/raid1/www/Hosts/bankrupt/TCRLA_Public/201112.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

          Thursday, November 12, 2020, Vol. 21, No. 227

                           Headlines



B E L I Z E

BELIZE: IDB OKs $12.5MM to Help Schools Affected by Covid Closures


B R A Z I L

OURO VERDE: Fitch Raises LongTerm IDR to BB-, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Economy Heads Toward Worst Result in 4 Decades


H O N D U R A S

HONDURAS: Reaches Deal on 3rd Review of Economic Program With IMF


M E X I C O

CHIHUAHUA: Moody's Withdraws B1 Issuer Rating
MAXCOM TELECOMUNICACIONES: S&P Affirms 'CCC-' ICR, Off Watch Neg.


P E R U

AUNA SAA: S&P Assigns Preliminary 'B+' ICR, Outlook Stable


P U E R T O   R I C O

FARMACIA NUEVA: Hires CPA Luis Cruz Lopez as Accountant


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Needs to Step Up Search for Gas

                           - - - - -


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B E L I Z E
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BELIZE: IDB OKs $12.5MM to Help Schools Affected by Covid Closures
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The Inter-American Development Bank (IDB) approved a modification
to the Education Quality Improvement Program II loan to assist
school communities to address  the challenges of the COVID-19
pandemic. The modification broadens the existing scope of the
operation, and will support primary and secondary schools in the
shift to a hybrid education model with a mix of remote and
face-to-face learning, and with the grant source of financing the
integration of migrant students through multicultural education.

School-closures due to the COVID-19 pandemic have created an
unprecedented disruption to the education system. Across the world
it is expected to increase dropout rates with important economic
impacts. In the case of Belize, it is estimated that in the absence
of quality remote and hybrid education, a 4-month school closure
would translate into a learning loss of about 5% and a net loss of
$243 million over the working life of affected children.

Additionally, large, and sudden migration inflows from Central
American countries represent an important development challenge to
Belize as it is impacting quality of public services and social
inclusion. In the quest to ensure education for all, the Ministry
of Education Youth Sports and Culture of Belize allows migrant
children's enrollment in education regardless of nationality or
migratory status. However, as schools are becoming more diverse and
multicultural, language barriers and differences in academic
performance between migrant and Belizean students challenge
integration.  

To address these challenges, the project will finance three areas.
First, Inquiry- and Problem-based learning in primary schools
through remote and hybrid modalities, including the provision of
e-learning devices.  Second, a Science Technology Engineering Arts
and Mathematics (STEAM) School, and training of secondary education
teachers in student-centered and gender-sensitive STEAM learning.
Third, multicultural education and intensive English language
instruction for students whose first language is not English
psychosocial support.  This program is expected to benefit 129
schools, 1,500 teachers and 27,600 students at the primary school
level; and 100 STEAM teachers, and 12,040 students at the secondary
level. Also, at least 9,700 students and 100 teachers will be
provided with technological education devices for hybrid
education.

The $10 million loan and $2.5 million grant will be executed over a
period of five years.




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B R A Z I L
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OURO VERDE: Fitch Raises LongTerm IDR to BB-, Outlook Stable
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Fitch Ratings has upgraded Ouro Verde Locacao e Servico S.A.'s
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
to 'BB-' from 'B', and its Long-Term National Scale Rating to
'A+(bra)' from 'BBB(bra)'. The Rating Outlook is Stable.

The upgrade reflects Ouro Verde's better business profile and
operating performance than previously anticipated after a
successful corporate reorganization in late 2019, and solid
financial performance during the coronavirus pandemic. Fitch
expects higher margins and a healthier client portfolio in 2020
will continue to improve in the following years. Ouro Verde has
also demonstrated a greater access to lower cost credit lines and
has been able to diversify its funding sources, which adds to its
financial flexibility. The financial strength of Brookfield, its
new controlling shareholder, acquired last year through an
investment fund, should also help the company face competition from
larger participants with stronger credit profiles, and to grow in
the fragmented and capital-intensive Brazilian market of heavy
vehicles and machinery rentals without jeopardizing its capital
structure.

The Stable Outlook reflects Fitch views that from 2021 onwards,
Ouro Verde will deliver on its growth strategy while maintaining a
solid liquidity position and a solid capital structure with net
debt/EBITDA around 3.5x in 2020-2021 and closer to 3.0x in the
following years. Fitch views Brookfield, which has numerous
investments in Brazil, as more of a strategic owner due to its
track record of strategically supporting its investments through
management and capital. Fitch expects the same support in growing
Ouro Verde's scale and operating competitiveness.

