/raid1/www/Hosts/bankrupt/TCRLA_Public/200929.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Tuesday, September 29, 2020, Vol. 21, No. 195

                           Headlines



A R G E N T I N A

ARGENTINA: Bonds 'Back In Hot Water' After Restructuring Deal
BANCO HIPOTECARIO: S&P Affirms 'CC' ICR, Outlook Remains Negative


B R A Z I L

BRASKEM SA: Hires U.S. Law Firm for Alagaoas Salt Class Action
GOL LINHAS: S&P Raises ICR to 'CCC+', Outlook Developing
INVESTIMENTOS E PARTICIPACOES: S&P Cuts ICR to 'CCC', Outlook Neg.


C O L O M B I A

COLOMBIA: IMF Executive Board OKs Flexible Credit Line Augmentation


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Manufacturing Activity Declines in August
DOMINICAN REPUBLIC: Workers' Number Listed in TSS Drops by 17%


J A M A I C A

JAMAICA DIVERSIFIED: Fitch Affirms BB(EXP) Rating on 2020-1 Notes


M E X I C O

CEMEX MEXICO: S&P Withdraws 'BB' Issuer Credit Rating
STATE OF TAMAULIPAS: Moody's Cuts Issuer Ratings to Ba2/A2.mx


P U E R T O   R I C O

CARIBBEAN TRADING: Seeks to Hire Financial Guidance as Accountant
JJE INC: Seeks to Hire BDC Taxes as Accountant
K.G. IM LLC: 7 Il Mulino Restaurants Files for Bankruptcy


T R I N I D A D   A N D   T O B A G O

CARIBBEAN AIRLINES: In Cost Cutting Mode

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Bonds 'Back In Hot Water' After Restructuring Deal
-------------------------------------------------------------
Colby Smith and Benedict Mander at The Financial Times report that
Argentina's newly restructured dollar bonds have slumped in value
less than a month after a deal was finalised to postpone debt
payments, as fears grow about the country's economic health.

On August 31, Argentina clinched near-unanimous approval from its
bondholders to restructure $65 billion of foreign debt after months
of sparring, according to The Financial Times.  The country's
sovereign bonds began trading this month, and have already fallen
towards distressed levels.

One note, set to mature in 2030, is now trading at roughly 40 cents
on the dollar, having debuted earlier this month at just over 50
cents, the report notes.  Another approximately $20 billion in
bonds maturing in 2035 slipped as low as 35 cents on the dollar. It
now hovers around 37 cents, the report relays.  According to
calculations by Morgan Stanley, the initial performance is the
worst for any newly restructured emerging-market bonds in the past
20 years, the report says.

"We are a little bit surprised by the move," said Carl Ross, a
partner at fund manager GMO, which was involved in the
negotiations.  "A normal course of events is that after a country
restructures, its debt it is usually on a better path."

Another emerging markets debt investor, who asked not to be named,
called the sell-off "unprecedented", adding: "I've never actually
seen anything like this where the country does a restructuring and
so soon after, it is back in hot water despite the fact that it
doesn't have any debt payments for a few years," he added.

Under new terms, Argentina does not face sizeable repayments on the
debt for the next four years, the report discloses.  Interest rate
payments were also lowered from an average of 7 per cent to about 3
per cent, the report notes.  Taken together, the deal amounted to
debt relief of $38 billion over the next decade, the report adds.

             Argentina's Economic Woes Send Companies Fleeing

Despite this relief, investors have become increasingly rattled by
the government's approach to managing the economy, which has
collapsed as the coronavirus outbreak has raged on, the report
relays.  Although officials expect the economy to contract more
than 12 per cent this year, they are also forecasting a 5.5 per
cent rebound next year, the report notes.

"There is still lots of hard work to be done in terms of
implementing an economic framework that inspires confidence not
just in bondholders but in the local population," said Graham
Stock, a senior strategist at BlueBay Asset Management, which was
part of the biggest creditor group alongside BlackRock, the report
discloses.

Economists have raised concerns about the growing gap between the
country's official and parallel exchange rates, which opened up
following the imposition of capital controls last year, the report
relays.

Earlier this month, Argentina tightened capital controls to protect
its dwindling stock of net foreign exchange reserves, which
plummeted to roughly $5 billion, according to estimates from
Portfolio Personal Inversiones, an investment firm in Buenos Aires,
the report relates.  The move was described as "draconian" by
Federico Kaune, head of emerging markets fixed income at UBS Asset
Management, the report notes.  Some now fear another devaluation of
the peso in the medium term, the report says.

The report relays that Shamaila Khan, head of EM debt strategies at
asset manager AllianceBernstein, said she hoped upcoming talks with
the IMF would compel the government to be more "transparent" about
its plans to stabilise the economy and promote growth.  The fund
lent Argentina $44 billion as part of a record $57 billion bailout
package extended in 2018 and its officials are planning a visit to
the country early next month, the report notes.

Until a new IMF deal is reached, investors expect Argentina's
dollar bonds to remain under pressure, the report discloses.

