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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

          Monday, September 14, 2020, Vol. 21, No. 184

                           Headlines



A R G E N T I N A

ARGENTINA: Fitch Upgrades LT Issuer Default Rating to CCC
BUENOS AIRES: S&P Alters Outlook to Stable, Affirms CCC+ ICR
GAUCHO GROUP: Stockholders Pass 5 Proposals at Annual Meeting


B R A Z I L

EMBRAER S.A: Fitch Rates LT IDRs BB+, Outlook Negative


C H I L E

LATAM AIRLINES: Judge Rejects Proposed $2.4BB Financing Deal


E C U A D O R

ECUADOR DIVERSIFIED: Fitch Hikes $195MM Series 2020-1 Debt to B+
ECUADOR DPR: Fitch Ups $150MM Series 2020-1 Debt Rating to BB-(EXP)
GUAYAQUIL MERCHANT: Fitch Hikes $175MM Series 2019-1 Notes to BB-


H O N D U R A S

BANCO ATLANTIDA: Fitch Corrects July 23, 2020 Press Release


M E X I C O

ALPEK SAB: S&P Downgrades ICR to BB+ on Parent's Downgrade
AXTEL SAB: S&P Alters Outlook to Stable, Affirms 'BB' Ratings
MEXICO: May Extend Relaxed Bank Credit Rules to Help Economy Grow


P E R U

PERU LNG: Fitch Affirms BB- LT IDR, Outlook Negative


P U E R T O   R I C O

UNIVERSAL HEALTH: Moody's Rates New Senior Secured Notes 'Ba1'


V E N E Z U E L A

VENEZUELA: Date for Resumption of Flight Ops Still Unknown


X X X X X X X X

[*] BOND PRICING: For the Week Sept. 7 to Sept. 11, 2020

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Fitch Upgrades LT Issuer Default Rating to CCC
---------------------------------------------------------
Fitch Ratings has upgraded Argentina's Long-Term Foreign Currency
and Local Currency Issuer Default Ratings (IDRs) to 'CCC' from
'RD'.

KEY RATING DRIVERS

The upgrade of Argentina's rating to 'CCC' from 'RD' reflects the
completion of distressed debt exchanges (DDEs) on its foreign
currency sovereign debt securities in both local and external
markets that Fitch deems to have cured the default event initiated
by missed payments in May and preceded by several local bond
reprofiling done via decree. These operations have reduced the
likelihood of another credit event in the coming years by greatly
alleviating the sovereign near-term foreign currency debt service
schedule.

Despite this relief, however, the 'CCC' ratings reflect deep
liquidity and debt sustainability challenges that continue to
impede improvement in sovereign repayment capacity, including an
economic recession that has been greatly exacerbated by the
coronavirus pandemic, complicated fiscal consolidation prospects,
macroeconomic risks posed by low and declining international
reserves and heavy sovereign reliance on central bank financing,
and lack of concrete plans and foreign financial support to
overcome these challenges.

The upgrade of the local currency ratings indicates Fitch's view
that a government program of exchanges on peso-denominated
securities deemed to be on 'distressed' terms has ended. Earlier in
2020, the government conducted exchanges of peso-denominated
securities that involved material losses to creditors and were
taken to avoid traditional payment default. Going forward, Fitch
expects any liability management exercises in the local market to
take place on non-distressed terms, supported by recent sovereign
success in issuing new peso securities and changes to the Financial
Administration Law that give it greater flexibility to conduct
exchanges that do not entail losses to creditors.

On Sept. 4, the sovereign restructured around USD65 billion in
external commercial bonds, having secured high bondholder
acceptance well above the thresholds set in "collective action
clauses" of almost all of the eligible bonds (99% of the stock).
The deal pushes maturities to 2024, cuts the effective terminal
coupon rate to around 5.0% from 6.5% with gradual step-ups through
2030, applies an effective principal haircut of 1.9%, and includes
new bonds to compensate for past-due interest (PDI). Concurrently,
the authorities have restructured USD41 billion in domestic
USD-denominated securities with 99% acceptance, with terms designed
to closely mirror those of the new external bonds. Fitch deems
these restructuring operations to have effectively cured the
sovereign's default on its foreign currency commercial debt
obligations.

The financial relief offered by the bond exchanges could be
complemented by intended debt rescheduling with official creditors,
and ongoing commercial debt restructurings by provincial
governments. Argentina has initiated a formal request to refinance
USD44 billion in debt repayments to the IMF currently due beginning
in late-2021. Significant uncertainty remains around the potential
conditions and modality of a new program, and it could be difficult
to determine a new payment schedule that avoids further steepening
the hump in sovereign debt service that will begin in 2024 as the
new bonds mature. The authorities also intend to reschedule USD2
billion in debt to the Paris Club that entered into arrears in
May.

Despite these relief from these multiple debt restructuring
efforts, the sovereign's financing picture appears tight in the
context of sharp fiscal deterioration due to the coronavirus
pandemic. Fitch projects the federal primary deficit to rise to
6.7% of GDP in 2020 from 0.4% in 2019, and the total deficit to
8.8% from 3.8% (capturing relief in interest payments), driven by
sharp real revenue losses and spending increases due to the
economic impacts of the pandemic and measures to combat them.
Post-pandemic consolidation plans, beyond an expected cyclical
improvement, are unclear. Tax pressure is very high and was already
increased pre-pandemic. Upcoming mid-term congressional 2021
elections could constrain scope to allow high inflation to erode
real salaries and pensions. The upcoming 2021 budget could offer
some clarity on the fiscal plans.

The large fiscal deficit in 2020 has been financed almost fully
with funding from the central bank (BCRA), which has totalled
around 6% of GDP in the year to date. The authorities have
expressed little appetite for external market funding or net new
IMF financing in the coming years, which could make the fiscal
deficit a function of how much more the sovereign is willing to
resort to borrowing from the BCRA and how much it can raise in the
local capital market. The local market is shallow but presently has
liquidity and appetite for government paper in the context of
capital controls. Rollover and repayment risks could re-emerge in
the face of acute stress, however, as the local market has proven
sensitive to economic and political shocks in the past year while
the government has demonstrated willingness to unilaterally
reprofile these securities at times, even those denominated in
pesos.

Fitch projects federal government debt to surge to 104% of GDP in
2020 from 89% in 2019 and fall modestly in the coming years. Debt
dynamics remain adverse despite this projected decline, however,
given it mostly reflects highly volatile (and uncertain) monetary
and exchange rate effects rather than a strong economic recovery or
achievement of sustainable fiscal position. High inflation could
erode some peso-denominated debt in real terms (e.g. zero-interest
BCRA loans) as well as foreign currency debt (75% of the total) as
a share of GDP to the extent that it exceeds peso depreciation.
However, debt dynamics could turn adverse again should the peso
depreciate more quickly or the economy fall back into recession.
Increased borrowing in inflation-indexed peso units will add
pressure to debt dynamics (the capitalizing interest is large and
not captured in the cash-basis fiscal balance). The bond
restructurings have offered medium-term debt sustainability relief
by substantially lowering coupons for a fairly long period, but
also resulted in a slightly larger debt stock (the small principal
haircut was offset by the PDI bond).

Monetary and exchange-rate policy appears particularly uncertain
and prone to shocks. The central bank (BCRA) had reduced interest
rates and greatly increased money supply before the pandemic, and
this has accelerated in recent months due to massive financing to
the government. The effects on the foreign exchange market and
inflation (42.4% yoy in August) have been contained via capital
controls and price controls, while pandemic lockdown measures have
also alleviated some of these pressures temporarily. Nevertheless,
the monetary overhang could increase pressure on the official and
parallel market exchange rates (a wide gap between these has
already emerged) and inflation as economic activity recovers. The
BCRA has sterilized a large portion of its peso creation via
issuance of 'Leliq' notes and repo operations with local banks,
which has restrained an even greater monetary overhang but resulted
in a major build-up in its interest-bearing liabilities that could
constrain its future policy flexibility.

These macroeconomic tensions have kept the BCRA's foreign exchange
reserves under pressure. Gross reserves have fallen by around
USD2.1 billion in 2020 through early September to USD42.6 billion,
and by a somewhat more net of the appreciation of gold. The "net"
reserve position (excluding FX assets with corresponding FX
liabilities such as the China swap and commercial bank reserves)
stands at just USD9 billion. The decline has accelerated in recent
weeks amid BCRA intervention to contain peso depreciation in the
official market, and has occurred despite an improvement in the
current account balance (Fitch expects a surplus of 0.8% in GDP),
which indicates persisting capital-account pressures. The decline
in BCRA reserves at critical levels is a major near-term policy
challenge, and it is unclear how the authorities will address this
given political sensitivities and adverse macroeconomic
consequences associated with the main policy options to address
this (devaluation, interest rate hikes, tightening of capital
controls).

Fitch projects real GDP will contract by 12.2% in 2020 (having done
so by 12.9% through June according to the monthly proxy) due to the
coronavirus pandemic and particularly strict lockdown measures, and
pre-existing issues undermining private sector confidence. The
recovery path is particularly uncertain due to global and domestic
factors, particularly the lack of clarity on the authorities' plan
to overcome deep macroeconomic imbalances and longstanding
competitiveness challenges that have restrained investment in
productive sectors. Fitch projects real GDP to recover 5.0% in 2021
and moderate to a trend pace of around 1.5% thereafter, although
policy uncertainties pose risks of continuation of the erratic
growth path of the past decade - in which annual expansions have
always been followed by contractions.

ESG: Argentina has an ESG Relevance Score (RS) of 5 for Political
Stability and Rights and for the Rule of Law, Institutional and
Regulatory Quality and Control of Corruption, as is the case for
all sovereigns. These scores reflect the high weight that the World
Bank Governance Indicators (WBGI) have in its proprietary Sovereign
Rating Model. Argentina has a moderate WBGI ranking (51st
percentile), balancing somewhat weaker political stability, rule of
law, and regulatory quality moderate government effectiveness and
control of corruption and stronger voice and accountability.
Argentina has an ESG Relevance Score (RS) of 5 for Creditor Rights
as willingness to service and repay debt is highly relevant to the
rating and is a key rating driver with a high weight. Argentina has
defaulted on its commercial debt obligations repeatedly in the
past, for extended periods at times, and most recently in 2020.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

In accordance with its rating criteria, for ratings in the 'CCC'
range and below, Fitch's sovereign rating committee has not
utilized the SRM and QO to explain the ratings, which are instead
guided by the rating definitions.

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

RATING SENSITIVITIES

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

  -- Public Finances: A sustained reduction in the fiscal deficit
that puts government debt/GDP on a downward path, and improvement
in access to financing sources besides the central bank.

  -- Macro: Greater confidence in a macroeconomic plan that could
support a post-pandemic economic recovery and improve macroeconomic
stability.

  -- External Finances: A sustained build-up in central bank
international reserves.

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

  -- Public Finances: Signs of probable default, including
intensification of financing strains that increase risks of and
incentives for the sovereign to miss, unilaterally reprofile, or
renegotiate upcoming debt repayments.

KEY ASSUMPTIONS

As of its latest Global Economic Outlook (GEO) in September, Fitch
projects real GDP in key trading partner Brazil to contract 5.8% in
2020 before recovering 3.2% in 2021 and 2.5% in 2022.

Fitch projects Brent crude prices to average USD41/barrel in 2020
and recover to USD45/barrel in 2021 and USD50/barrel in 2022.

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

Argentina has an ESG Relevance Score of 5 for Political Stability
and Rights as World Bank Governance Indicators have the highest
weight in Fitch's Sovereign Rating Model (SRM) and is therefore
highly relevant to the rating and a key rating driver with a high
weight.

