---

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

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

          Monday, December 21, 2020, Vol. 21, No. 254

                           Headlines



A R G E N T I N A

BUENOS AIRES: Moody's Completes Review, Retains Caa3 Debt Rating
CHACO PROVINCE: Moody's Completes Review, Retains Ca Issuer Rating
CHUBUT PROVINCE: Moody's Completes Review, Retains Ca Rating
CHUBUT: Latham & Watkins Advises Province's Bond Restructuring
COMPANIA LATINOAMERICANA: Fitch Affirms CCC LT IDRs

CORDOBA MUNICIPALITY: Moody's Completes Review, Retains Ca Rating
CORDOBA PROVINCE: Moody's Completes Review, Retains Ca Rating
MENDOZA PROVINCE: Moody's Completes Review, Retains Ca Rating
RIO NEGRO: Moody's Completes Review, Retains Ca Issuer Rating
SANTA FE: Moody's Completes Review, Retains Ca Issuer Rating

TIERRA DEL FUEGO: Moody's Completes Review, Retains Ca Rating


B A R B A D O S

BARBADOS: IDB OKs 30MM Loan to Support Sustainability of MSMEs


B R A Z I L

BELO HORIZONTE: Moody's Completes Review, Retains Ba3 Issuer Rating
BRAZIL: In the Grip of Pandemic Second Wave
GAIA AGRO: Moody's Ups Ratings from Ba1 on 10th Issuance of CRA
MINAS GERAIS: Moody's Completes Review, Retains B2 Issuer Rating
SAO PAULO STATE: Moody's Completes Review, Keeps Ba2 Issuer Rating



C O L O M B I A

[*] COLOMBIA: Daily Coronavirus Cases Reach Highest No. Since Aug.


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Almost All Fuel Prices Rise
DOMINICAN REPUBLIC: Consumer Prices Climb 0.60% in November


E C U A D O R

BANCO DE LA PRODUCCION: Fitch Affirms B- LT IDR, Outlook Negative
BANCO GUAYAQUIL: Fitch Affirms B- LT IDR, Outlook Negative
BANCO PICHINCHA: Fitch Affirms B- LT IDR, Outlook Negative
BANCO PROCREDIT: Fitch Affirms B- LT IDR, Outlook Stable


E L   S A L V A D O R

GRUPO UNICOMER: Fitch Affirms BB- LT IDR, Outlook Stable


T R I N I D A D   A N D   T O B A G O

TOBAGO HOUSE: Moody's Completes Review, Retains Ba1 Issuer Rating


V E N E Z U E L A

VENEZUELA: Basic Food Basket Goes Sky-High in November


X X X X X X X X

[*] BOND PRICING: For the Week Dec 14 to Dec. 18, 2020

                           - - - - -


=================
A R G E N T I N A
=================

BUENOS AIRES: Moody's Completes Review, Retains Caa3 Debt Rating
----------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Buenos Aires, City of and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review in which Moody's reassessed the
appropriateness of the ratings in the context of the relevant
principal methodology, recent developments, and a comparison of the
financial and operating profile to similarly rated peers. The
review did not involve a rating committee. Since January 1, 2019,
Moody's practice has been to issue a press release following each
periodic review to announce its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

KEY RATING CONSIDERATIONS

The baseline credit assessment of caa3 and debt rating of Caa3
assigned to the City of Buenos Aires reflect Moody's view that the
city's credit profile is stronger than peers. The City exhibits a
long track record of prudent fiscal and financial policies,
underpinned by its strategic importance and a large and diverse tax
base. The City's relative credit strength is also supported by its
resilience to market access restrictions and by the fact that its
debt profile in foreign currency is comfortable relative to its
cash generation and liquidity. Despite its noticeable intrinsic
credit strengths, alike all Regional and Local Governments in
Argentina, the City of Buenos Aires is exposed to substantial
systemic risks.

The principal methodology used for this review was Regional and
Local Governments published in January 2018.

CHACO PROVINCE: Moody's Completes Review, Retains Ca Issuer Rating
------------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Chaco, Province of and other ratings that are associated
with the same analytical unit. The review was conducted through a
portfolio review in which Moody's reassessed the appropriateness of
the ratings in the context of the relevant principal methodology,
recent developments, and a comparison of the financial and
operating profile to similarly rated peers. The review did not
involve a rating committee. Since January 1, 2019, Moody's practice
has been to issue a press release following each periodic review to
announce its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

KEY RATING CONSIDERATIONS

The baseline credit assessment of ca and issuer rating of Ca
assigned to the Province of Chaco reflect the diminished debt
affordability caused by the weakened cash generation due to the
economic contraction. Chaco benefits from moderate exposure to
foreign currency debt and still manageable leverage levels, offset
by a track record of volatile operating results and cash financial
deficits. Alike all Argentine Regional and Local Governments, the
province is exposed to substantial systemic risks.

The principal methodology used for this review was Regional and
Local Governments published in January 2018.

CHUBUT PROVINCE: Moody's Completes Review, Retains Ca Rating
------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Chubut, Province of and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review in which Moody's reassessed the
appropriateness of the ratings in the context of the relevant
principal methodology, recent developments, and a comparison of the
financial and operating profile to similarly rated peers. The
review did not involve a rating committee. Since January 1, 2019,
Moody's practice has been to issue a press release following each
periodic review to announce its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

KEY RATING CONSIDERATIONS

The baseline credit assessment of ca and issuer rating of Ca
assigned to the Province of Chubut reflect a weakened credit
profile, marked by a challenging debt maturity profile in foreign
currency, increased leverage and deteriorated operating and
financial results. Partially offsetting these challenges, Chubut is
the largest crude oil producing province in Argentina, and as such
benefits from US dollar-linked revenue stream from hydrocarbon
royalties. Alike all Regional and Local Governments in Argentina,
Chubut is exposed to substantial systemic risks, including
uncertainties related to oil and gas production activities in
Argentina, which could limit the strength of the royalties' revenue
stream.

The principal methodology used for this review was Regional and
Local Governments published in January 2018.

CHUBUT: Latham & Watkins Advises Province's Bond Restructuring
--------------------------------------------------------------
Latham & Watkins advised the Ad-Hoc Group of Institutional
Bondholders of the Argentine Province of Chubut in favor of the
Province's consent solicitation to modify the terms of its
outstanding US$650 million 7.75% secured amortizing notes due 2026.
  Holders representing 90.02% of the aggregate principal amount of
the notes consented to amendments that provide significant
near-term liquidity relief to the Province by revising the notes'
amortization profile to reflect the underlying cash flows of the
collateral trust securing the Province's payment obligations.

The revised terms of the notes provide various structural
enhancements that the Ad Hoc Group believes are "a testament to the
strength of the collateral trust financing structure" and that
"will preserve such structure as a financing mechanism for the
Province in the future."  These enhancements included disclosure
requirements, an interest rate step-up after October 2021,
additional covenants, and additional royalties pledged under the
amended collateral trust structure.

Latham also advised the Ad-Hoc Committee of Secured Bondholders in
the restructuring of the Argentine Province of Neuquen's US$317
million 8.625% Secured Notes due 2028.  Both restructurings
followed the Argentine federal government's default and subsequent
restructuring earlier this year.

Latham fielded an inter-disciplinary team from its market-leading
Latin America Practice, including members of its Capital Markets,
Litigation & Trial and Project Development & Finance practices, led
by partners Chris Clark and Roderick Branch, with associates
Matthew Salerno, Carlos Ardila, Daniel Chor and Costanza Garcia.

The Troubled Company Reporter-Latin America reported on December
18, 2020, that Fitch Ratings has downgraded the Province of
Chubut's Long-Term Foreign and Local Currency Issuer Default
Ratings (IDRs) to 'C' from 'CC'.  
Fitch has also downgraded the Province's 7.75% senior secured notes
for USD650 million due 2026 to 'C' from 'CC'. Additionally, Fitch
lowered Chubut's Stand-alone Credit Profile (SCP) to 'c' from 'cc'.
Fitch relied on its Distressed Debt Exchange (DDE) Rating Criteria
and its rating definitions to position the Province's ratings and
SCP.

The downgrade of Chubut's rating to 'C' indicates that a DDE
process has begun following the authorities' formal announcement in
Dec. 4, 2020, that it is soliciting the holders of the 2026 Notes
(Bocade) to consent to certain modifications. According to the
'consent solicitation' release, with the amended structure, the
Province will achieve a maximum cumulative debt service relief of
USD169 million by October 2023.


COMPANIA LATINOAMERICANA: Fitch Affirms CCC LT IDRs
---------------------------------------------------
Fitch Ratings has affirmed CLISA - Compania Latinoamericana de
Infraestructura y Servicios' (CLISA) Long-Term Foreign and Local
Currency Issuer Default Ratings (IDR) at 'CCC'. Fitch has also
affirmed CLISA's secured notes due 2023 at 'CCC'/'RR4'.

The ratings reflect CLISA's tight liquidity and business
vulnerability operating in Argentina's challenging economic
environment, which is going through a period of economic
uncertainty highlighted by high inflation, significant local
currency depreciation, and limited access to debt markets. The
rating affirmation of CLISA's notes at 'CCC'/'RR4' reflects average
recovery expectations for these obligations in the event of
default.

KEY RATING DRIVERS

Pandemic Effects on Construction: The coronavirus pandemic caused
many construction projects to come to a stop for several months,
while governments implemented a series of measures to combat the
spread of the virus. The decline in construction activity continued
throughout 2020, as the Argentine government and various other
provinces decreased investments or postponed projects relating to
public works.

