/raid1/www/Hosts/bankrupt/TCRLA_Public/210111.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, January 11, 2021, Vol. 22, No. 2

                           Headlines



A R G E N T I N A

PETROQUIMICA COMODORO: S&P Keeps 'CCC-' LT ICR on Watch Negative


B A H A M A S

[*] BAHAMAS: Approved 35,000 Travel Visas for Visitors in December


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Abinader Extends SoE for Another 45 Days
DOMINICAN REPUBLIC: Housing Costs Jump 13%, Developers Warn
DOMINICAN REPUBLIC: Retailers Get US$843.3MM in New Loans


M E X I C O

CEMEX SAB: S&P Assigns 'BB' Rating to $1.75BB Senior Secured Notes
CEMEX: Fitch Assigns BB- Rating to Senior Secured Notes


P E R U

INRETAIL PHARMA: Fitch Affirms BB+ Long-Term IDRs, Outlook Stable


P U E R T O   R I C O

CHRISVIC BY THE SEA: To Seek Plan Confirmation on Feb. 24


T R I N I D A D   A N D   T O B A G O

ROCK HARD: Locked in Negotiation with Local Distributor


X X X X X X X X

[*] BOND PRICING: For the Week Jan. 4 to Jan. 8, 2021

                           - - - - -


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A R G E N T I N A
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PETROQUIMICA COMODORO: S&P Keeps 'CCC-' LT ICR on Watch Negative
----------------------------------------------------------------
On Jan. 7, 2021, S&P Global Ratings said that it's keeping its
'CCC-' long-term issuer credit rating on Petroquimica Comodoro
Rivadavia S.A. on Creditwatch with negative implications.

On Sept. 15, 2020, Argentina's central bank tightened regulations
on accessing foreign exchange (FX) to protect the country's
international reserves. For corporations with monthly principal
payments of more than $1 million in the next six months, the
restrictions limit access to FX at the official rate to 40% of this
principal coming due. The balance is to be refinanced in some other
manner either a restructuring or using funds held abroad.

The company is offering new senior unsecured Class D notes and
intends to exchange at least 40% of outstanding Class 2 notes for
cash and the remaining portion for the new Class D notes. The new
Class D notes will have bullet amortization in 24 months and will
bear a 9% fixed interest rate. The transaction includes an early
bird premium of 3 cents for each $1 fully tendered for Class D
notes, without cash consideration.

PCR faces significant debt amortizations in 2021 (about $215
million including $105 million in bonds and about $110 million in
bank loans) amid high country risk in Argentina. If the exchange
fails to occur due to creditors' low acceptance, PCR's cash
position ($65 million as of Sept. 30, 2020) would enable the
company to face the note maturities. Such flexibility would be even
greater if the company succeeds in the next few weeks to roll over
its bank debt maturities.

The company continues to rely on covenant waivers from its
creditors to avoid debt payment acceleration on certain bank loans
for $109 million. PCR amended its covenant package in 2020, raising
the net debt to EBITDA requirement from 2.0x to 2.5x. S&P said,
"Given that we believe the company could breach the 2.0x level
required for 2021, we expect PCR to renegotiate its financial
covenants package once again in the next few quarters to adjust the
requirement and avoid the covenant breach."



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B A H A M A S
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[*] BAHAMAS: Approved 35,000 Travel Visas for Visitors in December
------------------------------------------------------------------
RJR News reports that the Bahamas Tourism Ministry approved 35,000
travel visas for foreign visitors travelling to the country during
the month of December.

Minister of Tourism and Aviation Dionisio D'Aguilar said in total,
there were approximately 50,000 people who crossed the border last
month, according to RJR News.

Mr. D'Aguilar told Guardian Business that of the persons that
crossed the border, another 15,000 were returning residents and
citizens, the report notes.

