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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

          Friday, January 1, 2021, Vol. 22, No. 261

                           Headlines



A R G E N T I N A

IRSA INVERSIONES: S&P Withdraws CCC+ Issuer Credit Rating
RIO NEGRO: S&P Upgrades ICR to 'CCC+' on Debt Restructuring


B E R M U D A

TEEKAY TANKERS: Egan-Jones Hikes Senior Unsecured Ratings to BB


B R A Z I L

B3 SA: Moody's Rates New BRL205MM Debenture Issuance 'Ba1'
BANCO DE DESENVOLVIMENTO: Moody's Affirms B2 LT Issuer Rating
GOL LINHAS: Urges CADE to Impose Sanctions on Azul and LATAM
ISEC SECURITIZADORA: Moody's Puts Ba2 Definitive Rating on 2 Certs
REDE D’OR: Fitch Affirms 'BB' Long-Term Foreign Currency IDR



M E X I C O

ALPHA HOLDING: Fitch Rates USD300MM Sr. Unsec. Notes Issuance 'B'
ALPHA HOLDING: Moody's Lowers CFR to B3 on Weak Profitability
GRUPO AEROMEXICO: Concludes Negotiations with 2 Labor Unions


P E R U

PERU LNG: S&P Withdraws 'B-' Long-Term Issuer Credit Rating

                           - - - - -


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

IRSA INVERSIONES: S&P Withdraws CCC+ Issuer Credit Rating
---------------------------------------------------------
S&P Global Ratings withdrew its global scale issuer credit rating
on IRSA Inversiones y Representaciones S.A. (IRSA) at issuer's
request. At the time of the withdrawal, the long-term rating on
IRSA was 'CCC+' with a negative outlook.

The issuer credit rating on the company was at the same level as
our Transfer and Convertibility assessment on the Republic of
Argentina. The rating also reflected the challenging operating
performance at hotels and shopping malls due to the COVID-19
pandemic, which dented profitability and operating cash flows,
although partly compensated by asset sales (mainly offices) and
liability management.

The negative outlook mainly reflected business challenges to retain
tenants at the malls, recover traffic rates, and adjust operations
to lower consumption trends.

  Not Rated Action; CreditWatch/Outlook Action

                                 To       From
  IRSA Inversiones y Representaciones S.A.

  Issuer Credit Rating           NR/--    CCC+/Negative/--


RIO NEGRO: S&P Upgrades ICR to 'CCC+' on Debt Restructuring
-----------------------------------------------------------
S&P Global Ratings raised its long-term foreign and local currency
issuer credit ratings to 'CCC+' from 'SD' on the province of Rio
Negro. S&P also raised its senior unsecured issue-level rating to
'CCC+' from 'D'.

S&P said, "The stable outlook on our 'CCC+' rating balances the
risks stemming from large fiscal imbalances and limited access to
funding, and limited economic growth prospects, with an improved
debt amortization profile resulting from the recent debt
restructure.

"We could downgrade the province in the next 12 months if we
perceive that fiscal and financing conditions become even more
unfavorable, resulting in lack of sufficient liquidity to honor
debt obligations. The province faces ARP10 billion in amortizations
in 2021, including ARP5 billion in maturing securities. Even though
the debt amounts seem manageable, market and economic conditions
remain stressed and any restructuring that entails net present
value losses for investors could be considered as tantamount to
default. In addition, a downward revision of our transfer and
convertibility assessment on Argentina would result in a downgrade
of Rio Negro."

S&P said, "Given that we don't believe that Argentine local and
regional governments (LRGs) meet the conditions to have ratings
above that on the sovereign, we could only upgrade the province of
Rio Negro if we take a similar action on Argentina in the next 12
months. This would have to be accompanied by an improvement in the
province's budgetary performance and liquidity position or greater
certainty about its capacity to tap domestic debt markets."

The rating action follows the completion of Rio Negro's debt
restructuring on December 23. The province reached the consent with
more than 95% of the bondholders to amend the terms of its only
international bond, which cured the default that had started in
July 2020. The amended $320 million bond extends the maturity to
2028 from 2025, has a step-up average interest of 5.57%, from 7.75%
previously, and a smoother amortization profile with nine
semi-annual instalments, from three annual payments originally. As
a result, the agreement reduces Rio Negro's debt payments by $130
million between 2021 and 2023. Rio Negro is the fourth Argentine
province to complete the restructuring of international debt after
Neuquen, Mendoza, and Chubut. At least eight other provinces are
currently negotiating with bondholders, including the province of
Buenos Aires.

Nonetheless, challenges remain significant. Despite lower interest
payments, deficit after capex remains high, while liquidity is very
limited. Finding sources of financing will remain problematic for
provinces such as Rio Negro in 2021 stemming from the inability to
tap international markets and the large financing needs the central
government is expected to cover in the domestic markets. At the
same time, Argentina's very volatile and underfunded institutional
framework constrain our ratings on LRGs, including Rio Negro.

S&P estimates operating deficit will total 4.2% of operating
revenue this year, despite the fiscal gains from the debt relief.
Provincial revenues were severely hit by the pandemic and the
national lockdown imposed on March 20, 2020. As of November, tax
revenue collection increased only 17%, below year-over-year
inflation of 36%. Even though the central government gradually
relaxed the lockdown over the last few months, recovery in the
province's tax revenue has been sluggish because of the collapse of
the tourism sector, which contributes about 20% of gross receipt
taxes (the major city tourism center of Bariloche is in Rio Negro).
Furthermore, provincial finances took a hit from the fall in
hydrocarbon royalties, which fund about 10% of the provincial
budget. Production in the oil sector plummeted in the first half of
the year amid declining prices and sharp economic downturn.

Despite some efforts to curb spending growth, they have been offset
by the sharp revenue erosion. Rio Negro's spending structure is
very inflexible. Payroll represents 62% of operating spending, and
it has proven to be very difficult to cut. Moreover, amid the
pandemic, the province increased the number of public health
workers. Rio Negro managed extraordinary spending pressures thanks
to the delay in increasing public workers' salary to October from
March.

