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

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

          Thursday, January 28, 2021, Vol. 22, No. 15

                           Headlines



B R A Z I L

BRAZIL: Vowing Budget Control, But Faces Pressure to Keep Spending
MOVIDA PARTICIPACOES: Fitch Assigns First-Time 'BB-' LT IDRs
VALE SA: To Divest Troubled Coal Assets in Mozambique


C A Y M A N   I S L A N D S

ORYX FUNDING: Moody's Gives Ba3 Rating on New Sr. Unsecured Notes


H O N D U R A S

HONDURAS: Join Forces to Rebuild Country, Private Sector


J A M A I C A

JAMAICA: Minister Working to End Illicit Importation of Chicken
JAMAICA: Still Committed to Divestment Plans


P A N A M A

GILEX HOLDING: Moody's Confirms B2 Senior Secured Rating
PANAMA: Precautionary Credit Line Provides Country with Insurance


P U E R T O   R I C O

FERRELLGAS PARTNERS: U.S. Trustee Unable to Appoint Committee


V E N E Z U E L A

VENEZUELA: Basic Food Basket Soars 2,021% in a Single Year

                           - - - - -


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B R A Z I L
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BRAZIL: Vowing Budget Control, But Faces Pressure to Keep Spending
------------------------------------------------------------------
Rio Times Online reports that Brazil's government entered 2021
determined to slash last year's record budget deficit, but a
devastating second wave of COVID-19 and fragile economic growth are
piling the political pressure on President Bolsonaro to keep
spending.

Lawmakers seeking to become the next leaders of both houses of
Congress have told Reuters they understand the importance of
restoring public finances back to health, but are looking for ways
to protect growth and Brazil's poor from the pandemic, according to
Rio Times Online.

Investors balked at the prospect of more heavy spending after the
government chalked up record deficits and debt last year, and
pushed the real down 2.8% against the dollar in previous trading,
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.


MOVIDA PARTICIPACOES: Fitch Assigns First-Time 'BB-' LT IDRs
------------------------------------------------------------
Fitch Ratings has assigned first time Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) of 'BB-' to Movida
Participacoes S.A. (Movida) and to its proposed benchmark sized
unsecured notes to be issued by Movida Europe, a wholly owned
subsidiary of Movida. The notes will be unconditionally and
irrevocably guaranteed by Movida Participacoes S.A. Proceeds will
be used to refinance existing debt and general corporate purposes.
The corporate Rating Outlook is Stable. Fitch currently rates
Movida's National Long-Term Rating 'AA-(bra)/Outlook Stable.

The rating reflects Movida's solid business position within the
competitive car and fleet rental industry in Brazil, with adequate
operational efficiency. Its size, as the third largest industry
player in Brazil, results in good bargaining power with automobile
manufacturers, enabling Movida to better capture economies of
scale. The rating also incorporates the company's improved business
and operating performance in the last couple of years and solid
financial performance during the coronavirus pandemic. A key factor
in the ratings is the company's sizable pool of unencumbered
vehicles that bolster its access to funding during periods of
restricted availability of credit in debt capital markets.

Movida's market-share oriented strategy and its aggressive growth,
leads to recurring negative FCF generation, which has been funded
primarily through debt. The car and fleet rental industry is
capital intensive, largely exposed to credit availability and
interest rate levels and to the economic cycle, particularly to
unemployment. Over the past few years, favorable industry dynamics
in the local market for fleet and car rental and the used car sales
business have been supporting strong growth opportunities and
mitigated the poor macroeconomic conditions in Brazil. The local
industry faces fierce competition and is currently experiencing a
period of consolidation after the announced merger of the two
largest players during 2020.

Partially offsetting financial and sector risks, is Movida's
ability to adjust its operations and growth to economic cycles at
its discretion, as it has done in the past, in order to generate
positive FCF and enhance its fiscal flexibility. The company has
demonstrated an improving access to lower cost credit lines, mostly
in the domestic market, and with the current issuance it seeks to
diversify its funding sources.

The Stable Outlook reflects Fitch’s expectation that Movida's
revenues will grow while maintaining an adequate credit profile
commensurate with its rating level. Fitch projects that the
company's adjusted net debt/EBITDA ratio will remain between 3.5x
and 3.8x across Fitch’s rating horizon. For 2020 and 2021,
respectively, Fitch forecasts net revenues of BRL4.2 billion and
BRL5.3 billion, EBITDA of BRL818 million (19% margin) and BRL1.2
billion (21% margin), and net debt/EBITDA of 3.0x and 3.5x.

KEY RATING DRIVERS

Solid Competitive Position: As the third largest player in the car
and fleet rental industry in Brazil, Movida has a solid business
position, underpinned by its large scale, operating expertise, a
national footprint and an adequate used car sale operation. As of
September 2020, Movida's fleet of 108,709 vehicles, consisting of
67,978 in rent-a-car (RaC) and 40,731 in fleet management (FM),
secured market shares of approximately 15% in RaC and 8% in FM, by
fleet size. As a result, the company has good bargaining power with
automobile manufacturers and is able to capture economies of scale.
At YE 2020 and 2021, Movida's total fleet should be around 112,092
and 130,947 vehicles, respectively.