As reported in the Troubled Company Reporter-Latin America on
Nov. 17, 2020, S&P Global Ratings lowered its long-term foreign
and local currency sovereign credit ratings on the Commonwealth of
The Bahamas to 'BB-' from 'BB'. At the same time, S&P Global
Ratings revised down its transfer and convertibility assessment to
'BB' from 'BB+'. The outlook is negative.



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

DOMINICAN REPUBLIC: Abinader Extends SoE for Another 45 Days
------------------------------------------------------------
Dominican Today reports that Dominican Republic President Luis
Abinader extended the state of emergency for another 45 days,
starting on the 16th of this month, declared in the national
territory by decree 265-20 to fight the covid-19.

The president adopted the 45-day extension of the state of
emergency through decree 6-21, dated January 8, 2021, according to
Dominican Today.

President Abinader specifies that within the framework of the state
of emergency, control over the pandemic has been achieved, "but it
is still necessary to maintain certain measures of social
distancing recommended by specialized international organizations
and experts in the field," the report relays.

On December 21, 2020, the Executive Branch asked the National
Congress to authorize the extension of the state of emergency for
45 days starting from the 16th of this month, granted by Resolution
2-21 of the 7th of this month, the report notes.

Article 2 of the present decree, issued to combat the covid-19 and
to safeguard the life and health of the population, the Executive
Branch will provide, by the recommendations of specialized
international organizations and experts in the field, proportional
and temporary restrictions to the freedoms of transit, association
and assembly following the provisions of the Constitution, the
report discloses.

Also, following paragraphs 8 and 10 of Article 11 of Law 21-18, on
the regulation of states of exception contemplated by the
Constitution, of 25 May 2018, and international human rights
treaties ratified by the State, the report relays.

Furthermore, it adopts the necessary measures to guarantee the
strengthening of the public and private hospital response capacity
and avoid the national health system's saturation, the report
notes.

The President guarantees that the Executive Branch will submit
periodic reports to the National Congress during the state of
emergency, the report adds.

                   About Dominican Republic

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

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

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

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

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

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

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

DOMINICAN REPUBLIC: Housing Costs Jump 13%, Developers Warn
-----------------------------------------------------------
Dominican Today reports that Dominican Republic's construction
sector warned the government that housing costs could skyrocket in
the coming weeks due to increases in construction supplies,
especially the price of cement.

Jorge Montalvo, first vice president of the Housing Builders and
Promoters Association (Acoprovi), said housing costs have already
jumped 13%, according to Dominican Today.

"We are already talking that if it were a house of RD$2.5 million,
it's already RD$250,000 more.  So, that is going to be the
difference between the fact that many people who could buy that
home and take that financing, now cannot. In other words, the issue
is delicate," said Montalvo, the report relays.

According to official data, for this same date last year, the bag
of cement was around RD$283 "and currently they are talking between
RD$365 and RD$375, for an increase of more than 28%," the report
discloses.

Montalvo added that as of January 11, the price of cement is
expected to rise again, the report adds.

                   About Dominican Republic

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

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

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

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

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

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

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

DOMINICAN REPUBLIC: Retailers Get US$843.3MM in New Loans
---------------------------------------------------------
Dominican Today reports that the Dominican financial system granted
new loans to the retail sector for RD$50.6 billion (US$843.3
million) between March and last November, months of incidence of
the pandemic, or double compared to the same period of 2019.

New commercial loans increased by RD$27.0 billion in those months,
compared to the RD$23.6 billion that the sector received in loans
in 2019, according to the statistics of the Banks Superintendence
(SIB).

At the end of November, commercial loans from the financial system
totaled RD$723,143.3 million, higher than the RD$672,546 million
registered last March.

                   About Dominican Republic

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

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

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

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

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

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

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



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M E X I C O
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CEMEX SAB: S&P Assigns 'BB' Rating to $1.75BB Senior Secured Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level and '3' recovery
ratings to CEMEX S.A.B. de C.V.'s (global scale: BB/Negative/--;
national scale: mxA/Negative/mxA-1) $1.75 billion senior secured
notes due 2031. The recovery rating of '3' indicates that creditors
can expect a meaningful (50%-70%) recovery in the event of a
payment default.