Argentina has an ESG Relevance Score of 5 for Rule of Law,
Institutional and Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in the SRM
and are therefore highly relevant to the rating and a key rating
driver with a high weight.

Argentina has an ESG Relevance Score (RS) of 5 for Creditor Rights
as willingness to service and repay debt is highly relevant to the
rating and is a key rating driver with a high weight. Argentina has
defaulted on its commercial debt obligations repeatedly in the
past, for extended periods in some cases, and recently in 2020.

Argentina has an ESG Relevance Score of 4 for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver.

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

BUENOS AIRES: S&P Alters Outlook to Stable, Affirms CCC+ ICR
------------------------------------------------------------
S&P Global Ratings revised its outlook on the city of Buenos Aires
to stable from negative. In addition, S&P affirmed its 'CCC+'
foreign and local currency issuer ratings on the city.

Outlook

The stable outlook on the city mirrors the one on the sovereign.
The recent debt restructuring created significant fiscal space,
which along the start of negotiations with the IMF regarding
further debt restructuring, has the potential to stabilize the
country's foreign exchange restriction despite significant
macroeconomic challenges. Given the prospect of a more stable
financial environment, the city's capacity to mitigate the fiscal
impact of COVID-19, ongoing reduction in federal transfers to the
city, and its relatively low debt service, S&P doesn't envision its
default in the next 12-18 months.

Downside scenario

S&P could lower the long-term ratings on city in the next 12 months
if tighter foreign exchange restrictions or a worsening macro and
financial scenario in Argentina increases the risk of the city's
defaulting on its debt service obligations. In line with an
unbalanced and volatile institutional framework, S&P could also
downgrade the city if the national government further reduces
coparticipation transfers, delegates spending responsibility
without funding, or creates obstacles to the city's issuance of
debt.

Upside scenario

S&P could raise its ratings if successful negotiations between the
national government, the IMF, and bilateral debtors, along with the
adoption of structural reform to address Argentina's macroeconomic
challenges translate into a relaxation of foreign exchange
controls, an upgrade of the sovereign, and upward revision of its
T&C assessment in the next 12-18 months.

Rationale

S&P said, "Argentina's tight foreign exchange controls, our 'CCC+'
T&C and weak institutional framework assessment of Argentina cap
our ratings on the city of Buenos Aires. While we believe the
city's capacity to meet its debt service obligations is linked to
the T&C, the city's intrinsic ratings fundamentals result in a 'b+'
stand-alone credit profile (SACP). First, we highlight that the
city's debt service obligations are very small during 2020-2022.
Moreover, our SACP of Buenos Aires reflects its economy as among
the wealthiest among Latin American LRGs, adequate financial
management, and a more sophisticated fiscal and planning tools than
those of peers, which should allow for relatively stable budgetary
performance during 2020-2022." The city's access to external
liquidity is satisfactory, as seen in its local market debt
issuances. The Argentine LRGs' institutional framework, which we
consider as volatile and unbalanced, constrains the city's SACP.

A wealthier economy and more sophisticated financial management
will translate into a faster fiscal recovery than those of other
Argentine LRGs.

The city of Buenos Aires has the highest income level among
Argentina's LRGs, with an estimated GDP per capita of $18,703 for
2020, compared with the estimated national average of $8,315. S&P
said, "We expect the city's wealthier economy to enable a faster
fiscal recovery following the pandemic. Moreover, the city's
infrastructure is in better shape than those of Argentina's other
LRGs, which reduces capex pressures on Buenos Aires during our
base-case timeframe. Similar to our forecast for the nation, we
expect the city's GDP to contract 12.5 % in 2020 and grow 4.8% in
2021."

Unlike most of Argentina's other LRGs, the city's past efforts to
finance itself with domestic currency issuances are yielding
fruits. While share of the city's foreign currency debt is
substantial and the timely payment is subject to T&C, maturities in
foreign currency will be relatively small during 2020-2022, and the
city continues to honor its debt service obligations in full and on
time. After the pandemic hit, the city was able to attract future
years fiscal contributions and will try to reallocate funding
previously marked for capex to mitigate the fiscal shock from
COVID-19. The city of Buenos Aires will continue to finance
liquidity mismatches and deficits with local market debt issuances.
Given the recent drop in coparticipations transfers to the city,
one of its most significant challenges will be to mitigate the
impact of the sovereign's unfavorable policy decisions on the
city's fiscal accounts.

While the sovereign recently gained significant fiscal space, the
recession and structural macroeconomic woes could still prompt the
central government to transfer part of the financial stress to
LRGs. The country has a long history of major changes in economic
policy following shifts in political leadership. S&P assesses the
institutional framework for Argentina's LRGs as volatile and
underfunded, reflecting its perception of the sovereign's very weak
institutional predictability and volatile intergovernmental system
that has been subject to various modifications to fiscal
regulations and lack of consistency over the years, jeopardizing
LRGs' financial planning, and consequently, their credit quality,
and effetely capping the ratings to the sovereign level. The latest
example is the reduction of the coparticipation transfers by decree
and effective immediately, which will structurally limit the city's
budget.

A transitory fiscal shock financed through adequate access to the
markets.

The recession, exacerbated by the pandemic and the related
lockdown, will take a heavy toll on the city finances, especially
in 2020. S&P assumes that the city's own-source revenue will
contract in real terms in 2020, while the response to the pandemic
and efforts to kick-start the economy will keep expenditure up
during 2021 and 2022. However, given the city's relatively healthy
fiscal position prior to the pandemic, the city will continue to
post operating surpluses at an average of 7.5% of operating
revenues during 2020-2022, in S&P's view.

S&P said, "Given the impact of COVID-19 and the expected drop in
transfers, we expect the city to reduce its capex to around 10% of
total expenditures during 2020-2022 from the 20% average during the
three previous years. As a result, we expect deficit after capex of
3.7% of total revenue during 2020-2022."

The city will cover its expected deficits with a mix of local
market issuances and loans from multilateral lending institutions.
S&P said, "Our base-case scenario assumes real appreciation of the
Argentine peso, and given the city's sizeable share of the
outstanding debt in foreign currency, we expect its debt level to
fall towards 37% of operating revenue by 2022 from 49% in 2019.
Interest burden will likely be at 6.2% of operating revenue during
2020-2022. We highlight that the foreign currency market debt
amortization schedule is smooth, with a $170 million bullet payment
in February 2021 and the rest of such debt maturing starting in
2025." The city was also able to structure its local currency
market debt profile with moderate to small bullet payments in 2022,
2024, and 2028.

The city has a track record of satisfactory access to external
liquidity in the past few years. During 2020, the city has been
issuing short-term "Letras" debt obligations to shore up its
liquidity, along with longer-term issuances, the most recent of
which were issued in August 2020 and due 2024. S&P said, "Given
Buenos Aires' sustainable fiscal performance and that it has used
its long-term borrowings to finance capex or debt service, we
expect the national government to continue to approve the city's
financing needs. As a result, under the likely fiscal stress for
the next 12-18 months, we expect the city to support its
structurally low cash holdings with issuances."

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

  Ratings Affirmed  
   
  Buenos Aires (City of)
   Senior Unsecured           CCC+

  Ratings Affirmed; CreditWatch/Outlook Action  
                                 To              From
  Buenos Aires (City of)
   Issuer Credit Rating   CCC+/Stable/--   CCC+/Negative/--


GAUCHO GROUP: Stockholders Pass 5 Proposals at Annual Meeting
-------------------------------------------------------------
Gaucho Group Holdings, Inc., convened its 2020 Annual Stockholder
Meeting on Sept. 2, 2020 at 4:00 p.m. Eastern Time virtually, at
which the stockholders:

   (1) elected Steven A. Moel and Reuben Cannon to serve a three-
       year term as Class I directors until their respective
       successors are elected and qualified;

   (2) approved an amendment to the Company's Amended and
       Restated Certificate of Incorporation to increase the
       number of authorized shares of common stock from
       80,000,000 to 150,000,000;

   (3) approved a reverse stock split of the outstanding shares
       of common stock in a range from one-for-two (1:2) up to
       one-for-twenty-five (1:25), or anywhere between, to be
       implemented at the discretion of the Board if necessary to
       effect a listing of the Company's common stock on the
       Nasdaq;

   (4) approved, on an advisory basis, the compensation of the
       Company's executive officers;

   (5) ratified and approved Marcum, LLP as the Company's
       independent registered accounting firm for the year ended
       Dec. 31, 2019; and

   (6) rejected the proposal to immediately commence proceedings
       to liquidate Company assets to maximize return of capital
       to common stockholders.

                        About Gaucho Group

Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com/-- was incorporated on April 5, 1999.

Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from Algodon
Group, Inc. to Gaucho Group Holdings, Inc.  Through its
wholly-owned subsidiaries, GGH invests in, develops and operates
real estate projects in Argentina.  GGH operates a hotel, golf and
tennis resort, vineyard and producing winery in addition to
developing residential lots located near the resort. In 2016, GGH
formed a new subsidiary and in 2018, established an e-commerce
platform for the manufacture and sale of high-end fashion and
accessories.  The activities in Argentina are conducted through its
operating entities: InvestProperty Group, LLC, Algodon Global
Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties
II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its
wines in Europe through its United Kingdom entity, Algodon Europe,
LTD.

Gaucho Group reported a net loss attributable to common
stockholders of $7.38 million for the year ended Dec. 31, 2019,
compared to a net loss attributable to common stockholders of $6.40
million for the year ended Dec. 31, 2018.  As of March 31, 2020,
the Company had $5.98 million in total liabilities, $7.05 million
in total liabilities, $9.02 million in series B convertible
redeemable preferred stock, and a total stockholders' deficiency of
$10.09 million.  As of June 30, 2020, the Company had $5.62 million
in total assets, $7.82 million in total liabilities, $9.01 million
in series B convertible redeemable preferred stock, and a total
stockholders' deficiency of $11.20 million.

Marcum LLP, in New York, the Company's auditor since 2013, issued a
"going concern" qualification in its report dated March 30, 2020
citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.



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B R A Z I L
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EMBRAER S.A: Fitch Rates LT IDRs BB+, Outlook Negative
------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Embraer Netherlands
Finance B.V. proposed 2028 benchmark sized senior unsecured bonds.
Embraer Netherlands Finance is a wholly owned subsidiary of Embraer
S.A. (Embraer). The issuance will be unconditionally and
irrevocably guaranteed by Embraer S.A and Yabora Industria
Aeronautica S.A. (100% controlled by Embraer). Part of the net
proceeds (USD250 million) will be used for a tender offer for the
2022 and 2023 notes. The remaining proceeds will be used for
general corporate purposes. Fitch currently rates Embraer's
Long-Term (LT) Foreign Currency and Local Currency Issuer Default
Ratings (IDRs) 'BB+' and Long-Term National Scale Rating
'AAA(bra)'. The Rating Outlook for Embraer S.A.'s corporate ratings
is Negative.

The Negative Rating Outlook is driven by the high uncertainties
surrounding the aviation industry due to the coronavirus pandemic,
which has resulted in a high level of aircraft deferrals and lower
maintenance service expenditures. This environment will lead to
deterioration in Embraer's FCF generation and credit metrics during
2020-2021. Embraer's ability to quickly adjust its operations and
cost structure has been key to minimizing the high cash burn, which
Fitch projects to be around USD1 billion during 2020. Embraer's
lack of major debt amortization during 2020 and 2021 and strong
liquidity position and access to credit markets in Brazil and
abroad, are key credit strengths. Fitch's base case scenario
foresees Embraer's net leverage moving to 4.2x-during 2021.

