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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

          Wednesday, November 25, 2020, Vol. 21, No. 236

                           Headlines



A R G E N T I N A

AGUA Y SANEAMIENTOS: Fitch Affirms CCC LT IDRs


B R A Z I L

BRAZIL: Strongly Surging Out of Recession, Q3 Data Shows
LOCALIZA RENT: Moody's Reviews Ba2 CFR for Upgrade
[*] BRAZIL: Gets 1st Batch of Covid-19 Vaccine Amid Rising Caseload


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Crisis Reveals Dependence on Tourism Sector
DOMINICAN REPUBLIC: Energy & Mines Studies Barrick Expansion Plan


G U A T E M A L A

BANCO G&T CONTINENTAL: S&P Places 'BB-' ICR on Watch Negative


M E X I C O

MEXICO: Economy Remains Exposed to External Risks, IMF Says


P U E R T O   R I C O

AMERILIFE HOLDINGS: Moody's Rates $80MM Incremental Loan 'B2'


S U R I N A M E

SURINAME: Seeks IMF Fund Financial Support for Economic Plan

                           - - - - -


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A R G E N T I N A
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AGUA Y SANEAMIENTOS: Fitch Affirms CCC LT IDRs
----------------------------------------------
Fitch Ratings has affirmed Agua y Saneamientos Argentinos S.A.'s
(AySA) Long-Term Local and Foreign Currency Issuer Default Ratings
(IDRs) at 'CCC'. In addition, Fitch has affirmed AySA's USD500
million senior unsecured 6.625% notes due 2023 at 'CCC'/'RR4'. The
notes rank pari passu in priority with all of AySA's other senior
unsecured debt. The 'RR4' Recovery Rating for the company's senior
unsecured notes reflects an average expected recovery given default
of 31% to 50% and is in line with the Recovery Rating soft cap
established for Argentine corporates.

AySA's ratings reflect its important linkage strength with its
ultimate parent, the government of Argentina (IDR 'CCC'), which
underpins the ratings equalization. Per Fitch's "Government-Related
Entity Criteria," the agency assesses AySA's linkage with the
government as 'very strong' and as 'moderate to strong' the
incentive of the government to support the company. The strength of
linkage is due to Argentina's 90% ownership of the company and the
government's significant control over AySA's operational, strategic
and financing activities. The government also has a solid track
record of providing support through substantial capital
injections.

Fitch's assessment of the government's incentive to support AySA is
based on moderate social and political implications, due to
private-sector players' probable ability to provide substitutes and
that a financial default would not materially affect the provision
of services. In terms of financial implications, Fitch believes the
impact of AySA's default on the availability and cost of domestic
or foreign financing options for the sovereign and/or other
government's subsidiaries would be strong. Fitch assessed Aysa's
standalone credit profile (SCP) at 'ccc-' , reflecting the
company's increasing negative operational cash flow generation
given lack of tariff adjustment in 2020. The company presents weak
financial profile with unbalanced revenue and cost structure and
capex intensive operations.

KEY RATING DRIVERS

Relevant Parent Support: AySA is dependent on government capital
injections to support its loss-making operations, capex and debt
obligations. The company provides important water/wastewater
utility services for the most economically relevant region in
Argentina, which underpins expectation of continued government's
support. The government's capital injections totalled ARS27.3
billion in the first half of 2020 and ARS26.4 billion in all of
2019. The company is subject to the Argentine government's
water/wastewater policy with operations and financing activities
controlled by the government, which also validates its budget, debt
issuances and investments. AySA is a key company for the
implementation of the government's water/wastewater sector capex
plan.

