/raid1/www/Hosts/bankrupt/TCRLA_Public/210122.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

          Friday, January 22, 2021, Vol. 22, No. 11

                           Headlines



A R G E N T I N A

CLISA: S&P Lowers Rating on Senior Secured Notes to 'D'


B R A Z I L

BANCO REGIONAL DE DESENVOLVIMENTO: Fitch Affirms BB- LongTerm IDRs
BRAZIL: Ocean Freight Rates More Than Quadruple on China Route
BTG PACTUAL: Fitch Assigns BB- Rating on USD500MM Unsec. Notes
ELDORADO BRASIL: Fitch Puts 'BB-' LongTerm IDRs on Watch Negative
FORD MOTOR: To Close 3 Plants, Take US$4BB in Charges

OI SA: Canada Pension Plan Joins BTG in Bid for Units' Business
UNIGEL PARTICIPACOES: Fitch Affirms 'B+' LongTerm IDRs


M E X I C O

MEXICO: Records Deadliest Coronavirus Week With 7,000 Deaths
UNIFIN FINANCIERA: Fitch Gives BB(EXP) Rating to USD Unsec. Notes
UNIFIN FINANCIERA: S&P Rates New Senior Unsecured Notes 'BB-'


P U E R T O   R I C O

DESARROLLADORA VILLAS: Disclosure Statement to be Heard on March 11


V E N E Z U E L A

CITGO PETROLEUM: Offshoot Shares Sale Green-Lit by US Judge

                           - - - - -


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

CLISA: S&P Lowers Rating on Senior Secured Notes to 'D'
-------------------------------------------------------
S&P Global Ratings lowered the rating on Argentine conglomerate,
CLISA - Compania Latinoamericana de Infraestructura y Servicios
S.A.'s (CLISA) senior secured notes to 'D' from 'CCC-'.

As on July 20, 2020, CLISA exercised once again the pay-in-kind
(PIK) option on the January 2021 interest payment on its senior
secured notes. In S&P's opinion, the exercise of the PIK option
breaches the imputed promise of paying in cash under the notes'
terms and conditions, and investors won't receive the full PIK
amount (including any compound interest) within a year.

S&P said, "We understand that the deferral of the interest payment
allows the company to conserve cash amid highly uncertain economic
conditions. But according to our ratings criteria, the payment of
interest in kind prompts us to lower the senior secured notes
rating to 'D' because the investors won't receive the full PIK
amount (including any compound interest) within a year.

"We expect to raise the senior secured notes rating in the next few
days, because we understand that the interest will be capitalized
and payable at maturity. Once this occurs, the company would again
be current on its obligations under the senior secured notes."

  Ratings List
                    Downgraded  
                     To         From
  CLISA-Compania Latinoamericana de
  Infraestructura & Servicios S.A.

  Senior Secured     D          CCC-




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

BANCO REGIONAL DE DESENVOLVIMENTO: Fitch Affirms BB- LongTerm IDRs
------------------------------------------------------------------
Fitch Ratings has affirmed Banco Regional de Desenvolvimento do
Extremo Sul's (BRDE) Long-Term Local and Foreign Currency Issuer
Default Ratings (IDRs) at 'BB-'. Fitch has also affirmed BRDE's
Support Rating at '3' and its National Long-Term rating at
'AA(bra)' and National Short-Term rating at 'F1+(bra)'.

Additionally, Fitch has taken corrective action on the Rating
Outlook on BRDE's National Long-Term Rating, resulting in a
revision of the Outlook to Stable from Negative. This action
follows the discovery of an error in the application of the
criteria to equalize BRDE's ratings with two of its parents, the
State of Parana (Parana) and the State of Santa Catarina (Santa
Catarina). Fitch revised the states' National Rating Outlooks to
Stable in September 2020 but did not, in turn, revise BRDE's.

KEY RATING DRIVERS

IDRS, NATIONAL RATINGS, SUPPORT RATINGS

BRDE's IDRs and National Ratings are driven by the support of its
shareholders, the states of Parana, Santa Catarina and Rio Grande
do Sul. BRDE's IDRs are equalized with those of Parana and Santa
Carina, which account for two-thirds of its capital. Fitch
currently rates Parana and Santa Catarina 'BB-'/Negative Outlook.
Fitch does not publicly rate Rio Grande do Sul. The
creditworthiness of all three states, but primarily of the first
two, strongly influences BRDE's ratings.

Fitch views BRDE's relatively small size compared to each
shareholder (state) highly influences the likelihood of support
from its parents. It would be relatively easy for the states to
provide support if needed considering their financial flexibility.
BRDE's ratings are also highly influenced by its strategic role and
importance as a development bank in the South of Brazil.

The Support Rating of '3' reflects BRDE's shareholders' moderate
probability of support, especially from Parana and Santa Catarina.
In addition, in Fitch's opinion, since BRDE does not distribute
dividends and obligatorily reinvests all its profits, a capital
withdrawal is very unlikely, what mitigates the currently weak
financial profile of Rio Grande do Sul.

BRDE mainly provides financing to private SME and cooperatives and
also operates, to a lesser extent, with municipalities, always with
a development bias. The bank has a stable business model and
focuses its operations on its controlling and bordering states. In
March 2020 the BRDE Emergency Credit Program for the recovery of
the economy of the South Region (BRDE Recupera Sul) was launched
with the objective of supporting companies (mainly micro, small and
medium enterprises) and individual micro entrepreneurs (MEI)
directly or indirectly affected by the pandemic.

