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

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

          Friday, January 29, 2021, Vol. 22, No. 16

                           Headlines



A R G E N T I N A

CORDOBA: S&P Cuts Ratings on Notes Due 2024/2027 to 'D'


B R A Z I L

BANRISUL: Fitch Assigns Final 'B' Rating on USD300MM Tier 2 Notes
BRAZIL: IDB OKs $20MM Loan to Promote Public-Private Partnerships
MOVIDA PARTICIPACOES: S&P Assigns 'B+' ICR, Outlook Stable
RIO PARANAPANEMA: Moody's Rates New BRL500MM Debentures 'Ba1'


M E X I C O

UNIFIN FINANCIERA: Fitch Gives Final BB Rating on USD Unsec. Notes
UNIFIN FINANCIERA: S&P Affirms 'BB-' Rating on New Unsecured Notes
VERACRUZ STATE: Moody's Rates MXN1.1-Bil. FISE Bank Loan 'Ba1'


P U E R T O   R I C O

L'OCCITANE INC: Files for Ch. 11 to Close Unprofitable Stores
PUERTO RICO ELECTRIC: Moody's Completes Review, Retains Ca Rating


U R U G U A Y

BANCO SANTANDER: Moody's Affirms Ba1 BCA, Outlook Stable


V E N E Z U E L A

VENEZUELA: Crude Stocks Drop as Exports Pick Up
VENEZUELA: Food Production at High Risk Due to Shortages of Diesel


X X X X X X X X

LATAM: IMF Needs More Resources to Help Heavily Indebted Countries

                           - - - - -


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A R G E N T I N A
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CORDOBA: S&P Cuts Ratings on Notes Due 2024/2027 to 'D'
-------------------------------------------------------
S&P Global Ratings lowered its issue-level ratings on Cordoba's
senior unsecured notes due 2024 and 2027 to 'D' from 'CC'. S&P
affirmed its 'SD' issuer credit rating on the province of Cordoba.

Outlook

S&P doesn't assign outlooks to 'SD' ratings because they express a
condition and not a forward-looking opinion of default
probability.

Upside scenario

S&P said, "We would raise the issue rating on the three
restructured bonds as soon as the new terms go into effect. We
expect the post-default rating to be in the 'CCC' category given
that the 'CCC+' sovereign rating and 'CCC+' transfer and
convertibility (T&C) assessment inform our ratings for Argentine
subnational governments.

"That said, we would only raise the issuer credit rating (ICR) from
selected default ('SD') once the province concludes the planned
comprehensive restructuring of its commercial debt. Even though the
restructuring of Cordoba's international law debt has concluded
with the consent agreement, the province has indicated it also
intends to restructure its 2026 foreign currency local law bond.
While we don't rate the 2026 local law bond, we would only raise
the ICR from 'SD' to a forward-looking rating once that
restructuring is concluded as well."

Rationale

Given the continued inability to tap international markets, the
prolonged and severe recession, and the sharp peso depreciation in
Argentina, the province sought an agreement to amend the terms of
its three international bonds with an outstanding face value of
$1.7 billion. S&P said, "In our view, and particularly for entities
under stressed economic circumstances, an extension of the
maturities or reduction of interest rates with no compensation
constitutes a default. Accordingly, we lowered our issue-level
rating on the 2024 and 2027 bonds to 'D'. We previously lowered our
rating on the 2021 bond to 'D' following the missed interest
payment.

The consent solicitation agreement announced and agreed to by the
bondholders on the three international law bonds reduced the
average interest rate to 6.1% from 7.2%, extended maturities to
2023-2029 from 2021-2027, and smoothed the repayment
profile--providing cash relief in the next three years by reducing
debt service by $400 million between 2021-2023.

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

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

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

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

  Ratings List

  Downgraded
  
                            To    From
  Cordoba (Province of)

   Senior Unsecured
    Notes due 2024 & 2027   D     CC

  Ratings Affirmed

  Cordoba (Province of)

   Issuer Credit Rating     SD/--/--
   Senior Unsecured         D




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B R A Z I L
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BANRISUL: Fitch Assigns Final 'B' Rating on USD300MM Tier 2 Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Banco do Estado do Rio Grande do Sul
S.A. 's (Banrisul) USD300 million subordinated tier 2 (T2) notes
due 2031 a final rating of 'B'.

