/raid1/www/Hosts/bankrupt/TCRLA_Public/201116.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

          Monday, November 16, 2020, Vol. 21, No. 229

                           Headlines



A R G E N T I N A

ARGENTINA: Hikes Rates as Inflation Speeds to Fastest Level


B R A Z I L

AZUL SA: Fitch Upgrades LT Issuer Default Ratings to CCC+
BRAZIL: Officially Coming Out of Recession, Economy Minister Says
JBS SA: Reports Positive Results in Q3


C O L O M B I A

COLOMBIA: IDB OKs $250MM Loan to Strengthen Tax & Customs Mgmt.


C O S T A   R I C A

AERIS HOLDING: Moody's Lowers Sr. Unsec. Bond to B3


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: MICM Increases Prices of All Fuels


E L   S A L V A D O R

LA HIPOTECARIA THIRTEENTH: Fitch Affirms Bsf Rating on Cl. A Certs


G U A T E M A L A

BANCO INDUSTRIAL: Moody's Affirms Ba1 LT, LC Deposit Rating


M E X I C O

COMISION DE AGUA: Moody's Downgrades Issuer Rating to Caa1
GUERRERO STATE: Moody's Downgrades Issuer Ratings to Ba3


P U E R T O   R I C O

ASCENA RETAIL: Bluestar Alliance Buys Justice Brand


T R I N I D A D   A N D   T O B A G O

PORT OF SPAIN REGIONAL: Workers Finally Paid After Cyber Attack


X X X X X X X X

[*] BOND PRICING: For the Week Oct. 9 to Oct. 13, 2020

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Hikes Rates as Inflation Speeds to Fastest Level
-----------------------------------------------------------
Jorge Iorio and Adam Jourdan at Reuters reports that Argentina
hiked interest rates after monthly inflation accelerated to the
highest level this year, a move aimed at bolstering peso savings
and reining in prices amid a wider economic crisis.

The central bank raised the benchmark Leliq rate to 38% from 36%
previously after the country's statistics agency had revealed
October inflation speeding up to 3.8% and rolling 12-month
inflation had been clocked at 37.2% in the month, according to
Reuters.

The central bank also raised overnight and 7-day reverse repo
rates.

The consumer price rise, which comes as the country has eased
slowly out of its pandemic lockdown, was at the top end of analyst
expectations, who had forecast a 3.1% rise for the month, according
to a poll conducted by Reuters.

The Economy Ministry said the increase had been driven by price
rises of seasonal products, clothing, footwear, and food/beverages,
the report relays.  The ministry pointed out annual inflation was
set to be significantly lower than in 2019, the report says.

A central bank source said that inflation had risen significantly
in the month, but added that high-frequency indicators suggested
that price rises in November would return to the lower levels of
months prior to October, the report relays.

Argentina is battling with a currency crisis amid low foreign
exchange reserves and is trying to keep the peso stable with strict
capital controls, the report relates.  The country is also headed
for its third straight year of recession, the report notes.

The grains-producing nation emerged from a sovereign default in
recent months after restructuring over $100 billion in foreign
currency debt and now faces crunch talks with the International
Monetary Fund to strike a new deal, the report adds.

                       About Argentina

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

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank.

Historically, however, its economic performance has been very
uneven, with high economic growth alternating with severe
recessions, income maldistribution and in the recent decades,
increasing poverty.

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

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

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

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



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B R A Z I L
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AZUL SA: Fitch Upgrades LT Issuer Default Ratings to CCC+
---------------------------------------------------------
Fitch Ratings has upgraded Azul S.A.'s (Azul) Long-Term Foreign and
Local Currency Issuer Default Ratings (IDRs) to 'CCC+' from 'CCC'
and affirmed its Long-Term National Scale rating at 'CCC(bra)'.
Fitch has also upgraded Azul Investments LLP's USD400 million
senior unsecured notes due 2024 to 'CCC+'/'RR4' from 'CCC'/'RR4'.

The rating Upgrade reflects Azul's improved liquidity position and
greater financial flexibility following the successful issuance of
a convertible debenture in the amount of BRL1.7 billion. The
upgrade also incorporates better than expected air traffic levels
in Brazil's domestic market and lower cash flow burn during the
pandemic. The improved cash position along with the refinancing of
98% of its short-term debt during 3Q20, reduces the company's most
immediate refinancing risks. The company and sector continue to be
exposed to high levels of uncertainty given the changing Covid-19
infection rates in Brazil, potential future travel restrictions,
timing/rollout of potential vaccines and treatments, the pace of
economic recovery and demand in air travel. Access to credit and
debt capital markets will continue to be essential until the sector
recovers and to avoid a new round of debt renegotiations over the
medium term. To the extent the company would have limited access to
credit markets, Fitch would expect Azul would have some ability to
preserve liquidity as seen in others cases within the region and in
the global airline industry.

KEY RATING DRIVERS

Slow Recovery: Fitch's base case is that Brazilian domestic air
traffic will reach 2019 levels by 2022. Fitch's base case scenario
for total domestic market envisions a 50%-52% drop in revenue
passenger kilometers (RPKs) during 2020 from 2019 levels and 2021
RPKs will remain 15% below 2019 levels. FX weakness and lower
yields are expected to be partially offset by several cost
reduction initiatives in the short term. Industry dynamics are also
expected to change, with leisure passengers representing a higher
proportion of the mix, which should limit a more substantial
recovery in yields. Since April, when Azul's RPK drop by 89%,
domestic traffic demand has been recovering. Azul's preliminary RPK
figures showed a decline of 36% during October versus the previous
year, better than Fitch's initial forecasts in April 2020. Fitch
currently expects Azul's RPKs to decline 45% in 2020 and 12% in
2021.

Lower Refinancing Risks: Azul's new BRL1.7 billion convertible
secured debentures issuance is credit positive as it boosts the
company's cash position during a period of continued uncertainty
regarding the recovery and sustainability of Brazilian domestic air
passenger demand. Azul's readily available cash was BRL1.6 billion
as of June 30 2020, per Fitch's criteria, and the pro forma figure
increases to BRL3.3 billion at Sept. 30, 2020 with no cash burn
during the third quarter. As part of the convertible debenture
issuance, Azul has the option to raise an addition BRL320 million
during the first year following the close of the transaction. The
five-year convertible debentures is a lower cost financing
alternative compared to a competing financing offer from BNDES. The
issuance has two anchors investors, Knighthead Capital Management
LLC and Certares Management LLC, that together purchased 96% of the
convertible debentures. Despite the completion of this financing,
the credit markets for the airline industry remains quite
restrictive.

Regional Market Position: Azul's credit profile benefits from its
unique position as a regional airline in Brazil. The company has a
strong presence in underserved markets and limited route overlap
with competitors (around 31% with GOL and 20% with LATAM). This
positioning tends to give Azul better pricing and load factors on
these routes. Azul is the third largest airline in Brazil with a
market share of around 24% as measured by
revenues/passengers/kilometer flown in 2019. Azul's operating
results are highly correlated to the Brazilian economy as around
85% of its revenues were originated in the domestic market during
2019. Azul's recently announced a code-share agreement with LATAM
Airlines Group, which should benefits Azul in terms of
profitability over the medium term.

DERIVATION SUMMARY

Azul's 'CCC+' ratings reflect higher levels of risk embedded in the
company's credit profile given the high level of uncertainty
regarding the recovery of air travel demand. The company's large
exposure to domestic market in Brazil is currently positive and
should benefit its performance as local traffic is expected to
recovery much faster than international travel operations. Azul's
enhanced liquidity position is positive and compares to its most
similarly rated peer, GOL Linhas Aereas Inteligentes S.A (CCC+).
Azul's has higher operating leverage compared to GOL. Azul has a
weaker position relative to global peers given its limited
geographic diversification and relatively high operating leverage;
nonetheless, its strong position in the Brazilian regional market,
high operating margins and a track record of strong liquidity
ratios have been key rating drivers. These positive factors are
tempered by the company's ongoing business growth and operational
volatility related to its key market, Brazil. FX risk exposure is a
negative credit factor for Azul considering its limited geographic
diversification; the company has implemented a currency hedge
position that partially mitigates this risk.

KEY ASSUMPTIONS

Key assumptions in Fitch's rating case include a steep drop in
demand through 2020, with full recovery occurring by 2022.

  -- During 2020, Fitch's base case includes a decrease in RPK by
45% and around 12% for 2021, with a full rebound to 2019 levels
occurring by 2022.

  -- Load factors around 79%-80% during 2020 and 2021;

  -- Capex of BRL600 million in 2020 and average of BRL1.8 billion
per year for 2021 and 2022.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that AZUL would be considered a going
concern in bankruptcy and that the company would be reorganized
rather than liquidated. Fitch has assumed a 10% administrative
claim.

Going-Concern Approach: AZUL's going concern EBITDA is based on an
average of 2016-2019 EBITDA that reflects intense volatility in the
airline industry in Latin America and Brazil, plus a discount of
20%. The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganization EBITDA level, upon which Fitch
bases the valuation of the company. The enterprise value
(EV)/EBITDA multiple applied is 5.0x, reflecting AZUL's strong
market position in the Brazil.

