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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, January 5, 2021, Vol. 22, No. -2

                           Headlines



A R G E N T I N A

ARGENTINA: Suspends Export of Corn Until Feb. 28 to Ensure Supply
PAMPA ENERGIA: Moody's Affirms Caa3 CFR, Outlook Stable


B R A Z I L

BRAZIL: Still One of the Global Epicenters of Pandemic


C U B A

CUBA: To Limit Entry From 6 Countries


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Authorities Halt UK Flights Until Jan. 10
DOMINICAN REPUBLIC: Businesses to Remain Closed Until Jan. 10


J A M A I C A

JAMAICA: Economy Declines More Than 10% in Third Quarter 2020


M E X I C O

NAYARIT STATE: Moody's Cuts Issuer Ratings to Caa1, Outlook Stable


P U E R T O   R I C O

EDGAR COLON: BPPR Ordered to Submit Revised Timesheet Entries
METRO PUERTO RICO: Plan Filing Deadline Moved to Mid-February

                           - - - - -


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

ARGENTINA: Suspends Export of Corn Until Feb. 28 to Ensure Supply
-----------------------------------------------------------------
Rio Times Online reports that Argentina will suspend sales of corn
for export until February 28, the agriculture ministry said
December 30, announcing the surprise move as part of the
government's effort to ensure ample domestic food supplies.

The move by the world's No. 3 corn supplier was a sign of
tightening global food supplies during the COVID-19 pandemic,
according to Rio Times Online.

"This decision is based on the need to ensure the supply of grain
for the sectors that use it as a raw material for the production of
animal protein such as pork, chicken, eggs, milk and cattle, the
report notes.

                        About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank.

Historically, however, its economic performance has been very
uneven, with high economic growth alternating with severe
recessions, income maldistribution and in the recent decades,
increasing poverty.

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020.

Fitch's credit rating for Argentina was last reported at CCC with
n/a outlook, a rating upgrade from CC on Sept. 11, 2020.  DBRS'
credit rating for Argentina is CCC with n/a outlook, a rating
upgrade on Sept. 11, 2020.  Moody's credit rating for Argentina was
last set at Ca, a rating downgrade from Caa2 on April 4, 2020, with
a negative outlook.

As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors.  The first
restructuring involved $65 billion in foreign-law bonds.  The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds.  DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.

DBRS further relayed that Argentina is also seeking a new agreement
with the International Monetary Fund (IMF) to replace the canceled
2018 Stand-by Agreement.  Obligations to the IMF amount to $44
billion, with major repayments coming due in 2022 and 2023.

PAMPA ENERGIA: Moody's Affirms Caa3 CFR, Outlook Stable
-------------------------------------------------------
Moody's Investors Service changed Empresa Distribuidora y
Comercializadora Norte S.A. (Edenor)'s rating outlook to negative
from stable and affirmed its Caa3 corporate family and senior
unsecured ratings. At the same time Moody's also affirmed Pampa
Energia S.A. Caa3 corporate family and senior unsecured ratings,
with a stable outlook.

RATINGS RATIONALE

The action follows Pampa's announcement of the sale of its
controlling interest in Edenor to Empresa de Energia del Cono Sur
S.A. (unrated).

The transaction cash price was set at $ 95 million and Pampa will
receive $5 million cash seven days after the announcement of the
transaction; $50 million at the closing date and $ 40 million at
the first anniversary of the closing plus a payment in kind of
21,876,856 Class B shares, representing 2.41% of the capital stock
and voting rights of Edenor. The transaction is subject to
regulatory approval and Pampa's shareholders approval.

Pending Pampa's shareholders meeting and regulatory approvals, the
transaction will trigger a change of control offer to Edenor's
bondholders that will require the repurchase of the total
outstanding of the notes ($ 98 million). While Edenor's cash
position (ARS 9 billion as of September or the equivalent to USD
105 million) could allow for the cash payment of the notes, the
current Central Bank restrictions on access to foreign currency
could complicate or inhibit timely execution of the change of
control repurchase. This risk along with the uncertainties on how
the CoC offer will be handled by the new owners are reflected in
the revision of Edenor's rating outlook to negative.