Liquidity remains strained. Despite recent debt relief, financing
needs will remain high for 2021, estimated at ARP16 billion (19% of
operating revenues). Amortization payments total ARP10.9 billion,
including two local bonds due for a total of ARP4 billion and
short-term notes for a total of ARP3.8 billion (ARP3 billion
correspond to intergovernmental debt). Furthermore, S&P highlights
that external liquidity sources are limited, given ongoing stress
in Argentina's financing conditions. An additional challenge for
provincial financing in the domestic market will be the competition
with the central government, which is expected to rely entirely in
domestic funding sources for 2021.

Large and persistent fiscal imbalances have increased the
province's debt stock, which we estimate at ARP50 billion or 62% of
operating revenues in 2020, above that of other local governments
such as the city of Buenos Aires or province of Mendoza.

S&P estimates Rio Negro's GDP per capita to fall to $7,700 in 2020
from the $9,200 average in 2018-2019, reflecting the steep economic
contraction as well as the peso's sharp depreciation. In line with
the national government, the economic outlook for Rio Negro is
weak, given our forecast of a 12% contraction in 2020 and growth of
only 4% in 2021, reflecting large macroeconomic challenges in
Argentina. To tackle them, Argentina will need to establish policy
consistency and reduce fiscal and monetary imbalances, including
lower inflation and a more stable exchange-rate regime.

Rio Negro's revenues collapsed while funding sources were scarce
following the sovereign's default. As a result, Rio Negro, like
other Argentine provinces, decided to prioritize healthcare and
social spending over debt obligations, missing its June 7, 2020
interest payment.

S&P said, "Finally, we believe that, amid eroding macroeconomic
conditions, the sovereign could delay fiscal support measures to
subnational governments. We assess the institutional framework for
Argentina's LRGs as very volatile and underfunded, reflecting our
perception of the sovereign's very weak institutional
predictability and volatile intergovernmental system that has been
subject to various modifications to fiscal regulations, and lack of
consistency over the years, which jeopardize the LRGs' financial
planning."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List
  Upgraded; CreditWatch/Outlook Action  
                             To              From
  Province of Rio Negro

  Issuer Credit Rating   CCC+/Stable/--   SD/--/--

  Upgraded  
                           To        From
  Province of Rio Negro

   Senior Unsecured       CCC+         D




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B E R M U D A
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TEEKAY TANKERS: Egan-Jones Hikes Senior Unsecured Ratings to BB
---------------------------------------------------------------
Egan-Jones Ratings Company, on December 23, 2020, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Teekay Tankers Ltd to BB from BB-.

Headquartered in Hamilton, Bermuda, Teekay Tankers Ltd. provides
oil transportation services through a fleet of mid-size tankers,
including Suezmax and Aframax crude oil tankers and Long Range 2
product tankers.




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

B3 SA: Moody's Rates New BRL205MM Debenture Issuance 'Ba1'
----------------------------------------------------------
Moody's America Latina has assigned a Ba1 global scale and Aaa.br
Brazilian national scale ratings to B3 S.A. -- Brasil, Bolsa,
Balcao's proposed local currency debenture issuance. The debentures
will be issued in Brazilian reals with a target issue amount of BRL
205 million and the proceeds of the issue will be used for
reimbursement of expenses and costs, construction and or
refurbishment of offices in the city of Sao Paulo. The planned
maturity of the debentures is 10 years.

Assignments:

B3 S.A. -- Brasil, Bolsa, Balcao:

Global local currency unsecured debenture rating of Ba1

Brazilian national scale local currency unsecured debenture rating
of Aaa.br

RATINGS RATIONALE

B3 S.A. -- Brasil, Bolsa, Balcao's (B3) global scale and national
scale unsecured debenture ratings of Ba1 and Aaa.br respectively
stem from B3's long term senior unsecured and issuer ratings of
Ba1.

B3's long term senior unsecured and issuer ratings incorporate the
benefits to creditors from its increasing earnings, high pretax
margins and cash flow generation, which will remain strong over the
next 12-18 months. Moody's assessment also takes into consideration
B3's rising but manageable leverage and the company's increased
dividend payout targets which will be maintained in 2020. B3's
ratings are positioned one notch above Brazil's Ba2 sovereign
rating, reflecting B3's dominant market position, diverse revenue
base and resilient financial performance through Brazil's last
recession, subsequent tepid economic recovery and in 2020 during
the pandemic. However, B3 does have a strong credit linkage to
Brazilian sovereign risk given that its cash position and the
majority of its settlement funds that safeguard it from
counterparty default are invested in Brazilian government bonds.

B3 reported revenue growth of 41% and pre-tax income of BRL 3.9
billion (US$ 756 million) in the first nine months of 2020, an
increase of 64% versus a year earlier, illustrating its increased
scale. Pre-tax margin was over 700 basis points above that in 2019.
Moody's expects B3 to continue to post strong financial results in
2020 as Brazil's low interest rate environment will continue to
shift investor risk appetite toward equity and other riskier
investments, and away from fixed income. Combined with increased
market volatility in the wake of coronavirus B3's core businesses
experienced record trading volumes in 2020, including a high volume
of initial public offerings and follow ons. Moody's also said that
B3 offers services for which it has no competition, particularly in
cash equities trading and post trading, and that its business model
enables it to generate increased revenue during periods of market
volatility, when equities and interest rate and currency derivative
volumes rise.

The debenture issuance is a private placement with ISEC
Securitizadora SA. and the receivables from the transaction will be
the assets for the issuance of real estate receivables
certificates. The debentures will be issued in two tranches, one
with a coupon tied to the interbank rate and one tied to the rate
of inflation. Based on third quarter results, Moody's estimates
that B3's leverage will not rise materially following the debenture
issuance from its level of 1.03x as of September 2020 and does not
expect a meaningful change in its interest coverage ratio, as
measured by EBITDA to interest expense, particularly in light of
the company's EBITDA and cash flow generation in 2020. However,
Moody's notes that B3's leverage target for 2021 is 1.5x. EBITDA.