Fitch applies a waterfall analysis to the post-default EV based on
the relative claims of the debt in the capital structure. The debt
waterfall assumptions consider the company's total debt at June 30,
2020 plus the new secured convertible debentures. These assumptions
result in a recovery rate for the unsecured bonds within the 'RR4'
range, and AZUL's senior unsecured notes are rated at 'CCC+'/'RR4.

RATING SENSITIVITIES

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

  -- Better than estimated perspectives for domestic air traffic
recovery in Brazil;

  -- Continuous ability to access credit lines, seeking to maintain
healthy liquidity position and manageable refinancing risks.

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

  -- Deterioration in Azul's liquidity profile or difficulties to
access credit markets;

  -- A slower recovery in air traffic associated with a stricter
lockdown due to a second wave of the pandemic.

LIQUIDITY AND DEBT STRUCTURE

Azul's pro forma cash position is estimated to be BRL3.3 billion,
including the new issuance proceeds and assuming no cash burn
during 3Q20. Azul's continuous ability to access credit/debt
markets during 2021 is key to maintain healthy cash levels.

Azul held adjusted cash of BRL1.6 billion as of June 30, 2020, per
Fitch's calculation. Azul's short-term debt was BRL3.4 billion,
including the BRL2.2 billion of leasing obligations. Azul does not
have a committed standby credit facility.

The company had BRL14.2 billion of leasing obligations, BRL2.2
billion of cross-border senior notes, BRL2.1 billion of banking
loans and BRL693 million in local debentures as of June 30, 2020.

During 3Q20, the company reached agreements with its lessors and
other creditors for 98% of its obligations on new payment terms,
which should provide working capital relief of around BRL3.2
billion through 2021. The lower monthly lease rates will be
compensated by slightly higher rates starting in 2023 or by the
extension of certain lease agreements at market rates. Azul has
announced that it reached an agreement with Embraer and Airbus to
postpone 82 deliveries between 2020 and 2023 to 2024 and beyond.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3. ESG issues are credit neutral
or have only a minimal credit impact on the entity, either due to
their nature or the way in which they are being managed by the
entity

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.

BRAZIL: Officially Coming Out of Recession, Economy Minister Says
-----------------------------------------------------------------
Richard Mann at Rio Times Online reports that Brazil is officially
coming out of the recession, Minister of Economy Paulo Guedes said
November 13, at the 39th Foreign Trade National Meeting (ENAEX).
"Today we received the news that Brazil is officially coming out of
the recession," the report quoted Mr. Guedes as saying.

He noted that his "working assumption" is that contamination by the
novel coronavirus is declining and that the "vaccine is coming,"
the report relays.  "Brazil is succeeding in fighting the disease.
This is a fact occurring on the health side. On the economic side,
it is a fact that Brazil is coming out of the recession," he
stressed, the report adds.

                        About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.

Standard & Poor's credit rating for Brazil stands at BB- with
stable outlook (April 2020).  Moody's credit rating for Brazil was
last set at Ba2 with stable outlook (April 2018).  Fitch's credit
rating for Brazil was last reported at BB- with negative outlook
(May 2020). DBRS's credit rating for Brazil is BB (low) with stable
outlook (March 2018).

As reported in the Troubled Company Reporter-Latin America, Fitch
Ratings' outlook revision in May 2020 for Brazil to negative
reflects the deterioration of Brazil's economic and fiscal outlook,
and downside risks to both given renewed political uncertainty,
including tensions between the executive and congress, and
uncertainty over the duration and intensity of the coronavirus
pandemic.

JBS SA: Reports Positive Results in Q3
--------------------------------------
Joel Crews at meatpoultry.com reports that led by the global
performance of its beef segment, JBS SA reported on net income for
the fiscal third quarter ended Sept. 30, totaled BRL3.13 billion
($581.2 million), equal to BRL1.17 per share on the common stock,
and a spike of 778%  from BRL357 million during the same period the
previous year, equal to BRL0.13 per share. Revenue for the quarter
rose to BRL70.1 billion, up more than 34% from the previous year's
BRL52.18 billion.

JBS USA Beef's net revenue for the quarter was BRL$28.8 billion, a
28.7% increase over the previous year, according to
meatpoultry.com.  Its US-based pork unit posted net revenue of
BRL7.7 billion, up 28% over last year, the report notes.

Beef production in the United States and Canada surpassed Q2 levels
this year, which were hindered by COVID-19-related challenges, and
volumes rebounded to pre-COVID levels, the report relays.  Beef
prices exceeded Q3 of 2019 due to growing demand as cattle supply
was steady and increased slaughter numbers pushed finished cattle
prices higher compared to last year, the notes.

"Additionally, North America exports grew over 2Q 2020, not only in
volume, but also in quality and product diversity, increasing their
contribution to this business' results," according to JBS, the
report discloses.

The company noted its pork production levels returned to pre-COVID
levels, which offset the year's lower volumes caused by an
interruption in slaughtering operations caused by the temporary
closure of its main processing plant earlier in the year.

The announcement of a new bacon processing plant in Missouri, which
broke ground in April is on schedule to become operational in 2021,
adding more than 24 million lbs of capacity each year, the report
discloses.  Plumrose also recently announced the company is also
planning to build a $200 million ready-to-eat plant designed to
produce charcuterie style meat products, the report relays.

"This unit posted a solid performance in the quarter as a result of
its business strategy and operation efficiency. The greater focus
and investments in value added products, in operational
improvements and also in the establishment and maintenance of
relevant commercial partnerships in the domestic and export markets
have differentiated the unit's performance," the company said, the
report relays.

Noting the challenges presented by the global pandemic, the company
remains committed to protecting workers and the communities it
serves, the report discloses.  

"We believe we are on the right path, both in terms of our
financial performance and our commitment to society," said Gilberto
Tomazoni, chief executive officer of JBS Global.  "JBS understands
that no company is truly prosperous without a serious commitment to
social responsibility. The company has invested over $520 million
in enhanced safety measures to keep our team members safe and to
support the local communities during the pandemic," he added.

As reported in the Troubled Company Reporter-Latin America on Oct.
19, 2020, S&P Global Ratings, on Oct. 15, 2020, raised its
long-term issuer credit ratings on JBS S.A. (JBS) and JBS USA Lux
S.A. (JBS USA) to 'BB+' from 'BB'. S&P also affirmed its national
scale rating on JBS at 'brAAA'. S&P also raised its senior
unsecured debt ratings on JBS and JBS USA to 'BB+' from 'BB' and
the senior secured debt ratings on JBS USA to 'BBB' from 'BBB-'.
The recovery expectations remain unchanged.



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C O L O M B I A
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COLOMBIA: IDB OKs $250MM Loan to Strengthen Tax & Customs Mgmt.
---------------------------------------------------------------
Colombia will receive a $250 million loan from the Inter-American
Development Bank (IDB) to improve the effectiveness and efficiency
of its tax and customs administration.

The program will promote the digital transformation of the
country's National Tax and Customs Directorate (DIAN, after its
Spanish initials), strengthening its tax collecting and foreign
trade facilitating role. To this end, it will focus on improving
the institutional governance and technological management model.

The funds will finance the implementation of a new, integrated tax
and customs management system based on microservices, using a
hybrid multicloud service solution to boost its security and
operational capabilities.

The program will also promote the adoption of new processes and
innovative technologies to enhance tax and customs traceability and
monitoring. Other initiatives that will be supported include
developing a number of analytics tools to maximize the use of data
generated by electronic invoicing and by tax and customs
operations, and designing and implementing a cybersecurity
strategy, which includes the establishment of a Security Operations
Center.

Furthermore, the program will support DIAN's efforts to adopt best
international practices to provide the government with a modern tax
and customs administration system based on timely and quality
information. This includes actions to upgrade several tax and
customs processes to help boost collection efficiency, strengthen
risk management, and optimize taxpayer service quality. The program
also seeks to improve the institutional and human resources
governance model, focusing on transforming human talent, a key
component of the program.

The IDB's $250 million loan will take the form of a flexible
financing facility and is for a 9-year term, with a 5.5-year grace
period and an interest rate base on LIBOR.

                       About the IDB

The Inter-American Development Bank  is devoted to improving lives.
Established in 1959, the IDB is a leading source of long-term
financing for economic, social and institutional development in
Latin America and the Caribbean. The IDB also conducts cutting-edge
research and provides policy advice, technical assistance and
training to public and private sector clients throughout the
region.



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C O S T A   R I C A
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AERIS HOLDING: Moody's Lowers Sr. Unsec. Bond to B3
---------------------------------------------------
Moody's Investors Service downgraded the rating to B3 from B1
assigned to the Senior Unsecured rating of Aeris Holding Costa Rica
S.A. The rating was also placed on review for further downgrade.

Downgrades:

Issuer: Aeris Holding Costa Rica S.A.

Senior Unsecured Regular Bond/Debenture, Downgraded to B3 from B1;
Placed on Review for further Downgrade

Outlook Actions:

Issuer: Aeris Holding Costa Rica S.A.

