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       T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, November 19, 2020, Vol. 21, No. 232

                           Headlines



A R G E N T I N A

ARGENTINA: Begins Formal Negotiations With IMF for New Program
CORDOBA PROVINCE: Fitch Downgrades LT Issuer Default Rating to C
IRSA INVERSIONES: S&P Ups ICR to CCC+ on Lower Refinancing Risk


B R A Z I L

B2W COMPANHIA: Fitch Assigns 'BB' FC IDR, Outlook Negative
B2W COMPANHIA: Moody's Assigns Ba1 CFR, Outlook Stable


E L   S A L V A D O R

EL SALVADOR: Moody's Reviews B3 Issuer Rating for Downgrade


J A M A I C A

JAMAICA: BOJ Intervenes in Forex Market for Second Straight Week
[*] JAMAICA: Setting Up Initiative to Digitise 25,000 Business Ops


P U E R T O   R I C O

ASCENA RETAIL: Creditors Vote to Approve Bankruptcy Plan


X X X X X X X X

LATAM: Illicit Market for Alcoholic Beverages Up Over Restrictions

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Begins Formal Negotiations With IMF for New Program
--------------------------------------------------------------
Cassandra Garrison at Reuters reports that a mission from the
International Monetary Fund was scheduled to visit Argentina last
Nov. 10 to begin formal negotiations for a new financing program,
an IMF spokesman said.

Dialogue between the mission and Argentina will focus on the
government's fiscal agenda in the medium term "with the aim of
anchoring macroeconomic stability and laying the foundations for
inclusive and sustainable growth," the spokesman said in a
statement, adding that there is no set date for negotiations to
conclude, according to Reuters.

Argentina is looking to update its $57 billion IMF agreement struck
two years ago that failed to prevent a slide into recession and the
country's ninth sovereign default, the report relays.  The South
American country wants to defer some $45 billion in payments over
the next few years, as it heads for an expected 11.6% economic
contraction in 2020 and battles a currency crisis, the report
notes.

The South American country could request a fresh round of cash from
the IMF during negotiations, an IMF official said in October, with
the aim of boosting market confidence, the report discloses.

The IMF mission to Argentina will be led by Julie Kozack, the
Fund's deputy director for the Western Hemisphere, and Luis
Cubeddu, head of the IMF's mission in Argentina, the report says.

                       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.

CORDOBA PROVINCE: Fitch Downgrades LT Issuer Default Rating to C
----------------------------------------------------------------
Fitch Ratings has downgraded Province of Cordoba's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) to 'C'
from 'CCC'. Fitch has also downgraded Cordoba's 7.45% USD510.0
million senior unsecured notes due 2024 and 7.125% USD450.0 million
senior unsecured notes due 2027 to 'C' from 'CCC'. Additionally,
Fitch lowered Cordoba's Standalone Credit Profile (SCP) to 'c' from
'ccc'. Fitch relied on its Distressed Debt Exchange (DDE) Rating
Criteria and its rating definitions to position the Province's
ratings and SCP.

KEY RATING DRIVERS

The downgrade of Cordoba's rating to 'C' indicates that a DDE
process has begun following the authorities' announcement that it
is soliciting the holders of each series of the Eligible Notes
(2021, 2024 and 2027 notes) to consent to certain modifications to
their respective series. The stated response period for the
'consent solicitation' closes Nov. 23, 2020 (such date may be
extended by the Province).

The proposal involves amendments to the notes maturities,
amortization profiles (to 'quarterly instalments' from 'bullet
payments'), and easing of the interest rate conditions. Should
majorities of creditors agree to the proposed 'consent
solicitation' at the thresholds specified in collective action
causes (CACs), the outcome would constitute a DDE as it involves a
material reduction in terms for creditors and is being pursued to
achieve a sustainable debt profile amid Argentina's macroeconomic
tensions, recent sovereign foreign currency debt restructure, and
acute shortage of foreign exchange reserves that is hindering the
Province access to USD and to the international capital market.

On Nov. 8, 2020, the Ad Hoc Bondholder Group of the Province of
Cordoba firmly rejected the proposed bond exchange contained in the
'consent solicitation'. The Group is composed of institutional
money managers holding in excess of 50% of the Province's
international bonds subject to the 'consent solicitation'. Coupon
payment on one of the eligible bonds is due on Dec. 10, and have a
30-day grace period. Should a deal with bondholders not be reached,
or should significantly progress on an agreement not be achieved,
Fitch sees a high risk that these payments will not be made.

Fitch has also downgraded the issue ratings on the securities
included in the 'consent solicitation' to 'C'.

