/raid1/www/Hosts/bankrupt/TCRLA_Public/201209.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, December 9, 2020, Vol. 21, No. 246

                           Headlines



B E R M U D A

NABORS INDUSTRIES: Moody's Downgrades CFR to B3, Outlook Negative


B R A Z I L

BRASKEM SA: Mexico Has Cut Off Natural Gas Supply to Idesa Factory
BRAZIL: Economy Rebounds 7.7% in Third Quarter, IBGE Says
BRAZIL: IDB OKs $50MM Loan to Support MSMEs Sustainability
FS AGRISOLUTIONS: Fitch Publishes BB- LT IDR, Outlook Stable
FS AGRISOLUTIONS: Moody's Assigns (P)B1 CFR, Outlook Stable



D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: INESPRE Addresses Intermediation Practices
DOMINICAN REPUBLIC: President Approves Budget of US$18.8 Billion


G U A T E M A L A

COMCEL TRUST: Fitch Affirms 'BB' FC IDR, Off Watch Neg.
GUATEMALA: Fitch Affirms BB- LT IDR, Outlook Stable


M E X I C O

BRASKEM IDESA: S&P Downgrades ICR to 'B', On CreditWatch Negative


P U E R T O   R I C O

CARLOS H. ORTIZ: Hernandez Buying San Juan Property for $195K


V E N E Z U E L A

MERCANTIL CA: Fitch Affirms CC LT Issuer Default Ratings

                           - - - - -


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B E R M U D A
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NABORS INDUSTRIES: Moody's Downgrades CFR to B3, Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Nabors Industries
Inc.'s (NII) newly issued 9% senior priority guaranteed notes due
2025. Moody's concurrently downgraded Nabors Industries Ltd.'s
(Nabors) Corporate Family Rating (CFR) to B3 from B2, Probability
of Default Rating (PDR) to B3-PD/LD from B2-PD and guaranteed
senior unsecured notes to Caa1 from B2. Moody's also downgraded
NII's existing senior unsecured notes to Caa2 from Caa1. Nabors'
SGL-3 Speculative Grade Liquidity Rating was unchanged. The rating
outlook remains negative for Nabors and NII.

Nabors and NII exchanged approximately $495 million of existing
notes at an average discount of 54% through private and public
transactions in the fourth quarter of 2020 reducing debt by $269
million. Moody's views these cumulative transactions as a
distressed exchange, which represents a default under Moody's
definitions. Accordingly, an "/LD" (limited default) designation
has been appended to Nabors's PDR indicating that a limited default
has occurred. This designation will be removed within a few
business days.

"The issuance of new priority guaranteed notes has structurally
subordinated existing notes, created a more complex capital
structure, and demonstrated Nabors' willingness to engage is such
transactions," commented Sajjad Alam, Moody's Senior Analyst.
"While the recent exchange transactions helped reduce debt and
alleviate near term refinancing pressures, the company will still
continue to struggle with its high debt load, significant remaining
debt maturities, and limited liquidity resources in a challenging
industry environment,"

Ratings assigned:

Issuer: Nabors Industries, Inc.

Senior Priority Guaranteed Notes due 2025, Assigned B3 (LGD3)

Ratings Downgraded:

Issuer: Nabors Industries Ltd.

Probability of Default Rating, Downgraded to B3-PD/LD from B2-PD

Corporate Family Rating, Downgraded to B3 from B2

Senior Unsecured Notes, Downgraded to Caa1 (LGD4) from B3 (LGD3)

Issuer: Nabors Industries, Inc.

Senior Unsecured Notes, Downgraded to Caa2 (LGD5) from Caa1 (LGD5)

Outlook Actions:

Issuer: Nabors Industries Ltd.

Outlook, Remains Negative

Issuer: Nabors Industries, Inc.

Outlook, Remains Negative

RATINGS RATIONALE

The newly issued 9% senior priority guaranteed notes due 2025 and
the privately issued 6.5% senior priority guaranteed notes due 2025
(unrated) rank pari passu and were issued by NII. These new notes
have upstream guarantees from subsidiaries that are closer to the
assets relative to Nabors' guaranteed senior unsecured notes issued
in January 2020 and NII's existing senior unsecured notes. While
the new notes have the same subsidiary and holding company
guarantees as NII's revolving credit facility, the revolver is
partially secured and has a priority claim to Nabors' assets
relative to the new notes. The 2026 and 2028 guaranteed unsecured
notes at Nabors are rated Caa1, one notch below the CFR, given
their structurally subordinated position to the revolver and the
new senior priority guaranteed notes. Moody's views the B3 and Caa1
ratings for the new notes and existing guaranteed unsecured notes
as more appropriate than the higher rating indicated by Moody's
Loss Given Methodology given the potential for the capital
structure to continue to change, including additional senior
priority guaranteed notes and Moody's views on ultimate recovery.
The NII senior notes lack subsidiary guarantees and rank junior to
all other classes of debt in the capital structure and hence are
rated Caa2.

Nabors' B3 CFR reflects its high financial leverage, reduced but
still significant refinancing needs, and high re-contracting risk
stemming from the projected weakness in North American rig demand.
Land drillers will have to contend with low dayrates and weak fleet
utilization well into 2021 as E&P companies continue to invest
conservatively and rig markets remain oversupplied. While the
recent revolver amendment and debt exchanges have reduced debt,
pushed out maturities and provided greater certainty around
liquidity, the company has concurrently added more structural
subordination and capital structure complexity. The company still
has a series of significant debt maturities starting in 2023,
including its revolving credit facility debt. The B3 CFR is
supported by Nabors' large scale, high quality rig fleet,
long-standing contractual relationship with some of the world's
largest oil companies, and a strong and diversified international
footprint. The company's relationship with its largest customer,
Saudi Aramco (A1 negative), will continue to provide a base level
of earnings and stability.

Nabors will have adequate liquidity through 2021, which is
reflected in the SGL-3 rating. Moody's expects the company to
generate breakeven to slightly positive free cash flow through 2021
and apply any surplus cash flow to reduce debt. As of September 30,
2020, Nabors had $514 million in cash and short-term investments
and roughly $184 million of availability under its $1.01 billion
revolving credit facility after accounting for LCs and minimum
liquidity requirements. However, $381 million of its cash was held
at its Saudi joint-venture that was not readily accessible. After
executing an amendment in September 2020, $545.8 million of loans
under the revolving credit facility are now secured, while the
remaining commitment (~$468 million) remains unsecured. Both the
secured and unsecured revolving lines will mature at the earlier of
(a) October 11, 2023 and (b) July 19, 2022, if any of Nabors'
existing 5.5% senior notes due January 2023 remain outstanding as
of July 19, 2022. Nabors should be able to comply with its credit
agreement financial covenants through 2021 after eliminating the
previous net leverage covenant. The revolver financial covenants
include a minimum liquidity requirement of $160 million and a
guarantor coverage ratio of no less than 4.25x.

The negative outlook reflects Nabors' high financial leverage,
risks of additional debt exchanges involving further subordination,
and vulnerability to an extended industry downturn.

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

The ratings could be downgraded if the EBITDA/interest ratio cannot
be sustained above 1.5x, refinancing risk continues to rise, or the
company generates material negative free cash flow weakening its
liquidity cushion. An upgrade could be considered if the company
generates free cash flow and achieves meaningful debt reduction
leading to a sustainable EBITDA/interest ratio above 2.5x and
debt/EBITDA below 5.5x in a stable to improving industry
environment.