Outlook, Changed to Rating Under Review from Negative

RATINGS RATIONALE

Moody's rating downgrade reflects the continuation of minimal
levels of traffic amid the COVID-19 outbreak and its impact on
Aeris' liquidity position. Despite the recent reopening of the
airport, its updated enplanement scenarios incorporate a much
slower recovery in 2020 and the continuation of poor volumes in
2021. As a result, Aeris will continue to use its cash to sustain
operations and will likely draw from its 6-month (one semiannual
coupon payment) debt service reserve fund in 2021.

Although Aeris resumed commercial operations in October and opened
its borders to international travelers, the degree and speed of
traffic recovery is uncertain. As of October, traffic was down 92%
compared to the same month in 2019. Moody's expects that the
coronavirus outbreak will continue to result in very low passenger
traffic well through 2021. On a yearly basis, Moody's currently
expects that the decline in passenger traffic will amount to around
65-70% for the full 2020 compared to 2019, and that traffic will
continue to record levels in the range of 60-75% below 2019 in
2021.

Moody's expects that the contraction in cash flow generation
resulting from the declining passenger levels will lead to a
deterioration of Aeris' liquidity position. According to Aeris,
liquidity available amounts to approximately $26.6 million as of
October 2020, down from approximately $39 million in May, including
a $8.3 million debt service reserve fund that would cover 6 months
of debt service payments. Notwithstanding, Moody's expects that
liquidity available will be materially reduced in 2021, including
draws from the debt service reserve fund, as a result of the
expected performance of the airport, absent any other compensating
measures.

Moody's recognizes that the issuer is entitled, as per the Contrato
de Gestion Interesada ("CGI") under which the airport operates, to
trigger the review of the financial conditions and to re-establish
financial equilibrium when the aggregated traffic decreases 15% or
more in any given 12-month period. As per the financial equilibrium
formula, Aeris would have the right to a direct reimbursement from
the Government of Costa Rica (B2 negative), increase tariffs or a
concession extension. Notwithstanding the timing and outcome of any
measures to re-establish financial equilibrium is uncertain.

Moody's regards the coronavirus outbreak as a social risk under its
Environmental, Social and Governance (ESG) framework, given the
substantial implications for public health and safety that lead to
severe restrictions to air travel and thus cancellations of airline
routes and closing of borders as well as enhanced requirements to
maintain health and safety in the airport operations.

RATING OUTLOOK

The rating is under review for downgrade. During the review,
Moody's will focus on monitoring traffic recovery after the recent
reopening of the airport, its liquidity position and any potential
compensating measures that could alleviate operational and
liquidity pressures.

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

In light of the review, upward rating pressure on Aeris' rating is
unlikely in the near future. Notwithstanding the rating could be
affirmed in its current level if Moody's assesses that traffic
recovery such that expected liquidity levels stabilize in the near
term. The rating could be further downgraded if traffic does not
materially rebound in the next two months, leading to reduced
levels of available liquidity and absent any compensating measures
or remedies.

ABOUT AERIS

Aeris Holding Costa Rica S.A. is the operator of the country's main
international airport, Aeropuerto Internacional Juan Santamaria.

The principal methodology used in this rating was Privately Managed
Airports and Related Issuers published in September 2017.




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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: MICM Increases Prices of All Fuels
------------------------------------------------------
Dominican Today reports that for the week of November 14 to 20, the
Ministry of Industry, Commerce, and MSMEs (MICM) ordered increases
in all fuel prices, except Natural Gas.  Premium gasoline will sell
for RD $ 202.40 per gallon, up RD $ 2.00 per gallon, while regular
gasoline will sell for RD $ 192.70 per gallon to increase RD $ 2.50
per gallon.

Meanwhile, regular diesel will be sold at RD $ 149.60 per gallon,
increasing RD $ 3.10 per gallon, and optimal diesel will be offered
at RD $ 160.00 per gallon with an increase of RD $ 3.30 per gallon,
according to Dominican Today.

Avtur rose RD $ 4.30 per gallon, sold RD $ 111.30 per gallon, while
kerosene will be sold at $ 135.30 per gallon RD, RD increasing $
4.90 per gallon, the report notes.

The report discloses that fuel Oil # 6 will sell for RD $ 99.40 per
gallon, showing an increase of $ 3.10 per gallon RD. Fuel oil 1% S
will sell for RD $ 111.50 per gallon, increasing RD $ 5.00 per
gallon.

Liquefied petroleum gas (LPG) will sell RD $ 116.00 per gallon, up
RD $ 2.50 per gallon. Natural Gas will be offered at RD $ 28.97 per
cubic meter, maintaining its price, the report relays.

The average exchange rate is RD $ 58.47, according to a survey
carried out by the Central Bank, the report says.

                       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 L   S A L V A D O R
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LA HIPOTECARIA THIRTEENTH: Fitch Affirms Bsf Rating on Cl. A Certs
------------------------------------------------------------------
Fitch Ratings has affirmed the ratings of La Hipotecaria Panamanian
Mortgage Trust 2010-1, La Hipotecaria El Salvadorian Mortgage Trust
2013-1, La Hipotecaria Panamanian Mortgage Trust 2014-1 A-1, La
Hipotecaria El Salvadorian Mortgage Trust 2016-1, and La
Hipotecaria Mortgage Trust 2019-1 certificates at 'AAAsf'. The
Rating Outlook is Negative. The Negative Outlook of the
certificates reflects the credit quality of the U.S. International
Development Finance Corporation (DFC) as guarantee provider given
its direct linkage to the U.S. sovereign rating
(AAA/F1+/Negative).

Fitch has also affirmed the Unenhanced Long-Term Rating (ULT) of La
Hipotecaria Panamanian Mortgage Trust 2010-1 certificates at 'Asf'
with a Negative Outlook, La Hipotecaria Panamanian Mortgage Trust
2007-1 certificates at 'Asf' with a Negative Outlook, La
Hipotecaria Panamanian Mortgage Trust 2014-1 A-2 certificates at
'BBBsf' with a Negative Outlook, and La Hipotecaria Mortgage Trust
2019-2's certificates at 'BBBsf' with a Negative Outlook. The
Negative Outlook reflect that of the sovereign, Panama.

In addition, Fitch has affirmed all underlying Panamanian and
Salvadorian RMBS-backed notes issued by La Hipotecaria Tenth
Mortgage-Backed Notes Trust, La Hipotecaria Eight Mortgage Backed
Notes Trust, La Hipotecaria Twelfth Mortgage-Backed Trust, La
Hipotecaria Fourteenth Mortgage-Backed Notes Trust, La Hipotecaria
Eleventh Mortgage-Backed Notes Trust, La Hipotecaria Thirteenth
Mortgage-Backed Notes Trust, and La Hipotecaria Fifteenth
Mortgage-Backed Notes Trust.

RATING ACTIONS

La Hipotecaria Thirteenth Mortgage-Backed Notes Trust

Class A PAL3008861A4; LT Bsf Affirmed; previously Bsf

La Hipotecaria El Salvadorian Mortgage Trust 2013-1

Series 2013-1 Certificates 501716AA2; LT AAAsf Affirmed; previously
AAAsf

La Hipotecaria El Salvadorian Mortgage Trust 2016-1

Series 2016-1 50346VAA7; LT AAAsf Affirmed; previously AAAsf

La Hipotecaria Eight Mortgage Backed Notes Trust 2007-1

Series A; LT Asf Affirmed; previously Asf

La Hipotecaria Eleventh Mortgage-Backed Notes Trust

Series A Notes PAL3005461A6; LT Bsf Affirmed; previously Bsf

La Hipotecaria Fourteenth Mortgage-Backed Notes Trust

Class A; LT BBBsf Affirmed; previously BBBsf

Class B; LT B+sf Affirmed; previously B+sf

Class C; LT Bsf Affirmed; previously Bsf

La Hipotecaria Trust 2019-1

Series 2019-1 Certificates; LT AAAsf Affirmed; previously AAAsf

La Hipotecaria Fifteenth Mortgage-Backed Notes Trust

Class A; LT Bsf Affirmed; previously Bsf

Class B; LT CCCsf Affirmed; previously CCCsf

Class C; LT CCCsf Affirmed; previously CCCsf

La Hipotecaria Twelfth Mortgage-Backed Notes Trust

Series A PAL3006961A4; LT BBBsf Affirmed; previously BBBsf

La Hipotecaria Trust 2019-2

Series 2019-2 Certificates; LT BBBsf Affirmed; previously BBBsf

La Hipotecaria Tenth Mortgage Trust Series A Notes

Interest Only; LT Asf Affirmed; previously Asf

Series A; LT Asf Affirmed; previously Asf

La Hipotecaria Panamanian Mortgage Trust 2010-1

Series 2010-1 Certificates; LT AAAsf Affirmed; previously AAAsf

Series 2010-1 Certificates; ULTAsf Affirmed; previously Asf

La Hipotecaria Panamanian Mortgage Trust 2007-1 2007-1

Series 2007-1 Certificates 50346AAA3; LT Asf Affirmed; previously
Asf

Series 2007-1 Certificates 50346AAA3; ULTAsf Affirmed; previously
Asf

La Hipotecaria Panamanian Mortgage Trust 2014-1

Class A-1 50346EAA5; LT AAAsf Affirmed; previously AAAsf

Class A-2 50346EAB3; LT BBBsf Affirmed; previously BBBsf

KEY RATING DRIVERS

Coronavirus-Related Economic Shock Translates into Revised Rating
Assumptions: Fitch has made assumptions about the spread of the
coronavirus and the economic impact of the related containment
measures in order to review the rated transactions. As a base-case
(most likely) scenario, Fitch assumes a severe global recession
during 2020 driven by sharp economic contractions in major
economies with a rapid spike in unemployment, followed by a
recovery that begins at the end of the year as the health crisis
subsides. As a downside (sensitivity) scenario in the Rating
Sensitivities section, Fitch takes into consideration a more severe
and prolonged period of stress with recovery to pre-crisis GDP
levels delayed until around the middle of the decade.