Fitch rates two notes; the first ones were issued for USD510
million in March 2017. The bond is denominated in U.S. dollars and
accrues a fixed interest rate of 7.45% payable on a semi-annual
basis (March 1 and Sept. 1 of each year). The bond's maturity date
is on Sept. 1, 2024, with a bullet payment. The notes are a senior
unsecured obligation of Cordoba governed by the laws of the state
of New York. The proceeds were used to partially tender current
debt and for public infrastructure projects. The second ones were
issued for USD450 million in July 2017. The bond is denominated in
U.S. dollars and accrues a fixed interest rate of 7.125% payable on
a semi-annual basis (Feb. 1 and Aug. 1 of each year). The bond's
maturity date is on Aug. 1, 2027 with a bullet payment. The notes
are a senior unsecured obligation of Cordoba governed by the laws
of the state of New York. The proceeds were used to finance the
execution of four trunk gas pipelines of the province's Integral
Trunk Gas Infrastructure Program.

ESG - Governance: Province of Cordoba has an Environmental, Social
and Governance (ESG) Relevance Score of '5' for Creditor Rights,
revised from '3'. The 'consent solicitation' if accepted, would
constitute a DDE as it involves a material reduction in terms for
creditors; hence it has negatively impacted creditors' rights. This
credit event is highly relevant to the rating and is a key rating
driver with a high weight. The current rating action taken on
Cordoba reflects Fitch's view that a default-like process has
begun.

ESG - Governance: The Province has an ESG Relevance Score of '4'
for Rule of Law, Institutional and Regulatory Quality and Control
of Corruption, revised from '3', considering the small progress
made by the Province in its bond terms and conditions proposal.
Additionally, the sovereign's restructuring process and final
results have an impact on the Province's decisions and bond
restructuring process.

DERIVATION SUMMARY

Fitch positions the Province's ratings according the agency's
rating definitions.

KEY ASSUMPTIONS

Not applicable.

RATING SENSITIVITIES

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

  -- Province of Cordoba's IDRs and SCP would be reassessed upon
the completion of a debt restructuring process to reflect its new
credit profile.

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

  -- Acceptance by creditors of a change in terms as for example
outlined in the authorities' consent solicitation for the 2021,
2024 and 2027 notes, which would constitute a distressed debt
exchange.

  -- In the absence of agreement by creditors, failure to make a
payment within the applicable grace periods.

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

Cordoba, Province of: Rule of Law, Institutional & Regulatory
Quality, Control of Corruption: 4, Creditor Rights: 5

Province of Cordoba has an ESG Relevance Score of '4' for Rule of
Law, Institutional and Regulatory Quality and Control of
Corruption, reflecting the negative impact of the weak regulatory
framework and the national policies of the sovereign in relation to
the Province. The Province also has an ESG Relevance Score of '5'
for Creditor Rights due to the proposed 'consent solicitation'
that, if accepted, involves a material reduction in terms for
creditors. This credit event is highly relevant to the rating and
is a key rating driver with a high weight. The current rating
action taken on Cordoba reflects Fitch's view that a default-like
process has begun.

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.

IRSA INVERSIONES: S&P Ups ICR to CCC+ on Lower Refinancing Risk
---------------------------------------------------------------
On Nov. 17, 2020, S&P Global Ratings raised its issuer credit
rating on Argentina-based real estate company, IRSA Inversiones y
Representaciones S.A. (IRSA) to 'CCC+' from 'SD' and its issuer
credit and issue-level ratings on IRCP to 'CCC+' from 'CCC-'.

On Nov. 12, 2020, IRSA completed its debt exchange with a 98.31%
acceptance, in accordance with the Argentine central bank's
regulations. The transaction involved a combination of cash payment
for $72.6 million, 40% of the $181.5 million series I 10.00% senior
unsecured notes due Nov. 14, 2020, and the issuance of two tranches
of new senior unsecured notes for the remaining portion. The new
$31.7 million series VIII notes have equal annual amortization with
final maturity in November 2023, and $80.7 million (including cash
subscription of $6.5 million) series IX have bullet amortization in
March 2023. Both bear 10% fixed interst rate. S&P said, "In our
opinion, IRSA's refinancing risk decreased after the exchange, with
only about $80 million debt maturing in 2021. Despite the business
and macroeconomic challenges that the company would continue to
face in the short term, we believe that given the amount and
composition of those maturities, refinancing would be manageable
thanks to IRSA's satisfactory relatioinships with banks, financial
flexibility, and track-record of issuances in the domestic capital
market."

In the past few months, IRCP received $188 million in proceeds from
assets sales, including seven floors in the Boston tower in Buenos
Aires for $42 million in November 2020. In addition, after the
September 2020 series IV notes payment, IRCP improved its capital
structure with no significant maturities until 2023 when its newly
issued $360 million series II notes come due. In addition, the
company is in the process of rescheduling under bilateral
negotiations the amortization installments of a bank loan for about
$6 million until March 31, 2021.