S&P expects the company to use the net proceeds for general
corporate purposes, including the repayment of other debt, in
accordance with the 2017 Credit Agreement. The notes will be
secured by a first-priority security interest over all the shares
of Cemex Operaciones Mexico S.A. de C.V., Cemex Innovation Holding
Ltd. (formerly CEMEX TRADEMARKS HOLDING Ltd.), and CEMEX España
S.A. (together, the collateral), and all proceeds of such
collateral. CEMEX's main subsidiaries will unconditionally
guarantee the notes under the same terms as all of the company's
other senior capital market debt.

Issue Ratings - Recovery Analysis

Key analytical factors

-- S&P's recovery rating on CEMEX's various existing senior
secured debts remains unchanged at '3', and reflects its
expectation for meaningful recovery prospect (50%-70%, rounded
estimate of 60%) in the event of a payment default. Therefore, the
issue-level ratings on the senior secured debt remain at the same
level as the issuer credit rating.

-- S&P's issue-level rating on CEMEX's perpetual notes remains at
'BB-', reflecting the deferability feature on interest payments for
this instrument.

-- S&P's simulated default scenario assumes a payment default in
2022 due to a sharp decline in cement demand, associated with
continued weakness in residential and non-residential construction
activities in the company's core markets, resulting in lower cash
flows. In addition, in this scenario, CEMEX would face restrictions
in accessing the debt capital markets to refinance its debt
maturities for that year.

-- S&P has valued CEMEX on a going concern basis, given its belief
that the company would continue to have a viable business model in
an event of default because of its leading market position in the
regions where it operates.

Simulated default assumptions

-- Simulated year of default: 2022
-- EBITDA at emergence: about $1.32 billion
-- Implied enterprise value multiple: 6.0x
-- Jurisdiction: Mexico

Simplified waterfall

-- Gross enterprise value at default: about $7.92 billion
-- Administrative costs: about $396.2 million
-- Net enterprise value: about $7.52 billion
-- Senior secured debt: about $12.4 billion
-- Recovery expectations: 50%-70% (rounded estimate 60%)

  Ratings List

  New Rating

  CEMEX S.A.B. de C.V.

   Senior Secured   BB


CEMEX: Fitch Assigns BB- Rating to Senior Secured Notes
-------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to CEMEX S.A.B. de C.V.'s
senior secured notes proposed issuance due 2031. Proceeds from the
notes will be used for general corporate purposes, including the
refinancing of capital market debt.

The notes' guarantors will be CEMEX Concretos, S.A. de C.V., CEMEX
Espana, S.A., Cemex Asia B.V., CEMEX Corp., CEMEX Finance LLC,
Cemex Africa & Middle East Investments B.V., CEMEX France Gestion
(S.A.S.), Cemex Research Group AG and CEMEX UK.

CEMEX's ratings reflect its diversified business position as a
large global integrated cement producer with top market shares in
several markets, notably Mexico, the U.S. and some European
countries. CEMEX's vertical integration and economies of scale
along with its solid liquidity position and current capital
structure are also factored into the ratings.

The uncertainty surrounding the degree and sustainability of a
recovery in cement demand from the construction downturn that
occurred in several of CEMEX key markets in 2020 is the main driver
of the Negative Outlook on its Issuer Default Ratings. Continued
improvement in CEMEX EBITDA, would allow the company's net leverage
to strengthen sustainably below 5.0x and could lead to a revision
of the Outlook to Stable.

KEY RATING DRIVERS

Difficult Mexican Market: Cement consumption in Mexico was weak
entering the coronavirus pandemic, declining 7% in 2019, after a
severe weakening in construction activity in 2019 was triggered by
a drop in business confidence and permitting delays. Investment
fell steeply in 2020, and there is limited visibility as to how
much traction it can gain over the next two years, dampening demand
in industrial and commercial segments. Home improvement demand,
compensated for weak formal construction activity in 2020. The
fading of home improvement could be a headwind in 2021.