Negative EBITDA: Fitch estimates AySA will continue generating
negative EBITDA of around ARS15 billion in 2020 and ARS18 billion
in 2021. The company's financial profile registered historical
operating losses, with negative EBITDA of ARS12.7 billion during
the LTM ended June 2020 given unbalanced tariff levels and cost
structure. AySA's FCF is also expected to remain negative projected
at ARS41 billion in 2020 down to ARS125 billion in 2021, pressured
by negative operating cash flow generation and higher capex
particularly in 2021. AySA's negative FCF reached ARS33.2 billion
in LTM June 2020 due to ARS28.2 billion of capex and ARS5.0 billion
of negative cash flow from operations (CFFO), with impacts from
delinquency rates sustained at 10% during January-June2020. The
negative FCF was mainly funded with ARS47.8 billion of capital
injection in the period.

Low Business Risk Industry: AySA's water/wastewater operations
present low business risk and benefits from predictable and
resilient demand given its provision of an important utility to the
population under a long-term concession. The company's total volume
billed grew 5% during the 1H2020 as compared with 1H2019, even
considering the indirect impact on its operations from the
coronavirus pandemic. The company's operations are regulated and
present a monopoly condition in water/wastewater services in the
state of Buenos Aires, which places high entry barriers. AySA has a
track record of adequate water supply distribution and ample access
to water resources from nearby rivers (La Plata and Parana), which
mitigates supply capacity concerns.

Relevant FX Mismatch: AySA's total debt of ARS39.5 billion at June
2020 consisted mainly of the unsecured notes (ARS36.2 billion) and
debt with Banco Nacional de Desenvolvimento Economico e Social
(BNDES) (ARS3.3 billion). The company's notes and BNDES obligation
are exposed to FX volatility, which places pressure for additional
government support particularly given the recent relevant
devaluation of the Argentinean Peso. BNDES' debt counts on implicit
government guarantee given its course on the reciprocal payments
and credit agreement (Convenio de Pagamentos e Creditos Reciprocos
- CCR) of the ALADI (Associacao Latinoamericana de Integracao).

Weak Regulatory Environment: The regulatory environment for AySA is
weak given a demonstrated track record of reduced enforceability,
with annual tariff increase ultimately a political decision from
federal government, which poses uncertainty about future regulatory
mechanisms to adjust tariffs. Favorably, AySA carries flexible
capex policy, which benefits the company in the case of inadequate
tariff adjustment or insufficient capital injection from
controlling shareholder. AySA has the challenge to improve its
corporate governance practices in terms of control and transparency
when compared with Fitch's average monitored companies
notwithstanding it does not penalize its ratings.

DERIVATION SUMMARY

AySA's stand-alone credit profile is weak as compared with its main
peers in other Latin America countries owing to its fragile
operating performance, weak regulatory environment and strong
dependence on shareholder to support its negative operating cash
flow generation and debt payments. This condition compares
unfavorably with Companhia de Saneamento Basico do Estado de Sao
Paulo (Sabesp; Local Currency IDR BB/Stable), a state-owned company
based in Brazil with sound cash flow generation and strong credit
metrics, and Aegea Saneamento e Participacoes S.A. (Local Currency
IDR BB/Stable), a privately owned company in Brazil with strong
EBITDA margins and robust financial profile. AySA's efficiency
ratios, such as water distribution losses and connection per
employee are weak as compared with these two peers, which also
benefit from improved regulatory environment, demonstrated
financial flexibility and better corporate governance practices.

KEY ASSUMPTIONS

  -- Continued support from government through capital injections;

  -- No tariff increase in 2020 and in line with inflation
thereafter;

  -- Annual growth in the number of connections of 1%;

  -- Average annual capex of around ARS130 billion within
2020-2024.

ISSUE RATINGS BASED ON RECOVERY ANALYSIS

For issuers with IDRs of 'B+' or below, Fitch performs a recovery
analysis for each class of obligations of the issuer based on the
going concern enterprise value of a distressed scenario or the
company's liquidation value. In the case of AySA, Fitch has adopted
the approach to consider the average recovery given its state-owned
concessionaire supported by the Argentine government due to its
negative EBITDA which restricts assumptions for ongoing concern or
liquidation value exercises.