Rated Notes Remain Resilient to Coronavirus-Related Impact: The
measures put in place to limit the spread of the virus are
affecting Panama's and El Salvador's economies, with many
businesses temporarily shut down with little or no income. Fitch
expects these measures to affect the performance of mortgages.
However, Fitch does not expect a rating impact on any of the rated
notes given that the contractual overcollateralization (OC) for all
of the rated notes provides sufficient protection at their current
rating levels. On July 22, 2020, Fitch published additional
stresses to be applied in conjunction with the "Latin America RMBS
Rating Criteria". The stresses are disclosed in the special report
"La Hipotecaria RMBS: Criteria Assumptions Updated Due to Pandemic
Impacts".

Country of Assets Determine Maximum Achievable Ratings:

Panama Transactions: As of Feb. 6, 2020, Panama's Issuer Default
Ratings are 'BBB'/Negative and its Country Ceiling (CC) is 'A'. The
ratings related to the series A notes under La Hipotecaria Twelfth
Mortgage-Backed Notes Trust and La Hipotecaria Fourteenth
Mortgage-Backed Notes Trust programs are constrained by Panama's
sovereign rating due to the portfolio's exposure to the sovereign.
In the case of La Hipotecaria Twelfth Mortgage-Backed Notes Trust,
about a third of the residential mortgages are granted to public
sector employees and about two-third count with preferential
interest rates, while for La Hipotecaria Fourteenth Mortgage-Backed
Notes Trust, about a third of the residential mortgages are granted
to public sector employees. The ratings could potentially go up to
the CC if there are continuous increases in credit enhancement
(CE). In the case of the La Hipotecaria Tenth Mortgage-Backed Notes
Trust and La Hipotecaria Eight Mortgage Backed Notes Trust
programs, while the series A notes (including the Interest Only
note) issued have sufficient credit enhancement to be rated above
the country's IDR, the transfer and convertibility (T&C) risk is
not mitigated, so the ratings remain constrained by the CC and
ultimately linked to the ratings of Panama.

El Salvador Transactions: On April 30, 2020, Fitch affirmed El
Salvador's Issuer Default Ratings at 'B-' and its Country Ceiling
at 'B' and revised the outlook to Negative from Stable. According
to Fitch's 'Structured Finance and Covered Bonds Country Risk
Rating Criteria' the ratings of Structured Finance notes cannot
exceed the CC of the country of the assets, unless the T&C risk is
mitigated. While the series A of La Hipotecaria Eleventh
Mortgage-Backed Notes Trust, La Hipotecaria Thirteenth
Mortgage-Backed Notes Trust and La Hipotecaria Fifteenth
Mortgage-Backed Notes Trust have sufficient credit enhancement to
be rated above the country's IDR, the T&C risk is not mitigated, so
the ratings remain constrained by the CC and ultimately linked to
the rating of El Salvador.

Frequency of Foreclosure Assumptions impacted by COVID:

La Hipotecaria Eight Mortgage Backed Notes Trust: To gauge the
impact of the pandemic Fitch reviewed its FF parameter. Under
Fitch's updated assumptions in an 'Asf' scenario, the A note would
need to support a weighted average foreclosure frequency (WAFF) of
33.7% and a weighted average recovery rate (WARR) of 97.1%.

These assumptions consider the main characteristics of the assets,
where OLTV is 92.7%, the seasoning average 177 months and remaining
term 178 months, WA current loan-to-value is 57.9% and the majority
of borrowers (52.6%) pay through payroll deduction mechanism.

La Hipotecaria Tenth Mortgage-Backed Notes Trust: In order to gauge
the impact of the pandemic Fitch reviewed its FF parameters. Under
Fitch's updated assumptions in an 'Asf' scenario, the A and
Interest Only notes need to be able to support a WAFF of 32.1% and
a WARR of 88.2%.

These assumptions consider the main characteristics of the assets,
where OLTV is 94.0%, the seasoning average 153 months and remaining
term 204 months, WA current loan-to-value is 62.3%, and the
majority of borrowers (56.1%) pay through payroll deduction
mechanism.

La Hipotecaria Twelfth Mortgage-Backed Notes Trust: In order to
gauge the impact of the pandemic Fitch reviewed its FF parameters.
Under Fitch's updated assumptions in a 'BBBsf' scenario, the A note
needs to be able to support a WAFF of 17.9% and a WARR of 87.7%.

These assumptions consider the main characteristics of the assets,
where OLTV is 91.2%, seasoning average 114 months and remaining
term 244 months, WA current loan-to-value is 67.0% and the majority
of borrowers (64.9%) pay through payroll deduction mechanism. La
Hipotecaria Fourteenth Mortgage-Backed Notes Trust: In order to
gauge the impact of the pandemic Fitch reviewed its FF parameters.
Under Fitch's updated assumptions in a 'BBBsf' scenario, the A note
needs to be able to support a WAFF of 14.9% and a WARR of 81.5%,
while the B and C notes need to be able to support a WAFF of 6.1%
and 4.4% and a WARR of 89.6% and 90.7% for the 'B+sf' and 'Bsf'
scenarios, respectively.

These assumptions consider the main characteristics of the assets,
where the OLTV is 83.4%, the seasoning average is 101 months and
remaining term 242 months, WA current loan-to-value is 68.1% and
the majority of borrowers (72.5%) pay through payroll deduction
mechanism.

La Hipotecaria Eleventh Mortgage-Backed Notes Trust: In order to
gauge the impact of the pandemic Fitch reviewed its FF parameters.
Under Fitch's updated assumptions in a 'Bsf' scenario, the A note
needs to be able to support a WAFF of 22.3% and a WARR of 96.7%.

These assumptions consider the main characteristics of the assets,
where OLTV is 87.2%, the seasoning averages 137 months and
remaining term is 210 months, WA current loan-to-value is 70.1% and
the majority of borrowers (58.5%) pay through payroll deduction
mechanism.

La Hipotecaria Thirteenth Mortgage-Backed Notes Trust: In order to
gauge the impact of the pandemic Fitch reviewed its FF parameters.
Under Fitch's updated assumptions in a 'Bsf' scenario, the A note
needs to be able to support a WAFF of 21.1% and a WARR of 77.9%.

These assumptions consider the main characteristics of the assets,
where OLTV is 86.8%, the seasoning averages 89 months and remaining
term is 254 months, WA current loan-to-value is 76.0%, and the
majority of borrowers (65.0%) pay through payroll deduction
mechanism.

La Hipotecaria Fifteenth Mortgage-Backed Notes Trust: In order to
gauge the impact of the pandemic Fitch reviewed its FF parameters.
Under Fitch's updated assumptions in a 'Bsf' scenario, the A note
needs to be able to support a WAFF of 13.2% and a WARR of 64.6%,
while the B and C notes need to be able to support a WAFF of 4.8%
and a WARR of 77.9 for the 'CCCsf' scenario.

These assumptions consider the main characteristics of the assets,
where OLTV is 87.1%, the seasoning averages 62 months and remaining
term is 287 months, WA current loan-to-value is 80.0%, and the
majority of borrowers (70.5%) pay through payroll deduction
mechanism.

In all of these transactions, Fitch observed payment holidays reach
a peak of approximately 30%. With this, the agency has assumed that
30% of borrowers take payment holidays in order to account for
potential volatility in cash flows.

Transaction Performance Supports Assigned Ratings:

La Hipotecaria Eight Mortgage Backed Notes Trust: CE has increased
during the last year due to the sequential nature of the structure.
As of Aug. 31, 2020, CE has increased to approximately 54.9% up
from 50.1% observed during the same month of last year. CE
continues to build due to the sequential nature of the transaction
structure. A few factors including stability in the excess spread
good asset performance, and servicer advances made by Banco La
Hipotecaria (BLH) on the amounts due from debtors on payment
holidays has also helped to improve this metric.

The transaction also benefits from a reserve account of 1% of the
outstanding balance of the series A notes, which is sufficient to
cover almost three months of senior expenses and interest payment
on series A.

La Hipotecaria Tenth Mortgage-Backed Notes Trust: CE has increased
during the last year due to the sequential nature of the structure.
As of Aug. 31, 2020, CE has increased to 46.6% up from 40.6%
observed during the same month of last year. A few factors
including stability in the excess spread good asset performance,
and servicer advances made by BLH on the amounts due from debtors
on payment holidays has also helped to improve this metric.

