/raid1/www/Hosts/bankrupt/TCRLA_Public/201104.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

          Wednesday, November 4, 2020, Vol. 21, No. 221

                           Headlines



A R G E N T I N A

ARGENTINA: Investors Want to See Pursuit of Economic Overhaul


B A R B A D O S

BARBADOS: Likely to Get US$90MM IMF Benefit if Review Successful


B E R M U D A

NABORS INDUSTRIES: Fitch Lowers IDR to C on Debt Exchange


B R A Z I L

BANCO ABC: Fitch Alters Outlook on 'BB' LongTerm IDR to Stable
BRAZIL: IDB OKs $30MM-Loan to Espirito Santo for Economic Support


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: As Haiti Slaps Import Fee, Firms Urge Talks
DOMINICAN REPUBLIC: Eggs & Chicken Continue its Upward Price Trend
DOMINICAN REPUBLIC: End Import Monopoly, IAD Director Says


M E X I C O

SINALOA STATE: Moody's Lowers Issuer Ratings to Ba2/A2.mx


P U E R T O   R I C O

ALLIED FINANCIAL: Proposed $46,000 Sale of Aguacate Property OK'd

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Investors Want to See Pursuit of Economic Overhaul
-------------------------------------------------------------
Scott Squires at Bloomberg News reports that investors are giving
up on Argentina just six weeks after it pulled off a $65 billion
restructuring.

The country's overseas bonds have plummeted more than 20% since
early September, the world's biggest drop in that span, according
to Bloomberg News.  Morgan Stanley calls it the worst rout in the
aftermath of a restructuring in at least 20 years, and it comes
despite the nation winning a whopping $38 billion of debt relief
from creditors, Bloomberg News relays.

Those same investors have been dismayed at what followed, Bloomberg
News notes.  While perhaps not shocking from a serial defaulter run
by a leftist government that's vowed to prioritize the needs of its
people over financiers, there's no credible long-term plan to fix
the economy and return to growth, Bloomberg News says.  Measures so
far have been half-hearted and ineffective efforts to prop up the
currency and hold on to foreign reserves, nothing like the bold
action most economists say is needed, Bloomberg News relates.

Now, the only thing preventing Argentina from defaulting again in
months is that no payments of any kind are due until 2023 under the
restructuring terms hashed out with investors, Bloomberg News
discloses.

"Argentina could have had a very virtuous start, and with that they
would have captured much more positive investor sentiment," said
Robert Koenigsberger, the chief investment officer at Gramercy
Funds Management, which holds the bonds and was active in the
recent talks.  "The restructuring provided the possibility for
something different.  What we're witnessing thus far is no vision,
no plan, and no IMF program to anchor policy expectations,"
Bloomberg News notes.

Since the debt restructuring, Argentina has tightened restrictions
to keep companies from using dollars to pay debt, raised taxes on
dollar purchases for savers, increased some local interest rates
and cut levies on agriculture exports, Bloomberg News relays.  And
still, the central bank is bleeding foreign reserves and profligate
spending means the country is running the highest deficit in at
least three decades, according to Adriana Dupita, an economist with
Bloomberg Intelligence, Bloomberg News says.

Economy Minister Martin Guzman was besieged by skeptical investors
in a video call Oct 2. with more than a dozen bondholders
representing major groups in the restructuring, according to people
familiar with the matter, Bloomberg News discloses.  He defended
the measures as temporary necessities, assuring creditors that the
country was on an upward trajectory and didn't need a more
substantial policy overhaul, the people said, Bloomberg News
relays.

This wasn't what investors wanted to hear after the government of
South America's second-largest economy went hat-in-hand to ask for
debt relief, Bloomberg News relates.  The hope was that President
Alberto Fernandez would pursue a revamp to set the economy on a
path toward sustainable growth, reinforced by a deal with the
International Monetary Fund, Bloomberg News relays.  So far,
they've seen nothing of the kind, Bloomberg News relates.

"To restore confidence you need an implementation of macro programs
that are consistent and technically well-thought out, with buy-in
from politicians," said Jorge Piedrahita, managing partner at Gear
Capital Partners in New York, Bloomberg News notes.  "I don't see
the government working in that direction. They're just slapping on
small band-aids here and there," he added.