Embraer's ratings reflect its competitive positions in the
commercial and business jet markets, good backlog (USD15.4 billion)
although on a declining trend, and Brazilian defense programs.
Embraer's solid liquidity profile (mostly held outside Brazil) and
its large export revenues combined with some offshore operating
cash flow further support its 'BB+' ratings, which is above
Brazil's 'BB' country ceiling. Rating concerns include ongoing new
aircraft development programs, including the transition to the E2
aircraft, and the impact on orders and backlogs in the long term,
significant competition in both the commercial and business jet
markets, new entrants into the commercial jet market, and low
operating margins in several business segments.

The cancellation of a deal with Boeing poses additional challenges
to Embraer's medium- to long-term competitive position, although it
does open the possibility of arrangements with other aviation
companies. Embraer reported USD121 million of separation costs
related to the proposed JV during 2019, around USD44 million during
first half of 2020 . Fitch's base case scenario does not include
any reimbursement, given the ongoing discussion between the parties
and uncertainty regarding the timing of this potential cash
inflow.


KEY RATING DRIVERS
Elevated Pressure: Amid the current scenario, with increasing level
of aircraft deferrals, Fitch expects a 52% decline in commercial
aircraft deliveries for 2020 and some recovery during 2021, but
around 30% lower compared to 2019. Positively, the company did not
have any order cancelation so far. Embraer should benefit from its
focus in regional aviation and large exposure to domestic air
traffic markets, which should present relatively faster recovery
trends. For business jet deliveries, the decline should be lower,
around 15%-20%, given different business dynamics.

Fitch expects that Embraer will face additional challenges to boost
the orders of its new E2 aircraft. The firm order backlog has been
declining over the past years. It stood at 314 aircrafts at the end
of 2Q20, down from 435 planes at end of 2017. In Fitch's view, the
backlog supports production for the next several years, but suffers
from concentration and quality. Fitch notes that the E175-E2 is
currently too heavy to meet existing scope clauses in the U.S.
market; the scope clauses must be renegotiated for this aircraft to
be viable or orders will need to be converted to the E1.

Modest Brazilian Risk: Approximately 90% of Embraer's revenue is
generated from exports or from business operations based abroad.
Nonetheless, Brazil's economic and political environment is a
concern as the majority of Embraer's operating asset base is
locally domiciled. Brazil is listed as a related party in Embraer's
SEC filings as a result of the Brazilian government's "golden
share" and a direct shareholder stake (approximately 5% of Embraer)
via a company controlled by the government. The state-owned Banco
Nacional de Desenvolvimento Economico Social (BNDES) has been an
important partner of Embraer in terms of providing credit line and
in export financings.

Fitch does not consider Brazil's country ceiling a rating
constraint for Embraer currently, given the company's large cash
holding outside of Brazil, as well as its heavy focus on exports
and growing business outside of Brazil. Based on these factors,
under Fitch's criteria, Embraer could be rated up to three notches
higher than the Brazilian country ceiling.

Negative Operating Margins in 2020: Embraer's operating performance
was weaker than expected during 2019 and should continue to trend
negative during 2020 due to the COVID-19. Embraer was facing
pressures on its operating margins as it navigates several new
development programs. The lower deliveries in commercial aviation
and less favorable mix have affected the company's fixed cost
dilution during 2019. Over the past months, Embraer has been
working to adjust production, fixed costs and SG&A to a new reality
aiming to recover operating margins during 2021. During 2020, Fitch
estimates Embraer's EBIT margin to be negative, around 5%, and to
show some recovery during 2021 and 2022, increasing to 4.6% and
5.8%, respectively. Fitch estimates neutral EBITDA during 2020 and
around USD380 million during 2021.

Lower Capex to Reduce Cash Burn: The operating cash burn during
2020, pressured by a decline in deliveries and working capital
needs, should lead Embraer to burn around USD1 billion in cash
during 2020, per Fitch's estimates. Embraer is expected to reduce
capex to around USD200 million during 2020, down from USD568
million in 2019 and average of USD676 million during 2016-2018
period. For 2021, FCF is expected to be around USD137 million,
after capex of USD300 million.

High Leverage: Fitch forecasts Embraer's net leverage (net
Debt/EBITDA) to increase to 4.2x in 2021, which poorly compares to
2.0x in 2019 and an average of 1.4x during the 2015-2018 period.
Embraer has raised around USD700 million of new financings with
related to working capital and export financing with export credit
agencies in Brazil and the United States and private and public
banks. This is expected to help to fund the USD1 billion of cash
burn during 2020. The new bond issuance should sum up the amount
and also compose a liability management strategy related to
Embraer's USD250 million tender offer for its 2022 and 2023 bonds.



DERIVATION SUMMARY
Embraer is one the market leaders for commercial jets with fewer
than 150 seats. Its aircraft are known for their engineering,
commonality across models and interior design. The company had 314
firm jet orders in backlog at the end of June 30, 2020, including
jets in the new E2 family. Embraer's total backlog, including
contracts from all segments, was USD15.4 billion at June 30, 2020.
Embraer's weaker competitive position compared with major global
peers, notably Boeing and Airbus, based on scale and financial
strength, is partially offset by its good business position in the
niche of commercial jets with fewer than 150 seats, and its
manageable financial profile.

Embraer compares favorably versus its competitor Bombardier Inc.
(CCC) in leverage, margins and liquidity; however, Bombardier has
more business diversification. The company also operates in the
executive jet and defense segments. Embraer's bulk of operations
are in Brazil, but the company is shifting much of its executive
jet assembly to the U.S. Fitch's rating above country-ceiling
methodology is being applied.

KEY ASSUMPTIONS

  -- Embraer's key development programs, the E190-E2 and KC-390,
remain on time and budget;

  -- Embraer's commercial deliveries decline approximately 52% in
2020 and 30% (versus 2019) in 2021 but stabilize or begin to rise
in 2022;

  -- The business jet market deliveries decline 23% in 2020 and 15%
(versus 2019) in 2021, following a more resilient trend for this
segment;

  -- EBIT margin to be in the negative territory during 2020
(around 5%) and then recover during 2021 and 2022;

  -- Embraer to generate negative USD1 billion in FCF in 2020;

  -- Investment expenditures are around USD200 million and USD300
million in 2020 and 2021;

  -- The company is able to raise around USD1 billion in new
long-term debt to fund negative FCF generation during 2020 at
attractive financial costs;

  -- Embraer maintains strong liquidity throughout the forecast
period.

RATING SENSITIVITIES

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

  -- A revision of the Outlook to Stable could occur if Embraer's
performance during quarters leads to net leverage of around 3.5x
during 2021 and 2022;

  -- An upgrade to investment grade level would is dependent on a
return to net leverage below 2.5x on sustainable basis, in addition
to maintenance of a strong liquidity position with no major
refinancing risks in the medium term;

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

  -- Substantial order cancellations in the E1 and E2 programs and
business jet segment;

  -- Significant delays and cost increases on the E2, KC-390 or
other programs;

  -- Failure to sufficiently reduce costs and post larger than
expected FCF generation;

  -- Net leverage remaining consistently above 3.5x by end of
2021;

  -- Substantial declines in liquidity without commensurate debt
reductions;

  -- Multiple notch downgrade of Brazil's sovereign rating, along
with a similar reduction in the country ceiling.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Fitch views Embraer's financial flexibility and
liquidity position as a key factor supporting the ratings. Embraer
has a policy of maintaining healthy liquidity, which Fitch
considers appropriate given the cost of periodic development
programs and the nature of the commercial aerospace industry. Fitch
expects that the company will remain disciplined with its liquidity
position and will maintain its proactive approach in liability
management to avoid exposure to refinancing risks. Embraer does not
have a revolving credit facility, which is not uncommon for Latin
American corporate issuers.

Embraer had USD3.9 billion of debt as of June 30, 2020, which
includes of USD135 million of debt at the SPE's level relating to
financial guarantees. Total cash and investments at the end of the
period were USD2.0 billion, which is sufficient to support debt
amortization up to at least 2023. The bulk of Embraer's debt
matures beyond 2023. At June 30, 2020, approximately 86% of the
company's cash, equivalents and financial investments were in U.S.
dollars.

ESG CONSIDERATIONS

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



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

LATAM AIRLINES: Judge Rejects Proposed $2.4BB Financing Deal
------------------------------------------------------------
Marcelo Rochabrun at Reuters reports that a U.S. bankruptcy judge
rejected a $2.4 billion financing plan for struggling LATAM
Airlines LTM.SN on the grounds that a convertible loan included as
part of the package would amount to "improper" treatment of other
shareholders.

The move is a setback for LATAM, which needs short-term liquidity,
according to Reuters.  But in a lengthy court decision, the judge
left the door open for the Chilean carrier to introduce a similar
financing plan in the future, this time without the possibility of
converting part of the loan into equity, the report notes.

The airline had no immediate comment on the decision.

The proposal supported by LATAM was composed of a $1.3 billion loan
from asset management firm Oaktree Capital Management and a $900
million convertible loan from several key LATAM shareholders,
including the Cueto family that controls the airline and Qatar
Airways, the report relays.

LATAM presented the bankruptcy financing proposal in July, which
prompted a challenge from other creditors, who even assembled a
separate funding plan with investment bank Jefferies Group, the
report notes.  The key dispute was over the propriety of the
convertible loan, the report discloses.

LATAM filed for bankruptcy protection in May, hammered by the world
travel crisis generated by the coronavirus pandemic, the report
says.  At the time, it was the world's largest airline to file for
bankruptcy due to COVID-19, the report adds.


                        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.

The 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.



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

ECUADOR DIVERSIFIED: Fitch Hikes $195MM Series 2020-1 Debt to B+
----------------------------------------------------------------
Fitch Ratings has upgraded the $195 million series 2020-1 loans
originated by Ecuador Diversified Payment Rights (DPR) to 'B+' from
'B'. This rating action follows the recent upgrade of Ecuador's
Long-Term Issuer Default Rating (IDR) by four notches to 'B-' from
'RD' on Sept. 3, 2020 as Banco del Pacifico's (BdP) credit quality
continues to be highly influenced by its operating environment. The
outstanding loans were removed from Rating Watch Negative and
assigned a Negative Outlook.

The removal of the Rating Watch on the notes reflects the stability
in the DPR flows observed by Fitch through the end of August 2020.
Nevertheless, the Negative Outlook reflects the programs
susceptibility to shocks related to the global coronavirus
pandemic, which could potentially pressure transaction flows.

RATING ACTIONS

Ecuador Diversified Payment Rights

2020-1 G2921#AA9; LT B+ Upgrade; previously at B

TRANSACTION SUMMARY

The future flow program is backed by U.S. dollar-denominated,
existing and future DPRs originated in the U.S. (AAA/Negative) by
BdP of Ecuador. The majority of DPRs (99.9% in 2019) are processed
by designated depository banks (DDBs) that executed account
agreements (AAs).

KEY RATING DRIVERS

Originator Credit Quality: The rating of this future flow
transaction is tied to the credit quality of the originator, BdP.
BdP's IDR is in line with the credit quality of Ecuador, BdP's
operating environment. On Sept. 3, 2020, Fitch upgraded Ecuador's
Long-Term IDR by four notches to 'B-' from 'RD' and assigned a
Stable Outlook. Nevertheless, BdP's credit quality continues to be
exposed to increased downside risks from the economic implications
of the coronavirus pandemic.