The final rating is in line with the expected rating that Fitch
assigned to the proposed debt on Jan. 15, 2021 (see Fitch Rates
Banrisul's Tier 2 Notes 'B(EXP)').

The notes are subordinated liabilities, have no coupon flexibility
and are subject to permanent partial or full write-off upon the
occurrence of a non-viability event (NVE) as determined by the
Brazilian regulator or if Banrisul's Common Equity Tier 1 (CET1)
capital falls below 4.5% of its risk-weighted assets.

The notes have a 10-year tenor but may be redeemed in whole at the
option of the Issuer on the fifth anniversary of the issuance.
Interest will be payable on a semi-annual basis.

KEY RATING DRIVERS

The notes are rated two notches below Banrisul's Viability Rating
(VR) of 'bb-'. The notching is driven by the subordinated status
and the expected high loss severity of the notes. No notching for
nonperformance is applied, because there is no coupon flexibility
as coupons must be paid and are not deferrable, while the write-off
trigger is close to the point of non-viability. As a result, Fitch
believes that the incremental non-performance risk is not material
from a rating perspective.

Banrisul expects these securities to qualify as T2 regulatory
capital in accordance with Resolution 4193, subject to the Central
Bank of Brazil's approval and use for general corporate purposes.

RATING SENSITIVITIES

As the bank's notes are aligned with its VR, 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:

-- The subordinated debt rating will be upgraded if Banrisul's VR
    is upgraded.

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

-- The subordinated debt rating will be downgraded if Banrisul's
    VR is downgraded.

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

Banrisul has an environmental, social and governance (ESG)
Relevance Score of '4' for Governance Structure due to its
state-owned nature that increases potential political interference
risks, which in turn 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'. 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: IDB OKs $20MM Loan to Promote Public-Private Partnerships
-----------------------------------------------------------------
Brazil will promote new models for private investment in
infrastructure to boost service quality, the socio-environmental
impact of investments, and economic growth and productivity with a
$20 million loan approved by the Inter-American Development Bank
(IDB).

The Banco Nacional de Desenvolvimento Economico e Social (National
Bank for Economic and Social Development, BNDES) will use both
IDB's and its own resources to finance Public-Private Partnership
(PPP) project preparation services.

The PPPs could help close that gap by leveraging private capital,
but more importantly, by improving the quality of services through
the introduction of private-sector innovation and technology to
promote better public services and more operational efficiency.

This operation can improve Brazil's mechanisms for preparing PPP
projects, which would help significantly boost the number of
projects and promote actions to ensure that infrastructure projects
will be effectively implemented and meet their intended
objectives.

The program's resources will be used to hire consultants, including
technical, legal, and financial advisory firms to help public
agencies prepare PPP projects. Specifically, external consultants'
services will focus on preliminary analyses, complete-cycle PPP
project preparation, technical studies, legal advice, financial and
operational consultancy, communication counseling, and knowledge
dissemination, among others. Throughout the cycle, efforts will be
made to ensure that best international practices are used for
projects that create value for users and government.

This program is expected to combine the knowledge of BNDES and IDB,
paving the way for the development of new collaboration models
between the public and private sectors, increasing the impact of
the projects and promoting greater viability of infrastructure
projects.

Its direct beneficiaries will be the federal and subnational
governments and entities under their jurisdiction, which will see
an increase in private sector investment under the PPP modality on
infrastructure projects in the areas of sanitation, public
lighting, roads, ports, and digital networks, among others.  

This credit aims to support the efforts of numerous Brazilian
agencies that have been working hard to boost investment in
infrastructure projects that are environmentally sustainable,
financially responsible, and economically relevant for the
country's development.

The IDB's $20 million loan is for a 25-year term, with a 5.5-year
period of grace and an interest rate based on LIBOR. Brazil will
provide an additional $10 million in local counterpart funding.

                         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: S&P Assigns 'B+' ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings, on Jan. 25, 2021, assigned its 'B+' issuer
credit rating to brazilian car rental company Movida Participacoes
S.A.. At the same time, S&P affirmed its 'brAA' Brazilian national
scale. S&P also affirmed the 'brAA' issue-level rating on the
company's senior unsecured local debentures, and kept a recovery
rating of '3' (65%) on them unchanged.