Fitch expects CLISA's construction activity to pick up slowly
beginning in 1Q21, as certain projects resume. LTM EBITDA in the
construction business was down roughly 55% when compared with the
same period last year. Construction represented 32% of LTM revenues
and 5% of LTM EBITDA as of Sept. 30, 2020.

Significant Counterparty Risk: CLISA's ratings incorporate the
company's exposure to counterparty risk, which is closely linked to
the Argentine public sector, as approximately 80% of the company's
revenues come from various municipalities and provinces. The more
stable waste management business accounts for the majority of this
figure. Fitch expects the cyclical construction business to
continue to experience a slowdown over the rating horizon, driven
by economic uncertainty in Argentina. Changes in the political
scenario could lead to lower budgets for public works and new
construction projects.

High Regulatory, Political Risk: Approximately 80% of CLISA's
EBITDA was generated in its waste management business, as of LTM
Sept. 30, 2020, which includes the urban waste management (UWM) and
landfill segments. The company's UWM serves important cities such
as Buenos Aires, Santa Fe, Neuquen and the county of San Isidro.
CLISA's main landfill operations are Norte III and Mar del Plata in
Buenos Aires and the Neuquen landfill.

Contract renewal risk stems from regular negotiations of public
service contracts. The company is vulnerable to possible delays in
collection with the public sector as a major client. CLISA is also
highly exposed to the government through its construction
activities. This segment accounts for approximately 32% of CLISA's
consolidated LTM revenue. Its main activities relate to projects
being developed by the federal, provincial and municipal
governments.

Moderate Leverage, High FX Risk: CLISA's leverage is moderate,
relative to its 'CCC' rating category. Fitch expects net leverage
to increase to around 5.1x during 2020, mainly due to operational
disruptions from the pandemic and continued local currency
depreciation. CLISA had total debt of ARS34.5 billion, or USD431
million, as of Sept 30, 2020, which consists primarily of U.S.
dollar-denominated secured debt.

CLISA is exposed to foreign currency risk as approximately 80% of
its debt is foreign currency denominated, while cash generation is
concentrated in Argentine pesos. Most of the company's contracts
contain price adjustment clauses that are triggered upon an
increase in costs, primarily driven by inflation, which mitigates
some of the FX risk.

Market Position and Diversification: CLISA has a strong market
position and is one of Argentina's largest privately-owned
conglomerates, with businesses in various public infrastructure
sectors. The company originates substantially all of its
consolidated sales from its waste management segment at 80%,
construction at 5%, transportation at 8% and water supply at 7% of
the company's LTM EBITDA, as of Sept 30, 2020. The company's EBITDA
margin is expected to be around 16% during 2020-2021. The ratings
would be negatively affected if pandemic-related stoppages and
project delays continue over the medium term.

Recovery Analysis Assumptions: The 'RR4' Recovery Rating reflects
average recovery prospects in the event of default. Fitch assumes a
going-concern scenario in its recovery analysis for CLISA. Fitch
assumes a going-concern enterprise value of ARS36 billion based on
post-default EBITDA of approximately ARS6.6 billion, a 15% discount
from the company's LTM EBITDA level of ARS7.7 billion, and a
multiple of 5.5x.

After deducting 10% for administrative claims, the remaining
ARS32.7 billion of enterprise value leads to a 100% recovery for
CLISA's senior secured. Fitch caps CLISA's recovery prospects to
'RR4' as Fitch applies a 'RR4' cap for bonds issued by Argentine
corporates and applies a recovery cap of 'RR4' to instrument
ratings in certain higher-risk jurisdictions.

This reflects its view that average recoveries are likely to be
lower in regimes that are debtor friendly and have weak creditor
rights. Argentine issuers are generally subject to Recovery Ratings
of up to 'RR4'.

DERIVATION SUMMARY

CLISA's operations are primarily focused in Argentina and the
company is experienced and a well-positioned operator in the waste
management business, serving the city of Buenos Aires and other
important cities and counties such as Santa Fe, Neuquen and San
Isidro. The company also maintains an important business position
in Argentina's construction sector.

CLISA's credit metrics appear slightly weaker when compared with
regional peers. CLISA's expected EBITDA margin of around 16% in
2020 is lower than Tecnoglass Inc. (BB-/Stable) with an expected
EBITDA margin of 23%, during the same period. CLISA with expected
annual revenue of around USD520 million in 2020 is larger than
Tecnoglass at USD376 million but much smaller than Elementia,
S.A.B. de C.V. (BB-/Negative) at USD1.2 billion.

Fitch views CLISA's leverage as high but in line with the 'CCC'
rating level. Fitch expects the company's net leverage, measured as
net debt/EBITDA, to increase to 5.1x in 2020 due mainly to
pandemic-related stoppages in the construction business. This is
weaker than Tecnoglass' expected net leverage of 2.3x during the
same period but lower than Andrade Gutierrez Engenharia S.A.'s
(CCC-) expected net leverage of 8.5x. Cost of funding remains a
credit negative for CLISA when comparing it with peers due to
Argentina's macroeconomic environment. In terms of interest
coverage, CLISA's EBITDA/interest is anticipated to be around 3.2x
over the rating horizon.

Fitch views CLISA's credit profile as weaker than U.S. peers in the
waste management industry such as Waste Management Inc.
(BBB+/Negative) and Waste Connection Inc. (BBB+/Stable). The credit
profile of these companies is stronger in terms of scale, margins,
FCF generation, leverage and operating environment.

KEY ASSUMPTIONS

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

  -- Revenue contraction in 2020 driven by pandemic-related
stoppages in construction and lower ridership in transportation.

  -- EBITDA margin for 2020-2021 around 16% mainly due to cost
increases.

  -- EBITDA interest coverage consistently below 3.0x over the
rating horizon.

  -- Continued stoppage/delays in the construction segment for the
remainder of 2020 and early 2021.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

  -- Improvement in the company's liquidity position.

  -- An upgrade of the Argentine Sovereign Rating and Country
Ceiling.

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

  -- A downgrade could be triggered by an Argentine Sovereign
Rating downgrade.

  -- Deterioration in the company's liquidity position resulting in
readily available cash consistently below ARS1 billion.

  -- A significant deterioration of the company's credit metrics
leading to an interest coverage ratio below 1.5x or sustained net
debt/EBITDA above 5.0x.

LIQUIDITY AND DEBT STRUCTURE

Pressured Liquidity Position: The 'CCC' rating reflects Fitch's
concern that a potential reduction in access to credit with local
banks and continued economic instability in Argentina could result
in deterioration of CLISA's liquidity position and capital
structure. The company's recent debt exchange offer gave CLISA the
ability to pay-in-kind (PIK) 100% of two interest payments, which
provided short-term liquidity relief.

The company exercised its option to PIK 100% of the interest
payment due July 20, 2020. As a result, USD15.8 million was
capitalized and is now payable alongside the maturity of the
outstanding senior secured bond in 2023. The outstanding principal
of the notes is currently USD285.8 million with the next coupon
payment payable in January of 2021.

The company had readily available cash on hand of ARS2.5 billion
and short-term debt of ARS7.2 billion, as of Sept. 30, 2020.
Roughly 84% of short-term debt consisted of self-liquidating and
revolving facilities.

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

CLISA scores a '4' on Governance as the company is still awaiting
final rulings of a legal dispute relating to improper payments as
well as overpricing of a construction project. The company itself
is not legally liable, but the courts have placed an embargo on a
building owned by Benito Roggio e Hijos S.A, a subsidiary of CLISA,
in the city of Cordoba. As of December 2020, there have no
significant developments in the legal case.

Unless otherwise disclosed in this section, the highest level of
Environmental, Social and Corporate Governance (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.

CORDOBA MUNICIPALITY: Moody's Completes Review, Retains Ca Rating
-----------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Cordoba, Municipality of and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review in which Moody's reassessed the
appropriateness of the ratings in the context of the relevant
principal methodology, recent developments, and a comparison of the
financial and operating profile to similarly rated peers. The
review did not involve a rating committee. Since January 1, 2019,
Moody's practice has been to issue a press release following each
periodic review to announce its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

KEY RATING CONSIDERATIONS

The baseline credit assessment of ca and issuer rating of Ca
assigned to the Municipality of Cordoba acknowledge Moody's
expectation of losses to bondholders in the 35-65% range despite
the recent debt restructuring undertaken. The Municipality exhibits
a track record of conservative fiscal and financial policies and
benefits from a strong economic base. However, the risk of future
debt restructurings remains high because of weakened cash
generation due to the expected economic contraction, restricted
market access and a challenging operating environment. Alike all
Regional and Local Governments in Argentina, the Municipality of
Cordoba is exposed to substantial systemic risks.

The principal methodology used for this review was Regional and
Local Governments published in January 2018.

CORDOBA PROVINCE: Moody's Completes Review, Retains Ca Rating
-------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Cordoba, Province of and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review in which Moody's reassessed the
appropriateness of the ratings in the context of the relevant
principal methodology, recent developments, and a comparison of the
financial and operating profile to similarly rated peers. The
review did not involve a rating committee. Since January 1, 2019,
Moody's practice has been to issue a press release following each
periodic review to announce its completion.

The publication does not announce a credit rating action and is not
an indication of whether or not a credit rating action is likely in
the near future. Credit ratings and outlook/review status cannot be
changed in a portfolio review and hence are not impacted by this
announcement.