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.

Nabors Industries Ltd., a Bermuda-incorporated entity, is one of
the largest global land drilling contractors with operations in
nearly two dozen countries and several offshore markets. Nabors
Industries, Inc. is a wholly owned subsidiary of Nabors Industries
Ltd.



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B R A Z I L
===========

BRASKEM SA: Mexico Has Cut Off Natural Gas Supply to Idesa Factory
------------------------------------------------------------------
Rio Times Online reports that Mexico has cut off natural gas supply
to Braskem's Mexican operations, the company and government said,
intensifying a dispute between Mexico President Andres Manuel Lopez
Obrador and the Brazilian petrochemical company.

"There's no more natural gas for the company because the contract
has ended," Lopez Obrador told reporters during a regular morning
news conference, according to Rio Times Online.

Lopez Obrador's administration had been seeking for some time to
renegotiate a separate contract covering supply of a different gas,
ethane, to make plastics at the Braskem-Idesa Etileno XXI plant
near the Gulf of Mexico coast, the reports notes.

The arrangement, signed by the Mexican government in 2010, obliges
state-run oil company Pemex to supply ethane at low prices to
Braskem-Idesa, a consortium held 70% by Brazil's Braskem and 30% by
Mexico's Grupo Idesa, the report relays.

                           About Braskem S.A.

Sao Paulo, Brazil-based Braskem S.A. produces petrochemical
products and has a strategic focus on polyethylene,
polypropylene and polyvinyl chloride. The Company has integrated
first and second generation petrochemical production facilities,
with 18 plants in Brazil.

As reported in the Troubled Company Reporter-Latin America on July
17, 2020, Moody's Investors Service affirmed Braskem's Ba1
corporate family rating and the Ba1 ratings on the foreign and
local currency debt issuances of Braskem Finance Ltd and Braskem
America Finance Company, respectively, fully guaranteed by Braskem
S.A.

On July 10, 2020, S&P Global Ratings lowered its ratings on Braskem
to 'BB+' from 'BBB-'. S&P also assigned a '3' recovery rating to
Braskem's senior unsecured notes.

On July 6, 2020, Fitch Ratings has downgraded Braskem S.A.'s
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR)
to 'BB+', from 'BBB-'.  At same time, Fitch has affirmed Braskem's
National Long-Term Rating at 'AAA(bra)'. The Outlook is Stable.

BRAZIL: Economy Rebounds 7.7% in Third Quarter, IBGE Says
---------------------------------------------------------
Rio Times Online reports that Brazil's economy rebounded by 7.7
percent in the third quarter compared with the second, coming out
of the recession it had been briefly plunged into by the
coronavirus pandemic, the statistics institute IBGE announced.

The result is below the average 8.8 percent growth predicted by
analysts who spoke to Brazil's largest financial newspaper, Valor,
and does not compensate for the year's losses, which continue to
mark a contraction of 5 percent over the same period in 2019,
according to Rio Times Online.


                          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.

BRAZIL: IDB OKs $50MM Loan to Support MSMEs Sustainability
-----------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $50
million loan to support Micro, Small, and Medium Enterprises
(MSMEs) in Brazil's South Region states, which are key job
generators, and preserve their financial sustainability in the face
of the COVID-19 pandemic.

The resources will strengthen the short-term financial capabilities
of crisis-hit MSMEs and help them overcome temporary liquidity
problems so they can stay in business. The multisector program will
provide them with liquidity through working capital financing for
the Banco Regional de Desenvolvimento do Extremo Sul's (BRDE)
credit line, called Recupera Sul.

The proposed intervention, which aims to benefit more than 100
MSMEs, focuses on providing support in the form of financial
mechanisms designed to stimulate the supply of liquidity through a
Global Credit Program with BRDE. The program seeks to reduce credit
access constraints faced by MSMEs affected by the COVID-19 crisis,
thus supporting their survival and preserving employment. This, in
turn, will ease the burden on social protection systems and
contribute to speed up economic recovery once the health emergency
is over.

The objective is to complement the efforts made by the different
levels of government through a program focused on providing access
to financing for MSMEs in the South Region by channeling resources
through BRDE. The actions of BRDE are in line with the credit
policies and other measures adopted at the national level, as well
as regionally by the governments of ParanĂ¡, Rio Grande do Sul, and
Santa Catarina.

The $50 million IDB loan is for a 15 year term, with a 5.5-year
period of grace and an interest rate based on LIBOR.

                           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.

FS AGRISOLUTIONS: Fitch Publishes BB- LT IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has published FS Agrisolutions Industria de
Biocombustiveis Ltda's (FS) 'BB-' Long-Term Local and Foreign
Currency Issuer Default Rating (IDR), and 'A+(bra)' National
Long-Term Rating. The Rating Outlook is Stable. In addition, Fitch
has published the 'BB-' rating on the proposed senior secured notes
issued by fully-owned FS Luxembourg S.a r.l. The notes are
benchmark size with a bullet maturity of five years, and will be
irrevocably and unconditionally guaranteed by FS.

The ratings incorporate FS's large-scale operations and low cash
cost of production in the volatile Brazilian ethanol industry. The
ratings consider the high volatility of Brazil's corn and ethanol
prices, and the lack of meaningful price correlation between these
two commodities, which add risk to FS 's profitability and cash
flow. This risk is mitigated by FS 's business model, which
benefits from the company's hefty corn storage capacity and
well-established commercial agreements with corn producers. This
enables the company to fix corn prices in advance, reducing the
company's exposure to spot price volatility. The company also
produces high value-added animal nutrition products; the prices of
which tend to move with the price of corn and reduce the company's
exposure to corn price volatility and increase the stability of
EBITDA generation and operating cash flows. The location of the
company's two plants in the State of Mato Grosso ensures sufficient
supply of low-cost corn and decreases the distance, and
transportation costs, for its animal nutrition customers.

Fitch's expects FS to generate EBITDA of BRL969 million in the
fiscal 2021 and positive FCF from fiscal 2022 and beyond, as
capacity expansions come online, allowing rapid deleveraging over
the next three years, improving liquidity and lengthening debt
maturity profile. FS 's large FX exposure is incorporated in the
analysis, and the ratings also incorporate the successful issuance
of new debt, extending debt amortization profile

KEY RATING DRIVERS

High Price Volatility: FS is exposed to price volatility in terms
of both raw material and product price perspectives. Corn is an
agricultural commodity whose spot prices tend to adjust rapidly to
supply and demand imbalances and parity with CBOT corn prices over
the long run. The correlation between corn and ethanol prices in
Brazil is weak, as Brazilian ethanol prices depend largely on local
gasoline price levels, which move in tandem with international oil
prices and the Brazilian FX rate. Ethanol prices are also
indirectly influenced by sugar prices. In Brazil, only 6% of all
ethanol produced comes from corn, while 94% comes from sugar cane
processors. Sugar cane processors can typically shift a portion of
production between ethanol and sugar depending on prevailing price
parity with sugar.

Challenging Operating Environment: Fitch forecasts that demand for
fuel will decline between 10% to 15% in 2020 and Fitch's average
Brent oil price assumption of USD41/barrel limits the potential for
higher ethanol prices through the end of current crop season. While
fuel sales recovered since social distancing measures have been
relaxed, the expected 5.0% contraction in Brazilian GDP in 2020
will have a negative impact on fuel sales in the country. Fitch
assumes average ethanol and corn prices of BRL1.7/litre and
BRL26/bag for FS, respectively, in fiscal 2021, and compares
unfavorably with BRL1.8/litre and BRL22/bag in fiscal 2020.