The stable outlook reflects S&P's expectation of increasing cash
flows over the next few quarters thanks to the debt-funded fleet
growth, which should keep credit metrics relatively stable. S&P
expects the company to post EBIT interest coverage at 2.0x-2.6x and
funds from operations (FFO) to debt of 15%-20% in 2021 and 2022.

Since Simpar S.A. 's (formerly JSL S.A.) acquisition of Movida in
2013, the company has been investing to expand its fleet
substantially to meet the increasing market demand in the RaC and
fleet management and outsourcing (GTF) segments. While the latter
segment has been growing rapidly over the past few years, the RaC
segment still represents about 60% of the company's total fleet.
This reduces earnings predictability and raises risks of cash flow
volatility due to the segment's following characteristics:
short-term contracts, fierce competition, and cyclicality of demand
among tourists and corporate customers.

S&P views Movida as well positioned in the Brazilian market, given
that it's one of the three largest players with high brand
recognition and increasing scale. Nevertheless, Movida operates
only in Brazil, with much lower asset and revenue base than those
of its peers, such as Localiza Rent a Car S.A. (BB+/Stable/--;
brAAA/Stable/--) that has a leading position in the Brazilian
market, and Enterprise Holdings, Inc. (A-/Stable/A-2), which is the
world's largest car rental company. Movida also generates a lower
share of revenue from the more stable GTF segment than its domestic
competitor, Companhia de Locacao das Americas (brAAA/Stable/--).

Despite the economic downturn and mobility restrictions stemming
from COVID-19 last year, Movida protected its credit metrics and
liquidity by quickly reducing its RaC fleet and increasing its
used-car sales, while benefiting from the resilience of the GTF
segment. The company's used-car sales' revenues increased close to
17% in the first nine months of 2020, allowing Movida to reduce its
total fleet and recover the utilization rates close to historical
levels of 80%, from 55%-60% during April and May when demand
plummeted. Cash proceeds from the car sales, coupled with lower
capital expenditures (capex), allowed Movida to maintain a solid
cash position in 2020. A faster-than-expected recovery in demand
also lifted average rates, which should help improve profitability.
Still, we don't dismiss risks of new partial lockdowns and stalled
economic recovery over the next few months, which could limit
company's growth trend.

The company has been active in the domestic capital markets issuing
debentures totaling R$800 million in the fourth quarter of 2020,
mainly to fund fleet expansion. Movida also announced its intention
to issue senior unsecured notes to pay short-term debt as well as
to fund fleet expansion. With the new debt issuances, S&P expects
the company's net capex to rise significantly, to about R$2 billion
in 2021 and close to R$3 billion in 2022, compared with close to
R$1 billion in 2020. This should support a fleet increase of
55,000-60,000 cars until the end of 2022. Given that most of the
new vehicles should be directed to the company's GTF segment, S&P
expects stronger growth in cash flows over the next few years.
Despite additional debt and a more aggressive capex plan, EBIT
interest coverage should be 2.0x-2.6x and FFO to debt at 15%-20% in
the next two years.


RIO PARANAPANEMA: Moody's Rates New BRL500MM Debentures 'Ba1'
-------------------------------------------------------------
Moody's America Latina Ltda., assigned a Ba1 global scale and
Aaa.br national scale rating to Rio Paranapanema Energia S.A.'s
(Rio Paranapanema) proposed issuance of BRL500 million senior
unsecured debentures (9th issuance), comprising of a BRL180 million
tranche (1st series) with final maturity in 2024 and a BRL320
million tranche (2nd series) with final maturity in 2026. Rio
Paranapanema's Ba1/Aaa.br corporate family ratings are unaffected
by this rating action. The ratings outlook is stable.

RATINGS RATIONALE

The assigned ratings to Rio Paranapanema's new debt issuance are in
line with its corporate family rating, which reflects the company
strong credit metrics supported by long-term concessions to operate
eight hydroelectric power stations in the State of Sao Paulo (Ba2
stable) with medium-term power purchase agreements (PPAs)
contracted in the unregulated market, where prices are set freely
between the energy suppliers and final consumers. The ratings also
incorporate Moody's views of the likelihood of implicit support
from China Three Gorges Corporation (CTG Corp, A1 stable), as the
company's ultimate controlling shareholder.

