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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

          Friday, October 23, 2020, Vol. 21, No. 213

                           Headlines



B R A Z I L

FS AGRISOLUTIONS: Moody's Withdraws (P)B1 CFR, Outlook Stable


C O L O M B I A

COLOMBIA: To Tap IMF Cash Gradually to Prevent Peso Turbulence


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Revenue Fell 8.5% Thru September


E C U A D O R

ECUADOR DFR: Fitch Assigns BB- Rating on $150MM Series 2020-1 Debt


M E X I C O

NAYARIT STATE: Moody's Cuts Issuer Ratings to B3/B1.mx, Outlook Neg


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Central Bank Debt Drives Hyperinflation


X X X X X X X X

LATAM: Airlines Stare Out Along Future of Empty Runways
LATAM: Grim Outlook for Caribbean Economies, World Bank Says

                           - - - - -


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B R A Z I L
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FS AGRISOLUTIONS: Moody's Withdraws (P)B1 CFR, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service withdrawn FS Agrisolutions Industria de
Biocombustiveis (FS) (P)B1 Corporate Family Rating and stable
outlook. At the same time, Moody's has withdrawn FS Luxembourg S.a
r.l (P)B1 senior unsecured notes' rating and stable outlook.

Withdrawals:

Issuer: FS Agrisolutions Industria de Biocombustiveis

Corporate Family Rating, Withdrawn, previously rated (P)B1

Issuer: FS Luxembourg S.a r.l

Gtd Senior Unsecured Notes, Withdrawn, previously rated (P)B1

Outlook Actions:

Issuer: FS Agrisolutions Industria de Biocombustiveis

Outlook, Changed To Rating Withdrawn From Stable

Issuer: FS Luxembourg S.a r.l

Outlook, Changed To Rating Withdrawn From Stable

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because the obligations
are not outstanding.

FS is one of the six largest ethanol producers in Brazil. The
company also commercializes ethanol and its co-products, including
dried distillers' grains, wetcake, corn oil for livestock feed, and
electricity. FS is a limited liability company and was established
as a joint venture between US based Summit Agricultural Group with
a 75% stake and Brazilian agricultural holding company, Tapajos
S.A.




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C O L O M B I A
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COLOMBIA: To Tap IMF Cash Gradually to Prevent Peso Turbulence
--------------------------------------------------------------
Oscar Medina at Bloomberg News reports that Colombia will bring
home the $5.3 billion from its International Monetary Fund loan at
a gradual pace to avoid causing turbulence in currency markets,
deputy Finance Minister Juan Pablo Zarate said.

This cautious approach also improves the chances of the nation
getting a more favorable exchange rate, Zarate said in a video
interview, according to Bloomberg News.

Colombia will be the first country to tap an IMF flexible credit
line, a pre-approved source of funding that comes with no
conditions on how it's spent, Bloomberg News relays.

The government says it will use the money to finance its response
to the pandemic, Bloomberg News notes.  Colombia is suffering the
deepest slump in its history this year, with thousands of
bankruptcies and more than three million jobs lost, Bloomberg News
relays.

The Finance Ministry forecasts the economy will contract 5.5% this
year, Bloomberg News notes.  That would be the worst performance in
more than a century, but has still been criticized by Fitch Ratings
and others as overly optimistic, Bloomberg News discloses.

Zarate said the ministry is currently revising its outlook, as well
as its projection of a 6.6% rebound next year. The peso has
weakened 15% this year, a bigger drop than Andean peers Peru and
Chile, Bloomberg News says.

                    Soften the Crash

After the pandemic hit, the country suspended its "fiscal rule" or
balanced-budget act, for the next two years. But even as the
government ramps up spending to try to soften the crash, it's
anxious to keep borrowing at manageable levels and protect its
credit rating, Zarate said, Bloomberg News notes.

"A shock like this implies higher spending, but we shouldn't heed
siren songs that deficits pay for themselves, or that we don't need
to think about long-term sustainability," Zarate said. "I hope
we'll be on the path to radically better fiscal balances from
2022," he added.

Colombia is rated at the second-lowest level of investment grade by
Moody's Investors Service, while S&P Global Ratings and Fitch
Ratings have the country one notch above junk.

The finance ministry is targeting a fiscal deficit at 8.2% of gross
domestic product this year, narrowing to 5.1% in 2021. The
government will begin the work of deficit reduction next year,
Zarate said, Bloomberg News notes.

To fund next year's budget, the government plans to sell assets
that may include stakes in oil producer Ecopetrol SA, energy
operator Interconexion Electrica SA, and regional electricity
generating companies, Bloomberg News discloses.

The government is confident it can raise funds equivalent to more
than 1% of GDP via such sales, but hasn't yet decided which asset
it will offer, Zarate said, Bloomberg News adds.