The institution is highly integrated and operates in line with the
economic policies of its controllers. Fitch believes that, as with
other public banks, strategies and goals could be influenced by the
political guidelines of its shareholders. On the other hand,
strategic decisions must be unanimously approved by the three
states, which reduces the possibility of conflicts among
controllers.

Since BRDE's ratings are driven by support, its intrinsic credit
metrics have limited impact on its financial profile. The potential
impact on BRDE credit metrics from the recent deterioration in the
global economy will depend on the length and severity of measures
implemented to reduce the spread of the pandemic.

BRDE's asset quality continued controlled and presenting better
ratios when compared to peers. In 2020, BRDE's asset quality
indicators was stable and they still compare favorably with peers
with the same performance profile. In June 2020, credits in 'D-H'
corresponded to 4.4%, against 3.8% in 2019, 4.5% in 2018). BRDE's
operating results were still acceptable, in line with its peers
with return on RWAs of 1.8% (2.6 % in 2019 and 2.3% in 2018),
reduction partly explained by a higher volume of expenses of
provisions. The bank has also maintained adequate capitalization
levels (Common Equity Tier 1 Capital was 18.6% in June 2020).

The bank's main source of funding is funds from Banco Nacional de
Desenvolvimento e Social (BNDES/FINAME), which has been reducing
its funding (60-50% of funding in 2020). The bank has been looking
for alternatives to increase its funding through new sources of
complementary national resources and international development
entities, which Fitch considers positive for the expansion of its
financing capacity, mainly because of the reduction of BNDES'
limits. In terms of liquidity, BRDE's liquidity does not have major
pressures by short-term obligations.

RATING SENSITIVITIES

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

IDRS

-- Over the medium term, BRDE's ratings could benefit from
    revision of its Outlook back to Stable or an upgrade of its
    parents' ratings (primarily Parana and Santa Catarina).

NATIONAL RATINGS

-- The ratings could benefit from upgrade of its parents' ratings
    (primarily Parana and Santa Catarina).

SUPPORT RATING

-- Improvements in BRDE's Support Rating are dependent on an
    upgrade of its parents' ratings (primarily Parana and Santa
    Catarina).

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

IDRS, NATIONAL RATINGS

-- Since BRDE's ratings are driven by support, they can be
    downgraded if one or more of its shareholders are also
    downgraded and/or if Fitch observes changes in bank control
    and dividend distribution policies;

-- There may also be a downgrade if there are changes in the
    propensity of the controlling states (especially Parana and
    Santa Catarina) to support BRDE.

SUPPORT RATINGS

-- If Santa Catarina and/or Parana's ratings are downgraded to
    'B', the Support Rating would be downgraded to '4' from '3'.

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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

BRDE's IDRs and National Ratings are driven by the support of its
shareholders, the states of Parana and Santa Catarina. BRDE's IDRs
are equalized with those of the two states, which account for
two-thirds of its capital. Fitch assigns currently rates both
Parana and Santa Catarina 'BB-'/Negative Outlook.

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.


BRAZIL: Ocean Freight Rates More Than Quadruple on China Route
--------------------------------------------------------------
Rio Times Online reports that ocean freight on the China-Brazil
route has soared and reached an unprecedented US$10,000 per TEU
container, according to importers and shipping companies operating
in the port of Santos.

"It is a record high; I had never seen freight reach that amount,"
said Luigi Ferrini, Senior Vice President of Hapag-Lloyd in Brazil.
A year ago, the cost of this same route was in the range of
US$2,000 per TEU, according to Rio Times Online.

According to Rafael Dantas, director of the importer Asia Shipping,
the rise in freight costs has increased since October, with the
global recovery of the economy and the greater demand for Chinese
products, the report notes.

                           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.


BTG PACTUAL: Fitch Assigns BB- Rating on USD500MM Unsec. Notes
--------------------------------------------------------------
Fitch Ratings has assigned Banco BTG Pactual S.A.'s USD500 million
green senior unsecured notes due 2026 a 'BB-' final rating.

The notes were issued through BTG Pactual's Cayman Islands Branch
under the parent bank's USD5 billion medium-term note program.

The final rating is in line with the expected rating that Fitch
assigned to the proposed debt on Jan. 5, 2021.

KEY RATING DRIVERS

The senior unsecured notes are rated at the same level as the
bank's 'BB- 'Long-Term Issuer Default Ratings (IDRs), which
reflects the unsecured nature of the instruments. The notes will
also rank pari passu with other senior unsecured obligations. BTG
Pactual's IDRs are aligned with its 'bb-' Viability Rating (VR),
indicating that its creditworthiness is driven by the bank's
intrinsic credit profile.

RATING SENSITIVITIES

As the bank's notes are aligned with its IDR, any change to the
latter will prompt a similar action on the notes' rating.

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

-- Upgrades on debt ratings depend on upgrades of the BTG
    Pactual's VR, given it serves as an anchor rating for
    issuances.

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

-- Debt rating downgrades will depend on downgrades of BTG
    Pactual's VR, given that its serves as an anchor rating for
    issuances.

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.

ESG CONSIDERATIONS

BTG Pactual has an Environmental, Social and Governance (ESG)
Relevance Score of '4' for Group Structure due to its relatively
complex organizational structure.

BTG has an ESG Relevance Score of '4' for Management and Strategy
because execution of stated strategic objectives has lacked
consistency.

These scores have a negative impact on the credit profile and are
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'. 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.


ELDORADO BRASIL: Fitch Puts 'BB-' LongTerm IDRs on Watch Negative
-----------------------------------------------------------------
Fitch Ratings has placed on Rating Watch Negative Eldorado Brasil
Celulose S.A.'s (Eldorado) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) of 'BB-' and the National Long-Term
Rating of 'A(bra)'. Fitch has also placed on Rating Watch Negative
the 'BB-' rating of the 2021 unsecured notes issued by Eldorado
Intl. Finance GmbH, which are guaranteed by Eldorado and Cellulose
Eldorado Austria GmbH.