The transaction also benefits from a reserve account of 1% of the
outstanding balance of the series A notes, which is sufficient to
cover approximately three months of senior expenses and interest
payment on series A.

La Hipotecaria Twelfth Mortgage-Backed Notes Trust: CE has
increased during the last year due to the sequential nature of the
structure. As of Aug. 31, 2020, CE has increased to 18.6% up from
16.2% observed during the same month of last year. CE continues to
increase as expected considering the frequency of the fiscal credit
payments. Fitch expects the CE level will continue to increase as
fiscal credits are received and applied to the outstanding
principal balance. Additionally, CE levels also benefit from
servicer advances made by BLH on the amounts due from debtors on
payment holidays.

The transaction also benefits from a reserve account of 1% of the
outstanding balance of the series A notes, which is sufficient to
cover almost three months of senior expenses and interest payment
on the series A.

La Hipotecaria Fourteenth Mortgage-Backed Notes Trust: CE has
increased during the last year due to the sequential nature of the
structure. As of Aug. 31, 2020, CE for the series A notes has
increased to 9.4% up from 8% at closing in February of 2019. The
series B notes have increased to 2.6% up from 2.0% and the series C
notes has increased to 0.4% up from 0.0%. Fitch expects the CE to
continue to increase as per the sequential nature of the
structure.

The transaction benefits from a reserve account of three-month
interest for the series A notes, which is sufficient to cover
almost three months of senior expenses and interest payments on the
series A.

La Hipotecaria Eleventh Mortgage-Backed Notes Trust: CE has
increased during the last year due to the sequential nature of the
structure. As of Aug. 31, 2020, CE has increased to 38.1% up from
34.0% observed during the same month of last year. A few factors
including stability in the excess spread good asset performance,
and servicer advances made by La Hipotecaria S.A. de C.V. (LHES) on
the amounts due from debtors on payment holidays has also helped to
improve this metric.

The transaction also benefits from a six-month interest reserve
account for the Series A Notes, which is sufficient to cover almost
6 months of senior expenses and interest payment on Series A.

La Hipotecaria Thirteenth Mortgage-Backed Notes Trust: CE has
increased during the last year due to the sequential nature of the
structure. As of Aug. 31, 2020, CE has increased to 16.3% up from
15.1% observed during the same month of last year. A few factors
including stability in the excess spread good asset performance,
and servicer advances made by LHES on the amounts due from debtors
on payment holidays has also helped to improve this metric.

The transaction also benefits from a six-month interest reserve
account for the series A notes, which is sufficient to cover almost
six months of senior expenses and interest payment on series A.

La Hipotecaria Fifteenth Mortgage-Backed Notes Trust: CE has
increased during the last year due to the sequential nature of the
structure. As of Aug. 31, 2020, CE has increased to 13.6% up from
12.5% observed during the same month of last year for the series A
notes. For the series B notes, CE increased to 3.5% from 2.3% last
year and for the series C notes, CE increased to 1.2% up from 0.24%
last year. A few factors including stability in the excess spread
good asset performance, and servicer advances made by LHES on the
amounts due from debtors on payment holidays has also helped to
improve this metric.

The transaction also benefits from a three-month interest reserve
account for the series A notes, which is sufficient to cover almost
three months of senior expenses and interest payment on series A.

Banco La Hipotecaria and La Hipotecaria S.A. de C.V. Experience
Mitigate Operational Risk:

Pursuant to the servicer agreement, Grupo ASSA, S.A. (the primary
servicer), which is rated 'BBB-'/Outlook Negative by Fitch, has
hired Banco La Hipotecaria, S.A. and La Hipotecaria S.A. de C.V.
(the sub-servicers) to be the servicers for the mortgages. Fitch
has reviewed BLH and LHES'ssystems and procedures and is satisfied
with its servicing capabilities.

Additionally, Banco General S.A., which is rated 'BBB+'/Outlook
Negative by Fitch, has been designated as back-up servicer in order
to mitigate the exposure to operational risk, and will replace the
defaulting servicer within five days of a servicer disruption
event

Credit Quality of the DFC and Underlying Notes Support Ratings:

La Hipotecaria Panamanian Mortgage Trust 2007-1 Certificates: The
rating assigned to the 2007-1 certificates relies on the timely
payment of interest and ultimate payment of principal on the series
A notes of La Hipotecaria Eight Mortgage-Backed Notes Trust.

La Hipotecaria Panamanian Mortgage Trust 2014-1 A-2 Certificates:
The rating assigned to the 2014-1 A-2 certificates relies on the
timely payment of interest and ultimate payment of principal on the
series A notes of La Hipotecaria's Twelfth Mortgage-Backed Notes
Trust.

La Hipotecaria Trust 2019-2 Certificates: The 2019-2 certificates
rely on the timely payment of interest and ultimate payment of
principal on the Series A Notes of La Hipotecaria's Fourteenth
Mortgage-Backed Notes Trust.

Guarantor Credit Quality Supports Ratings: The ratings assigned to
the La Hipotecaria Panamanian Mortgage Trust 2010-1, La Hipotecaria
El Salvadorian Mortgage Trust 2013-1, La Hipotecaria Panamanian
Mortgage Trust 2014-1 A-1, La Hipotecaria El Salvadorian Mortgage
Trust 2016-1 and La Hipotecaria Trust 2019-1 certificates are
commensurate with the credit quality of the guarantee provider. The
credit quality of DFC is directly linked to the U.S. sovereign
rating (AAA/F1+/Negative), as guarantees issued by, and obligations
of, DFC are backed by the full faith and credit of the U.S.
government, pursuant to the Foreign Assistance Act of 1969.

The ULT rating assigned to the 2010-1 certificates is commensurate
with the credit quality of the series A notes of La Hipotecaria's
Tenth Mortgage-Backed Notes Trust.

Reliance on DFC Guaranty: Fitch assumes the payment on the La
Hipotecaria Panamanian Mortgage Trust 2010-1, La Hipotecaria El
Salvadorian Mortgage Trust 2013-1, La Hipotecaria Panamanian
Mortgage Trust 2014-1 A-1, La Hipotecaria El Salvadorian Mortgage
Trust 2016-1 and La Hipotecaria Trust 2019-1 certificates will rely
on the DFC guaranty. Through this guaranty, DFC will
unconditionally and irrevocably guarantee the receipt of proceeds
from the underlying notes in an amount sufficient to cover timely
scheduled monthly interest amounts and the ultimate principal
amount on the certificates.

Ample Liquidity in Place: The La Hipotecaria Panamanian Mortgage
Trust 2010-1, La Hipotecaria El Salvadorian Mortgage Trust 2013-1,
La Hipotecaria Panamanian Mortgage Trust 2014-1 A-1, La Hipotecaria
El Salvadorian Mortgage Trust 2016-1 and La Hipotecaria Trust
2019-1 certificates benefit from liquidity, in the form of a
five-day buffer between payment dates on the underlying notes and
payment dates on the certificates. Additionally, the certificates
benefit from liquidity in the form of an interest reserve account
or a letter of credit at the underlying note level. Fitch considers
this as sufficient to keep debt service current on the guaranteed
certificates until funds under a claim of DFC are received.

RATING SENSITIVITIES

Coronavirus Downside Scenario Sensitivity:

Fitch has added a coronavirus downside sensitivity analysis that
explores how a more prolonged, draconian set of stresses could
evolve. A re-emergence of infections in the major economies
prolongs the confidence shock, preventing a recovery in financial
markets and provoking a longer-lasting, negative wealth shock that
depresses consumer demand and sparks expectations for a widespread,
multi-year deflationary spiral. Because of this, Fitch increased
the WAFF by 15% and decrease the WARR by 15% With this, Fitch did
not observe a negative migration on ratings assigned to the
different series of notes.

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

El Salvador: The ratings of La Hipotecaria Eleventh Mortgage Backed
Notes Trust Series A Notes, La Hipotecaria Thirteenth
Mortgage-Backed Notes Trust Series A Notes and La Hipotecaria
Fifteenth Mortgage Backed Notes Trust Series A Notes are currently
capped at El Salvador's CC level. These ratings could only be
upgraded in case of an upgrade of El Salvador's CC.

The ratings of La Hipotecaria Fifteenth Mortgage-Backed Notes Trust
Series B and C Notes could be upgraded in case of a future
improvement of CE.

Panama: The ratings of the La Hipotecaria Eight Mortgage Backed
Notes Trust 2007-1 Series A Notes, La Hipotecaria Tenth
Mortgage-Backed Notes Trust Series A Notes & IO Notes, La
Hipotecaria Twelfth Mortgage-Backed Notes Trust Series A Notes and
La Hipotecaria Fourteenth Mortgage-Backed Notes Trust Series A
Notes are sensitive to changes in the credit quality of Panama. An
upgrade of Panama's ratings, specifically its CC, could lead to an
upgrade on the notes.

The ratings of La Hipotecaria Fourteenth Mortgage-Backed Notes
Trust Series B and C Notes could be upgraded in case of a future
improvement of CE.