U.S. Market Diverging: Fitch expects the coming years to continue
to be challenging, with the value of construction spending
contracting on an extension of the backlog in commercial and
industrial construction, due to delays and disruption. New home
construction accelerated in 2H20 and will pose difficult
comparables in 2H21. However, the underlying trend is likely to be
supportive. Commercial construction is forecast to contract in the
mid-teens considering depressed construction starts during 2020.
Public construction is expected to be under pressure absent sizable
federal relief efforts due to strained state budgets. Fitch's base
case is for spending to contract 7% during 2021.

Weak EBITDA Generation: CEMEX's cash flow was weak prior to the
pandemic, with EBITDA declining to USD2.1 billion in 2019, from
USD2.5 billion in 2017 and 2018. Steep volume declines in Mexico
accounted for about USD250 million of this drop. Fitch does not
anticipate CEMEX's EBITDA to strengthen meaningfully in the next
two to three years, as cement demand in Mexico is not projected to
rise materially, and U.S. demand could decline.

High Leverage: Fitch expects EBITDA to hover around USD2.0 billion
through 2021. This figure excludes IFRS-16 effects, which
represented about USD350 million of EBITDA reported by CEMEX in
2019. Fitch's base case incorporates expectations of net
debt/EBITDA slightly above 4.5x through 2021 and beginning to
decline in 2022. However, there is meaningful uncertainty
surrounding the extent of the recovery in demand in most of CEMEX's
markets, and earnings gains could drag. A meaningful long-term
deleverage trend would likely require CEMEX's U.S. operations to
meaningfully grow their EBITDA contribution.

Foreign Currency Exposure: CEMEX employs hedging instruments to
mitigate currency risk in costs and revenue. The company has
historically been successful in maintaining U.S. dollar prices
after steep currency depreciation in Mexico, its main market.
However, sharp price increases during 2015-2017 and, more recently,
a market rejection to absorb prices in line with inflation in
2018-2019, suggest that prices measured in U.S. dollars could lag
for a number of years should the U.S. dollar strengthen again.

Strong Business Position: CEMEX is one of the world's largest
cement producers, selling 63 million metric tons of cement during
2019. The company is the leading cement producer in Mexico and one
of the top producers in the U.S. CEMEX also has a large global
presence in ready-mix and aggregates, with 2019 sales of 50 million
cubic meters of ready-mix and 135 million metric tons of
aggregates. CEMEX's main geographic markets, in terms of EBITDA,
include Mexico at 37%, Central and South America at 15%, the U.S.
at 24%, Europe at 16%, and Asia, the Middle East and Africa at 8%.

DERIVATION SUMMARY

CEMEX's ratings reflect its diversified business position across
several large markets, notably Mexico, the U.S. and some European
countries; its vertical integration and economies of scale; and
positive FCF generation. The company is the leading cement producer
in Mexico and one of the top producers in the U.S. and the largest
in Spain.

CEMEX's closest peers are large global cement producers, such as
LafargeHolcim Ltd (BBB/Stable), which CEMEX competes with in
several markets. LafargeHolcim has broader geographic
diversification, with operations spanning Europe at 25% of EBITDA,
North America at 25%, the Middle East and Africa at 12%, Latin
America at 16% and Asia at 27%. Latin America is CEMEX's largest
region, representing about 50% of EBITDA, of which about 35% is
generated in Mexico. The U.S. represented about 25% of CEMEX's
EBITDA, with the remainder from Europe at about 15% and, to a
lesser extent, Israel and the Philippines (BBB/Stable).

CEMEX's broader geographic diversification and larger scale compare
well with regional building materials companies, such as Martin
Marietta Materials, Inc. (BBB/Negative) and cement producers
Votorantim Cimentos S.A. (VCSA; BBB-/Negative) and InterCement
Participacoes S.A. (C).