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

DOMINICAN REPUBLIC: Revenue Fell 8.5% Thru September
----------------------------------------------------
Dominican Today reports that revenue by the three main Dominican
Government collection entities fell 8.5% between January and
September 2020, when Customs posted the sharpest decrease.

During the first nine months of the year, Customs, Internal Taxes
(DGII) and the National Treasury collected RD$451.4 billion, a net
reduction of RD$41.7 billion, compared to the same period of 2019,
according to Dominican Today.

Customs revenue was RD$18.7 billion less between January and
September, from RD$104.3 billion that it collected in the referred
period of 2019, to RD$85.6 billion this year, according to the DGII
report, the report notes.  Likewise, Internal Taxes collections
fell 12.8% to September, the report adds.

              About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.  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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E C U A D O R
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ECUADOR DFR: Fitch Assigns BB- Rating on $150MM Series 2020-1 Debt
------------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' issue-specific rating to the
$150 million series 2020-1 loan originated by Ecuador DPR Funding.
The Rating Outlook is Negative.

The Negative Outlook on the loan rating reflects Banco Pichincha
C.A. y Subsidiarias' (BP) Negative Outlook. Additionally, flows
sold to the transaction are still susceptible to shocks related to
the global coronavirus pandemic, which could potentially pressure
transaction flows.

TRANSACTION SUMMARY

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

KEY RATING DRIVERS

FF Rating Driven by Originator's Credit Quality: The 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 pandemic-related economic implication.

Strong Going Concern Assessment (GCA) Score Supports Notching
Differential: 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. BP is 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 originator's local-currency
(LC) IDR; however, additional factors limit the maximum uplift.

Several Factors Limit Notching Differential: 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 the factors mentioned,
including Ecuador's lack of last resort lender, moderate
beneficiary concentration and the potential volatility of cash
flows due to the coronavirus pandemic.

Moderate Future Flow Debt Relative to BP's Balance Sheet: Total
future flow debt, including the series 2020-1 loan, is expected to
represent approximately 1.6% of BP's total funding and 18.6% of
non-deposit funding utilizing unconsolidated financials as of June
2020. Fitch believes the ratio of future flow debt to overall
non-deposit funding is low enough to allow the maximum uplift of
the financial future flow ratings, as indicated by the GCA score.

Coronavirus Impact and Containment Measures Pressure Transaction
Flows: BP processed approximately $4 billion in U.S. DPR flows
during three calendar quarters of 2020. While January 2020 flows
showed a slight increase, compared with January 2019 flows, a sharp
decrease of approximately 47.4% was observed in April 2020 compared
to the March 2020 volume, from $484.1 million to $254.7 million,
but have since recovered to approximately $476.5 million in Sept.
2020. Global events such as weakening oil prices and the expected
sharp economic global contractions due to the 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 Assigned Rating: Global events,
including the pandemic, and current drop in oil prices, have
negatively impacted DPR flows. The loan has an interest-only period
of 12 months, with the first principal payment not due until Sept.
2021. When considering cash flows between October 2015 and
September 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 138.9x, and the transaction would be able to
withstand a decrease 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 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
transaction's notching differential.

RATING SENSITIVITIES

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

Fitch does not anticipate developments that would likely trigger an
upgrade. However, the main constraint to the program rating is the
originator's rating and BP'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 negative
rating action/downgrade:

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

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 138.9x, and
should therefore 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.

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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The future flow ratings are driven by the credit risk of Banco
Pichincha C.A. as measured by its Long-Term IDR.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means 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.




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

NAYARIT STATE: Moody's Cuts Issuer Ratings to B3/B1.mx, Outlook Neg
-------------------------------------------------------------------
Moody's de Mexico S.A. de C.V. downgraded the issuer ratings for
the State of Nayarit to B3 (Global scale, local currency) and B1.mx
(Mexico National Scale) from B1/Baa3.mx, downgraded its baseline
credit assessment (BCA) to caa1 from b1, downgraded its senior
secured debt ratings to Baa3/Aa3.mx from Baa1/Aa1.mx, and placed
the ratings under review (RUR) for further downgrade. The outlook
was previously negative.

The downgraded debt ratings to Baa3/Aa3.mx apply to the following
three enhanced loans of the State of Nayarit:

  - MXN 5,000 million (original face value) enhanced loan from
Banobras

  - MXN 500 million (original face value) enhanced loan from BBVA
Bancomer

  - MXN 247 million (original face value) enhanced loan from
Santander

RATINGS RATIONALE

RATIONALE FOR THE DOWNGRADE OF THE ISSUER RATINGS AND REVIEW

The downgrade and placement of the ratings under review for further
downgrade reflect a significant deterioration in Nayarit's
liquidity position and considerable financial pressure stemming
from its weak operating performance and ongoing revenue pressures
that will likely continue through at least 2021. Nayarit has
recently fallen behind on debt service payments on its short-term
bank loans as it faces declining operating revenues and recurring
spending pressures, highlighting the state's weak governance and
planning practices.