Rio Paranapanema's credit profile is tempered by (i) a track record
of high dividend distributions, (ii) a moderate exposure to the
volatile energy spot market that can negatively impact operating
margins under adverse hydrology conditions, and (iii) the
settlement of judicial disputes that will weigh on cash levels.

Rio Paranapanema's standalone credit quality is intrinsically
linked to that of the Government of Brazil (Ba2 stable) given the
highly regulated nature of the energy sector and the company's
regional operating profile. Thus, the global scale rating is
somewhat constrained by the sovereign bond rating. Nonetheless,
Moody's view on the parental support provides for a credit uplift
to the company's standalone credit profile that is one notch on the
global scale rating.

Despite the market volatility and economic deterioration following
the outbreak of COVID-19 in Brazil, Rio Paranapanema's operating
performance has been resilient, supported by its largely contracted
energy output for the free market with average term of three to
four years. The negative impact of rising counterparty risk has
been effectively mitigated by its diversified commercial strategy
and the contractual guarantees. An effective energy trading
strategy for the uncontracted energy balance in the spot market has
also contributed to favorable results. In the last twelve months
ended in September 2020, Moody's calculate the company's adjusted
EBITDA reached BRL823 million, that is 9.6% higher than the same
period in 2019, while the EBITDA margin remained relatively stable
in the 54% - 56% range.

Moody's anticipates market oversupply will likely continue through
2022, as the electricity demand recovers gradually from
coronavirus-related shutdowns, leading to higher repricing risks
for Rio Paranapanema. Moody's projections for the company
incorporate a longer trend of naturally declining energy prices and
short-term market disruptions leading the average energy prices to
fall up to 15% compared to the historical average prices of its
PPAs. As a result, Moody's calculated recurring EBITDA for the
company will likely remain in the range of BRL600 million to
BRLL700 million per year.

The combination of strong cash flow generation and low investment
needs within its mature asset portfolio has contributed to an ample
liquidity position in excess of BRL1 billion and a leverage
reduction with the net debt approaching zero in September 2020.
Moody's views Rio Paranapanema's current liquidity position
provides enough cushion to support the upcoming cash needs, while
the new debt issuance will contribute to a more balanced capital
structure.

Near-term cash flow pressures include the settlement of Generating
Scaling Factor liabilities, arising from a legal dispute on the
energy costs, mainly associated to thermal dispatch out-of-merit in
past years. Details on payment conditions are still pending, but we
estimate Rio Paranapanema will likely disburse about BRL1.1 billion
in 2021, which will be compensated only later through an extension
of the concession term. The company is also part of a judicial
dispute with the State of Sao Paulo around a concession stated
obligation to expand capacity by 15%, or 322.7 MW, which remains
unresolved. An adverse ruling on this dispute, could result in
higher capital spending requirements not included in our current
forecast.

DEBT STRUCTURE

The proposed senior unsecured debentures will be issued in two
tranches with a firm underwriting commitment provided by the Banco
Santander (Brasil) S.A. (SANB, Ba1 stable, ba2), for the predefined
issuance amount and interest rates. Both tranches will be pegged to
the Brazilian base rate (CDI) and carry fixed coupons of 1.4% and
1.65% per year on each tranche. The first tranche has a 3-year
tenor with a single bullet payment in 2024. The second tranche will
have a 5-year tenor with two annual amortization payments on the
fourth and fifth year.

Proceeds from the transaction will be used to strengthen the
company's cash position ahead of refinancing needs in 2021 and
general corporate purposes. The proposed debentures will have
customary cross default provisions with other outstanding debt from
the company among other non-automatic acceleration clauses, such as
change in control, bankruptcy, and early termination of the
concession agreements. The debentures will also comprise
maintenance financial covenants of Net Debt to EBITDA ratio lower
or equal to 3.2x (0.01x as of the last twelve months ended
September 30, 2020), and EBITDA to Net Financial Result higher or
equal to 2.0x (3.34x as of September 30, 2020), that will be
verified on a quarterly basis. Restriction on the payment of
dividends occur only if the company is in violation with the
obligations outlined in the debentures' documentation, and there is
an allowance for equity reductions if the debt capitalization ratio
remains lower than 90% (55% as of September 30, 2020).