VCSA, which has a dominant position in Brazil and operations in the
U.S., Canada and throughout the world, is not a direct peer, as the
rating is tied to Votorantim S.A. (BBB-/Negative), which includes
mining, utilities and financial services subsidiaries. Martin
Marrietta is focused in the U.S. and the Caribbean. InterCement's
portfolio is weighted heavily toward volatile emerging market
countries, such as Brazil, Argentina and Mozambique, which creates
cash flow uncertainty and higher exposure to foreign currency risk,
when compared with CEMEX.

From a financial perspective, CEMEX's ratings reflect its weaker
credit metrics when compared with higher rated global peers. Fitch
projects net leverage in the 4.5x-5.0x range in 2021, which is high
for a 'BB-' cement company with a global presence. CEMEX's global
scale, business position and funding access are all positive
factors, as is the company's record of reducing debt. Fitch
projects CEMEX's FFO fixed-charge coverage below 3.0x, which is
lower than the 3.5x that is typical for a 'BB' category building
materials issuer.

KEY ASSUMPTIONS

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

-- Mexican cement sales volumes rise low-single digits in 2021
    and 2022.

-- U.S. cement sales volumes decline by low-single digits in
    2021.

-- EBITDA of around USD2.0 billion through 2021.

-- Capex of about USD800 million in 2021 and 2022.

-- No dividends over the long term.

-- Net equity buybacks of approximately USD200 million.

-- An exchange rate of the Mexican peso to the U.S. dollar at
    around MXN20/USD1 or lower.

RATING SENSITIVITIES

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

-- Net debt/EBITDA below 4.0x.

-- Rising cement demand in Mexico and the U.S. significantly
    strengthens EBITDA expectations.

-- A strengthening of CEMEX's business position in markets
    outside Mexico that leads to expectations of higher operating
    cash flow generation.

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

-- A weakening of operating cash flow and FCF expectations so
    that net debt/EBITDA is forecast above 5.0x.

-- Expectations of a pronounced deterioration of Mexico's
    economic environment that weakens EBITDA prospects.

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

Sound Liquidity: CEMEX reacted to the pandemic by drawing USD1.5
billion in March and April 2020 under its committed credit facility
and other credit lines and by raising USD1 billion from seven-year
notes in June 2020 and USD1 billion in 2021. The funds were used to
bolster the company's cash position, which stood at USD3.5 billion
as of 3Q20. In October 2020 CEMEX used part of these funds to
redeem approximately USD1.8 billion of notes outstanding and USD530
million of bank debt.

CEMEX does not face meaningful maturities until 2023 when
approximately USD1 billion of bank debt is due. In addition to cash
CEMEX had undrawn committed credit facilities for USD700 million,
which further support its liquidity. The company expects to use the
proceeds of this transaction to refinance debt.

ESG CONSIDERATIONS

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



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P E R U
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INRETAIL PHARMA: Fitch Affirms BB+ Long-Term IDRs, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term (LT) Foreign Currency (FC)
and Local Currency (LC) Issuer Default Ratings (IDRs) of InRetail
Pharma S.A. (InRetail Pharma) and its senior unsecured bonds at
'BB+'. Fitch also affirmed the LT FC and LT LC IDRs of InRetail
Real Estate Corp. (InRetail Real Estate) at 'BB+'. Additionally,
Fitch affirmed the senior unsecured bond issued by InRetail
Shopping Malls at 'BB+'. The Rating Outlook is Stable.

The ratings reflect InRetail Pharma's and InRetail Real Estate's
strong linkage with their parent, InRetail Peru Corp. (InRetail
Peru), the parent's consolidated credit profile and the solid
business positions of its subsidiaries. The ratings Affirmation and
Stable Outlook consider InRetail Peru's adequate financial
flexibility and resilient 2020 consolidated operational performance
and the expectation it will continue during 2021. The rating
actions also incorporates the recently executed acquisition, which
does not materially change the company's capital structure metrics
from levels previously incorporated in the rating. The transaction
positively strengthens the company's business position.