Cynics might question how anyone expected anything different given
how often investors have been burned in Argentina, Bloomberg News
relays.  The nation has defaulted on foreign debt nine times in the
past 200 years, Bloomberg News discloses.  Three delinquencies
materialized in the past 20 years as generous social spending and
outsized foreign obligations solidified Argentina's reputation as a
serial defaulter, Bloomberg News says.

And none of the most recent defaults resulted in major policy
overhauls, Bloomberg News notes.  While Argentina's economy soared
after a restructuring in 2005, it was mostly due to an
unprecedented global commodities boom, Bloomberg News relays.

This time, Fernandez doesn't have a surge in soy prices to fall
back on, Bloomberg News relates.  His administration, meanwhile, is
showing signs of discord just 10 months into power, further
complicating the nation's effort to agree on policies that would
pull the economy out of recession, Bloomberg News adds.

The wish list investors have is long. At the very least, they want
some sort of fix for the peso's artificially strong official rate,
a significant cut in export taxes, no more money printing, higher
local interest rates, an end to nationalization threats and a
repeal of rules that make it difficult for firms to pay overseas
debt, Bloomberg News notes.

But officials have yet to spell out a clear plan to end a recession
in its third year or damp inflation exceeding 40%. Asked in an
interview Oct. 5 about plans to cut spending, Guzman questioned the
idea that reductions were needed or would be helpful, Bloomberg
News says.

The Economy Ministry's press office didn't reply to requests for
comment.

International reserves are at a four-year low, and some analysts
say net liquid reserves are now negative, Bloomberg News relays.  A
team from the IMF visited this month to work out a new payment
schedule for the country's $44 billion of debt with the lender, and
will return next month for further discussions, but fresh financing
seems unlikely, Bloomberg News discloses.

And with the bond market closed to Argentina, a sharp dropoff in
tourism amid the pandemic and farmers hesitant to sell their crops
abroad at the official exchange rate, there aren't many dollars
coming in, Bloomberg News relates.  Argentina's situation is
further complicated by the turmoil in its biggest trading partner,
Brazil, where concerns are mounting that a soaring budget deficit
will imperil economic growth for years to come, Bloomberg News
notes.

To some, the pessimism is overdone.  They point out that if
Argentina is able to quickly renegotiate its debt with the IMF and
work with fund officials to create policies that set the stage for
growth, the country could be on the path to normalcy, Bloomberg
News relays.

"The restructuring granted Argentina significant cash-flow relief,
and so bond prices no longer reflect uncertainty about near-term
payment risks," said Graham Stock, a strategist at Bluebay Asset
Management, who participated in the talks.  "They are a function of
expectations for a more coherent policy setting in the medium to
long term. On that basis, I believe there is more upside than
downside," he added.

But while the lack of bond payments before 2023 mean there's almost
no chance of default before then, prices for the notes could turn
even lower if the government continues to muddle through without
shifting toward more orthodox policies, according to Siobhan
Morden, the head of Latin America fixed income at Amherst Pierpont
Securities in New York, Bloomberg News notes.

"It's hard for me to be optimistic and think that they're going to
reinvent themselves," Morden said. "They chose an inward,
isolationist model," Bloomberg News 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.




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B A R B A D O S
===============

BARBADOS: Likely to Get US$90MM IMF Benefit if Review Successful
----------------------------------------------------------------
RJR News reports that the International Monetary Fund (IMF) said
Barbados could receive US$90 million in December under the Fund's
Extended Fund Facility (EFF) if the island successfully completes
another round of review of its economic performances.

An IMF team, led by Bert van Selm conducted a virtual mission this
week to discuss implementation of Barbados' Economic Recovery and
Transformation plan, according to RJR News.

The IMF official says the COVID-19 pandemic has had a major impact
on Barbados' economy, with a double-digit decline in economic
activity projected for 2020, the report notes.

As reported in the Troubled Company Reporter-Latin America on April
23, 2020, S&P Global Ratings affirmed its 'B-/B' long- and
short-term sovereign credit ratings on Barbados, and its 'B-'
issue-level ratings on Barbados' debt. In addition, S&P Global
Ratings affirmed its 'B-' transfer and convertibility assessment.
The outlook is stable.