DFC Guaranteed: In the case of La Hipotecaria El Salvadorian
Mortgage Trust 2013-1 certificates, La Hipotecaria El Salvadorian
Mortgage Trust 2016-1 certificates, La Hipotecaria Panamanian
Mortgage Trust 2010-1, La Hipotecaria Panamanian Mortgage Trust
2014-1 - A-1 Tranche and the La Hipotecaria Mortgage Trust 2019-1
notes, the Rating Outlook could be revised to Stable if the U.S.
sovereign ratings Outlook is revised to Stable from Negative.

The ULT rating of the La Hipotecaria Panamanian Mortgage Trust
2010-1 is sensitive to changes in the credit quality of La
Hipotecaria Tenth Mortgage-Backed Notes Trust series A notes,
hence, a positive rating action of the series A notes would trigger
a positive rating action of the ULT on the notes in the same
proportion.

The La Hipotecaria Panamanian Mortgage Trust 2007-1 certificates'
ratings are sensitive to changes in the credit quality of the La
Hipotecaria Eight Mortgage Backed Notes Trust 2007-1 series A
notes. If La Hipotecaria Eight Mortgage-Backed Notes Trust series A
notes are upgraded, that could lead to an upgrade of the
certificates.

The La Hipotecaria Panamanian Mortgage Trust 2014-1 A-2
certificates' ratings are sensitive to changes in the credit
quality of the La Hipotecaria Twelfth Mortgage-Backed Notes Trust
series A notes. If La Hipotecaria Twelfth Mortgage-Backed Notes
Trust Series A Notes are upgraded, that could lead to an upgrade of
the certificates.

The Hipotecaria Mortgage Trust 2019-2 certificates' ratings are
sensitive to changes in the credit quality of the La Hipotecaria
Fourteenth Mortgage-Backed Notes Trust series A notes. If La
Hipotecaria Fourteenth Mortgage-Backed Notes Trust series A notes
are upgraded, that could lead to an upgrade on the certificates.

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

El Salvador: The ratings of La Hipotecaria Eleventh Mortgage-Backed
Notes Trust Series A Notes, La Hipotecaria Thirteenth
Mortgage-Backed Trust Series A Notes and La Hipotecaria Fifteenth
Mortgage-Backed Notes Trust Series A Notes could be downgraded in
case of a downgrade of El Salvador's CC. The agency also tested
scenarios of 15%-30% increases / decreases in Foreclosure Frequency
/ Recovery Rates and found that these ratings could withstand
current levels, which is basically explained by the structures and
high level of CE in place.

The ratings of La Hipotecaria Fifteenth Mortgage-Backed Notes Trust
Series B and C Notes could be downgraded in case of a decrease of
CE to a level, caused by a more than expected deterioration in
asset quality.

Panama: The ratings of the La Hipotecaria Eight Mortgage Backed
Notes Trust 2007-1 Series A Notes, La Hipotecaria Tenth Mortgage
Trust Series A Notes & IO Notes, La Hipotecaria Twelfth
Mortgage-Backed Notes Trust Series A Notes and La Hipotecaria
Fourteenth Mortgage-Backed Notes Trust Series A Notes are sensitive
to changes in the credit quality of Panama. A downgrade of Panama's
ratings and its CC, could lead to a downgrade on the notes. In
addition, severe increases in foreclosure frequency as well as
reductions in recovery rates could lead to a downgrade of the
notes.

DFC Guaranteed: In the case of La Hipotecaria El Salvadorian
Mortgage Trust 2013-1 certificates, La Hipotecaria El Salvadorian
Mortgage Trust 2016-1 certificates, La Hipotecaria Panamanian
Mortgage Trust 2010-1, La Hipotecaria Panamanian Mortgage Trust
2014-1 - A-1 Tranche and the La Hipotecaria Mortgage Trust 2019-1
notes, the rating assigned could be downgraded in the case of a
downgrade on the U.S. sovereign rating.

The ULT rating of the La Hipotecaria Panamanian Mortgage Trust
2010-1 is sensitive to changes in the credit quality of the series
A notes, hence, a negative rating action of the series A notes
would trigger a negative rating action of the ULT on the notes in
the same proportion.

The La Hipotecaria Panamanian Mortgage Trust 2007-1 certificates'
ratings are sensitive to changes in the credit quality of the La
Hipotecaria Eight Mortgage Backed Notes Trust 2007-1 series A
notes. If La Hipotecaria Eight Mortgage-Backed Notes Trust series A
notes are downgraded, that could lead to a downgrade of the
certificates.

The La Hipotecaria Panamanian Mortgage Trust 2014-1 A-2
certificates' ratings are sensitive to changes in the credit
quality of the La Hipotecaria Twelfth Mortgage-Backed Notes Trust
series A notes. If La Hipotecaria Twelfth Mortgage-Backed Notes
Trust series A notes are downgraded, that could lead to a downgrade
of the certificates.

The Hipotecaria Mortgage Trust 2019-2 certificates' ratings are
sensitive to changes in the credit quality of the La Hipotecaria
Fourteenth Mortgage-Backed Notes Trust series A notes. If La
Hipotecaria Fourteenth Mortgage-Backed Notes Trust series A notes
are downgraded, that could lead to a downgrade on the
certificates.

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.

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS

A description of the transaction's representations, warranties and
enforcement mechanisms (RW&Es) that are disclosed in the offering
document and which relate to the underlying asset pool is available
by clicking the link to the Appendix. The appendix also contains a
comparison of these RW&Es to those Fitch considers typical for the
asset class as detailed in the Special Report titled
'Representations, Warranties and Enforcement Mechanisms in Global
Structured Finance Transactions'.

ESG CONSIDERATIONS

La Hipotecaria Eight Mortgage Backed Notes Trust 2007-1 has a Human
Rights, Community Relations, Access & Affordability score of '4'
for its exposure to accessibility to affordable housing, which in
combination with other factors, impacts the rating.

La Hipotecaria Fourteenth Mortgage-Backed Notes Trust has a Human
Rights, Community Relations, Access & Affordability score of '4'
for its exposure to accessibility to affordable housing, which in
combination with other factors, impacts the rating.

La Hipotecaria Tenth Mortgage-Backed Notes Trust Series A Notes has
a Human Rights, Community Relations, Access & Affordability of '4'
for its exposure to accessibility to affordable housing, which in
combination with other factors, impacts the rating.

La Hipotecaria Twelfth Mortgage-Backed Notes Trust has a Human
Rights, Community Relations, Access & Affordability score of '4'
for its exposure to accessibility to affordable housing, which in
combination with other factors, impacts the rating.

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.



=================
G U A T E M A L A
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BANCO INDUSTRIAL: Moody's Affirms Ba1 LT, LC Deposit Rating
-----------------------------------------------------------
Moody's Investors Service affirmed all ratings and assessments
assigned to Guatemala's Banco Industrial, S.A. (Banco Industrial),
Industrial Senior Trust, and Industrial Subordinated Trust. Banco
Industrial has local and foreign currency deposit ratings of
Ba1/Not Prime and Ba2/Not Prime, respectively and a Baseline Credit
Assessment of ba3. The outlook on all ratings was changed to
negative from stable.

The rating actions follow the announcement by Moody's Investors
Service, published on November 10, 2020, that it had affirmed the
Ba1 bond ratings of Guatemala's government and changed the outlook
to negative from stable.

The following ratings and assessments were affirmed:

Issuer: Banco Industrial, S.A.:

Long term local currency deposit rating of Ba1, outlook changed to
negative from stable

Long term foreign currency deposit rating of Ba2, outlook changed
to negative from stable

Short term local and foreign currency deposit ratings of Not Prime

Foreign currency junior subordinate debt rating of B3 (hyb)

Long and short-term local and foreign currency counterparty risk
ratings of Ba1 and Not Prime

Long and short-term counterparty risk assessments of Ba1(cr) and
Not Prime(cr)

Baseline credit assessment (BCA) of ba3

Adjusted baseline credit assessment of ba3

Outlook, Changed to Negative from Stable

Issuer: Industrial Senior Trust:

Backed long term foreign currency senior debt rating of Ba1,
outlook changed to negative from stable

Outlook, Changed to Negative from Stable

Issuer: Industrial Subordinated Trust:

Backed long term foreign currency subordinated debt rating of B1

RATINGS RATIONALE

The affirmation of Banco Industrial's ba3 BCA incorporates its
historically sound asset quality and strong profitability that
derives from the bank's favorable funding profile based on low-cost
core deposits, as well as substantial liquidity buffers.
Industrial's weak capitalization, however, is a key credit
challenge to its baseline credit assessment.

Banco Industrial's solid risk management and its business focus on
low-risk commercial loans, which account for 70% of its total
portfolio, have ensured relatively stable asset quality, as
evidenced by nonperforming loans (NPL) ranging between a low 0.8%
and 1.0% of gross loans over the past five years. However, as is
the case of most local and regional peers, the impact of loan
restructurings mandated by regulation to provide relief to
households and commercial borrowers in 2020 in response to the
pandemic is not yet fully captured by the reported asset quality
metrics. Moody's therefore expects deterioration in the first half
of 2021, although Banco Industrial has built prudential provisions
against expected credit losses, with total loan loss reserves
representing 2.1x NPLs as of June 2020.