The placement on Rating Watch Negative reflects Eldorado's elevated
refinancing risk due to the high uncertainties of the timing of the
conclusion of the arbitration process between J&F and Eldorado's
minority shareholder Paper Excellence. The high uncertainties
surrounding the company's future shareholding structure have
limited Eldorado's ability to extend its debt profile and improve
its capital structure.

Eldorado has about BRL6.3 billion of debt maturing up to December
2021, including its USD350 million bond due in June. The company
has cash and marketable securities of BRL1.1 billion as of Sept.
30, 2020 and is expected to generate only BRL775 million of free
cash flow (FCF) 2021, which makes the company heavily reliant upon
being able to rollover bank debt and issue a bond to replace the
existing bond.

Fitch will reassess the company's strategy and credit quality once
the arbitration decision is finalized and the litigation
concluded.

KEY RATING DRIVERS

Arbitration Process Limits Financial Flexibility: The uncertainties
associated with the company's future shareholding structure limits
Eldorado's ratings. The ongoing arbitration process between J&F and
the minority shareholder Paper Excellence, which is an affiliated
of Asia Paper and Pulp, was expected to be concluded by December
2020. Fitch believes that Eldorado's financial flexibility is
limited while the outcome of the arbitrage process remains
uncertain, which places additional pressure on the ability of the
company to refinance debt coming due in 2021. If the arbitrage
process is delayed beyond February and Eldorado does not conclude
its liability management, negative rating actions are likely.

FCF to Remain Positive: Fitch projects that Eldorado will generate
about BRL2.6 billion of EBITDA and BRL1.9 billion of cash flow from
operations (CFFO) in 2021 and BRL3.3 billion and BRL2.3 billion,
respectively, in 2022. This compares with BRL1.9 billion of
projected EBITDA and BRL1.2 billion of CFFO in 2020. The company's
EBITDA generation during 2020 reflects the benefits of local
currency depreciation, which was largely offset by weaker pulp
prices. Fitch's base case scenario incorporates a slight recovery
of pulp prices in 2021. Fitch's projections consider no dividends
and investments of around BRL1.0 billion per year in 2021 and 2022,
leading to annual FCF of BRL775 million in 2021 and BRL1.4 billion
in 2022.

Leverage to Reduce: Eldorado's leverage should reduce, as the
company will continue to use FCF to lower net debt. Fitch projects
net debt to reduce to about BRL6.5 billion by the end 2021, from
BRL7.4 billion in Sept. 30, 2020, and net debt/adjusted EBITDA 2.5x
in 2021, with projected pulp prices of USD525/ton. During the LTM
ended Sept. 2020, net leverage was 4.6x. Eldorado's continued
leverage reduction will depend on the absence of expansion projects
and the company's ongoing focus to use FCF to pay down debt. In
Fitch's opinion, Eldorado's deleveraging strategy in the past few
years places the company in a good position to get through the
negative part of the pulp cycle and should allow Eldorado's balance
sheet to absorb a period of higher investments, if the Vanguarda II
project is approved.

Pulp Prices to Slightly Improve: The market pulp industry is
cyclical; prices move sharply in response to changes in demand or
supply. Fitch expects a slight recovery of pulp prices during 2021,
as producers reduced excess inventory during 2020 and prices have
likely bottomed out. Weaker demand stifled a recovery in the sector
in 2020, following a pulp price collapse in 2019 from USD715/ton at
the beginning of the year to USD480/ton at the end of the year.
Pulp prices remained below USD500/ton throughout 2020. A
sustainable pulp price recovery should continue to rely on supply
reduction; a recovery of European and U.S. paper and packaging
demand will depend on world economic growth during 2021 and the
pace at which employees return to offices.

Above-Average Business Profile: Eldorado has limited scale of
operations compared with peers in Latin America and only one pulp
mill, which is located in Brazil. This mill has an annual
production capacity of 1.7 million tons of BEKP. Nevertheless, the
company is extremely competitive in the industry due to its
productive forests, a favorable climate for growing trees and a
modern pulp mill. In 3Q2020, the company's cash cost of production
was about USD112 per ton, which placed it firmly in the lowest
quartile of the cost curve. Eldorado also has some financial
flexibility from its forest base, with the accounting value of the
biological assets of its forest plantations at BRL2.9 billion as of
Sept. 30, 2020.

ESG Influence: Eldorado has an ESG Relevance Score of 5 for GGV -
Governance Structure due to the uncertainties associated with the
company's future shareholding structure that limits the company's
financial flexibility, which has a negative impact on the credit
profile, and is relevant to the ratings.

DERIVATION SUMMARY

Eldorado's business profile is strong and reflects its excellent
position in the lowest quartile of the production cost curve due to
its productive forests, a favorable climate for growing trees and a
modern pulp mill. Similar to other Latin American pulp producers,
Eldorado's pulp production cash costs are among the lowest in the
world, ensuring its long-term competitiveness. This places the
company's business risk profile in line with Latin America pulp
companies like Suzano (BBB-/Negative), Empresas CMPC (BBB/Stable)
and Celulosa Arauco (BBB/Negative). However, Eldorado has only one
mill located in Brazil, while its peers have higher scale of
operations and geographic diversification.

Eldorado is also concentrated only in pulp and is therefore more
exposed to the cyclicality of pulp prices compared with companies
with higher product diversification like Arauco and CMPC, which are
leaders in the wood products segment and tissue markets,
respectively.