"No one wants to stand in front of a moving train wreck," said
Edwin Gutierrez, head of EM sovereign debt at Aberdeen Asset
Management, the report adds.

                          About Argentina

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

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

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020.

Fitch's credit rating for Argentina was last reported at CCC with
n/a outlook, a rating upgrade from CC on Sept. 11, 2020.  DBRS'
credit rating for Argentina is CCC with n/a outlook, a rating
upgrade on Sept. 11, 2020.  Moody's credit rating for Argentina was
last set at Ca, a rating downgrade from Caa2 on April 4, 2020, with
a negative outlook.

As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors.  The first
restructuring involved $65 billion in foreign-law bonds.  The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds.  DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.

DBRS further relayed that Argentina is also seeking a new agreement
with the International Monetary Fund (IMF) to replace the canceled
2018 Stand-by Agreement.  Obligations to the IMF amount to $44
billion, with major repayments coming due in 2022 and 2023.


BANCO HIPOTECARIO: S&P Affirms 'CC' ICR, Outlook Remains Negative
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'CC' foreign currency and local
currency issuer credit and issue-level ratings on Argentina-based
bank Banco Hipotecario S.A. The outlook remains negative.

The rating action follows the bank's announcement of an amendment
in the conditions of the exchange offer originally launched on
Sept. 8. The offer now states that for each $1,000 principal amount
of the outstanding notes, the bondholder will receive $600
principal of new senior unsecured amortizing 9.75% notes due 2025
and $420 in cash payment. This modification will also apply for the
bondholders that have already accepted the exchange offer. The
minimum level of acceptance is still 70%, but the bank could modify
that limit. The bank would pay the accrued interest on the
settlement date.

S&P said, "Despite the improvements in the offer due to the higher
proportion of cash and a premium payment, we still consider it a
distressed exchange given the proximity in the maturity of the
rated bonds. In our opinion, there's a realistic possibility of a
conventional default of Banco Hipotecario's November 2020 notes if
the exchange offer doesn't reach high levels of acceptance and
given the proximity to the due date of the outstanding bonds. Banco
Hipotecario has built up significant liquidity to face its
maturity, but not enough to meet in full its financial bullet
maturity in November 2020 without refinancing a portion of the bond
amid the volatile economic conditions. Our assessment of the
compensation to bondholders is uncertain at this point, given the
growing risk in the country since the launch of the offer."




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B R A Z I L
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BRASKEM SA: Hires U.S. Law Firm for Alagaoas Salt Class Action
--------------------------------------------------------------
Sabrina Valle, writing for Reuters, reports that Braskem SA was
notified of a class-action lawsuit filed with the Federal Court of
the District of New Jersey and has hired a law firm in the U.S. to
represent the company, it said in a filing on late on Aug. 31.

The class action involves Braskem geological issues with a salt
mine in Alagoas state. It includes investors that bought specific
securities between May 6, 2016 and July 8, 2020, the company said.


GOL LINHAS: S&P Raises ICR to 'CCC+', Outlook Developing
--------------------------------------------------------
S&P Global Ratings, on Sept. 25, 2020, raised its issuer credit and
issue-level ratings on Brazil-based airline, Gol Linhas Aereas
Inteligentes S.A. (Gol) to 'CCC+' from 'CCC-'. At the same time,
S&P raised the national scale rating to 'brBB' from 'brCCC-'. In
addition, it removed all ratings from CreditWatch negative, where
S&P placed them on August 6.

S&P revised the recovery rating to '3' from '4', but the issue
level-rating remains the same as the issuer credit rating.

S&P believes Gol does not face any other significant bullet debt
amortization in the next few months and thus imminent risks of
liquidity distress have dissipated. Following the Term loan payment
Gol held approximately R$1.0 billion of readily available cash and
short-term investments as of August 31. The liquidity position
improves to R$2.1 billion including restricted cash and
receivables, additionally the company holds unencumbered assets to
raise about $R1.0 billion in additional liquidity. On the other
hand, the company faces debt maturities for almost R$2.6 billion in
the next four quarters, but a considerable share of these consists
of working capital and import financing lines, which are regularly
rolled over.

S&P said, "We now expect global air traffic to fall by as much as
60%-70% in 2020 versus 2019 and 2021 air passenger traffic to
decline 30%-40% compared with the 2019 base. Amid Gol's stronger
focus on domestic routes, we estimate the company's RPK falling
about 50%-55% during 2020 and to be about 15%-20% lower in 2021
compared to 2019; somewhat better than global trends. Despite the
unprecedented impact in revenues, we believe the company has shown
considerable flexibility in its costs and operations efficiently
matching capacity to demand, and has reached favorable agreements
with aircraft lessors, suppliers and labor unions containing cash
burn during the worst months of the pandemic." However, the company
still estimates a daily net cash consumption of $R3 million until
the end of the year, which will continue denting the company's
liquidity position.