Capital Intensive Industry: The capital-intensive nature of the
rental industry, which demands sizable and regular investments to
grow and renew the fleet, pressures the financial profile of the
companies in the sector. Therefore, lower funding costs and strong
access to credit markets are key competitive advantages. On the
other hand, the business model allows the companies to postpone
fleet renewal and adjust, if needed. Main risks for this industry
in 2021 are the uncertainty regarding the pace of the recovery of
the Brazilian automobile industry, which may constrain vehicle
supply in the first quarter, constrained credit markets, an
unexpected increase in interest rates, worse than expected economic
activity and deterioration in the used car sale market.

Improving Operating Performance: Fitch expects Movida to continue
to improve operating performance in the following years, supported
by a healthy price environment, stronger demand, new mobility
trends and maintenance costs per operating vehicle, utilization
rate, and selling cost per vehicle closer to market benchmarks.
Fitch forecast the RaC utilization rate at 77% in 2020 and 78% in
2021 compared to 76% in 2019, while fleet utilization rate should
be higher than 95%. Fitch expects to see the company's EBITDA
margins evolving from pre-crises levels in 2021-2022, as car and
fleet rental regained traction after the worst period of lockdown
restrictions.

Fitch forecasts EBITDA of BRL818 million (19% margin) in 2020, with
strong growth in 2021. Fitch estimates EBITDA at BRL1.2 billion
(21% margin) and BRL1.7 billion (22% margin), in 2021 and 2022,
respectively. Fitch projects negative FCF during the rating
horizon, due to higher growth capex, around BRL365 million in 2020
and BRL1.5 billion in 2021. In the LTM ended on September 2020,
Movida's EBITDA and FCF were, respectively, BRL705 million (17%
margin) and negative BRL400 million.

Growth to Continue to Pressure Leverage: Movida's growth-oriented
strategy, to enhance and consolidate its business position, may
pressure the company's leverage levels over the rating horizon.
Fitch expects Movida's commitment to a sound capital structure
alongside its robust cash generation will enable the company to
manage its growth while keeping leverage levels aligned with
current ratings. Fitch forecast net debt/EBITDA around to 3.5x
depending on the stage of the investment cycle, being 3.0x in 2020,
3.5x in 2021 and 3.8x in 2022.

Coronavirus Limited Impact: The coronavirus outbreak containment
measures, such as social distancing and mobility restrictions had a
lower impact in the industry than initially anticipated. During the
worst period of lockdown restrictions, contract cancelations and
the slight increase in delinquency were not meaningful. Fitch
projects a resumption of growth and increase in the car and fleet
rental industry penetration from 2021, as a result of mass
vaccination, new mobility habits, and companies choosing to lease
and preserve liquidity.

Parent and Subsidiary Linkage: Fitch rates Movida on a standalone
basis but acknowledges that Simpar's ownership has benefited the
company's financial flexibility. In addition to its 55.1%
controlling stake, Simpar determines the business and financial
strategies of Movida, selects its management, and has some freedom
to manage its cash as there is no restriction on upstream
dividends. Restrictions do apply to intercompany loans.

DERIVATION SUMMARY

Movida's ratings reflect the company's sound capital structure and
business profile but relatively weaker competitive position when
compared with its bigger domestic peer Localiza Rent a Car S.A.
(BB/Negative). The company has 280 thousand vehicles, being almost
two times bigger than its closest domestic peers, such as Companhia
de Locação das Américas - Locamérica e Unidas S.A with 158
thousand cars and Ouro Verde Locacao e Servico S.A. (BB-/Stable)
with 22 thousand vehicles.

Fitch believes that Movida's bargaining power and business position
is weaker than that of the industry's benchmark, Localiza, but
stronger than that of Ouro Verde. Compared with Localiza, Movida
has a weaker financial profile with moderately higher leverage and
relatively higher refinancing risks. Compared with Ouro Verde,
Movida has a similar leverage and liquidity position, but a larger
scale and stronger business profile alongside better access to
credit markets.

KEY ASSUMPTIONS

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

-- Average consolidated annual revenue growth at 24% from 2020 to
    2022;

-- Consolidated EBITDA margin at 21%, on average, from 2020 to
    2022;

-- Consolidated net capex at around BRL1.2 billion, on average,
    from 2020 to 2022;

-- Cash balance remains sound compared to short-term debt;

-- Dividends at 35% net income.

RATING SENSITIVITIES

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

-- Strengthening of the company's scale and competitive position,
    without jeopardizing the company's profitability or capital
    structure.

-- Improvement in the company's financial profile, with adjusted
    net debt / EBITDA below 3.0x on a regular basis.

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

-- Failure to preserve liquidity and inability to access adequate
    funding;

-- Prolonged decline in demand coupled with inability to adjust
    operations, leading to a higher-than-expected fall in
    operating cash flow;

-- Increase in adjusted net debt/EBITDA to more than 4.0x on a
    regular basis;

-- Downgrade of Simpar's National Long-Term Rating to a level
    below that of Movida.

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: Movida's adequate liquidity position and track
record of a proactive liability management is a key credit
consideration. Movida's cash to short-term debt ratio has been 1.5x
on average during the last three years. The company's expected
negative FCF, a result of its growth strategy, will be financed by
debt in Fitch's rating scenario. As of Sept. 30. 2020, Movida had
BRL1.6 billion of cash and BRL4.1billion of total adjusted debt,
BRL943 million of which is due in the short-term debt (1.8x cash
coverage ratio).