Compared with its investment grade peers, Eldorado's ratings are,
however, constrained by high refinancing risk and concentrated debt
amortization profile and by the ongoing litigation issues at its
controlling shareholders and weak corporate governance standards.

KEY ASSUMPTIONS

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

-- Pulp sales volume between 1.75 million tons and 1.8 million
    tons in 2020 and 2021;

-- Average hardwood net pulp price of USD450 per ton in 2020 and
    USD525 per ton in 2021;

-- Average FX rate of 5.2 BRL/USD in 2020 and 5.3 BRL/USD in
    2021;

-- No dividends;

-- Base case does not incorporate investments in the new pulp
    mill.

RATING SENSITIVITIES

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

-- Positive outcome of the arbitrage process between Paper
    Excellence and J&F, combined with lower refinancing risk and
    more extended debt amortization profile.

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

-- Negative outcome involving the arbitrage process opened by
    Paper Excellence and/or involving litigations against J&F and
    the Batista family affecting the company's ability to access
    more adequate financing locally or abroad;

-- Decreased access to bank financing or capital markets;

-- Failure to refinance short-term debt maturities and extend
    debt amortization profile.

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

High Refinancing Risk: Eldorado has high refinancing risk, with
about BRL5.3 billion of debt due in the short term, including the
USD350 million senior unsecured notes due in June 2021. Fitch's
views the continued delay in the conclusion of the arbitration
process between J&F and the minority shareholder Paper Excellence,
and the uncertainties associated with the company's future
shareholding structure, limit the company's financial flexibility
and capacity to extend its debt profile and improve its capital
structure.

As of Sept. 30, 2020, cash and marketable securities was BRL1.1
billion and total debt was BRL8.5 billion. Eldorado had BRL5.3
billion due in the short term, BRL1.0 billion in the fourth quarter
2021 and BRL2.0 billion in 2022. Excluding trade finance lines,
debt maturities in the short term are about BRL3.3 billion as of
Sept. 30, 2020.

As of Sept. 30, 2020, total debt was composed of trade finance
lines and pre-export financing (52% of total debt), loans from the
Brazilian Development Bank (19%), senior unsecured notes (24%), and
others (5%).

ESG CONSIDERATIONS

Eldorado has an ESG Relevance Score of '4[+]' for EFM Environment -
Energy Management as the company sells excess energy to the grid
from cogeneration based upon a renewable resource, which has a
positive impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

Eldorado has an ESG Relevance Score of '5' for GGV -- Governance
Structure due to the arbitrage process involving J&F and the
company's non-controlling shareholder, Paper Excellence, which has
a negative impact on the credit profile and is highly relevant to
the rating, resulting in a change to the rating.

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.


FORD MOTOR: To Close 3 Plants, Take US$4BB in Charges
-----------------------------------------------------
Rio Times Online reports that Ford Motor Co said on Jan. 11 that it
will close three plants in Brazil this year and take pretax charges
of about US$4.1 (R$22) billion as the COVID-19 pandemic amplified
the company's under use of its manufacturing capacity.

Production will cease immediately at Ford's plants in Camacari and
Taubate, with some parts production continuing for a few months to
support inventories for aftermarket sales, according to Rio Times
Online.

The Troller plant in Horizonte (CE), Brazil, will continue to
operate until the fourth quarter, the report notes.


OI SA: Canada Pension Plan Joins BTG in Bid for Units' Business
---------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that The
Canada Pension Plan Investment Board is joining a fund managed by
Banco BTG Pactual SA to make a binding offer for the fiber unit of
Brazilian telecom carrier Oi SA.

The bid is expected Jan. 22, along with two other binding offers.

Highline do Brasil, part of Digital Colony, and Ufinet, which is
backed by Italy's Enel SpA, both plan to make bids for the
business, according to globalinsolvency.com.

Oi is planning to sell as much as 51% of its subsidiary, known as
InfraCo, with a value for the whole company of at least 20 billion
reais ($3.6 billion), the report notes.

Oi has been working to pare down its operations while under
bankruptcy protection, the report relays.

The struggling carrier raised 1.4 billion reais with the sale of
towers and data centers last year, the report discloses.  It also
announced the signing of a deal with Brazil's regulatory agency
Anatel reducing the fines it need to pay by half, to 7.2 billion
reais, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Dec. 28, 2020, Fitch Ratings has affirmed all of Oi S.A.'s ratings,
including the Long Term (LT) Foreign Currency (FC) Issuer Default
Rating (IDR) at CCC+, the LT Local Currency (LC) IDR at CCC+, the
USD unsecured 2025 notes instrument rating at 'CCC+'/RR4, and the
National LT Rating at B(bra)/Stable.


UNIGEL PARTICIPACOES: Fitch Affirms 'B+' LongTerm IDRs
------------------------------------------------------
Fitch Ratings has affirmed Unigel Participacoes S.A.'s Long-Term
Foreign and Local Currency Issuer Default Ratings (IDR) at 'B+' and
National Scale Long-Term Rating at 'A-(bra)'. In addition, Fitch
has affirmed Unigel Luxembourg's unsecured and secured senior
notes, which are guaranteed by Unigel at 'B+'/'RR4'.

In addition, Fitch rates Unigel Luxembourg's proposed 2026 notes
reopening for USD100 million 'B+'/'RR4'. The note is
unconditionally guaranteed by Unigel. Proceeds from the unsecured
notes will be used to repay certain outstanding short-term debt and
the company's 2024 secured bond make-whole along with general
corporate purposes.

The Rating Outlook has been revised to Positive from Stable.