Going Concern Assessment: Fitch uses a going concern assessment
(GCA) score to gauge the likelihood that the originator of a future
flow transaction will stay in operation through the transaction's
life. Fitch assigns a GCA score of 'GC1' to BdP based on the bank's
systemic importance and state-owned shareholder. The score allows
for a maximum of six notches above the Local Currency (LC) IDR of
the originator; however, additional factors limit the maximum
uplift.

Notching Uplift from LC IDR: The 'GC1' score allows for a maximum
six-notch rating uplift from the bank's IDR, pursuant to Fitch's
future flow methodology. However, uplift is tempered to two notches
from BdP's IDR due to factors mentioned, including Ecuador's lack
of last resort lender, large beneficiary concentration and high
future flow debt relative to total funding.

Relatively High Future Flow Debt: Total future flow debt including
the series 2020-1 loans represents approximately 6.4% of BdP's
total funding and 42.9% of non-deposit funding utilizing financials
as of June 2020. Fitch considers the ratio of future flow debt to
overall non-deposit funding to be relatively high and will not
allow the financial future flow ratings up to the maximum uplift
indicated by the GCA score.

Coronavirus Impact and Containment Measures Pressure Transaction
Flows: BdP processed approximately $913.7 million in DPR flows
during the first eight months of 2020. While these flows show a
decrease when compared to 2019 flows during the same period, three
large nonrecurring payment orders totaling approximately $354
million were processed by DDBs during the first half of 2019. Fitch
expects that global events such as the sharp economic global
contraction given the coronavirus pandemic and continued
containment measures can translate into a decrease in transaction
cash flows, which can add pressure to the assigned ratings.
Additionally, the transaction has historically shown large
nonrecurring capital flows, which Fitch believes these should not
be relied upon as they are not continuous flows over the course of
business, such as those related to exports. Therefore, the
potential volatility of the DPR flows limits the notching
differential of the transaction.

Coverage Levels Commensurate with Assigned Rating: Global events
including the coronavirus crisis are expected to have the potential
to negatively impact future DPR flows. However, these situations
have not translated into a decrease in flows as of Aug. 31, 2020.
The rated notes are currently in an interest-only period with the
first principal payment not due until March 2021; therefore, flows
could present an approximate 98% drop and still be sufficient to
cover debt service for the next two reporting periods. When
considering rolling quarterly flows between January 2016 and August
2020, Fitch expects the unadjusted quarterly minimum debt service
coverage ratio (DSCR) to be approximately 20.2x and Fitch's
adjusted base case DSCR is 17.0x the maximum quarterly debt service
for the life of the program when considering Fitch's 'B+' interest
rate stress and the exclusion of certain nonrecurring and
government-related DPR flows.

No Lender of Last Resort: Ecuador is a dollarized economy without a
true lender of last resort. While certain mechanisms are in place
to help fend off a banking system crisis, this limits the notching
differential of the transaction.

Reduced Redirection/Diversion Risk: The structure mitigates certain
sovereign risks by collecting cash flows offshore until collection
of the periodic debt service amount, allowing the transaction to be
rated over the sovereign country ceiling. Fitch believes payment
diversion risk is partially mitigated by the AAs signed by the
three correspondent banks processing the vast majority of USD DPR
flows originating in the U.S.

RATING SENSITIVITIES

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

Fitch does not currently anticipate development with a high
likelihood of triggering an upgrade. However, the main constraint
to the program rating is the originator's credit quality and BdP's
operating environment. If a positive ration action/upgrade occurs,
Fitch will consider whether the same uplift could be maintained or
if it should be further tempered in accordance with criteria.

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

The transaction ratings are sensitive to changes in the credit
quality of BdP. A deterioration of the credit quality of BdP is
likely to pose a constraint to the current rating of the
transaction.

The transaction ratings are sensitive to the ability of the DPR
business line to continue operating, as reflected by the GCA score
and a change in Fitch's view on the bank's GCA score can lead to a
change in the transaction's rating. Additionally, the transaction
rating is sensitive to the performance of the securitized business
line. The quarterly minimum unadjusted DSCR is estimated to be
20.2x and should therefore be able to withstand a moderate decline
in cash flows in the absence of other issues. However, significant
declines in flows could lead to a negative rating action. Any
changes in these variables will be analyzed in a rating committee
to assess the possible impact on the transaction ratings.

No company is immune to the economic and political conditions of
its home country. Political risks and the potential for sovereign
interference may increase as a sovereign's rating is downgraded.
However, the underlying structure and transaction enhancements
mitigate these risks to a level consistent with the assigned
rating.

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).

ECUADOR DPR: Fitch Ups $150MM Series 2020-1 Debt Rating to BB-(EXP)
-------------------------------------------------------------------
Fitch Ratings has upgraded the expected rating assigned to the $150
million series 2020-1 loans in the process of being originated by
Ecuador DPR Funding to 'BB-(EXP)' from 'B+(EXP)'. The Rating
Outlook was revised to Negative from Stable.

The Negative Outlook on the rating of the loans reflects BP's
Negative Outlook. Additionally, flows being sold to the transaction
are still susceptible to shocks related to the global coronavirus
pandemic, which could potentially pressure transaction flows.

RATING ACTIONS

Ecuador DPR Funding

2020-1; LT BB-(EXP) Upgrade; previously at B+(EXP)

TRANSACTION SUMMARY

The future flow program will be backed by U.S. dollar-denominated,
existing and future diversified payment rights (DPRs) originated in
the U.S. ('AAA'/Negative) by Banco Pichincha C.A. y Subsidiarias
(BP) of Ecuador. A majority of DPRs (86.6% in 2019) are processed
by designated depository banks (DDBs) that will execute account
agreements. Fitch's rating addresses timely payment of interest and
principal on a quarterly basis.

KEY RATING DRIVERS

Originator's Credit Quality: The expected rating of this future
flow transaction is tied to the credit quality of the originator,
BP. On Sept. 9, 2020, Fitch upgraded BP's private Long-Term Issuer
Default Rating (IDR) by two notches to 'B-' from 'CC' following the
upgrade of Ecuador's Long-Term IDR on Sept. 3, 2020. The Negative
Outlook assigned to BP reflects the increased downside risks from
the economic implications of the Coronavirus pandemic.

Going Concern Assessment: Fitch uses a going concern assessment
(GCA) score to gauge the likelihood that the originator of a future
flow transaction will stay in operation through the transaction's
life. Fitch assigns a GCA score of 'GC1' to BP based on the bank's
systemic importance as the largest bank in the Ecuadorian banking
system in terms of assets and deposits. The score allows for a
maximum of six notches above the local-currency (LC) IDR of the
originator; however, additional factors limit the maximum uplift.

Notching Uplift from LC IDR: The 'GC1' score allows for a maximum
six-notch rating uplift from the bank's IDR, pursuant to Fitch's
future flow methodology. However, uplift is tempered to three
notches from BP's IDR due to factors mentioned, including Ecuador's
lack of last resort lender, moderate beneficiary concentration and
the potential volatility of cash flows due to the coronavirus
outbreak.

Moderate Future Flow Debt: Total future flow debt including the
series 2020-1 loan is expected to represent approximately 1.6% of
BP's total funding and 22.5% of non-deposit funding utilizing
unconsolidated financials as of March 2020. Fitch considers the
ratio of future flow debt to overall non-deposit funding to be low
enough to allow the financial future flow ratings up to the maximum
uplift indicated by the GCA score.

Coronavirus Impact and Containment Measures Pressure Transaction
Flows: BP processed approximately $2.1 billion in U.S. DPR flows
during the first five months of 2020. While January 2020 flows show
a slight increase, compared with January 2019 flows, April 2020
flows show a sharp decrease of approximately 47.4% compared to
March 2020 volume, from $484.1 million to $254.7 million, but
slightly recovered in May 2020 by approximately 42.6% to $363.3
million as compared to April 2020 volume. Global events such as
weakening oil prices and the expected sharp economic global
contractions, given the coronavirus pandemic and different
containment measures, have translated into a decrease in
transaction cash flows. Therefore, the potential volatility of the
DPR flows limits the notching differential of the transaction.

Coverage Levels Commensurate with Rating: Global events including
the coronavirus crisis and current drop in oil prices are expected
to negatively impact DPR flows. The proposed loan is expected to
have an interest-only period of 12 months with the first principal
payment not expected to be due until July 2021. When considering
cash flows between January 2008 and May 2020 from DDBs who will
sign Account Agreements (AAs) and begin sweeping cash into the
concentration account at transaction closing (excludes Miami Agency
flows), the projected quarterly minimum debt service coverage ratio
(DSCR) is expected to be approximately 107.8x, and the transaction
would be able to withstand a drop in flows of approximately 99% and
still cover a max principal and interest payment. Nevertheless,
Fitch will monitor the performance of the flows as potential
pressures could negatively impact the assigned ratings.

No Lender of Last Resort: Ecuador is a dollarized economy without a
true lender of last resort. While certain mechanisms are in place
to help fend off a banking system crisis, this limits the notching
differential of the transaction.

RATING SENSITIVITIES

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

Fitch does not currently anticipate development with a high
likelihood of triggering an upgrade. However, the main constraint
to the program rating is the originator's rating and BP's operating
environment. If a positive ration action/upgrade occurs, Fitch will
consider whether the same uplift could be maintained or if it
should be further tempered in accordance with criteria.

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

The transaction ratings are sensitive to changes in the credit
quality of BP. A deterioration of the credit quality of BP is
likely to pose a constraint to the current rating of the
transaction.

The transaction ratings are sensitive to the ability of the DPR
business line to continue operating, as reflected by the GCA score
and a change in Fitch's view on the bank's GCA score can lead to a
change in the transaction's rating. Additionally, the transaction
rating is sensitive to the performance of the securitized business
line. The expected quarterly DSCR is approximately 107.8x, and
should therefore be able to withstand a significant decline in cash
flows in the absence of other issues. However, significant further
declines in flows could lead to a negative rating action. Any
changes in these variables will be analyzed in a rating committee
to assess the possible impact on the transaction ratings.

No company is immune to the economic and political conditions of
its home country. Political risks and the potential for sovereign
interference may increase as a sovereign's rating is downgraded.
However, the underlying structure and transaction enhancements
mitigate these risks to a level consistent with the assigned
rating.

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).

GUAYAQUIL MERCHANT: Fitch Hikes $175MM Series 2019-1 Notes to BB-
-----------------------------------------------------------------
Fitch Ratings has upgraded the $175 million series 2019-1 notes
issued by Guayaquil Merchant Voucher Receivables Ltd. to 'BB-' from
'B+'. The Rating Outlook on the notes remains Negative.

The rating action reflects the recent revision of Banco Guayaquil's
(BG) ratings to 'B-' from 'CC' following the upgrade of Ecuador's
Long-Term Issuer Default Rating (IDR) by four notches to 'B-' from
'RD' on Sept. 3, 2020 as BG's ratings continue to be highly
influenced by its operating environment.

The Negative Outlook on the series 2019-1 notes reflects BG's
Negative Outlook. Additionally, while the program is still
susceptible to shocks related to the global coronavirus pandemic,
which could potentially pressure transaction flows, flows observed
by Fitch through the end of August 2020 have increased since the
lowest volumes observed in April 2020, supporting monthly and
quarterly DSCRs above 2x and remaining in line with the assigned
rating on the notes.

RATING ACTIONS

Guayaquil Merchant Voucher Receivables Limited

2019-1 401539AA9; LT BB- Upgrade; previously at B+

TRANSACTION SUMMARY

The transaction is backed by future flows due from American Express
(AmEx), Visa International Service Association (Visa) and
Mastercard International Incorporated (Mastercard) related to
international merchant vouchers acquired by BG in Ecuador.