Banco Industrial's standalone creditworthiness is constrained by
its relatively weak capitalization compared to ba3-rated peers.
Despite steadily increasing between 2015 and 2019 from 6.5% to
8.3%, the bank's Moody's tangible common equity as a percentage of
adjusted risk weighted assets fell to 7.7% as of June 2020.
Previous improvements were driven by a series of capital
injections, while asset growth has caused the decline in the last
quarters. Its base case scenario is that the bank's capital
replenishment capacity stemming from its strong earnings will
support its capital metrics in the medium term. The bank's
regulatory capital ratios are much higher and comfortably comply
with minimum requirements, due to a 0% risk weighting of Guatemalan
government securities, which account for most of the bank's liquid
assets.

The outlook change on Banco Industrial's ratings to negative, from
stable, was prompted by a similar action on Guatemala's bond
rating, which was affirmed at Ba1 with a negative outlook. The
negative sovereign outlook reflects the deterioration in debt
metrics, which is exacerbated by Guatemala's limited revenue base-
and the authorities' limited ability to reverse the deterioration
and bring government debt metrics in line with peers.

Banco Industrial's Ba1 local currency deposit rating and Industrial
Senior Trust Ba1 debt rating benefit from two notches of uplift
from the bank's ba3 BCA, incorporating Moody's assumption of very
high probability of government support in the case of need. This
assumption is based on Banco Industrial's important lending and
deposit franchise as the largest bank in the country with about a
quarter of market share in deposits. Therefore, the negative
outlook on Banco Industrial's ratings is in line with the negative
rating outlook of the sovereign. The bank's Ba2 foreign currency
deposit rating also benefits from government support, although it
is constrained by Guatemala's Ba2 country ceiling for foreign
currency deposits.

The affirmations of Industrial Senior Trust and Industrial
Subordinated Trust's ratings, and the change in the outlook of the
former, are in line with the actions taken on Banco Industrial's
local currency deposit rating and adjusted BCA, respectively,
because the obligations of both vehicles are unconditionally
guaranteed by the bank. The three-notch differential between Banco
Industrial's junior subordinated debt rating and the adjusted BCA
reflects the notes' non-cumulative coupon -skip mechanism and
optional deferral features.

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

Both the bank's and senior trust's ratings would likely be
downgraded if Guatemala's government bond rating were downgraded
because the banks' ratings are aligned to those of the sovereign.
In addition, the BCA could be under pressured if the bank's
adjusted tangible common equity ratio remained below 8% on a
sustained basis, or if the asset quality deterioration of the
pandemic were larger than expected, causing a significant reduction
in profitability and capital.

Although there is no possible positive pressure on the ratings at
this time given the negative outlook, the latter could be
stabilized in the case of a stabilization of Guatemala's sovereign
rating outlook, provided that the bank's core capitalization
metrics stabilized and gradually improved, coupled with stable
asset quality metrics.

METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in November 2019.



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

COMISION DE AGUA: Moody's Downgrades Issuer Rating to Caa1
----------------------------------------------------------
Moody's de Mexico downgraded the issuer ratings of the Comision de
Agua Potable y Alcantarillado del Municipio de Acapulco (CAPAMA) to
Caa1 (Global Scale, local currency) and B2.mx (Mexico National
Scale) from B3/B1.mx, and changed the outlook to stable from
negative.

At the same time, Moody's downgraded ratings of CAPAMA's MXN 140
million enhanced loan from Banorte to Baa3/Aa3.mx from Baa2/Aa2.mx.
The State of Guerrero (Ba3/A3.mx, stable) is a joint obligor of
this loan.

RATINGS RATIONALE

The downgrade of the issuer and debt ratings reflects the recent
downgrade of Guerrero's ratings.

The rating action reflects Moody's assessment that CAPAMA is
institutionally, operationally and financially linked to both the
municipality of Acapulco as well as the state of Guerrero. CAPAMA
has strong linkages with the state and municipal governments as it
has a clear public mandate to provide essential water services to
the state's principal metropolitan area. CAPAMA's long-term debt is
currently guaranteed by the state of Guerrero through a pledge of
1% of the state's participation transfers as well as the cash
reserves for debt service payment embedded in the debt structure.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook for CAPAMA reflects the stable outlook assigned
to its supporting government, the state of Guerrero.

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

Given the institutional, operational and financial links between
CAPAMA and Guerrero, an upgrade of Guerrero's issuer ratings
combined with a clear indication that the state will provide
financial support could exert upward pressure on the ratings.
Conversely, a downgrade of Guerrero's issuer ratings could exert
downward pressure on CAPAMA's ratings.

Given the links between the loans and the credit quality of the
issuer, an upgrade of Guerrero's issuer rating could 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 loan ratings.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Environmental considerations are not material to CAPAMA's credit
profile.

Social risks are material to CAPAMA's credit profile. Acapulco has
been affected by increasing levels of violence in recent years,
which has an impact on CAPAMA's income, since the most conflictive
areas are also those with the highest rates of delay in payment of
water and drainage services. Additionally, Moody's views the
coronavirus outbreak as a social risk because of its substantial
public health implications for both states and municipalities.

Corporate governance considerations are material to CAPAMA's credit
profile, and capture the close institutional, operational and
financial ties between the water company and the municipality of
Acapulco and the state of Guerrero, coupled with CAPAMA's weak
governance in terms of planning and budget management.

The methodologies used in these ratings were Enhanced Municipal and
State Loans in Mexico Methodology published in May 2019, and
Government-Related Issuers Methodology published in February 2020.

The period of time covered in the financial information used to
determine CAPAMA's rating is between 1/1/2015 and 31/12/2019
(source: Financial statements of CAPAMA).

GUERRERO STATE: Moody's Downgrades Issuer Ratings to Ba3
--------------------------------------------------------
Moody's de Mexico S.A. de C.V. downgraded the issuer ratings for
the State of Guerrero to Ba3/A3.mx (Global Scale, local
currency/Mexico National Scale) from Ba2/A2.mx, downgraded its
baseline credit assessment (BCA) to ba3 from ba2, and changed the
outlook to stable from negative.

At the same time, Moody's downgraded the debt ratings of the State
of Guerrero's MXN375 million enhanced loan from Banco Santander to
Baa2/Aa2.mx from Baa1/Aaa.mx.

RATINGS RATIONALE

RATIONALE FOR THE DOWNGRADE OF THE ISSUER RATINGS

The downgrade primarily reflects Guerrero's weak and deteriorating
operating balances and expectations that liquidity, which has
already been declining, will eventually stabilize at weaker levels
than those observed in previous years. Guerrero has a poor regional
economy that is somewhat dependent on tourism, an industry that's
highly sensitive to the economic impact of the pandemic. The
state's finances were already on a weak footing before the public
health crisis, with operating deficits averaging 3.7% of operating
revenue over the past four years thanks to a combination of weak
own-source revenue growth and inconsistent management of operating
expenses. Moody's expects the state's deficits will widen to
between 5-7% in 2020 and 2021 as it faces continued declines in
already low own-source revenues and falling non-earmarked federal
transfers (participaciones).

Deficits will cause liquidity to decline in 2020 and 2021 from
previously stronger levels, reducing the state's capacity to manage
unforeseen shocks. Guerrero's ratio of cash/current liabilities has
been steadily declining from 1.3x in 2015 to 0.7x in 2019. Given
expectations of continued deficits, Moody's expects the state's
liquidity ratio will fall to 0.5x by the end of 2021.

Guerrero also has a relatively high dependence on short-term debt,
which averaged 44% of direct debt between 2017-2019. Short-term
debt will likely decline in 2020 given that there is a
gubernatorial election next year and the state will have to
liquidate all short-term balances by July, three months before the
change in administration, in accordance with the Financial
Discipline Law for States and Municipalities. Moody's expects this
will result in a decline in cash.

RATIONALE FOR THE STABLE OUTLOOK

The change in outlook to stable reflects Moody's expectation that
the state's overall debt levels will remain low, and that, despite
a declining trend in 2020 and 2021, liquidity stress will begin to
subside after short-term debt is paid off in 2021 and as resumed
economic growth causes revenue pressures to abate. Moody's expects
Guerrero's overall liquidity levels will continue to compare
favorably with Ba3 peers.

RATIONALE FOR THE ENHANCED LOAN RATINGS

The downgrade of the enhanced loan ratings reflects the downgrade
of Guerrero's issuer ratings. Moody's methodology on rating
enhanced loans in Mexico establishes that the loan ratings are
directly linked to the credit quality of the issuer, which ensures
that underlying contract enforcement risks, economic risks and
credit culture risks (for which the issuer rating acts as a proxy)
are embedded in the enhanced loans ratings.

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

If the state substantially improves its operating results, causing
liquidity metrics to improve while maintaining low debt metrics,
the ratings could be upgraded. Conversely, if operating and cash
financing deficits exceed projections, resulting in a larger than
expected drop in liquidity and further increase in the state's
dependence on short-term borrowing, it would put additional
negative pressure on the ratings.