The company's debt profile is mainly comprised of local debentures
and promissory notes (69%), bank loans and working capital (18%),
and FINAME and leasing operations (1%). Currently, less than 2% of
Movida's debt is secured. Additionally, Movida's financial
flexibility is supported by the company's ability to postpone
growth capex to adjust to the economic cycle and to the
considerable number of the group's unencumbered assets, with a book
value of fleet over net debt at 1.3x.

SUMMARY OF FINANCIAL ADJUSTMENTS

-- Growth capex was moved from the CFO to the CFI;

-- OEM receivables related to vehicle acquisitions added to
    capex.


VALE SA: To Divest Troubled Coal Assets in Mozambique
-----------------------------------------------------
Rio Times Online reports that Brazil's Vale said it is buying out
minority stake partner, Japan's Mitsui & Co, in a Mozambique coal
mine and port project, ahead of selling the loss-making asset as it
works to become carbon neutral by 2050.

Vale, the world's second-biggest iron ore miner, said in a
statement it planned to divest its loss-making Moatize coal mine
and Nacala Corridor rail and port projects in Mozambique, to focus
on its core operations, according to Rio Times Online.

As reported in the Troubled Company Reporter-Latin America in
September 2019, Moody's Investors Service affirmed Vale S.A.'s Ba1
senior unsecured ratings and the ratings on the debt issues of Vale
Overseas Limited, fully and unconditionally guaranteed by Vale S.A.
Moody's also affirmed the Ba2 senior unsecured ratings of Vale
Canada Ltd.  The outlook changed to stable from negative.

At the same time, Moody's America Latina Ltda. affirmed Vale's
Ba1/Aaa.br corporate family rating and the Ba1/Aaa.br ratings on
its senior unsecured notes. The outlook changed to stable from
negative.




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C A Y M A N   I S L A N D S
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ORYX FUNDING: Moody's Gives Ba3 Rating on New Sr. Unsecured Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to the proposed
senior unsecured notes to be issued by Oryx Funding Limited, a
special purpose vehicle established in the Cayman Islands (Aa3
stable) by Oman Electricity Transmission Company SAOC (OETC, Ba3
negative). The outlook is negative.

RATINGS RATIONALE

The Ba3 rating assigned to the proposed notes and negative outlook
are in line with the corporate family rating and the rating outlook
of OETC. This is because the proposed notes will be guaranteed by
OETC and will rank pari passu with OETC's existing senior unsecured
notes issued by Lamar Funding Limited (Ba3 negative) and OmGrid
Funding Limited (Ba3 negative) and similarly guaranteed by OETC.

The proceeds from these notes will be used to refinance OETC's
existing OMR100 million shareholder loan, for capital spending and
general corporate purposes. OETC's liquidity will improve as a
result of the proposed issuance, to a more adequate level. As of
September 30, 2020, sources of funds included OMR46 million of cash
and OMR10 million available under a working capital facility
maturing in June 2021. The proceeds of the bond, together with
estimated cash inflows from operations of OMR63 million, will be
sufficient to cover estimated capital expenditures of OMR100
million, the shareholder loan repayment of OMR100 million and
dividends of OMR22 million over the next 12 months.

Moody's also believes that shareholders could provide liquidity if
needed. Nama Holding had cash reserves of OMR190 million as of 30
September 2020. These reserves were extracted from dividend
payments from its subsidiaries, including OETC, and are held as a
financial buffer for its subsidiaries.

Moody's views OETC as a government-related issuer whose Ba3
corporate family rating reflects a baseline credit assessment of
ba3, combined with a very high level of dependence and a high level
of support from the government. The company is 51% indirectly owned
by the Government of Oman (Ba3 negative) and 49% by State Grid
International Development Limited (A2 stable).

OETC's ratings are constrained by the company's significant
indirect exposure to the Omani government in the form of subsidies
and whose credit standing has been weakening. In particular, the
payment of subsidies to the electricity distribution companies has
been subject to recurring delays as a result of pressures on the
government's own cash flows. Moody's expects a normalization of
payments into 2021 and limited effects on OETC's cash flows. OETC
also faces high capital spending requirements with associated
funding requirements which could lead to an increase in leverage.

OETC's ratings remain supported by (1) the stable and transparent
regulatory framework for the transmission of electricity and the
independence of the regulator; (2) the cost-recovery mechanisms of
the regulatory framework; (3) the low business risk profile of the
electricity transmission activities and (4) its monopoly position
in Oman.

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

The proposed notes are guaranteed by OETC. As such, a change in
OETC's ratings will automatically be reflected in the ratings of
Oryx Funding Limited and of the issued notes.

OETC's ratings could be upgraded if Oman's long-term issuer rating
was upgraded. This would also require no material deterioration in
the company's operating and financial performance as well as a
stronger liquidity profile.