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

The national scale debenture ratings are already at the highest
level on the national scale for Brazil. A downgrade in B3's global
and national scale ratings could be driven by a deterioration in
the company's financial profile, which, in turn, could be triggered
by a decrease in its operating margin that substantially reduces
the company's debt-service capacity and leads its leverage to
increase significantly. Negative pressure on the ratings could also
arise from a deterioration in the company's risk management
capabilities and execution effectiveness. A decline in Brazil's
creditworthiness could also result in B3's ratings being
downgraded.

The principal methodology used in these ratings was Securities
Industry Service Providers Methodology published in November 2019.

BANCO DE DESENVOLVIMENTO: Moody's Affirms B2 LT Issuer Rating
-------------------------------------------------------------
Moody's America Latina Ltd. has affirmed Banco de Desenvolvimento
de Minas Gerais S.A.'s long-term local currency issuer rating at
B2, long-term local and foreign currency counterparty risk ratings
at B1 and the long-term counterparty risk assessment at B1(cr). At
the same time, Moody's affirmed the bank's baseline credit
assessment at b2, the national scale rating long-term issuer rating
at Ba1.br as well as other ratings and assessments. The outlook on
the ratings remains stable.

RATINGS RATIONALE

The affirmation of BDMG's ratings and assessments reflects the
strong macroeconomic and institutional linkages with Minas Gerais
state (B2 stable). Established to act as a financial development
agent of the state government, BDMG has limited ability to
diversify and operate beyond the boundaries of the state.
Consequently, the bank is highly dependent upon and exposed to the
local state economy and its loan book, therefore, tends to have
important sector and borrower concentrations. In affirming the
bank's ratings, Moody's acknowledges the bank's robust capital
position, which provides an important buffer against potential
asset quality deterioration and pressure on BDMG's profitability
over the next twelve to eighteen months.

In 2020, BDMG adopted a countercyclical role to support the
financial needs of small and micro companies against the negative
effects of the coronavirus, which resulted in its loan book
increasing by 27%. This rapid growth has helped contain problem
loans at very low levels, in part reflecting government guarantees
for more than 30% of the new loans, and the high volume of loan
renegotiations and deferrals. However, asset quality deterioration
is likely, as stand-still periods end and government support
measures expire, but strong loan loss reserves at more than 4x
problem loans mitigate asset risk. BDMG had reserves equivalent to
more than 100% of its problematic loans related to renegotiations
and deferrals.

BDMG's loan portfolio has traditionally been geographically
concentrated owing to its footprint in Minas Gerais state. Overall
loan growth in smaller companies and tightening of lending limits
provide a more granular loan portfolio by borrower, albeit still
concentrated, with its top 20 borrowers equivalent to 26% of total
loans while large companies represent 44% of loans. This could
expose the bank to asset quality and earnings volatility. In
addition, loan deferrals triggered by the effects of the
coronavirus outbreak accounted for 16% of BDMG's loan book, in line
with loans renegotiations in prior years.

As a development bank, BDMG's, profitability tends to be modest and
lower than the Brazilian banking system's as a whole. Potential
higher delinquencies that could require additional provisions for
credit losses could pressure future earnings in a low interest rate
environment.

BDMG counts on a robust capitalization, with Moody's tangible
common equity relative to adjusted risk weighted assets of 22.4% as
of September 2020, in part reflecting the low capital weighting of
its loans to municipalities. If these were accounted as 100%
risk-weighting, BDMG's adjusted TCE to RWA would still be at
comfortable 15%. Strong capital buffers provide a shield against
increasing pressure on asset risk and profitability. Also, the
State of Minas Gerais has historically supported the bank with
capital injections, including BRL 100 million in H1 2020, despite
limited dividends distributions.

Moody's acknowledges BDMG's efforts in diversifying its funding
dependence away from government resources provided by Banco
Nacional de Desenvolvimento Economico e Social (BNDES Ba2 stable,
ba2) by accessing long-term funds from multilateral agencies as
well as other instruments, including DPGEs and deposit
like-instruments, mainly rural notes. This diversification
strategy, however, may imply higher funding costs. With liquid
assets representing 15% of tangible banking assets in September
2020, the bank has maintained an adequate liquidity cushion,
further supported by satisfactory asset-liability management.

Moody's continues to assess as high the willingness of the state
government of Minas Gerais to provide financial support to BDMG if
necessary. This, however can be limited by the state's fiscal
constraints. The outlook is stable, in line with the outlooks on
its government-shareholders and the government of Brazil. The
stable outlook also incorporates Moody's expectation that BDMG's
financial profile will remain consistent with a b2 BCA over the
next 12-18 months, despite the still weak economic environment.

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

The bank's ratings could face upward pressure if the ratings of the
State of Minas Gerais were upgraded. An upgrade of the bank's
ratings and assessments could also be considered if its asset
quality is preserved and if profitability improves after government
support programs expire, and as loan volumes increase. Successful
diversification of funding through stable and low costs resources
could also put upward pressure on BDMG's ratings.

Conversely, a downgrade of the ratings of the State of Minas Gerais
could pressure BDMG's ratings downward, as well as rapid loan
growth that leads to an increase in loan losses and a need for
additional reserves, which could negatively affect profitability
and its capital.

METHODOLOGY USED

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

Headquartered in Belo Horizonte, BDMG is a development bank owned
by the State of Minas Gerais with assets of BRL 7.6 billion and
equity of BRL 2 billion in September 2020.