The 'CCC+' ratings still reflect the uncertainties over the
industry's recovery, along with Gol's refinancing risks that are
tied to the industry's and operations improvements. The company was
able to refinancing some of its debt during the third quarter, to
maintain minimum liquidity levels, but remains exposed to tight
credit conditions. S&P said, "Furthermore, our base-case scenario
assumes that the company's EBITDA would sharply improve in 2021 to
about R$3.0 billion from about R$1.5 billion in 2020, rapidly
reducing leverage with debt-to-EBITDA converging to about 6.0x. But
if the recovery differs significantly from our forecast, we believe
that the company's financial obligations could become unsustainable
in the medium term."


INVESTIMENTOS E PARTICIPACOES: S&P Cuts ICR to 'CCC', Outlook Neg.
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S&P Global Ratings, on Sept. 25, 2020, lowered its global scale
issuer credit rating on Brazil-based transportation infrastructure
group Investimentos e Participacoes em Infraestrutura S.A. –
Invepar to 'CCC-' from 'CCC' and the Brazil national scale rating
to 'brCCC-' from 'brB-'. S&P also lowered its issue-level rating on
the company's third and fifth debentures issuance to 'brC' from
'brB-' and 'brCCC+', respectively, and the issue-level rating on
Metrobarra S.A.'s debentures to 'brCCC-' from 'brB-'.

The negative outlook on Invepar reflects the risk of failure to
meet its financial obligations in the next six months, given the
challenges stemming anemic macroeconomic conditions and the legal
dispute over LAMSA's concession, amid the company's already limited
financial flexibility.

The company has R$1.37 billion in debt related to its fifth
debentures issuance due April 2021. Invepar's cash position is
insufficient to amortize the debt in full, despite proceeds from
the sale of Concessionaria Auto Raposo Tavares S.A. (CART). Its
assets have limited capacity to upstream dividends, including GRU
Airport and MetroRio, given that their operating performance took a
severely hit from the social-distancing measures adopted to prevent
the spread of COVID-19.

In addition, LAMSA, which is also an important asset, has been
prevented to make toll collections since Sept. 17, 2020. This
follows a ruling from the Superior Court of Justice that authorizes
the city of Rio de Janeiro to start the process to revoke LAMSA's
concession (originally expiring in 2037), after several attempts
since 2018. In S&P's view, this increases uncertainties over
Invepar's ability to refinance its debt maturities in the short
term, given the potential that it will have much lower capacity to
pay its debt because of lower cash flows. In S&P's view, the
visibility is murky not only over the timing necessary to reverse
the court ruling, but also over the company's capability to
maintain LAMSA's concession.

Despite these challenges, the company has taken advantage of
government programs, such as the deferral of BNDES loan payments
among some of the subsidiaries and the postponement of fee payments
for the GRU airport, in addition to initiatives to reduce costs and
expenses, all of which provide some short-term relief at the
operating level. However, Invepar is still dependent on favorable
turn in events outside of its control, including a potential equity
injection or additional asset sales that will allow Invepar to
reduce its debt at the holding level.

Given that Invepar is the sponsor of Metrobarra and the guarantor
of its debentures issuance, the issue-level rating on Metrobarra
mirrors that on Invepar. This reflects the tight link between the
creditworthiness of the subsidiary and the holding company.




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C O L O M B I A
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COLOMBIA: IMF Executive Board OKs Flexible Credit Line Augmentation
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The Executive Board of the International Monetary Fund (IMF)
approved a request by the Colombian authorities to increase access
under its current Flexible Credit Line (FCL) arrangement to
SDR12.267 billion (about USD17.2 billion), equivalent to 600
percent of quota. This represents an SDR4.4174 billion increase
(about USD6.2 billion) in relation to the two-year arrangement that
was approved on May 1, 2020. The credit line approved in May had
kept access unchanged relative to the previous FCL arrangement
approved in 2018.

The FCL was established on March 24, 2009 as part of a major reform
of the Fund's lending framework (see Press Release No. 09/85). The
FCL is designed for crisis prevention purposes as it provides the
flexibility to draw on the credit line at any time. Disbursements
are not phased nor tied to compliance with policy targets as in
regular IMF-supported programs. This large, upfront access with no
ongoing conditions is justified by the very strong policy
fundamentals and institutional policy frameworks and sustained
track records of countries that qualify for the FCL, which gives
confidence that their economic policies will remain strong.

Following the Executive Board's discussion on Colombia, Ms.
Antoinette Sayeh, Deputy Managing Director and Acting Chair, issued
the following statement:

"Colombia's very strong policy frameworks - anchored by a flexible
exchange rate, a credible inflation targeting-regime, effective
financial sector supervision and regulation, and a structural
fiscal rule - continue to serve the country well and have allowed
the authorities to deliver a coordinated and timely response to the
Covid-19 pandemic.

"Colombia's economy was hit harder by the pandemic than anticipated
at the time of the approval of the current Flexible Credit Line
(FCL) arrangement in May and is now expected to experience its
largest recession on record this year. The authorities' early
response and continuing actions - including the temporary
suspension of the fiscal rule to raise health spending, as well as
to assist vulnerable households and businesses—are welcome and
supporting the economy through the recession.