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B E R M U D A
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NABORS INDUSTRIES: Fitch Lowers IDR to C on Debt Exchange
----------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating (IDR) for
Nabors Industries, Ltd. and Nabors Industries, Inc. to 'C' from
'B-' following the company's announcement of an offer to exchange a
series of senior unsecured notes for senior unsecured guaranteed
notes. The downgrade results from Fitch viewing the transaction as
a distressed debt exchange (DDE). Per Fitch's criteria, the IDR
will be downgraded to Restricted Default (RD) upon the completion
of the DDE. The IDR will subsequently be re-rated to reflect the
post-DDE credit profile. Fitch has also downgraded the affected
senior unsecured notes to 'C'/'RR6' from 'CCC'/'RR6'. Fitch has
affirmed the rating on the Nabors Industries Inc. unsecured
priority guaranteed revolving credit facility at 'BB-'/'RR1'. The
'B-'/'RR4' Nabors Industries Ltd. senior unsecured guaranteed notes
are placed on Ratings Watch Negative to reflect potential notching
implications caused by the proposed guaranteed notes. The Negative
Outlook is removed.

The transaction contemplates a tender offer to exchange certain
senior unsecured notes for up to $300 million aggregate principal
amount of newly issued 9.00% senior priority guaranteed notes due
2025. The notes will be guaranteed by each of the subsidiaries that
guarantee the existing 7.25% senior guaranteed notes due 2026 and
the 7.5% senior guaranteed notes due 2028 and certain subsidiaries
that guarantee the company's revolving credit facility but that
does not guarantee the existing guaranteed notes. The latter
guarantees are expressly subordinate to the guarantees provided to
the revolving credit facility. The acceptance priority level of the
senior unsecured notes is governed by maturity with the nearest
maturing notes having the highest priority.

In addition, Nabors announced that it completed a private exchange
in which $115 million of aggregate principal amount of its 0.75%
notes due 2024 were exchanged for $50.485 million of newly issued
senior priority guaranteed notes due 2025. These notes have similar
guarantees to the proposed newly issued 9% senior priority
guaranteed notes.

Upon completion of the DDE, Fitch will assign ratings to the
exchanged notes. It is not relevant to the ratings that the new
securities will be the products of a DDE.

KEY RATING DRIVERS

Exchange Addresses Pending Maturities: The terms of the proposed
transaction would address certain near-term debt maturities and, if
successful, would provide Nabors with significant runway in hopes
of benefitting from an increase in commodity prices from current
historic lows. The transaction is structured to incentivize holders
of notes with near-term maturities to accept the exchange. While a
successful exchange would eliminate any significant maturities
until 2025, Fitch does not expect a significant improvement for the
drilling industry over the next 12-18 months and Nabors leverage
metrics will remain weak until a recovery ensues. In addition, the
complication of the capital structure with securities having
varying degrees of guarantees will make it challenging for Nabors
to access capital markets.

U.S. Activity Has Weakened: Nabors' U.S. lower 48 rig count
declined to 57 in June 2020 from an average of 108 for
third-quarter 2019, although overall rig activity appears to have
bottomed over the past several weeks. During the last commodity
price downturn, Nabors' total U.S. margins declined to $5,324/day
from $12,670/day in 2015 with total U.S. EBITDA declining to $161
million in 2017 from $513 million in 2015. Gross margins in
second-quarter 2020 were $10,449 and are expected to decline to the
$9,000 to $9,500 range in second-half 2020, although Fitch believes
margins could materially decline in 2021 under its base case West
Texas Intermediate (WTI) oil price of $42.

Nabors is somewhat buffered by having some of the best U.S.
pad-capable rigs providing for relatively resilient utilization and
day rates. Super-spec rigs, which include ancillary technological
offerings and other value-added services, continue to have high
utilization within the industry. Nabors has strong market share
with supermajors and large independent E&P operators, which are
better able to sustain drilling during lower oil prices.

International Segment Provides Stability: Nabors' international
drilling segment exhibited resilience through-the-cycle and results
consistent with the average international rig count. Rig counts are
less sensitive to commodity price changes due to longer contract
terms and a customer base of generally large public and sovereign
oil companies. This segment acts as a favorable hedge to the more
volatile U.S. rig count. International margins are slightly higher
than U.S. margins and the longer term of the contracts provide for
more clarity on future utilization.