On a pro-forma basis of the transaction, Moody's anticipates CFO
pre-WC to debt will approach 35% and net debt to EBITDA ratio,
according to Moody's standards, will reach 1.6x.

RATING OUTLOOK

The stable outlook of Rio Paranapanema is in line with the outlook
on the Government of Brazil (Ba2, stable) and it considers the
company's manageable debt maturity profile and robust liquidity
cushion to face unfavorable hydrological conditions and mitigate
the upcoming settlement of legal disputes.

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

The ratings will face downward pressure if the stability and
transparency of the regulatory regime for the generation segment in
Brazil is weakened, ultimately resulting in more volatility or
decreased visibility into Rio Paranapanema's cash flow base,
causing sustainable declines in the company's credit metrics.
Moody's perception of lower shareholder's willingness to support
the company, as evidenced by excessive dividend distributions,
could also lead to a downgrade of Rio Paranapanema's rating.
Quantitatively, a downgrade would be considered if the ratio of CFO
pre-WC to debt below 20%, the ratio of Retained Cash Flow (RFC) to
debt ratio below than 5% or the interest coverage ratio below 2.8x
without the expectation of improvement over the next 12 months.

A rating upgrade would consider the company's liquidity position,
improvement on the business profile or the regulatory environment
in which the company operates. A positive action on Rio
Paranapanema's global-scale rating would also depend on a positive
action on the rating of the government. Alternatively, the presence
of evidence of stronger parental credit support, such as explicit
corporate guarantees, can also result in positive rating changes on
the global scale.

Based in Sao Paulo, Rio Paranapanema Energia S.A. is a power
generation company indirectly controlled by China Three Gorges
Corporation (CTG Corp) since December 2016, with approximately 67%
of its voting capital through its subsidiaries in Luxemburg. Huikai
Clean Energy S.A.R.L (CLAI Fund), a Chinese fund that invests in
Latin America holds the other 33% of the company's shares. Rio
Paranapanema has a total installed capacity of 2.3 gigawatt (GW) in
eight hydroelectric plants (UHEs) along the Paranapanema River and
two small hydroelectric plants (PCHs) on the Sapucai River.
Collectively, they represent approximately 1.4% of the current
total installed capacity in Brazil. In the last twelve months ended
in September 2020, Rio Paranapanema reported net revenue of BRL1.5
billion and net profit of BRL242 million.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.




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M E X I C O
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UNIFIN FINANCIERA: Fitch Gives Final BB Rating on USD Unsec. Notes
------------------------------------------------------------------
Fitch Ratings has assigned a final long-term rating of 'BB' to
Unifin Financiera, S.A.B. de C.V.'s (Unifin) U.S. dollar senior
unsecured notes. The final rating follows a review of the final
terms and conditions conforming to information received and is in
line with the expected rating assigned on Jan. 20, 2021.

The issuance is for up to USD600 million and up to eight-years at a
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.

After the 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'/Outlook
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 MXN2.52 billion made during 3Q20. As of
September 2020, the company's tangible leverage stood at 7.0x from
8.0x 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 positive
rating action/upgrade:

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

Factor that could, individually or collectively, lead to 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 re-classified as intangibles and deducted
from tangible equity due to low loss absorption capacity under
stress.

ESG CONSIDERATIONS

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 Affirms 'BB-' Rating on New Unsecured Notes
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' issue-level rating on Unifin
Financiera S.A.B. de C.V.'s (Unifin's) senior unsecured notes after
it increased the proposed amount to $600 million from $500 million.
The incremental debt doesn't affect S&P's assessment of the
company's funding, because it expects Unifin to use part of the new
proceeds for general corporate purposes, including debt
refinancing. The issuance will be hedged against currency-exchange
fluctuations, as it saw with Unifin's outstanding global debt
issuances.

The 'BB-' rating on the notes is the same as the long-term global
scale issuer credit rating on Unifin, and indicates that the notes
will rank equally in right of payment with all of the company's
existing and future senior unsecured debt. Also, the firm's
priority debt (secured debt) will represent less than 15% of
adjusted assets for the next 12 months. Unifin's unencumbered
assets will also cover more than 1x of its rated unsecured debt
(including the proposed debt issuance).