KEY RATING DRIVERS

Improved Business Profile: Fitch expects Ouro Verde to deliver
solid growth, while continue to improve operating performance in
the following years. According to Fitch's forecast, the compound
annual grow rate for total fleet and net revenue will be 12% and
14%, respectively, during the 2020-2023 period. For 2020, Fitch
forecasts total revenue at BRL773 million and a total fleet of
22,400 vehicles at year-end, reaching BRL1,1 billion and 31,000
vehicles in 2023, respectively. The company's business profile
should also benefit from a more diversified client base and from
the financial strength of its controlling shareholder to support
growth. The average ticket considered for 2020 was BRL12,200 for
light vehicles and BRL49,000 for heavy vehicles and equipment.

Coronavirus's Limited Impact: Ouro Verde's strong presence in heavy
vehicles and machinery rentals, as well as light vehicles fleet
rental, make its revenue stream less exposed to measures such as
social distancing and mobility restrictions given the long-term
nature of its contracts with corporate clients. Moreover, contracts
maturing until the end of 2020 represent between 15% and 20% of
total revenue; historical renewal rates have been over 80% on a
normalized basis. Through the 2Q20, contract cancelations and the
slight increase in delinquency were not meaningful, which will not
prevent the company from delivering 2020's figures stronger than
fiscal year 2019.

Strong Operating Cash Flow: Fitch forecasts EBITDA of BRL296
million (38% margin) in 2020, with strong growth in 2021. Fitch
estimates EBITDA at BRL390 million (48% margin) and BRL497 million
(47% margin), in 2021 and 2022, respectively. Lower borrowing costs
will also contribute to support stronger levels of funds flow from
operations (FFO) generation in the coming years due to Ouro Verde's
2019 successful liability management. Fitch expects negative FCF
during the rating horizon, due to higher gross capex, around BRL650
million in 2020 and BRL850 million in 2021. In the last twelve
months (LTM) ended on June 2020, Ouro Verde's EBITDA and FCF were,
respectively, BRL279 million (37.3% margin) and negative BRL234
million.

Solid Financial Profile: Fitch expects Ouro Verde's robust cash
generation will enable the company to manage its growth while
keeping leverage at moderate levels in the coming years, with net
debt/EBITDA around to 3.5x depending on the stage of the investment
cycle. Fitch's rating case has net debt-to-EBITDA of 3.5x and 3.7x,
in 2020 and 2021, respectively. On the LTM ended on June 2020, net
leverage reached 4.0x versus 3.6x in December 2019.

Business Predictability; Medium-Size Player: Ouro Verde's IDRs
remain constrained by its medium size in a very competitive
industry where the scale is an important factor. Positively, the
company has its business profile characterized by a strong and
reasonably predictable cash flow, based on long-term contracts for
fleet rental of light vehicles and heavy machinery and equipment.
Business diversification between these two segments is important to
the company's credit profile. Fitch expects Ouro Verde to be able
to sell its light vehicles at the end of the contracts at values
close to expectations as this is crucial for the fleet management
performance.

DERIVATION SUMMARY

Ouro Verde's ratings reflect the company's still weaker competitive
position compared with its bigger domestic peers such as Localiza
Rent a Car S.A. (Foreign-Currency IDR BB/Negative, Local-Currency
IDR BB+/Stable, National Scale Rating AAA(bra)/Stable), and
Companhia de Locacao das Americas- Locamerica (AA+(bra)/Positive),
both with stronger business and financial profiles.

Ouro Verde's business model delivers strong and consistent cash
flow and profitability, based on long-term contracts. The company
has similar leverage and slightly higher rental margins than those
of Locamerica. Its main focus is on the rental of heavy machinery
and equipment, a segment where the price elasticity of demand is
not as high as that of light vehicle fleet rental and rent-a-car
business. However, compared with Localiza, and Locamerica, Ouro
Verde has smaller scale and lower bargain power within the
industry, which are key variables in an industry that demands high
capital investment, competitive conditions for asset acquisition
and an established network for asset disposal.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for Ouro Verde:

  -- Capex around BRL650 million and BRL850 million for 2020 and
2021, respectively;

  -- Total Fleet of 22,4 thousand vehicles in 2020, and 27.9
thousand vehicles in 2021;

  -- Average ticket for asset acquisition reflecting a mix of
current market conditions and fleet mix;

  -- Average ticket for rentals reflecting a mix of current market
conditions and fleet portfolio;

  -- No dividends payout.

RATING SENSITIVITIES

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

  -- An upgrade in the short-term is unlikely but would be related
to an improvement in Ouro Verde's scale, business position and
client base, combined with a net debt-to-EBITDA ratio below 3.0x on
a sustainable basis.

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

  -- Failure to preserve liquidity and inability to access adequate
debt funding;

  -- Increase in net leverage to more than 4.0x on a regular
basis;

  -- Deterioration of the company's business position;

  -- Declining EBITDA and profitability levels;

  -- Perception of lower support from Brookfield.