The company's international rig count remained steady over the past
several years, although gross margins declined from a combination
of sales of higher margin jack-ups, the expiration of a couple of
high margin rigs, reactivation costs and operational challenges in
Latin America. Nabors has seen new contracts in Mexico and Kuwait
while the Colombia market has improved, but is also realizing
weakness in Saudi Arabia and Kazakhstan, where some rigs have come
off contract.

Looming Maturity Wall: Nabors issued $1 billion of notes in January
2020 that materially reduced the maturity wall, although there are
still significant maturities to address. The company has $154
million is due in 2021 and $193 million is due in 2023 as of June
30, 2020. The proposed exchange is expected to address these
near-term maturities and provide sufficient runway until 2023 when
the revolver matures.

Adequate Near-Term Liquidity: Nabors has a $1.013 billion 2018
guaranteed revolver due in 2023. The revolver has a financial
maintenance covenant requiring minimum liquidity of $160 million
and matures in October 2023. Fitch believes refinancing the
revolver could be challenging given its high outstanding amount
combined with significant bond maturities starting in 2024-2026.
Cash stood at $494 million on June 30, 2020, although $355 million
is in the Saudi Aramco joint venture (JV) and not available to
Nabors.

Convertible Note Put: Nabors received a notice of delisting from
the NYSE in April 2020 as its stock failed to maintain an average
closing share price of at least $1 over a consecutive 30-day
trading period. Nabors completed a reverse stock split, which
resulted in the stock maintaining well above $1. However, due to
weak conditions in the drilling market, equity valuations could
move lower again.

If the stock is delisted, this would result in a fundamental change
under the senior exchangeable notes bond indenture. Under the terms
of the indenture, noteholders would have the ability to put the
bonds to Nabors at par. There is approximately $460 million
outstanding following the recent private exchange transaction.
Nabors could use a combination of FCF and revolver availability to
refinance the notes, although waivers may be required under the
credit facility. This would materially reduce liquidity at a time
business conditions are worsening.

DERIVATION SUMMARY

Fitch compares Nabors with Precision Drilling (B+/Negative), which
is also an onshore driller with exposure to the U.S. and Canadian
markets. Nabors is estimated to have the third-largest market share
in the U.S. at 12% compared with Precision at 8%.

Nabors' gross margins in the U.S. are higher than Precision. This
is aided by its offshore and Alaskan rig fleet, which operates at
significantly higher margins. Precision has the highest market
share in Canada, while Nabors has a smaller position. Nabors has a
significant international presence, which typically has longer-term
contracts, partially negating the volatility of the U.S. market.

Precision has slightly better credit metrics than Nabors with
debt/EBITDA of 3.8x compared with Nabors at 4.2x. Nabors does have
more liquidity than Precision due to its larger revolver and higher
availability. Both companies are expected to generate FCF over
their respective forecast periods and use cash to reduce debt.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  - West Texas Intermediate (WTI) oil prices of $38 per barrel
(bbl) in 2020 increasing to $42/bbl in 2021, $47/bbl in 2022 and
$50/bbl thereafter.

  - Henry Hub natural gas prices of $2.10 per thousand cubic feet
(mcf) in 2020 and $2.45/mcf thereafter.

  - Revenue declines by 19% in 2020 and 14% in 2021 due to
reduction in E&P capital spending.

  - Capex of $240 million in 2020 and $275 million in 2021 to
maintain equipment given the view that there are no upgrades or
expansions until utilization increases when prices are well above
the base case price deck.

  - FCF is expected to be slightly negative to positive with the
expectation that any FCF proceeds will be used to reduce debt.

RATING SENSITIVITIES

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

Per Fitch's criteria, Nabors IDR will be downgraded to Restricted
Default (RD) upon the completion of the debt exchange. The IDR will
subsequently be re-rated to reflect the post-DDE credit profile.
Relative to the prior 'B-' IDR, factors that would support a
positive rating action include the following:

  -- Ability to address potential senior convertible bond put
without weakening liquidity.

  -- Mid-cycle debt/EBITDA of below 3.5x on a sustained basis.