OETC's ratings could be downgraded in case of a further downgrade
of Oman's sovereign rating or in case of adverse changes in the
regulatory framework. OETC's BCA could be lowered as a result of
(1) a weakening liquidity profile, (2) weakening credit metrics
such that (a) net debt/fixed assets (3-year average) rises above
90%, (b) FFO/net debt (3-year average) falls below 5%, (c) FFO
interest coverage (3-year average) falls below 1.8x.

The methodologies used in this rating were Regulated Electric and
Gas Networks published in March 2017.

Oman Electricity Transmission Company SAOC (OETC) is the monopoly
electricity transmission provider of Oman's Main Interconnected
System and the Salalah Transmission System. The Omani government
indirectly owns 51% of OETC through the Oman Investment Authority
and Nama Holding. State Grid International Development Limited
(SGID, A2 stable), a wholly-owned subsidiary of State Grid
Corporation of China (State Grid, A1 stable) owns the other 49%.
OETC generated revenues of OMR 113 million ($294 million) in the
twelve months to June 30, 2020.




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H O N D U R A S
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HONDURAS: Join Forces to Rebuild Country, Private Sector
--------------------------------------------------------
EFE News reports that the Honduran private sector is in a "state of
calamity" due to the coronavirus pandemic, which has resulted in
134,111 confirmed cases and 3,354 deaths nationwide, and the
effects of the tropical storms Eta and Iota, such that it rejects
the idea of a new lockdown to stem the uncontrolled spread of the
virus.

"Private business is in a state of calamity. We had 10 months of
confinement and going out (to work) at half-steam due to Covid-19
and in November, we were affected by two tropical storms," the
president of the Honduran Private Business Council (Cohep), Juan
Carlos Sikaffy, told EFE in an interview.

The natural phenomena mainly affected the Sula Valley, in the
Caribbean province of Cortes, extending into a part of neighboring
Yoro province, which produces 45 percent of the country's GDP, all
of which has had "very serious consequences" for Honduras, he said,
according to EFE News.

Eight of every 10 Hondurans have "serious problems in acquiring
their resources," and thus they live in a "precarious" situation,
which Mr. Sikaffy said concerns the private business sector, the
report notes.

Ninety percent of the country's business sector consists of micro
and small firms, and these are two of the sectors most affected by
the coronavirus and the storms, and the "big limitations" have not
allowed for their reactivation, he added.

The report discloses that Sikaffy rejected the idea of imposing a
new lockdown on Honduras, a measure that authorities have been
planning in the face of the increasing number of Covid-19 cases
across the country.

A quarantine is "out of context. We have to take care of ourselves,
with each one of us taking responsibility," he emphasized, adding
that a quarantine "will send many more people back into poverty,"
with the informal economic sector having increased in size, the
report relays.

"There are people who go out on the street to work today, to eat
today or tomorrow. If that income source is cut off, it throws more
people into poverty. That is very serious. We could see an
unprecedented social breakdown in the country," he said, the report
notes.

Honduras is at an "inflection point" and right now there is "a
great opportunity to rebuild the country," with international
organizations offering financing, and so the government and
businessmen should craft projects that have "greater impact" on the
public, he added.

Honduras, a country with 9.3 million residents, has been
experiencing a resurgence in the pandemic since December and, as a
result, its healthcare system is on the verge of collapse, the
report relays.

Almost all economic sectors were shut down last March, but the
lockdown stemmed the spread of the virus at that time and enabled
the reopening of the most essential sectors at the end of July, the
report notes.

However, the economic reactivation has been slow, and Sikaffy is
demanding that the government "join efforts" with all other sectors
to "rebuild the country together," the report relays.

EFE News notes that the main challenges to Honduran private
business are to rehabilitate and rebuild what was destroyed by Eta
and Iota last November, and to reactivate the economy, he said.

Reactivating the country's weak economy means "providing businesses
with loans, guaranteed funds that the government should provide to
be able to recover," he said, adding that businessmen also need to
reinvent themselves to be able to resume their activities, the
report says.

The crisis about which businessmen are warning can be seen in the
unemployment figures, with a million people from the formal sector
out of work and more than 1.5 million people with "serious income
problems" in the informal sector, the report notes.

The damage left by Eta and Iota adds up to some 46 billion lempiras
(US$1.9 billion), according to a report by the United Nations
Economic Commission for Latin America and the Caribbean (ECLAC)
cited by Sikaffy, the report relays.

He said that the Covid-19 pandemic has hit the Honduran economy
hard and has resulted in losses of at least 18 percent of GDP,
equivalent to 120 billion lempiras (just under $5 billion).

In Sikaffy's opinion, the National Reconstruction Plan announced by
the government should prioritize attacking "the human tragedy, the
rehabilitation of what was destroyed by the storms and the
reactivation of the economy," the report relays.

To do that, Honduras needs to attract foreign investment, but the
country should move along "a road to reconstruction where it is not
so vulnerable to climate change," he added.

The government also should guarantee that foreign investors have
"certainty, clear rules, strong institutions so that they have the
security of knowing that their investments in the country are
safe," the report says.




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

JAMAICA: Minister Working to End Illicit Importation of Chicken
---------------------------------------------------------------
RJR News reports that Agriculture Minister, Floyd Green, says he
will be working closely with several agencies to bring an end to
the illicit importation of chicken parts.

