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

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

          Tuesday, December 22, 2020, Vol. 21, No. 255

                           Headlines



B R A Z I L

AZUL SA: S&P Upgrades ICR to 'CCC+' on Lower Liquidity Pressure
[*] BRAZIL: Number of Confirmed COVID-19 Cases Surpasses 7 Million


C O S T A   R I C A

BANCO INTERNACIONAL: S&P Withdraws 'B/B' Global Scale ICRs


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Public Debt Could Soar to 68.1% of GDP


J A M A I C A

JAMAICA: 6Mo Grace Period for Firms Affected by Plastic Ban


M E X I C O

GRUPO FAMSA: S&P Withdraws 'D' Issuer Credit Rating


P A N A M A

PANAMA: IDB OKs $200MM Loan for Energy, Water, Sanitation Sectors


P U E R T O   R I C O

CARLOS H. ORTIZ COLON: $195K Sale of San Juan Property Approved
NOSCE TE IPSUM: Unsecureds Unimpaired in Sale Plan


U R U G U A Y

URUGUAY: IDB OKs $100MM Contingency Loan to Cushion Disasters


X X X X X X X X

LATAM: Pandemic Deteriorates Democracies and Adds to Discontent

                           - - - - -


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B R A Z I L
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AZUL SA: S&P Upgrades ICR to 'CCC+' on Lower Liquidity Pressure
---------------------------------------------------------------
S&P Global Ratings raised its issuer credit and issue-level ratings
on Brazilian airline Azul S.A. to 'CCC+' from 'CCC-', and the
national scale corporate rating to 'brBB' from 'brCCC-'. The
recovery rating remains at '4' (40%).

Brazilian airline Azul S.A. has alleviated pressures on its
liquidity for the next 12-18 months following the recent
convertible debenture issuance, and renegotiation of leasing and
some debt contracts.

Higher available cash position and the recovery in demand for
domestic travel have better positioned the company to face ongoing
uncertainties over the industry's rebound in the short term.

The stable outlook reflects S&P's view of diminished risks of a
distressed debt restructuring in the next 12 months thanks to a
larger cash position, while working capital requirements and
expansion capex remain contained.

The recent R$1.75 billion convertible debenture issuance (with
ability to raise additional $100 million [about R$540 million] in
the next 12 months under the same terms and conditions), along with
the rescheduling of leasing payments and other debt refinancing
sharply reduced the risk of a distressed debt restructuring in the
next 12 months. Azul has additional R$3 billion in potential
liquidity from deposits/reserves and receivables, and R$1.3 billion
of unencumbered assets, which provide some additional financial
flexibility, although not as liquid.

S&P said, "We don't view the recent debenture renegotiation as
tantamount to default. Although we viewed the renegotiation as
distressed, we don't have sufficient evidence that investors will
receive less value than the original promise of the debt."

Domestic flights in Brazil have robustly rebounded recently, as
seen in Azul's domestic available seat kilometers (ASK) that should
reach in December about 80% of the pre-pandemic level, thanks to
leisure travel replacing corporate and international travel.
However, there's still significant uncertainty over the consistency
of this trend after the high summer season in the country. The
accelerating spread of the virus in Brazil since November may stall
the recovery, while timing for a widely available vaccines is
unclear.

Meanwhile, Azul's balance sheet remains vulnerable, with still
sizable leasing liabilities with increasing leasing cash flow
disbursement (mainly as of 2022), and debt continuing to rise. S&P
forecasts a gross debt (excluding leasing) of about R$7 billion in
2020 and R$8 billion in 2021, compared with R$3.5 billion in 2019.

S&P said, "Therefore, we view that Azul remains vulnerable to
market conditions, among other factors, as fuel prices and exchange
rates that under unfavorable conditions could turn Azul's financial
obligations unsustainable in the medium term.