The negative outlook for Edenor also incorporates the potential for
a protracted period of weak cash flow generation resulting from the
regulator's extension until at least March 2021 of the tariff
freeze and the government's recent announcement to initiate a
tariff review process during next year that could result in an
extended period of frozen tariffs.

Pampa's ratings affirmation and stable outlook takes into
consideration that while Pampa's size, footprint and revenues will
be significantly reduced after the sale of Edenor, it will continue
to benefit from the revenues and profits of its other businesses
that have proven to be more stable than those provided by Edenor.
While Edenor's revenues represent a significant portion of the
companies' consolidated sales, profits and cash flows provided by
EDENOR have been declining and are not expected to improve until an
electric distribution tariff regime that compensates for its
increased costs is in place. The recent increase in gas prices
granted under the last Plan Gas implemented by the government will
further enhance Pampa's cash flows and profits from other
businesses. In addition, Pampa's senior unsecured notes were issued
under Pampa's restricted group, that is, excluding Edenor and other
affiliates where Pampa does not have control and therefore Edenor's
sale will not change the sources of cash for debt repayment.

Pampa's Caa3 ratings and stable outlook continue to reflect the
strong credit linkages and the exposure the company has to
Argentina's regulations and operating environment. Pampa's stable
outlook also anticipates that the company will be able to sustain
its cash generation capacity and low leverage, with a ratio of CFO
(pre WC) to debt in the range of 15-20% and debt to EBITDA below
3.5 times.

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

Given Edenor's negative outlook, a rating upgrade is unlikely.

A ratings stabilization for Edenor would require that the company
is able to improve its free cash flow generation and timely meet
all obligations related to its existing debt, particularly
considering the events that will be triggered by the proposed
transaction.

Increased visibility on the company's tariff regime going forward
would be an important consideration for a ratings stabilization.

Considering the current constraining factors, a rating upgrade for
Pampa is unlikely in the short term. However, an upgrade of the
sovereign coupled with improved operating conditions in the power
and energy sectors could create positive rating pressure.

Further deterioration in the operating environment or a significant
negative shift in policies or regulations for the companies in the
power and energy sectors will likely result in negative pressures
on Pampa's ratings.

Empresa Distribuidora y Comercializadora Norte S.A (Edenor),
headquartered in Buenos Aires, Argentina, is the country's largest
electricity distribution company covering a major portion of Buenos
Aires and its northern suburbs, serving about 3.1 million clients
and supplying approximately 20% of the country's total electricity
consumption. Under the terms of Edenor's concession, it has the
monopoly to distribute electricity within its license area and
enjoys the strongest market position within the country in terms of
number of clients and electricity consumption.

Pampa Energia S.A. is an integrated energy company in Argentina,
engaged in the generation, distribution and transmission of
electric power, as well as in E&P, and petrochemicals and
hydrocarbon commercialization and transportation. Since 2018, when
Pampa started divesting its oil business, its focus was reoriented
to the expansion of its power generation, to the production of
natural gas, mainly development and exploitation of unconventional
gas reserves (mostly tight gas). For the 12 months that ended
September 2020, more than 70% of its EBITDA was generated by power
generation and gas production.

The principal methodology used in rating Empresa Distribuidora y
Com. Norte S.A. was Regulated Electric and Gas Utilities published
in June 2017.



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

BRAZIL: Still One of the Global Epicenters of Pandemic
------------------------------------------------------
EFE News reports that figures confirm that Brazil, with its 210
million residents, is one of the global epicenters of the pandemic,
specifically the country with the second highest number of deaths
following the United States and the one with the third highest
caseload, after the US and India.

According to EFE, on Dec. 30, Brazil has registered 1,194 deaths
from Covid-19, the highest one-day death toll from the coronavirus
since Sept. 1, when 1,215 people died.

The total number of Covid-19 deaths in the South American giant is
now approaching 194,000, according to figures released by the
Health Ministry, the report notes.