KEY RATING DRIVERS

Acquisition Neutral for Credit Quality: Fitch Ratings views
InRetail Peru's recent acquisition of Makro Supermayorista S.A.
(Makro Peru) as strategically positive and neutral for credit
quality. Makro Peru is the leading cash-and-carry operator in Peru
with 16 stores across the country. Makro Peru's customer base is
primarily hotels, restaurants and catering businesses. This
acquisition will allow InRetail Peru to accelerate growth of its
cash-and-carry format (Economax), reaching a leading position in
this market segment. On a pro forma basis, InRetail Peru will have
21 stores in the cash-and-carry segment. InRetail Peru´s business
position is also expected to improve as this acquisition will allow
for the execution of logistics and commercial synergies.

InRetail Peru acquired 100% Makro Peru for a total amount of USD360
million. InRetail Peru paid the acquisition though a bridge loan,
which is expected to be refinanced during the next few months.
Given the size of the transaction, the acquisition has a limited
impact on InRetail Peru's adjusted net financial leverage. On a pro
forma basis, Fitch expects InRetail Peru's net lease adjusted
debt/EBITDAR trending to levels around 4.3x, in line with
expectations previously incorporated in the ratings, by the end of
FY2021.

Strong Parent-Subsidiary Linkage: InRetail Peru's consolidated
financial profile is a key credit driver for InRetail Pharma's and
InRetail Real Estate's ratings, due to the strong parent-subsidiary
linkage. InRetail Peru manages and owns 100% of InRetail Real
Estate (BB+/Stable), 99.98% of Supermercados Peruanos S.A. and
87.02% of InRetail Pharma (BB+/Stable). It also will manage 100% of
Makro Peru, a recently acquired business. Fitch views these
businesses as core and strategically important for InRetail Peru's
business model. Fitch considers parent-subsidiary strategic and
operational linkages among InRetail Peru and its subsidiaries as
strong, based on a common management team and decision-making
processes.

Supermarkets and Pharmacy Performing Well: InRetail Peru's revenue,
EBITDAR and cash position for the last 12-month period ended
September 2020 were PEN13.9 billion, PEN1.9 billion and PEN761
million, respectively. The supermarket, pharma and real estate
businesses represented 47.5%, 50.4% and 2.1%, respectively, of the
company's LTM September 2020 consolidated revenues. Despite the
pandemic, the supermarket and pharmacy businesses achieved
same-store sales growth of 16.7% and 3.1% during the first nine
months of 2020 when compared to 2019's same period. Fitch's ratings
base case considers the supermarket and pharmacy retail formats
will reach revenue growth of approximately 16% and 6%,
respectively, in FY2020 when compared with FY 2019. These two
businesses, which represent approximately 89% of InRetail Peru's
revenues, are defensive and have lower exposure to the broader
macro-economic business environment.

Slow Recovery in Shopping Mall Business: InRetail Peru's shopping
malls business has been more vulnerable to the pandemic. In order
to preserve liquidity, the company slashed operating costs to
minimal levels and put capex on hold. The coronavirus led to mall
closings in Peru, with only grocery and drug stores allowed to
remain open. For the stores remaining closed due to the lockdown,
the company decided not to charge rent for those tenants. The
company maintains approximately 76% of its GLA open and occupancy
levels remaining healthy at 93% as of Sept. 30, 2020. The company's
shopping mall operations generated revenues of PEN 414 million in
FY2019. Fitch's base case assumes the company's shopping mall's
revenues declining by 35% in 2020 versus 2019 levels. Fitch also
assumes the company's shopping malls revenues will return to
pre-pandemic levels during 1H22.