Most of IRSA's shopping malls and all of its hotels remained closed
for seven months due to the COVID-19 lockdown, and shopping malls
resumed operations in full since mid-October. In the medium term,
S&P expects occupancy rates to be lower than those prior to the
pandemic at the company's three segments--malls, hotels, and
offices--further weakening cash flows. A significant number of
tenants could fail to pay rent or negotiate rent cuts and
deferrals. Consumer spending would remain subdued for a long
period, as shoppers seek to avoid crowded places. Also, demand for
office space could shrink as companies embrace flexible hours and
remote work.




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B R A Z I L
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B2W COMPANHIA: Fitch Assigns 'BB' FC IDR, Outlook Negative
----------------------------------------------------------
Fitch Ratings has assigned a 'BB' First-Time Foreign Currency (FC)
Issuer Default Rating (IDR) and a 'BB+' First-Time Local Currency
(LC) IDR to B2W Companhia Digital (B2W Digital). The Rating Outlook
for the LC IDR is Stable and for the FC IDR is Negative. Fitch has
also assigned a 'BB' rating to B2W Digital' proposed senior
unsecured global notes due in 2030 at benchmark size. The notes
will be issued through its wholly owned subsidiary, B2W Digital Lux
S.a.r.l. and will be unconditionally and irrevocably guaranteed by
B2W Digital. Proceeds will be used to elongate the company's debt
profile.

The company's 'BB' FC IDR is capped by Brazil's Country Ceiling
(BB), as the company's operations are in Brazil, and it does not
have assets or material cash held abroad to help mitigate transfer
and convertibility risk. The Rating Outlook for the FC IDR is
Negative due to its direct link to the country's sovereign rating
of 'BB-'/Negative Outlook.

B2W Digital's ratings are supported by the consolidated credit
profile of its parent company, Lojas Americanas S.A. (Americanas,
FC IDR 'BB'/Negative and LC IDR 'BB+'/Stable). Fitch's analysis
applied its Parent and Subsidiary Rating Linkage criteria and
considered the strong legal, operational and strategic ties between
the two companies. Operational linkages are strong due to B2W
Digital' financial and strategic importance to Americanas' profile.
Fitch also views legal linkages as strong as some of B2W Digital's
debt is guaranteed by Americanas, and cross default provisions also
exist between the entities. B2W Digital accounted for 45% of
consolidated revenues and 27% of consolidated EBITDAR as of LTM
September 2020. On a standalone basis, B2W Digital would be rated
lower than the current rating as the company operates in a stronger
competitive environment and with lower profitability level when
compared to traditional physical retail chain.

Americanas' credit profile reflects its large business scale in the
Brazilian retail industry and strong competitive position, which
has allowed the company to report a long track record of heathy
operating cash flow generation through several economic cycles. Its
business profile benefits from a diversified low-ticket portfolio
in the physical chain, online sales penetration and high and
relatively stable operating margins. The ratings also reflect
Americanas' maintenance of historical robust liquidity, with hefty
cash holdings and lengthened debt amortization schedule. The
ratings also reflect Fitch's projections that the company will
maintain the consolidated gross adjusted debt/EBITDAR and net
adjusted debt/EBITDAR below 4.0x and 1.5x, respectively, on a
sustainable basis.

KEY RATING DRIVERS

Debt Reduction Commitment: Fitch expects strong deleveraging of
Americanas' consolidated balance sheet, due to robust net capital
injections of BRL7.9 billion (approximately USD1.5 billions) for
Americanas and BRL0.7 billion (USD140 million, coming from
minorities) for B2W Digital, which concluded in July and September
2020, respectively. The proceeds have been used to reduce gross
debt and finance an aggressive capex plan. According to Fitch's
methodology, Americanas' net adjusted debt/EBITDAR should drop to
1.1x in 2020 and will remain limited to 1.5x from 2021 onward,
compared to an average of 3.6x in the prior three years. Fitch's
base case scenario incorporates that gross debt will reduce by
about BRL6.0 billion between 2020 and 2021, which will allow total
adjusted debt/EBITDAR to reach sustainable 4.0x ratio, compared to
historical ratios above 5.0x. Relevant acquisitions that consume
material level of cash or increase gross debt were not considered
in the base case scenario and would likely have negative credit
implications.

Coronavirus Pandemic's Limited Impact: Fitch believes the company
will continue benefiting from its diversified portfolio. The high
online penetration, when compared with Brazilian peers, has helped
smooth business pressures during social distancing measures. Around
50% of its revenues come from the online channel. At the end of
October 2020, all stores (1,703) were open, with only 14% of sales
areas operating under some form of restriction. Fitch believes that
Americanas' EBITDAR margin will be close to 18% from 2021 onward,
after a slight decline in 2020, and compared with an average of
18.6% between 2016 and 2019. The agency's base case scenario
incorporates that Americanas' same store sales (SSS) will be
neutral in 2020 and will grow slightly above inflation from 2021
onward. Fitch also expects that the online business will continue
to benefit from high demand and new consumer behavior resulting
from the measures to combat the pandemic. Fitch's base case
forecasts online revenues should increase by more than 30% in
2019.