KEY RATING CONSIDERATIONS

The baseline credit assessment of ca and issuer rating of Ca
assigned to the Province of Cordoba reflect Moody's expectation of
losses to bondholders in the 35-65% range in light of the
province's ongoing debt restructuring proposal. Cordoba benefits
from a strong economic base and prudent fiscal policies.
Nevertheless, tight financial conditions and diminished cash
generation attributable to increased expenditure and economic
contraction have driven the province to seek debt relief
alternatives for its foreign currency debt due in 2021. Alike all
Regional and Local Governments in Argentina, Cordoba is exposed to
substantial systemic risks.

The principal methodology used for this review was Regional and
Local Governments published in January 2018.

MENDOZA PROVINCE: Moody's Completes Review, Retains Ca Rating
-------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Mendoza, Province of and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review in which Moody's reassessed the
appropriateness of the ratings in the context of the relevant
principal methodology, recent developments, and a comparison of the
financial and operating profile to similarly rated peers. The
review did not involve a rating committee. Since January 1, 2019,
Moody's practice has been to issue a press release following each
periodic review to announce its completion.

The publication does not announce a credit rating action and is not
an indication of whether or not a credit rating action is likely in
the near future. Credit ratings and outlook/review status cannot be
changed in a portfolio review and hence are not impacted by this
announcement.

KEY RATING CONSIDERATIONS

The baseline credit assessment of ca and issuer rating of Ca
assigned to the Province of Mendoza reflect Moody's expectation of
losses to bondholders in the 35-65% range despite the recent debt
restructuring undertaken by the province. Mendoza benefits from
strong economic fundamentals and moderate debt levels, but the risk
of future debt restructurings remains high because of weakened cash
generation due to the expected economic contraction, restricted
market access and a challenging operating environment. Alike all
Regional and Local Governments in Argentina, Mendoza is exposed to
substantial systemic risks.

The principal methodology used for this review was Regional and
Local Governments published in January 2018.

RIO NEGRO: Moody's Completes Review, Retains Ca Issuer Rating
-------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Rio Negro, Province of and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review in which Moody's reassessed the
appropriateness of the ratings in the context of the relevant
principal methodology, recent developments, and a comparison of the
financial and operating profile to similarly rated peers. The
review did not involve a rating committee. Since January 1, 2019,
Moody's practice has been to issue a press release following each
periodic review to announce its completion.

The publication does not announce a credit rating action and is not
an indication of whether or not a credit rating action is likely in
the near future. Credit ratings and outlook/review status cannot be
changed in a portfolio review and hence are not impacted by this
announcement.

KEY RATING CONSIDERATIONS

The baseline credit assessment of ca and issuer rating of Ca
assigned to the Province of Rio Negro reflect Moody's expectation
of losses to bondholders in the 35-65% range in light of the
province's ongoing debt restructuring proposal. Tight financial
conditions and diminished cash generation attributable to increased
expenditure and economic contraction have driven the province to
seek debt relief alternatives for its foreign currency notes. Alike
all Regional and Local Governments in Argentina, Rio Negro is
exposed to substantial systemic risks but also idiosyncratic
challenges related to volatile operating and financial results,
rising leverage and exposure to foreign currency debt.

The principal methodology used for this review was Regional and
Local Governments published in January 2018.

SANTA FE: Moody's Completes Review, Retains Ca Issuer Rating
------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Santa Fe, Province of and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review in which Moody's reassessed the
appropriateness of the ratings in the context of the relevant
principal methodology, recent developments, and a comparison of the
financial and operating profile to similarly rated peers. The
review did not involve a rating committee. Since January 1, 2019,
Moody's practice has been to issue a press release following each
periodic review to announce its completion.

The publication does not announce a credit rating action and is not
an indication of whether or not a credit rating action is likely in
the near future. Credit ratings and outlook/review status cannot be
changed in a portfolio review and hence are not impacted by this
announcement.

KEY RATING CONSIDERATIONS

The baseline credit assessment of ca and issuer rating of Ca
assigned to the Province of Santa Fe reflect the diminished debt
affordability caused by the weakened cash generation due to the
economic contraction. Despite reporting low leverage levels
compared to peers, Santa Fe is highly exposed to foreign currency
debt. Offsetting these challenges, the province benefits from a
comfortable debt maturity profile and a track record of operating
surpluses, supported by a large and diversified economic base.
Alike all Argentine Regional and Local Governments, the province is
exposed to substantial systemic risks.

The principal methodology used for this review was Regional and
Local Governments published in January 2018.

TIERRA DEL FUEGO: Moody's Completes Review, Retains Ca Rating
-------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Tierra del Fuego, Province of and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review in which Moody's reassessed the
appropriateness of the ratings in the context of the relevant
principal methodology, recent developments, and a comparison of the
financial and operating profile to similarly rated peers. The
review did not involve a rating committee. Since January 1, 2019,
Moody's practice has been to issue a press release following each
periodic review to announce its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

KEY RATING CONSIDERATIONS

The baseline credit assessment of ca and issuer rating of Ca
assigned to the Province of Tierra del Fuego reflect a weakened
credit profile because of diminished cash generation caused by the
deep economic contraction, increased expenditure, high leverage and
exposure to foreign currency debt. At the same time, the province's
weak creditworthiness is tempered by the fact that it collects
revenues from hydrocarbon royalties, which are linked to US
dollars. Alike all Regional and Local Governments in Argentina,
Tierra del Fuego is exposed to substantial systemic risks,
including uncertainties related to oil and gas production
activities in Argentina, which could limit the strength of the
royalties' revenue stream.

The principal methodology used for this review was Regional and
Local Governments published in January 2018.



===============
B A R B A D O S
===============

BARBADOS: IDB OKs 30MM Loan to Support Sustainability of MSMEs
--------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a US$30 million
loan to support the short-term financial sustainability of the
Micro, Small and Medium Enterprises (MSMEs) in Barbados to maintain
employment in the face of the COVID-19 crisis and its effect on the
productive sector.

The purpose of the loan is to help the MSMEs affected by the
pandemic overcome temporary liquidity problems, protect jobs and,
at the same time, allow business continuity and operations. Even
though the health emergency has been controlled so far, the crisis
created by COVID-19 has resulted in severe social and economic
challenges. Due to the COVID-19 pandemic, the economy contracted
14.9 percent in the first semester of 2020 and the expected outlook
for 2020 is a 11.6 percent contraction.

MSMEs comprise 96.3 percent of formal enterprises in the country. A
large majority are micro (45.3%) and small (46.9%), while mid-sized
firms (26 to 50 employees) account for 4.1 percent of firms. MSMEs
contribute to 64.1 percent of the national added value and account
for approximately 60.7 percent of employment.

This program will support credit guarantees for individual
investment loans to be undertaken by eligible MSMEs. Guarantees may
support working capital loans for expenses, including supplies or
merchandise, payroll and utilities, among others. The idea is to
ensure the recovery, improvement and maintenance of economic
activity in the short term.

The resources under this intervention will be directed both to
MSMEs affected by the COVID-19 crisis and to their overarching
strategic chains, giving priority to sectors identified in the
vulnerability assessment.

The US$30 million IDB loan has a repayment period of 25 years, a
grace period of five and a half years and an interest based on
LIBOR.

As reported in the Troubled Company Reporter-Latin America on April
23, 2020, S&P Global Ratings affirmed its 'B-/B' long- and
short-term sovereign credit ratings on Barbados, and its 'B-'
issue-level ratings on Barbados' debt. In addition, S&P Global
Ratings affirmed its 'B-' transfer and convertibility assessment.
The outlook is stable.



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

BELO HORIZONTE: Moody's Completes Review, Retains Ba3 Issuer Rating
-------------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Belo Horizonte, Municipality of and other ratings that
are associated with the same analytical unit. The review was
conducted through a portfolio review in which Moody's reassessed
the appropriateness of the ratings in the context of the relevant
principal methodology(ies), recent developments, and a comparison
of the financial and operating profile to similarly rated peers.
The review did not involve a rating committee. Since January 1,
2019, Moody's practice has been to issue a press release following
each periodic review to announce its completion.

The publication does not announce a credit rating action and is not
an indication of whether or not a credit rating action is likely in
the near future. Credit ratings and outlook/review status cannot be
changed in a portfolio review and hence are not impacted by this
announcement.

Key rating considerations

The baseline credit assessment of b1 and issuer rating of Ba3
assigned to Belo Horizonte reflect its large service-based economy
that has historically supported operating surpluses, as well as the
lower debt and pension burden relative to peers. The city also
benefits from proven ability to control costs to adapt to negative
tax revenue results in past years. Moody's rating also considers
Belo Horizonte's increasing investment need following years of
historically low capital spending, exposure to foreign currency
devaluation, and significant revenue reliance on federal transfers
in line with other Brazilian municipalities.

The principal methodology used for this review was Regional and
Local Governments published in January 2018.

BRAZIL: In the Grip of Pandemic Second Wave
-------------------------------------------
EFE News reports that Brazilians have been dying of Covid-19 at the
rate of more than 1,000 a day, but the news was dominated by
far-right President Jair Bolsonaro's fuming over a Supreme Court
ruling giving officials authority to require vaccination once a
vaccine becomes available.

With nearly 186,000 coronavirus fatalities, Brazil is second only
to the United States in lives lost to the disease, while the South
American nation's 7.16 million confirmed cases is the third-highest
behind the US and India, according to EFE News.

Brazil has a population of around 212 million, compared with 330
million in the US. India is home to more than 1.35 billion people,
the report relays.