LIST OF RATINGS AND ASSESSMENTS

The following ratings and assessments of Banco de Desenvolvimento
de Minas Gerais S.A. were affirmed:

Long-term local-currency issuer rating at B2, Stable

Short-term local-currency issuer rating at Not-Prime

Long-term Brazilian national scale issuer rating of Ba1.br

Short-term Brazilian national scale issuer rating of BR-4

Long-term local-currency counterparty risk rating at B1

Long-term foreign-currency counterparty risk rating at B1

Long-term Brazilian national scale counterparty risk rating of
Baa2.br

Short-term local-currency counterparty risk rating at Not Prime

Short-term foreign-currency counterparty risk rating at Not Prime

Short-term Brazilian national scale counterparty risk rating of
BR-3

Long-term counterparty risk (CR) assessment at B1(cr)

Short-term counterparty risk (CR) assessment at Not-Prime(cr)

Adjusted baseline credit assessment at b2

Baseline credit assessment of b2

Outlook, Remains Stable

GOL LINHAS: Urges CADE to Impose Sanctions on Azul and LATAM
------------------------------------------------------------
Rio Times Online reports that after the fight that opposed Azul to
LATAM and Gol Linhas Inteligentes S.A. in 2019, over distribution
of bankrupt Avianca Brasil's assets, there's a new dispute in the
airline sector.

According to the report, Gol requested the Administrative Council
for Economic Defense (CADE) to analyze and impose sanctions on its
two competitors, Azul & LATAM.

As reported in the Troubled Company Reporter-Latin America on Oct.
14, 2020, Fitch Ratings has upgraded GOL Linhas Aereas Inteligentes
S.A.'s (GOL) Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDRs) to 'CCC+' from 'CCC-' and upgraded its Long-Term
National Scale rating to 'B-(bra) from 'CCC(bra)'. The Outlook on
the National Long-Term Rating is Stable. Fitch has also upgraded
GOL Finance's unsecured bonds to 'CCC+/RR4' from 'CCC-'/'RR4'.

ISEC SECURITIZADORA: Moody's Puts Ba2 Definitive Rating on 2 Certs
------------------------------------------------------------------
Moody's America Latina has assigned definitive ratings of Ba2
(Global Scale, Local Currency) and Aa1.br (Brazilian National
Scale) to both the 155th and 156th series of real estate
certificates issued by ISEC Securitizadora S.A. (not rated). The
certificates are be backed by two series of senior unsecured
debentures rated Ba1 (global Scale, local Currency) and Aaa.br
(Brazilian national scale) issued by B3 S.A. -- Brasil, Bolsa,
Balcao (B3, Ba1 long term rating, global scale, stable outlook).

Issuer / Securitization company: ISEC Securitizadora S.A.

155th series of the 4th issuance -- Ba2 (global scale, local
currency)/Aa1.br (Brazilian national scale)

156th series of the 4th issuance -- Ba2 (global scale, local
currency)/Aa1.br (Brazilian national scale)

RATINGS RATIONALE

The Ba2 (global scale, local currency) and Aa1.br (Brazilian
national scale) ratings assigned to both series of CRIs are
primarily based on the willingness and ability of B3 (as obligor)
to honor the payments defined in the transaction documents, which
is reflected by the Ba1 (global Scale, local currency) and Aaa.br
(Brazilian national scale) ratings of the underlying senior
unsecured debentures backing the CRIs issuances. Any change in the
ratings of the debentures will lead to a change in the ratings of
the CRIs. Further, there are additional residual risks of labor,
tax and pension liabilities because the securitization company has
employees and operations under the same legal entity, so such risks
are not segregated in the same manner as it is for other
transactions we rate which are issued through a securitization
company.

Each CRI series to be issued by ISEC are backed by a series of
debentures issued by B3. The underlying senior unsecured debentures
are rated Ba1 and Aaa.br. B3 will be responsible for covering all
transaction expenses. The proceeds of the issuance will be directed
to cover for expenses related to the renovation of three of B3
corporates offices in the city of São Paulo.

The 155th series of CRI are floating rate notes and will accrue, on
a daily basis, a floating interest rate equivalent to DI rate
(cumulative daily average accrual of interbank deposits) plus a
spread of 130 bps. Interest will be paid on a monthly basis,
followed by a balloon payment of principal at the legal final
maturity in December 16, 2030.

The 156th series of CRI feature an annual fixed interest rate of
3.90% and a principal balance that will be adjusted by the IPCA
(Extended National Consumer Price Index) inflation index; interest
will be paid on a monthly basis, followed by scheduled payments of
principal according to the transaction documents until the legal
final maturity in December 16, 2030.

The total issuance amount across the two series is BRL 205
million.

The definitive ratings on the CRIs are based on a number of
factors, among them the following:

The willingness and ability of B3 (as obligor) to make payments on
each series of the underlying debentures rated Ba1 and Aaa.br.

Pass through structure: the payment schedule of each series of CRI
replicates the scheduled cash flow of the underlying debentures,
with a one-day lag, which allows for adequate timing to make
payments on the CRI. The CRI will make payments that mirror the
payments to be made by the underlying debentures. The floating rate
of DI to be paid under the 155st series will be determined using
the same DI period under the underlying debenture. The principal
balance of the 156nd series will be adjusted by the same IPCA index
used to adjust the underlying debentures. Also, the coupon will be
calculated considering the same interest rate and accrual period.
In addition, to mitigate the risk of the additional one day of
interest for the first interest payment on the CRI, the debentures
will initially feature one extra day of interest accrual to address
any potential interest rate mismatch.

The events of default on the CRIs mirror those of the underlying
debentures. Therefore, mitigating the risk of having an EOD on the
certificates while the underlying assets are current.

B3 pays the CRIs expenses: B3 will be ultimately responsible,
under the transaction documents, for all CRI expenses.

No commingling risk: B3 will make the payments due on the two
series of debentures directly to the respective accounts of each
series of CRI held at Banco Bradesco S.A. (Ba2 long-term bank
deposit rating, global scale, local currency; and Aa1.br, Brazilian
national scale).