  -- Lease-adjusted FFO-gross leverage less than 4.5x.

  -- A demonstrated ability to address the upcoming maturity wall
without reducing overall liquidity.

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

A post-DDE IDR that is lower than the previous 'B-' would reflect
an expectation that the company will struggle to refinance upcoming
maturities or liquidity materially weakens, leading Fitch to expect
either another DDE or a more comprehensive restructuring.

LIQUIDITY AND DEBT STRUCTURE

Declining Liquidity: Nabors had $494 million of cash on hand as of
June 30, 2020, although a significant amount is tied up at the
Saudi Aramco JV. Nabors has a $1.013 billion 2018 guaranteed
revolver due in 2023. The only financial covenant is a minimum
liquidity requirement of $160 million. There was $560 million
outstanding on the revolver and availability of $450 million as of
June 30, 2020. The revolver matures in October 2023.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes Nabors would be reorganized as a
going-concern in bankruptcy rather than liquidated.

Fitch has assumed a 10% administrative claim.

Going-Concern Approach:

Nabors' going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganization EBITDA level upon which Fitch
bases the enterprise valuation. The going-concern EBITDA assumption
for commodity sensitive issuers at a cyclical peak reflects the
industry's move from top of the cycle commodity prices to mid-cycle
conditions and intensifying competitive dynamics.

The going-concern EBITDA assumption equals EBITDA estimated for
2022, which represents the emergence from a prolonged commodity
price decline. Fitch assumes WTI oil prices of $38/bbl in 2020,
$42/bbl in 2021, $47/bbl in 2022 and $50/bbl for the long term.
This represents a 23% decline to fiscal 2019 EBITDA.

The going-concern EBITDA assumption reflects a loss of customers
and lower margins, as E&P companies pressure oil service firms to
reduce operating costs.

The assumption reflects corrective measures taken in the
reorganization to offset adverse conditions that triggered default,
such as cost-cutting and optimal deployment of assets.

An enterprise value multiple of 4.0x EBITDA is applied to
going-concern EBITDA to calculate a post-reorganization enterprise
value.

The choice of this multiple considered the following factors:

The historical bankruptcy case study exit multiples for peer energy
oilfield service companies have a wide range with a median of 7.2x
and an average of 8.5x. The oil field service sub-sector ranges
from 2.2x to 26.8x due to the more volatile nature of EBITDA swings
in a downturn.

Seventy-Seven Energy Inc., a strong comparison, emerged from
bankruptcy in August 2016 with a midpoint enterprise value of $800
million resulting in a post-emergence EBITDA multiple of 5.6x based
on 2017 forecast EBITDA of $144 million. The company was
subsequently acquired by Patterson-UTI Energy Inc. for $1.76
billion, resulting in a 12.0x multiple based on 2017 forecast
EBITDA. At that point in the cycle, commodity prices were
increasing and the oilfield service companies were believed to be
moving in an upward trend.

Fitch used a multiple of 4.0x to estimate a value for Nabors
because of concerns of a downturn with a longer duration and a high
mix of international rigs that are not easily mobilized.

Liquidation Approach

The liquidation estimate reflects Fitch's view of the value of
balance sheet assets that can be realized in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.

Fitch assigns a liquidation value to each rig based on management
discussions, comparable market transaction values, and upgrades and
new build cost estimates.

Different values were applied to top of the line super spec rigs,
lower-value super spec rigs, non-super spec rigs, and higher value
international rigs.

The going-concern value was estimated at $2.22 billion, or
approximately $5 million per rig.

The guaranteed credit facility is assumed to be fully drawn upon
default and is super senior in the waterfall.

The allocation of value in the liability waterfall results in
recovery corresponding to 'RR1' for the guaranteed credit facility
of $1.013 billion, a recovery of 'RR3' for the guaranteed notes
subordinated to the guaranteed credit facility of $1.0 billion and
the assumption Nabors would likely use capacity under the
guaranteed notes covenants to issue additional debt at this level
of $1.5 billion, and a recovery of 'RR6' for the senior unsecured
guaranteed notes of $1.837 billion.

SUMMARY OF FINANCIAL ADJUSTMENTS

No material adjustments were made.

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

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.