EFE News discloses that the public health system is currently
treating at least 23,000 Covid-19 patients, while seven of Brazil's
27 states, including Rio de Janeiro, report that more than 80
percent of hospital ICU beds are occupied by people suffering from
the virus.

"Everybody is tired of the virus, principally we who are on the
front line, but the virus is not tired of us," Dr. Alexandre Naime,
chief of infectiology at Sao Paulo State University medical school,
told EFE News.

Deaths from Covid-19 averaged 1,000 a day from May through August,
but dropped to a fraction of that level by September and the trend
remained encouraging until last month, the report relays.

"There was a banalization of the prevention rules and what we saw
was a horror show in terms of large gatherings, parties, political
campaigns, packed beaches and parks," Naime said, the report
relays.

Brazilians -- especially young people -- increasingly flouted
restrictions, while state and municipal officials showed little
inclination to step up enforcement, the report notes.

At the national level, Bolsonaro, who remains something of a
pandemic denialist despite his own bout of Covid-19, waited until
to finally impose a testing requirement on international travelers
arriving at Brazilian airports, the report discloses.

But the president's main focus seems to be on denouncing the
Supreme Court for its finding that Brazil's municipal and state
governments can require people to be vaccinated against the
coronavirus once Brazilian regulators approve a vaccine, the report
relates.

Ruling also gave authorities the power to impose sanctions on
people who refuse to get the shot, the report relays.

In a video posted on social media, Bolsonaro vowed that his
government "will not force anybody to take the vaccine," the report
discloses.

The president has said that he will not take any of the potential
vaccines now under development, raising concerns about possible
side effects, the report discloses.

"If you take the vaccine and turn into a crocodile, it's your
problem," Bolsonaro said, referring to the vaccine produced by
Pfizer Inc. and BioNTech, which is already being administered in
the US and United Kingdom after securing approval in those
countries, the report relays.

The Bolsonaro administration has signed a contract to obtain doses
of the vaccine developed by AstraZeneca with Oxford University once
it wins regulatory approval, while the Sao Paulo state government
is working with China's Sinovac on plans to produce tens of
millions of doses in Brazil, 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.

S&P Global Ratings affirmed on December 14, 2020, its 'BB-/B'
long-and short-term foreign and local currency sovereign credit
ratings on Brazil. The outlook on the long-term ratings remains
stable.

Fitch Ratings' credit rating for Brazil stands at 'BB-' with a
negative outlook (November 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, S&P
Global Ratings' stable outlook assumes that timely implementation
of fiscal adjustment and modest economic recovery will help
preserve market confidence and adequate funding conditions for the
government in local markets in the next two years, despite a
sustained increase in the debt burden.

GAIA AGRO: Moody's Ups Ratings from Ba1 on 10th Issuance of CRA
---------------------------------------------------------------
Moody's America Latina Ltda. has upgraded to Baa3 from Ba1 and
affirmed Aaa.br the ratings of the second series of the 10th
issuance of agribusiness receivables certificates ("certificados de
recebiveis do agronegocio" or CRA) issued by Gaia Agro
Securitizadora S.A. (Gaia Agro, not rated), following the upgrade
of Raizen Energia S.A.'s senior unsecured rating to Baa3 from Ba1.

The CRA are backed by a CPRF issued by Raizen Energia S.A. (Raizen,
Baa3, stable outlook) with a guarantee from Raizen Combustiveis
S.A. (Raizen Combustiveis, Baa3, stable outlook).

This rating action follows Moody's upgrades of Raizen's ratings on
December 9, 2020, following the update in Brazil's foreign currency
ceiling.

Issuer: Gaia Agro Securitizadora S.A.

2nd series / 10th issuance of agribusiness certificates: Upgraded
to Baa3 from Ba1 (global scale, local currency) and affirmed Aaa.br
(national scale); previously affirmed Ba1 (global scale, local
currency) and Aaa.br (national scale) ratings on August 16, 2017.

RATINGS RATIONALE

The ratings upgrade of the CRA are based mainly on the willingness
and ability of Raizen (as debtor) and Raizen Combustiveis (as
guarantee provider) to honor the payments defined in transaction
documents. The ratings also reflect Raizen and Raízen
Combustiveis's Baa3 (global scale, local currency) senior unsecured
ratings and Aaa.br (national scale) long term issuer rating. Any
change in their ratings will lead to a change in the credit
quality, and thus, the ratings, of the CRA.

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

Any changes in the rating of the underlying CPRF will lead to a
change in the ratings on the CRA.

The principal methodology used in these ratings was "Moody's
Approach to Rating Repackaged Securities" published in June 2020.

MINAS GERAIS: Moody's Completes Review, Retains B2 Issuer Rating
----------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Minas Gerais, State of and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review in which Moody's reassessed the
appropriateness of the ratings in the context of the relevant
principal methodology(ies), recent developments, and a comparison
of the financial and operating profile to similarly rated peers.
The review did not involve a rating committee. Since January 1,
2019, Moody's practice has been to issue a press release following
each periodic review to announce its completion.

The publication does not announce a credit rating action and is not
an indication of whether or not a credit rating action is likely in
the near future. Credit ratings and outlook/review status cannot be
changed in a portfolio review and hence are not impacted by this
announcement.

Key rating considerations

The baseline credit assessment of caa1 and issuer rating of B2
assigned to the state of Minas Gerais reflect the challenges faced
by the state to rebalance its deteriorated fiscal position, with
accumulated fiscal deficits over the last years, the large debt and
pension burden in comparison with its peers, and the weak liquidity
profile. On the other hand, the rating incorporates Minas Gerais'
strong and diversified local economy that supports a strong
own-source tax revenue base and the federal government's oversight,
that would provide forthcoming support should the state face a
scenario of more pronounced financial stress.

The principal methodology used for this review was Regional and
Local Governments published in January 2018.

SAO PAULO STATE: Moody's Completes Review, Keeps Ba2 Issuer Rating
------------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Sao Paulo, State of and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review in which Moody's reassessed the
appropriateness of the ratings in the context of the relevant
principal methodology(ies), recent developments, and a comparison
of the financial and operating profile to similarly rated peers.
The review did not involve a rating committee. Since January 1,
2019, Moody's practice has been to issue a press release following
each periodic review to announce its completion.

The publication does not announce a credit rating action and is not
an indication of whether or not a credit rating action is likely in
the near future. Credit ratings and outlook/review status cannot be
changed in a portfolio review and hence are not impacted by this
announcement.

Key rating considerations

The baseline credit assessment of ba3 and issuer rating of Ba2
assigned to the state of Sao Paulo reflect its long-term record of
positive financial outcomes underpinned by a solid institutional
framework and a strong base of own-source revenue. Sao Paulo's
credit profile is also supported by conservative fiscal policies
and a large and diversified economic base. While Sao Paulo is
Brazil's largest state and contributes significantly to the
country's GDP and national exports, the state's credit profile is
constraint by its large debt-to-revenue levels and growing pension
burden.

The principal methodology used for this review was Regional and
Local Governments published in January 2018.



===============
C O L O M B I A
===============

[*] COLOMBIA: Daily Coronavirus Cases Reach Highest No. Since Aug.
------------------------------------------------------------------
Rio Times Online reports that Colombia's daily confirmed cases of
coronavirus reached their highest level since mid-August on
December 17, as the government warned people against large holiday
gatherings.

The Andean country, which has had a total of 1,468,795 confirmed
cases and 39,787 deaths, recorded 12,196 new cases, according to
health ministry data, the report notes.

The figure was the highest since August 19th, when there were
13,055 new cases, according to Rio Times Online.

President Ivan Duque and health officials have repeatedly warned
Colombians against gathering in crowds at shopping areas, the
report relays.



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

DOMINICAN REPUBLIC: Almost All Fuel Prices Rise
-----------------------------------------------
Dominican Today reports that the Ministry of Industry, Commerce,
and Mipymes (MICM) informed that the increase in the price of
reference crude oil in the United States, impacted by the start of
the massive vaccinations against Covid-19, has maintained the
behavior of fuels on the rise in the Dominican Republic.

Due to this dynamism, the average of the oil barrel for the week
that concludes was placed 1.40 dollars above the previous week,
equivalent to 3.06%, with its consequent impact on distillates'
prices in the local market, according to Dominican Today.

Therefore, for the week of December 19-25, regular gasoline will be
sold at RD$200.90 and premium gasoline at RD$213.70, for an
increase of RD$1.90 and RD$2.20 per gallon, respectively; while
regular diesel will rise by RD$2.90 to trade at RD$164.70, and
Optimum at RD$176.00, rising RD$2.20 per gallon, the report notes.

Finally, liquefied gas will be dispensed at 119.70, increasing 0.90
pesos per gallon. Natural gas maintains its price of 28.97 per
cubic meter, the report discloses.

Premium gas will be sold at RD$213.70 per gallon, up RD$2.20 per
gallon, the report relays.

Regular gasoline will sell for RD$200.90 per gallon and will
increase by RD$1.90 per gallon, the report notes, the report says.

Regular gasoline will sell for RD$164.70 per gallon and will rise
by RD$2.90 per gallon, the report relays.

Gasoil Optimo will sell for RD$176.00 per gallon and will increase
by RD$2.20 per gallon, the report relates.

Avtur will sell for RD$125.40 per gallon and will increase by
RD$1.90 per gallon, the report notes.

Kerosene will be sold at RD$150.50 per gallon and will increase
RD$2.00 per gallon, the report discloses.

Fuel oil #6 will sell for RD$108.90 per gallon and increase by
RD$0.80 per gallon, the report relays.