LIQUIDITY AND DEBT STRUCTURE

Sound Liquidity Profile: Ouro Verde's credit profile benefits from
a strong cash position and long-term debt maturity profile. The
company kept an adequate liquidity during the worst periods of the
coronavirus pandemic, being able to balance the smaller than
expected decrease in demand with cost cutting measures and asset
sales, which preserved its cash position. Fitch estimates cash over
short-term debt remained above 2.0x during all of 2Q20 and 3Q20. An
adequate liquidity profile is a key credit consideration in its
ratings and Brookfield's shareholding position and management of
the company further enhances its access to long-term and lower cost
credit lines.

Fitch projects Ouro Verde's FCF will be negative due to the
company's growth strategy, and will be financed by debt in Fitch's
ratings base case. As of June 30, 2020, Ouro Verde had BRL363
million of cash and BRL1.5 billion of total debt, BRL48 million of
which is due on the short-term debt. The company's debt profile is
mainly comprised of local debentures (approximately 55%), Resolucao
4,131 loans (approximately 22%) and working capital
(approximately18%). About 5% of the company's debt is secured. Ouro
Verde flexibility is supported by the group's ability to postpone
growth capex to adjust to the economic cycle and the group's
unencumbered fleet with its book value over net debt close to
1.0x.

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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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Economy Heads Toward Worst Result in 4 Decades
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Dominican Today reports that the plunge in tourism, construction
and mining that has caused the pandemic will lead the Dominican
Republic to post its worst result in four decades. In the first
nine months, the Dominican economy has accumulated a fall of 8.1
percent, according to the Central Bank.

This result is the deepest setback that the local economy has had
according to the data available from the Central Bank since 1981,
according to Dominican Today.

It said however that it trusts that the trend is towards a gradual
recovery of the economy. Little by little, the data from the
Monthly Index of Economic Activity (IMAE) show an ever-sharper
decline, the report relays.

Since the -29.8% economic collapse registered in April, the
behavior of the following months has marched towards a closure of
the crisis, the report relays.  In July, the drop was 8.8%, in
August, the drop was 7.2% and in September, the decline was 5.6%,
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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H O N D U R A S
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HONDURAS: Reaches Deal on 3rd Review of Economic Program With IMF
-----------------------------------------------------------------
An International Monetary Fund (IMF) team led by Mr. Esteban
Vesperoni conducted a mission via videoconference on the Third
Review of Honduras' IMF-supported program under the Stand-By
Arrangement (SBA) and the Stand-by Credit Facility (SCF). At the
conclusion of the mission, Mr. Vesperoni issued the following
statement:

"IMF staff and the Honduran authorities held productive discussions
regarding Fund support for the authorities' economic policies,
including the evolving policy response to the pandemic. Subject to
approval by the IMF Executive Board, staff proposes completing the
third review, which would allow a disbursement of SDR 62.5 million
(about $88 million).

"The pandemic has slowed down economic activity more than
previously anticipated. The surge in infections over the summer
delayed the gradual exit from the lockdown required to alleviate
pressures on the health system and protect lives. Together with a
weaker external environment, this had an impact on growth and the
fiscal outlook. The economy is now expected to contract by about 7
percent in 2020 and recover by close to 5 percent next year. At the
same time, resilient remittances and low oil prices have supported
the country's external position.

"The authorities have adopted a range of fiscal, monetary and
financial policy responses to the pandemic. The flexibility in the
Fiscal Responsibility Law has allowed the authorities to respond to
the crisis with a temporary increase in the deficit of the
Non-Financial Public Sector in 2020-21. The deficit increase is
mainly driven by lower tax revenues, while emergency expenditures
to address the healthcare, humanitarian and economic crisis have
been largely accommodated through budget reallocations. The
authorities' commitment to fiscal prudence over the medium
term-with a projected return to the Fiscal Responsibility Law
deficit limit in 2022-has been instrumental to maintain confidence
and access to international capital markets. The authorities have
also taken decisive monetary and financial measures to cushion the
impact of the crisis, including by reducing the monetary policy
rate, stepping up liquidity provision, implementing schemes to
guarantee new credits-both to SMEs and large companies-and support
restructuring of credits.

"The authorities are making remarkable efforts to adopt corrective
actions to address implementation challenges faced in the initial
phase of the pandemic, associated with flaws in emergency
procedures adopted to allow swift execution of healthcare and other
critical expenditures. The authorities' sound monitoring system of
pandemic-related spending and civil society oversight helped
identify missteps in the initial implementation of these emergency
expenditures. Corrective actions included the intervention of the
agency initially in charge of emergency purchases and the transfer
of these responsibilities to other specialized agencies, as well as
additional enhancements to internal processes and controls for
these purchases and their transparent reporting.