The Outlook revision reflects Unigel's expected improved business
and credit profile within the next 12-18 months. Unigel's
successful implementation of a new fertilizer segment should
improve its business profile, and increase scale and exposure to a
different sector (agribusiness). Once operational, this additional
EBITDA generation could help Unigel reduce its leverage on a
sustainable basis by 2022, benefiting its ratings.

Fitch's rating case for Unigel forecasts net debt/EBITDA ratios of
around 2.6x in 2021 from 3.1x in 2020. This considers capex of
around BRL195 million in 2020 and BRL300 million in 2021, and an
unfavorable petrochemical spread scenario and volumes levels during
2021, compared to the second half of 2020.

Fitch has incorporated Unigel's greater operating efficiency and
financial discipline over the last two years following the
company's debt reprofiling in late 2018/2019 into its analysis.
Unigel's ability to continue to improve its financial flexibility
and access to credit markets on a more sustainable basis is a key
factor for the ratings upgrade.

Unigel's operating flexibility, established market position in
Brazil, and diversified portfolio of customers and key end markets
are positive rating considerations. The company's ratings are
constrained by its small business-scale relative to larger and more
diversified global petrochemical peers and its position as a
price-taker. Unigel's ratings further reflect the cyclical nature
of the industry, which is partially offset by a degree of vertical
integration within both its acrylics and styrenics businesses, and
through long-term contracts with price formulas based upon raw
materials for a material portion of the company's sales.

KEY RATING DRIVERS

Business Diversification: Unigel is in the process of expanding its
operations, with the start of the nitrogen fertilizer segment,
after leasing two plants from Petrobras (BB-/Negative) in the
states of Bahia and Sergipe, with a total production capacity
1.131kt per year of urea, 913kt/y for ammonia, 319kt/y of ammonium
sulfate and 219 kt/y of ARLA. The contract is for a 10 year-period,
renewable for an equal period for an estimated total lease cost of
BRL177 million. The company is still discussing final contract
terms for the main raw material natural gas and expects to start
operations during first half of 2021 (1H21). The company has
announced total capex for this project to be around USD25 million.
Fitch rating case considers EBITDA of around BRL150 million in the
first year, considering the rump-up of the operations, and this
potentially over BRL350 million-BRL400 million by 2022 to depend on
the natural gas supply terms.

Strong Results Despite Coronavirus: Unigel's operations were
impacted during 2Q20 due to plant shutdowns as a result of a rapid
drop in demand by its clients, but sales performance during the
2H20 has shown a quite robust recovery. As of July 2020, operations
were back on track. Fitch projects that the company is going to
able to generate positive FCF generation of around BRL85 million
during 2020. During 9M20 EBITDA loss related to COVID was BRL43
million. For full year 2020, Fitch estimates recurring EBITDA of
around BRL525 million, 25% higher than 2019.

Intermediate Player in Cyclical Industry: The cyclical nature of
the commodity chemicals sector means Unigel is subject to feedstock
and end-product price volatility, driven by prevailing market
conditions and demand/supply drivers. Unigel is a chemicals
producer with a small business scale operating in the midstream of
the petrochemical industry value chain, placing the company in a
weak position against much larger single-product suppliers and
large manufacturing groups. Unigel's long-term contract sales with
a price formula based upon raw-material prices are mitigating
factors that help to offset major deteriorations in its product
spreads.

Operational Flexibility: Unigel's credit profile benefits from a
diversified product range under the acrylics and styrenics segments
and end-markets. Varying degrees of integration are present along
the production value chain for its key products, providing greater
flexibility in sales, fewer constraints from raw material supply,
and bolstering its operating margins. The company's small business
scale also provides some ability to switch product lines relatively
swiftly to take advantage of favorable price movements. Over the
last four years, Unigel's EBITDA margin averaged 12.5%, which is
comparable with small- to medium-size petrochemical peers. As of
the LTM ended Sept. 30, 2020, Unigel's EBITDA split was 45%-55%
styrenics and acrylics, respectively, and EBITDA margin was 14.4%,
per Fitch's calculation.

Competition from Imports: Unigel benefits from solid market-share
positions in Brazil and Mexico; these two countries are where the
company's industrial sites are distributed; six in Brazil and two
in Mexico. Mexico and its overseas businesses represented 20% of
consolidated revenues during 9M20. Unigel is the single producer of
acrylics in Brazil and exhibits a good business position in the
styrenics segment. Most competitors have a larger scale, but the
company's main competitive threats are from lower priced imports,
as it operates in a niche sector of the market. The company has
benefited from local imports tariffs of between 10%-14% depending
on product, and any change to this framework could pose a risk. The
company's global capacity share ranges from 1%-2% for its main
products and between 37% and 40% in Brazil.

Improving CFFO: For 2020 and 2021, Fitch expects Unigel to generate
CFFO of about BRL230 million-BRL350 million, which positively
compares to around BRL219 million in 2019 and BRL38 million in
2018. Despite the higher capex related to the new segment, Unigel
is expected to continue generating positive FCF during the next
three years. Dividends are expected to be in line with covenants,
around 25% payouts from 2021 onward.

Leverage to Improve: Fitch forecasts Unigel's net debt/EBITDA ratio
to move toward 3.1x by YE 2020, and to decline to 2.6x in 2021,
considering the start of the fertilizer business by 1H21. This
already represents an improvement from the average of 3.3x during
the 2017-2019 period. This deleverage during 2020 reflects the
strong product spreads and volumes during the second part of the
year, that more than offset the weak performance of the 1H20.