The ratings also reflect that Unifin's leading position and
significant market share in the leasing sector will partly
compensate for the weak operating conditions. S&P said, "We also
incorporate the deteriorating quality of 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 of more than 7% for the next 12-24 months."


VERACRUZ STATE: Moody's Rates MXN1.1-Bil. FISE Bank Loan 'Ba1'
--------------------------------------------------------------
Moody's de Mexico has assigned ratings of Ba1 (Global Scale, Local
Currency) and A1.mx (Mexico National Scale Rating) to the State of
Veracruz's MXN 1.1 billion FISE bank loan from Banobras that
matures in November 2024.

The loan is payable through a trust (851-01908, Banregio as
trustee), to which the state has pledged the rights and flows of
25% of the revenue it receives from the Fund for Social
Infrastructure for States (FISE), which is a component of the
Contribution Fund for Social Infrastructure (FAIS).

RATINGS RATIONALE

The Ba1/A1.mx ratings assigned to the FISE loan reflect the
underlying creditworthiness of Veracruz (B1/Baa2.mx, stable)
supported by the following legal and credit enhancements:

1. The legal validity of the trust structure, which authorizes the
trust to be used as a mechanism to service the debt.

2. An irrevocable instruction to the Federal Treasury (TESOFE)
regarding the transfer of rights and flows of the FAIS/FISE
revenues to the trust. FAIS/FISE transfers are specifically
earmarked for infrastructure projects, but can also be used to
service debt acquired to fund public works. The earmarked nature of
this revenue limits the incentive for states to attempt to divert
these flows in the event of unexpected stress to cover operating
needs.

3. Strong debt service coverage levels. The Fiscal Coordination Law
stipulates that the amount of FAIS/FISE transfers available to
service debt is up to 25% of FAIS/FISE transfers in a given year,
or 25% of FAIS/FISE revenue in the year the loan was acquired (in
this case, 2020), whichever is higher. This effectively sets a
floor on coverage levels given that FAIS/FISE transfers would need
to fall by more then 75% below 2020 levels before cash flows became
insufficient to cover debt service. Such a decline is unlikely
given that FAIS/FISE transfers are fixed each year in the federal
budget, making them more stable than non-earmarked transfers
(participations), which are vulnerable to economic fluctuations. In
the case of Veracruz, FISE transfers have grown at a compound
annualized growth rate of 7.8% over the past 10 years.

The assigned ratings also take into account the absence of a
dedicated reserve fund to mitigate against possible delays in debt
service payments. However, this weakness is somewhat mitigated by a
contract feature that tolerates 3 cases of missed debt service
payments without penalties, provided the payments are made in full
before the next payment period. While this feature is not
equivalent to a cash reserve, which can be replenished from excess
cash flows and therefore would be available on more than three
occasions, the absence of a reserve is also offset by the TESOFE's
strong history of timely payment and the relatively short maturity
profile of the program (less than four years).

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

An upgrade of the State of Veracruz's issuer ratings could result
in an upgrade of the ratings. Conversely, the ratings could face
downward pressure if debt service coverage levels fall materially
below Moody's expectations. Given the links between the loan and
the credit quality of the issuer, a downgrade of the State of
Veracruz's issuer ratings could also exert downward pressure on
debt ratings for this loan.

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




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

L'OCCITANE INC: Files for Ch. 11 to Close Unprofitable Stores
-------------------------------------------------------------
L'Occitane, Inc., a U.S. retailer of beauty and well-being products
rich in natural and organic ingredients that preserves and
celebrates the traditions of Provence, sought Chapter 11 protection
to "create a sustainable U.S. store platform for the long term."

To implement this store footprint optimization plan, including the
contemplated exit of unprofitable locations, the Company commenced
a voluntary case under Chapter 11 of the U.S. Bankruptcy Code in
the U.S. Bankruptcy Court for the District of New Jersey.  

The filing does not include the L'OCCITANE en Provence brand or any
operations outside the U.S.; parent company L'Occitane
International S.A. ("Group"); or any other Group subsidiaries,
including ELEMIS and LimeLife.