Segregated assets: The CRIs benefit from a fiduciary regime
whereby the assets backing each series of CRI are segregated. These
segregated assets are destined exclusively for payments on the CRI
as well as certain fees and expenses, and will be segregated from
all of the other assets on the issuer's balance sheet. However, the
transaction is subject to residual legal risk because ISEC real
estate credits can be affected by the securitization company's tax,
labor and pension creditors. In this deal, the risk is regarded to
be higher since the securitization company has employees and
operations under the same legal entity and, therefore, that risk is
not segregated. Further, such residual risk aforementioned has
never been tested on courts.

B3 is headquartered in Sao Paulo, Brazil, and (B3) operates as an
integrated exchange, depository and clearing house of cash
equities, derivatives, foreign-exchange spot and fixed-income
securities. These business lines expanded following the conclusion
of the merger of the former BM&FBOVESPA with Cetip in 2017, adding
activities such as the registration of over-the-counter
derivatives, fixed-income securities and car liens. In 2019, B3
reported a pre-tax income of BRL3,339.0 million (about U$847.8
million). Equities and equities instruments division is the largest
line of business of the company, responsible for 49.6% of gross
revenues, as of March 2020.

B3's ratings primarily are supported by its vertical integration
and dominant position in its target markets as well as its diverse
operations and strong operating leverage. The ratings are also
underpinned by the company's increasing earnings, high pretax
margins and cash flow generation.

On the other hand, the ratings are primarily constrained by the
Government of Brazil's Ba2 rating (stable). B3 has a strong credit
linkage to Brazilian sovereign risk through its collateral holdings
of government securities and the geographical concentration of its
operations.

ISEC, headquartered in Sao Paulo, is a securitization company
established in March 5, 2007. ISEC had its first issuance in
January of 2013 and up until now, the company has structured and
issued, approximately, a BRL10.7 billion amount, totalizing 155
deals. ISEC is audited by BLB Auditores Independentes.

Factors that would lead to an upgrade or downgrade of the ratings:

Any changes in the senior unsecured ratings of the underlying
debentures and the securitization company legal or operational
structure will lead to a change in the ratings on the CRI.

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

REDE D’OR: Fitch Affirms 'BB' Long-Term Foreign Currency IDR
--------------------------------------------------------------
Fitch Ratings has affirmed Rede D'Or Sao Luiz S.A.'s Long-Term
Foreign Currency Issuer Default Rating (LT FC IDR) at 'BB',
Long-Term Local Currency IDR (LT LC IDR) at 'BBB-' and National LT
Rating at 'AAA(bra)'. The Rating Outlook for the LT LC IDR has been
revised to Stable from Negative. The Rating Outlook for the LT FC
IDR is Negative, while the Rating Outlook for the National LT
Rating is Stable.

Rede D'Or's ratings reflect the defensive nature of its business, a
solid competitive position in the fragmented hospital industry in
Brazil, prominent business scale, adequate capital structure,
liquidity position and track record of robust FCF before growth.
The increasing imbalance between the supply of hospitals and the
demand for hospital services in Brazil, Rede D'Or's solid portfolio
of counterparties, strong bargaining power and ability to pass
along rising costs are also embedded into the ratings.

Rede D'Or's LT FC IDR is constrained by Brazil's Country Ceiling of
'BB', since its operations are domiciled in Brazil, with no cash
and committed credit facilities abroad to help mitigate transfer
and convertibility risk. The investment-grade LT LC IDR reflects
the resilience of its business to economic downturns, and the
positive prospects over the longer term.

The revision of the LT LC IDR's Outlook to Stable reflects the
company's stronger capital structure following a capital injection,
which associated with its strong business profile and track record
of strong financial flexibility are well commensurate with the
'BBB-' rating. The Negative Outlook for the LT FC IDR is due to
Brazil's Sovereign Rating of 'BB-' with a Negative Outlook.

The recent IPO of BRL8.4 billion improved Rede D'Or's capital
structure and is essential to support the company's ongoing
aggressive growth strategy. On a pro forma basis, including BRL8.2
billion of net inflow, Fitch's LTM adjusted EBITDA/net debt is
1.7x, which is a strong improvement from 5.0x for the LTM ended
Sept. 30 2020, and from 3.0x in 2019. With the stronger capital
structure, the company is well positioned to compete in a
consolidating market with others well-capitalized competitors in
Brazil's private hospital industry, as demand for inorganic growth
opportunities continues.

Rede D'Or's ability to manage its pace of growth, while maintaining
a conservative capital structure, is a key rating driver. The
company is expected to continue to manage its strong business
growth with organic growth, via acquisitions and dividends
distributions in a manner that will lead to a net leverage ratio
below 2.5x over the medium to long term. Rede D'Or is expected to
maintain a strong liquidity position and its proactive liability
management strategy seeks to mitigate refinancing risks.

KEY RATING DRIVERS

Leading Business Position: Rede D'Or is the largest private
hospital network in Brazil's fragmented and underserved hospital
industry. The company owns 51 hospitals (8,700 operating beds) and
has one administered hospital as of Sept. 30, 2020.

Rede D'Or has solid business positions and a large scale of
operations in its key markets: Rio de Janeiro, Sao Paulo, Brasilia,
Pernambuco, Bahia, Maranhao and Sergipe. Business scale is a key
competitive advantage in the industry and Rede D'Or's large scale
supports its business position as it allows for lower fixed-costs
and provides significant bargaining power with counterparties and
the medical community. This scale, in addition to a strong brand,
acts as strong barriers to entry over the medium term.

Industry Consolidation: The recent consolidation and the increasing
level of vertical integration among competitors in Brazil's
hospital and clinical diagnosis industry could add to competition
over the medium to long term. Business scale, strong brand and
medical recognition are essential competitive advantages that helps
to mitigate the increasing pressure from healthcare plan providers
in terms of contracts pricing. Fitch believes Rede D'OR is well
positioned to face the ongoing developments in industry dynamics
but it could bring more volatility to operating margins or cash
flow over the medium to long term.