2020-2021 Leverage Trends: InRetail Peru's consolidated net
adjusted debt/EBITDAR was 4.1x in LTM September 2020 (4.3x in
FY2019). The company's retail-only (Pharma and Food) net adjusted
leverage was 3.4x, while its real-estate net adjusted leverage was
9x in LTM September 2020. Considering each businesses' operational
performance, Fitch expects InRetail Peru's consolidated net
adjusted leverage to be around 4.3x in FY2021. The company's
retail-only net adjusted leverage is viewed as stable at around 4x
in FY2021. The company's real estate net adjusted leverage is
anticipated to recover and reach 6x in 2021. Fitch's base case also
assumes the acquired business Makro Peru´s cash flow generation -
measured as EBITDA - in the range of PEN 100 million to PEN 120
million in FY2021.

DERIVATION SUMMARY

InRetail Peru's consolidated financial profile is a key credit
driver for InRetail Pharma's and InRetail Real Estate's ratings,
due to the strong parent-subsidiary linkage. InRetail Peru is
well-positioned relative to its regional retail peers in the
Peruvian market due to its diversified business profile, with
activities in food and pharmacy retail and shopping malls, as well
as its solid competitive position in each business segment.
InRetail Peru's scale and geographic diversification are considered
weaker than regional peers Falabella S.A. (BBB/Negative), Cencosud
S.A. (BBB-/Stable) and El Puerto de Liverpool, S.A.B. de C.V.
(BBB+/Stable).

InRetail Peru and Cencosud operate retail formats that are more
oriented to the food segment, which are more defensive in the
current macro-business environment. Falabella and Liverpool operate
retail formats more oriented to the non-food segments, which are
more vulnerable to the macro economic environment. Fitch expects
InRetail Peru to manage its consolidated net adjusted financial
leverage, measured as net adjusted debt/EBITDAR toaround 4x during
2021-2022.

KEY ASSUMPTIONS

--- Consolidated net adjusted debt/LTM EBITDAR around 4.0x during
     2021-2022 at InRetail Peru;

--- Neutral to positive FCF during 2021-2022 at InRetail Peru;

--- Interest coverage (EBITDAR/interest plus rent expenses)
     consistently around 2.5x during 2021-2022 at InRetail Peru.

RATING SENSITIVITIES

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

-- Net adjusted leverage, measured as total adjusted net
    debt/EBITDAR, consistently below 3.5x at InRetail Peru;

-- Increased revenue and geographic diversification at InRetail
    Real Estate.

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

-- Net adjusted leverage, measured as total adjusted net
    debt/EBITDAR, consistently above 4.5x at InRetail Peru;

-- Weak same-store sales and business trends at InRetail Pharma
    or Supermercados Peruanos;

-- Increasing vacancy rates at InRetail Real Estate.

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

Adequate Liquidity: The company's liquidity and financial
flexibility are adequate resulting from InRetail Peru's cash
position, proven access to capital markets and manageable debt
maturities. InRetail Peru has a consolidated cash position and
short-term debt of PEN761 million and PEN484 million, respectively,
as of Sept. 30, 2020. Fitch forecasts the company's interest
coverage ratio, measured as total EBITDAR/(interest paid plus
rents), at around 2.5x during 2021-2022.

ESG CONSIDERATIONS

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



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

CHRISVIC BY THE SEA: To Seek Plan Confirmation on Feb. 24
---------------------------------------------------------
On Oct. 13, 2020, debtor Chrisvic by the Sea, Corp., filed with the
U.S. Bankruptcy Court for the District of Puerto Rico a Disclosure
Statement referring to a Plan.

On Dec. 10, 2020, Judge Mildred Caban Flores approved the
Disclosure Statement and ordered that:

   * Acceptances or rejections of the Plan may be filed in writing
by the holders of all claims on/or before 14 days prior to the date
of the hearing on confirmation of the Plan.

   * Any objection to confirmation of the plan shall be filed on/or
before 14 days prior to the date of the hearing on confirmation of
the Plan.

   * Feb. 24, 2021, at 9:00 a.m. via Microsoft Teams is the hearing
for the consideration of confirmation of the Plan and of such
objections as may be made to the confirmation of the Plan.