Fitch's ratings reflect timely payment of interest and principal on
a quarterly basis.

KEY RATING DRIVERS

Originator's Credit Quality: The rating of this future flow
transaction is tied to the credit quality of the originator, BG. On
Sept. 9, 2020, Fitch upgraded BG's Long-Term Issuer Default Rating
(IDR) by two notches to 'B-' from 'CC' following the upgrade of
Ecuador's Long-Term IDR on Sept. 3, 2020. The Negative Outlook
assigned to BG reflects the increased downside risks from the
economic implications of the Coronavirus pandemic.

Going Concern Assessment: Fitch uses a going concern assessment
(GCA) score to gauge the likelihood that the originator of a future
flow transaction will stay in operation throughout the
transaction's life. Fitch assigned a GCA score of 'GC2' to BG based
on the bank's systemic importance. The score allows for a maximum
of four notches above the local currency IDR of the originator, but
additional factors limit the maximum uplift.

Notching Uplift from LC IDR: The 'GC2' allows for a maximum four
notch-rating uplift from the bank's Long-Term IDR pursuant to
Fitch's future flow methodology. However, the agency currently
limits the rating uplift for the future flow program to three
notches from BG's IDR due to factors including Ecuador's lack of
last resort lender and exposure to de-dollarization risk when it
comes to flow volumes. Fitch also reserves the maximum notching
uplift for originator's rated at the lower end of the rating
scale.

Future Flow Debt Size: The existing MV program represents
approximately 3.9% of BG's total liabilities and approximately
28.4% of BG's non-deposit funding utilizing financials as of June
2020. Fitch considers the ratio of future flow debt to overall
non-deposit funding to be low enough to allow the financial future
flow ratings up to the maximum uplift indicated by the GCA score.

Coronavirus Impact and Containment Measures Pressure Transaction
Flows: Given the current Coronavirus crisis, travel has been
severely disrupted by global travel bans and mandatory quarantine
orders which have severely affected cash flows for this
transaction. Cash flows in April 2020 decreased by as much as
approximately 62% when compared with those in March 2020 to a
multi-year low of $5.5 million. A recovery in cash flows was
observed in May 2020, increasing by approximately 22.5% over April
volume. Volume observed in June 2020 increased further by
approximately 31.2% as compared to May. The increase in cash flows
is primarily driven by the phased reopening of Ecuador's borders to
international travelers. Although the transaction is currently in
an interest-only period, quarterly collections as of the end of
June were sufficient to support maximum quarterly DSCR of 2.02x for
the last reporting period (April-June 2020).

Coverage Levels Commensurate with Rating: Global events, including
the coronavirus crisis, have negatively impacted international
merchant voucher flows. Although significant decreases in
transaction flows have been observed since March 2020, coverage
levels have remained sufficient to cover quarterly debt service
payments in April and July 2020 and have remained commensurate with
the rating on the outstanding notes. Maximum quarterly debt service
is expected to begin in January 2022 and is approximately $10.4
million. When considering rolling quarterly flows over the last 5
years (since June 2015), Fitch expects quarterly debt service
coverage ratios (DSCRs) to be approximately 4.1x the maximum debt
service for the life of the program.

No Lender of Last Resort: Ecuador is a dollarized economy without a
true lender of last resort. While certain mechanisms are in place
to help fend off a banking system crisis, this weakness limits the
transaction rating.

De-dollarization Risk: While the dollarization regime anchors
macroeconomic stability, the risk of de-dollarization exists. It
would only occur in an extreme scenario but would be a major shock
to the Ecuadorean system.

Reduced Redirection/Diversion Risk: The structure mitigates certain
sovereign risks by collecting cash flows offshore until investors
are paid. Fitch believes diversion risk is mitigated by notice,
consent and agreements (C&As) obligating American Express, Visa,
and MasterCard to remit payments to the collection accounts
controlled by the trustee.

RATING SENSITIVITIES

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

Fitch does not currently anticipate development with a high
likelihood of triggering an upgrade. However, the main constraint
to the program rating is the originator's rating and BG's operating
environment. If a positive ration action/upgrade occurs, Fitch will
consider whether the same uplift could be maintained or if it
should be further tempered in accordance with criteria.

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

The transaction's ratings are sensitive to changes in the credit
quality of Banco Guayaquil, S.A. A deterioration of the credit
quality of BG could pose a constraint to the rating of the
transaction from its current level.

The transaction ratings are sensitive to changes to the bank's IDR;
the ability of the credit card acquiring business line to continue
operating, as reflected by the GCA score; and further, unforeseen
changes in the sovereign environment. Changes in Fitch's view of
the bank's GCA score can lead to a change in the transaction's
rating. The transaction's ratings are sensitive to the performance
of the securitized business line. The expected quarterly DSCR is
approximately 4.1x utilizing rolling quarterly flows as of June
2020 and considering the maximum debt service for the life of the
program. Additionally, the merchant voucher programs could also be
sensitive to significant changes in the credit quality of American
Express, Visa, or MasterCard to a lesser extent.

Any changes in these variables will be analyzed in a rating
committee to assess the possible impact on the transaction
ratings.

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).



===============
H O N D U R A S
===============

BANCO ATLANTIDA: Fitch Corrects July 23, 2020 Press Release
------------------------------------------------------------
Fitch Ratings replaced a ratings release published on July 23, 2020
to correct the name of the obligor for the bonds.

Fitch Ratings has affirmed Banco Atlantida, S.A.'s Long-Term (LT)
Issuer Default Ratings (IDRs) at 'B+'. Fitch also affirmed
Atlantida's Viability Rating (VR) at 'b+' and its National Ratings
at 'A+(hnd)' and 'F1(hnd)'. The Ratings Outlook on the LT ratings
was revised to Negative from Stable. Fitch withdrew the USD350
million senior unsecured notes international rating of
'B+(EXP)'/'RR4', and published the National Rating of 'A+(hnd)' to
the outstanding senior unsecured notes issued in the local capital
market Bonos Bancatlan 2016. Fitch has placed both Inversiones
Atlantida, S.A. y Subsidiarias's (Invatlan) LT and Short-Term (ST)
IDRs, each at 'B', and the USD150 million senior secured notes
'B'/'RR4' on Rating Watch Negative (RWN). The LT and ST National
Ratings of Invatlan's subsidiaries, Leasing Atlantida, S.A.
(Leasing Atlantida) and Inversiones Financieras Atlantida, S.A.
(IFA), were also placed on RWN.

The Negative Outlook on Atlantida LT IDRs and National Rating
reflects the increased downside risks from the economic
implications of the coronavirus pandemic, which has resulted in an
adjustment of the Outlook for the operating environment score to
Negative from Stable. Fitch believes that although the ultimate
impact of the weaker economic conditions is yet unclear; this could
materially affect the banks' financial performance.

Invatlan's RWN reflects the delay in the delivery of the audited
2019 financial information due to operational issues with the
external auditor derived from the pandemic, according to
management. This has also affected the generation of intermediate
financial statements. Fitch considers this lack of clarity as
adding uncertainty in the assessment of Invatlan's attributes,
specifically its financial profile, and could impact Fitch's
assessment of support from its main subsidiary, which is a
regulated entity. It is expected these statements will be ready in
July 2020. The RWN indicates that the ratings could be downgraded
if the entity does not finalize its audited statements. Fitch would
not expect resolution of the RWN to extend beyond the usual
six-month period for review.

Invatlan's subsidiaries' RWNs reflect its parent company's RWN.
Fitch expects to resolve these RWNs once Invatlan's RWN is
resolved.

KEY RATING DRIVERS

ATLANTIDA

IDRS, VR AND SENIOR DEBT

The bank's IDRs and National ratings are driven by its intrinsic
creditworthiness as reflected in its VR of 'b+'. Atlantida's
ratings continue to be highly influenced by the Honduran operating
environment and its company profile. The VR is moderately
influenced by an asset quality and profitability that could face
pressures in the medium and long term, along with a limited
capitalization that could also be pressured. The stable and
diversified funding profile of the bank was considered as well in
the VR. Atlantida's leading local franchise and a consolidated
business model have enabled it to sustain a stable financial
performance over the business cycle. As of March 2020 (1Q20),
Atlantida was the largest bank in Honduras in terms of both loan
portfolio and customer deposits, with a participation of around 20%
in each one. Even with these features, Atlantida is small on a
global basis.

Atlantida's asset quality is pressured given the challenging
economic environment. As of 1Q20, Atlantida's NPL ratio increased
to around 2.7%, comparing above its last 4 fiscal years average
(2.4%), and below some regional peers. Debtors' concentration
remains high by international standards. The top 20 borrowers
represented 2.7x of Atlantida's Fitch Core Capital (FCC), which is
a material risk exposure in case of unexpected impairments of its
largest debtors and given the lower reserve coverage. This coverage
decreased to 117% as of 1Q20 (system average: 183%) from 145% as of
December 2019. In terms of metrics, the effective recognition of
asset quality deterioration could be delayed due to the
implementation of the regulatory measures.

The bank's profitability has decreased during 1Q20 following a
recently favorable trend. As of March 2020, its operating profit to
risk-weighted assets (RWAs) reached a minimum in the periods
analyzed (1.73%; December 2019: 2.13%), reflecting higher credit
costs, and despite a controlled operating efficiency and an
improved Net Interest Margin. Under the challenging scenario, Fitch
expects Atlantida's to face pressures on its profitability due to
credit contraction as well as from higher credit costs.

Atlantida's funding structure reflects its solid franchise and
ample branch network in the country as the customer deposit base
increases over time and constitutes its key funding source.
Atlantida's loan-to-deposits ratio remains below 100% and
decreasing due to the relatively accelerated deposits expansion
against the loan portfolio. Fitch maintains that the bank's
exposure to liquidity risk is mitigated by its historical deposit
stability, a wide access to alternative funding sources and
material liquid assets.

Fitch believes sector wide deferment payment measures for loans
facing difficulties as a result of the crisis could relieve some
asset quality and loan loss reserve pressures in the near term;
however, longer-term effects on the asset quality and recognition
of losses remain a risk for banks.

The bank's FCC-to-RWA ratio continued its drop, declining to 9.44%
as of March 2020. This capitalization is still commensurate to the
'B' category range. According to management, a capital injection is
planned for 2020 in order to comply with stricter capital
regulatory requirements. This is due to be discussed at the bank's
shareholder meeting, which is delayed because of the pandemic.
Under a slower internal capital generation for 2020 and asset
quality deterioration, Fitch considers the bank's capital position
would be under pressure to absorb unexpected losses amid the
coronavirus fallout. In that regard, size and timing of any capital
injection are of importance.

Fitch is publishing the National Rating of 'A+(hnd)' to the
outstanding senior unsecured notes issued in the local capital
market Bonos Bancatlan 2016.

Atlantida has an ESG credit relevance score of 4 for Governance
driven by an organizational structure that is more complex than
other issuers. This has a negative impact on the credit profile,
and is relevant to the ratings in conjunction with other factors.

SUPPORT RATING AND SUPPORT RATING FLOOR

Atlantida's Support Rating (SR) of '5' and Support Rating Floor
(SRF) of 'NF' reflect Fitch's belief that despite the bank's
sizable market share in deposits, it cannot rely on external
support due to Honduras' limited ability to provide such support.

INVATLAN

IDRS AND SENIOR DEBT

Invatlan's IDRs reflect the creditworthiness of its main
subsidiary, Atlantida, rated 'B+'.