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B R A Z I L
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BANCO ABC: Fitch Alters Outlook on 'BB' LongTerm IDR to Stable
--------------------------------------------------------------
Fitch Ratings has revised Banco ABC Brasil S.A.'s (ABCBr) Long-Term
Local Currency (LC) Issuer Default Rating (IDR; BB) and National
Rating's (AAA) Outlook to Stable from Negative. At the same time,
Fitch has affirmed all International and National ratings of the
issuer. The Rating Outlook of the bank's Foreign Currency (FC) IDR
of 'BB' remains Negative.

KEY RATING DRIVERS

IDRs

ABCBr's IDRs and National Ratings are driven by Fitch's assessment
of the expected institutional support that ABCBr would likely
receive from its ultimate parent, Arab Banking Corporation B.S.C.
(ABC); (Long-Term IDR BB+/Stable) if needed.

On Oct. 5, 2020, Fitch affirmed ABC's Long-Term IDR at 'BB+' and
revised the Outlook to Stable from Negative.

The revision of the parent's Rating Outlook to Stable drove the
revision of the Rating Outlooks of ABCBr's LC IDR and Long-Term
National rating. The Rating Outlook on the LC IDR was revised to
Stable as Fitch views parent support as being robust, even in the
case of high sovereign or macroeconomic stress, given the
subsidiary's high contribution to the parent's consolidated
profits. Furthermore, the regulators have a track-record of not
interfering in the banking system's operations. The Rating Outlook
on ABCBr's FC IDR was unchanged as this rating is constrained by
Brazil's Country Ceiling of 'BB', and the Outlook is Negative,
which mirrors the Outlook on the sovereign ratings.

The bank's Support Rating (SR) of '3' reflects the expected support
from ABC, which is based in Bahrain. Fitch believes the Brazilian
subsidiary is strategically important for ABC given the
subsidiary's core role as a relevant contributor to the parent's
revenues (around 50%), which also underpins the low potential for
disposal. The latter is partially offset by its material size in
respect to the size of the parent, which may limit ABC's ability to
provide support if needed. These factors have a high influence on
ABCBr's SR.

Fitch believes the economic impact of the coronavirus and related
uncertainties could impact the parent's ability and propensity to
support its foreign subsidiaries, which Fitch will continue to
monitor.

ABCBr's financial profile does not have a direct impact on its main
ratings but is relevant in Fitch's assessment of the parent's
propensity to support as well as for the stand-alone
creditworthiness evaluation as reflected in the bank's Viability
Rating (VR), which was previously affirmed at 'bb-'.

RATING SENSITIVITIES

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

IDRs AND SR

  -- A change in Fitch's assessment of ABC's willingness or ability
(due to the material size of the subsidiary) to support ABCBr;

  -- A negative rating action or downgrade of either the ratings of
ABC or the sovereign in the case of the LT IDRs.

VR

  -- A sovereign downgrade or negative rating action as the bank is
closely linked with Brazil's operating environment;

  -- A significant deterioration of ABCBr's asset quality that
results in credit costs that severely limit its profitability
(operating profit-to-RWA ratio consistently below 1.5%) and ability
to grow its capital;

  -- A sustained decline in ABCBr's CETI ratio below 11%.

NATIONAL RATINGS

  -- Changes in ABCBr's or in the bank's credit profile relative to
its Brazilian peers could result in a reduction in its National
Ratings.

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

IDR AND SR

  -- ABCBr's FC LT IDR and SR remain constrained by the sovereign
rating and country ceiling;

  -- An upgrade or positive rating action on the sovereign (not
likely as the IDRs have a Negative Outlook.

VR

  -- ABCBr's VR has limited upside potential, as it is constrained
by the operating environment.


BRAZIL: IDB OKs $30MM-Loan to Espirito Santo for Economic Support
-----------------------------------------------------------------
The Brazilian state of Espirito Santo will support the financial
sustainability of micro, small and medium-sized enterprises (MSMEs)
against the COVID-19 crisis as the backbone of jobs and the
production sector with a $30 million loan approved by the
Inter-American Development Bank (IDB).

The program will provide liquidity to these three classes of
company through loans for working capital granted by the Banco de
Desenvolvimento do EspĂ­rito Santo S/A (BANDES), through a line of
financing called a Giro Emergencial. The funds will help MSMEs in
the state's 78 municipalities.