"Notwithstanding the challenges placed by the pandemic, the
authorities have made important progress in implementing structural
reforms needed to foster strong and inclusive growth, notably to
enhance governance and improve the business environment. The
authorities also maintain their commitment to mobilize revenue to
protect social spending and investment, reform the electricity
sector, and continue strengthening the monetary policy and
financial regulatory and supervisory frameworks. Building on those
implemented over last years, these reforms continue to strengthen
Honduras's policy framework.

"The mission held discussions with Central Bank Governor Wilfredo
Cerrato, Minister of Finance Marco Midence, Director of the Tax
Agency Miriam Guzmán, President of the National Commission of
Banking and Insurance Ethel Deras, Minister of General Coordination
Carlos Madero, and other members of the economic cabinet. The
mission also met with authorities and technical teams of the
Ministry of Health, Ministry of Labor, Ministry of Social
Development and Inclusion, ENEE's intervention board, the
electricity sector regulator and system operator, and
representatives of civil society, the private sector and the
international community. The mission would like to thank the
authorities and other counterparts for the excellent discussions."




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M E X I C O
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CHIHUAHUA: Moody's Withdraws B1 Issuer Rating
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Moody's de Mexico S.A. de C.V withdrawn the B1 (Global Scale, local
currency) and Baa2.mx (Mexico's National Scale) issuer ratings of
the State of Chihuahua. Moody's has also withdrawn the stable
outlook and the b1 Baseline Credit Assessment (BCA).

At the same time, Moody's withdrew the Baa3/Aa3.mx debt ratings of
the following five enhanced loans, which include Partial Guarantees
(GPOs):

  - MXN1,900 million from Banco Santander, (original face value)
with a maturity of 20 years and a pledge of 3.19% of the state's
General Fund of Participaciones revenues.

  - MXN1,750 million from Banco Santander, (original face value)
with a maturity of 20 years and a pledge of 2.94% of the state's
General Fund of Participaciones revenues.

  - MXN1,350 million from Banco Santander, (original face value)
with a maturity of 20 years and a pledge of 2.27% of the state's
General Fund of Participaciones revenues.

  - MXN3,000 million from Banco BBVA, (original face value) with a
maturity of 20 years and a pledge of 5.04% of the state's General
Fund of Participaciones revenues.

  - MXN1,852 million from Banco BBVA, (original face value) with a
maturity of 20 years and a pledge of 3.1% of the state's General
Fund of Participaciones revenues.

Moody's also withdrew the Ba1/A1.mx debt ratings of the following
eleven enhanced loans:

  - MXN5,000 million from Banobras, (original face value) with a
maturity of 20 years and a pledge of 8.39% of the state's General
Fund of Participaciones revenues.

  - MXN5,000 million from Banobras, (original face value) with a
maturity of 20 years and a pledge of 8.39% of the state's General
Fund of Participaciones revenues.

  - MXN4,416 million from Banobras, (original face value) with a
maturity of 20 years and a pledge of 7.41% of the state's General
Fund of Participaciones revenues.

  - MXN1,185 million from Banco Multiva, (original face value) with
a maturity of 20 years and a pledge of 2.9% of the state's General
Fund of Participaciones revenues.

  - MXN500 million from Banco HSBC, (original face value) with a
maturity of 20 years and a pledge of 0.84% of the state's General
Fund of Participaciones revenues.

  - MXN1.5 billion from Banco del Bajio, (original face value) with
a maturity of 20 years and a pledge of 2.53% of the state's General
Fund of Participaciones revenues.

  - MXN3,397 million from Banorte, (original face value) with a
maturity of 20 years and a pledge of 5.71% of the state's General
Fund of Participaciones revenues.

  - MXN500 million from Banco del Bajio, (original face value) with
a maturity of 20 years and a pledge of 0.72% of the state's General
Fund of Participaciones revenues.

  - MXN250 million from Banco del Bajio, (original face value) with
a maturity of 20 years and a pledge of 0.36% of the state's General
Fund of Participaciones revenues.

  - MXN1 billion from BBVA, (original face value) with a maturity
of 20 years and a pledge of 1.68% of the state's General Fund of
Participaciones revenues.

  - MXN830 million from BBVA, (original face value) with a maturity
of 20 years and a pledge of 1.39% of the state's General Fund of
Participaciones revenues.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

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


MAXCOM TELECOMUNICACIONES: S&P Affirms 'CCC-' ICR, Off Watch Neg.
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S&P Global Ratings, on Nov. 9, 2020, removed its 'CCC-' ratings on
Mexico-based telecommunication (telecom) services provider, Maxcom
Telecomunicaciones S.A.B. de C.V. (Maxcom) from CreditWatch with
negative implications. S&P affirmed the ratings as well.