Moody's expects the state will report widening gross operating
deficits of 9.6% of operating revenue in 2020 and 12.6% in 2021, as
it confronts a deep economic recession related to the pandemic, a
social risk which has led to declines in own-source revenues,
including taxes from the state's tourism sector, as well as
declines in non-earmarked federal transfers (participaciones).
Moody's also expects Nayarit will post cash financing deficits
equal to 4.3% of total revenue in 2020 and 5.5% in 2021. The
state's very low balance of cash and equivalents of just MXN 368
million equaled 0.1x current liabilities as of June 2020, and will
remain under pressure, limiting the state's financial flexibility
in managing significant balances of short-term debt equal to 17.1%
of direct debt.

Its ratings review will focus on whether the state is able to
resolve its past-due short-term debt balances and to establish a
sustainable liquidity strategy that will allow it to meet
obligations over the medium term as it prepares for a change of
administration that will occur in September 2021. The one-notch
difference between the BCA and the issuer ratings reflects the
possibility that Nayarit will be able to meet past-due payments on
short-term loans without imposing losses on its creditors.

RATINGS RATIONALE FOR THE DOWNGRADE OF THE ENHANCED LOANS RATINGS

The downgrade of the debt ratings reflects the downgrade of the
state's Global Scale issuer rating. The enhanced loan ratings are
directly linked to the credit quality of the issuer, which ensures
that underlying contract enforcement risks, as well as economic and
governance risks are embedded in the enhanced loan ratings.
Nonetheless, it's important to note that despite significant
liquidity pressures, Nayarit continues to make full and timely
payment on its long-term bank debt, supported by structural credit
enhancements which Moody's doesn't anticipate will be modified.

This view, and the Baa3/Aa3.mx debt ratings, are supported by the
following credit enhancements embedded in the loan documentation:

1. A strong trust structure based on the transfer of the rights and
flows of a portion of Nayarit's General Participations Fund
revenues to the paying trusts. The structure is supported by both
an irrevocable instruction and an irrevocable mandate, the latter
of which is signed by the state, federal government and lenders.
The mandate ensures that the Ministry of Finance will transfer
Nayarit's pledged General Participations Fund revenue directly to
the paying trust even if Nayarit unilaterally tries to alter the
agreements. The structure of the trusts provides a level of
insulation between the loan and the issuer's idiosyncratic risks.

2. Estimated cash flows that generate high debt service coverage
(DSC) ratios:

i. MXN 5 billion (original face value) from Banobras: under Moody's
base case scenario, cash flows are projected to provide 3.24x debt
service coverage at the lowest point over the life of the loan.
Under a stress case scenario, estimated cash flows are projected to
provide 2.44x debt service coverage at the lowest point.

ii. MXN 500 million (original face value) from BBVA Bancomer: under
Moody's base case scenario, cash flows are projected to provide
3.38x debt service coverage at the lowest point over the life of
the loan. Under a stress case scenario, estimated cash flows are
projected to provide 2.67x debt service coverage at the lowest
point.

iii. MXN 247 million (original face value) from Santander: under
Moody's base case scenario, cash flows are projected to provide
3.13x debt service coverage at the lowest point over the life of
the loan. Under a stress case scenario, estimated cash flows are
projected to provide 2.48x debt service coverage at the lowest
point.

3. Solid level of reserves equal to 3.0x debt service coverage for
all three loans, which provides an adequate cushion against payment
delays.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Environmental considerations are not material to Nayarit's
ratings.

Social considerations are material to Nayarit's credit profile.
Importantly, the coronavirus outbreak poses substantial public
health and safety implications and the risk of further spread of in
the state, and has added to both revenue and spending pressures. In
addition, social indicators measuring poverty, education levels and
access to basic services are relatively weak in the state, and it
has also experienced increasing levels of violence and crime in
recent years. Social spending pressures, especially for public
health, education and security, will represent a recurring
pressure. In addition, Nayarit faces risks related to its unfunded
pension liabilities.

Governance considerations are material to Nayarit's credit profile.
The state exhibits weak governance in terms of planning and debt
management, which is reflected in its relatively high short-term
debt levels and weak liquidity. However, its transparency practices
are in line with their national peers.