Strong Growth Strategy: Rede D'Or is expected to continue to pursue
both organic and inorganic growth opportunities with a target to
add in excess of 5,000 beds by 2025. This growth is expected to be
mostly financed with the recent equity inflow. The company has an
aggressive track record of acquisitions. Rede D'Or acquired 39
hospitals, adding 4,900 operating beds, from 2010 to September
2020.

The company also seeks to diversify its service portfolio by
expanding its ambulatory, oncology, and advisor/consultor
activities and seeks opportunities to increase verticalization,
i.e. the diagnostics market segment. Since 2016, Rede D'Or has
invested BRL5.4 billion in capex, BRL2.9 billion in acquisitions
and has distributed BRL2.4 billion in dividends.

Strong Margins: The issuer has been efficient in increasing
profitability through economies of scale and in achieving synergies
from acquisitions. The company has a strong track record of turning
around acquired assets. Rede D'Or's net revenue grew 68% between
2016 and LTM ended Sept. 30, 2020, achieving BRL13.3 billion of
revenues, while operating beds expanded by 54% to 7,100.

During this period, the occupancy rate ranged from 78% to 80%,
while EBITDA margin improved to an average of 26% from 23%. Rede
D'Or's operating margin is among the highest of hospital peers
globally. In the next three years, Fitch forecasts EBITDAR margins
in the 28%-30% range.

Profitability Pressured by Pandemic: Rede D'or operations have been
temporarily affected by the coronavirus pandemic due to the
postponement of elective surgeries and lower hospital visits
related to the period of more intense social-distancing
requirements.

The company's profitability during 2Q20 showed a significant
decline due to its lower revenue base. Yet, during 3Q20 EBITDA
margins returned to historical levels of around 26%. Fitch's base
case incorporates Rede D'Or profitability could be somewhat
pressured again during the next three months while the new vaccine
is not rolled out in Brazil.

Improved Capital Structure: Fitch projects Rede D'Or net leverage,
on a pro forma basis considering acquisitions and nonrecurring
items, to reach 1.7x at YE 2020 and to range from 1.5x-1.7x in
2021-2022, considering ongoing capex and/or acquisition
disbursements of up to BRL4 billion per year. During 2018-2019, the
average net leverage was 2.9x. Current ratings headroom
incorporates that in the long term, Rede D'Or net leverage could
move up to 2.5x.

Legal Contingencies: Rede D'Or is exposed to tax litigation that
could possibly result in loss as no provisions have been recorded.
The most significant, in the amount of BRL1.1 billion, refers to
allegations by the Brazilian Internal Revenue Service that certain
doctors that render services in Rede D'Or's hospitals through legal
entities should be considered company employees, which would
require some additional tax payments. Negative outcomes from this
litigation could change the company's business model and affect its
cost dynamics, but this not incorporated into Fitch's base case
scenario at this time.

DERIVATION SUMMARY

Rede D'Or's ratings reflect the low business risk of Brazil's
private hospital industry and its positive business fundamentals,
adequate capital structure and strong financial flexibility. In
comparison to Auna S.A.A.'s (BB-/Stable), Rede D'Or shows stronger
business scale and capital structure. Yet, both have strong
relationships with payers, providers and insurance companies, due
to strong brands and reputations.

Rede D'Or compares well in terms of business scale and operating
margins with the Brazilian non-for-profit hospital Sociedade
Beneficente Israelita Brasileira Hospital Albert Einstein
(Einstein; AAA(bra). In terms of capital structure, Einstein has a
track record of lower leverage. The hospital's well distinguished
brand and reputation in the industry are also important competitive
advantages, which translate to strong relationships with payers.

Compared to Diagnostico da America S.A (DASA; AAA(bra)/RWN),
another important competitor in the healthcare industry in Brazil,
Rede D'Or has lower business risk due to the much lower competitive
pressures. In terms of business scale, both have sound bargaining
power with the healthcare providers and insurance companies in
Brazil and a strong brand in the industry. Rede D'Or's strong
business presence where it operates is a key competitive advantage
when discussing payments and pricing with counterparties.

Rede D'Or faces higher technological risks but Fitch considers it
to be manageable at this time. Both companies have aggressive
growth strategies. From a financial risk perspective, currently
Rede D'Or has lower leverage and greater financial flexibility
following the IPO.

On a global basis, the dynamics of the Brazilian hospital industry
and regulation are not directly comparable to other countries. On a
financial basis, Rede D'Or's operating margins and financial
metrics are quite sound compared with other rated hospitals within
Fitch's global universe.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:

-- Revenue growth to average 25% up to 2021/2022 reflecting
    ongoing acquisitions and greenfield/brownfields projects.

-- EBITDA margins of around 28%.

-- Working capital needs to remain on historical levels.

-- Capex of BRL1 billion in 2020 and an average of BRL1.5 billion
    annually by 2022.

-- BRL2.5 billion in acquisitions disbursements per year up to
    2022.

-- A 25% minimum dividend payout.

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
positive rating action:

-- Positive rating action for the LT FC IDR is limited by
    Brazil's Country ceiling of 'BB'.

-- Rede D'Or's LT LC IDR of 'BBB-' upward rating potential is
    limited by its ongoing aggressive growth strategy, through
    both organic and M&A movements, and its lack of geographic
    diversification, which leads to large exposure to the local
    economy in Brazil.

Developments that may, individually or collectively, lead to
negative rating action:

-- A change in management's strategy with regard to its
    conservative capital structure could also lead to a downgrade,
    as could a deterioration in the company's reputation and
    market position.

-- EBITDA margins declining to below 24%.

-- Net leverage consistently above 2.5x.

-- Deterioration of a sound liquidity position leading to
    refinancing risk exposure.

-- Major legal contingencies issues that represent a disruption
    in the company's operations or a significant impact to its
    credit profile.