Fuel Oil 1%S will be sold at RD$123.20 per gallon and increase
RD$1.00 per gallon, the report discloses.

Liquefied Petroleum Gas (LPG) will sell for RD$119.70/gal: up
RD$0.90 per gallon, the report relays.

Natural Gas RD$28.97 per cubic meter, maintains its price, 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, 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: Consumer Prices Climb 0.60% in November
-----------------------------------------------------------
Dominican Today reports that the Central Bank of the Dominican
Republic said consumer prices climbed 0.60% in November compared to
October 2020.

It said that year-on-year inflation, measured from November 2019 to
November 2020, stood at 4.40%, according to Dominican Today.

The Central Bank said that, based on the spliced series of the
Consumer Price Index, accumulated inflation for the
January-November period stood at 5.05% and the interannual at
5.26%, 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).



=============
E C U A D O R
=============

BANCO DE LA PRODUCCION: Fitch Affirms B- LT IDR, Outlook Negative
-----------------------------------------------------------------
Fitch Ratings has affirmed Banco de la Produccion S.A. Produbanco y
Subsidiarias's (Produbanco) Long-Term Issuer Default Rating (LT
IDR) at 'B-', its Viability Rating (VR) at 'b-', its Short-Term IDR
at 'B' and removed the Rating Watch Negative (RWN). A Negative
Rating Outlook on the LT IDR was assigned.

The removal of the RWN reflects a higher visibility regarding
capitalization metrics in the near term after its Fitch Core
Capital (FCC) stood below Fitch's downside sensitivity of 9% in
June 2020. Its assessment of the FCC for September 2020 at 9.1%
considers the expectations that 2020 profits will not be
distributed to shareholders and will temporarily benefit from lower
risk density, measured as risk weighted assets (RWA)/assets of 78%,
which should sustain FCC slightly above 9%.

The Negative Outlook reflects while near-term risks of a decline in
capital metrics diminished, medium term risks prevail. This is due
to lower than peer capitalization in the context of a challenging
operating environment, which still has a negative trend in its
assessment. This is the result of economic implications of the
coronavirus pandemic, which could result in asset quality and
profitability deterioration consequently affecting capital.

KEY RATING DRIVERS

IDR AND VR

Produbanco's Viability Rating (VR), or standalone creditworthiness,
drives its LT IDR. Ratings are highly influenced by the operating
environment as the economic downturn is weighing heavily on
financial performance of banks. While most lockdown measures were
lifted, uncertainty remains high as the pandemic continues to
affect several economic sectors and contagion cases are still
present. VR is also highly influenced by Produbanco's company
profile, due to its important market share being among the top 5
banks within the Ecuadorian market.

The VR is also highly influenced by the tight FCC levels as Fitch
considers them to provide a lower capacity to absorb unexpected
losses, despite fully reserved impaired exposures and an increasing
stock of loan loss allowances. A capital adequacy ratio of 13.5%
under local regulation is expected to continue benefitting from the
usage of subordinated debt not included in the FCC.

Delinquency levels increased as non-performing loans (NPLs) reached
3.4%, according to local standards of 60 days past due, and 2.6%
considering 90 days past due loans. Fitch considers that future
performance of coronavirus deferrals, around 12% of total loans,
and restructures is still uncertain. Loan impairment charges (LICs)
drastically increased in 2020, rising the stock of loan loss
allowances up to 4.4% of the total loan book, as reserves coverage
declined to 130% following the increase in NPLs.

Operating profit/RWA was negative 0.13% and accumulated as of
September 2020. Frontload of LICs which increased 87% yoy as of the
same date and accounted for 105% of pre-impairment profits affected
earnings. Pre-pandemic profitability levels will take some time to
be reached, given a higher stock of NPLs and further provisioning
requirements, which will continue to stress earnings.

The loan/deposit ratio remained low at 81%, reflecting adequate
levels of liquidity on the balance sheet as a result of higher
deposits along the contraction of the loan book. Deposits rose
slightly to below 4%, mainly in term deposits, as of October 2020.
Deposits concentration is considered reasonable as the 20 largest
deposits accounted for 15% of total deposits and refinancing risk
for external funding is low with maturities for 2021 at USD25.8
million.

SUPPORT RATING

Produbanco's Support Rating (SR) of '5' reflects Fitch's view of
possible external support from its majority shareholder Promerica
Financial Corporation (PFC; B/Negative) at 62.2% ownership. Still,
this support cannot be relied upon, due to the relatively large
size of the subsidiary.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

IDRs and VR

  -- The Outlook could be revised to Stable following a revision of
the operating environment to Stable along with FCC consistently
above 10% and a manageable effect on asset quality metrics.

  -- Upside potential is limited. However, in the long-term, a
rating upgrade would require improved prospects for the operating
environment and a meaningful and sustained improvement of capital
metrics, core profitability, combined with improvements in the
bank's asset quality.

  -- Produbanco's support rating has limited upgrade potential over
the rating horizon, given its size and relevance relative to PFC.

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

IDRs and VR

  -- The VR and IDR could be downgraded if the FCC/RWA decline is
sustained below 9% without a credible plan to strengthen and
restore capitalization metrics.

  -- These ratings are also sensitive to changes in the Sovereign
Rating, or further deterioration on the local operating
environment.

SUPPORT RATING

  -- There is no room for downgrade in the SRs as it is at the
lowest possible level.

SUMMARY OF FINANCIAL ADJUSTMENTS

FCC Adjustments - Prepaid Expenses and Deferred Payments were
included as other intangibles and deducted from total equity.

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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Produbanco's SR of '5' reflects Fitch's view of possible external
support from its majority shareholder PFC at 62.2% ownership.
Still, this support cannot be relied upon, due to the relatively
large size of the subsidiary.

ESG CONSIDERATIONS

Produbanco's Environmental, Social and Corporate Governance (ESG)
Relevance Score for Management Strategy has been revised to '4'
from '3'. This reflects a track record of high government
intervention in the Ecuadorian banking sector. Government
intervention in the country's banking regulatory framework is
reducing but challenges Produbanco's ability to define and execute
its own strategy. This has a negative impact on the rating.

Produbanco's ESG Relevance Score for Governance Structure has been
revised to '3' from '4'. The bank's score is now in line with the
standard scoring for all banks globally. The score change reflects
a reassessment as Fitch now considers that the negative impact on
Produbanco's rating arising from government intervention is best
reflected in the 'Management Strategy' score, as described above.

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.

BANCO GUAYAQUIL: Fitch Affirms B- LT IDR, Outlook Negative
----------------------------------------------------------
Fitch Ratings has affirmed Banco Guayaquil S.A. y Subsidiarias'
Long-Term Issuer Default Rating (IDR) at 'B-' with a Negative
Outlook and its Viability Rating (VR) at 'b-'.

The Negative Outlook on Guayaquil reflects the increased downside
risks from the economic implications of the coronavirus pandemic,
reflected in the Negative Outlook for the operating environment
score. Fitch believes the deep recession of at least 11% in 2020
will result in asset quality deterioration and will weigh on
profitability.

KEY RATING DRIVERS

IDRs AND VR

The bank's VR or standalone creditworthiness drive the IDR of
Guayaquil. Fitch believes Ecuador's sovereign rating and broader
operating environment considerations highly influence the VR of
Guayaquil, given the impact of the deep economic challenges on the
banking system's financial performance, which are expected to
result in lower profitability and rising non-performing loans
(NPLs) due to lower payment capacity of some debtors amid the
crisis. VR is also highly influenced by Guayaquil's company profile
due to its strong local competitive position as the fourth largest
bank and diversified business model.

Guayaquil entered the coronavirus crisis with low delinquency
levels, better than its domestic peers. The impaired loans to gross
loans ratio increased to 3.3% at end-September 2020 (December 2019:
1.5%), mainly due to deterioration in the consumer segment (44% of
total portfolio). This ratio reflects NPLs that were past due by
15+ days, but it changed to 60+ days as of October 2020 due to
regulatory requirements and declined to 1.9%. The sound reserve
coverage of impaired loans of 316% at end-October 2020 provides
some protection in the current operating environment. Fitch expects
asset quality to further deteriorate in 2020 due to the challenging
operating environment, and in 2021 when the government measures to
support borrowers will end.

Operating profit-to-risk-weighted assets ratio decreased to 0.2% at
3Q20 from 2.6% at YE 2019. Profitability is under pressure mainly
due to high impairment charges, including a significant number of
voluntary provisions. Despite that regulatory measures do not
require banks to create provisions for restructured, refinanced,
and deferred loans, the bank has anticipated potential
deterioration and adopted a conservative approach in terms of
provisioning, not sticking to the regulatory flexibility. The bank
is containing operating expenses, although this will not be enough
to offset the sharp drop in earnings. Fitch expects that
profitability will remain under pressure and lower than
pre-pandemic levels in 2021, reflecting high credit costs and lower
margins.

Guayaquil´s FCC ratio reduced to 12.7% at end-September 2020 from
13.2% at YE 2019, reflecting lower profitability and the increased
risk-weighted assets amid the crisis. The regulatory capital ratio
of 16.8% at 3Q20 is well above the regulatory minimum of 9.0% and
is mostly Tier I (about 80% of regulatory capital). Fitch expects
the FCC ratio to slightly improve in 2021, driven by moderate
assets growth, improvement in earnings, sound reserves coverage, as
well as the expected re-capitalization of total results.