This is the third time in December that Brazil has registered more
than 1,000 daily deaths from the virus, after 1,111 deaths were
reported and 1,029 were reported on Dec. 17, a sign that the
disease is resurging in one of the countries hardest hit by the
worldwide pandemic, according to EFE News.

According to the bulletin released by the ministry, in Dec. 30,
health authorities registered 55,469 newly confirmed coronavirus
cases, although this tally is below the number registered (58,718),
the report relays.  Nevertheless, it is still one of the largest
daily caseload increases since Dec. 24, when 60,080 new cases were
added to the rolls, the report discloses.

According to official figures, since the first Covid-19 case was
detected in Brazil on Feb. 26, and the first death on March 12, the
country has suffered 193,875 deaths and 7,619,200 cases, the report
notes.

Amid the growth in infections and deaths, different laboratories
announced progress in their efforts to produce vaccines against
Covid in Brazil, the report notes.

Uniao Quimica, which has a license to produce Russia's Sputnik V
Covid-19 vaccine in Brazil, said that it will have the capability
to provide 8 million doses of the vaccine per month starting in
January, the report discloses.

This lab requested authorization to conduct mass testing of the
vaccine on patients in Brazil, a vaccine to which Russian
authorities assign a 91 percent effectiveness and which already is
being used in vaccination campaigns in Argentina, Russia and
Belarus, the report relays.

Meanwhile, the Oswaldo Cruz Foundation (Fiocruz), Latin America's
biggest medical research center which had a license to produce the
vaccine developed by AstraZeneca and Oxford University in Brazil,
also said that it is ready to begin local production and to provide
15 million doses each month, the report notes.

"We have the capacity to produce 15 million doses per month and in
January we'll begin receiving the supplies, but, given the need to
get the plants outfitted, we will be able to make an initial
delivery of one million doses during the first week of February,
the report relays.  In the third week of February, we'll already be
able to offer 3.5 million doses," said Fiocruz president Nisia
Trindade, the report notes.

The government of the state of Sao Paulo, Brazil's most populous
with 46 million residents as well as the region of the country
hardest hit by the pandemic, received another 1.6 million doses of
Coronavac and now has on hand 11 million doses of this vaccine,
developed by China's SinoVac lab, the report says.

The state government, which has signed an agreement to produce
Coronavac in Brazil, is scheduled to launch a vaccination campaign
on Jan. 25 to distribute the 18 million doses it expects to have
warehoused at that time, 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.



=======
C U B A
=======

CUBA: To Limit Entry From 6 Countries
-------------------------------------
Dominican Today reports that Cuba decided to limit the entry of
travelers from the United States, Mexico, Panama, the Dominican
Republic, the Bahamas and Haiti as of January 1, to stop the
current COVID-19 outbreak, the Public Health Ministry (Minsap)
reported.

The institution pointed out in an official statement that the
decision to "reduce the entry of travelers" from these countries
was taken "having into account (. . . ) the current national,
regional and international epidemiological situation," and that it
will apply even to Cuban citizens and residents, according to
Dominican Today.

The Public Health Ministry highlighted the increase in imported
cases of COVID-19 registered with the arrival of international
flights, which represented 71.5% of the total infections detected
in recent weeks, the report notes.

According to the entity, most of these cases are associated with
Cuban citizens who arrived from these countries, the report
relays.

More than two million Cubans reside outside the country, mainly in
the United States, where there are more than a million emigrants,
many of whom travel to the island to spend the end-of-the-year
holidays with their families, the report discloses.

"The Cuban Civil Aeronautics authorities will readjust the
necessary details with the airlines. As soon as the epidemiological
situation allows it, the frequency of flights will be gradually
restored," said Minsap, without specifying whether the reduction of
travelers will be in terms of quantity of passengers or flights,
the report relays.

Cuba established a mandatory requirement for all international
travelers, as of January 10, to have a negative COVID-19 test (PCR
test) taken 72 hours before departure, the report relays.

Cuba reported 217 cases of the new coronavirus, including 101
imported, "the highest number of infections since the beginning of
the epidemic" in March, as reported on that date by the official
newspaper Granma, the report notes.