Adequate Business Model: FS 's business model benefits from its
sizable production, equivalent to 1.4 billion litres of corn
ethanol once capacity expansions are complete in March 2021. The
company also benefits from a cash cost structure that is in line
with some of the most efficient sugar cane producers; Fitch
excludes the additional cash cost lowering benefits generated by
sale of animal production products and energy from cogeneration in
its cash cost calculations and peer group comparisons. FS 's
efficient operational performance is able to deliver a yield of 430
litres of ethanol per ton of processed corn. FS produces and sells
corn co-products used in animal nutrition whose prices tend to
correlate with corn prices, helping to reduce the inherent price
volatility. The company's location in the State of Mato Grosso,
Brazil's largest corn producing state with the lowest cash cost in
the world, reduces its logistics costs and attenuates corn
origination risks.

FS 's large storage capacity enables the company to purchase corn
up to two years ahead of the beginning of the crop season, thus
avoiding short-term volatilities of spot corn prices. The long-term
purchase agreements established between FS and corn suppliers are
fixed on a BRL per bag price basis and referenced to CBOT corn
prices in BRL when the agreements are closed. These agreements
significantly reduce the company's exposure to short-term price
volatility. The company has already bought 100% of all of its
expected corn needs up until May 2021 and over 50% of the corn
needed for fiscal 2022, which mitigates the impact of 70% increase
in spot corn prices in Mato Grosso seen in 2020 compared with 2019.
While the absence of sugar sales makes the company more exposed to
ethanol prices in Brazil, the use of corn as the main raw
production material translates into a much less capital-intensive
production process in comparison to sugar cane processors.

Robust Cash Flows Expected: Fitch projects FS to generate EBITDA of
approximately BRL1.0 billion in the fiscal 2021 and BRL1.2 billion
in the fiscal 2022, as sales volume will benefit from the recent
investments in increased capacity. Given the challenging operating
environment, Fitch expects FS to generate cash flow from operations
(CFFO) of BRL365 million and negative FCF of BRL339 million, with
investments of BRL705 million including the conclusion of
investments related to expansion at the Sorriso plant in Fiscal
2021. Fitch forecasts CFFO of BRL0.7 billion in fiscal 2022 and
BRL1.0 billion in fiscal 2023, and positive FCF of BRL0.6 billion
and BRL1.0 billion, respectively, benefiting from lower annual
capex of less than BRL0.1 billion.

Fast Deleveraging Going Forward: FS 's strong FCF generation will
result in quick deleveraging. Fitch forecasts net debt/EBITDA to
decline to 3.0x in fiscal 2021 and 1.8x in fiscal 2022, comparing
favorably with 5.5x at the end of fiscal year-end, March 31, 2020.
Fitch's base case projections considers 50% of the new bond
issuance will be hedged against foreign exchange risk through a
combination of derivative instruments, which will reduce the
company's exposure to FX risks. Currently, FS is largely financed
with U.S. dollar-denominated debt, while the pure correlation of
ethanol prices and FX rate is typically weak. As of 2Q21, 77% of FS
's debt was U.S. dollar-denominated with revenues fully denominated
in Brazilian Reais. Fitch also assumes that proceeds from the bond
issuance will be used to prepay the company's USD490 million
secured U.S. dollar-denominated debt, releasing assets from the
existing collateral package. The company has the challenge to
continue diversifying its funding sources, and increasing its debt
maturity profile. Currently, FS 's bank credit facilities are
focused on inventories-backed, high cost, short-term debt.

DERIVATION SUMMARY

FS ratings incorporate the company's short operating history and
ongoing investments to reach ethanol production of 1.4 billion
litters by March 2021. The company operates in a volatile industry
and is more exposed to commodity price risk, compared to sugar cane
processors, which rely on a market pricing mechanism that links
sugar cane costs to commodity prices. However, this is partly
mitigated by FS 's large storage capacity and well-established
commercial policies with corn grain producers, which enhance corn
price stability. The ratings incorporate the company's large scale
and presence of animal nutrition products, which help mitigate
price volatility in the industry.

The company is a low-cost producer with capacity to produce ethanol
with cash cost comparable to Usina Santo Angelo - USA
(A-[bra]/Stable), Jalles Machado (A+[bra]/Stable) and Adecoagro
(unrated), a cost benchmark in the industry. While the company is
currently more levered than most sugar cane processors peers, due
to the currently ongoing capacity expansions, its ratings reflects
Fitch's forecasts of EBITDA reaching near BRL1.0 billion in fiscal
2021 and fast deleveraging going forward. The company is currently
exposed to FX risk and more limiting funding sources, while
companies like USA, Jalles Machado and Biosev (B/BBB[bra]/Negative)
have more manageable FX risk exposure and enjoy higher availability
of long-term funding in the domestic banking market. Fitch expects
that liability management coupled with presence of largely liquid
corn inventories will place FS liquidity in a more favorable
position compared to USA and Jalles Machado.

KEY ASSUMPTIONS

  -- Sales ethanol volumes of 1.0 billion litres and 1.3 billion
litres in fiscal 2021 and 2022, respectively. Fitch expects that
hydrous ethanol will make up 65% of total ethanol volumes going
forward;

  -- Sales of animal nutrition products of over 900 thousand tons
and 1.2 million tons in fiscal 2021 and 2022, respectively;

  -- Corn prices at BRL26/bag in the current crop season and
BRL32/bag in 2021/2022;

  -- Fitch assumes average Brent prices of USD41/bbl in 2020 and
USD45/bbl in 2021. Fitch forecasts a year-end FX rate at
BRL5.30/USD in 2020 and BRL5.00/USD in 2021. Fitch also expects
hydrous ethanol prices of BRL1.7/litre and BRL1.9/litre in the
ongoing and next crop seasons, respectively;

  -- Prices for animal nutrition averaging BRL538/ton in fiscal
2021 and BRL646/ton in fiscal 2022;

  -- Total investments of BRL705 million this year including the
completion the Sorriso plant, and BRL71 million in fiscal 2022.

RATING SENSITIVITIES

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

  -- An upgrade is unlikely in the medium term due to the limited
scope for meaningful increases in ethanol prices and intense corn
price volatility in the spot market

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

  -- A negative rating action could occur if FS does not succeed in
issuing the senior secured notes as planned, or if the volume
proves insufficient to materially benefit its debt maturity
profile.

  -- If the new notes are not at least 50% hedged against FX
risks;

  -- Deterioration in liquidity and/or difficulties refinancing
short-term debt;

  -- EBITDA margins below 20% on a sustainable basis;

  -- Net leverage above 3.0x on a sustainable basis.

LIQUIDITY AND DEBT STRUCTURE

Higher Liquidity Following Bond Issuance: Fitch expects the company
to end fiscal 2021 with cash and short-term debt positions of
BRL286 million and BRL585 million, respectively, and coverage of
4.0x in fiscal 2022 as the company generates positive FCF in the
year. Readily marketable inventories and offtake contracts with
large fuel distributors reduce refinancing risks and improve
financial flexibility; inventories can be easily monetized and
accounts receivables can be used as collateral under new credit
facilities, if required. As of Sept. 30 2020, cash and marketable
securities were BRL751 million including restricted cash, which
Fitch assumes to be transitory, and compared favorably with
short-term debt of BRL673 million including net derivative
balances. Fitch estimates corn inventories of BRL1.5 billion at
market value as of the 2Q21, bringing the coverage ratio to about
3.3x.