Guayaquil's funding and liquidity position is adequate. The bank
benefited from the ample liquidity in the Ecuadorian market as core
deposits grew by 6% at 3Q20. Loans are funded mostly through
customer deposits as loan to deposits ratio was 87% at
end-September 2020 (YE 2019: 87%). Loans to deposits of 87% at
September 2020 is above the bank's immediate peer group average,
but is sound. The bank benefits from high quality liquid assets
that represented 43% of customer deposits and short-term funding at
September 2020, deemed sound by Fitch.

SUPPORT RATING AND SUPPORT RATING FLOOR

Fitch affirmed Guayaquil's Support Rating (SR) at '5' and Support
Rating Floor (SRF) at 'NF', reflecting that despite the bank's
important market share and local franchise, Fitch believes that
sovereign external support cannot be relied upon due to Ecuador's
limited funding flexibility as well as the lack of a lender of last
resort.

RATING SENSITIVITIES

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

IDRs and VR

  -- IDRs are sensitive to changes in the sovereign rating, or
further deterioration on the local operating environment;

  -- IDRs and VRs could be downgraded if the disruption to economic
activity due to the coronavirus pandemic, results in a relevant
deterioration in asset quality or profitability that leads to a
sustained decrease in the Fitch core capital to risk-weighted
assets ratio below 9%.

SUPPORT RATING

  -- There is no room for downgrade in the SRs as they are at the
lowest possible level.

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

IDRs and VR

  -- The IDRs have limited upside potential given the Negative
Rating Outlook;

  -- The Outlook could be revised to Stable following a revision of
the operating environment to Stable along with a manageable impact
on FCC and asset quality metrics due to the economic recession.

  -- In the long-term, a rating upgrade would require improved
prospects for the operating environment and a meaningful and
sustained improvement of core profitability, combined with
improvements in the bank's credit quality and capitalization.

SUPPORT RATING

  -- Ecuador's propensity or ability to provide timely support to
Guayaquil is not likely to change given the sovereign's low
sub-investment-grade IDR. As such, the SR and SRF have no upgrade
potential.

SUMMARY OF FINANCIAL ADJUSTMENTS

Prepaid Expenses and Deferred Payments were included as other
intangibles and deducted from the FCC.

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

Guayaquil's ESG Relevance Score for Management Strategy has been
revised to '4' from '3'. This reflects a track record of high
government intervention in the Ecuadorian banking sector.
Government intervention in the country's banking regulatory
framework is reducing but intervention challenges Guayaquil's
ability to define and execute its own strategy. This has a negative
impact on the rating.

Guayaquil's ESG Relevance Score for Governance Structure has been
revised to '3' from '4'; the bank's score is now in line with the
standard scoring for all banks globally. The score change reflects
a reassessment as Fitch now considers that the negative impact on
Guayaquil's rating arising from government intervention is best
reflected in the 'Management Strategy' score, as described above.

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.

BANCO PICHINCHA: Fitch Affirms B- LT IDR, Outlook Negative
----------------------------------------------------------
Fitch Ratings has affirmed Banco Pichincha C.A. y Subsidiarias'
(Pichincha) Long-Term Issuer Default Rating (IDR) at 'B-' with a
Negative Outlook and its Viability Rating (VR) at 'b-'.

The Negative Outlook on Pichincha reflects the increased downside
risks from the economic implications of the coronavirus pandemic,
reflected in the Negative Outlook for the operating environment
score. Fitch believes the deep recession, with a fall in GDP of at
least 11% in 2020, will result in asset quality deterioration and
will weigh on profitability.

KEY RATING DRIVERS

IDRs AND VR

The bank' VR or standalone creditworthiness, drive the IDR of
Pichincha. Fitch believes Ecuador's Sovereign Rating and broader
operating environment considerations highly influence the VR of
Pichincha. This is the result of the effects of deep economic
challenges on the banking system's financial performance, which are
expected to result in lower profitability, and rising
non-performing loans (NPL) due to lower payment capacity of some
debtors amid the crisis. VR is also highly influenced by
Pichincha's company profile due to its strong local competitive
position as the largest bank in Ecuador and diversified business
model.

Pichincha entered the crisis with reasonable delinquency levels,
similar to domestic peers, after demonstrating long-term
improvement. The NPL ratio increased to 5.9%, as of September 2020,
from 3.5% in December 2019, mainly due to deterioration in the
consumer and mortgage segments (49% of the total portfolio).

This ratio reflects NPLs that were past due by 15+ days but it will
change to 60+ days as of October 2020 due to regulatory
requirements. The sound reserve coverage of impaired loans of 181%
at the end of September 2020 provides some protection in the
current operating environment. Restructured loans increased to
11.4% at 3Q20 from 3.2% at YE 2020, while the deferred loan
portfolio accounted for nearly 29% as of October 2020. Fitch
expects the NPLs ratio to increase in 2021 when the regulatory
measure that extends the past-due loan recognition period will
end.

Operating profit/risk weighted assets (RWA) declined to 0.5% at
3Q20 from 1.4% at YE 2019. However, Fitch notes that pressure on
profitability is the result of declining margins, asset quality
deterioration and partially due to voluntary provisioning. Despite
that regulatory measures do not require banks to create provisions
for restructured, refinanced and deferred loans, Pichincha
anticipated potential deterioration and adopted a conservative
approach in terms of provisioning.

Therefore, loan loss provisions absorbed 86% of operating profit
before provisions in September 2020, compared with 59% in December
2019. Fitch expects that profitability will remain under pressure
and will be lower than pre-pandemic levels in 2021, reflecting high
credit costs and lower margins.

Pichincha's capitalization demonstrated long-term improvement
before the crisis. The Fitch Core Capital (FCC) ratio improved to
13% at 3Q20 from 12% at YE 2019, benefiting from lower RWA. The
regulatory capital ratio of 14.8% at the end of September 2020 is
well above the regulatory minimum of 9%. Pichincha's capital was
mostly Tier I, about 78% of regulatory capital. Fitch expects the
FCC ratio to be sustainable in 2021, driven by moderate assets
growth, improvement in earnings, sound reserves coverage and the
recapitalization of results amid the current environment.

Fitch considers Pichincha's funding and liquidity position to be
conservative and adequate within the Ecuadorian market. Pichincha's
funding profile improved as core deposits grew by 5.6% at 3Q20.
Loans are funded mainly through customer deposits, as
loans/deposits was 77% at the end of September 2020, a decline from
87% at YE 2019. Pichincha's funding structure benefits from a
successful franchise and a wide distribution network. Both allow
the bank to enjoy a well-diversified, stable and relatively
low-cost funding base.

SUPPORT RATING AND SUPPORT RATING FLOOR

Fitch affirmed Pichincha's Support Rating (SR) at '5' and Support
Rating Floor (SRF) at 'NF', reflecting that despite the bank's
important market share and local franchise, Fitch believes that
sovereign external support cannot be relied upon due to Ecuador's
limited funding flexibility and the lack of a lender of last
resort.

RATING SENSITIVITIES

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

IDRs and VR

  -- IDRs are sensitive to changes in the Sovereign Rating, or
further deterioration on the local operating environment.

  -- IDRs and VRs could be downgraded if the disruption to economic
activity due to the coronavirus pandemic, results in a relevant
deterioration in asset quality or profitability that leads to a
sustained decline in FCC/RWA below 9%.

SUPPORT RATING

  -- There is no room for downgrade in the SRs as it is at the
lowest possible level.

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

IDRs and VR

  -- The IDRs have limited upside potential given the Negative
Outlook.

  -- The Outlook could be revised to Stable following a revision of
the operating environment to Stable along with a manageable effect
on FCC and asset quality metrics due to the economic recession.

  -- In the long term, a rating upgrade would require improved
prospects for the operating environment and a meaningful and
sustained improvement of core profitability, combined with
improvements in the bank's credit quality and capitalization.

SUPPORT RATING

  -- Ecuador's propensity or ability to provide timely support to
Pichincha is not likely to change given the sovereign's low
sub-investment-grade IDR. As such, the SR and SRF have no upgrade
potential.

SUMMARY OF FINANCIAL ADJUSTMENTS

Prepaid Expenses and Deferred Payments were included as other
intangibles and deducted from the FCC.

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

Pichincha's Environmental, Social and Corporate Governance (ESG)
Relevance Score for Management Strategy has been revised to '4'
from '3'. This reflects a track record of high government
intervention in the Ecuadorian banking sector. Government
intervention in the country's banking regulatory framework is
reducing but intervention challenges Pichincha's ability to define
and execute its own strategy. This has a negative impact on the
rating.

Pichincha's ESG Relevance Score for Governance Structure has been
revised to '3' from '4'. The bank's score is now in line with the
standard scoring for all banks globally. The score change reflects
a reassessment as Fitch now considers that the negative impact on
Pichincha's rating arising from government intervention is best
reflected in the 'Management Strategy' score, as described above.

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.

BANCO PROCREDIT: Fitch Affirms B- LT IDR, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed Banco ProCredit S.A.'s (ProCredit
Ecuador) Long-Term Issuer Default Rating (IDR) at 'B-' with a
Stable Outlook and Short-Term IDR at 'B'. Fitch also affirmed its
Viability Rating (VR) at 'ccc+'.

KEY RATING DRIVERS

IDRS AND VR

ProCredit Ecuador's IDRs are driven by Fitch's view of the
potential support it would receive from its parent, ProCredit
Holding AG & Co. KGaA's (PCH; BBB/Stable), if required. Fitch views
parent support as being robust but constrained by Ecuador's
transfer and convertibility risks captured by the Country Ceiling
rated at the Sovereign level of 'B-'. Fitch's assessment of support
also considers ProCredit Ecuador as a strategic operation providing
the core products and services of the group. The ProCredit group is
an international group of development oriented commercial banks
with a focus on Eastern Europe with Ecuador as the only operation
remaining in Latin America.