"The larger-than-anticipated deterioration in the macroeconomic and
fiscal situation due to the pandemic has resulted in larger balance
of payments (BOP) needs than envisaged in May. Moreover, external
risks are higher and remain sharply skewed to the downside amid an
exceptionally weak external environment that raises Colombia's
vulnerability to still lower commodity prices, additional financial
market volatility, and a further deterioration of the Venezuelan
crisis. The augmentation of access under the current FCL
arrangement will help Colombia manage heightened external risks,
protect ongoing efforts to effectively respond to the pandemic,
continue to integrate migrants from Venezuela, foster inclusive
growth, and reduce external vulnerabilities. Higher access under
the arrangement should also boost market confidence, and combined
with comfortable international reserves, provide adequate insurance
against downside risks.

"The FCL instrument is flexible to address both actual BOP needs
that have emerged and to adequately insure against potential BOP
needs given higher external risks for Colombia. In this context,
the authorities have expressed their intention to partially draw on
the arrangement for budget support to help Colombia effectively
respond to the pandemic. The authorities' have also stated their
intention to treat the bulk of the FCL arrangement as precautionary
and remain committed to a gradual exit strategy from the instrument
as exceptional global risks clearly recede."




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Manufacturing Activity Declines in August
-------------------------------------------------------------
Dominican Today reports that the Monthly Manufacturing Activity
Index (IMAM) of the Dominican Republic Industries Association
(AIRD) declined from 61.5 in July to 47.66 in August.

It said the indicator is a portrait of the manufacturing activity
of one month in relation to the previous one and when it is located
below the threshold of 50 points it reflects that the economic
conditions and perspectives of the manufacturing sector are
considered unfavorable, according to Dominican Today.

"For the conformation of the IMAN, the balance of opinion of five
variables is established: the volume of sales, the volume of
production, the behavior of employment, the delivery time taken by
the suppliers and the behavior of the inventories of raw materials
of one month in relation to the other," the report relays.

                    About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.  Luis
Rodolfo Abinader Corona is the current president of the nation.

The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

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


DOMINICAN REPUBLIC: Workers' Number Listed in TSS Drops by 17%
--------------------------------------------------------------
Dominican Today reports that the number of private-sector workers
listed in the Social Security Treasury (TSS) decreased by 17% from
March to August of this year in a scenario marked by a
socioeconomic and health crisis caused by the Coronavirus
pandemic.

This means that 268,528 formal private jobs have been lost, as the
figure went from 1,587,920 in March to 1,319,392 as of August 31,
according to Dominican Today.

When considering the private sector's work and the public sector,
the fall in employment is 12.8%, 289,193 fewer workers. According
to the TSS statistics, as of March 31, there were 2,250,140 workers
registered in social security and 1,960,947 workers as of August
31, the report notes.

In that period, jobs in the centralized public sector fell 2%,
6,786 less, from 340,764 in March to 333,978 in August. And jobs in
the decentralized public industry fell 4.3% from 321,456 to 307,577
in the mentioned period, the report relays.

When evaluating the data on an inter-annual basis, in August 2020,
there were 1,960,947 workers registered in social security, a
figure that is 12.5% lower (-280,501) than that reported in the
same month of 2019, which were 2,241,448, the report says.

On the other hand, in the five months that the country has faced
the COVID pandemic, the number of employers or employers registered
in the TSS decreased 2.8%, 2,514 less. As of March 31, 2020, there
were 87,335 employers, and as of August 31 of this year, 84,821,
the report relays.

While from August 2020 to August 2019, employers have decreased by
5.89%, about 5,312 less, the report notes.

MSMEs affected. 95.51% of all employers have between 1 and 50
registered workers, the report discloses.  The number of registered
employers in the range of 16-50 workers decreased by 2,412, the
report says.  Those with a range between 1-15 workers declined by
1,931 in relation to 2019; that is, micro, small and medium-sized
enterprises have had the most significant loss of registered
employers, the report relays.

TSS collections are affected, the report discloses.  Not only has
employment been affected in these months of the pandemic, but also
with this, TSS collections fell 3.32% in August 2020, ther eport
relays.  But in April, it decreased by 2.47%; in May 10.38%; in
June 10.32%, and in July 6.22% less, the report says.

As of August 31, the TSS had collected RD $ 10,072 million, and
from January to August, these revenues were RD $ 80,723 million, an
increase of 0.93%, compared to the same period in 2020, the report
notes.  During the current year, 616,392 notifications have been
collected, the report discloses.

Workers’ wages. The percentage of workers contributing to Social
Security who receive salary income below RD $ 10,001 is 15.76%
(309,103), the report says.  Unlike the same period for 2019, which
was 31.49% in the same salary range, according to Figures as of
August 31 of the percentage of workers contributing to Social
Security registered in the Single Information and Collection System
(SUIR) of the TSS, the report adds.

With salaries between RD $ 10,001- RD $ 15,000 there are 708,532,
36.13% of the total; With salaries between RD $ 15,001- RD $
20,000, there are 320,918 employees, 16.37% of the total; With
salaries between RD $ 20,001- RD $ 25,000 there are 126,584
workers, 6.46% and with salaries of more than RD $ 25,000 there are
495,810 workers, 25.28%, the report relays.