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

DOMINICAN REPUBLIC: Authorities Halt UK Flights Until Jan. 10
-------------------------------------------------------------
Dominican Today reports that the Civil Aviation Board (JAC)
suspended, with immediate effect, flights between the Dominican
Republic and the United Kingdom until next January 10, 2021 as a
result of the new strain of COVID-19 that affects the European
country.

The decision will not affect aircraft in a state of emergency,
cargo and mail flights, technical stops and general and commercial
aviation overflights, although they must have prior authorization
from the Dominican aeronautical authorities, as indicated by
resolution 147-2020 issued by the JAC, according to Dominican
Today.

Only aircraft in a state of emergency and general and commercial
aviation overflights from the UK will be allowed without the need
for prior permission, 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).

DOMINICAN REPUBLIC: Businesses to Remain Closed Until Jan. 10
-------------------------------------------------------------
Dominican Today reports that businesses will remain closed during
the first ten days of January in the Dominican Republic.

The report says the Director of the National Police, Major General
Edward Sanchez Gonzalez, announced that the institution has already
identified, throughout the country, the indoor clubs and centers
where those who violate the new curfew will be retained, which went
into effect starting Jan. 1.

However, Sanchez Gonzalez affirmed that, because businesses will
remain closed until January 10, as established in the new decree,
arrests will be drastically reduced, according to Dominican Today.

He also assured that the police forces are ready to enforce the new
measures, including the curfew that begins at 5:00 in the afternoon
until 5:00 in the morning, from Monday to Friday, and from 12 noon
on Saturdays, January 2 and 9, as well as Sundays, January 3 and
10, the report notes.

On weekdays the curfew will start at 5:00 pm, with two hours of
free transit to reach homes no later than 7:00 pm, 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).



=============
J A M A I C A
=============

JAMAICA: Economy Declines More Than 10% in Third Quarter 2020
-------------------------------------------------------------
RJR News reports that the Jamaican economy declined by more than 10
per cent in the third quarter of 2020 when compared to the similar
quarter of 2019.

The 10.7 per cent decline reported by the Statistical Institute of
Jamaica (STATIN) is lower than the Planning Institute of Jamaica's
estimate last month of an eleven point three percent contraction,
according to RJR News.

STATIN said the downturn was due to declines in of 13.1 per cent in
the Services industry and 3.5 per cent in the Goods Producing
industry, the report relays.

According to STATIN, the economy was impacted by the continued
spread of the COVID-19 pandemic and the measures implemented to
limit its spread, the report notes.

It said all industries within the Services Industries declined,
except for the Producers of Government Services which grew by 0.1
per cent, the report discloses.

The negative impact of COVID-19 were felt more severely in the
Hotels and Restaurants, Transport, Storage and Communication and
Other Services industries, the report says.

There was an 81.8 per cent decline in stopover arrivals to the
island and there were no cruise passenger arrivals for the period
under review, the report notes.

The report relays that STATIN also noted that the economy saw an
8.3 per cent increase for the third quarter compared with the
second quarter this year.

It said this was due to increases in the Services and Goods
Producing industries, the report notes.

This performance reflected relaxation of some COVID-19 measures in
the second quarter of 2020, 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). Fitch's credit rating for Jamaica
was last reported at B+ with stable outlook (April 2020). Moody's
credit rating for Jamaica
was last set at B2 with stable outlook (December 2019).

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
===========

NAYARIT STATE: Moody's Cuts Issuer Ratings to Caa1, Outlook Stable
------------------------------------------------------------------
Moody's de Mexico S.A. de C.V. has concluded the review initiated
on October 21, 2020 and has downgraded the issuer ratings for the
State of Nayarit to Caa1 (Global Scale, local currency) and B2.mx
(Mexico National Scale) from B3/B1.mx, confirmed its baseline
credit assessment at caa1, and changed the outlook to stable. In
addition, Moody's downgraded Nayarit's senior secured debt ratings
to Ba1/A1.mx from Baa3/Aa3.mx.