The goal is for BANDES to preserve production and jobs created by
MSMEs, particularly in the sectors hardest hit by the pandemic,
such as manufacturing, retail trade and services.  

The plan also aims to encourage gender inclusion by collecting and
monitoring disaggregated data on the sex of the leader or owner of
these firms according to best practices. This is expected to boost
the share of working capital loans for female-led MSMEs in BANDES's
portfolio.

The $30 million IDB loan has an amortization period of 25 years,
with a grace period of five and a half years and an interest rate
based on LIBOR.

                        About Jamaica

Jamaica is an island country situated in the Caribbean Sea. Jamaica
is an upper-middle income country with an economy heavily dependent
on tourism.  Other major sectors of the Jamaican economy include
agriculture, mining, manufacturing, petroleum refining, financial
and insurance services.

Standard & Poor's credit rating for Jamaica stands at B+ with
negative outlook (April 2020).  Moody's credit rating for Jamaica
was last set at B2 with stable outlook (December 2019).  Fitch's
credit rating for Jamaica was last reported at B+ with stable
outlook (April 2020).

As reported in the Troubled Company Reporter-Latin America, Fitch's
revision of Jamaica's outlook in April 2020 to Stable from Positive
reflects the shock to Jamaica from the coronavirus pandemic, which
is expected to lead to a sharp contraction in its main sources of
foreign currency revenues: tourism, remittances and alumina
exports.




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

DOMINICAN REPUBLIC: As Haiti Slaps Import Fee, Firms Urge Talks
---------------------------------------------------------------
Dominican Today reports that a dialogue should be initiated between
the Dominican and Haitian authorities that seeks to repeal the new
charge of approximately 800 dollars established by Haiti for the
verification of goods that pass through the customs of the
neighboring country, this without including 27% of the income taxes
that must be paid for services abroad.

According to National Business Council (Conep) president Pedro
Brache, the measure imposed by the neighboring country not only
affects Dominican-Haitian trade relations, but is also detrimental
to the Haitian consumer, the report notes.

"It is striking that, being the Dominican Republic an important
commercial partner of Haiti, they take unilateral measures of this
type," said the Conep executive, adding: "We are in the best
disposition to dialogue and reach a solution, according to
Dominican Today.

                   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: Eggs & Chicken Continue its Upward Price Trend
------------------------------------------------------------------
Dominican Today reports that egg distributors and chicken meat
retailers warned that these products would continue to increase in
price due to the shortages they are experiencing.

Egg distributors ship cartons at 155-160 pesos with the previous
cost at 120 pesos, according to Dominican Today.  Because of these
new prices, distributor Carlos Mercedes said that the retailer
would have to sell the unit at 7 or 8 pesos for transportation
costs, the report notes.

Currently, a pound of chicken, which hovered for weeks quoted at 45
pesos, is experiencing an increase of 10 and 15 pesos, said Victor
de los Santos, a chicken retailer. According to his analysis, the
price of the bird will continue its upward trend, the report
relays.

Consumers indicated that the population could not stand another
increase in the products in the family grocery basket, the report
notes.

In response to these complaints, the Ministry of Agriculture Limber
Cruz said that most of the problems faced by this agency are
related to the rise in prices of basic staples are the result of
natural phenomena and a "legacy" of the lack of planning of the
previous government, the report notes.

He assured that if necessary, he will control the price of the
items through imports, 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).


DOMINICAN REPUBLIC: End Import Monopoly, IAD Director Says
----------------------------------------------------------
Dominican Today reports that Dominican Agrarian Institute (IAD)
director Leonardo Fana said that the import monopoly he says exists
in the country must be ended so that food prices fall.

Fana said the cost of home staples can be lowered by more than 50
percent if measures are implemented to eliminate the "factors" that
cause the increase, according to Dominican Today.

"We have the ability to lower the cost of the basic basket by more
than 50 percent," he said, the report notes.

Interviewed on Hoy Mismo, Fana added that import permits must be
handed over to various merchants, both large and small, so that
they are not "concentrated," 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).