                      About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.  Luis
Rodolfo Abinader Corona is the current president of the nation.

The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

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




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J A M A I C A
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JAMAICA DIVERSIFIED: Fitch Affirms BB(EXP) Rating on 2020-1 Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed the previously assigned expected rating
of 'BB (EXP)' for the series 2020-1 notes to be issued by Jamaica
Diversified Payment Rights Company at an upsized amount of $250
million. The Rating Outlook on the notes is Stable. Fitch's rating
addresses the timely payment of principal and interest on a
quarterly basis in accordance with the transaction documents.

RATING ACTIONS

Jamaica Diversified Payment Rights Company (DPR) (NCB)

Series 2020-1; LT BB(EXP) Affirmed; previously at BB(EXP)

TRANSACTION SUMMARY

The proposed transaction will be backed by existing and future USD
diversified payment rights (DPRs) originated by National Commercial
Bank Jamaica Limited (NCBJ). The majority of DPRs are processed by
designated depository banks (DDBs) that have signed Acknowledgement
Agreements (AAs), irrevocably obligating them to make payments to
an account controlled by the transaction trustee. Transaction
proceeds will be used to repay the outstanding balance of the
2013-1 notes issued from the same program and general corporate
purposes. This transaction represents the third issuance out of the
program, which was established in 2006.

KEY RATING DRIVERS

Originator's Credit Quality: The rating of this future flow
transaction is tied to the credit quality of the originator, NCBJ.
On April 15, 2020, Fitch affirmed NCBJ's Long-Term Issuer Default
Rating (IDR) at 'B+' and revised the Rating Outlook to Negative
from Positive following the revision of Jamaica's Rating Outlook to
Stable from Positive on April 10, 2020. The Jamaican operating
environment remains the principal constraint on NCBJ's ratings.

The Outlook of NCBJ's IDRs reflects the downside risk to NCBJ's
credit profile resulting from the economic implications of the
coronavirus pandemic.

Going Concern Assessment (GCA): Fitch uses a GCA score to gauge the
likelihood that the originator of a future flow transaction will
stay in operation through the transaction's life. NCBJ's GCA score
of 'GC1' reflects the bank's position as Jamaica's largest bank and
a systemically top-tier bank with around 36% of system assets and
31% of total deposits as of March 2020.

Notching Uplift from IDR: The 'GC1' score allows for a maximum
rating uplift of six notches from the bank's IDR pursuant to
Fitch's future flow methodology. However, the agency limits the
rating uplift for the future flow series due to factors mentioned
including Fitch reserving the maximum uplift for originators rated
at the lower end of the rating scale.

Moderate Future Flow Debt Size: Fitch estimates NCBJ's future flow
debt will represent 10.1% of the bank's total funding and 23.7% of
non-deposit funding when considering the proposed $250 million DPR
transaction and outstanding MV program balances using consolidated
financials as of June 2020. Although Fitch considers these ratios
small enough to allow the future flow ratings the maximum uplift,
Fitch considers the future flow programs will continue to remain
the main source of long-term funding for NCBJ, limiting the notes'
rating uplift.

Coronavirus Impact and Containment Measures Pressure DPR
Transaction Flows: NCBJ processed approximately $1.64 billion in
DPR flows during the seven months ending July 2020, which reflects
an approximate decrease of 16% when compared to the same period in
2019. Global events such as the sharp economic contraction caused
by the coronavirus pandemic and different containment measures have
reduced transaction cash flows, which can add pressure to the
assigned ratings. Additionally, the DPR program involves top
beneficiaries that are NCBJ affiliates as well as entities with
high domestically originated, government-related and/or capital
flows (which Fitch sees as more volatile than export-related
payments and remittances). Therefore, the potential volatility of
the DPR flows also limits the notching differential of the
transaction.

DPR Line's Coverage Levels Commensurate with Assigned Rating:
Global events including the coronavirus crisis have negatively
impacted DPR flows. Although this has translated into a decrease in
flows during the first seven months of 2020, when compared to the
same period in 2019, transaction cash flows have remained
sufficient to support max quarterly coverage levels over 60x. When
considering cash flows between July 2015 and July 2020 and assuming
an issuance amount of $250 million, the projected quarterly debt
service coverage ratio (DSCR) is 64.8x. Moreover, the transaction
can withstand a drop in flows of approximately 98.5% and still
cover the maximum quarterly principal and interest payment.
Nevertheless, Fitch will continually monitor the performance of the
flows, as potential pressures could negatively impact the assigned
ratings.

Potential Redirection/Diversion Risk: The structure mitigates
certain sovereign risks by collecting cash flows offshore until
collection of periodic debt service amount. Fitch believes
diversion risk is partially mitigated by the Acknowledgement
Agreements (AAs) executed by the designated depository banks
(DDBs).