The downgraded debt ratings to Ba1/A1.mx apply to the following
three enhanced loans of the State of Nayarit:

MXN 5 billion (original face value) enhanced loan from Banobras

MXN 500 million (original face value) enhanced loan from BBVA
Bancomer

MXN 247 million (original face value) enhanced loan from
Santander

RATINGS RATIONALE

RATIONALE FOR THE DOWNGRADE OF THE ISSUER RATINGS AND STABLE
OUTLOOK

The downgrade of the issuer ratings primarily reflects expectations
that Nayarit will continue to face significant liquidity pressure
stemming from its low cash balances, high upcoming short-term debt
maturities and weak operating performance. Nayarit's weak liquidity
caused the state to temporarily fall behind on debt service
payments of its short-term loans in recent months, and it's
continued tight liquidity raises risks that additional debt service
payments could be delayed in the future. Nonetheless, the outlook
was changed to stable based on expectations that creditors will
likely not face losses or that any losses would be negligible.
Recent delayed payments were ultimately made in full along with
penalties. Nayarit's Caa1 Global Scale rating is based on a BCA of
caa1 as well as Moody's assessment of a low level of extraordinary
support coming from the Government of Mexico (Baa1 negative).

Nayarit's acute liquidity stress -- a product of significant
revenue pressure amid the pandemic combined with certain rigidities
in its operating expenses -- led it to fall behind on debt service
payments on its 12 outstanding short-term loans during the period
from September through November 2020. The state recently secured a
bridge loan from the federal government that allowed it to then
obtain new short-term financing from a private lender (Banorte).
This allowed Nayarit to pay off five of its short-term loans,
including penalty interest payments, and to fulfill past-due
capital and interest payments on its remaining short-term debt.

Nonetheless, liquidity remains very tight, with available cash as
of September 2020 down 43% from the same period a year earlier, and
equal to 56% of its short-term debt payments due between December
2020 and June 2021. While the recent refinancing of short-term
obligations alleviated immediate stress, liquidity pressure will
persist through next year, especially given that the state is
barred from contracting additional short-term financing during the
final three months of an outgoing administration, in accordance
with the Financial Discipline Law for States and Municipalities.
Nayarit will therefore have to maintain a zero balance of
short-term debt from July through September 2021 to comply with the
legislation, reducing its flexibility.

In addition, Nayarit faces both declining revenue and spending
pressures. Own-source revenue dropped 6% in the first nine months
of 2020 compared with the same period a year earlier, while
non-earmarked federal transfers (participaciones), which are equal
to 85% of the state's operating revenue, fell 5.8% in the first 10
months. While Nayarit has been able to cut spending on supplies and
services, personnel costs only fell 2.4%, in part due to rigidities
in teachers' salaries and benefits. The state has budgeted modest
increases in operating expenses in 2021 and is focusing cuts on
capital expenditure. Moody's expects Nayarit's operating deficits
will likely widen to -6.1% in 2020 and -6.6% in 2021 given ongoing
revenue pressures and recurring spending needs.

RATINGS RATIONALE FOR THE DOWNGRADE OF THE ENHANCED LOANS RATINGS

The downgrade of the debt ratings reflects the downgrade of the
state's Global Scale issuer rating. The enhanced loan ratings are
directly linked to the credit quality of the issuer, which ensures
that underlying contract enforcement risks, as well as economic and
governance risks are embedded in the enhanced loan ratings.
Nonetheless, it's important to note that despite significant
liquidity pressures, payments on Nayarit's long-term bank debt
continue to be made on time and in full, supported by structural
credit enhancements which Moody's doesn't anticipate will be
modified.

This view, and the Ba1/A1.mx debt ratings, are supported by the
following credit enhancements embedded in the loan documentation:

1. A strong trust structure based on the transfer of the rights
and flows of a portion of Nayarit's General Participations Fund
revenues to the paying trusts. The structure is supported by both
an irrevocable instruction and an irrevocable mandate, the latter
of which is signed by the state, federal government and lenders.
The mandate ensures that the Ministry of Finance will transfer
Nayarit's pledged General Participations Fund revenue directly to
the paying trust even if Nayarit unilaterally tries to alter the
agreements. The structure of the trusts provides a level of
insulation between the loan and the issuer's idiosyncratic risks.