Invatlan, with operations in Honduras, El Salvador and Nicaragua,
has continued with its geographical business expansion plan. On
June 2020, Invatlan announced the acquisition of a 55% stake in
Grupo Accival, financial non-banking group domiciled in Ecuador.
This transaction also includes a financial advisory company in
Peru. The amount of this deal represents less than 2% of Invatlan's
September 2019 total assets, and will be financed by Invatlan's
cash. When incorporating the Ecuadorian operation, Fitch estimates
that the double leverage ratio would remain above 120% (127%).

Grupo Accival's business model is based on asset management and
brokerage services. Grupo Accival (now, Grupo Sur Atlantida) is
comprised of five companies with the following business lines:
brokerage, asset management and financial advisory. The most
representative company is Atlantida Casa de Valores, with more than
10 years' operating in the brokerage business in Ecuador. It has
consolidated as a leading brokerage house in that market.

The USD150 million senior secured notes rating, 'B'/'RR4', is also
placed on Rating Watch Negative as these follow Invatlan's IDRs.

LEASING ATLANTIDA and IFA

Leasing Atlantida and IFA's ratings reflect Invatlan's propensity
and ability to support them subsidiaries if needed. In Fitch's
view, both entities are a key and integral part of Invatlan's
diversified financial business model as well as expanding its
geographic scope. Moreover, a clear branding identification among
these entities with Invatlan and the rest of subsidiaries, and the
reputational risk at which they would be exposed in the case of
potential financial difficulties in Leasing Atlantida or IFA
ultimately result in a high probability of direct or indirect
support by Invatlan, should it be required.

RATING SENSITIVITIES

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

ATLANTIDA

IDRs, VR, National Ratings and Senior Debt

  -- Atlantida's IDRs are sensitive to changes in the Honduras's
operating environment. A prolonged and severe economic disruption
from the coronavirus pandemic could lead to a lower operating
environment score for Honduras's banks, which would pressure the
Atlantida's VR and National Ratings;

  -- Downgrades in Atlantida's VR and National Ratings could also
come from significant pressure on the bank's financial profile, due
to the weakening in economic activity, such as a relevant
deterioration in asset quality or profitability combined with a
sustained fall of the Fitch core capital to risk weighted assets
ratio to below 8.5%.

  -- The bank's national LT-senior unsecured debt is sensitive to
changes in Atlantida's National LT-rating.

SR AND SRF

  -- Because these are the lowest levels in the respective scale,
there is no downside potential for these ratings.

INVATLAN

IDRs AND SENIOR DEBT

  -- Fitch could resolve the Rating Watch Negative and downgrade
Invatlan's ratings if there is no availability of 2019 audited
financial statements, or if there is any other issue with
transparency and quality of information, causing opacity in
Invatlan's financial profile;

  -- Invatlan's ratings will likely move in line with those of its

main subsidiary, Atlantida;

  -- A significant reduction on dividend transfers from Invatlan's
main subsidiaries which ultimately affect its liquidity to service

debt;

  -- The global senior secured debt rating would mirror any change
to Invatlan's IDRs.

LEASING ATLANTIDA and IFA

National Ratings

  -- A negative change in the capacity or propensity of Invatlan to
provide support could pressure Leasing Atlantida and IFA
creditworthiness.

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

ATLANTIDA

IDRs, VR, National Ratings and Senior Debt

  -- Given Atlantida's current ratings, there is limited upside
potential;

  -- A positive change on Fitch operating environment assessment;

  -- The Negative Rating Outlook on Atlantida's ratings would be
revised to Stable if the operating environment assessment is
maintained in the 'b' range, and its Outlook changed to Stable,
while credit metrics remain at pre-crisis levels or recover
rapidly;

  -- Atlantida's VR and National Ratings could be upgraded if the
bank shows a sustained improvement in capital and profitability
metrics, which would be materialized in a FCC-to-RWA ratio standing
above 10% and an operating profitability to RWA ratio consistently
above 2%, respectively.

  -- The bank's national LT senior unsecured debt is sensitive to
changes in Atlantida's National LT-rating.

SR AND SRF

  -- Honduras's propensity or ability to provide timely support to
Atlantida is not likely to change given the operating environment's
structural weaknesses. As such, the SR and SRF have limited upside
potential.

INVATLAN

IDRs AND SENIOR DEBT

  -- Given Atlantida's current ratings, there is limited upside
potential;

  -- Invatlan's IDRs could be upgraded by one notch if the
company's double-leverage ratio remains consistently below 120%
resulting from a continued expansion financed by capital
injections;

  -- The global senior secured debt rating would mirror any change
to Invatlan's IDRs.

LEASING ATLANTIDA and IFA

National Ratings

  -- There is limited upside potential for Leasing Atlantida and
IFA's national ratings.

SUMMARY OF FINANCIAL ADJUSTMENTS

Pre-paid expenses and other deferred assets were classified as
intangibles and deducted from Fitch Core Capital to reflect its low
absorption capacity.

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

Invatlan's IDRs are linked to Banco Atlantida's IDRs.

Leasing Atlantida's ratings are linked to Invatlan's ratings.

IFA's ratings are linked to Invatlan's ratings.

ESG CONSIDERATIONS

Banco Atlantida S.A.: Group Structure: 4

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



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M E X I C O
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ALPEK SAB: S&P Downgrades ICR to BB+ on Parent's Downgrade
----------------------------------------------------------
On Sept. 10, 2020, S&P Global Ratings lowered the global scale
issuer credit and issue-level ratings on Mexico-based
petrochemicals producer Alpek S.A.B. de C.V. to 'BB+' from 'BBB-'.
At the same time, S&P assigned a recovery rating of '3' to the
company's senior unsecured notes, indicating its expectation of a
meaningful recovery (50-90%) for lenders in the event of a
default.

On Sept. 10, 2020, S&P Ratings downgraded Alfa, S.A.B de C.V. to
'BBB-'from 'BBB' after it announced that is reorganizing its
business portfolio through the approved spin-off of its auto-parts
subsidiary, Nemak S.A.B. de C.V., and its plans to continue
divesting from Axtel, S.A.B. de C.V. The outlook on Alfa is
stable.

S&P continues to view Mexico-based petrochemicals producer Alpek
S.A.B. de C.V. as a moderately strategic subsidiary of Alfa, which
caps the rating one notch below Alfa's rating, unless Alpek's SACP
were at the same level or above Alfa's.

S&P said, "We continue to expect that Alpek will maintain the
resilient operating and financial performance it has shown in the
first half of 2020. We consider that the expected recession this
year, will not affect the sound demand for its products and its
financial flexibility.

"The stable outlook reflects our expectation that the company will
maintain its weighted average adjusted debt-to-EBITDA ratio above
2.0x for the next 18 to 24 months and free operating cash flow
(FOCF) to debt above 15% consistently."

Given the announced and upcoming materialization of the spin-off of
Alfa's auto-parts subsidiary, Nemak, S.A.B. de C.V., this action
will eliminate the benefit of the Group's diversification,
undermining its credit risk profile. S&P's previously considered
Alfa's portfolio diversification a key strength providing credit
uplift because the company's subsidiaries participated in sectors
with low correlation, which mitigated risks stemming from economic
and industry cycles.

S&P said, "Under our criteria, we cap the rating on Alpek at one
notch below the 'BBB-' rating on Alfa, given that Alpek's SACP is
lower (bb+) than Alfa, considering that we maintain Alpek as a
moderately strategic subsidiary. Therefore, we downgrade our
corporate credit rating on Alpek to 'BB+' from 'BBB-'.

"Although the lower margins for 2020 compared with previous year
will hit the company's EBITDA generation, we believe that this
impact will be partially offset by higher sales volumes in the
polyester division, mainly in the low to mid-single digits. We
still see high demand, mostly for packaging for food and beverages,
as well as consumer product industries that demand more PET-PTA as
raw material for its production amid the changes to consumer
behavior resulting from the COVID-19 pandemic. We also continue to
expect a recovery in Alpek's plastic and chemicals division mainly
due to higher demand for polypropylene (PP), considering its end
applications in several industries for producing plastic containers
for cleaning products and medical equipment. Additionally, we
expect resilient credit metrics, with debt to EBITDA of about 2.6x
and free operating cash flow (FOCF) to debt at about 15% in the
next 12 months.

"We don't expect Alpek to incur a significant amount of debt this
year because we believe that the company continues to have a
prudent financial policy towards leverage. We continue to expect it
to maintain stable leverage metrics, with debt to EBITDA of about
2.8x for 2020 and 2.5x for 2021 as the economy recovers."

As the economy started to slow at the end of March and several
industries and markets were affected by the effects of the
pandemic-related lockdowns, many companies suffered from holding
limited liquidity positions. However, Alpek entered the pandemic
with a solid cash position, about $610 million as of June 2020,
enhanced by its available committed credit facilities of about $590
million. The company used part of these committed credit lines as a
precautionary measure to reinforce its liquidity levels due to the
volatility in the financial markets and the uncertainty around the
recession caused by the pandemic. Additionally, despite the
expected reduction in revenues this year, S&P believes that the
company will maintain consistent cash flow generation that will
allow it to meet its operational needs and financial obligations
without hurting its liquidity position, because it has manageable
short-term debt payments for the next 12 months.


AXTEL SAB: S&P Alters Outlook to Stable, Affirms 'BB' Ratings
-------------------------------------------------------------
S&P Global Ratings revised its outlook on information and
communication technology (ICT) services provider, Axtel S.A.B. de
C.V. to stable from positive and affirmed its 'BB' ratings on the
company.

The stable outlook reflects S&P's expectation that Axtel will
generate adjusted debt to EBITDA of 2x-3x for the next 12 to 18
months, mainly due to increasing operating cash flow through
corporate clients' stable spending on ITC services, while Axtel
maintains steady EBITDA margins, business scale, and market share.

On July 31, 2020, Alfa S.A.B. de C.V. (BBB-/Stable/--) announced
its intention to spin off Nemak and take multiple strategic actions
on its remaining businesses, including Axtel. In S&P's base-case
scenario, it assumes that a potential full divestment of Axtel
could come within the next six to nine months. Since 2018, Axtel
has been divesting some of its business units and assets to align
its business and financial profile with its own and Alfa's value
maximization strategy. S&P said, "However, given this recent
announcement from the parent company, we no longer see Axtel
remaining a business unit within Alfa's long-term strategy or
benefitting from potential extraordinary support in some
foreseeable circumstances. Consequently, we have revised our
assessment of Axtel's group status to nonstrategic from moderately
strategic, thereby removing the one-notch uplift for group support
from its stand-alone credit profile."

Despite the COVID-19 pandemic and the economic downturn, during the
second quarter of 2020, Axtel maintained debt to EBITDA (on an
annualized basis) of 2.8x and free operating cash flow (FOCF) to
debt of 0.5%, commensurate with its current financial risk profile.
Moreover, its EBITDA margins increased to 39.7%, close to 2018
levels, demonstrating that its business scale and customer base
remained resilient even after it divested certain data center
assets at the beginning of the year. Accordingly, S&P believes that
Axtel's combined business and financial risk profiles on a
stand-alone basis remain consistent with a 'BB' rating. Therefore,
S&P removes its negative comparable rating analysis (CRA).