RATING SENSITIVITIES

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

Fitch does not anticipate developments with a high likelihood of
triggering an upgrade. However, the main constraint to the program
rating is the originator's rating and NCBJ's operating environment.
If upgraded, 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 a
negative rating action/downgrade:

The transaction ratings are sensitive to changes in the credit
quality of NCBJ. A deterioration of the credit quality of the
sovereign and/or NCBJ by multiple notches is likely to pose a
constraint to the rating of the outstanding series of notes for
both programs from their current level.

The transaction ratings are sensitive to the performance of the
securitized business line. The expected quarterly DSCR for the DPR
program is 64.8x and should be able to withstand a decline in cash
flows. Nevertheless, a significant decline in DPR flows could lead
to a negative rating action.

The transaction's ratings are sensitive to the ability of the DPR
business line to continue operating, as reflected by the GCA score,
and changes in the sovereign environment and/or ratings assigned to
the Jamaican sovereign. Changes in Fitch's view of the bank's GCA
score can lead to a change in the transaction's rating. 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.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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




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

CEMEX MEXICO: S&P Withdraws 'BB' Issuer Credit Rating
-----------------------------------------------------
S&P Global Ratings said it withdrew its global scale 'BB' and its
'mxA/mxA-1' national scale issuer credit ratings on CEMEX Mexico,
S.A. de C.V. (CEMEX Mexico) because the entity no longer legally
exists. Parent company CEMEX S.A.B. de C.V. (CEMEX; BB/Negative/--;
mxA/Negative/mxA-1) merged with and absorbed CEMEX Mexico earlier
this year, as part of a corporate reorganization.

At the time of the withdrawal, S&P's ratings on CEMEX Mexico were
equal to those of CEMEX, reflecting its view of its status as a
core subsidiary of its parent. The outlook on CEMEX Mexico was
negative, also mirroring that on CEMEX. S&P views the transaction
as neutral for the creditworthiness of the consolidated group.


STATE OF TAMAULIPAS: Moody's Cuts Issuer Ratings to Ba2/A2.mx
-------------------------------------------------------------
Moody's de Mexico S.A. de C.V. downgraded the issuer ratings for
the State of Tamaulipas to Ba2/A2.mx from Ba1/A1.mx, downgraded its
baseline credit assessment (BCA) to ba2 and maintained a negative
outlook.

RATINGS RATIONALE

The downgrade of the BCA to ba2 from ba1 and issuer ratings to
Ba2/A2.mx from Ba1/A1.mx reflect recurring deficits that will
continue to drive rising debt levels and will keep liquidity under
pressure, even as the state confronts declining own-source revenue
and weak federal transfers stemming from the economic recession
caused by the pandemic. The state's weakening operating and cash
financing results, rising leverage and its liquidity pressure leave
it with more limited financial flexibility.

Tamaulipas has maintained relatively high levels of capital
spending on infrastructure projects even as it has seen declines in
federal transfers used to fund capital projects, resulting in cash
financing deficits that averaged 1.2% of total revenues over the
past five years. The state recently contracted new long-term
financing that it will use to maintain capital spending in 2020 and
2021, which Moody's projects will result in deficits of 2.6% this
year and 4.4% the next.

At the same time, Tamaulipas is facing a revenue shock caused by
the economic recession, with own-source revenues declining nearly
10% in the first half of 2020. In addition, Moody's estimates that
non-earmarked federal transfers will decline by up to 6% in 2021 as
a result of cuts included in the federal government's proposed
budget, indicating revenue pressures will persist next year. While
the state has a strong track record of growing its own-source
revenues and recently created a new emissions fee, collections will
nonetheless decline this year and will likely recover slowly given
the depth of the recession. Moody's estimates Tamaulipas will
report gross operating deficits of 0.9% in 2020 and 5.3% in 2021.

As a result of these pressures, leverage continues to rise and
liquidity is under pressure. Moody's estimates that Tamaulipas's
net direct and indirect debt (NDID) will climb to 64% of operating
revenue in 2020 from 48% last year, and again to 68% in 2021, as a
result of new long-term loans recently contracted (MXN4,600
million) and Moody's projection that use of short-term debt will
rise next year. Tamaulipas's ratio of cash to current liabilities
stood at 0.58x in 2019, down from 0.91x two years earlier, and
Moody's estimates it will slide further to 0.52x by the end of
2021. At these levels Tamaulipas has a relatively modest liquidity
cushion against unexpected shocks.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects Moody's expectation that Tamaulipas's
cash financing and gross operating deficits will widen as the state
faces social spending needs and continues to prioritize capital
spending despite revenue pressure, resulting in rising debt levels
and a modest but continued decline in liquidity.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Environmental considerations are not material to the state's
ratings.

Social considerations are material the Tamaulipas's credit profile.
Tamaulipas has been affected by insecurity, a health and safety
risk, in recent years, and social spending, including spending on
public safety, will represent a recurring financial pressure,
although a portion of these expenses are covered with federal
resources. Additionally, Tamaulipas faces modest unfunded pension
liabilities that will generate financial pressure over the long
term. Finally, Moody's regards the coronavirus outbreak as a social
risk, given the substantial implications for public health and
safety and the important economic and financial impacts for
Tamaulipas.