In August 2020, the company completed the divestment of its Mobile
Virtual Network Operator (MVNO) subsidiary, Celmax Movil S.A. de
C.V. (Celmax), which now doesn't represent a long-term strategy for
Maxcom. The company used the proceeds to pay its 8.0% semi-annual
interest payment of about MXN50 million scheduled for October 2020.
Moreover, Maxcom has managed to reduce sharply its operating and
administrative expenses in order to mitigate the negative effects
of the pandemic. Therefore, S&P believes that Maxcom has a
six-month headroom to implement measures to strengthen its cash
position and meet its next interest payment scheduled for April
2021.

Even though Maxcom has completed several sales of non-core assets
during the third quarter of 2020, the company still maintains about
MXN78.4 million in available cash to withstand the current economic
downturn. Maxcom is challenging a tax claim from Servicio de
Administracion Tributaria (SAT) for fiscal 2015 totaling MXN631
million. As of this report's date, the company remains addressing
the corresponding clarifications to revoke this matter. However,
the dispute has prevented Maxcom from accessing financial markets
to raise additional funds that could alleviate its expected
short-term operating and financial pressures. S&P doesn't expect
the legal dispute to be resolved in the next 12 months, continuing
to hamper Maxcom's ability to access external funding.

S&P said, "As we mentioned in our July 7, 2020, report, we still
believe that the company largely depends on non-core asset sales
and capital injections from shareholders to strengthen its
liquidity position. We also believe that the company may rely on
favorable economic conditions to lift its commercial segment
because most enterprises and government entities have decreased
their spending on extraordinary telecom services."




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P E R U
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AUNA SAA: S&P Assigns Preliminary 'B+' ICR, Outlook Stable
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S&P Global ratings assigned its preliminary 'B+' long-term issuer
credit and issue-level ratings to Peruvian private healthcare
service provider Auna S.A.A.'s proposed $300 million senior
unsecured notes.

S&P said, "Our preliminary rating reflects our expectation that the
proposed transaction will close with no significant changes from
the proposed structure. We will finalize our rating following the
completed issuance of the senior unsecured notes and successful
refinancing of a large part of its existing debt, barring any other
developments material to our analysis.

"Our preliminary rating incorporates our expectation that the
company will deleverage below 5.0x by the end of 2021, and below
4.0x in 2022, while its EBITDA interest coverage will remain above
3x in those years. However, Auna has an aggressive organic capex
expansion plan underway that we estimate to reach Peruvian nuevo
sol (PEN) 180 million in 2020, PEN340 million in 2021, and PEN218
million in 2022. This capex plan is expected to be mostly funded
with internal cash flow generation amid our expectation that it
will normalize its business operations after a tough second quarter
due to the pandemic. As a result, our base-case scenario considers
that Auna will post negative FOCF in the range of PEN100-PEN200
million in 2020 and 2021. In addition, we expect Auna to fund its
future inorganic growth strategy through equity injections.
Although not yet considered in our base case, the company recently
filed for a potential IPO that could take place in the next few
months. Therefore, we expect that Auna will not pursue any
aggressive debt financed acquisition or shareholder rewards that
would push its leverage level above 5x in the next few years."

With close to 923,000 affiliates in 2019, Auna is the largest
private healthcare plan provider in Peru with a market share of
29.6%, according to SUSALUD (the Peruvian ministry of health). The
company does not have a dominant market position given that it is
closely followed by Rimac and Pacifico, which hold about 28.1% and
27.3%, respectively, of the market. S&P said, "We acknowledge that
Auna is the only vertically integrated player in Latin America
offering its plan members a full range of services in cancer
prevention, detection, and treatment, including surgery,
chemotherapy, radiotherapy, and palliative care. Through its
Oncosalud and healthcare services network, it offers its services
to its plan members as well as to third-party payers, at affordable
costs. Moreover, thanks to its scale and scope of operation, we
believe that Auna can achieve efficiency in terms of medical cost
control and quality of services." Auna is able to control its cost
structure given that close to 97% of its affiliate members are
treated in its facilities (73% at its Oncosalud and 24% at its Auna
Peru network facilities). A few operating indicators evidence its
service quality, including its five-year cancer survival rate of
75.5% and medical loss ratio between 41.1% as of June 2020, which
is one of the lowest in Latin America.