The telecommunication industry has shown resilience to the economic
impact of the pandemic since it is an essential service for most
corporate enterprises and government entities. This was evident in
Axtel's reported revenue of about MXN6.2 billion for the first half
of 2020, which represents only a 1.0% decline compared with the
same period of 2019. In addition, Axtel continues to implement cost
efficiency strategies, such as digitalization and pausing all
non-essential expenses, to strengthen its EBITDA generation and
margins. S&P said, "Moreover, we anticipate greater capital
expenditure (capex) flexibility, with Axtel aligning capex to
service a larger customer base, preserve as much cash possible, and
maintain an adequate liquidity position. This supports our
base-case leverage metrics for the next two years. In our base-case
scenario, we assume debt to EBITDA of about 2.7x for 2020 and 2021,
in line with Axtel's financial policy of maintaining this metric at
around 2.5x."


MEXICO: May Extend Relaxed Bank Credit Rules to Help Economy Grow
-----------------------------------------------------------------
Stefanie Eschenbacher and Abraham Gonzalez at Reuters report that
Mexico's finance ministry is considering extending relaxed banking
credit rules to help its battered economy recover, a top official
said, after it presented an austere 2021 budget that leaves little
room to maneuver.

Deputy Finance Minister Gabriel Yorio said the ministry was in
talks with the banking industry and the central bank about the
possible extension until next year of the temporary measures
designed to avoid defaults and loss of collateral, according to
Reuters.

The measures were introduced earlier this year as part of the
government's strategy to reduce the impact of the coronavirus
containment in the country, which is still scarred by memories of
the 1995 "Tequila crisis," when Mexicans lost homes and savings,
the report relays.

Yorio said he hoped an extension could be announced within a
"couple of weeks," while suggesting the facilities could be
restricted to certain sectors of the economy to limit risks to the
financial system, the report notes.

Earlier this year, the finance ministry and the central bank agreed
to loosen credit quality restrictions for banks.  In turn, banks
were able to offer borrowers repayment options so as to avoid
defaults, the report says.

"What we have to do, maybe, is be selective with the sectors,"
Yorio added, notes the report.

Industries that had already reopened and potentially had better
cash flow might be excluded, he said, to focus resources on others,
such as airlines, that would face a slow recovery, the report
says.

The government unveiled a lean budget that aims to reduce the
country's debt as a proportion of GDP in 2021 even as it struggles
with high coronavirus infections and a slow economic recovery, the
report relays.

Speaking in an interview at the National Palace a day after the
budget, Yorio acknowledged that it could take two to three years
for Mexico's economy to reach its pre-pandemic size, the report
says.

"If the economic opening is delayed, it might take us even more
time," he said, adding that the recovery was a concern for credit
ratings agencies which have Mexico on a negative outlook, the
report notes.

Ratings agencies have Mexico's bonds still several notches above
speculative grade, or junk, the report says.  But investors
increasingly worry that they will eventually follow those of state
oil company Petroleos Mexicanos in its descent into junk.

"They all measure the credit risk . . . that's why it is important
to maintain stable debt," the report quoted Yorio as saying.

"But the second most important variable is in terms of growth," he
said, adding that the risk of a downgrade was one of the main
worries in the ministry, the report relays.

President Andres Manuel Lopez Obrador has been an outlier among
both wealthy and emerging nations, insisting on tight spending
limits even as the economy fell in the deepest recession since the
1930s Great Depression, the report discloses.

Latin America's second-largest economy was already in a mild
recession before the pandemic, the report says.

The room for economic stimulus from budget measures was constrained
in a country that collects just 15% of GDP in tax, Yorio said,
hence the need to turn to the financial system to support growth,
the report notes.

"Not all measures have to come from the budget," he added.



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P E R U
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PERU LNG: Fitch Affirms BB- LT IDR, Outlook Negative
----------------------------------------------------
Fitch Ratings has affirmed Peru LNG S.R.L.'s (PLNG) Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB-'.
The Rating Watch Negative has been removed, and a Negative Outlook
has been assigned. The rating also includes PLNG's USD940 million
senior unsecured notes due 2030.

PLNG's Ratings and Negative Outlook reflects weaker operational
performance given the declining international prices for natural
gas, and consequent higher leverage due to decreasing EBITDA
generation. Per Fitch's recently updated Oil & Gas Price Deck
reflecting a slight upward trend scenario for Henry-Hub (HH) and
depressed National Balance Point (NBP) indexes, materially higher
leverage has been forecast for PLNG, with net leverage metrics
expected to reach a peak of 17.0x during 2020, and remain above
8.0x during 2021, exacerbating the company`s cash flow volatility.
Fitch expects PLNG`s net leverage to reach 5.0x during 2023, in
line with international gas prices recovery.

Fitch believes lower international gas prices should result in a
slower deleverage trajectory for Peru LNG than initially expected
for the next few years and then decreasing as bond start
amortizing. Fitch expects PLNG will remain with adequate liquidity,
offsetting the high leverage during 2020-2021. As of June 2020
PLNG, reported USD163 million of cash on hand, with an additional
USD75 million on committed undrawn credit line facility, covering
annual interest payments of roughly USD50 million of PLNG`s
outstanding USD940 million notes. Going forward, Fitch expects PLNG
to not distribute any dividends over the rating horizon, combined
with EBITDA to Debt Service to average approximately 0.9x during
the amortization period, and that PLNG is expected to build up its
cash position over the next few years to cover the shortfall in
debt service, as the notes amortization payments start in September
2024.

KEY RATING DRIVERS

Deteriorated EBITDA Due to Lower Gas Prices: For the LTM as of June
2020, PLNG`s EBITDA registered USD52 million, mainly explained by a
gross profit decrease reflected on the company's margin
contractions due to lower international LNG prices. Fitch expects
PLNG`s EBITDA during 2020 will reach approximately USD50 million,
assuming 67% of shipments sent to HH-indexed destinations, making a
substantial portion of PLNG's operational performance linked to
this index, and the remaining portion evenly distributed between
NBP and JKM indexes. Given the company's structure of its Purchase
Agreement with Shell International Trading Middle East Limited
(SITME), Fitch estimates the exposure to commodity price risk
remains a key issue for PLNG given low HH and NBP gas prices.

Leverage Remains High: Per Fitch's Oil & Gas price assumptions,
natural gas prices for HH and NBP will remain pressured during
2020-2021, reflecting European natural gas supply glut, exacerbated
by the coronavirus crisis, while Henry Hub price assumptions
reflect lower associated gas production in the U.S. Declining
international gas prices should result in a slower deleverage
trajectory for Peru LNG, with net leverage staying above 4.5x for
the next few years, reaching a peak of 17.0x during 2020. FCF is
forecast to remain negative during 2020, turning positive through
the medium term including additional capex related to the projects
of ethane recovery and port availability. Fitch expects PLNG to not
distribute any dividends over the rating horizon in order to
accumulate cash to make front-to-debt amortization payments
starting in September 2024.

Moderate to Low Business Profile: PLNG's ratings reflect its
moderate to low business-risk profile, stemming from its Sales and
Purchase Agreement (SPA) with Shell International Trading Middle
East Limited (SITME), which has no volume risk, but has commodity
price exposure to Liquefied Natural Gas (LNG) prices. As per the
company's Contracted Sales Prices (CSP) Structure with SITME, PLNG
is committed to deliver a fixed volume to its off taker under a
take or pay structure until 2028. SITME delivers natural gas cargos
to international markets, which are paid at different pricing
indexes depending on actual natural gas supply and demand in those
markets. PLNG receives payments from SITME defined on indexes such
as HH, NBP and Japan Korea Marker (JKM). Subsequently, PLNG pays
Camisea, through the Gas Supply Agreement (GSA) based upon the
multiple destinations natural gas cargos were dispatched.

Strong Off-Taker and High-Quality Shareholders: The Company's
ratings are supported by the strength of PLNG's gas buyer: Royal
Dutch Shell Plc (AA-/Stable). Fitch estimates that PLNG's
production represents 3% to 5% of Shell's global integrated gas
sales. In addition, Shell is PLNG's second largest shareholder with
a 20% stake in the company, after Hunt Oil with a 50% stake, which
is also the operator of PLNG. SK Innovation owns a 20% stake and
the Japanese industrial conglomerate Marubeni Corporation with the
remaining 10% stake of PLNG's shares. Strong shareholder agreement
shows the commitment to maintaining the viability of the company
both in the supportive contracts to which they are party to, as
well as in the form of direct support, including a USD60 million
capital injection in 2016 that bolstered PLNG's already robust
liquidity position.

Strategic Asset in the Country: PLNG's operations are a key link in
the chain of royalties, which has historically contributed up to
USD650 million in payments to the government. Although depressed
oil and gas prices have diminished these cash flows, Fitch
estimates that the government still stands to receive between
USD100 million and USD150 million annually over the medium term
related to both natural gas production and, more importantly,
associated liquids from Block 56 in the Camisea field. PLNG
consumes approximately 50% of Camisea's natural gas production,
exporting to international markets almost all of its production,
contributing to the country's monetization of its liquid's
resources.

In addition, PLNG is gradually being integrated into Peru's
domestic gas supply strategy in the form of expanded trucking
services for transportation within its borders. Although currently
small-scale, this is a service that gains some measure of
additional importance in light of the suspension of Southern Gas
Pipeline project. Fitch estimates these factors as mitigation to
the kind of social and environmental obstacles that can disrupt
companies in the sector.

Natural Monopoly: PLNG is insulated from competitive risk within
Peru by virtue of high investment barriers and a gas supply
agreement (GSA) that effectively gives it exclusive rights to much
of the country's exportable gas supply, allocated in Block 56.
PLNG's total construction costs reached USD3.8 billion during 2010
and remains South America's sole liquefaction plant. Additionally,
the company has secured a forty-year investment agreement with the
government, protecting PLNG from any modification or amendments
upon the terms agree through a unilateral decision.

Given the NG supply characteristics of the continent, it seems
unlikely that additional investments in capacity will be
forthcoming. Within Peru, liquefaction capacity is also limited,
primarily as function of the allocation of gas resources and PLNG's
GSA with Block 56 of the Camisea field. The bulk of the country's
reserves are located within the Camisea consortium's Block 88, but
this block is exclusively reserved for domestic NG consumption.
Nearly 90% of the country's remaining gas reserves are within
Blocks 56 and 57, whose production is ultimately committed to
PLNG.

Manageable Capex Program: Fitch estimates total capex of USD18
million during 2020, including PLNG`s investments to increase port
availability (USD8 million), and ethane recovery project (USD2.3
million) and total capex during 2021 will reach approximately USD30
million, including USD17.6 million, to complete the port
availability project, USD5.4 million for ethane recovery, and USD7
million for maintenance at the plant. Going forward the agency
expects PLNG's regular maintenance capex flat at USD5 million over
the rating horizon. Fitch believes PLNG could cover these
investments, with the company`s internal cash flow generation
without incurring in additional debt.

DERIVATION SUMMARY

PLNG has limited regional peers. Even outside Latin America, LNG
plants tend to operate on a more purely take-or-pay, capacity-based
on a tolling business model, whereas PLNG incorporates commodity
price risk. Tolling based peers such as Transportadora de Gas del
Peru (BBB+/Stable) and GNL Quintero S.A. (BBB+/Stable) benefit from
the related cash flow stability afforded by their revenue
structure. GNL Quintero, in particular, supports a significantly
higher leverage (between 6.0x to 7.0x through the medium term), as
it operates a tolling terminal unloading, storing and re-gasifying
liquefied natural gas on behalf of gas buyers under 20-year
exclusive term use-or-pay agreement.