FCF Remains Pressured: Fitch projects that Americanas' total area
will increase by 5% per year, from 2021 onward and the marketplace
will reach 30% of the group's consolidated EBITDA in 2021, from 20%
in 2019. Annual capex should range from BRL2.0 billion-BRL2.5
billion, from 2021 to 2023, compared with the average of BRL1.3
billion from 2016 to 2019. Fitch expects EBITDAR and cash flow from
operations to reach BRL3.3 billion and BRL1.0 billion in 2020 and
BRL3.9 billion and BRL1.2 billion in 2021, compared with BRL3.3
billion and BRL1.3 billion in 2019, respectively. Fitch projects
that FCF will remain negative by about BRL2.0 billion from 2020 to
2022, peaking above BRL1.0 billion in 2021. The capex should be
financed by a combination of cash and operating cash flow
generation.

Solid Business Profile: Americanas has a strong business
positioning in the Brazilian retail industry, which presents
moderate to high risk. The company operates the largest Brazilian
brick and mortar department store, with a diversified portfolio,
allowing the company to report resilient performance along several
economic cycles. The recent capital injection creates conditions
for the company to solidify its market position and reduce business
risks through strategic investments in technology and logistics,
strengthening its presence in the Brazilian brick and mortar and
online retail markets. Americanas' SSS growth has been historically
above the country's GDP. Complementing its physical business,
Americanas also operates the largest e-commerce store in Latin
America, which represented 35% of the consolidated revenues, in
2019. This business enjoys important competitive advantages
compared with smaller peers, which has been an important factor to
mitigate the pressures on physical stores sales during the
pandemic. Fitch believes that the still developing online retail
market in Brazil tends to moderately buffer the increasing
competition with large international players, which have been
expanding across the country. In Fitch's view, B2W's main long-term
challenge will be to continue to capture the potential market
increases going forward in a more aggressive competition scenario.

DERIVATION SUMMARY

Due to its geographic concentration, Americanas' 'BB' FC IDR is
lower than its Latin American peers, including Falabella S.A.
(BBB/Negative) and Grupo Elektra, S.A.B. de C.V. (BB+/Negative),
which operate in more than one market in Latin America. Americanas'
exposure to Brazil's economic environment also differentiates the
company's risk from its peers. Americanas' capital structure and
liquidity are strong but are still threatened by the negative FCF
trends, unlike its peers. Falabella's and Elektra's Negative
Outlooks are based on severe business interruption from the
coronavirus pandemic.

El Puerto de Liverpool S.A.B. de C.V. (BBB+/Stable) is also
concentrated in only one market, Mexico, but it is one of the
strongest rated retailers in Latin America. Its retail-only
adjusted gross leverage is close to zero as of YE 2019, which is
stronger than Americanas' gross leverage above 4.0x.

Americanas is better positioned than Grupo Unicomer Corp
(BB-/Stable) due to its stronger credit profile. From a financial
risk profile view, Unicomer maintains lower profitability and
higher leverage. As per Fitch's criteria, Unicomer's applicable
Country Ceiling is 'BB-'.

KEY ASSUMPTIONS

  -- SSS neutral in 2020; SSS as a combination of inflation and
half GDP from 2021 onward;

  -- Increase of 15% in B2W's sales in 2021;

  -- Increase of 5% in sales area from 2021 onward;

  -- Marketplace representing 70% of B2W's gross merchandise volume
in 2020-2021.

RATING SENSITIVITIES

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

  -- Positive actions on the sovereign rating may lead to positive
actions regarding B2W Digital's FC IDR and the rating of the
unsecured notes, which is currently limited by the Brazilian
Country Celling;

  -- B2W Digital's LC IDR may be upgraded in case of positive and
sustainable FCF, and relevant geographic diversification.

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

  -- Negative action on the sovereign rating may lead to negative
action regarding B2W Digital's FC IDR and the rating of the
unsecured notes;

  -- Weakening of Americanas and B2W Digital's ties;

  -- Weak consolidated liquidity;

  -- Consolidated net adjusted debt/EBITDAR above 3.0x from 2021
onward;

  -- Consolidated total adjusted debt/EBITDAR above 4.0x from 2021
onward;

  -- Deterioration of B2W credit quality, on a standalone basis.

LIQUIDITY AND DEBT STRUCTURE

Robust Liquidity: The rating incorporates Fitch's expectation that
Americanas will maintain a strong liquidity profile, with a
manageable debt amortization schedule. In September 2020, the
company's cash position was BRL16.0 billion and total adjusted debt
of BRL19.8 billion, which includes approximately BRL3.1 billion in
rental obligations, according to Fitch's methodology.