2. Estimated cash flows that generate high debt service coverage
ratios:

i. MXN 5 billion (original face value) from Banobras: under
Moody's base case scenario, cash flows are projected to provide
3.22x debt service coverage at the lowest point over the life of
the loan. Under a stress case scenario, estimated cash flows are
projected to provide 2.45x debt service coverage at the lowest
point.

ii. MXN 500 million (original face value) from BBVA Bancomer:
under Moody's base case scenario, cash flows are projected to
provide 3.35x debt service coverage at the lowest point over the
life of the loan. Under a stress case scenario, estimated cash
flows are projected to provide 2.65x debt service coverage at the
lowest point.

iii. MXN 247 million (original face value) from Santander: under
Moody's base case scenario, cash flows are projected to provide
3.11x debt service coverage at the lowest point over the life of
the loan. Under a stress case scenario, estimated cash flows are
projected to provide 2.46x debt service coverage at the lowest
point.

3. Solid level of reserves equal to 3.0x debt service coverage for
all three loans, which provides an adequate cushion against payment
delays.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Environmental considerations are not material to Nayarit's
ratings.

Social considerations are material to Nayarit's credit profile.
Importantly, the coronavirus outbreak poses substantial public
health and safety implications and the risk of further spread of in
the state, and has added to both revenue and spending pressures. In
addition, social indicators measuring poverty, education levels and
access to basic services are relatively weak in the state, and it
has also experienced increasing levels of violence and crime in
recent years. Social spending pressures, especially for public
health, education and security, will represent a recurring
pressure. In addition, Nayarit faces risks related to its unfunded
pension liabilities.

Governance considerations are material to Nayarit's credit profile.
The state exhibits weak governance in terms of planning and debt
management, which is reflected in recent missed payments on short
term debt and weak liquidity. However, its transparency practices
are in line with national peers.

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

While currently Moody's does not expect upward pressures on the
ratings given significant liquidity pressures, if the state is able
to remain current on its short-term debt service payments through
the change in administration in 2021, and significantly improve its
liquidity position and operating results, the issuer ratings could
face positive pressure. Conversely, if Nayarit's already weak
liquidity deteriorates further and its operating results weaken
more than expected, this would put additional negative pressure on
the ratings.

Given the links between the loans and the credit quality of the
issuer, an upgrade of Nayarit's issuer rating would likely result
in an upgrade of the enhanced loan ratings. Conversely, a downgrade
of the state's issuer rating, or a material decline in debt service
coverage to levels below our expectations, could exert downward
pressure on the ratings of the loans.

The methodologies used in these ratings were Regional and Local
Governments published in January 2018.



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

EDGAR COLON: BPPR Ordered to Submit Revised Timesheet Entries
-------------------------------------------------------------
In the case captioned IN RE: EDGAR ABNER REYES COLON, Chapter 11,
Debtor, Case No. 06-04675 (ESL) (Bankr. D.P.R.), Judge Enrique S.
Lamoutte of the United States Bankruptcy Court for the District of
Puerto Rico denied the Motion in Compliance filed by Banco Popular
de Puerto Rico (BPPR) and granted in part and denied in part Dr.
Francisco Quintero Pena's Opposition to Motion in Compliance.

A judgment was rendered by the United States District Court for the
District of Puerto Rico whereby the district affirmed the award of
sanctions against Dr. Quintero but vacated the amount of fees
awarded and remanded the matter to the bankruptcy court so that
sanctions to be awarded to BPPR be recalculated on the revised
computation, particularly the reduction of timesheet entries that
are related to legitimate discovery, or otherwise unrelated to
dilatory tactics by Dr. Quintero, such as changes in
representation.

BPPR filed a Motion in Compliance with Order by which time sheets
were revised and BPPR contended that Dr. Quintero had alreay paid
BPPR $15,532.00 without protest, reservation, or objection and,
therefore, the issue is jurisdictionally moot.