RATING SENSITIVITIES

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

  -- Upgrade of Argentine sovereign IDR combined with maintenance
of Fitch's current perception in terms of strength of linkage and
incentive to support between AySA and the sovereign.

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

  -- Downgrade of Argentina's sovereign IDR;

  -- Fitch's perception of a weakening in terms of strength of
linkage and incentive to support between AySA and the sovereign;

  -- Start of a default or default-like process.

LIQUIDITY AND DEBT STRUCTURE

Weak Liquidity: AySA's liquidity fully relies on the cash
injections from the shareholder given its inability to register
internal cash generation and restricted access to debt and capital
market on standalone basis. The company's refinancing risk will be
tested particularly by the end of 2022 as approximates its bond
issuance bullet maturity in February 2023. The challenging
government fiscal situation may also pressure the bond's coupon
payments, scheduled for every first of February and August. The
company depends on new government transfers to support its bond
coupon payment of USD17 million by Feb. 1, 2021 and BNDES'
principal installment by March 2021 (around USD7 million) as cash
balance as of June 2020 is not sufficient for both obligations.
Budget transfers for the company in 2021 is still pending final
government approval. Fitch estimates the company's liquidity
profile to remain weak going forward and in line with its
short-term debt coverage by cash balance average of 0.4x during
2016-2019.



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B R A Z I L
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BRAZIL: Strongly Surging Out of Recession, Q3 Data Shows
--------------------------------------------------------
Oliver Mason at Rio Times Online reports that Brazil is emerging
from a recession caused by the coronavirus, Economy Minister Paulo
Guedes said hours after the publication of a closely-watched
indicator showing business activity surged in the third quarter.

The Brazilian economy is benefiting from a new policy mix of low
interest rates and a weaker currency, boosting domestic demand and
exports, Guedes said during a webcast, according to Rio Times
Online.  Earlier, the Central Bank reported that its economic
activity index, considered a proxy for gross domestic product, rose
9.47% in the July-September period compared to the previous three
months, the report relays.

Latin America's largest economy is faring better than its neighbors
amid unprecedented monetary stimulus and billions of dollars in
emergency spending, 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.

Fitch Ratings affirmed on November 23, 2020, Brazil's Long-Term
Foreign Currency Issuer Default Rating at 'BB-' with a Negative
Outlook. 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). 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' negative outlook this November 2020 for Brazil reflects
the severe deterioration in fiscal deficit and public debt burden
during 2020 and persisting uncertainty regarding fiscal
consolidation prospects.  Fitch expects the economy to recover
from 2021; however, uncertainty around political and policy
developments, combined with a resurgence in global coronavirus
infections, continue to cloud the outlook.

LOCALIZA RENT: Moody's Reviews Ba2 CFR for Upgrade
--------------------------------------------------
Moody's America Latina placed Localiza Rent a Car S.A. Ba2 global
scale and Aa1.br national scale corporate family ratings on review
for upgrade.

The review process follows the approval on November 12 by Localiza
and Unidas S.A.'s shareholders to combine both companies'
operations through a share swap that will result in the
incorporation of Unidas by Localiza. The share swap ratio will be
of 0.446824 of Localiza's share for each 1 share of Unidas. The
transaction still pends approval from Brazil's antitrust authority,
Conselho Administrativo de Defesa Econômica (CADE).

Ratings placed on review for upgrade:

Issuer: Localiza Rent a Car S.A.

Corporate Family Rating, Placed on Review for Upgrade, currently
Ba2/Aa1.br

Outlook, Changed to Rating Under Review from Negative

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

Moody's review will focus on Localiza's resulting business and
financial profile at the closing of the transaction, including: (i)
the resulting leverage and capital structure of the combined
entity; (ii) the potential restrictions imposed by CADE and its
impact on the company's scale, competitive position and synergy
potential in the Brazilian market; (iii) Brazil's economic
trajectory and the operating environment for rent-a-car and fleet
management companies when the merger is concluded; and (iv) the
company's liquidity profile, financial policies and growth strategy
during the execution of the integration of the businesses.