Governance considerations are material to the credit profile of the
State of Tamaulipas. An adequate institutional structure
underpinning debt management and transparency is broadly defined
under national legislation. Policy credibility and effectiveness,
in terms of internal controls and planning, are somewhat weak given
the state's recurring deficits and rising debt levels.

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

If the state reports larger-than-expected cash financing and
operating deficits, resulting in additional declines in liquidity
and further increases in debt levels beyond current projections,
the ratings could face additional downward pressure. On the
contrary, the outlook could be stabilized if deficits are reduced,
leading to a stabilization of liquidity and debt metrics.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2018.

The period of time covered in the financial information used to
determine State of Tamaulipas' rating is between January 01, 2015
and December 31, 2019.




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

CARIBBEAN TRADING: Seeks to Hire Financial Guidance as Accountant
-----------------------------------------------------------------
Caribbean Trading Company, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire Financial
Guidance Advisors LLC as its accountant and financial advisor.

The firm will provide the following services in connection with
Debtor's Chapter 11 case:

-- assist Debtor in the preparation of financial reports;

-- assist in the reconciliation and clarification of proof of
    claims filed and amount due to creditors;

-- provide general accounting and tax services; and

-- assist Debtor and its legal counsel in the preparation of
    supporting documents for its Chapter 11 reorganization plan.

Financial Guidance will be paid at $150 per hour. The firm
received
a retainer in the amount of $3,000 from Debtor.

Yaime Rullan Esq., an attorney and a certified public accountant
at
Financial Guidance, disclosed in court filings that she and other
members of the firm are "disinterested persons" as defined by
Section 101 (14) of the Bankruptcy Code.

Financial Guidance can be reached through:

     Yaime Rullan Esq., CPA, CIRA
     Financial Guidance Advisors LLC
     PO Box 800965
     Coto Laurel, PR 00780
     Telephone: (787) 922-5012
     Email: yrullan@gmail.com

               About Caribbean Trading Company Inc.

Caribbean Trading Company, Inc. is a Puerto Rico-based company
which provides unique art, souvenirs, gift baskets, corporate
incentive gifts and promotional products.

Caribbean Trading Company sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 20-03479) on Aug. 31, 2020.
At the time of the filing, Debtor had estimated assets of less than
$50,000 and liabilities of between $100,001 and $500,000.

Estrella LLC is Debtor's legal counsel.


JJE INC: Seeks to Hire BDC Taxes as Accountant
----------------------------------------------
JJE, Inc. seeks approval from the U.S. Bankruptcy Court for the
District of Puerto Rico to hire BDC Taxes & Accounting Services,
LLC as its accountant.

The firm will assist in the preparation of monthly operating
reports and will provide other accounting services in connection
with Debtor's Chapter 11 case.

BDC Taxes will receive a monthly fee of $350.

The firm is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code, according to court filings.

The firm can be reached through:

     BDC Taxes & Accounting Services, LLC
     Urb El Verde 2
     Caguas, PR 00726

                         About JJE Inc.

JJE, Inc., a Manati, P.R.-based home health care services, filed a
Chapter 11 petition (Bankr. D. P.R. Case No. 19-02034) on April
12,
2019.  In the petition signed by Jenny Olivo, president, Debtor
disclosed $295,244 in total assets and $1,953,718 in total
liabilities.  Judge Mildred Caban Flores oversees the case.
Gratacos Law Firm, PSC is Debtor's legal counsel.


K.G. IM LLC: 7 Il Mulino Restaurants Files for Bankruptcy
---------------------------------------------------------
Ben Coley of FSR Magazine reports that K.G. IM LLC, parent of
well-known Italian concept Il Mulino, filed bankruptcy for several
of its restaurants July 30 as it battles one of its lenders.

The 16-unit company filed on behalf of seven locations across
Miami, Puerto Rico, Las Vegas, Long Island, and Atlantic City. The
locations not included in the filing are five New York City
stores - the flagship in Greenwich Village and four locations in
Manhattan - and two in Florida, one in Tennessee, and another in
the Poconos.

In the filing, co-owner Gerald Katzoff said that when COVID hit the
U.S., Il Mulino locations across the country shut down, beginning
with the stay-at-home order in New York. On May 7, the company
received roughly $2.3 million from the Paycheck Protection
Program.

The restaurant intends to use the loan to fund operations during
bankruptcy. As of now, six of the seven bankrupt locations are
closed, and Long Island and Miami are operating in a limited
capacity.

Katzoff said that thanks to the PPP funds, he believed the
restaurant was on its way to stabilizing operations, protecting the
Il Mulino brand, and managing through COVID. He also felt it would
allow the brand to find a path forward with satisfying $36.3
million owed to lender Benefit Street Partners. But Katzoff added
that after the restaurant secured the PPP funding, "it became clear
that BSP had other plans for the restaurants."