They include the Jamaica Customs Agency, the Veterinary Services
Division of  the Agriculture and Fisheries Ministry and the US
Department of Agriculture, according to RJR News, the report
notes.

Mr. Green noted that the Ministry does not issue permits for people
to import chicken leg quarters or mixed parts, the report says.

He says the Ministry only provides permits in relation to chicken
neck, back and feet, the report discloses.

Mr. Green addressed a meeting with major poultry producers: Jamaica
Broilers and Caribbean Broilers Group, as part of consultations
regarding the importation of  chicken parts, the report adds.

                      About Jamaica

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

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

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


JAMAICA: Still Committed to Divestment Plans
--------------------------------------------
RJR News reports that Jamaica Finance Minister Dr. Nigel Clarke
says there are still plans to divest the Government's stake in the
Jamaica Public Service Company (JPS) and other public entities.

Dr. Clarke made the disclosure at Mayberry's Virtual Investor
Forum.

Apart from JPS, the government also has divestment plans for the
Jamaica Mortgage Bank and the Central Wastewater Treatment Company
which owns the Soapberry Wastewater Treatment Plant in St.
Catherine, according to RJR News.

"The timeline has just been shifted just out of 2020," Dr. Clarke
explained, "and hopefully into 2021 or shortly thereafter," the
report notes.

                      About Jamaica

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

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

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




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P A N A M A
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GILEX HOLDING: Moody's Confirms B2 Senior Secured Rating
--------------------------------------------------------
Moody's Investors Service has confirmed all long-term ratings of
Gilex Holding S.A. ("Gilex Holding", senior secured rating B2) as
well as the long-term ratings and assessments of its lead bank,
Banco GNB Sudameris S.A. ("GNB Sudameris", Ba2 for deposits),
including the ba3 standalone Baseline Credit Assessment. The
outlook on the bank's and on the holding's ratings is now
negative.

The rating agency also downgraded Banco Bilbao Vizcaya Argentaria
Paraguay ("BBVA Paraguay") long-term local and foreign currency
counterparty risk ratings to Ba1 from Baa3, the short-term local
and foreign currency counterparty risk ratings to Not Prime, from
Prime 3, as well as the long-and short-term counterparty risk
assessments to Ba1(cr) and Not Prime(cr), from Baa3(cr) and Prime
3(cr). The bank's adjusted baseline credit assessment was also
downgraded to ba2 from ba1. The rating agency affirmed BBVA
Paraguay's short term local and foreign currency deposit ratings of
Not Prime and confirmed all of the bank's other ratings and
assessments, including its ba2 BCA. The outlook for the ratings is
now negative.

The rating actions follow the completion of Banco GNB Paraguay
S.A.'s (GNB Paraguay) acquisition of BBVA Paraguay announced on
January 22, 2021. GNB Paraguay is a subsidiary of GNB Sudameris.

The rating actions conclude Moody's review of GNB Sudameris' and
BBVA Paraguay's ratings that began on August 13, 2019, when the
transaction was first announced.

RATINGS RATIONALE

The confirmation of GNB Sudameris and Gilex's ratings follows the
recent approval by relevant regulatory authorities of the
acquisition of BBVA Paraguay by GNB Paraguay, a subsidiary of GNB
Sudameris, which, in turn, is a subsidiary of Gilex Holding. GNB
Paraguay closed and paid the all-cash acquisition on January 22nd
at a price of $251 million. In connection to the acquisition, GNB
Paraguay received a $57 million capitalization from GNB Sudameris.
Additionally, GNB Paraguay sold 32% of the combined pro-forma bank
to Grupo Vierci, a Paraguayan-based retail-to-media company, for
$173 million. The proceeds of the Grupo Vierci transaction were
allocated to the acquisition of BBVA Paraguay. The acquisition will
create the largest commercial bank in Paraguay, with $2.6 billion
in deposits and $3.3 billion in total assets. GNB Sudameris will
retain a 68% ownership of GNB Paraguay, with Grupo Vierci holding
32% of the new bank's shares.

GNB SUDAMERIS

The confirmation of GNB Sudameris' ratings and assessments
incorporates the bank's historically good asset quality and stable
liquidity, which are partially offset by its low capitalization and
the challenges to asset risk and profitability deriving from the
weak operating conditions in Colombia.

The negative outlook on GNB Sudameris' ratings reflects downward
pressures on its baseline credit assessment derived from the bank's
augmented exposure to weaker operating conditions in Paraguay,
which will now account for 36% of GNB Sudameris' loans, doubling
its previous 17% exposure to that country. The negative outlook
also incorporates Moody's expectation that GNB Sudameris' asset
risk, profitability and capital metrics will weaken further as
unemployment remains high and economic activity modest into 2021 in
its major operating market, Colombia. The bank's problem loans rose
to 2.3% of gross loans as of September 2020, from 2.1% as of 2019,
but uncertainty about the effects of the pandemic and pace of
economic recovery weigh on asset quality metrics and provisioning
needs. GNB Sudameris' Moody's capitalization ratio, measured as
tangible common equity (TCE)/risk-weighted assets (RWA), increased
to 7.9% as of September 2020, from 7.5% as of 2019, as a result of
the capital injection early in 2020 in anticipation of the
acquisition of BBVA Paraguay. That said, Moody's estimates GNB
Sudameris' TCE/RWA ratio will remain low and below that of its
rated Colombian peers.