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

SINALOA STATE: Moody's Lowers Issuer Ratings to Ba2/A2.mx
---------------------------------------------------------
Moody's de Mexico S.A. de C.V. downgraded the issuer ratings for
the State of Sinaloa to Ba2/A2.mx from Ba1/A1.mx, downgraded its
baseline credit assessment (BCA) to ba2 from ba1, and changed the
outlook to stable from negative.

RATINGS RATIONALE

RATIONALE FOR THE DOWNGRADE OF THE ISSUER RATINGS AND STABLE
OUTLOOK

The downgrade primarily reflects Sinaloa's relatively weak
liquidity, which Moody's expects will decline further in 2021 and
2021, leaving the state with a limited cushion to absorb unexpected
shocks amid a prolonged downturn in economic growth and declining
revenues. In addition, the downgrade reflects Moody's expectation
that the state will continue to report modest cash financing
deficits and that its operating surpluses will decline.

Sinaloa has maintained relatively low cash balances in recent years
and the state's ratio of cash to current liabilities fell to 0.32x
in 2019 from 0.42x a year earlier, and remained weak at 0.35x as of
June 2020. The state's low liquidity has led to an increased
dependence on short-term bank debt, including revolving credit
facilities, to meet temporary cash needs. Moody's expects Sinaloa's
liquidity ratio will weaken further to 0.26x in 2021, and that it's
use of short-term debt will be an additional source of liquidity
pressure next year because it will have to pay off all short-term
balances three months prior to the change in October 2021.

The change in the outlook to stable from negative reflects Moody's
expectations that, aside from liquidity, Sinaloa's other key credit
metrics will remain solid. While revenue pressure stemming from the
pandemic will cause gross operating balances to weaken Moody's
expects they will remain positive, falling from 11.2% in 2019 to
5.2% next year. In addition, overall debt levels remain modest with
net direct and indirect debt equaling 20.2% of operating revenue.
Own-source revenue at 22% of operating revenue is also above peers.
These relative credit strengths will give Sinaloa flexibility to
weather the downturn in 2020 and 2021, notwithstanding its weak
liquidity.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Environmental considerations are not material to Sinaloa's
ratings.

Social considerations are material to Sinaloa's credit profile. The
state has been affected by increasing levels of violence in recent
years, and social spending, including spending on security, will
represent a recurring pressure, although a portion of these
expenses are covered by federal transfers. Additionally, Sinaloa
faces unfunded pension liabilities that will generate financial
pressure over the medium and long term. Finally, Moody's views the
coronavirus outbreak as a social risk because of the substantial
public health and safety implications and the risk of further
spread of the outbreak in the state.

Governance considerations are also material to Sinaloa's credit
profile. Sinaloa complies in general terms with the institutional
framework determined by national legislation for all state and
municipal governments, including their disclosure and transparency
practices. Additionally, the state's strong gross operating
balances reflect good governance practices in terms of planning and
budget management. However, Sinaloa's weak liquidity and its
dependence on short-term bank debt reflect aggressive debt and
liquidity practices.

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

If the state is able to maintain positive operating and cash
financing balances that result in a sustained increase in liquidity
and a decline in its use of short-term bank loans, the ratings
could face upward pressure. Conversely, if cash financing deficits
and the deterioration in the state's operating results exceed
Moody's projections, resulting in a larger-than-expected decline in
liquidity and/or an increase in its use of short-term debt,
Sinaloa's ratings would face downward pressure.

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




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

ALLIED FINANCIAL: Proposed $46,000 Sale of Aguacate Property OK'd
-----------------------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico authorized Allied Financial, Inc.'s sale of
the lot of land located at Barrio Aguacate in Aguadilla, Puerto
Rico, Registered as Property Num. 30,074, of Vol. 558 in Aguadilla
Property Registry, to Jorge L. Cruz Acevedo and Jacqueline Tirade
Gonzalez for $46,000.

The sale is free and clear of all liens, claims, interest and
encumbrances.

                      About Allied Financial

Allied Financial, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 16-00180) on Jan. 15, 2016.  At the time of
the filing, Debtor disclosed total assets of $10.3 million and
total debt of $9.14 million.  Judge Mildred Caban Flores oversees
the case.  C. Conde & Assoc. is Debtor's legal counsel.



                           *********


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
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