Auna launched its healthcare service network in 2011 in Peru
through the development and acquisition of facilities. To date, it
operates a network of premium hospitals (five) and clinics (two)
located in all major Peruvian cities, while in Colombia it owns
three hospitals and five clinics. These include its flagship
Clinica Delgado in Peru and Clinica Las Americas in Colombia. It
also has a number of other facilities providing complementary
services such as pharmaceutical, diagnostic imaging, and clinical
laboratory services. Its premium facilities focus on medium to high
complexity medical services, with a full range of services,
including oncology, cardiology, neonatal care, neurology, trauma,
and organ and bone-marrow transplants. S&P sid, "We believe that
such an integrated network and diversified medical services
offering at its premium facilities allow Auna to provide
high-quality and affordable services. Moreover, we believe that its
size and level of integration is difficult to replicate for new
entrants and existing competitors. In our view, this also allows
Auna to negotiate favorable rates for the purchase of medicines and
medical equipment, and to get favorable terms from third-party
private insurers."

Its diversified payer profile is another of Auna's key credit
strengths from a business risk perspective. In Peru, 36% of its
revenues come from individuals directly (out of pocket) and 64%
from third-party private insurers, but none of them represents more
than 15%. In Colombia, 96% of its sales come from third-party
private insurers with a sound level of diversification. Moreover,
in both countries Auna has almost no exposure to government
contracts.

Peruvian and Colombian governments considered hospitals as
essential activities but only for limited services, while
nonemergency and outpatient consultations were cancelled. As such,
Auna reported a revenue and EBITDA decline of close to 15% and 19%,
respectively, during the second quarter, against 2Q2019. However,
the company has been able to reactivate 100% of its operations and
has been posting a solid recovery path with sales outperforming
last year since July. S&P said, "We believe that downside still
looms, particularly if a resurgence of COVID-19 cases take place in
the coming months. This could further pressure health systems and
undermine our economic, top line, and EBITDA recovery prospects for
Auna and pressure its credit metrics beyond our current
expectation."

S&P said, "We believe that the company is still highly concentrated
in Lima and Medellin as these cities represented 67.1% and 26.1% of
its revenues, respectively, in the first half of 2020. However, the
healthcare markets in Peru and Colombia are characterized by
deficits in medical capacity, poor quality of services, and
fragmented healthcare services, with room for growth based on the
favorable demographic trends and growing middle class. Thus, we
believe Auna is well positioned to take advantage of its integrated
networks and premium facilities in each market to capitalize on
this growth trend. In Peru, we expect Auna to keep growing
organically with the addition of space and new beds at its existing
real estate, while in Colombia given the nature of the market,
where 90% of the hospitals are privately owned, we believe Auna
will continue to seek both organic and inorganic expansions in the
next few years.

"In recent years, Auna has increased its level of EBITDA margin,
thanks to its increasing scale of operation and higher utilization
rates across its network allowing it to dilute fixed costs. This
also reflects its horizontal and vertical integration, and leading
market share, which allows it to negotiate better deals with
suppliers and favorable terms with private insurers. Over the past
two years (2018 and 2019), its EBITDA margin has been within the
range of 14% to 16% and we expect it to increase toward the 20%
area in the next four years."




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

FARMACIA NUEVA: Hires CPA Luis Cruz Lopez as Accountant
-------------------------------------------------------
Farmacia Nueva Borinquen, Inc. seeks approval from the US
Bankruptcy Court for the District of Puerto Rico to hire Luis Cruz
Lopez, CPA, as accountant.

The professional services of Luis Cruz Lopez, C.P.A., is to render
are:

  a. supervise the accounting affairs of Debtor In Possession
     and its operations;

  b. provide bookkeeping;

  c. prepare and/or review Debtor's monthly operating reports,
     as well as any other accounting reports necessary for the
     proper administration of the estate;

  d. prepare and/or review state and/or federal income tax and
     property tax returns, as required by law; and

  e. prepare the projections and all other analysis required
     for the proposal and confirmation of a Chapter 11 Plan.

Luis Cruz Lopez, C.P.A., will charge a monthly rate of $150 per
hour plus the reimbursement of expenses and at $75 an hour for
Staff Accountant Services.

The amount of $5,000 was paid to Luis Cruz Lopez, C.P.A, as a
retainer, which will be applied toward work performed and to be
performed.

Luis Cruz Lopez, CPA, attests that he is a "disinterested person",
as said term is defined in 11 U.S.C. Sec. 101(14).

The accountant can be reached through:

      Luis Cruz Lopez, C.P.A.
      CPA LUIS CRUZ LOPEZ, P.S.C.
      172 La Coruna, Cuidad Jardin
      Caguas, PR 00727-1354
      Phone: 787-703-2552

                    About Farmacia Nueva Borinquen, Inc.

Farmacia Nueva Borinquen, Inc. sought protection for relif under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 20-03715)
on Sept. 21, 2020, listing under $1 million in both assets and
liabilities. Nilda Gonzalez Cordero, Esq. represents the Debtor as
counsel.