                        Boutiques Open

L'OCCITANE en Provence boutiques across the country are open and
operating safely in accordance with all applicable COVID-related
guidelines.  The Company has ample liquidity to support ongoing
operations across all channels and fulfill commitments to its
valued employees, customers, and suppliers in the ordinary course
during the restructuring of its U.S. store lease portfolio, which
it anticipates completing in short order.

                          Transformation

Despite L'Occitane's success in advancing its strategy, including
dramatic year-over-year growth in online sales, its business
continues to be impacted by disproportionately high store rent
obligations that are no longer tenable. The Company determined that
a Chapter 11 process was the necessary path to right-size its
brick-and-mortar presence following repeated endeavors to engage
with its landlords to address unmanageable store lease terms.

"Today's action is a pivotal step forward in achieving the full
potential of L'Occitane's U.S. business," said Yann Tanini,
Managing Director of L'Occitane North America.  "Over the past
year, we have moved aggressively to address  COVID-related
challenges head-on, developing innovative new ways to connect with
our community and continue to deliver the extraordinary L'Occitane
beauty experience that our customers know and love, all while
accelerating the essential transformation of our store footprint
already underway.  We look forward to working collaboratively with
our landlords to achieve partnerships that make economic sense in
this current retail environment and best position our marquee
brand's boutique offering for years to come."  

Mr. Tanini added, "Just like in L'Occitane's other markets around
the world,  we look forward to continuing to serve our loyal
clients here in the U.S. in our boutiques, online, and through our
amazing team of passionate beauty advisors.  As always, L'Occitane
is focused on creating a delightful and personalized customer
experience, and we will continue to develop innovative products
with unique benefits.  Our unwavering commitment to sustainability
and ambition to make a positive impact in the world are stronger
than ever.  We appreciate the continued support of our employees,
community, and partners, and we are excited about the bright future
of our U.S. business."

First Day Motions

The Company has filed with the Court a series of customary motions
seeking to continue operating its business as usual, allowing for
ongoing successful engagement with customers in-store, online, and
through L'Occitane's clienteling applications, particularly during
this period of continued social distancing.  These "first day"
motions include requests to continue to pay wages and provide
benefits to employees as usual, honor all gift cards in the normal
course, and maintain customer policies.

The Company intends to continue to pay suppliers in the ordinary
course for all goods received and services rendered after the
filing, just as it had done prior thereto.

                        About L'Occitane

Founded by Olivier Baussan more than 40 years ago,
Switzerland-based L'OCCITANE en Provence captures the true art de
vivre of Provence, offering a sensorial immersion in the natural
beauty and lifestyle of the South of France.  From the texture of
L'OCCITANE products to the scent, each skincare, body care, and
fragrance formula promises pleasure through beauty and well-being
-- a moment rich in enjoyment and discovery that goes beyond
tangible benefits to create a different experience of Provence.

New York-based L'Occitane, Inc. -- http://www.loccitane.com/-- is
a national retail chain that sells and promotes the internationally
renowned "L'OCCITANE en Provence" beauty and well-being products
brand in the United States through boutiques in 36 states and its
website.  After opening its first boutique in the U.S. in 1996, the
Company presently operates 166 boutiques in 36 states and Puerto
Rico.

On Jan. 26, 2021, L'Occitane, Inc., filed a Chapter 11 petition
(Bankr. D.N.J. Case No. 21-10632).  The Debtor estimated $100
million to $500 million in assets and liabilities as of the
bankruptcy filing.  International operations are not part of the
Chapter 11 filing.

The Hon. Michael B. Kaplan is the case judge.

Fox Rothschild LLP is serving as the Company's legal counsel, RK
Consultants LLC is serving as financial advisor, and Hilco Real
Estate, LLC is serving as real estate advisor to the Company.
Stretto is the claims agent, maintaining the page
https://cases.stretto.com/LOccitane


PUERTO RICO ELECTRIC: Moody's Completes Review, Retains Ca Rating
-----------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Puerto Rico Electric Power Authority and other ratings
that are associated with the same analytical unit. The review was
conducted through a portfolio review discussion held on January 21,
2021 in which Moody's reassessed the appropriateness of the ratings
in the context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

Key rating considerations.