GILEX HOLDING

The confirmation of Gilex Holding's ratings with negative outlook
follows the confirmation of GNB Sudameris´ BCA and incorporates
the downward pressure on GNB Sudameris' baseline credit assessment.
As a holding company, Gilex depends on its primary operating
subsidiary Banco GNB Sudameris' dividends to service its debt and
repay principal. As such, Gilex's senior secured debt is
structurally subordinated to the obligations of GNB.

Gilex Holding’s ratings also incorporate the company´s somewhat
high double leverage ratio, which is measured by investments in
subsidiaries relative to shareholders' equity, at around 118% and
reflects the extent to which a holding company relies upon debt to
finance its investments in subsidiaries. Moody's considers double
leverage in excess of 115% to be high. This leads to a rating two
notches below GNB's baseline credit assessment of ba3, one notch
wider than Moody's typical notching for financial holding
companies.

That said, the company has a high interest coverage ratio
underpinned by strong dividend income from its subsidiaries, with
core earnings amounting to 2.1 times interest expenses in June
2020. In addition, Gilex Holding has enough liquidity and interest
income in dollars, limiting its reliance on dividend inflows to
meet upcoming debt obligations.

BBVA PARAGUAY

The conclusion of the review and the downgrade of BBVA Paraguay's
supported ratings follow the completion of GNB Sudameris'
acquisition of BBVA Paraguay through GNB Paraguay. Consequently,
BBVA Paraguay's ratings will no longer benefit from affiliate
support from its previous parent bank, Banco Bilbao Vizcaya
Argentaria S.A. (A2 stable). Moody’s assessment of support for
BBVA Paraguay from GNB Sudameris is high, however, its deposit
rating will not incorporate uplift from affiliate support because
GNB Sudameris` BCA is lower than that of BBVA Paraguay.

BBVA Paraguay will continue to exist as an indirect subsidiary of
GNB Sudameris and, under Paraguayan law, it will be merged into GNB
Paraguay over a maximum period of six months.

The confirmation of the bank`s ba2 BCA reflects BBVA Paraguay`s
strong capitalization, resilient profitability, and conservative
risk management, in line with that of its former parent bank. BBVA
Paraguay`s BCA also reflects its limited reliance on confidence
sensitive market funding and high levels of liquid assets.

Moody's confirmation of BBVA Paraguay`s long term deposit ratings
reflects the rating agency's assessment of a high probability of
government support in the event of stress in light of its relevant
deposit market share that results in one notch uplift to its
deposit ratings to Ba1, from its ba2 BCA.

The negative ratings outlook reflects the risks of integrating BBVA
Paraguay into GNB Paraguay that could lead to client and business
attrition, with negative effect on earnings generation, a decline
in capitalization, or changes to its risk management policies
leading to rising asset risk.

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

GNB SUDAMERIS

GNB Sudameris' ratings could be downgraded if asset risk and
profitability continue to deteriorate and/or the capitalization
ratio declines from current levels. However, the ratings would not
be affected by a downgrade of the Government of Colombia's
sovereign bond rating of Baa2. While an upgrade of GNB Sudameris'
ratings is unlikely given the negative outlook on its ratings, the
outlook could be stabilized if the bank manages to maintain asset
quality and earnings and improve its capitalization levels.

GILEX HOLDING

Upward/downward pressures on Gilex Holding's ratings would be
associated with similar pressures on GNB Sudameris' BCA. The
ratings could also face downward pressures if the group's double
leverage appear likely to exceed 115% by a meaningful amount on a
sustained basis and/or the interest coverage ratio decrease
significantly.

BBVA PARAGUAY

At this time, the negative outlook on the bank's ratings precludes
any upward pressure. The bank's BCA could be downgraded if its
asset quality deteriorates materially as a result of changes in its
risk appetite and management policies, leading to rising
provisioning expenses and lowering profitability. A decline in the
bank's capitalization from historically elevated levels would also
be negative for the ratings. The outlook could be stabilized if the
bank's asset quality, capitalization and profitability remain in
line with historical levels.

PRINCIPAL METHODOLOGY

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

Banco GNB Sudameris is headquartered in Bogota, Colombia. The bank
had total consolidated assets of COP41,628 billion and
shareholders' equity of COP2,221 billion as of September 30, 2020.
Gilex Holding S.A. (Gilex) is a private limited liability company
incorporated under the laws of Panama, whose only significant
assets are its ownership of a 94.7% equity interest in GNB and a
1.5% equity interest in Servitrust GNB Sudameris S.A.,
(Servitrust), a subsidiary of Banco GNB Sudameris S.A. (GNB).

BBVA Paraguay is headquartered in Asuncion and had total assets of
PYG 13.4 trillion ($ 1.9 billion) and equity of PYG 1.3 trillion as
of 30 September 2020.