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

TRINIDAD & TOBAGO: Needs to Step Up Search for Gas
--------------------------------------------------
Asha Javeed at Trinidad Express reports that in 12 years, Trinidad
and Tobago will not have enough natural gas to meet its demand if
the search for new provinces of the commodity is not intensified.

That demand in 2018 averaged about 3.7 billion cubic feet of
natural gas a day, according to Trinidad Express.

And T&T's future prospects lie in deep­water.

These findings are contained in the Ryder Scott audit of T&T's
natural gas reserves up to the end of 2019, the report notes.

"From 2023 onwards, prospective resources will be crucial, and
therefore exploration efforts will need to be intensified to allow
appropriate time for implementation of the optimal field
development plans. From 2033 onwards, risked technically
recoverable resources plus risked identified resources may not be
sufficient to meet demand. Accordingly, to meet this demand the
success of unidentified deep water opportunities will be come
increasingly critical," the report said, Trinidad Express relays.

Last November, when Energy Minister Franklin Khan presented the
2018 findings, he said: "We have roughly ten to 11 years. That is
why the exploration effort and the development and the seismic
acquisition, and the geological studies must run concurrently with
the production operations. That is what successful energy companies
do. We have some of the best exploration and production operators
­internationally here in T&T," Trinidad Express recalls.

In that report, there was a slight improvement in T&T's natural gas
reserves of 1.3 trillion cubic feet of gas (tcf).

In 2018, natural gas production increased from 1.14 tcf of gas to
1.261 tcf of gas, Trinidad Express relays.

In the 2019 report, it noted that T&T experienced a marginal growth
in its gas reserves-just about 156 billion cubic feet, Trinidad
Express notes.

Ryder Scott also adjusted its reserves classification which
consists of reserves, contingent resources and prospective
resources. Gas that is discovered is classified as Reserves-P1
(proved), P2 (Probable), P3 (Possible) to now include a new
category of prospective ­resources, Trinidad Express says.

Where discovered, gas is currently interpreted as sub-commercial,
the classification of contingent resources C1, C2 and C3 has been
introduced.

In its report, P1 is added to C1, P2 is added to C2 and P3 is added
to C3.

As of December 31, 2019, T&T reserves stood at:

  -- Proved (+C 1) - 10,686,370 mmcf

  -- Probable (+C 2) - 4,410,861 mmcf

  -- Possible (+C 3) - 1,600, 511 mmcf

  -- Prospective resources - 9,736,953 mmcf

The Ryder Scott audit looked at reserves and resources of energy
companies which operate in T&T-BPTT, Shell, BHP, EOG, ­DeNovo,
Perenco Touchstone, Trinity Exploration and Open Areas, Trinidad
Express notes.

                   What The Report Says

The RyderScott natural gas audit was submitted to the Ministry of
Energy in July, just before BP's global CEO, Bernard Looney,
announced a grand strategy to reduce its the London-headquartered
transnational energy giant's fossil fuel output by 40 per cent,
while increasing low-carbon investments eightfold by 2025, Trinidad
Express dicloses.

The report observed that production between the 2018 and 2019,
usually paired with evaluations, was estimated at 1,252 bcf,
Trinidad Express relays.

In 2019, it said that field extension and discoveries and upward
revision of 1,408 bcf achieved 113 per cent technically recoverable
resource replacement, Trinidad Express notes.

The report said:

"The BPTT-operated assets had both upward and downward revisions,
but the overall impact was a net upward revision:

  -- The Trinidad Region Onshore Compression (TROC) Project, which
     became operational in the second quarter of 2017, continues
     to result in reserve adjustments for fields located in the
     Mahogany and Amherstia hubs.

  -- The Kapok field reserves increased by 63 bcc, which was
     mainly due to better well performance.

  -- In the Angelin field, 316 bcf were added due to remapping
     of the entire field based on new well data.

  -- In Amherstia there were negative revisions of 60 bcf
     relating to water enrichment, performance and
     reclassifications.

  -- At Mango negative revisions totalled 89 bcf and were due
     to a major remapping effort and resulted in removal of
     volumes a TP99 and TP88, and reductions at TP75 and TP67.

BHP had success with the Bene, Boom, High-Hat and Tuk exploration
wells adding C1 volumes of 363 bcf, 115 bcf, 23 bcf and 242 bcf,
respectively, Trinidad Express notes.  Ryder Scott upgraded
Delaware and Ruby fields from contingent resource to reserves in
the year-end 2019 evaluation as MEEI recently approved the field
development plan for BHP. The result was an addition of 125.5 and
88.2 bcf of proved gas reserves in the Delaware and Ruby fields,
respectively, Trinidad Express relays.

For Shell, the revision of the Original Gas-in-Place (OGIP) due to
seismic interpretation in the Endeavour field resulted in an
addition of 42 bcf of reserves, Trinidad Express discloses.