SUMMARY OF FINANCIAL ADJUSTMENTS

Net derivative balances included as debt.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

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

FS AGRISOLUTIONS: Moody's Assigns (P)B1 CFR, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service assigned a (P)B1 corporate family rating
to FS Agrisolutions Industria de Biocombustiveis (FS). At the same
time Moody's assigned a (P)B1 rating to the proposed $500 million
senior secured notes to be issued by FS Luxembourg S.a r.l
unconditionally and irrevocably guaranteed by FS. The outlook for
the ratings is stable.

Use of proceeds will be to refinance existing debt and investments
focusing on bioenergy, to increase corn-based ethanol production
and operational investments to acquire feedstock to produce
corn-based ethanol, and on forestry, to plant forest, acquire
standing forest or operational investments to support small
producers of timber derived feedstocks via forward contracts to
acquire biomass and funding for their initial capital investments.

The notes will be secured on a first priority basis by collateral
including the real estate property and equipment of Lucas do Rio
Verde and Sorriso units.

Ratings assigned:

FS Agrisolutions Industria Biocombustiveis

  - Corporate Family Rating: (P)B1

FS Luxembourg S.a r.l

  - Proposed Gtd senior secured notes: (P)B1

Outlooks:

FS Agrisolutions Industria Biocombustiveis, outlook assigned at
Stable

FS Luxembourg S.a r.l, outlook assigned at Stable

RATINGS RATIONALE

FS Agrisolutions Industria de Biocombustiveis (FS)'s (P)B1 rating
incorporates its scale among the six largest ethanol producers in
Brazil, being the largest on corn feedstock. FS is a low-cost
producer with favorable access to corn feedstock and located in a
region with a high demand for animal nutrition, co-product from the
ethanol production process. The company is also low-carbon
footprint producer benefiting from a sustained demand growth for
biofuels. Additionally, with the ramp-up of new installed capacity
in the current and next harvests Moody's expects FS to generate an
adjusted EBITDA between BRL900 million and BRL1.1 billion between
March 2021 and March 2022, which will reduce leverage and increase
free cash flow with lower capex levels.

Constraining the rating is FS's high exposure to ethanol and corn
markets dynamics and the consequent susceptibility to sharp price
volatility, event risks, weather imbalances, and global trade
flows. The exposure to corn price volatility as an input is
partially mitigated by its animal nutrition business, since the
price of the dried distiller's grains (DDG) is directly correlated
to those of corn and soymeal, the two most widely used inputs for
animal feed. Although both corn and ethanol prices are ultimately
linked to US dollar and international oil prices, the company is
also exposed to exchange rate volatility and timing mismatch on its
proposed dollar denominated debt. The company indicated that it
will mitigate 50% of the FX exposure over the principal amount of
the bond via the use of currency derivatives. In order to mitigate
price and availability risk FS secures its corn on average 18
months prior to crushing needs. For 2020-21 FS has secured 97.4% of
its needs with an average price of BRL27.3/bag and for 2021-22
around 50.9% with an average price of BRL32.3/bag.

The ratings also incorporate the early maturity stage of the firm,
with ramp-up still underway, and an over-leveraged capital
structure from recent and ongoing investments to reach the target
production capacity. Concentration of production in two plants and
in a single region exacerbates commodity risks.

The price and availability of corn and the demand for animal feed
co-products in the state of Mato Grosso (MT) is highly dependent on
the poultry, swine and cattle raising activities. By installing the
first full corn ethanol plant in Brazil FS has a first mover
advantage and it has delivered robust adjusted EBITDA margins of
over 38% in 2018-19 and 2019-20. But Moody's believes this margin
level could be challenged by potential new entrants into the corn
ethanol segment, potentially driving an increase in capacity in the
states of Mato Grosso (MT) and Goias -- regions with a large corn
supply, high demand for animal feed and tax benefits. UNEM
(National Union of Corn Ethanol) estimates that corn ethanol
capacity will increase from 1.7 billion liters in 2019-20 to 8.0
billion liters in 2027-28, but Moody's believes this capacity could
be reached much sooner. This compares with a corn production of
35.5 million tons in MT in 2019-20, arriving at an estimated 58
million tons by 2029.

FS utilizes corn to produce mainly anhydrous and hydrous ethanol
used as light-vehicle fuels and blends. It started operations in
2017 with a capacity of 265 million liters, currently it has a
capacity of 1.1 billion liters, and it will arrive at 1.4 billion
liters of capacity by March 2021 (the target capacity would
correspond to ~3.9% Brazil's production). At target capacity FS
will be crushing 3.2 million tons of corn per harvest.

Along with the increased capacity, FS has been more than doubling
its EBITDA every harvest. In absolute terms EBITDA was BRL77
million in the 2017-18 harvest, BRL218 million in 2018-19 and
BRL478 million in 2019-20. For the 2020-21 harvest Moody's
estimates an EBITDA of BRL933 million, helping to reduce gross
leverage to 4.0x in 2020-21 and 3.3x in 2021-22 (all Moody's
adjusted metrics). Running at target capacity, starting in 2021-22,
FS can quickly increase free cash generation because of its high
margins (average 38.6% in 2018-19 and 2019-20) and low maintenance
capex needs. In 2019-20 capex was of BRL1.0 billion, in the current
harvest capex should be lower than BRL600 million and arrive at
near BRL30 million by 2022-23 absent of new expansion projects. FS
management target net leverage is of 2.0x to 3.0x and Moody's
believes that when once the company can predictably maintain that
target range it will resume its growth projects.

Despite the small scale compared to global agricultural producers,
FS has an installed capacity of 1.1 billion liters of ethanol per
harvest, which places it among the top six ethanol producers in
Brazil. The company runs two plants in the state of MT. The plant
located in Lucas do Rio Verde (LRV) has capacity of 550 million
liters per year and the one located in Sorriso has a capacity of
570 million liters per year, which places them as the largest
ethanol plants in Brazil. In March 2021 FS will finalize the
expansion of Sorriso capacity which should reach 850 million liters
of capacity for the plant and 1.4 billion liters for the company.
While producing ethanol in MT, FS is located closer to the North
and Northeastern regions of Brazil being able to offer products at
a lower logistical cost to those regions since most sugarcane
ethanol is produced in Sao Paulo and Mato Grosso do Sul, in the
Center-south of the country.

The operating model used by FS to produce ethanol from corn is less
verticalized and less complex than the traditional sugarcane model
because the company does not own the corn crops, rather acquiring
it from local suppliers. From one side this implies less control on
the corn supply and may provide less of an entrance barrier when
compared to the more verticalized sugarcane business. On the other
hand, it also leads to a significantly lower capital intensity.
Moody's estimates a maintenance capex requirement of around 1% of
revenues for FS compared to around 10% of the average sugarcane
producers. FS buys the corn, stores, processes and sells ethanol
and its co-products, it does not have the direct risks and capex
relating to agricultural production. Corn can be stored while
sugarcane has a small window of around 24hs between being harvested
and processed. Corn ethanol producers have a higher flexibility to
manage feedstock inventory, which allows for the asset light model
utilized by FS, producing ethanol all-year around with little
downtime. Moreover, because FS is not involved in agricultural
production its overall model is less complex, operations need a
reduced number of employees and corporate structure per liter
produced when compared to the traditional sugarcane business.