DERIVATION SUMMARY

Despite Unigel's good market share in Latin America, the company is
a price-taker and is small relative to the global chemical
industry, with historical EBITDA generation of approximately USD110
million. Product diversification and some business integration help
to reduce profit margin volatility, although cash generation is
still affected by commodity price movements and any change in the
supply/demand dynamics of its end-products.

Compared with other Latin America petrochemical peers, Unigel is
smaller and has a weaker financial profile when compared with Cydsa
S.A. (BB+/Stable), Braskem S.A. (BB+/Stable) and Orbia Advance
Corporation, S.A.B. de C.V. (BBB/Negative). Unigel is well
positioned in terms of leverage ratios when compared with other
Latin American peers in the 'B' category.

KEY ASSUMPTIONS

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

-- Low single digit decline in volumes during 2021 (mostly
    styrenics) and weaker spreads scenario compared to 2H20;

-- Average EBITDA margins around 17%-18%, from 2021-2022;

-- Capex of around BRL300 million in 2021 and -BRL210 million in
    2022, including USD25 million for fertilizer business;

-- Dividend payouts at 25% of net profits.

Recovery Ratings Assumptions

The recovery analysis assumes that Unigel would be considered a
going concern in bankruptcy and that the company would be
reorganized rather than liquidated. Fitch has assumed a 10%
administrative claim.

Going-Concern Approach

The going-concern EBITDA is 25% below 2019 EBITDA to reflect
volatility in the petrochemical industry's volume and prices. The
enterprise valuation/EBITDA multiple applied is 5x, reflecting
Unigel's strong market share in its operating regions and a
mid-cycle multiple.

Fitch applies a waterfall analysis to the post-default enterprise
value based on the relative claims of the debt in the capital
structure. The agency's debt waterfall assumptions take into
account the company's total debt at Sept. 30, 2020. These
assumptions result in a recovery rate for the secured and unsecured
bonds within the 'RR3' range, but due to the soft cap of Brazil at
'RR4', Unigel's senior unsecured and secured notes are rated at
'B+'/'RR4'.

RATING SENSITIVITIES

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

-- Successful ramp-up of the fertilizer segment adding at least
    USD70 million in EBITDA during the first two-years;

-- EBITDA margins above 15% on a sustainable basis;

-- Net debt/EBITDA around 2.5x on a sustainable basis;

-- Maintenance of robust liquidity and improving financial
    flexibility with good access to credit market.

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

-- Operating EBITDA margin consistently below 10% on a sustained
    basis;

-- Maintenance of poor liquidity, leading to recurring
    refinancing risks;

-- Net debt/EBITDA moving above 4.0x on sustainable basis;

-- Change in imports tariffs in Brazil that could allow increased
    competition.

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: Unigel has an adequate liquidity position
relative its short-term debt. As of Sept. 30, 2020, Unigel reported
total financial debt of BRL2.7 billion, of which BRL335 million was
short-term debt, and had readily available cash position of about
BRL586 million. Short-term debt coverage, as measured by
cash/short-term debt, was 1.8x in the same period, which positively
compares to an average of only 0.1x during 2015-2017. Fitch expects
Unigel to maintain a solid cash position versus short-term debt to
avoid exposure to refinancing risks. Around 98% of Unigel's debt is
unsecured, following the bond issuance during 2019 when Unigel paid
most of its secured debt.

SUMMARY OF FINANCIAL ADJUSTMENTS

EBITDA is adjusted by non-recurring items.

ESG CONSIDERATIONS

Unigel Participacoes S.A has an ESG Relevance Score of '4' for
Governance Structure due to ownership concentration and key person
risk. 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
===========

MEXICO: Records Deadliest Coronavirus Week With 7,000 Deaths
------------------------------------------------------------
Daniel Wallis and William Mallard at Reuters report that Mexico has
registered its worst week yet of the pandemic in the week ended
Jan. 17, with a record number of infections from the new
coronavirus and more than 7,000 COVID-19 deaths, government data
showed.

There were 20,523 new coronavirus cases and 1,219 more fatalities,
pushing total confirmed infections to 1,630,258 and deaths to
140,241, the Health Ministry said.

Mexico recorded more than 7,000 deaths for the first time, while
posting over 106,200 new cases.

Mexico's real number of infected people and deaths is likely
significantly higher than the official count, the government has
said, because of a lack of widespread testing.


UNIFIN FINANCIERA: Fitch Gives BB(EXP) Rating to USD Unsec. Notes
------------------------------------------------------------------
Fitch Ratings has assigned Unifin Financiera, S.A.B. de C.V.'s
(Unifin) proposed U.S. dollar senior unsecured notes an expected
long-term rating of 'BB(EXP)'. The final rating is contingent upon
the receipt of final documents conforming to information already
received.

The planned issuance is for up to USD500 million and up to
eight-years at fixed rate with semi-annually interest payments. The
principal will be paid at maturity, may be redeemed at the option
of the issuer and will be fully and unconditionally guaranteed by
two operating subsidiaries of Unifin (Unifin Credit, S.A. de C.V.,
SOFOM, E.N.R. and Unifin Autos, S.A. de C.V.).

Unifin expects to use net proceeds from the offering for general
corporate purposes, to refinance existing liabilities and an offer
to exchange the company's outstanding notes for up to USD200
million of the principal amount of the series 7.000% Senior Notes
due 2022, 7.250% Senior Notes due 2023 and 7.000% Senior Notes due
2025 launched concurrently.

After the expected issuance and the exchange of notes in accordance
with the issuer forecast, leverage metrics are expected to remain
consistent with the rating. Fitch does not anticipate increased
market risk exposure as a result of this transaction, as the
company will hedge both FX rate risk and interest rate risk though
derivative financial instruments.