                          Reserves History

This country's fortunes and, in essence, its earnings, are tied to
the monetisation and ­allocation of natural gas, Trinidad Express
relays.

But the cost of producing gas has gone up.

This year, it was further impacted by the global commodity price
crash which affected the earnings of the National Gas Company
(NGC). The company reported a loss of $316.2 million for the first
six months of 2020, which follows on from declining profits of $2
billion in 2019, Trinidad Express notes.

"The country's technically recoverable resources (TRR) increased
from 2000 to 2002 together with new installed capacity and
additional demand. However, the exploration for new technically
recoverable resources from the post-2004 period was insufficient to
meet the continued increases in demand.

"Thus, we are currently in a situation where demand outstrips
supply and where most gas fields and upstream, gas-processing
facilities are being used at their maximum safe operating capacity.
There was a notable reduction in production after 2010, as fewer
new fields were brought online to maintain the supply plateau," the
report said, Trinidad Express discloses.

It noted that in 2017, according to their audit, there was a
152-per cent replacement of the reserves which remained essentially
"unchanged between 2017 and 2019 while production trended upward or
remained flat".

"The production between the 2015 and 2016 evaluations was estimated
at 1,214 bcf (includes production corrections), and the production
between the 2016 and 2017 evalu­ations was estimated at 1,140 bcf.
In 2016, the field extensions and discoveries and upward revisions
of 530 bcf achieved 44-per cent proved reserves replacement. In
2017, the field extensions and discoveries and upward revisions of
1,738 bcf achieved 152-per cent proved ­reserves replacement,"
that audit noted, Trinidad Express notes.

With the gas from Venezuela's Dragon field off the cards for the
moment, here's how the country's reserves trended: T&T's proved
reserves moved from 9,917 billion cubic feet (bcf) in 2016 to
10,515 bcf in 2017; it's probably reserved moved from 5,379 bcf in
2016 to 6,127 bcf in 2017; and its possible reserves moved from
4,722 bcf to 5,391 bcf, Trinidad Express relays.

"For the last four years from December 31, 2016, to 2019, the P1
+C1 volumes have increased by seven per cent from 9.9 tcf to 10.7
tcf.  As of December 31, 2019, approximately 26.3 tcf of gas had
been produced from these assets. Production during the 2019 period
was approximately 1.3 tcf. For the year-end 2019 audit, 113 per
cent P1 +C1 volume replacement was achieved compared to P1 +C1
volume replacement of 101 per cent in the year-end of 2018 audit
and the 152 per cent in the year-end 2017 audit," it said, Trinidad
Express relates.

                      Oil Reserves Are Up

Meanwhile, T&T's oil reserves have ­increased, Trinidad Express
relays.

Its proved reserves have increased by 10.3 per cent, from 199.5
million barrels to 220.1 million barrels, Trinidad Express notes.

Its probable reserves rose by 16.6 per cent, from 85.5 million
barrels to 99.7 million barrels, Trinidad Express discloses.

Its possible reserves climbed by 8.5 per cent, from 124.8 million
barrels to 135.5 ­million barrels, Trinidad Express relays.

T&T's unrisked prospective resources is now a "mammoth" 3.2 billion
barrels, Trinidad Express notes.

This is an increase of 773.4 per cent over the unrisked prospective
resources at January 1, 2012, of 368.2 million barrels, Trinidad
Express discloses.

The audit of the crude oil reserves and resources, dated December
31, 2018, commenced on October, 2018, Trinidad Express relays.

Its the second oil audit undertaken by Nether­land, Sewell &
Associates, Inc (NSAI) for T&T and was announced in August,
Trinidad Express relays.

Energy Minister Franklin Khan had said it's a "positive" sign and,
in his view, oil reserves were more value to the country, Trinidad
Express notes.

"When the proven reserves of condensate for 2018, estimated by the
Ryder Scott Company, are added to the proven crude oil reserves,
our proven reserves of crude oil and condensate are 256.9 million
barrels. This exceeds the figure at 1 January, 2012, by 14.0
million barrels or 5.7 per cent. Upward revisions based on better
production performance and committed projects resulted in a
reserves replacement ­ratio of 107.2 per cent between audits,
Trinidad Express says.

"The reserves to production ratio based on the oil and condensate
production and reserves in 2018 on a proved basis is 11.1 years.
This is an increase of 54.2 per cent from the 2012 figure of 7.2
years.  This change is in part due to the decreased production of
23.2 million ­barrels in 2018, which was 10.4 million barrels less
than was produced in the year preceding the 2012 audit. But our
significantly higher proved reserves of crude oil and condensate in
2018 relative to 2012 was another factor," he had said, Trinidad
Express adds.



                           *********


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

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