Proforma for the issuance of its $500 million secured notes, FS
liquidity is adequate. As of September 2020, the company had a cash
and restricted cash positions of BRL499 million and BRL251 million,
respectively, compared to BRL695 million in debt maturities.
Because of a current financing facility FS has large amortizations
programmed of BRL1.5 billion in the next three years. Pro-forma to
the bond these maturities will be pushed further to 2025-26 leaving
FS with minimal debt maturities in the next 4 harvests. Moody's
does expect FS to maintain a certain amount of short-term lines
relating to working capital needs during the harvest. Cash balance
will fluctuate during the harvest, but Moody's expects the cash and
restricted cash balance to cover all short-term maturities at the
end of each harvest. During peak working capital periods, Moody's
expects inventory levels to increase and FS has a minimal cash
target to cover at least the following three months of debt
obligations, general, sales and administrative expenses. At the
same time, working capital needs will fluctuate between BRL600
million to BRL900 million during the harvest, once FS is operating
near full capacity.

The stable outlook incorporates our expectation that FS will be
able to increase EBITDA consistently in the next 2 harvests
bringing leverage down to around 4.0x in March 2021, 3.3x in March
2022, and production capacity of 1.1 billion liters in 2020-21 and
1.4 billion liters after that. The stable outlook also incorporates
our expectation that the company will maintain an adequate leverage
as it engages in new expansion projects.

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

Ratings are constrained by the concentration and single line
commodity exposure of the business (corn ethanol and relating
co-products). An upgraded would require an increased
diversification of the business reducing geographic and commodity
risk exposure coupled with a robust financial position with
consistent positive free cash flow, adequate leverage and liquidity
profile. Quantitatively this would require Debt /EBITDA to remain
below 3.5x, Retained Cash Flow/Debt to remain above 15% and
EBITDA/Interest Expense to be sustained above 2.5x.

A downgrade could result from an inability to reduce leverage or a
deterioration of liquidity profile, including the deployment of
large investments that compromise short-term credit metrics.
Quantitatively this would be the case if Debt /EBITDA is sustained
above 4.5x, Retained Cash Flow/Debt remains below 5% or
EBITDA/Interest Expense remains below 1.5x.

Headquartered in Lucas do Rio Verde, state of Mato Grosso (MT),
Brazil, FS is one of the six largest ethanol producers in Brazil.
The company started operations in 2017 with 265 million liters of
corn ethanol capacity and presently has a 1.1 billion liters
capacity into its two plants in Lucas do Rio Verde (LRV) and
Sorriso, both cities in MT. The company also commercializes
co-products generated in the production process, including DDG,
wetcake, corn oil for livestock feed, and electricity. FS is a
limited liability company and was established as a joint-venture
between US based Summit Agricultural Group with a 75% stake and
Brazilian agricultural holding company, Tapajos S.A. In the last
twelve months ended in September 2020, FS generated net revenue of
BRL2.0 billion ($427 million, converted using the average rate for
the period), with an adjusted EBITDA margin of 35.9%.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.



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

DOMINICAN REPUBLIC: INESPRE Addresses Intermediation Practices
--------------------------------------------------------------
Dominican Today reports that the Minister of Agriculture, Limber
Cruz, reported that bananas' price ranges between three and seven
pesos on the farm. Still, the intermediation causes the item to
reach consumers between 30% and 40% above your initial cost,
according to Dominican Today.

"Mediation is that it alters prices, so Inespre goes directly to
the farm to buy bananas, and that is why prices have dropped.  For
example, I sell on the farm when you have several intermediaries in
the chain. They are earning 40%, 30%, etc., when you accumulate
that, the prices change," said the official when participating in
the Lunch of the Corripio Communications Group in which he
participated together with the general director of the Dominican
Agrarian Institute (IAD), Leonardo Fana; the administrator of Banco
Agricola, Fernando Duran; the director of Inespre, Ivan Hernandez;
the director executive of the National Institute of Hydraulic
Resources (INDRHI), Olmedo Caba and Conaleche director, Miguel
Laureano, the report relays.

For his part, Ivan Hernandez, director of the Price Stabilization
Institute (INESPRE), indicated that they had mobilized mobile
warehouses to counteract these intermediation practices, the report
discloses.

"What we have done is to intervene in the distribution chains, and
that makes intermediaries less attractive. It is not that a person
buys a banana on the farm for seven pesos and sells it for 20, but
that sometimes there are several intermediaries, and each one of
them is putting a profit margin. In the end, they duplicate the
price of the product, but when we go directly to the farm and sell
it, we take away interest from those intermediaries," he said,
notes the report.

Among the items that reach increases due to intermediation is the
banana plantain, which is sold on the farm between RD$3 and RD7
pesos, in the markets at RD$20 and 23, and in grocery stores, it is
sold between 25 and 30 pesos, with an increase on the scale of 16
pesos, for a difference of 114%; the fhia-20 and cibaenos bananas,
on the farm, are sold for RD$5-7, in the markets $10-12, but in the
grocery stores they sell it for 13-17 pesos, with a price
difference in the intermediation of 10 pesos, for a 143%
difference, 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, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term
sovereign credit ratings.

The negative outlook reflects S&P's view that it could lower the
ratings on the Dominican Republic over the next six to 18 months,
given the severe impact of the COVID-19 pandemic on the
sovereign's already vulnerable fiscal and external profiles, as
well as the
potential for a weaker-than-expected economic recovery.

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: President Approves Budget of US$18.8 Billion
----------------------------------------------------------------
Dominican Today reports that President Luis Abinader signed the
General State Budget into law, for the Budgetary Exercise of 2021,
after it was approved by both houses of Congress.

"I promulgate this law and order that it be published in the
Official Gazette, for its knowledge and execution," says the
promulgation with President Abinader's signature, according to
Dominican Today.

The General State Budget Law 237-20, for RD$1.09 trillion (US$18.8
billion), is an initiative of the Executive, which had been
approved unopposed by both houses of Congress the Senate on
December 1, the report notes.

                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, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term
sovereign credit ratings.

The negative outlook reflects S&P's view that it could lower the
ratings on the Dominican Republic over the next six to 18 months,
given the severe impact of the COVID-19 pandemic on the
sovereign's already vulnerable fiscal and external profiles, as
well as the
potential for a weaker-than-expected economic recovery.

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).




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

COMCEL TRUST: Fitch Affirms 'BB' FC IDR, Off Watch Neg.
-------------------------------------------------------
Fitch Ratings has taken actions on two Guatemalan corporates,
Comcel Trust and The Central America Bottling Corporation. The
actions follow Fitch's affirmation, and subsequent removal from
Rating Watch Negative (RWN), of the country's 'BB-' Foreign
Currency (FC) Issuer Default Rating (IDR) on Dec. 1, 2020. The
affirmation of Guatemala's FC IDRs at 'BB-' and removal of the RWN
reflected the government's settlement of the coupon payment on its
Eurobond due 2026 (ISIN 144A: US401494AN97; Reg S: USP5015VAF33)
ahead of the grace period ending Dec. 3.

Comcel Trust

Fitch has affirmed and removed from RWN the 'BB' Long-Term FC IDR
of Comcel Trust (Comcel). The FC IDR has been assigned a Stable
Outlook. This mirrors the removal of RWN from Guatemala's sovereign
ratings and Country Ceiling. Fitch has also affirmed the company's
LC IDR at 'BB+' with a Stable Outlook. Comcel's Long-Term Local
Currency (LC) IDR and Outlook reflect its strong market position as
the leading mobile provider in Guatemala and its robust financial
profile, with low leverage for the rating category. The company's
ratings are tempered by a lack of geographical and service revenue
diversification, as well as high shareholder returns, which limit
any material deleveraging. Comcel's ratings are closely linked to
that of its parent, Millicom International Cellular S.A. (MIC;
BB+/Stable), given its strong financial and strategic linkage.