Around BRL2.3 billion (40%) of its short-term debt relates to net
factoring of receivables that does not depend on the company's
current cash to be amortized, as it depends only on the settlement
of receivables. Fitch's rating case considers Americanas will use
part of its cash to finance the expected negative FCF of BRL2.3
billion from 2020 to 2022 and also to reduce its total debt by
about BRL6 billion during that period.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch uses a multiple of 5x to capitalize Brazilian companies'
leasing adjusted debt. Fitch includes the factoring of account
receivables on debt. Fitch adjusts short-term and long-term
marketable securities back to cash and equivalents. Fitch considers
the financing to the marketplace sellers as finance activity.
Applying Fitch's methodology, the finance service activity has a
debt/equity leverage ratio of 2.0x. The asset of the financial
service activity corresponds to the receivables related to the
marketplace business, so half of this asset is financed by debt,
which is deconsolidated from total debt.

B2W COMPANHIA: Moody's Assigns Ba1 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service assigned a Ba1 corporate family rating to
B2W Companhia Digital. At the same time, Moody's assigned a Ba1
rating to the proposed senior unsecured notes to be issued by B2W
Digital Lux S.a r.l. unconditionally guaranteed by B2W. This is the
first time Moody's rates B2W. The outlook for the ratings is
stable.

Proceeds will be used to refinance a portion of short and
medium-term indebtedness and for general corporate purposes.

Ratings assigned:

B2W Companhia Digital

  - Corporate Family Rating: Ba1

B2W Digital Lux S.a r.l.

  - Proposed Gtd Senior Unsecured Notes: Ba1

The outlook for the ratings is assigned stable.

RATINGS RATIONALE

B2W ratings are based on the company's stand-alone credit profile
along with the support from its controlling shareholder Lojas
Americanas S.A. (Ba1 stable). Accordingly, B2W is one of Brazil's
largest online platforms, benefiting from its integration with the
group's physical stores, while posting excellent liquidity and
improving overall credit metrics. The company will also be favored
by the acceleration on digital services penetration as a
consequence of the COVID pandemic.

B2W has received material financial help from Lojas Americanas over
the past several years, including BRL7.9 billion in capital
injections since 2011, which were key for B2W's growth strategy.
Moreover, several of both companies' debt instruments contain
cross-default clauses. Moody's believes that Lojas Americanas has
significant incentives to continue to support B2W in the future
given the strong links and complementarity of the businesses.

Constraining the ratings is B2W's aggressive growth strategy which
entails the possibility of continued M&A activity, and the still
timid positive free cash flow, which historically was negative due
to the heavy investments, high interest expense and low EBITDA
generation. Such investments have increased the company's scale
over the past several years, with EBITDA now having reached a level
to support its capital structure. In the last twelve months ended
September 2020, B2W's EBITDA reached BRL1.1 billion compared to
just BRL568 million in 2013, while (EBITDA-Capex)/Interest Expense
improved to 0.7x from -0.18% in the same period.

The growth of the business, lower base interest rates in Brazil,
and lower debt balance will all contribute for a continued
improvement of such metrics. In this context, Moody's believes that
an improved capital structure and increased financial flexibility
would make B2W more prone to engage in M&A, which could entail
execution risk and delay the expected gross deleveraging of the
company in 2021. However, Moody's also expects B2W's cash and
available receivables to continue covering its debt and trade
payables.

B2W's liquidity and credit metrics have improved after July's
equity follow-on of BRL4.0 billion, in which Lojas Americanas
contributed BRL3.3 billion and minority shareholders BRL732
million. The proceeds from the follow-on will be partly used to
reduce debt and reinforce its cash balance. Accordingly, the
company has reached a net cash position and Moody's expects gross
leverage, measured by adjusted gross debt divided by EBITDA, to
reach 4.7x by year-end 2020, compared to 6.7x in December 2019. As
of September 2020, B2W had a BRL8.0 billion in cash position and
BRL5.3 billion in total debt, considering Moody's adjustments.
Liquidity sources also considers BRL1.5 billion in credit card
receivables with a risk equivalent to those of the issuing banks.
The digital platforms generate a considerable amount of credit card
receivables which B2W anticipates in order to support its working
capital cycle. In September 2020, B2W had anticipated a balance of
BRL4.7 billion in receivables.

The stable outlook incorporates its expectation that B2W will
maintain a very robust liquidity profile combined with a cash
generation ability as measured by (EBITDA-Capex)/interest expenses
which continues to improve. The outlook also incorporates a gross
merchandise volume growth above Brazilian e-commerce average growth
and the maintenance of a low debt balance leading to a reduction in
gross leverage. Moody's also expects B2W will maintain a strong
capex program including eventual acquisitions. But Moody's expects
that possible M&A would not be material enough to deteriorate
credit metrics and liquidity.