The ratings could be upgraded if Localiza's resulting business
profile proves to be sustainably stronger after the merger, with
higher profitability levels derived from synergies, such that
Localiza's credit metrics improve and adjusted gross leverage
moderates to around 4x from 4.8x in the twelve months ended in
September 2020. The maintenance of a strong liquidity profile,
including a significant amount of unencumbered assets that provide
a liquidity backdoor in stress scenarios, and of a conservative
financial management after the business combination would also be
required for an upgrade. Finally, evidences of a dominant market
position and of significant financial flexibility that provides
Localiza some insulation from Brazil's economic environment and
local debt market would also be required for the company to be
rated above Brazil's sovereign rating.

Potential synergies coming from the merger between Localiza and
Unidas include a reduction in general and administrative expenses,
the benefits of Localiza's proven track record of low fleet
maintenance requirements, high utilization rates, attractive
discounts from OEMs and expertise in the used-car sale market in
Unidas' businesses, and a continued ability to quickly reduce car
purchases or increase used car sales to generate cash and cover
extraordinary outflows to mitigate integration and execution
challenges and the strain in credit metrics during market
downturns. Moody's believes Unidas receives a smaller discount than
Localiza in car purchases, and only the equalization of discount
levels would already bring significant savings for the combined
entity, enhancing its overall profitability.

The transaction can reduce Localiza's leverage depending on its
synergy potential. Unidas' 4.3x total debt/EBITDA is slightly lower
than Localiza's, and any benefit coming from cost synergies would
improve the combined entity's profitability and reduce leverage.
The liquidity profile of the resulting entity would be good, with a
combined cash position of BRL6.8 billion that covers all debt
maturities through 2022, plus a total fleet with a market value of
BRL19.3 billion, which covers total reported debt by 1.2x.
Liquidity would remain adequate even assuming some haircut to the
fleet's market value and the potential BRL425 million reduction in
Unidas' cash position coming from an extraordinary dividend payment
to its current shareholders.

The ratings could be confirmed if there are no material changes to
the company's current credit metrics or competitive position after
the merger, such that the potential for synergies or of a
strengthened business and financial profiles coming from the
transaction abate. A continued debt-funded growth strategy without
the corresponding EBITDA benefit, or a deterioration in current
market conditions that overshadow the benefits of the merger could
also result in a confirmation of the ratings.

Given the current review, a downgrade of Localiza's ratings is
unlikely. However, downward pressure on the ratings or outlook
could emerge if Localiza's liquidity deteriorates because of
weakness in operations and inability to sell used cars, or if its
car rental utilization rate decline to below 60% for an extended
period of time. A sustained deterioration in credit metrics,
measured by gross debt/EBITDA above 4.5x and EBITDA interest
coverage falling below 3.0x without prospects of improvement could
also lead to a downgrade. A downgrade of Brazil's sovereign rating
could also result in a downgrade of Localiza's ratings.

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in April 2017.

Founded in 1973 and headquartered in Belo Horizonte, Minas Gerais,
Brazil, Localiza operates car rental and fleet rental businesses
and has a used car sale business to deploy and renew its fleet in
Brazil. The company also franchises rental car operations in Brazil
and in five countries in South America. As of September 2020, the
company had a total fleet of 268,128 company-owned cars and 11,757
cars at franchisees in Brazil and five other countries. The company
is the market leader in Brazil in terms of car rental, with the
largest number of car rental locations and presence in all main
Brazilian airports. In the 12 months ended September 2020, the
company reported net revenue of BRL10.4 billion ($2.2 billion) and
net income of BRL875 million. Unidas is the second largest
rent-a-car and the largest fleet management company in Brazil, with
a total fleet of 156 thousand cars at the end of September 2020.
The company reported BRL5.2 billion in revenues and a 24% reported
EBITDA margin in the twelve months ended September 2020.

