," S&P said.

"We think that NFE has the potential to maintain leverage between
3x-4x once it establishes a longer operational and financial track
record," the rating agency said.

The stable outlook reflects S&P's expectation of continued volume
ramp up and increased cash flow generation as NFE brings new
projects into service supported by long-term contracts with a
combination of minimum take-or-pay component and fixed fees. The
rating agency projects its adjusted debt to EBITDA in the 3x-4x
area in its forecast period.

"We could lower the rating if we expected our adjusted debt to
EBITDA to reach above 5x. This might stem from lower-than-expected
customer volumes, delays in bringing growth projects online, a
material increase in variable cost, or an increased level of debt
to fund growth projects. We could also lower the rating if the NFE
were unable to pass our sovereign stress test on lower-rated
countries where the company has material exposure," S&P said.

"We could raise the rating if we believed NFE's business risk
profile had improved through increasing its scale and diversity,
continuing execution of its growth plan, and establishing an
operating track record. We could consider raising the rating if
our adjusted debt to EBITDA were approaching 3x as the company
continued to grow through its existing assets; achieve run rate
volumes, and develop new projects. An upgrade would also require
NFE to consistently pass our sovereign stress test on countries
where the company has material exposure," the rating agency said.

SEARS HOLDINGS: Closes Rockaway Townsquare Mall, NJ Location
------------------------------------------------------------
Valerie Musson, writing for Daily Voice, reports that Sears will
close its Rockaway Town Square Mall, in Rockaway, New Jersey.

It is just one of many that will soon close permanently in yet
another Coronavirus-related blow to the brick-and-mortar retail
landscape.

The retail chain had added four closing jobs at the Rockaway store
to its online database as of June 29, 2020.

Available positions include home appliance sales, cashiers,
hardware sales and backroom.

Sears has been closing stores across the country since 2018, when
the company -- which also owns Kmart -- filed for Chapter 11
bankruptcy protection.

                   About Sears Holdings Corp.

Sears Holdings Corporation (OTCMKTS:
SHLDQ)--http://www.searsholdings.com/-- began as a mail ordering
catalog company in 1887 and became the world's largest retailer in
the 1960s. At its peak, Sears was present in almost every big mall
across the U.S., and sold everything from toys and auto parts to
mail-order homes. Sears claims to be is a market leader in the
appliance, tool, lawn and garden, fitness equipment, and automotive
repair and maintenance retail sectors.

Sears and Kmart merged to form Sears Holdings in 2005 when they had
3,500 US stores between them. Kmart emerged in 2005 from its own
bankruptcy.

Unable to keep up with online stores and other brick-and-mortar
retailers, a long series of store closings has left it with 687
retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin
Islands as of mid-October 2018. At that time, the Company employed
68,000 individuals, of whom 32,000 are full-time employees.

As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets, $11.33 billion in total liabilities and a total deficit of
$4.40 billion.

Unable to cover a $134 million debt payment due Oct. 15, 2018,
Sears Holdings Corporation and 49 subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15,
2018.  The Hon. Robert D. Drain is the case judge.

The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel;
M-III Partners as restructuring advisor; Lazard Freres & Co. LLC as
investment banker; DLA Piper LLP as real estate advisor; and Prime
Clerk as claims and noticing agent.

The U.S. Trustee for Region 2 appointed nine creditors, including
the Pension Benefit Guaranty Corp., and landlord Simon Property
Group, L.P., to serve on the official committee of unsecured
creditors. The committee tapped Akin Gump Strauss Hauer & Feld LLP
as legal counsel; FTI Consulting as financial advisor; and
Houlihan Lokey Capital, Inc. as investment banker.

The U.S. Trustee for Region 2 on July 9, 2019, appointed five
retirees to serve on the committee representing retirees with life
insurance benefits in the Chapter 11 cases.

                         *     *     *

In February 2019, Bankruptcy Judge Robert Drain granted Sears
Holdings approval to sell the business to majority shareholder and
CEO Eddie Lampert for approximately $5.2 billion.  Lampert's ESL
Investments, Inc., has won an auction to acquire substantially all
of Sears' assets, including the "Go Forward Stores" on a
going-concern basis. The proposal will allow 425 stores to remain
open and provide ongoing employment to 45,000 employees.



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

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


                           *********


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,
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