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

Ratings could be downgraded if B2W fails to maintain its strong
liquidity profile with cash and available receivables covering its
debt and trade payables. A negative action could be triggered by
acquisitions that lead to a deterioration of credit metrics.
Negative pressure on the rating could also emerge from a perception
of diminishing shareholder support. Quantitatively, a downgrade
could happen if EBITA to interest expense remains below 1.5x,
leverage as expressed by total adjusted gross debt to EBITDA above
4.5x and retained cash flow to net debt below 35%. A rating action
of Lojas Americanas could also lead to an action on B2W's ratings.

A positive rating action would require a sustained strong liquidity
profile, with cash and available receivables covering its debt and
trade payables, and continued improvement in free cash generation.
Quantitatively, a positive action would also require gross leverage
below 3.0x and EBITA to interest expense above 4.0x.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Headquartered in Rio de Janeiro, Brazil, B2W Companhia Digital
("B2W") is one of the largest e-commerce platforms in Brazil and
the digital arm of Lojas Americanas S.A. (Ba1 stable) - a retailer
with more than 1,700 stores over all Brazilian states and 747
cities. Currently, Lojas Americanas is its controlling shareholder
with 62.5% of its shares. B2W's operations comprise both online
operations (1P) through its own digital stores such as
Americanas.com, Submarino.com, Shoptime, Sou Barato, and
marketplaces (3P) for third party sellers. The platform reached
BRL25.2 billion in gross merchandise volume (GMV) in the last
twelve months ended in September 2020. In the same period, B2W
generated adjusted net revenue of BRL9.3 billion ($2.0 billion,
converted using the average rate for the period) with an adjusted
EBITDA margin of 11.9%.



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E L   S A L V A D O R
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EL SALVADOR: Moody's Reviews B3 Issuer Rating for Downgrade
-----------------------------------------------------------
Moody's Investors Service placed the Government of El Salvador's B3
issuer and senior unsecured ratings on review for possible
downgrade.

The key driver behind the decision is the government's high
liquidity risk due to a large increase in gross financing needs,
tight external financing conditions and limited ability to increase
reliance on the domestic market.

The review period will allow Moody's to assess the administration's
policy response to address financing constraints and to evaluate if
the government's fiscal consolidation plans for 2021 and beyond
will prove effective in assuring debt sustainability.

The long-term foreign-currency bond and deposit ceilings remain
unchanged at B1. The short-term foreign-currency bond and deposit
ceilings remain Not Prime.

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

RATIONALE FOR INITIATING A REVIEW FOR DOWNGRADE ON EL SALVADOR'S B3
RATINGS

Moody's expects El Salvador's fiscal deficit to reach 11% of GDP in
2020, exceeding the rating agency's previous estimate of 8.5% back
in May.

In addition to the impact of the coronavirus shock on GDP levels
and government revenue, the widening in the fiscal imbalance
reflects the government's decision to increase spending and provide
tax relief measures to assist households and companies by around
3.5% of GDP amid the pandemic. The rating agency had expected the
government to cut spending in some areas to accommodate part of the
support measures. However, while the government is still in
negotiations with the Legislative Assembly to approve several
multilateral loans, the government has already implemented a series
of spending measures and has not announced any significant cuts.

Even though Moody's currently expects the fiscal deficit to decline
to 6.3% of GDP in 2021 and the primary deficit to also decline, the
fiscal deficit will remain high, almost double the size of the
deficits El Salvador typically posted pre-pandemic.

Moody's currently estimates the government's gross financing
requirements at 18% of GDP in 2020, up from the 7.9% of GDP that it
estimated in early March. The increase is related to the sharp
deterioration in the primary balance and the rise in interest
payments, the latter of which is largely a result of the
government's heavy reliance on short-term domestic debt. For 2021,
Moody's expects gross financing needs to remain high at 17.3% of
GDP, given higher debt amortizations as a result of the continued
reliance on short-term domestic debt and rising interest burden,
only partly mitigated by a narrower primary deficit.

Financing needs in 2020 are mostly covered, but government spending
could end up higher than what Moody's currently expects, increasing
needs. Moreover, covering all 2020 financing needs is dependent on
the government finalizing negotiations with the Legislative
Assembly. In 2021, El Salvador will need multilateral loans and
access to the external global markets to fill its funding gap. This
will pose credit risks as market conditions for El Salvador have
deteriorated sharply this year with sovereign spreads rising by
around 490 basis points since November 2019 and remaining high at
around 869 basis points -- a condition that signals increased
investor concerns about tight financing conditions, the
government's policy response and the implications this could have
on debt sustainability.

At the same time, the ability of El Salvador to rely on local
funding has narrowed, as a significant increase in short-term debt
has driven the domestic market's absorption capacity to the limit.
Even though many local banks have been willing to increase their
exposure to short-term debt in the form of Letras del Tesoro
(LETES), these at times have reached a record level of $1.48
billion, which is also shy of the official limit approved in the
budget and substantially above the $800-$900 million observed in
the last two years.