[*] BRAZIL: Gets 1st Batch of Covid-19 Vaccine Amid Rising Caseload
-------------------------------------------------------------------
Alba Santandreu at EFE News reports that Brazil has become the
first Latin American country to receive an initial batch of
vaccines against Covid-19, a development that coincides with a
upward trend there in coronavirus cases and deaths.

The first 120,000 doses of CoronaVac arrived in Sao Paulo after
that state's government reached a deal with its developer, China's
Sinovac Biotech, according to EFE News.

The agreement covers both imports of the vaccine and technology
transfers for its development in Brazil by the Instituto Butantan,
a biomedical center that is the largest manufacturer of vaccines in
the Southern Hemisphere, the report notes.

The vaccine already has been tested on 13,000 volunteers in Sao
Paulo state, Brazil's most populous region and the one with the
most confirmed coronavirus cases and deaths attributed to Covid-19,
the report relays.

Based on preliminary results, the vaccine is capable of triggering
an immune response within 28 days after its administration in 97
percent of cases, the report discloses.

CoronaVac is now in the final stage of its clinical evaluation.
Once that phase is concluded, the vaccine would need to be
evaluated by health authorities for its potential use in
immunization campaigns starting early next year, the report says.

"Over the next 40 days we'll have 46 million doses of this vaccine,
equivalent to the entire population of this region, Sao Paulo state
Gov. Joao Doria, CoronaVac's chief promoter in Brazil, said, the
report relays.

Separately, Brazil's Anvisa health regulator signed a pact in June
with AstraZeneca to obtain 100 million doses of the vaccine the
United Kingdom-based pharmaceutical giant is developing in
partnership with the University of Oxford, which is likewise in
clinical trials in Brazil, the report notes.

Vaccine contenders being developed by American multinational
Johnson & Johnson and a joint venture of German pharmaceutical
company BioNTech and American multinational Pfizer also have been
given the go-ahead for clinical trials in Brazil, the report
relays.

The report notes that the quest for a vaccine has not been divorced
from politics in a country with around 6 million confirmed
coronavirus cases and more than 168,000 deaths attributed to
Covid-19.

Rightist President Jair Bolsonaro, 65, and the 62-year-old Doria,
who is seen by the head of state as a threat to his hopes of
winning a second term, are both coronavirus surivivors, the report
says.

But they have been at odds over how to deal with the public health
crisis since Brazil's first Covid-19 case was detected eight months
ago in Sao Paulo city, the country's largest with 12 million
inhabitants, the report relays.

While Doria implemented fairly stringent measures to slow the
spread of the virus, Bolsonaro, who famously dismissed Covid-19 as
"a measly flu," remains cavalier about the disease, the report
discloses.

Their differences also extend to the vaccine, with Bolsonaro having
expressed contempt for the CoronaVac and said his government will
not buy it, the report relates.

Tensions between the two politicians escalated further when
Bolsonaro celebrated Brazilian regulators' decision to temporarily
halt clinical trials of the CoronaVac following the death of a
volunteer for reasons unrelated to any effect of the vaccine, EFE
News discloses.

That decision was slammed by Instituto Butantan, although after
harsh words were exchanged Anvisa authorized the resumption of the
trials and gave that world-renowned epidemiological center the
green light for large-scale imports of the CoronaVac, the first
batch of which arrived on Nov. 19, the report relates.

"It's a crucial moment in the life of the country. We can't waste
time with bureaucratic red tape or fruitless political or
ideological disputes," Doria said in a press conference, the report
discloses.

Brazil, which ranks second behind the United States in Covid-19
deaths and third behind the US and India in coronavirus cases, has
seen an upward trend in both categories in recent months, the
report adds.

"The downward trend ceased. It stabilized and now it's rising
again," infectious disease expert Paulo Andrade Lotufo told EFE
News.

                              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.