The Central America Bottling Corporation

Fitch has affirmed and removed from RWN the 'BB+' Long-Term FC IDR
of The Central America Bottling Corporation (CBC) and its 'BB+'
rated USD USD700 million senior unsecured notes due in 2027. The FC
IDR has been assigned a Negative Outlook. In addition, Fitch has
affirmed CBC's Long-Term LC IDR at 'BB+' with Negative Outlook.

This mirrors the removal of RWN from Guatemala's FC IDR. Guatemala
is the largest contributor of cash flow generation for CBC (close
to 39% and 30% of its total revenues and EBITDA, respectively), and
its ratings are highly linked.

KEY RATING DRIVERS

Comcel Trust

Leading Market Position: Comcel is a 55% owned subsidiary of MIC
and, as of YE 2018, is the largest mobile operator in Guatemala,
with an estimated subscriber market share of over 58%. The
company's entrenched market position is supported by its solid
network and service quality, as well as its strong brand
recognition. Fitch expects these competitive strengths to remain
intact and ward off competitive pressures over the medium term.

Pandemic's Impact on Telecoms: Fitch does not expect the same level
of disruption to telecom as other sectors from the coronavirus
pandemic. Increased screen and voice time, across both fixed and
mobile platforms, will likely be offset by declining disposable
income, pressuring revenues and EBITDA generation. A prolonged
recession or significant government intervention into telecom
operators' price-setting, would be negative. Guatemala's mobile
market is mostly prepaid, with approximately 80% of subscribers
opting for this plan. Prepaid customers are more price-sensitive
than those that opt for post-paid plans. Positively, relatively low
broadband penetration presents a continued growth opportunity for
Comcel.

The Central America Bottling Corporation

CBC's ratings reflect its business position as an anchor bottler of
the PepsiCo system with operations in Central America, the
Caribbean, Ecuador, Peru and Argentina and exports to other
countries. The company has a diversified product portfolio of
PepsiCo, proprietary brands and Ambev brands across its franchised
territories, combined with a good distribution network in key
markets. CBC's ratings are constrained by the sovereign ratings
where it operates, the competitive environment of the beverage
industry and the volatility of prices in its main raw materials.

The company's Long-Term FC IDR is rated one notch higher than its
applicable 'BB' Country Ceiling of Guatemala mainly due to its cash
position held abroad and, to a lesser extent, the EBITDA generated
in countries as Puerto Rico, Peru and Jamaica. Both factors
contribute to cover the company's hard currency debt service over
the midterm more than 1x. Given the relevance of the Guatemalan
operations for the company, Fitch believes that a downgrade of
Guatemala's Country Ceiling or sovereign ratings will result on a
negative rating actions for CBC.

The Negative Outlook on its LC IDR reflects a lower deleveraging
trend than previously projected by Fitch and the risk that mobility
restrictions and lockdown policies will be extended for longer
periods and affect CBC's operating results. The ratings could be
downgraded if financial results do not recover along with a
deleveraging trend in 2021. Fitch forecasts that CBC's total debt
to EBITDA and total net to EBITDA will be at high levels in 2020
but should trend down to nearly 3.5x and 2.5x, respectively, by YE
2021. A revision of the Outlook to Stable would result if the
company approaches these levels in the next 12 to 18 months.

DERIVATION SUMMARY

Comcel Trust

Comcel's credit profile is strong compared with its regional
telecom peers in the 'BB' rating category given its high
profitability, robust cash flow generation, and low leverage,
underpinned by its leading market shares and solid network quality
and coverage. The company's credit profile is in line with its peer
Telefonica Celular del Paraguay (BB+/Stable), an integrated telecom
operator and MIC's another subsidiary in Paraguay. Comcel's credit
profile is stronger than Axtel (BB-/Positive) and VTR Finance
(BB-/Stable) given their lack of service diversification and weaker
financial profiles. The company's lack of geographic
diversification and weak revenue diversification, as well as its
high shareholder return temper the credit. Parent/subsidiary
linkage is applicable given MIC's strong influence over Telecel's
operations and MIC's reliance on Telecel's dividend upstream.

The Central American Bottling Corporation

CBC's 'BB+' ratings are below other beverage peers in the region
such as Arca Continental, S.A.B. de C.V. (A/Stable), Coca-Cola
FEMSA, S.A.B. de C.V. (A-/Stable) or Embotelladora Andina S.A.
(BBB+/Stable) given its lower size and scale and weaker brand
recognition of PepsiCo and proprietary beverage brands when
compared to the stronger brand equity of Coca-Cola products. Also,
the company's ratings reflect its lower profitability margins and
higher exposure to lower-rated countries. CBC's ratings are above
other beverage companies such as Grupo Embotellador Atic S.A.
(B+/Stable) given its better operating performance, adequate
leverage metrics and ample liquidity.

KEY ASSUMPTIONS

Comcel Trust

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

  -- Stagnant subscriber growth over the short term;

  -- EBITDA margin to stabilize around 48% over the medium term;

  -- Total Capex-to-sales around 12%.

The Central America Bottling Corporation

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

  -- Revenue decline around 7% in 2020 and growth of 5% in 2021;

  -- EBITDA margins around 12% in 2020 and 13% in 2021;

  -- Capex around USD54 million in 2020 and USD63 million in 2021;

  -- Dividends around USD55 million in 2020 and USD56 million in
2021;

  -- Negative FCF in 2020 and resume to positive in 2021;

  -- Total debt to EBITDA and total net debt to EBITDA close to
3.5x and 2.5x, respectively, by YE 2021.

RATING SENSITIVITIES

Comcel Trust

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

  -- An upgrade of Guatemala's sovereign rating and country ceiling
would lead to an upgrade of Comcel's FC IDR to 'BB+';

  -- An upgrade of Millicom, Comcel's controlling shareholder, to
'BBB-' from 'BB+' would also have positive rating implications.

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

  -- A downgrade of Guatemala's sovereign rating or country ceiling
would lead to a downgrade of Comcel's FC IDR;

  -- Deterioration in Comcel's net leverage to beyond 3.5x on a
sustained basis;

  -- A negative rating action on Millicom due to net leverage
exceeding 3.5x on a consolidated basis or 4.5x on a holding company
debt/dividend received basis.

The Central America Bottling Corporation

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

  -- Fitch does not foresee positive ratings actions for CBC in the
midterm. However, the combination of lower leverage ratios, better
operating performance, solid FCF across the cycle, and cash flow
generation from investment-grade countries would be considered
positive to credit quality.

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

  -- Deterioration of its operating results, sustained negative FCF
generation, or significant debt-financed acquisitions that result
in total debt to EBITDA and total net debt to EBITDA higher than
3.5x and 2.5x, respectively, after 2021.

  -- Downgrades of Guatemala's Country Ceiling or sovereign
ratings.

LIQUIDITY AND DEBT STRUCTURE

Comcel Trust:

Solid Liquidity: Comcel has a solid liquidity profile backed by its
high cash balance, stable CFFO and well-spread debt maturities. As
of the ended June 30, 2020, the company held USD227 million in cash
and equivalents, which favorably compares with no short-term debt.
The company faces no debt maturities over the rating horizon. The
company's total debt, as of June 30, 2020 was USD930 million, which
consisted mainly of USD800 million senior unsecured notes due 2024
and local loans. As of Nov. 18, 2020, Comcel has fully redeemed its
USD800 million that was originally due in 2024.