ISSUERS AND RATINGS AFFECTED

The following Banco GNB Sudameris S.A.'s ratings and assessments
were confirmed:

Long-term local currency deposit rating of Ba2, Negative from
Ratings Under Review

Long-term foreign currency deposit rating of Ba2, Negative from
Ratings Under Review

Long-term global foreign currency subordinated debt rating of B1

Long-term local currency counterparty risk rating of Ba1

Long-term foreign currency counterparty risk rating of Ba1

Adjusted Baseline Credit Assessment of ba3

Baseline Credit Assessment of ba3

Long-term counterparty risk assessment of Ba1(cr)

The following Banco GNB Sudameris S.A.'s ratings and assessments
were affirmed

Short-term local currency deposit ratings of Not Prime

Short-term foreign currency deposit rating of Not Prime

Short-term local currency counterparty risk rating of Not Prime

Short-term foreign currency counterparty risk rating of Not Prime

Short-term counterparty risk assessment of NP(cr)

Outlook, changed to Negative, from Ratings Under Review

The following Gilex Holding S.A.'s ratings were confirmed:

Long-term global local currency issuer rating of B2, Negative from
Ratings Under Review

Long-term global foreign currency senior secured rating of B2,
Negative from Ratings Under Review

Outlook, changed to Negative, from Ratings Under Review

The following ratings and assessments assigned to BBVA Paraguay
S.A. were downgraded:

Long -term local and foreign currency counterparty risk ratings to
Ba1 from Baa3, respectively

Short-term local and foreign currency counterparty risk ratings to
Not-Prime from Prime-3, respectively

Adjusted baseline credit assessment to ba2 from ba1

Long-term counterparty risk assessment to Ba1(cr) from Baa3(cr)

Short-term counterparty risk assessment to Not-Prime(cr) from
Prime-3(cr)

The following ratings and assessments assigned to BBVA Paraguay
S.A. were confirmed:

Long-term local currency deposit rating of Ba1, Negative outlook
from Ratings Under Review

Long-term foreign currency deposit rating of Ba1, Negative outlook
from Ratings Under Review

Baseline credit assessment of ba2

The following ratings assigned to BBVA Paraguay S.A. were
affirmed:

Short-term local currency deposit rating of Not Prime

Short-term foreign currency deposit rating of Not Prime

Outlook, changed to Negative from Ratings Under Review


PANAMA: Precautionary Credit Line Provides Country with Insurance
-----------------------------------------------------------------
After over two decades of record high growth, Panama is facing a
sharp economic contraction following months of pandemic-related
lockdowns. With support from the IMF, the government is combating
the economic shock, but with a second wave of contagion potentially
underway, the country is using the precautionary liquidity line as
an insurance policy against new shocks.

Qualifying for the precautionary line requires sound economic
fundamentals and institutional policy frameworks, and a good track
record of economic performance. IMF Country Focus spoke with the
Fund's mission chief for Panama, Alejandro Santos, about the
country's outlook.

How has the pandemic affected Panama?

Panama was severely affected. Being a regional trade,
transportation, and finance hub highly integrated into the world
economy, Panama was hit hard by the global downturn. Ship traffic
through the Panama Canal dropped by about 10 percent and use of
electricity by some 7 percent in 2020.

At the same time, health and social spending pressures surged.
Panama has one of the highest COVID-19 fatality rates in the world,
despite having a relatively good healthcare system. Nationwide
lockdowns were enforced, but the rates of contagion remain high,
particularly around Panama City, a densely populated area. This has
affected economic activity, with output dropping by an estimated 9
percent in 2020. Tax revenues—already well below the regional
average—have also fallen, resulting in a widening fiscal deficit
and an increase in public debt.

Why choose a precautionary credit line?

It is an insurance policy against risks and can help boost investor
confidence. A second wave of COVID-19 could trigger a deeper
recession and lead to disruptions in private capital flows, putting
further pressure on public finances. If such a crisis were to
materialize, Panama could tap the line for liquidity. A country
must have sound fundamentals and policies to qualify for a
precautionary credit line. This sends an important signal to
markets.

What are the top policy priorities and how does this arrangement
support them?

The country is focused on getting through the pandemic. The
immediate priorities are facilitating vaccination; supporting an
adequate level of social and health spending; continuing to
strengthen institutional policy frameworks, like financial
integrity and data adequacy; and preparing the economy for a
post-pandemic recovery. By boosting market confidence and providing
protection against risks, the precautionary line can help the
country weather the crisis and lay the groundwork for recovery.

Panama has had many IMF programs in the past. What was achieved and
how is Panama different today?

Panama has had 20 IMF programs, two-thirds of them precautionary.
These programs have been used to advance the governments' reform
agendas. Measures taken included reinforcing expenditure controls,
strengthening revenue collection, privatizing enterprises,
improving financial supervision, combating money laundering, and
establishing targeted transfer programs to reduce poverty. As a
result of these reforms, the economy grew at an average rate of 6
percent between 1992 and 2019—the fastest in region— and
achieved the highest per capita income in Latin America.

Does the program include any measures to help Panama exit from the
Financial Action Task Force (FATF) grey list?

The country agreed on an action plan with FATF, which provides a
roadmap for addressing weaknesses related to financial integrity.
The authorities have hired highly qualified international experts
on anti-money laundering and combating the financing of terrorism
to guide their de-listing process and ensure adherence to the
highest international standards. The IMF is helping by providing
technical assistance in this area.