-- In case of the LT FC IDR and unsecured notes, both 'BB', a
    downgrade would be triggered by a change in Brazil's Country
    Ceiling or if the Rede D'or's LT LC IDR were downgraded below
    'BB'.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Rede D'Or has a track record of keeping strong cash balances, with
an average coverage of cash/short-term debt of 4.8x during the last
four years, and a cash/short-term debt of 12.8x as of Sept. 30,
2020. The company's financial flexibility is solid and the company
has shown good access to the local and cross border capital
markets.

The company had BRL21.4 billion of debt, as of Sept. 30, 2020, of
which BRL663 million is due in the short term. Rede D'Or's cash on
hand of BRL8.5 billion is sufficient to support debt amortization
up to mid-2024. Fitch expects Rede D'Or will maintain a strong
liquidity position and will maintain its proactive approach in
liability management to avoid exposure to refinancing risks.

Around 33% of Rede D'Or debt, as of Sept. 30, 2020, was linked to
the U.S. dollar, including USD1.7 billion senior unsecured notes
due 2028/2030. The company utilizes hedging instruments to moderate
currency mismatch risks, since revenues are nearly 100% originated
in Brazil. Rede D'Or does not have committed credit facilities.

ESG CONSIDERATIONS

Rede D'Or has an Environmental, Social and Corporate Governance
(ESG) Score of '4' for Labor Relations & Practices due to labor/tax
litigation. The company registers their employees (mostly
physicians) as service providers, not as Rede D'Or employees. This
has a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG Credit Relevance is a Score of '3'. 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.



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

ALPHA HOLDING: Fitch Rates USD300MM Sr. Unsec. Notes Issuance 'B'
-----------------------------------------------------------------
Fitch Ratings has assigned Alpha Holding, S.A. de C.V. and
Subsidiaries' (Alpha Holding) issuance of up to USD300 million Reg
S/144A senior unsecured notes due 2022 a Long-Term Rating of 'B'
and Recovery Rating of 'RR4'.

KEY RATING DRIVERS

The notes are rated at the same level of Alpha Holding Issuer
Default Rating (IDR), reflecting that the likelihood of default of
the notes is the same as the issuer. The Recovery Rating of 'RR4'
assigned to the notes indicates 'Average' recovery prospects of
current principal and related interest upon default.

RATING SENSITIVITIES

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

-- Although the company's debt rating does not have an explicit
    Rating Outlook, it would mirror any potential movements on
    Alpha Holding's IDRs. The notes' rating will be downgraded if
    the issuer IDR is downgraded.

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

-- Upside potential is limited in the next 12 to 24 months due to
    the current Negative Outlook on the Issuer IDR. The notes'
    rating will be upgraded if the issuer IDR is upgraded.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

SUMMARY OF FINANCIAL ADJUSTMENTS

Pre-paid expenses and other deferred assets were reclassified as
intangibles and deducted from equity to reflect their low loss
absorption capacity. Fixed assets under operating leasing contracts
were classified as the operating lease portfolio.

ESG CONSIDERATIONS

Alpha Holding has an Environmental, Social and Corporate Governance
(ESG) Relevance Score of '4' for Financial Transparency Issues
driven by its third-party disclosure, which has yet to be better
aligned to international best practices for public debt issuers,
which has a negative impact on the credit profile, and is relevant
to the company's IDRs in conjunction with other factors.

Alpha Holding has an ESG Relevance Score of '4' for Customer
Welfare - Fair Messaging, Privacy & Data Security due to its
exposure to reputational and operational risks as its main business
targets government employees and dependencies at relatively high
rates, which has a negative impact on the credit profile and is
relevant to the company's IDRs in conjunction with other factors.

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

ALPHA HOLDING: Moody's Lowers CFR to B3 on Weak Profitability
-------------------------------------------------------------
Moody's Investors Service has downgraded Alpha Holding, S.A. de
C.V.'s long-term global local and foreign currency issuer ratings,
its Corporate Family Rating and long-term foreign currency senior
unsecured debt ratings to B3, from B2.

At the same time, Moody's affirmed AlphaCredit's short-term global
local and foreign currency issuer ratings at Not Prime. The issuer
level outlook remained negative.

The following AlphaCredit ratings were downgraded:

Corporate Family Rating to B3, from B2

Long-term global local currency issuer rating to B3, from B2

Long-term global foreign currency issuer rating to B3, from B2

Long-term global foreign currency senior unsecured debt ratings to
B3, from B2

The following AlphaCredit ratings were affirmed:

Short-term global local currency issuer rating of Not Prime

Short-term global foreign currency issuer rating of Not Prime

Outlook, remains negative

RATINGS RATIONALE

The downgrade of AlphaCredit's ratings to B3, from B2, reflects
Moody's assessment of the substantial decline in capitalization and
weak profitability prospects that will be limited by a slow
economic recovery in Mexico. In addition, the rating action
captures the operational challenges AlphaCredit has faced in its
main business of payroll-linked loans in Mexico that have resulted
in higher-than-expected loan delinquencies and write-offs.

The negative outlook on AlphaCredit's B3 ratings reflects the
challenges to asset risks associated with the company's planned
out-of-footprint expansion, which may further strain capitalization
and profitability. AlphaCredit's expansion will focus on relatively
less risky markets such as pension- and payroll-linked lending in
Colombia, where the product enjoys a well-established operational
framework. However, competition by incumbents in this segment is
high and AlphaCredit will face execution risks as it will likely
focus on borrower segments with a weaker credit quality, in Moody's
view.

Problem loans fell significantly to 4.4% during the first nine
months of 2020, mainly as a result of substantial write-off in Q2
2020 of loans that were 180-day plus past due representing about
13% of gross loans. In addition, in Q3 2020, AlphaCredit
provisioned 95% of its loans in the State of Chiapas (Ba2 stable)
following the state governor's decree[1] to cancel and prohibit the
practice of providing loans with a payroll-deduction collection
mechanism. AlphaCredit has legally challenged the measure and
anticipates a favorable outcome, which may take up to 12 months to
be decided. An unfavorable court decision would have significant
negative implications for the payroll-deducted loans in Mexico
broadly. Loans in the state of Chiapas represented around 4% of
AlphaCredit's gross loans as of Q3 2020; its provisioning resulted
in a net loss in the quarter of MXN343 million.