Fitch Ratings affirmed on November 23, 2020, Brazil's Long-Term
Foreign Currency Issuer Default Rating at 'BB-' with a Negative
Outlook. 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). 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' negative outlook this November 2020 for Brazil reflects
the severe deterioration in fiscal deficit and public debt burden
during 2020 and persisting uncertainty regarding fiscal
consolidation prospects.  Fitch expects the economy to recover
from 2021; however, uncertainty around political and policy
developments, combined with a resurgence in global coronavirus
infections, continue to cloud the outlook.




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

DOMINICAN REPUBLIC: Crisis Reveals Dependence on Tourism Sector
---------------------------------------------------------------
Dominican Today reports that the pandemic has significantly
impacted different sectors in the Dominican Republic, mainly in the
currency generators in the country -- namely tourism.

"Until we can recover the tourism sector, I dare to think, as David
Collado, the new Minister of Tourism said, we cannot speak of a
complete Dominican economic recovery," said economist and
consultant Henri Hebrard, according to Dominican Today.

Speaking in Intec University's Annual CANE 2020 Business and
Economy Congress, Hebrard said tourism is linked with other sectors
of the economy, leading it to represent about 20% of the GDP of the
Dominican economy, the report notes.

"What happened this year is the best demonstration of the enormous
relevance that the tourism sector has, not only in the tourist
regions, but in the entire national geography through productive
and services chains," the report relays.

                    About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.  Luis
Rodolfo Abinader Corona is the current president of the nation.

The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).

DOMINICAN REPUBLIC: Energy & Mines Studies Barrick Expansion Plan
-----------------------------------------------------------------
Dominican Today reports the Vice Minister of Mines, Miguel Diaz,
affirmed that the Ministry of Energy and Mines is studying an
expansion plan of the Canadian mining company Barrick Gold so that
the production of 800 thousand ounces per day that that company
carries out does not decrease.

He argued that the El Llagal tail dam is designed to operate until
2025 and that an expansion of this would guarantee the Barrick Gold
company to continue its gold production until 2045, according to
Dominican Today.

"This is a decision that has a long-term weight for the country's
economy, as we have just demonstrated during the pandemic in which
the mining sector was able to maintain its contributions to the
treasury, and that has helped fight the pandemic," said engineer
Diaz in the television program Matinal by Telemicro, where Persio
Maldonado and Alberto Caminero interviewed him, the report relays.

He stated that the most important thing when it comes to expanding
the mining company's tail dam is to identify how it will be built
so that it does not negatively affect the environment, the report
discloses.

He argued that mining had contributed more than expected in the
country, growing from 0.4 percent to 4 percent of the Gross
Domestic Product (GDP) in the last ten years, the report adds.

                    About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.  Luis
Rodolfo Abinader Corona is the current president of the nation.

The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).



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G U A T E M A L A
=================

BANCO G&T CONTINENTAL: S&P Places 'BB-' ICR on Watch Negative
-------------------------------------------------------------
S&P Global Ratings placed its 'BB-' long-term rating issuer credit
ratings on Banco Industrial and Banco G&T Continental on
CreditWatch negative. The rating action follows that on the
sovereign ratings.

On Nov. 20, 2020, S&P Global Ratings placed its long-term foreign
currency rating on Guatemala on CreditWatch with negative
implications. A U.S. court has issued a restraining notice to Bank
of New York Mellon (BNYM), blocking it from disbursing an interest
payment due on Guatemala's 2026 Eurobond. The court action stems
from a commercial dispute between the Guatemalan government and an
electric distribution company, TECO Guatemala Holdings (TECO). The
interest payment on the 2026 Eurobond has a 30-day grace period
ending Dec. 3, 2020.

The rating actions on these banks follow the same rating action on
the sovereign.

A commercial dispute between Guatemala and TECO led to a court
decision in the U.S. that blocked a payment on Guatemala's 2026
Eurobond. TECO began the legal action in 2009 as a commercial
dispute over electricity rates.