"We forecast a capex disbursement of R$1.6 billion -R$2.0 billion
in 2021 and 2022, versus about R$600 million in 2020, mainly
reflecting expenses for resuming flights of grounded fleet, which
will pressure free operating cash flow (FOCF) in the short term. We
expect the company's current cash position to meet these needs
along with improving revenue. Azul could also struggle to fund
working capital requirements over next couple of years, mainly
regarding management of suppliers and air traffic liabilities,
which rose to R$5.15 billion in September 2020 from R$3.5 billion
in December 2019. We recognize that a FOCF shortfall could reflect
a stronger-than-expected market recovery, leading to rising capex
and working capital needs, but it would require adequate funding to
avoid rating pressure."


[*] BRAZIL: Number of Confirmed COVID-19 Cases Surpasses 7 Million
------------------------------------------------------------------
businessworld.in reports that the number of confirmed COVID-19
cases in Brazil has increased by 70,574 to 7,040,608 within the
past 24 hours, the national Ministry of Health said.

The death toll has risen by 936 to 183,735 people within the same
period of time, the report notes.  The number of recovered patients
has exceeded 6.1 million, according to businessworld.in.

A day earlier, Brazil reported 42,889 new cases of the coronavirus
disease and 964 new fatalities, the report relays.

                          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.



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C O S T A   R I C A
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BANCO INTERNACIONAL: S&P Withdraws 'B/B' Global Scale ICRs
----------------------------------------------------------
S&P Global Ratings withdrew at issuer's request its 'B/B' global
scale issuer credit ratings on Banco Internacional de Costa Rica
(BICSA). At the time of the withdrawal, the outlook was negative,
mirroring that on Costa Rica.




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

DOMINICAN REPUBLIC: Public Debt Could Soar to 68.1% of GDP
----------------------------------------------------------
Dominican Today reports that the Central Bank of the Dominican
Republic said the level of public debt could close this year at
around 68.1% of GDP.

"Currently, the COVID-19 crisis has resulted in a drop in economic
activity -- estimated with the MEAI (Monthly Economic Activity
Index) January - October at -7.7% year-on-year -- which, together
with the fiscal measures implemented to support companies,
households, and workers, have implied budgetary additions that
could put the Dominican debt level around 68.1% of GDP at the end
of 2020," it said, according to Dominican Today.

The figures are in a document "Pandemic, economic reactivation and
debt sustainability", the report relays.

At the end of last year, the level of consolidated public debt was
50.5% of GDP, according to official data, the report notes.

                      About Dominican Republic

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

Luis Rodolfo Abinader Corona is the current president of the
nation.

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

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

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

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

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



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J A M A I C A
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JAMAICA: 6Mo Grace Period for Firms Affected by Plastic Ban
-----------------------------------------------------------
RJR News reports that the government announced that it will grant
private sector entities affected by the third phase of the ban on
plastics, a six-month grace period.

The third phase of the ban will come into effect on January 1,
according to RJR News.

Environment Minister Pearnel Charles Jr said after the transition
and review period, enforcement of the ban will begin, including
prosecutions, the report notes.

Addressing a media briefing at Jamaica House, Mr. Charles outlined
the government's expectations of the public and private sectors
during the grace period, the report discloses.

"It must be noted that within this period of time, it is expected
that the private sector will deplete or replace all affected
products currently circulated in the trade.  Two, it is expected
that they will ensure that the production processes are retrofitted
as appropriate to facilitate compliance with the provisions of the
ban; and three, the public sector will ramp up its public education
and awareness raising activities," he declared, the report relays.


The third phase of the ban on plastics relates to the importation,
distribution, manufacture and use of single-use plastic bags of
dimension 24"x24" and below, as well as plastic straws attached to
juice boxes or drink pouches, the report adds.

                         About Jamaica

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

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

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



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M E X I C O
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GRUPO FAMSA: S&P Withdraws 'D' Issuer Credit Rating
---------------------------------------------------
S&P Global Ratings withdrew its 'D' issuer credit and issue-level
credit ratings on Grupo Famsa, S.A.B. de C.V. at its request. At
the time of the withdrawal, the company remained under bankruptcy
procedures in Mexico and U.S.