PCH's ability to provide timely support also considers ProCredit
Ecuador's relative size at 6.5% of consolidated assets. The
propensity and commitment of PCH is reflected by the strong
presence of related funding and guarantees in the context of a
challenging operating environment that continues to pressure profit
sustainability. Fitch also contemplates the high level of
operational and managerial integration and the reputational
implications of subsidiary default.

ProCredit Ecuador's VR continues to capture still insufficient
pre-impairment profits to absorb loan impairment charges in the
context of the pandemic. Procredit reported operating losses/risk
weighted assets (RWA) of 1.0%, as of September 2020.

While most of the cost efficiencies were made previous to the
pandemic profit sustainability is expected to require further
business scale, while maintaining asset quality metrics. Fitch
considers non-performing loans (NPLs) remain low in local
standards, which are currently registered as 60+ days past due as
of September 2020 at 1.8% and in terms of 90 days past due at 1.4%,
although coronavirus-related deferrals are still relevant and
restructuring is unseasoned.

Fitch considers that solvency ratios will maintain a buffer above
the regulatory requirements given PCH's propensity to provide
support. Fitch Core Capital of 14.2% continues to decline as a
result of consistent loan growth, while further operating losses
stemming from reserve builds will result in gradual capital
erosion.

Customer deposits increased close to 13.8%, as of September 2020,
as ProCredit also benefitted from high liquidity in the banking
system. With a loan/deposit ratio close to 187.7% and high loan
growth expectations, ProCredit relies on external funding sources,
primarily related, which enhance its view of support.

SUPPORT RATING

ProCredit Ecuador's Support Rating (SR) is also constrained by
Ecuador's Sovereign Rating, as reflected in the Country Ceiling. As
per Fitch's criteria, ProCredit Ecuador's IDR of 'B-' corresponds
to a SR of '5'.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

  -- ProCredit Ecuador's IDR and SR could be upgraded in the event
of an upgrade in the Country Ceiling and Sovereign Rating.

  -- The VR has limited upside potential considering the still
challenging operating environment. An upgrade of the bank's VR
would also require sustainable profit generation and a sustainable
improvement in its funding structure.

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

  -- ProCredit Ecuador's IDR and SR are sensitive to changes in the
Sovereign Rating and Country Ceiling. IDRs and the SR could also be
downgraded if PCH's propensity or ability to support materially
weakens.

  -- The VR could be downgraded in the event of a sharp
deterioration of the asset quality and consequently on its
profitability metrics that would significantly reduce capital
metrics.

SUMMARY OF FINANCIAL ADJUSTMENTS

FCC - Prepaid Expenses and Deferred Payments were included as other
intangibles and deducted from total equity.

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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

ProCredit Ecuador's IDRs are driven by Fitch's view of the
potential support it would receive from its parent, ProCredit
Holding AG & Co. KGaA's (BBB/Stable), if required.

ESG CONSIDERATIONS

ProCredit's Environmental, Social and Corporate Governance (ESG)
Relevance Score for Management Strategy has been revised to '4'
from '3'. This reflects a track record of high government
intervention in the Ecuadorian banking sector. Government
intervention in the country's banking regulatory framework is
reducing but challenges ProCredit's ability to define and execute
its own strategy. This has a negative impact on the rating.

ProCredit's ESG Relevance Score for Governance Structure has been
revised to '3' from '4'. The bank's score is now in line with the
standard scoring for all banks globally. The score change reflects
a reassessment as Fitch now considers that the negative impact on
ProCredit's rating arising from government intervention is best
reflected in the 'Management Strategy' score, as described above.

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.



=====================
E L   S A L V A D O R
=====================

GRUPO UNICOMER: Fitch Affirms BB- LT IDR, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed Grupo Unicomer Corp.'s Long-Term Local
and Foreign Currency Issuer Default Ratings (IDRs) at 'BB-'. The
Rating Outlook is Stable. Fitch has also affirmed Grupo Unicomer's
USD350 million senior notes due 2024 at 'BB-'.

Unicomer's ratings incorporate its leading business position in
most of the countries in which it operates, relatively stable
operating cash flows and the solid financial position of its main
shareholders. The ratings also consider Unicomer's geographic and
format diversification, which have contributed to solid operating
cash flow generation throughout economic cycles.

The company has proved ability to innovate and quickly respond to
different consumer environments with the combination of its retail
and financial businesses, which strengthened its market share in
the countries where it has operations.

The ratings incorporate Fitch's expectation Unicomer's credit
metrics will return to levels consistent with its rating category
in FY 2022 after weakening in FY 2021. Its view is supported by
Unicomer's good liquidity position and consistent cash flow
generation with FCF expected to be mostly positive, despite a
temporary reduction in sales and EBITDA. A more prolonged or severe
economic downturn in the company's main markets could lead to
negative rating actions.

KEY RATING DRIVERS

Coronavirus Effects Factored in the Ratings: Fitch estimates
Unicomer's consolidated revenues will decline by 11% and EBITDAR
will fall around 50% during FY 2021 compared with FY 2020 results.
The company's consolidated net adjusted debt/EBITDAR is expected to
temporarily peak in FY 2021, with a recovery to around 4.8x in FY
2022, assuming sustained revenues and profitability recover.
Excluding the consumer finance business, the retail-only adjusted
net leverage ratio, calculated pre-IFRS 16, would be close to 4.0x
by FY 2022, according to Fitch's calculations.

Latin American non-food and specialty retailers are exposed to the
disruption of the coronavirus pandemic due to their reliance on
physical stores to generate sales. Fitch expects sales for these
retailers to fall sharply, given the lockdowns and restrictions of
movement imposed by governments to limit the pandemic spread,
coupled with the expected downturn in discretionary spending that
could extend into 2021.

An important portion of the company's debt is related to the
financial business and repaid with credit portfolio collections.
Unicomer's net credit portfolio represented 92% of the company's
consolidated total debt as of September 2020 and it serves as an
additional source of cash flows for debt repayment. Under the
current macroeconomic scenario and despite higher non-performing
loans (NPLs), Unicomer restricted its credit origination and
focused on credit collections to increase cash inflows.

Solid Business Position: Grupo Unicomer has commercial operations
in 24 countries across Central America, South America and the
Caribbean. The company has a track record of more than 19 years in
consumer durables sales, which enabled it to develop long-term
relationships with suppliers.

These relationships provide competitive advantages in terms of
store location within small countries, where prime retailing points
of sale are very limited. The company maintains a leading business
position in the retailing of consumer durable goods. This is
supported by proprietary financing services and economies of scale
in terms of purchasing power and logistics.

Geographic and Format Diversification: Geographic diversification
allows Unicomer to have a broad revenue base, supported by
different economic dynamics and mitigates the company's country
risk from any individual market. Jamaica, Costa Rica, Trinidad and
Tobago, Guyana and El Salvador, are among the most important cash
flow contributors, which gives Unicomer some strength and stability
to operating cash flows. Despite geographic diversification, most
of the Sovereign Ratings of countries in which the company operates
are in the 'B' rating category. The company has several store
formats and brands across operations that cover different
socioeconomic segments of the population.

Positive FCF: The company generated USD153.7 million of cash flow
from operations (CFFO) and USD126.8 million of FCF, for the LTM
ended Sept. 30, 2020, mainly due to lower credit origination. In
the medium term, when operations normalize, Fitch expects the
company's CFFO to be above USD80 million and FCF to be above USD20
million per year.

Capex levels should be around USD40 million per year during the
medium term, excluding potential acquisitions. The last
acquisitions occurred in 2015-2016, when the company acquired two
retail chains, one in Paraguay and the other in the Caribbean
countries of Bonaire, Curacao and St. Maarten.

Strong Shareholders: Unicomer's ratings are viewed on a standalone
basis, however, the ratings consider the sound financial position
of Unicomer shareholders Milady Group and El Puerto de Liverpool,
S.A.B. de C.V. (BBB+/Stable), each of which owns 50% of Unicomer.
Liverpool has a proven track record in retail since 1847 in Mexico.
In Fitch's view, the shareholders' solid credit profiles give
flexibility to Unicomer, as the shareholders' financial position do
not rely on Unicomer's dividend payments.


Milady's operations include real estate developments, department
store chains, all Inditex's franchises in Central America, and a
vertically integrated textile manufacturing and wholesaling
business. Liverpool, a department store business with 289 units and
28 shopping malls in Mexico, had USD5.7 billion in total revenues
during the LTM ended Sept. 30, 2020. Liverpool's total adjusted
debt/EBITDAR, including captive finance adjustment, was 2.6x for
the period.

DERIVATION SUMMARY

The company has about the same scale in the number of stores as
Grupo Elektra, S.A.B. de C.V. (BB+/Negative), while Grupo Famsa,
S.A.B. de C.V. (D) has less stores. Unicomer's credit portfolio is
smaller in size than Elektra's and Famsa's, as it does not lend
through regulated banking operations.

The company is more geographically diversified than Elektra and
Famsa, which mitigates Unicomer's operating risk of any individual
market. From a financial profile view, the company maintains lower
profitability margins and higher leverage than Elektra. Unicomer's
operating margins are healthy, while Elektra has the stronger
operating margins of the two companies.