Several extraordinary losses, including the loan write-off and the
recent provisioning, caused AlphaCredit's tangible common equity to
tangible managed assets to fall below 4% in Q3 2020, from an
estimated 10% in April, when the company received a $100 million
capital injection led by SoftBank Group Corp.'s (Ba3 negative)
Latin America Fund. The company's ability to replenish capital with
internal earnings generation, however, is limited, as indicated by
a return on average assets that is low even when excluding
non-recurring losses, averaging just 0.8% between 2017 and Q3 2020.
Because of the slow recovery of the Mexican economy, it will likely
take much longer for AlphaCredit to achieve profitability targets
that would allow it to grow capital organically and generate cash
over the next 12 to 18 months.

AlphaCredit's current levels of secured debt represent just 9% of
the company's gross tangible assets, or 19% of gross loans. This
low level of asset encumbrance could allow it to raise secured debt
if needed, mitigating the refinancing risks that could arise upon
maturity of its international senior issuance in December 2022. The
notional amount of the issuance represents about 2.4x the company's
current cash balances.

Moody's believes AlphaCredit's exposure to environmental risks is
low, consistent with its general assessment for the global banking
sector and finance companies. As well, governance risks are largely
internal rather than externally driven. AlphaCredit's governance
concerns stem from inadequate risk management and reporting that
resulted in the need for restating financial statements, and its
optimistic assumptions for growth and recovery of past due loans
before it wrote them off in June 2020. AlphaCredit's exposure to
social risks is moderate, consistent with Moody's general
assessment for the global banking sector and finance companies.

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

The negative outlook on the ratings indicates an upgrade is
unlikely. However, the outlook could be changed to stable if the
company manages to grow its loan book while maintaining delinquency
ratios at current levels. Sustained earnings and cash flow
generation that leads to continued replenishment of capital would
also be consistent with a stable outlook.

Conversely, the ratings could be downgraded if asset quality
continues to deteriorate, with a resulting negative effect on the
company's profitability and capitalization. Any evidence of the
company's inability to refinance its $300 million debt issuance
that matures in December 2022 could also lead to a downgrade. In
addition, a material increase in secured debt could lead to lower
senior unsecured debt and issuer ratings to incorporate structural
subordination against the holders of secured debt.

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.

GRUPO AEROMEXICO: Concludes Negotiations with 2 Labor Unions
------------------------------------------------------------
Daina Beth Solomo at Reuters reports that Grupo Aeromexico has
wound up discussions with two labor unions but remains in talks
with two more, it said in an update on negotiations that are a
requirement for the airline to receive a second tranche of
bankruptcy financing.

Aeromexico filed for Chapter 11 bankruptcy protection in a U.S.
court in June, after the coronavirus pandemic slammed the global
travel industry, according to Reuters.

The carrier was approved for up to $1 billion in
debtor-in-possession (DIP) financing, and received an initial $100
million payment in September, the report notes.

Aeromexico said it had wrapped up negotiations with the STIA and
Independencia unions, which represent airline industry workers,
while it remains in talks with the ASSA and ASPA unions, which
represent flight crews and pilots respectively, the report relays.

It did not detail terms of the completed agreements.  The airline
is required to reach agreements with all four unions to access a
second tranche of DIP funding, the report notes.

"The favorable outcome of the negotiations with the Independencia
and STIA unions, as well as the progress with the flight attendants
union ASSA, represents an extremely important milestone to have
access to the next stages of DIP financing under our restructuring
process," Aeromexico Chief Executive Andres Conesa said in a
statement obtained by the news agency.

The company in November requested permission from the U.S.
bankruptcy court to dismiss 1,830 employees, including 855
unionized workers, the report adds.

                      About Grupo Aeromexico

Grupo Aeromexico, S.A.B. de C.V. -- https://www.aeromexico.com/ --
is a holding company whose subsidiaries are engaged in commercial
aviation in Mexico and the promotion of passenger loyalty
programs.

Aeromexico, Mexico's global airline, has its main hub at Terminal 2
at the Mexico City International Airport. Its destinations network
features the United States, Canada, Central America, South America,
Asia and Europe.

Grupo Aeromexico and three of its subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30,
2020. In the petitions signed by CFO Ricardo Javier Sanchez Baker,
the Debtors reported consolidated assets and liabilities of $1
billion to $10 billion.

The Debtors tapped Davis Polk and Wardell LLP as their bankruptcy
counsel, White & Case LLP and Cervantes Sainz S.C. as special
counsel, and Rothschild & Co US Inc. and Rothschild & Co
Mexico S.A. de C.V. as financial advisor and investment banker.
Epiq Corporate Restructuring, LLC is the Debtors' administrative
agent.  

The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors on July 13, 2020.  The committee is represented
by Morrison & Foerster LLP.



=======
P E R U
=======

PERU LNG: S&P Withdraws 'B-' Long-Term Issuer Credit Rating
-----------------------------------------------------------
S&P Global Ratings withdrew its 'B-' long-term issuer credit rating
on Peru LNG S.R.L. at its request. At the time of the withdrawal,
the rating had a negative outlook, reflecting the downside risks
and the likelihood of a downgrade in the next 12 months due to the
likely very high leverage, as seen in net debt to EBITDA above 8x.

  Ratings List
  Not Rated Action
                             To             From
  Peru LNG S.R.L.
   Senior Unsecured          NR               B-

  Not Rated Action; CreditWatch/Outlook Action
                             To             From
  Peru LNG S.R.L.
   Issuer Credit Rating     NR/--       B-/Negative/--



                           *********


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
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USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
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Chapman, Editors.

Copyright 2021.  All rights reserved.  ISSN 1529-2746.

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