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P A N A M A
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PANAMA: IDB OKs $200MM Loan for Energy, Water, Sanitation Sectors
-----------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a $200 million
budget-support operation linked to the second Reform Support
Program for Panama's energy and water and sanitation sectors.

The program aims to contribute to the sustainability of the energy
sector and to increase coverage and improve drinking water and
sanitation service management through a series of policy reforms
aimed at strengthening and complementing the regulatory and
institutional framework of both sectors.

In water and sanitation, the program hopes to improve inter-agency
coordination through support in strategic planning and clear role
assignment. The water and sanitation management model will also be
enhanced through the strengthening of inter-agency coordination and
public policy instruments. These actions will support the goals of
the national water security plan.

In the energy sector, the program will support the implementation
of the Energy Transition Agenda to improve energy security through
matrix diversification, increased efficiency, and regional
integration. The project also hopes to improve the financial and
social sustainability of the energy sector by using innovative
technologies and strengthening institutional capacity in energy
planning and purchasing.

The IDB-funded program is expected to benefit all Panamanians by
developing a more sustainable, diversified, less polluting energy
matrix that is more resilient to climate change. As for water and
sanitation services, it is hoped that by 2030, 100% of households
will have 24/7 access to potable water and all urban households
will have access to sewerage.

The approved financing will have an initial disbursement period of
one year, with a depreciation period of 20 years, 5.5 years of
grace period and interest rate based on LIBOR.



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P U E R T O   R I C O
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CARLOS H. ORTIZ COLON: $195K Sale of San Juan Property Approved
---------------------------------------------------------------
Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the
District of Puerto Rico authorized Carlos H. Ortiz Colon and his
wife, Maribel Rodriguez, to sell the real property located at Apt.
D-302 in Condominio Bayside Cove, San Juan, Puerto Rico, Juan
Francisco Rivera Hernandez for $195,000.

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

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

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

The total amount of liens to be paid and cost related to the sale
are $150,460, the remainder of the funds will be paid to the
Debtors and deposited in the DIP account related to the present
bankruptcy cases.

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

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

NOSCE TE IPSUM: Unsecureds Unimpaired in Sale Plan
--------------------------------------------------
According to its Amended Disclosure Statement, Nosce Te Ipsum,
Inc., is proposing a Plan of Reorganization that contemplates the
sale of its real property in Guaynabo, Puerto Rico, to pay off
claims.

Considering the health crisis created by the COVID-19 pandemic, the
government mandated restrictions, and its overall effect on the
economy, the sale should take place in 2021 to guaranty that enough
value is realized in the transaction to pay all allowed claims.

According to the Disclosure Statement, the Debtor's real property
has enough value to pay all secured and unsecured claims.  

The Debtor owns a real property containing 8,337.03 square meters
of land situated at Metro Office Park, #3 Calle 1, Guaynabo, Puerto
Rico.  The property is a five-story office building comprising
62,457 square feet of total Gross Leasable Area.

The Debtor has valued the property at $7,000,000.  The last
appraisal of the property performed on December 9, 2019, shows a
value of $7,400,000.

The Plan provides:

   * Class 3 secured claims of CRIM and Metro Office park Property
Owners Association will be paid in full on the effective date of
the Plan.  Any postpetition amount owed to creditors in this class
will be paid from the proceeds of the sale of the property on the
effective date of the Plan.

   * Class 5 General Unsecured Claims will be paid in full on the
Effective Date of the Plan.  This class is not impaired.

   * Class 7 Equity Security and Other Interest Holders will not
receive payment until senior classes are paid in full their allowed
claims.  This class is not allowed to vote.

A full-text copy of the First Amended Disclosure Statement dated
December 7, 2020, is available at https://bit.ly/3gJwbkl from
PacerMonitor.com at no charge.