Due to the court ruling, BNYM didn't disburse a $15.75 million
interest payment on a $700 million 2026 Eurobond to bondholders on
November 3, even though the Guatemalan government held funds at
BNYM. The bank informed the government that its account was subject
to a restraining notice from the U.S. court. The 2026 Eurobond
interest payment has a 30-day grace period ending Dec. 3, 2020.

The Guatemalan government has indicated that it's taking steps to
resolve the dispute in order to unfreeze the funds held by BNYM.
S&P believe that the government has the willingness and financial
capacity to make this payment, however the legal bottleneck
prompted us to place the sovereign rating on CreditWatch negative.

The CreditWatch placement of the sovereign rating triggered the
similar action on the banks. Banco G&T and Banco Industrial have a
large exposure to country risk and their business is highly
sensitive to sovereign stress. The rating actions on these banks
are not due to a deterioration of their stand-alone credit profiles
(SACPs). S&P will evaluate the potential impact on the banks'
ratings according to the developments in the legal dispute.




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

MEXICO: Economy Remains Exposed to External Risks, IMF Says
-----------------------------------------------------------
On November 18, 2020, the Executive Board of the International
Monetary Fund (IMF) completed its review of Mexico's qualification
for the arrangement under the Flexible Credit Line (FCL) and
affirmed Mexico's continued qualification to access FCL resources.
The current two-year FCL arrangement for Mexico in an amount
equivalent to SDR 44.5635 billion (about US$61 billion) was
approved by the IMF's Executive Board on November 22, 2019 (see
Press Release No. 19/431 ). The Mexican authorities stated their
intention to treat the arrangement as precautionary.

Following the Executive Board's discussion on Mexico, Mr. Geoffrey
Okamoto, First Deputy Managing Director and Acting Chair, made the
following statement:

"Mexico has been buffeted by an extraordinary confluence of shocks
from the COVID-19 pandemic, with a heavy toll on the Mexican
people. The economy has nonetheless demonstrated resilience owing
to its very strong policies and institutional policy frameworks,
including a flexible exchange rate regime, a credible inflation
targeting framework, a fiscal responsibility law, and a
well-regulated financial sector.

"The Mexican economy remains exposed to external risks, including a
global resurgence of the outbreak which could result in diminished
external demand, a delay in the recovery of tourism, and a fall in
oil prices. International tensions over health supplies, premature
withdrawal of policy support in advanced economies, and lingering
trade disputes could further disrupt market sentiment. The Flexible
Credit Line (FCL) will continue to play an important role in
supporting the authorities' macroeconomic strategy by providing
insurance against tail risks and bolstering market confidence.

"The authorities have a track record of sound policy management and
are firmly committed to maintaining prudent policies going forward.
They intend to continue to treat the arrangement as precautionary.
Owing to the heightened external risks associated with the
pandemic, the authorities have paused their planned path of
reductions in access levels. They have affirmed their intention not
to make permanent use of the FCL and, as external risks facing
Mexico recede, to resume their planned path to exit from the
facility."



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

AMERILIFE HOLDINGS: Moody's Rates $80MM Incremental Loan 'B2'
-------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to an $80
million incremental first-lien senior secured term loan being
issued by AmeriLife Holdings LLC (AmeriLife, corporate family
rating B3). In addition, the rating agency assigned a Caa2 rating
to an incremental $45 million that AmeriLife intends to borrow
under its privately placed second-lien senior secured term loan.
The company will use proceeds from the incremental borrowings,
along with an equity contribution from the company's private
equity
sponsor, Thomas H. Lee Partners L.P., to fund acquisitions and pay
related fees and expenses. The rating outlook for AmeriLife is
unchanged at stable.

RATINGS RATIONALE

AmeriLife's ratings reflect its role as a leading independent
marketer and distributor of health, fixed annuity, life and
supplemental products to the growing senior population, especially
in Florida. AmeriLife distributes its products mainly through a
network of independent and captive career agents who sell
door-to-door. Given the coronavirus pandemic, AmeriLife is
accelerating its investment in direct-to-consumer channels. In
addition, the 2019 acquisition of investment advisory firm
Brookstone Capital Management has diversified the company's
retirement services business.