The Debtor filed a Plan and a Disclosure Statement on Oct. 13,
2020.  Oriental Bank, owed $334,569, will be paid, starting on Oct.
15, 2020, monthly postpetition mortgage payments of the loan in the
amount of $1,525 outside of the Plan, per the terms of the mortgage
modification entered on March 31, 2017.  There are prepetition
arrears in the amount of $53,226.  The prepetition arrears claim
will be paid by monthly payments of $300 for 60 months and on lump
sum payment of $35,226 to be made at month 61 from refinancing of
the property or from a capital contribution of the Debtor's
shareholders.  There are no non-priority unsecured claims in the
case.  A copy of the Disclosure Statement is available at:
https://bit.ly/3hOrvKo

A full-text copy of the order dated December 10, 2020, is
available
at https://bit.ly/3nAqCXU from PacerMonitor at no charge.

                    About Chrisvic by the Sea

Chrisvic by the Sea, Corp., is engaged in real estate leasing with
a residential property located at Villa C4 Carr. 4466 KM 1.9
Interior Aguadilla, PR 00605, which is leased to the Hotel known as
Villa Montana Beach Resort located in Aguadilla, Puerto Rico.

Chrisvic by the Sea, Corp., filed a voluntary Chapter 11 petition
(Bankr. D.P.R. Case No. 19-07109) on Dec. 4, 2019, and is
represented by Enrique M. Almeida Bernal, Esq. and Zelma Davila
Carrasquillo, Esq., at Almeida & Davila, P.S.C.  The Debtor was
estimated to have under $500,000 in both assets and liabilities.



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

ROCK HARD: Locked in Negotiation with Local Distributor
-------------------------------------------------------
Trinidad Express reports that Trinidad and Tobago and attorneys
representing St Lucia-based Rock Hard Distribution Ltd and its
local distributor were locked in negotiation over the State's
decision to implement a quota and licensing regime on the
importation of cement into this country.

The decision to hold discussions was agreed upon when an
application by Rock Hard for injunctive relief against the Ministry
of Trade and Industry came up for hearing before Justice Jacqueline
Wilson, according to Trinidad Express.

The company is seeking to have the court restrain the ministry from
capping the annual importation of cement at 75,000 tonnes as well
as to impose a five per cent Common External Tariff (CET) for
hydraulic cement, the report notes.  In addition to that, last
November, Government indicated its intention to apply 50 per cent
duty, the report discloses.

When the matter came up for hearing, senior counsel Deborah Peake,
who represents the State, indicated her client was not willing to
give any further undertaking since a previous undertaking that was
given by the State expired, the report relays.

The attorney said Rock Hard Ltd would not be affected or prejudiced
in any way regarding the new policy while the company's claim was
being ventilated in court, the report says.

To bolster her argument, Peake also made reference to a notice
issued by the companies that its operations would be suspended
until next month, the report notes.

"When Government sets policy, it does so for the entire country. We
have to consider the effect on Rock Hard but we have a country to
manage," said the attorney, the report discloses.

There were a number of factors Government had taken into
consideration in coming to the decision she said, including the
country's foreign exchange challenges, the report says.

But in response to her submissions, Senior Counsel Ian Benjamin
said the policy could potentially ruin the companies, the report
relays.

"What we face is a quite challenging circumstance," he stated.

Following consultation with the parties, the judge agreed to give
the parties the opportunity to hold discussion and attempt to
arrive at a compromise, the report notes.

Justice Wilson said if no agreement was arrived upon then there
would be no option but for the court to set a date for the hearing
of the injunction, the report says.

If it reaches to that, the parties have also agreed to have a
rolled-up hearing set for February 25, in which the Justice Wilson
would decide whether Rock Hard Ltd should be granted permission to
hear the case as well as the substantive issues simultaneously as
opposed to separately in traditional judicial review cases, the
report discloses.

Attorneys Jagdeo Singh and Justin Phelps also appear on behalf of
Rock Hard Ltd, the report adds.



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

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


                           *********


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

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

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

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

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

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


                  * * * End of Transmission * * *