The review for downgrade period will focus on the extent to which
the authorities can secure financing sources to complete their 2020
funding program and cover next year's financing needs. The review
will also assess the level of the government's commitment to fiscal
consolidation in 2021 and beyond and how likely efforts are to be
effective, particularly as discussions on the 2021 budget are
ongoing within the Legislative Assembly. The review period will
also evaluate El Salvador's debt sustainability prospects.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's takes account of the impact of environmental (E), social
(S) and governance (G) factors when assessing sovereign issuers'
economic, institutional and fiscal strength and their
susceptibility to event risk. In the case of El Salvador, the
materiality of ESG to the credit profile is as follows:

El Salvador is significantly exposed to environmental risks because
its geography is dominated by a region known as the Dry Corridor,
characterized by recurrent drought and heavy precipitation events
that lead to flooding and landslides. The steady rise in frequency
and severity of drought and other climate-related shocks pose a
threat to the country's agriculture sector, which employs 21% of
the country's population. As such, weather events can significantly
influence El Salvador's key credit metrics, such as GDP growth
volatility, household incomes and agricultural export earnings.

Social risks also inform El Salvador's credit profile. Although it
has notably declined in the last year, El Salvador's homicide rate
remains one of the highest in the Western Hemisphere and is
emblematic of the country's weak domestic security, a key driver
behind significant out-migration of its residents to the US. While
remittances from foreign nationals support economic activity, high
levels of violence and insecurity stunt the country's investment
levels, productivity and long-term growth potential. Moody's also
regards the coronavirus outbreak as a social risk under its ESG
framework, given the substantial implications for public health and
safety.

In terms of governance, El Salvador's institutions are weak, with
lack of compliance to their fiscal responsibility law, rule of law
and security challenges and a history of political confrontation
between the executive and legislative branches that frequently
prevent progress on needed reforms to address economic and fiscal
challenges.

GDP per capita (PPP basis, US$): 9,147 (2019 Actual) (also known as
Per Capita Income)

Real GDP growth (% change): 2.4% (2019 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 0% (2019 Actual)

Gen. Gov. Financial Balance/GDP: -3.1% (2019 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: -2.1% (2019 Actual) (also known as
External Balance)

External debt/GDP: 64.4% (2019 Actual)

Economic resiliency: b1

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On November 11, 2020, a rating committee was called to discuss the
rating of the El Salvador, Government of. The main points raised
during the discussion were: The issuer's fiscal or financial
strength, including its debt profile, has materially decreased. The
issuer has become increasingly susceptible to event risks.

TRIGGERS FOR DOWNGRADE/CONFIRMATION OF THE RATING

Moody's would downgrade the rating if following the review, the
agency concluded that El Salvador's government liquidity risks
would remain high and that debt sustainability issues were likely
to escalate. A medium-term policy response that did not support an
arresting of fiscal deterioration over the coming years, leading to
a continued deterioration in debt affordability metrics in
particular, would contribute to this rating outcome. Continued
political confrontations that constrained the government's access
to long-term financing, potentially compromising the refinancing of
upcoming debt maturities, would also negatively affect the rating.

Moody's would confirm the rating if the review were to conclude
that a credible fiscal and economic policy response from the
government would efficiently manage short- and medium-term risks
arising from rising gross financing needs and limited funding
sources. Fiscal restraint that supported debt stabilization would
improve the sovereign's credit quality as well as evidence that El
Salvador's medium-term growth prospects could improve above the
current potential of 2%.

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



=============
J A M A I C A
=============

JAMAICA: BOJ Intervenes in Forex Market for Second Straight Week
----------------------------------------------------------------
RJR News reports that the Bank of Jamaica has intervened in the
foreign exchange market for a second consecutive week.

The Central Bank offered US$15 million to authorized dealers and
cambios, according to RJR News.

The total injection over the last two months is now US$125 million,
the report notes.

                    About Jamaica

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

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

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

[*] JAMAICA: Setting Up Initiative to Digitise 25,000 Business Ops
------------------------------------------------------------------
RJR News reports that Jamaica Minister of Industry, Investment and
Commerce, Audley Shaw, said the government is embarking on an
initiative to facilitate the digitisation of more than 25,000
business enterprises' operations within the next three years.

Mr. Shaw says this undertaking is among several initiatives
designed to support local entrepreneurs, particularly micro, small
and medium enterprises, which are being pursued, the report
relays.

He says the thrust comes against the background of a 4.4 per cent
contraction projected for the global economy this year, the report
notes.

                       About Jamaica

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

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

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



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

ASCENA RETAIL: Creditors Vote to Approve Bankruptcy Plan
--------------------------------------------------------
Josh Saul of Bloomberg News reports that majority of Ascena Retail
Group's holders of term loans and general unsecured claims voted to
approve the bankrupt retailer's reorganization plan, according to
new court filing.  About 97% of term loan holders and about 88% of
general unsecured claim holders voted to accept the Plan, according
to a declaration filed Nov. 13, 2020.  A hearing on confirmation of
Plan is set for Nov. 23, 2020 at 10 a.m. Eastern,
according to the filing.