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

While currently Moody's does not expect upward pressures on the
ratings given significant liquidity pressures, if the state is able
to meet past-due payments on its short-term loans and renegotiate
more favorable terms with its lenders without imposing losses, the
ratings could be confirmed. Conversely, if Nayarit is unable to
address pressures related to its short-term debt balances and if
liquidity deteriorates further, this would put additional negative
pressure on the ratings.

Given the links between the loans and the credit quality of the
issuer, an upgrade of Nayarit's issuer rating would likely result
in an upgrade of the enhanced loan ratings. Conversely, a downgrade
of the state's issuer rating, or a material decline in debt service
coverage to levels below its expectations, could exert downward
pressure on the ratings of the loans.

The methodologies used in these ratings were Enhanced Municipal and
State Loans in Mexico Methodology published in May 2019.




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

PETROLEOS DE VENEZUELA: Central Bank Debt Drives Hyperinflation
---------------------------------------------------------------
The Latin America Herald Tribune reports that Hermes Perez, a
Venezuelan economist, said that the debt of state-run Petroleos de
Venezuela (PDVSA) with the Central Bank of Venezuela (BCV) is today
55 times bigger than the monetary base circulating in the nation's
economy, making it the sole cause of the rampant hyperinflation
severely damaging the population's purchasing power since November
2017.

Article 37 of the BCV law establishes the prohibition of granting
direct loans to either the central government or state
institutions, a reason for which the loans are illegal, Perez said
in a radio interview, according to The Latin America Herald
Tribune.

The report notes Perez pointed out that the BCV started granting
loans to PDVSA in 2010, but these increased as of 2016.

"PDVSA's debt with the BCV is Bs.8.9 trillion, increasing 694% in
10 months (. . . .) when hyperinflation was born in 2017, the debt
grew by 44,000%," the report discloses.

He concluded that the monetary base is the amount of money that the
BCV has injected into the economy, which has grown by 407% in
2020.

"It is inflationary when the BCV issues money for company loans and
there is no doubt about it (. . . .) the process will never end as
long as there is no willingness to do so."

                        About PDVSA

Founded in 1976, Petroleos de Venezuela, S.A. (PDVSA) is the
Venezuelan state-owned oil and natural gas company, which engages
in exploration, production, refining and exporting oil as well as
exploration and production of natural gas.  It employs around
70,000 people and reported $48 billion in revenues in 2016.

In May 2019, Moody's Investors Service withdrew all the ratings of
Petroleos de Venezuela, S.A. including the senior unsecured and
senior secured ratings due to insufficient information. At the time
of withdrawal, the ratings were C and the outlook was stable.

Citgo Petroleum Corporation (CITGO) is Venezuela's main foreign
asset.  CITGO is majority-owned by PDVSA.  CITGO is a United
States-based refiner, transporter and marketer of transportation
fuels, lubricants, petrochemicals and other industrial products.

However, CITGO formally cut ties with PDVSA at about February 2019
after U.S. sanctions were imposed on PDVSA.  The sanctions are
designed to curb oil revenues to the administration of President
Nicolas Maduro and support for the Juan Guaido-headed party.




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

LATAM: Airlines Stare Out Along Future of Empty Runways
-------------------------------------------------------
globalinsolvency.com reports that during a pandemic that has
wreaked havoc with global travel, Enrique Beltranena is something
of a rarity: a happy airline boss.

Volaris, his Mexican low-cost airline, has added, not cut, routes
during the crisis, has a healthy balance sheet and is "cautiously
optimistic" in its outlook, he said, according to
globalinsolvency.com.

But with three major carriers forced into bankruptcy protection and
another three halting operations altogether because of the
pandemic, Latin America is staring at a difficult future for its
industry and the likelihood that travel options will be permanently
reduced, the Financial Times reported, the report relays.

The region that remains the centre of the pandemic - with nearly 40
per cent of daily deaths - sucks up money from tourism in a normal
year, the report notes.

LATAM: Grim Outlook for Caribbean Economies, World Bank Says
------------------------------------------------------------
RJR News reports that the World Bank says that the economic outlook
for Caribbean economies is more grim with a 7.9 per cent
contraction now predicted versus 7.2 per cent in June.

The bank's latest report on the region's macroeconomic outlook
reveals that among the hardest-hit economies are those with a
dependence on tourism, according to RJR News.

The list comprises St. Lucia, Belize, Bahamas and Suriname, the
report notes.

Guyana is the only country with an optimistic growth projection of
23.2 per cent, given its discovery of oil fields, the report
relays.

Meanwhile, the World Bank has returned to the drawing board after
COVID-19 reversed progress made in reducing extreme poverty across
the globe, the report discloses.

World Bank President David Malpass says even as some countries
start to recover, other under-developed and developing nations may
have to wait several years before clawing their way back to
pre-COVID-19 conditions, the report adds.



                           *********


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.

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.


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