KEY RATING DRIVERS

The rating of the senior global debt is at the same level as
Unifin's Long-Term Issuer Default Ratings (IDRs) of 'BB'/ Negative,
as the likelihood of the notes' default is the same as for Unifin.

Unifin's IDRs and Negative Rating Outlook reflects Fitch's
expectation that the company's financial profile will continue to
be pressured by the deteriorated operating environment as a
consequence of the prolonged effects from the coronavirus pandemic.
Fitch expects the entity will continue facing lower business
volumes and asset quality weakening, which will consequently affect
profitability given its business model is focused on SME that Fitch
considers more sensitive to the current economic conditions.

Unifin's ratings are highly influenced by its sound company profile
market, by its national leadership in the independent leasing
sector in Mexico and its ample expertise in its core market focused
on SME. The ratings also consider Unifin's good track record of
earnings but lower than previous years, asset quality under
pressure, as well as, adequate managing of refinancing and
liquidity risks.

Unifin's ratings are also highly influenced by its capitalization
and leverage metrics which continues to be the weakest link of the
rating with little room for deterioration. Unifin's tangible
leverage metrics (total debt-to-tangible equity) are still high by
its rating level but lower than previous quarters as a result of
the capital injection of USD2.52 billion made during 3Q20. As of
September 2020, the company's tangible leverage stood at 7.0x from
8x levels of previous quarters.

When Fitch's hair-cut of 70% to the revaluation surplus related to
the leased asset (oil platform) acquired in 2019 is considered, the
temporary impacts on capital through other comprehensive income
(OCI) items and on balance sheet from derivatives valuation
Unifin's tangible leverage metrics stood at 6x, below Fitch's
sensitivity and trigger of 7x. Fitch estimates that the proposed
global senior unsecured notes on a pro forma basis would result in
a slightly increase of its leverage metrics but lower than the 7x
trigger under the adjusted metrics.

Unifin's asset quality deteriorated during 2020 as nonperforming
loan (NPL) ratios increased. At 3Q20, Unifin's NPL ratio stood at
4.9% (6.9% plus foreclosed assets), above the 3.5% average of
2016-2019. 3Q20 metric was partially benefited by the company's
adjusted methodology to report auto loans and factoring as impaired
at 90+ days past due in comparison to the previous 30+ day past due
criteria. Under past reporting the ratio would have been 5.4% at
3Q20, higher than pre-pandemic levels.

Fitch expects further pressures in profitability due to expected
lower business growth, and higher credit and financing costs.
Incremental loan loss reserves and lower business growth have
already impacted Unifin's profitability metrics but were highly
offset by FX gains from cancellation of derivatives related to the
repurchase of bonds during the 3Q20 and optimization of hedging
strategies. As of September 2020, Unifin's pre-tax income to
average assets ratio was 1.3%.

RATING SENSITIVITIES

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

-- The rating of this issuance would mirror any changes in the
    company's IDR; however, Unifn´s current Negative Outlook
makes
    an upgrade highly unlikely in the near term.

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

-- The rating of this issuance could be downgraded in the event
    of a downgrade of Unifin's IDRs, which currently have a
    Negative Outlook.

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 were reclassified as intangibles and deducted
from tangible equity due to low loss absorption capacity under
stress.

ESG CONSIDERATIONS

Unifin Financiera, S.A.B. de C.V.: Financial Transparency: 4,
Management Strategy: 4

Unifin has ESG Relevance Scores of '4' for Management Strategy due
to its high-risk appetite, as a result of ample balance sheet
growth and less prudential capital management, which have a
negative impact on the credit profile, and are relevant to the
ratings in conjunction with other factors.

Unfin has ESG Relevance Score of 4 for Financial Transparency due
to third party disclosure has yet to be better aligned to
international best practices, which have a negative impact on the
credit profile, and are 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'. 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.


UNIFIN FINANCIERA: S&P Rates New Senior Unsecured Notes 'BB-'
-------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating to Unifin
Financiera S.A.B. de C.V.'s (Unifin; global scale: BB-/Negative/--;
national scale: mxA-/Negative/mxA-2) proposed senior unsecured
notes for up to $500 million with a maturity profile of up to eight
years. The lender will primarily use the proceeds to repay
short-term credit facilities, exchange outstanding market debt, and
meet funding needs. Therefore, the issuance will extend Unifin's
debt maturity profile and reduce near-term refinancing risks. It
will be hedged against currency exchange fluctuations, as we saw
with Unifin's outstanding global debt issuances.

S&P's view that the firm's priority debt (secured debt) will
represent less than 15% of adjusted assets for the next 12 months
supports its 'BB-' rating on the proposed notes.

Unifin's unencumbered assets will also cover more than 1x of its
rated unsecured debt (including the proposed debt issuance).
Finally, the rating indicates that the notes will rank equally in
right of payment with all of Unifin's existing and future senior
unsecured notes.

S&P said, "Our funding and liquidity assessment of Unifin remains
unchanged after incorporating the proposed issuances in our
metrics. We expect market debt to remain Unifin's main funding
source (78% of total funding), including the potential and
outstanding unsecured notes, as well as the firm's subordinated
perpetual notes. Despite this concentration, the firm's market debt
is diversified across many issuances and maturity dates. We expect
the funding mix to consist of global issuances (about 61%) and
local securitizations and banking lines 39%. Unifin refinanced
almost the full amount of all of its credit lines in the past 12
months, and we expect it to continue doing so in 2021. Finally, the
firm's stable funding ratio was 81.8% as of September 2020, and we
expect it to remain close to 90% after this issuance is completed.