The Central America Bottling Corporation

Adequate Liquidity: Liquidity was adequate at June 30, 2020 with
USD246 million of readily available cash compared to USD195 million
of short-term debt. With the proceeds of its USD200 million senior
notes CBC issued in July 20202 the company refinanced approximately
USD145 million of current debt maturing in 2020 and 2021. On a pro
forma basis, the company's debt amortizations are around USD25
million in 2020, USD35 million in 2021, USD54 million in 2022, USD9
million in 2023 and USD707 million afterwards.

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

The Central America Bottling Corporation has an ESG Relevance Score
of '4' for Financial Transparency due to below average financial
disclosure of country specific or regional operating results, which
has a negative impact on the credit profile and is relevant to the
ratings in conjunction with other factors.

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.

GUATEMALA: Fitch Affirms BB- LT IDR, Outlook Stable
---------------------------------------------------
Fitch Ratings has affirmed Guatemala's Long-Term Foreign-Currency
(LT FC) Issuer Default Ratings (IDR) at 'BB-' and removed the
Rating Watch Negative (RWN), upgraded the issue rating on the
Eurobond due 2026 to 'BB-' from 'C' and affirmed all other ratings.
The Rating Outlook is Stable.

KEY RATING DRIVERS

The affirmation of Guatemala's Foreign-Currency IDRs at 'BB-' and
removal of the RWN reflects the government's settlement of the
coupon payment on its Eurobond due 2026 (ISIN 144A: US401494AN97;
Reg S: USP5015VAF33) ahead of the grace period ending December 3.
Fitch has also upgraded the issue rating on the affected bond to
'BB-' from 'C' as its outstanding coupon has been paid within the
grace period.

The government has successfully reached a settlement agreement with
TECO Holdings Guatemala (TECO) which lifted the restraining notice
on its account at the Bank of New York Mellon. Guatemala's
government has fully regained its payment capacity to service
external debt payments within the U.S.

Previously, a coupon payment of USD15.75 million due Nov. 3 was
delayed because its fiscal agent did not remit the payment to
bondholders as a New York court received a restraining notice
directed at the government's account at the Bank of New York
Mellon. Earlier, a Washington D.C. court had ruled in favor of TECO
and ordered the government of Guatemala to pay the company USD35.4
million for an arbitration which started in 2009.

Guatemala's IDRs are supported by a track record of prudent
monetary and fiscal policies, macroeconomic stability, low public
debt to GDP and sound external liquidity. These strengths are
counterbalanced by a narrow tax base that constrains policy
flexibility and limits debt tolerance. They are also
counterbalanced by reliance on workers' remittances inflows to
offset large trade deficits and weak governance, investment levels
and human development indicators. Ongoing protests opposing lack of
transparency of the budget approval process are related to
governance concerns, particularly on control of corruption and rule
of law.

ESG - Governance: Guatemala has an ESG Relevance Score (RS) of 5
for both Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. These scores reflect the high
weight that the World Bank Governance Indicators (WBGI) have in
Fitch's proprietary Sovereign Rating Model. Guatemala has an
average WBGI ranking at 27.9 percentile driven by weak rule of law
and a high level of corruption.

RATING SENSITIVITIES

The main factors that could, individually or collectively, lead to
a positive rating action/upgrade are:

  -- Public Finances: Improvements in tax collection that enhance
fiscal policy flexibility and facilitate fiscal consolidation;

  -- Macro: Higher investment and growth medium-term prospects, for
example, by addressing Guatemala's infrastructure needs that
constrain productivity;

  -- Structural: Improvements in governance and human development
indicators relative to peers, particularly on control of corruption
and rule of law.

The main factors that could, individually or collectively, lead to
a negative rating action/downgrade:

  -- Public Finance: Political gridlock or deterioration in
governance that constrains government financing flexibility and
effective policy making or leads to a trend of rising debt that
materially undermines fiscal metrics.

  -- Macro: Lower-than-expected growth performance and weaker
medium-term growth prospects, for example, caused by lower
remittances or lasting impacts from the growth slowdown on key
sectors of the economy.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Guatemala a score equivalent to a
rating of 'BB' on the LT FC IDR scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
SRM data and output, as follows:

  - Structural: -1 notch, to reflect political tension and
congressional gridlock that limits the government's ability to pass
reforms, including the approval of the budget.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centered
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within the
agency's criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

KEY ASSUMPTIONS

Fitch assumes that the global economy evolves in line with its most
recent update of the Global Economic Outlook published on Nov. 6,
2020.

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

Guatemala has an ESG Relevance Score of '5' for Political Stability
and Rights as WBGI have the highest weight in Fitch's SRM and are
relevant to the rating and a key rating driver with a high weight.

Guatemala has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
WBGI have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight.

Guatemala has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms as WBGI have the highest weight in the SRM and
are relevant to the rating and a rating driver.

Guatemala has an ESG Relevance Score of '4' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver, as for all sovereigns.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, 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 to the way in which they
are being managed by the entity.



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

BRASKEM IDESA: S&P Downgrades ICR to 'B', On CreditWatch Negative
-----------------------------------------------------------------
On Dec. 4, 2020, S&P Global Ratings lowered its issuer credit and
issue-level ratings on Braskem Idesa, S.A.P.I. to 'B' from 'B+'.
The recovery rating on the company's rated secured notes of $900
million due 2029 remains at '3'. S&P also placed the ratings on
CreditWatch with negative implications.

Braskem Idesa announced that it received a notification from Centro
Nacional de Control del Gas Natural (CENAGAS) that it terminated
the natural gas transportation services to the company's production
facilities in Coatzacoalcos Veracruz, Mexico. Given that the
natural gas enables Braskem Idesa to produce ethylene the company
had to stop operations at this complex. S&P believes that there's
significant uncertainty over the timing in which the company can
reestablish the natural gas transport services with CENAGAS.
Therefore, the potential impact on the company's polyethylene
production, revenue, and EBITDA is highly uncertain. In addition,
the downgrade reflect the rising risks that the company will face
in maintaining the continuity of its operations without further
interruptions amid a renegotiation of its main contract: ethane
contract with PEMEX. Therefore, S&P believes that deleveraging will
take longer than expected.

The company had about $187 million in its cash balance as of Sep.
30, 2020, and its reserve account totaled about $402 million under
its project finance contract, compared with $224 million in
short-term obligations. Although Braskem Idesa had slashed its
investments to preserve cash amid currently difficult macroeconomic
conditions, we will closely monitor its liquidity to assess the
potential impact of the ongoing negotiations.

S&P said, "The risks of suspension of the company's operations in
the short term could affect its leverage metrics well beyond our
expectations. Although we expected higher volume sales due to the
"Fast-Track" strategy, coupled with a gradual recovery in the
polyethylene prices and an increasing demand in the company's
products, we believe that the unexpected stoppage could dent its
revenue and EBITDA. Although we already expected the company's
deleveraging could take longer than expected due to the low prices
of polyethylene during 2020, we expect that this new development
will further delay debt reduction, weighing on Braskem Idesa's
credit profile. However, the company is currently working on
reactivating its operations to mitigate the impact on its credit
metrics and take advantage of the increasing demand in--and
consumption of--plastics due to the pandemic."