As per Fitch's criteria, Unicomer's applicable Country Ceiling is
'BB-'. At the current rating level, the operating environments (OE)
of the countries where the company has operations do not constrain
the ratings but the OE cap the ratings in the upper 'BB' rating
range.

KEY ASSUMPTIONS

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

  -- For FY 2021, two months of store closures in most of the
company's operations, then a decline in product sales followed by a
gradual recovery to levels close to FY20 revenues by fiscal
year-end.

  -- For FY 2021, sales by in-house credit are 51% of product
sales, with an average duration period of 19 months for credits.

  -- Consolidated revenues grow 5.6% for FY 2022 and 4.2% on
average for FY 2023-FY 2024.

  -- An EBITDAR margin of 8.2% during FY 2021 and 13.8% on average
for FY 2022 to FY 2024.

  -- Capex of USD20 million for FY 2021 and USD38 million per year
on average for FY 2022 to FY2024.

  -- Suspension of dividend payments for FY 2021 and FY 2022.

  -- Dividend payments equal to 25% of net income for FYE March
2023 through FYE March 2024.

  -- NPLs increase in FY 2021 and then recover gradually.

  -- Potential inorganic growth in FY 2023-FY 2024.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

  -- Diversification of operating subsidiaries in countries with
lower sovereign risk.

  -- Consolidated adjusted net leverage close to 4.0x on a
sustained basis.

  -- Retail-only adjusted net leverage close to 3.5x on a
sustained basis.

  -- Maintained credit quality of the portfolio and significant
reduction in its current maturities, resulting in a consistent
ratio of cash plus CFFO/short-term debt of 1.0x.

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

  -- Sustained deterioration in overdue accounts from the consumer
finance business.

  -- A significant reduction in cash flow generation that results
in sustained negative FCF margin.

  -- Further debt-financed acquisition activity resulting in a
consolidated net adjusted debt/EBITDAR above 5.0x.

  -- Retail-only net adjusted leverage above 4.5x on a sustained
basis.

  -- Deterioration of liquidity compared with short-term debt.

  -- A one-notch downgrade in the company's applicable Country
Ceiling of 'BB-', currently Jamaica, could result in a downgrade of
its FC IDR and the 2024 notes.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity to Weather Economic Environment: Unicomer
reported total debt of USD715 million, as of Sept. 30, 2020, of
which USD146 million was short-term. This level of short-term debt
compares with USD185 million of cash and marketable securities and
a short-term credit receivables portfolio of USD420 million.

Fitch believes Unicomer's liquidity cushion of cash on hand and
operating cash flows coupled with its receivable's portfolio will
be sufficient to cover short-term debt and withstand the current
crisis. The liquidity ratio, measured as FCF plus cash and
marketable securities over short-term debt, was 2.1x as of Sept.
30, 2020. When including short-term account receivables in the
calculation, the ratio increases to 5.0x.

SUMMARY OF FINANCIAL ADJUSTMENTS

Financial statements were adjusted to revert the IFRS 16 effect.
Rents were capitalized by a multiple of 7.0x.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
Environmental, Social and Corporate Governance (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.



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

TOBAGO HOUSE: Moody's Completes Review, Retains Ba1 Issuer Rating
-----------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Tobago House of Assembly and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review in which Moody's reassessed the
appropriateness of the ratings in the context of the relevant
principal methodology, recent developments, and a comparison of the
financial and operating profile to similarly rated peers. The
review did not involve a rating committee. Since January 1, 2019,
Moody's practice has been to issue a press release following each
periodic review to announce its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

KEY RATING CONSIDERATIONS

The ba3 baseline credit assessment and Ba1 issuer rating reflect
THA's strong linkages with Trinidad and Tobago (TT, Ba1), as well
as its recurring positive operating margins, low debt levels and
strong liquidity. THA derives 99% of its revenue from the central
government, and will face cuts in transfers in 2020 and 2021 driven
by a deep economic recession amid the coronavirus pandemic.
Nonetheless, THA has a strong track record of adjusting operating
spending as needed. THA is moving forward with plans for a bond
placement in late 2020 or early 2021 to finance infrastructure
spending and is also considering options to pursue public private
partnerships for capital projects. These developments would result
in a modest rise in debt levels. Nonetheless, given expected
continued support from TT, liquidity will remain strong. Moody's
further notes that the assigned rating is also supported by a
strong level of oversight by TT, given that THA requires approval
from the central government to contract long-term debt.

The principal methodology used for this review was Regional and
Local Governments published in January 2018.



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

VENEZUELA: Basic Food Basket Goes Sky-High in November
------------------------------------------------------
The Latin American Herald reports that more terrible news for
Venezuelan families and consumers who try to cope with the already
high cost of living every day arrived this month as a monthly
report from the Center for Documentation and Social Analysis of the
Venezuelan Teachers Federation (known as Cendas-FVM) showed that
the basket of basic goods soared to a whopping 74%, or $247.28 if
calculated at an average foreign exchange rate of Bs.1 million per
dollar, taking into consideration that the minimum monthly wage in
that country equals to less than a dollar these days.

In this way, Cendas-FVM data showed that the basic food basket for
a five-person household averaged Bs.247.28 million in November,
which represents an increase of Bs.105.48 million from the previous
month when it was located at Bs.141.80 million and a year-on-year
variation of 2,280% from November 2019, according to The Latin
American Herald.

The hike was driven by a rapid increase in the dollar traded on the
country’s black market during that month, since most of the
products and services are sold in that currency due to the loss of
value and confidence in the bolivar as a result of hyperinflation,
which is wreaking havoc in the economy since November 2017, the
report notes.

The US currency was trading at Bs.444,134 on average in mid-October
and by mid-December was averaging Bs.1.7 million, translating into
an increase of 140%, the report relays.

The report said it took 206.07 minimum monthly wages to buy the
basic food basket in November as each member of a five-person
household had to earn Bs.8.24 million ($8.24), or 6.86 minimum
monthly wages, the report notes.

All basket items experienced exponential increases including coffee
(154,5%); meats (108,0%); cereals (107,5%); milk, cheeses and eggs
(87,9%); fats and oils (85,2%); grains (74,7%); fish and seafood
(57,2%); sauces and mayonnaise (52,5%); fruits and vegetables
(28,1%); sugar and salt (25,8%); and roots and tubers (22,2%), the
report adds.

                             Venezuela

Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South America, consisting of a
continental landmass and a large number of small islands and
islets in the Caribbean sea.  The capital is the city of Caracas.

Hugo Chavez was president to Venezuela from 1999 to 2013.  The
Chavez presidency was plagued with challenges, which included a
2002 coup d'etat, a 2002 national strike and a 2004 recall
referendum.  Nicolas Maduro was elected president in 2013 after
the death of Chavez.  Maduro won a second term at the May 2018
Venezuela elections, but this result has been challenged by
countries including Argentina, Chile, Colombia, Brazil, Canada,
Germany, France and the United States who deemed it fraudulent and
moved to recognize Juan Guaido as president.

The presidencies of Chavez and Maduro have challenged Venezuela
with a socioeconomic and political crisis.  It is marked by
hyperinflation, climbing hunger, poverty, disease, crime and death
rates, social unrest, corruption and emigration from the country.

S&P Global Ratings, in May 2019, removed its long- and short-term
local currency sovereign credit ratings on Venezuela from
CreditWatch with negative implications and affirmed them at
'CCC-/C'. The outlook on the long-term local currency rating is
negative. At the same time, S&P affirmed its 'SD/D' long- and
short-term foreign currency sovereign credit ratings on Venezuela.

Moody's credit rating (long term foreign and domestic issuer
ratings) for Venezuela was last set at C with stable outlook in
March 2018.  Meanwhile, Fitch's long term issuer default rating
for Venezuela was last in 2017 at RD and country ceiling was CC.
Fitch, on June 27, 2019, affirmed then withdrew the ratings due
to the imposition of U.S. sanctions on Venezuela.



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

[*] BOND PRICING: For the Week Dec 14 to Dec. 18, 2020
------------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
SACI Falabella             2.3    50.6    7/15/2020    CL     CLP
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
Enel Americas SA           5.8    32.7    6/15/2022    CL     CLP
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Empresa Provincial de     12.5     0.0    1/29/2020    AR     USD
Corp Universidad de Co     5.9    64.2   11/10/2021    CL     CLP
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
KrisEnergy Ltd             4.0    40.4     6/9/2022    SG     SGD
Odebrecht Finance Ltd      7.0    17.0    4/21/2020    KY     USD
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
China Huiyuan Juice Gr     6.5    46.6    8/16/2020    CN     USD
Empresa Electrica de l     2.5    63.8    5/15/2021    CL     CLP
Sociedad Austral de El     3.0    17.0    9/20/2019    CL     CLP
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Plaza SA                   3.5    38.3    8/15/2020    CL     CLP
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
Banco Security SA          3.0    27.4     6/1/2021    CL     CLP
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
Banco Security SA          3.0     5.6     7/1/2019    CL     CLP
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
China Huiyuan Juice Gr     6.5    46.6    8/16/2020    CN     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
MIE Holdings Corp          7.5    56.4    4/25/2019    HK     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
mpresa de Transporte      4.3    30.9    7/15/2020    CL     CLP
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Energetica de Pern     6.2     1.1    1/15/2022    BR     BRL
Yida China Holdings Lt     7.0    74.3    4/19/2020    CN     USD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Esval SA                   3.5    49.9    2/15/2026    CL     CLP


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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


                  * * * End of Transmission * * *