These strengths are offset by the company's aggressive financial
leverage, execution and contingent risks associated with its
acquisitions, low interest and cash flow coverage, and modest size
relative to other rated insurance brokers and service companies.
AmeriLife has a business concentration in Medicare products, which
are subject to political and regulatory pressures, and a
geographic
concentration in Florida, given its target demographic market. The
current economic conditions are putting pressure on the company's
annuity and life insurance sales.

Giving effect to the incremental borrowing, AmeriLife will have a
pro forma debt-to-EBITDA ratio above 7x, (EBITDA - capex) interest
coverage around 2x, and free-cash-flow-to-debt in the
low-to-mid-single digits, according to Moody's estimates. These
pro
forma metrics reflect Moody's accounting adjustments for operating
leases, run-rate earnings from completed and pending acquisitions,
noncontrolling interest expenses and certain non-recurring items.

AmeriLife's financial leverage remains high for its rating
category, leaving little room for error in managing its existing
and newly acquired operations. While AmeriLife is pursuing several
acquisitions in 2020, Moody's expects the company to slow its
acquisition pace next year to focus more on integration, organic
growth and reducing its leverage below 7x through EBITDA growth.
The firm's private equity sponsor, Thomas H. Lee Partners L.P.,
would likely provide additional support if needed, said Moody's.

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

Factors that could lead to an upgrade of AmeriLife's ratings
include: (i) debt-to-EBITDA ratio below 5.5x, (ii) (EBITDA - capex)
coverage of interest exceeding 2x, and (iii) free-cash-flow-to-debt
ratio exceeding 5%.

Factors that could lead to a downgrade of AmeriLife's ratings
include: (i) debt-to-EBITDA ratio remaining at or above 7x, (ii)
(EBITDA - capex) coverage of interest below 1.2x, or (iii)
free-cash-flow-to-debt ratio below 2%.

Moody's has assigned the following ratings to AmeriLife Holdings
LLC (and loss given default (LGD) assessments):

$80 million first-lien senior secured term loan maturing in March
2027, at B2 (LGD3);

$45 million second-lien senior secured term loan maturing in March
2028, at Caa2 (LGD6).

The following AmeriLife ratings remain unchanged:

Corporate family rating at B3;

Probability of default rating at B3-PD;

$100 million first-lien senior secured revolving credit facility
maturing in March 2025, at B2 (LGD3);

$560 million first-lien senior secured term loan maturing in March
2027, at B2 (LGD3);

$145 million second-lien senior secured term loan maturing in March
2028, at Caa2 (LGD6).

The rating outlook for the issuer is unchanged at stable.

The principal methodology used in these ratings was Insurance
Brokers and Service Companies published in June 2018.

AmeriLife develops and distributes Medicare, annuities, and life
and health insurance products across the US and Puerto Rico,
primarily to the senior market. The company operates through a
national distribution network of over 140,000 insurance agents and
brokers via more than 20 marketing organizations, and over 50
insurance agency locations. For the 12 months through June 2020,
AmeriLife generated revenues of $247 million.



===============
S U R I N A M E
===============

SURINAME: Seeks IMF Fund Financial Support for Economic Plan
------------------------------------------------------------
International Monetary Fund (IMF) Director of the Western
Hemisphere department, made the following statement regarding
technical discussions between IMF staff and the Surinamese
government.

"The Surinamese government has recently requested Fund financial
support for their economic plan aimed at tackling the country's
macroeconomic vulnerabilities and putting Suriname back on a path
of strong, sustained, and equitable growth. The authorities have
also retained financial and legal advisors to help address issues
relating to Suriname's public debt and have begun the process of
engaging with creditors. An IMF team and the Surinamese authorities
have been engaged, via video teleconferencing, in a very
constructive and close dialogue. These talks are ongoing. The team
will communicate further at the end of these technical
discussions."


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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
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