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

CARLOS H. ORTIZ: Hernandez Buying San Juan Property for $195K
-------------------------------------------------------------
Carlos H. Ortiz Colon, his wife, Maribel Rodriguez, Vaqueria Ortiz
Rodriguez, Inc. ("VOR"), and their secured creditor, ask the U.S.
Bankruptcy Court for the District of Puerto Rico to authorize the
sale of the real property located at Apt. D-302 in Condominion
Bayside Cove, San Juan, Puerto Rico, to Juan Francisco Rivera
Hernandez for $195,000.

On April 4, 2019, secured creditor, Banco Popular de Puerto Rico
("BPPR") filed a secured claim numbered 4, in the amount of $52,904
for property.   On June 11, 2019, BPPR filed a Motion For Relief
From Stay Under 36 regarding the property.  The Motion was granted
by the Court and the Stay was lifted as per Order entered on July
1, 2019.  BPPR then filed an In Rem foreclosure complaint over the
property which was numbered SJ2019CV09822.  

As part of the Debtors' reorganization, they have decided to sell
various properties that are not needed for the reorganization and
for their Dairy Farm business operations.  The property is one of
the properties to be sold.  The Debtors will sell the property to
the Buyer for the amount Of $195,000 on the terms of their Option
Purchase Agreement.

The funds will be used to pay the following liens: (i) First Rank
Mortgage Lien owed to BPPR; (ii) Second Mortgage Rank Lien owed to
First Bank de Puerto Rico.

The following balances will be paid: (i) BPPR - the balance of
$67,100, and (ii) First Bank de Puerto Rico - the limit on the
mortgage established as per the Registry of Property of Puerto Rico
of $78,460 will be paid.

The Debtors have to pay $4,900 of closing cost as per Breakdown of
Closing Costs.  These closing costs are Notary Fees for sales deed
and cancellation ofliens deeds, stamps and taxes related to both
deeds.

There are no Property Taxes owed or Homeowners Association Fees
owed.  The total amount of liens to be paid and cost related to the
sale are $150,460, the remainder ofthe funds will be paid to the
Debtors and deposited in the DIP account related to the present
bankruptcy cases.

With the sale, the Debtors will pay in full a claim and pay $78,460
to the debt owed to First Bank.  Additionally, they will have close
to $45,000 to help in their reorganization efforts.  Also, the
property already had the Stay lifted by BPPR and First Bank de
Puerto Rico.

For all the reasons stated in the Motion and according to FRBP
9006, the Debtors also ask that the objection term for the Motion
be shortened to seven days.  The shortening of the objection period
will have no adverse effect on any other creditor, on the contrary
it will allow the Debtors to complete the pending matters in the
present case and proceed with filing a Chapter 11 Plan.

The Debtor will file with the Court a Report of Sale, of any sale
of property of the estate outside the ordinary course of business.
The report will be filed within 30 days after the sale.

A copy of the Contract is available at
https://tinyurl.com/y559zyyh
from PacerMonitor.com free of charge.

Carlos H. Ortiz Colon and Maribel Rodriguez Rios (Bankr. D.P.R.
Case No. 19-01384-ESL11) and Vaqueria Ortiz Rodriguez, Inc. (Bankr.
D.P.R. Case No. 19-01386-ESL11) sought Chapter 11 protection on
March 14, 2019.  The cases are administratively consolidated under
Case No. 19-01384.  Homel Mercado Justiniano, Esq., represent the
Debtors.



=================
V E N E Z U E L A
=================

MERCANTIL CA: Fitch Affirms CC LT Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has affirmed Mercantil, C.A. Banco Universal's
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'CC'. Fitch expects the bank to continue meeting its deposit
obligations in the absence of government intervention, given the
domestic market's high liquidity.

KEY RATING DRIVERS

IDRs AND VR

Mercantil's Viability Rating (VR) drives its IDRs. The operating
environment highly influences the banks' VRs. The analysis of asset
quality and profitability ratios, company profile and risk
management under the current operating environment and
hyperinflationary conditions is not meaningful to the ratings at
this time. The bank's gross loan portfolio accounted for 12% of
total assets as of Sept. 30 2020, in line with the trend over the
past two years.

Historically, Fitch has highlighted the bank's ability to maintain
capitalization under hyperinflationary conditions. However, capital
benefited from unrealized gains on Mercantil's U.S.
dollar-denominated position, due to the significant depreciation of
the currency. Fitch expects Mercantil to continue meeting
regulatory requirements for capitalization due to currency
depreciation and the favorable risk weighting of assets.
Additionally, the bank's tangible common equity/tangible assets
ratio as of September 2020 improved to 31.1% from 29.8% at YE19.
This ratio for 3Q20 compares well to the banking system average,
estimated at around 21%. Capital ratios are likely to benefit from
unrealized gains on its USD denominated securities, which could
offset some capitalization pressures from high nominal growth.

Mercantil's liquidity metrics remain satisfactory, as the bank's
customer deposits account for 99.5% of the bank's funding at Sept.
30, 2020, relatively unchanged from the last few years. The bank's
well-known franchise and reputation for conservative management has
attracted a stable depositor funding base. Retail demand deposits
account for the majority of Mercantil's funding base; however, this
is closely followed by deposits from SMEs and large corporations.
Loans only represented 21.4% of customer deposits as of September
2020, compared to 36% at September 2019. Given the bank's high
level of liquid assets, the negative mismatch between short-term
assets and liabilities is manageable, as long as domestic monetary
market conditions remain liquid and any potential liberalization of
capital controls is measured. Most liquid assets consisted of cash
and bank deposits, which represented nearly 45% of total assets.

SUPPORT RATING

The banks' Support Rating (SR) of '5' and Support Rating Floor
(SRF) of 'NF' reflect Fitch's expectation of no support. Support
cannot be relied upon given Venezuela's weak fiscal position and
lack of a consistent policy on bank support.

Mercantil has an ESG Relevance Score of '4' for Financial
Transparency due to the distortion of financial indicators from
hyperinflation and limited regulatory transparency, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

Mercantil's ESG Relevance Score for Governance Structure was
revised to '4' from '3' to reflect the extent to which the
regulatory framework negatively affects the operating environment
and the bank's financial performance. This has a moderately
negative impact on the rating in conjunction with other factors.

RATING SENSITIVITIES

IDRs AND VR

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

  -- Upside potential to Mercantil's ratings is limited in the near
term due to the current crisis.

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

  -- While not Fitch's base case, due to capital controls and
domestic market liquidity, a persistent decline in deposits would
pressure ratings.

  -- A sustained decline in the bank's regulatory capital ratio,
either due to nominal growth or losses, which increases the risk of
some form of regulatory intervention, could also lead to a
downgrade.

SUPPORT RATING

Venezuela's propensity or ability to provide timely support is not
likely to change. As such, the SR and SRF have no upgrade potential
at this time.

SUMMARY OF FINANCIAL ADJUSTMENTS

Regulatory risk-weighted assets were adjusted to reflect the risk
from compulsory loans.

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

Mercantil has an ESG Relevance Score of '4' for Financial
Transparency due to the distortion of financial indicators from
hyperinflation and limited regulatory transparency, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

Mercantil's ESG Relevance Score for Governance Structure was
revised to '4' from '3' to reflect the extent to which the
regulatory framework negatively affects the operating environment
and the bank's financial performance. This has a moderately
negative impact on the rating in conjunction with other factors.

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.


                           *********


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
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USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
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Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
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