"Unifin's sufficient resources to fund daily operations support our
liquidity analysis. After incorporating the potential unsecured
notes in our cash-flow analysis, our base- and stress-case
scenarios remain positive, despite Unifin will face the maturity of
about 30% of its total financial debt in 2021.

"The ratings also reflect that Unifin's leading position and
significant market share in the leasing sector will partly
compensate for the worsened operating conditions. We also
incorporate the deteriorating loan portfolio due to the sharp
economic downturn, but we consider that Unifin's asset quality
metrics will remain in line and comparable to those of other
leasing companies in the same risk position category. However,
non-performing assets' reserve coverage will remain low.
Furthermore, the ratings reflect our forecasted risk-adjusted
capital ratio above 7% on average for the next 12-24 months."




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

DESARROLLADORA VILLAS: Disclosure Statement to be Heard on March 11
-------------------------------------------------------------------
Judge Edward A. Godoy has entered an order that a hearing on
approval of Disclosure Statement of Desarrolladora Villas De San
Blas Se is scheduled for March 11, 2021 at 1:30 PM via Microsoft
Teams Video & Audio Conferencing and/or Telephonic Hearings.

The objections to the form and content of the Disclosure Statement
must be filed and served not less than 14 days prior to the
hearing.

As reported in the TCR, Desarrolladora Villas De San Blas, S.E.,
filed with the U.S. Bankruptcy Court for the District of Puerto
Rico a Plan of Reorganization and an explanatory Disclosure
Statement on Jan. 8, 2021.

To this date, the Debtor has received two proofs of claim forms
asserting approximately $500,161 in claims.  The Debtor has
reviewed the asserted claims and addressed them through specific
stipulations.  On Jan. 4, 2021, the Debtor and PR Farm Credit filed
a stipulation, which fixed the amount of the secured amount and
indebtedness as a whole, in a total of $380,000, payable in 20
years since January 2021.  Class 3 General Unsecured Creditors
includes for voting purposes the unsecured portion of PR's claim in
the amount of $120,161.  However, no dividend will be disbursed to
the creditors under this class.

A full-text copy of the Disclosure Statement dated Jan. 8, 2021, is
available at https://bit.ly/2LlBCLa from PacerMonitor.com at no
charge.

                   About Desarrolladora Villas

Desarrolladora Villas De San Blas, S.E., is a Special Partnership
organized pursuant the laws of the Commonwealth of Puerto Rico and
was chartered on May 8, 1998.  Its principal asset is a parcel of
land of little over 41 cuerdas which are undeveloped and located
at
Carr. 702, Km. 1.4, Bo. Palmarejo de Coamo, Coamo, Puerto Rico.

Desarrolladora Villas De San Blas filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 20-00087) on Jan. 14, 2020.  The
Debtor is represented by Alexis A. Betancourt Vincenty, Esq. of
Lugo Mender Group, LLC.




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

CITGO PETROLEUM: Offshoot Shares Sale Green-Lit by US Judge
-----------------------------------------------------------
The Latin American Herald reports that Leonard Stark, the chief
judge of the US District Court for the District of Delaware, gave
his nod to the sale of shares of CITGO Petroleum Corp. parent
company PDV Holding, Inc. (PdVH), a US-based non-operating stock
holding company of state-run oil company Petroleos de Venezuela
(PDVSA), in favor of Canadian mining company Crystallex who is owed
$1.4 billion in an arbitration case over the illegal
nationalization of gold fields in Venezuela in 2008 by the
government of the late Hugo Chavez.

The protection offered by The Office of Foreign Assets Control
(OFAC) of the US Department of the Treasury currently prevent the
shares from being sold, but it is better to move forward with the
process as far as the sanctions allow instead of keeping
Crystallex's owners waiting indefinitely, Stark said, according to
The Latin American Herald.

"All parties agree that, under current law and policy, a sale of
PdVH shares cannot be completed without a specific [US Treasury]
license, but all the preparatory steps that can be taken without
such a license can, and should, be taken," Stark wrote, the report
notes.

On the other hand, the interim government of Venezuela led by Juan
Guaido said in a statement after the decision was announced that
the measures by OFAC protect CITGO from a possible sale, the report
relays.

"While the said ruling favors Cristallex's request [. . . . ] it
reaffirms that such sale will not be carried out as long as it is
under the protection achieved by the Legitimate Government through
the Department of the Treasury," the report says.

The Guaido government made it clear that the US has remained a key
ally in the protection of Venezuela's assets and that, thanks to
the OFAC actions, it "maintains a protection that prevents any
creditor, including Crystallex, from seizing the assets of PDVSA,
which ratifies the protection of PdVH and, hence, CITGO," the
report discloses

Lastly, it underscored that it will continue to "explore
strategies, and legal and diplomatic actions" to ensure the
protection of CITGO and other assets of the Republic deemed
"fundamental for its reconstruction once usurpation has ceased in
Venezuela," the report adds.

                    About CITGO Petroleum

Citgo Petroleum Corporation is a United States-based refiner,
transporter and marketer of transportation fuels, lubricants,
petrochemicals and other industrial products.  Based in Houston,
Texas, Citgo is majority-owned by PDVSA, a state-owned company of
the Venezuelan government (although due to U.S. sanctions, in 2019,
they no longer economically benefit from Citgo.)

As reported in the Troubled Company Reporter-Latin America on
Troubled Company Reporter-Latin America on June 5, 2020, S&P Global
Ratings assigned its 'B+' rating and '1' recovery rating to Citgo
Petroleum Corp.'s $750 million senior secured notes due in 2025.
The '1' recovery rating indicates S&P's expectation for very high
(90%-100%; rounded estimate: 95%) recovery in the event of a
default.



                           *********


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 * * *