The Plan, which includes an amended Restructuring Support
Agreement, now has the support of approximately 95% of Ascena's
secured term lenders and is expected to significantly reduce
Ascena's debt by approximately $1 billion.

                    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.

                           *    *     *

In September 2020, FullBeauty Brands Operations, LLC, won an
auction to acquire Ascena's Catherines intellectual property assets
for a base purchase price of $40.8 million and potential upward
adjustment for certain inventory.

In November 2020, Ascena won approval to to sell the intellectual
property of its Justice Brand and other Justice brand assets to
Justice Brand Holdings LLC, an entity formed by Bluestar Alliance
LLC (a leading brand management company), for $90 million.

The Company continues to operate its Ann Taylor, LOFT, Lane Bryant,
and Lou & Grey brands as normal through a reduced number of retail
stores and online.



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

LATAM: Illicit Market for Alcoholic Beverages Up Over Restrictions
------------------------------------------------------------------
EFE News reports that the illicit trade in spirits increased by
9.7% in Latin America during the pandemic, and by the end of 2020,
an estimated 750 million liters (quarts) will have been marketed
outside the law, according to a study by Euromonitor International,
a leader in strategic market research.

The study was the first to gauge the impact of COVID-19 on the
illicit trade in alcoholic spirits in Latin America and the
Caribbean, according to EFE News.

It noted that restrictions on access to formal sales channels
imposed by governments to try to stop the pandemic were taken
advantage of by those who produce and sell illegal beverages, the
report notes.

They also made use of the proliferation of new distribution
channels fueled by the pandemic, such as small businesses,
e-commerce and delivery apps, the report relays.

All the countries evaluated -- Panama, Mexico, Colombia, Brazil,
Peru and the Dominican Republic -- showed consistent growth in
illicit activity and, according to Euromonitor International, if
economic recovery is slow in the region, the chances that these
criminal activities will proliferate will increase, the report
discloses.

Colombia has the highest percentage of illicit activity growth with
10.6% compared to 2019 levels, followed by Brazil (+ 10.1%), Mexico
(+9.8%), Dominican Republic (+ 9.4%), Peru (+ 6.5%) and Panama (+
6.4%), the report says.

"With this study we seek to contribute towards a greater
understanding of the problem of illicit trade, specifically in
alcoholic beverages, due to the negative impact it has been shown
to have," said Lilian Krohn, Euromonitor International Consultant,
the report notes.

The study identified the main drivers of illicit activity in Latin
America and the Caribbean, ranging from the closure of
non-essential businesses as a preventive measure for COVID-19 to
instability due to income inequality and loss of employment due to
the pandemic, the report discloses.

The latter affected both purchasing power and purchasing
aspirations and pushed consumers to seek lower-cost products, the
report relays.

The report notes that suppliers of illicit alcohol have taken
advantage of the situation to deceive consumers who seek to
maintain their lifestyle at a lower cost with products that look
like the originals.

Authorities have been limited in their ability to monitor the
application of the law in the industry, and the increase in the
import of raw materials such as ethanol fueled informal practices
throughout the supply chain, the report relays.

Criminal gangs have stepped in to supply the counterfeiting chains,
the report says.  Free zones, where there exist gray areas and
unclear rules, played a key role in smuggling, the report adds.

Historically, studies have shown that illicit sales have a negative
impact on society, governments and businesses, and the study
considers cooperation between producers, merchants, digital
platforms and the government to be key to counteract the problem,
the report notes.

One of the first necessary measures is to ensure that the consumer
is informed of the health risks associated with the consumption of
alternative products, as well as the strategies adopted by
suppliers of illicit spirits to deceive them, the report
discloses.

New sales channels such as e-commerce represent an opportunity and
a challenge and that is why control mechanisms must be strengthened
to prevent the spread of the illicit market in this area as well,
the report says.

It is necessary to establish permanent monitoring to guarantee that
the products are legal, that they have paid the corresponding taxes
and passed the health controls established by the country, the
report relays.

At the same time, work should be done in coordination between
industry, governments and online companies to report illegal
vendors and places of sale, the report notes.

Public servants must have permanent access to training that helps
them effectively and constantly identify new criminal strategies
and thus stop the expansion of the illicit market, the report
discloses.

The study model was based on predetermined factors including
projected macroeconomic data in 2020 together with historical
information from studies related to illicit alcohol and the impact
generated by specific measures around COVID-19, the report says.

The base of the projection assumes a larger wave of COVID-19
between the first quarter and the third quarter of 2020, followed
by lower and better controlled waves in the second half of the
year, the report adds.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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