Counsel for Nosce Te Ipsum:

     Andrew Jimenez Cancel
     ANDREW JIMENEZ LLC
     USDC-PR # 226510
     P.O. Box 9023654
     San Juan, PR 00902-3654
     Tel: (787) 638-4778
     E-mail: ajimenez@ajlawoffices.com

                      About Nosce Te Ipsum

Nosce Te Ipsum, Inc. classifies its business as single asset real
estate (as defined in 11 U.S.C. Section 101(51B)).  It owns in fee
simple a five-story building with office and commercial spaces for
lease, and adjacent parking lot structure in Guaynabo, P.R., valued
at $7 million.

Nosce Te Ipsum filed a Chapter 11 petition (Bankr. D.P.R. Case No.
19-05155) on Sept. 9, 2019.  In the petition signed by Maria De Los
A. Ubarri, general manager, the Debtor disclosed $7,046,991 in
assets and $5,210,939 in liabilities.  The Hon. Brian K. Tester
oversees the case.  Andrew Jimenez Cancel, Esq., at Andrew Jimenez
Law Offices, is the Debtor's bankruptcy counsel.



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U R U G U A Y
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URUGUAY: IDB OKs $100MM Contingency Loan to Cushion Disasters
-------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $100
million contingency loan to finance a program launched by Uruguay
to cushion the impact of natural disasters and health emergencies
on its public finances.

The operation completes this year's special support program for
Uruguay which, including disbursements and new credit instruments
available, has exceeded the amount of $1.7 billion. The IDB's
support aims to uphold the country's efforts to face the health
emergency, with a special focus on the most vulnerable sectors, and
jumpstart the economy by providing micro, small, and medium sized
enterprises with access to credit.

The latest lending was approved under the Contingent Credit
Facility for Natural Disaster and Public Health Emergencies (CCF),
an innovative tool of the IDB to promote an integrated approach to
the financial management of natural disasters and public health
risks based on planning and pre-financing of contingent fiscal
liabilities.      

The resources will be used to structure a stable, efficient, and
rapid-access ex-ante financial coverage to meet extraordinary
public spending needs during natural disaster and public health
emergencies.

Climate change is a phenomenon of particular relevance to Uruguay
due to the increase of climatic shifts and the frequency and
intensity of severe droughts, with their corresponding impacts on
productivity, availability of water resources, and public health.
In the face of this growing hazard, the operation includes
financial coverage for droughts.

In addition, the operation contributes to improve the country's
integral disasters risk management by promoting improvements in the
five strategic pillars of the Integrated Natural Disaster Risk
Management Plan. These pillars are: governability and guiding
framework development; risk identification and awareness; disaster
risk reduction; emergency preparedness; and risk financial
management.

The potential beneficiaries are the entire population of Uruguay,
in particular the affected populations that receive emergency
assistance under the proposed coverage. The operation will also
contribute to the cross-cutting issue of Gender Equality and
Diversity by promoting the inclusion of a gender perspective in the
country's Disaster Risk Management.

The $100 million contingent IDB loan is for a 25-year term, with a
5.5-year period of grace and an interest rate based on LIBOR.



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X X X X X X X X
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LATAM: Pandemic Deteriorates Democracies and Adds to Discontent
---------------------------------------------------------------
Rio Time Online reports that IDEA International, an
intergovernmental organization that supports sustainable democracy
worldwide, alerted to growing inequality, poverty, political
polarization, corruption, high crime rates, and state fragility in
Latin America during the pandemic, although resilience remains.

According to the recently released document, the health crisis
"severely affected" a region "besieged by unresolved structural
problems," where some countries were suffering from "processes of
democratic erosion and regression" or "democratic fragility and
weakness" even before the pandemic hit this part of the planet in
March, the report notes.

Measures restricting fundamental rights to contain the spread of
the coronavirus have increased the risk of further consolidating or
aggravating the disturbing trends democracy presented in the region
before the health crisis, Rio Time Online relates.


                           *********


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.

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of the same firm for the term of the initial subscription or
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.


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