Given the links between the loan and the credit quality of the
issuer, an upgrade of Guerrero's issuer ratings could exert upward
pressure on the ratings of the loan. Conversely, a downgrade of the
issuer ratings could result in a downgrade of the loan ratings. In
addition, the ratings could face downward pressure if debt service
coverage levels fall materially below expectations.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Environmental considerations are not material to Guerrero's
ratings.

Social risks are material for Guerrero. Indicators including
poverty, illiteracy and access to basic services are relatively
weak in the state, and it has been affected by increasing levels of
violence in recent years. Social spending, including spending on
security, will represent a recurring financial pressure, although a
portion of these expenses are covered with federal transfers.
Additionally, Guerrero faces unfunded pension liabilities that will
generate modest financial pressure over the medium and long term.
Finally, the coronavirus outbreak is a social risk given the
substantial public health and safety implications and the risk of
further spread of the outbreak in the state.

Governance considerations are material to the state's credit
profile. While the state complies in general terms with the
institutional framework determined for all state and municipal
governments, including in their disclosure and transparency
practices, its recurring operating deficits and dependence on
short-term loans to cover liquidity needs reflect weaknesses in
planning and budget management practices.

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



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

ASCENA RETAIL: Bluestar Alliance Buys Justice Brand
---------------------------------------------------
Ben Unglesbee of Retail Dive reports that Bluestar Alliance is set
to acquire the Justice brand from Ascena Retail Group after winning
a bankruptcy auction for the tween brand. Bluestar -- which owns
the Hurley, Bebe, Tahari, Brookstone, Limited Too and Nanette
Lepore brands -- won Justice with a $71 million cash bid that
ultimately values the brand at $90 million including assumed
liabilities.

Bluestar's winning bid was up more than $10 million from its
original stalking horse bid. WHP Global, which owns the Anne Klein
and Joseph Abboud brands, was the back up bidder, according to
court papers.

A hearing is set to consider the sale in the federal bankruptcy
court overseeing Ascena's Chapter 11 case. The parties expect the
deal to close before the end of November, according to a
press release.

Ascena's fire sale of its brands started before it filed for
bankruptcy. Last spring it sold its Maurices brand, and later wound
down its Dressbarn banner and sold the brand to Retail Ecommerce
Ventures, which this year snapped up the Pier 1 and Modell's brands
out of Chapter 11 after those retailers liquidated.

In bankruptcy, Ascena has also moved to sell its Catherines
business to FullBeauty brands, along with closing more than 1,000
stores across its fleet.

Ascena acquired the Justice chain in 2009 to expand into the tween
market. By fall 2019, the chain had 826 stores, and sales had
declined slightly from the previous year. As the Justice brand
changes hands, it is winding down all of its physical stores, which
is expected to be finished in early 2021, according to a separate
press release from Ascena emailed to Retail Dive.

Ralph Gindi, co-founder of Bluestar, said the Justice brand has
"capacity to grow, particularly in categories and distribution."

"Our goal is to create even deeper connections with our consumers
and the brand, while expanding Justice's reach and footprint,"
Gindi said in the release, adding that his company aims to keep the
brand focused on its current demographics and social media
following.

                          About Ascena Retail Group

Ascena Retail Group, Inc. (Nasdaq: ASNA) is a national specialty
retailer offering apparel, shoes, and accessories for women under
the Premium Fashion (Ann Taylor, LOFT, and Lou & Grey), Plus
Fashion (Lane Bryant, Catherines and Cacique), and Value Fashion
(Dressbarn) segments, and for tween girls under the Kids Fashion
segment (Justice). Ascena, through its retail brands, operates
ecommerce websites and approximately 2,800 stores throughout the
United States, Canada, and Puerto Rico. Visit
http://www.ascenaretail.com/for more information.

Ascena Retail reported a net loss of $661.4 million for the fiscal
year ended Aug. 3, 2019, a net loss of $39.7 million for the year
ended Aug. 4, 2018, and a net loss of $1.06 billion for the year
ended July 29, 2017.

On July 23, 2020, Ascena Retail Group and its affiliates sought
Chapter 11 protection (Bankr. E.D. Va. Case No. 20-33113). As of
Feb. 1, 2020, Ascena Retail had $13,690,710,379 in assets and
$12,516,261,149 in total liabilities.

The Hon. Kevin R. Huennekens is the case judge.

The Debtors tapped Kirkland & Ellis LLP and Cooley LLP as
bankruptcy counsel, Guggenheim Securities, LLC, as financial
Advisor, and Alvarez and Marsal North America, LLC as
restructuring advisor. Prime Clerk, LLC is the claims agent.



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

PORT OF SPAIN REGIONAL: Workers Finally Paid After Cyber Attack
---------------------------------------------------------------
Trinidad Express reports that over 1,300 daily-paid workers of the
Port of Spain Regional Corporation are breathing a sigh of relief,
as they have finally received their salaries after a ransomware
attack last month made it impossible for staff to access data or
recover several of its servers.

The Corporation, in a news release, said due to the cyber attack on
its ICT system on October 23, pay had to be processed manually,
which involved a total rebuilding of the system, according to
Trinidad Express.

Earlier, several fortnightly-paid workers reached out to the
Express, stating that their bank accounts were left dry as they
were not paid on the due date, the report notes.

One daily-paid worker, who spoke on condition of anonymity said, he
was annoyed that it took them long to find out their salaries were
not going be paid, the report relays.

"We had to find out through the grapevine that we were not getting
paid because of a ransomware attack.  The administrative staff
should have informed us of the situation and we would have
understand, but no correspondence was forthcoming from them," he
added.

When contacted, Port of Spain Mayor Joel Martinez confirmed the
daily-paid workers were not paid on time, but stated the payroll
had to be manually done and even though the administrative staff
was pushing for the monies to hit the bank accounts, this did not
happen, the report relays.

"The workers were paid and I empathize with them cause they have
children and bills to pay, just like anyone of us. However, the
administrative staff worked over the weekend to ensure that workers
would have received their salaries before the end of the week," the
report quoted Mr. Martinez as saying.

Martinez also confirmed the monthly-paid staff were paid, the
report notes.

With regards, to the ransomware attack, the mayor said the matter
is still being investigated by the Trinidad and Tobago Police
Service Cyber and Social Media Unit, but stated the corporation has
been rebuilding its database, restoring file data and strengthening
its firewalls, the report discloses.  He noted no ransom payment
was given to the hackers, as the Corporation does not have that
kind of funding, the report relays.

Also speaking on the issue was the regional corporation's union
representative, Amalgamated Workers' Union president Michael
Prentice, who said he had a meeting with management on the delayed
payment to the daily-paid workers, the report notes.

"What appeared to have happened is that the supervisors were
informed of this development due to the constrains and some of them
did not relay such vital information to the workers. Several
workers called me and said they were paid," the report relays

Prentice also added management said all is being done to ensure a
similar situation does not occur next month, the report discloses.

Ransomware is a type of malware (malicious software) that has
gained notoriety in recent months due to high-profile cases of
companies being infected and forced to pay a ransom, the report
says.

Just last month, ANSA McAL, the largest conglomerate in the region,
fell victim to a ransomware attack when hackers held some of ANSA's
IT systems hostage in exchange for payment, the report relays.

ANSA McAL did not confirm the ransomware attack, but did note in a
release on October 20 that a security incident, that started at its
Barbados operations and migrated to Trinidad, affected operations
in Tatil and Tatil Life, part of the group's financial sector, the
report adds.



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

[*] BOND PRICING: For the Week Oct. 9 to Oct. 13, 2020
------------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
KrisEnergy Ltd             4.0    40.4     6/9/2022    SG     SGD
Corp Universidad de Co     5.9    64.2   11/10/2021    CL     CLP
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
SACI Falabella             2.3    50.6    7/15/2020    CL     CLP
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
Enel Americas SA           5.8    32.7    6/15/2022    CL     CLP
Empresa Provincial de     12.5     0.0    1/29/2020    AR     USD
Odebrecht Finance Ltd      7.0    17.0    4/21/2020    KY     USD
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
China Huiyuan Juice Gr     6.5    46.6    8/16/2020    CN     USD
Empresa Electrica de l     2.5    63.8    5/15/2021    CL     CLP
Sociedad Austral de El     3.0    17.0    9/20/2019    CL     CLP
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Plaza SA                   3.5    38.3    8/15/2020    CL     CLP
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
Banco Security SA          3.0    27.4     6/1/2021    CL     CLP
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Banco Security SA          3.0     5.6     7/1/2019    CL     CLP
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
China Huiyuan Juice Gr     6.5    46.6    8/16/2020    CN     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
MIE Holdings Corp          7.5    56.4    4/25/2019    HK     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
mpresa de Transporte      4.3    30.9    7/15/2020    CL     CLP
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Energetica de Pern     6.2     1.1    1/15/2022    BR     BRL
Yida China Holdings Lt     7.0    74.3    4/19/2020    CN     USD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Esval SA                   3.5    49.9    2/15/2026    CL     CLP



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


                  * * * End of Transmission * * *