Dr. Quintero filed an Opposition to BPPR's Motion in Compliance,
arguing that:

     (i) the issue is not moot, the controversy regarding the
overbilling of fees requested by BPPR is alive and has a tailored
remedy to be ruled, the reimbursement of overpaid fees;

     (ii) the First Circuit Court of Appeals has established the
lodestar method of calculating fees as its method of choice;

     (iii) the revision made by attorney Abesada and attorney Diaz
Olmo does not comply with the U.S. District Court judgment and the
legal applicable standard;

     (iv) multiple entries claimed by BPPR remained duplicated,
excessive, and/or unrelated to Dr. Quintero's alleged conduct, or
include other matters beyond Dr. Quintero's alleged conduct and the
same must be removed and the timesheet entries should be reduced;
and

     (v) BPPR has to reimburse Dr. Quintero the corresponding
overpaid amount after re-computation with its applicable interest.

The first issue before the bankruptcy court was whether Dr.
Quintero failed to specifically raise the issue regarding that the
billable time was "excessive" and thus waived the argument.  The
second issue was whether the revisions to the time sheet entries
made by attorney Abesada and attorney Díaz Olmo comply with the
district court judgment.

Judge Lamoutte found that Dr. Quintero did not present on appeal
to the district court (nor to the bankruptcy court) for its
consideration his second argument regarding "excessive" attorney's
fees based upon entries that were improperly submitted due to:
duplicity of entries; the use of unnecessary duplicity of
experienced attorneys, duplicated billing; duplicity of legal
research; and entries that include unreasonable and excessive time
billed for federal court experienced attorneys pursuant to the
lodestar method.  Consequently, Judge Lamoutte held that this
specific argument as to the "excessive" attorney's fees was waived
by Dr. Quintero.

The judge then delved into the second issue, namely, whether
attorney Abesada and attorney Díaz Olmo's revised their time
sheet
entries to comply with the district court Judgment's remand
instructions as to the reduction of timesheet entries that are
legitimately related to discovery, or unrelated to dilatory
tactics by Dr. Quintero.  

After perusing the time sheet entries submitted by BPPR, Judge
Lamoutte found that they include time sheet entries unrelated to
Dr. Quintero's dilatory tactics.  Consequently, the judge ordered
the attorneys for BPPR to submit again their time sheet entries so
that the same comply with the district court's judgment.

BPPR's Motion in Compliance was therefore denied.  Dr. Quintero's
Opposition to Motion in Compliance was granted in part and denied
in part.  Judge Lamoutte ordered BPPR to submit to the court
within 30 days revised timesheet entries in conformity with the
district court's specific remand instructions.

A full-text copy of Judge Lamoutte's opinion and order dated
December 22, 2020 is available at https://tinyurl.com/y7jpkj73 from
Leagle.com.

METRO PUERTO RICO: Plan Filing Deadline Moved to Mid-February
-------------------------------------------------------------
Judge Enrique S. Lamoutte has granted Metro Puerto Rico LLC's
motion for an extension of time of 45 days to file a Chapter 11
Plan and a Disclosure Statement.

The Debtor previously obtained a Dec. 22 extension of the
deadline.

In seeking a 45-day extension (until Feb. 13), the Debtor
explained that the two pending motions will impact the Debtor's
ability to perform under the Plan.  The Debtor said it will be in
a better position to file the corresponding plan and disclosure
statement after the court rules on the motion under 11 U.S.C. Sec.
362 and the motion to dismiss.

                     About Metro Puerto Rico

Metro Puerto Rico LLC filed its voluntary petition under Chapter 11
of the Bankruptcy Code (Bankr. D.P.R. Case No. 20-01543) on March
31, 2020.  The petition was signed by Felix I. Caraballo,
president.  At the time of filing, the Debtor estimated $1 million
to $10 million in assets and $500,000 to $1 million in
liabilities.

Judge Enrique S. Lamoutte oversees the case.  Jose Prieto, of the
JPC LAW OFFICE, represents the Debtor.


                           *********


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