The co-owner claimed that almost immediately after Il Mulino
received the PPP funds, BSP began to implement plans to take over
the company, including "putting in place a path for BSP to wipe out
all stakeholders in a debt to equity conversion play" without
giving the brand an opportunity to "stabilize operations and run a
fair and transparent process toward finding an exit out of the
COVID-19 lockdown."

"Simply put, it was clear that BSP viewed the COVID-19 impact as a
chance to unfairly leverage the Debtors and seize control of the
restaurants in a manner that is not consistent with the rights
afforded the parties under the Term Loan Agreement or applicable
law," Katzoff said in the filing.

As an example, Katzoff pointed to June 2 -- before the maturity of
the Term Loan Agreement -- when BSP alleged certain events of
default and said it had voting control over the restaurant. In
response, Il Mulino "made it crystal clear" that BSP did not have
that power. However, BSP did not relent, and negotiations failed.
So the restaurant filed bankruptcy to "curtail those efforts and to
further explore various restructuring alternatives."

"The Il Mulino restaurants that are the subject of these chapter 11
cases are part of an iconic brand with significant growth
potential," Katzoff said. "BSP, however, has attempted to exploit
the unavoidable consequences of the Covid-19 pandemic and its
impact on restaurants like Il Mulino in an effort to take control
of the Debtors and their assets at a point in time when the
Debtors' businesses have been stressed to an unprecedented extent.
That, of course, is grossly unfair."

Katzoff said the company intends to resume operations at closed
locations as soon as possible and return to profitability.  The
restaurant will use the bankruptcy proceedings "to restructure its
debt, seek out new financing opportunities, explore potential
transactions, and liquidate claims."

Il Mulino was established in 1981 and serves authentic Abruzzo
regional cuisine. The restaurant has gained fame with celebrities
over the years, including Leonardo DiCaprio, George Clooney, Bill
Murray, President Obama, and Drake.

                          About IL Mulino

Il Mulino owns and operates Italian restaurants throughout the
United States, including locations at 86 W. Third Street, New York,
New York and 37 E. 60th Street, New York New York.

K.G. IM, LLC, based in New York, NY, and its affiliates, including
IL Mulino USA, LLC, sought Chapter 11 protection (Bankr. S.D.N.Y.
Lead Case No. 20-11723) on July 29, 2020.  The Hon. Martin Glenn
presides over the case.

In the petition signed by Gerald Katzoff, manager, the Debtor was
estimated to have $50 million to $100 in assets and $10 million to
$50 million in liabilities.

ALSTON & BIRD LLP, serves as bankruptcy counsel to the Debtors.
TRAXI LLC, and DAVIS & GILBERT LLP, serve as special counsel.




=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

CARIBBEAN AIRLINES: In Cost Cutting Mode
----------------------------------------
RJR News reports that Caribbean Airlines Limited will embark on a
cost cutting exercise aimed at reducing its wage bill.

It will send some employees on no-pay leave, reduce the salaries of
others, and lay off a third group, according to RJR News.

The Trinidad Express newspaper was told that this will affect about
1,700 employees to varying degrees, but the most immediate impact
will be felt by the company's 250 pilots and about 375 flight
attendants, the report notes.

Caribbean Airlines has proposed to place its contract pilots who
are older than 60 on no-pay leave for a three-month period from
October to December, the report discloses.

The airline also proposed to reduce the salaries of all other staff
by 15-20% for a six-to-eight month period, starting Sept. 28, when
the entity's October pay cycle begins, the report relays.

A report in the Trinidad Express says this is a move to keep the
airline operational and is in line with cost-cutting that has been
implemented by many airlines around the world as a result of the
slowdown in international travel caused by the Covid-19 pandemic,
the report notes.

Since COVID-19 hit the Caribbean in March, Caribbean Airlines'
flights and revenue have dwindled as borders were closed to contain
the spread of the virus, the report says.

The entity has paid all employees their full salaries, while the
airline operated on a restricted basis, offering special flights to
bring nationals home and take students back to their universities,
the report adds.

Since May, Caribbean Airlines was mostly funded from the US$65
million government-guaranteed loan, the report discloses.

Garvin Medera, the airline's chief executive, had told staff then
that, while CAL was able to fund April's salaries it would need
external funding for the coming months, the report says.

The Sunday Express reported that the majority of the government
loan funded salaries and eased some of the debt the airline had
acquired during its operations, the report relates.

                     About Caribbean Airlines

Caribbean Airlines Limited - http://www.caribbean-airlines.com/-
provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty free
store in Trinidad.  Caribbean Airlines Limited was founded in 2006
and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited, quit after just 17
months on the job. The 48-year-old Canadian national, citing
personal reasons, resigned with immediate effect.  His resignation
was accepted by the airline's board of directors. Mr. DiLollo was
appointed Caribbean Airlines CEO in May 2014, following the sudden
resignation of Robert Corbie in September 2013.

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline made
a loss of US$60 million, inclusive of its Air Jamaica operations,
and the airline planned to break even by 2017. Mr. Howai told the
Parliament that a five-year strategic plan had been completed and
was in the process of being approved for
implementation.

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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