While TGP has a projected leverage of 2.5x in the near term, its
revenues derived from long-term ship or pay contracts to transport
natural gas and natural gas liquids from the country's main gas
production formation, Camisea, to the main consumption area and
export terminal. Similar to GNL Quintero, PLNG is considered a
strategic asset for the country, while GNL Quintero allows the
liquefaction from imported natural gas in Chile, PLNG is the main
infrastructure allowing Peru to export natural gas. In terms of
operation, both terminals present high efficiency levels with an
average of 91.7% during 2019 for PLNG and 99.5% for GNL Quintero.

In the U.S. corporate universe, Cheniere Energy Partners'
(BB/Stable) rating is supported by a secured debt structure and
subsidiary business models consistent with the aforementioned
tolling structure. Its rating is primarily linked to its deep
structural subordination, with roughly USD14 billion out of USD16
billion of non-recourse debt structurally senior to Cheniere's
bonds. TransCanada PipeLines Limited's (A-/Negative) large scale
and diversity across regulatory-based and long-term contracted
businesses in natural gas pipelines warrants a higher rating
compared with PLNG's single operation.

KEY ASSUMPTIONS

--Fitch's Gas price deck for Henry Hub (HH) at $2.1 per MMBtu
during 2020 and long-term price at $2.45;
--Fitch's Gas price deck for National Balance Point (NBP) at $2.5
per MMBtu during 2020, $3.75 in 2021, $4.5 during 2022 and
long-term price at $5.0;
--HH-indexed destinations receive 67% of shipments, with the
remainder evenly distributed between NBP and JKM-indexed
destinations;
--Transportation costs annually adjusted by the U.S. Producer
Price Index;
--Annual capex of USD18 million during 2020 and USD30 million in
2021, including the port availability and ethane recovery projects.
Long term maintenance capex of USD5 million;
--No dividends payments during rating horizon.

RATING SENSITIVITIES

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

--Amendments to contracts that would reduce price and volume risk,
similar to its tolling-based peers in the region;
--Net leverage consistently below 3.5x;
--Built up cash consistently over the rating horizon with EBITDA
interest coverage consistently over 3.5x;
--Hedge strategy to mitigate the company's exposure to commodity
price risk;
--Greater visibility on medium- to long-term re-contracting
options.

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

--Any cash distribution to shareholders combined with acceleration
in repayments of USD110 million drawn credit line with SITME;
--Consecutive years of negative FCF preventing the company to
accumulated cash to serve its debt payments;
-- Failure to reach total net debt to EBITDA below 5.0x; and
EBITDA interest paid coverage ratio above 2.5x by 2023;
--Material disruptions in gas supply or other operational outages
eroding the company's cash flow generation.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: As of June 2020, the company reported USD163
million of cash on hand. Going forward, Fitch estimates an average
annual capex for maintenance purposes USD7 million, with additional
capex of USD33 million during 2020 and 2021 for projects. PLNG
faces no significant maturities in the short term, as the bond
starts amortizing during 2024. In addition, PLNG has a USD75
million undrawn committed credit line.

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).



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

UNIVERSAL HEALTH: Moody's Rates New Senior Secured Notes 'Ba1'
--------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to Universal Health
Services, Inc.'s new senior secured notes. There is no change to
the Ba1 Corporate Family Rating, Ba1-PD Probability of Default
Rating, and Ba1 senior secured ratings for UHS. There is also no
change to the Speculative Grade Liquidity Rating of SGL-1. The
outlook is stable.

Moody's expects that UHS will use proceeds from the new senior
secured notes to fund the refinancing of roughly $700 million of
secured bonds that come due in August 2022 and associated fees, and
add cash to the balance sheet to the extent proceeds are left
over.

With hospital volumes now recovering but still below levels prior
to the onset of the ongoing coronavirus outbreak, UHS continues to
maintain very good liquidity. The company reported having
approximately $540 million of cash on June 30, 2020, with an
untapped $1.0 billion senior secured revolver and $450 million
accounts receivable securitization program. The company received
roughly $375 million of accelerated Medicare payments from the
Coronavirus Aid, Relief and Economic Security (CARES) Act; these
funds will be repaid during the August 2020 -- March 2021
timeframe. Through June 30, 2020, UHS has also received a total of
$320 million in grant funds from the CARES Act. Moody's expects the
company to receive additional financial relief from the CARES Act
and related legislation.

Ratings assigned:

Universal Health Services, Inc.

New senior secured notes at Ba1 (LGD3)

RATINGS RATIONALE

Universal Health Services' Ba1 CFR is supported by its low
financial leverage. UHS has the lowest financial leverage among all
rated for-profit hospital peers. This positions the company well to
maintain solid interest coverage and good free cash flow in the
face of severe pandemic-related headwinds, which Moody's believes
could add a turn or more of leverage to UHS over the next year. Pro
forma for the refinancing, the company's adjusted debt/EBITDA
approximated 2.4 times as of June 30, 2020. The CFR is also
supported by UHS' considerable scale and strong market positions in
both its acute care hospital and behavioral health segments. The
CFR benefits from the behavioral health business, which has a
national footprint, and affords the company good business and
geographic diversification as a whole. The CFR is constrained by
the necessary response to the COVID-19 pandemic. This significantly
impacted UHS' hospital volumes in March and April, and then again
in late-June and July, albeit to a lesser extent, as COVID-19 cases
surged in many of its acute care hospital markets. Elective
surgeries at UHS' hospitals in July represented 85%-90% of
pre-pandemic volumes. The CFR also reflects geographic
concentration within its acute care business. Further, the rating
is constrained by general industry-wide hospital challenges
relating to cost and reimbursement pressures.

The stable outlook reflects Moody's view that UHS' liquidity will
be strong enough to mitigate near-term business headwinds. It also
reflects Moody's expectation that demand for UHS' services will
return to pre-pandemic levels in 2021.

With respect to governance, UHS has operated with uniquely low
leverage relative to other for-profit hospital operators. That
said, the company has not committed to a public leverage target. As
a for-profit hospital operator, UHS faces high social risk. Moody's
regards the coronavirus outbreak as a social risk under its ESG
framework, given the substantial implications for public health and
safety. Beyond coronavirus, the affordability of hospitals, the
lack of price transparency, and the practice of balance billing
have garnered substantial social and political attention.

Additionally, hospitals rely on Medicare and Medicaid for a
substantial portion of reimbursement. Any changes to reimbursement
to Medicare or Medicaid directly impacts hospital revenue and
profitability. In addition, the social and political push for a
single payor system would drastically change the healthcare system,
resulting in significant headwinds to hospital companies'
earnings.

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

UHS' ratings could be downgraded if the company undertakes
significant debt-financed acquisitions or cash payouts to
shareholders. A downgrade could also result if debt/EBITDA is
sustained above 3.5 times.

The ratings could be upgraded if UHS maintains conservative
financial policies and a disciplined approach to capital
deployment. An upgrade could occur if Moody's expects debt/EBITDA
to be sustained below 2.5 times.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Universal Health Services, Inc., based in King of Prussia,
Pennsylvania, owned and operated 26 acute care hospitals and 331
behavioral health centers (300 inpatient and 31 outpatient) as of
June 30, 2020. Facilities are located in 37 states, Washington,
D.C., the United Kingdom, Puerto Rico and the U.S. Virgin Islands.
Revenues are approximately $11.3 billion.



=================
V E N E Z U E L A
=================

VENEZUELA: Date for Resumption of Flight Ops Still Unknown
----------------------------------------------------------
The Latin America Herald reports that Humberto Figuera, head of the
Venezuelan Commercial Airlines Association (ALAV), was quoted as
saying that "nothing can be foreseen" with regard to the resumption
of flight operations in Venezuela, since he has held multiple
meetings with competent authorities, including the National
Institute of Civil Aviation (INAC), and none of them has given him
a straight answer regarding the issue.

However, he made it clear that the resumption of operations is not
up to INAC but to Venezuela's health authorities saying that
"flying is completely free from risk of spreading COVID-19,"
according to The Latin America Herald.

"We still don't have a final date and we don't need to hurry. I
think we need to be patient, because what matters most here is our
health," Figuera said in an interview with local radio station
Union Radio, the report notes.

Separately, Portugal-based airline TAP Air Portugal announced it
would resume flights in Venezuela by mid-December of this year, the
report relays.

In this regard, Figuera said TAP is being "too optimistic" and with
commercial purposes, because its betting on the resumption of
flights by mid-December and before that date all domestic and
international flights go back to normal, despite the fact that is
yet to be confirmed, the report relays.  "Anyone who says there is
an estimate date already, they are just venturing out (. . . .) the
date is to be set by INAC as soon as the health authorities give
their nod of approval," the report relays.

Figuera pointed out that airlines in Colombia resumed some of their
domestic flights comprised of 13 routes and "well controlled,"
while Panama has some "humanitarian flights" and a "few
connections," the report relays. Chile for its part, resumed
flights all of them "well controlled" just a few days ago" and
countries such as Mexico and Brazil never suspended operations.
"Overall, we're doing what Latin America is doing on average," he
added.

When asked about how he thinks the resumption of operations will
be, he replied that Venezuela is an "atypical country" if compared
to other nations around the world, because the international
experience suggests that bottlenecks would not arise since there is
a lot of fear to fly, the report notes.  Besides, the resumption of
operations is not likely to take place all at once but gradually,
for which some of the aforesaid criteria may be applied in the
country, the report adds.

                             Venezuela

Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South America, consisting of a
continental landmass and a large number of small islands and islets
in the Caribbean sea.  The capital is the city of Caracas.

Hugo Chavez was president to Venezuela from 1999 to 2013.  The
Chavez presidency was plagued with challenges, which included a
2002 coup d'etat, a 2002 national strike and a 2004 recall
referendum.  Nicolas Maduro was elected president in 2013 after the
death of Chavez.  Maduro won a second term at the May 2018
Venezuela elections, but this result has been challenged by
countries including Argentina, Chile, Colombia, Brazil, Canada,
Germany, France and the United States who deemed it fraudulent and
moved to recognize Juan Guaido as president.

The presidencies of Chavez and Maduro have challenged Venezuela
with a socioeconomic and political crisis.  It is marked by
hyperinflation, climbing hunger, poverty, disease, crime and death
rates, social unrest, corruption and emigration from the country.

S&P Global Ratings, in May 2019, removed its long- and short-term
local currency sovereign credit ratings on Venezuela from
CreditWatch with negative implications and affirmed them at
'CCC-/C'. The outlook on the long-term local currency rating is
negative. At the same time, S&P affirmed its 'SD/D' long- and
short-term foreign currency sovereign credit ratings on Venezuela.

Moody's credit rating (long term foreign and domestic issuer
ratings) for Venezuela was last set at C with stable outlook in
March 2018.  Meanwhile, Fitch's long term issuer default rating for
Venezuela was last in 2017 at RD and country ceiling was CC. Fitch,
on June 27, 2019, affirmed then withdrew the ratings due to the
imposition of U.S. sanctions on Venezuela.



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

[*] BOND PRICING: For the Week Sept. 7 to Sept. 11, 2020
--------------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
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
Plaza SA                   3.5    38.3    8/15/2020    CL     CLP
Banco Security SA          3.0     5.6     7/1/2019    CL     CLP
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
Polarcus Ltd               5.6    71.8     7/1/2022    AE     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
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
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
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
MIE Holdings Corp          7.5    56.4    4/25/2019    HK     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
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
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     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
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
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
Enel Americas SA           5.8    32.7    6/15/2022    CL     CLP
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
Sylph Ltd                  2.4    65.1    9/25/2036    KY     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
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     8.3    72.9   12/31/2033    AR     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
Empresa de Transporte      4.3    30.9    7/15/2020    CL     CLP
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
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
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
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
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
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
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
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
publication in any form (including e-mail forwarding, electronic
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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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