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

FERRELLGAS PARTNERS: U.S. Trustee Unable to Appoint Committee
-------------------------------------------------------------
The U.S. Trustee for Region 3 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Ferrellgas Partners, LP and Ferrellgas Partners
Finance Corp.
  
                    About Ferrellgas Partners

Ferrellgas Partners, L.P. (OTC: FGPR) --
https://www.ferrellgas.com/ -- is a publicly traded Delaware
limited partnership formed in 1994 that has two direct
subsidiaries, Ferrellgas Partners Finance Corp. and Ferrellgas, LP,
the operating partnership.  Ferrellgas serves propane customers in
all 50 states, the District of Columbia, and Puerto Rico.
Ferrellgas employees indirectly own 22.8 million common units of
the partnership, through an employee stock ownership plan.

Partners and Finance filed voluntary petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case Nos.
21-10021 and 21-10020) on Jan. 11, 2021.  Finance is a Delaware
corporation formed in 1996 and has nominal assets, no employees and
does not conduct any operations, but solely serves as co-issuer and
co-obligor for the 2020 Notes.  Ferrellgas LP was not included in
the Chapter 11 filing.  It has ample liquidity and is operating
normally.

James E. Ferrell, chief executive officer and president, signed the
petitions.  At the time of the filing, Partners was estimated to
have $100 million to $500 million in both assets and liabilities
while Finance was estimated to have less than $50,000 in assets and
$100 million to $500 million in liabilities.

Judge Mary F. Walrath oversees the cases.

The Debtors tapped Squire Patton Boggs (US) LLP as primary
bankruptcy and restructuring counsel; Chipman, Brown, Cicero &
Cole, LLP as local bankruptcy counsel; Moelis & Company LLC as
investment banker; and Ryniker Consultants as financial advisor.
Prime Clerk LLC is the claims, noticing and solicitation agent.




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

VENEZUELA: Basic Food Basket Soars 2,021% in a Single Year
----------------------------------------------------------
The Latin American Herald reports that it seems inconceivable for a
country that has allowed the opening of an authorized Ferrari car
dealership in the capital just a few days ago, and whose minimum
monthly salary was located at only $1.09 in December of last year,
to record such a jump in the prices of items that are essential for
its citizens to lead a decent life.

A monthly report from the Center for Documentation and Social
Analysis of the Venezuelan Teachers Federation (known as
Cendas-FVM) showed that the basket of basic goods was located at
Bs.323.5 million in December of 2020, which represents a monthly
increase of 30% and a whopping 2,021% year-on-year, according to
The Latin American Herald.

Cendas-FVM pointed out that a five-person household had to earn
269.60 minimum wages of Bs.1.2 million each, or Bs.10.8 million a
day (9 daily minimum wages of $9.80), the report notes.

All items included in the basket recorded reasonable increases from
the previous month: fruits and vegetables (76.1%); roots and tubers
(61%); fish and seafood (51.8%); grains (40.9%); fats and oils
(35.3%); sauces and mayonnaise (32.4%); cereals and cereal
byproducts (25%); coffee (21.6%); meats (13.5%); sugar and salt
(9.2%); and milk, cheeses and eggs (8.6%), the report relays.

A separate report by local NGO Food Basket Observatory showed that
the most expensive state to buy food is Vargas, a coastal region in
the north of Venezuela just 30 minutes from the capital, with an
average of Bs.38.2 million ($23.60) while the least expensive was
the southwestern Apure with prices averaging Bs.24 million
($14.86), the report relates.

In addition, the average variation of prices during the second week
of January was nearly 37% triggered by a 50.4% depreciation of the
bolivar currency, the report adds.

                            Venezuela

Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South America, consisting of a
continental landmass and a large number of small islands and islets
in the Caribbean sea.  The capital is the city of Caracas.

Hugo Chavez was president to Venezuela from 1999 to 2013.  The
Chavez presidency was plagued with challenges, which included a
2002 coup d'etat, a 2002 national strike and a 2004 recall
referendum.  Nicolas Maduro was elected president in 2013 after the
death of Chavez.  Maduro won a second term at the May 2018
Venezuela elections, but this result has been challenged by
countries including Argentina, Chile, Colombia, Brazil, Canada,
Germany, France and the United States who deemed it fraudulent and
moved to recognize Juan Guaido as president.

The presidencies of Chavez and Maduro have challenged Venezuela
with a socioeconomic and political crisis.  It is marked by
hyperinflation, climbing hunger, poverty, disease, crime and death
rates, social unrest, corruption and emigration from the country.

S&P Global Ratings, in May 2019, removed its long- and short-term
local currency sovereign credit ratings on Venezuela from
CreditWatch with negative implications and affirmed them at
'CCC-/C'. The outlook on the long-term local currency rating is
negative. At the same time, S&P affirmed its 'SD/D' long- and
short-term foreign currency sovereign credit ratings on Venezuela.

Moody's credit rating (long term foreign and domestic issuer
ratings) for Venezuela was last set at C with stable outlook in
March 2018.  Meanwhile, Fitch's long term issuer default rating for
Venezuela was last in 2017 at RD and country ceiling was CC. Fitch,
on June 27, 2019, affirmed then withdrew the ratings due to the
imposition of U.S. sanctions on Venezuela.



                           *********


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
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Information contained herein is obtained from sources believed to
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