Puerto Rico Electric Power Authority's (PREPA, Ca) rating continues
to reflect Moody's view on the recovery prospects for creditors
following its decision in July 2017 to commence bankruptcy
proceedings under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act (PROMESA). Further, PREPA's
credit profile acknowledges the agreement on the Restructuring
Support Agreement (RSA) with bondholders in July 2018. PREPA's
rating considers the positive steps taken by management towards the
utility's strategic transformation including the executed T&D
management agreement with a private operator in July 2020, the
launch of its generation P3 request for qualifications (RFQ) in
August 2020, ongoing renegotiations of some of its power purchase
agreements and the conversion of the large San Juan units to dual
fuel capability (oil and natural gas), among other plans.

However, the credit profile also recognizes the postponement of RSA
discussions due to the uncertainties associated with the
coronavirus' impact on the island's economy, and captures the
environmental risks from hurricanes and earthquakes which are
endemic to the region.

The principal methodology used for this review was US Public Power
Electric Utilities with Generation Ownership Exposure Methodology
published in August 2019.




=============
U R U G U A Y
=============

BANCO SANTANDER: Moody's Affirms Ba1 BCA, Outlook Stable
--------------------------------------------------------
Moody's Investors Service has affirmed all of Banco Santander, S.A.
(Uruguay)'s -- (BSU) ratings, following the affirmation of the
bank's ba1 baseline credit assessment. BSU is rated Baa3 and
Prime-3 for long- and short-term local and foreign currency
deposits. The outlook on the ratings remains stable.

RATINGS RATIONALE

In affirming BSU's BCA and all its ratings, Moody's acknowledges
the bank's strong liquidity position, large share of low-cost
deposits and adequate asset quality metrics. The ratings are
challenged by moderate profitability, which reflects BSU's
franchise as a predominantly corporate lender also catering to
low-risk consumer borrowers, and the increase in provisions taken
in 2020 to face any potential weakness in its loan portfolio.
Within Latin America, the Government of Uruguay (Baa2 stable) has
seen relatively moderate effects of the coronavirus pandemic, with
Moody's estimating economic contraction of 3.3% in 2020 to be
followed by a 4.0% rebound on 2021.

BSU's asset quality has benefited from support measures and
deferrals to help mitigate the effects of the pandemic on
borrowers' creditworthiness, and in light of the resulting economic
contraction in Uruguay. Nevertheless, uncertainty remains about the
true quality of BSU's loan book as borrowers are expected to repay
loan installments deferred in 2020 over the coming months, although
BSU's prudent loan loss reserves will buffer potential asset
quality deterioration.

BSU's net income as a percentage of tangible assets declined to
1.65% in September 2020, from 2.15% in the previous year. A
consistent market share of about 20% of loans in the system has
supported its interest income, which increased 7.0% year-over-year
in September 2020 even considering business challenges associated
with the pandemic. Despite that, BSU's profitability declined
during the same period because of higher loan loss provisions and
operating costs, as well as higher income tax expense, all of which
more than offset the rise in net interest income and non-interest
income. A material deterioration in BSU's asset quality in the
first half of 2021, which is not Moody's baseline scenario, could
trigger the need for additional provisions, further pressuring its
profitability.

In 2021, Moody's expect BSU's profitability to benefit partially
from the economic recovery, which will be supported by private
investments in the country. Compared with rated peer banks in
Uruguay, BSU has a consistently lower profitability reflecting
partially its large holdings of liquid assets that generate low
returns, including interbank deposits and securities. In September
2020, BSU's ratio of liquid banking assets to tangible banking
assets was 52.8%. Conversely, BSU's ample access to low-cost
dollar-denominated deposits, which comprised roughly 84% of its
total funding in September 2020, makes it less dependent on
confidence-sensitive market funding, a credit positive. Dollar
deposits are broadly matched to its predominantly corporate loan
book.

BSU has maintained a moderate capital position despite declining
profitability. Moody's preferred tangible common equity to
risk-weighted assets (TCE/RWA) ratio for BSU was 10.6% in September
2020, which is in line with the ratio of privately-owned peers.
BSU's dividend payout ratio has been consistent around 50%, and
different from other jurisdictions, distributions have not been
limited by the local regulators in 2020.

The stable outlook incorporates our expectation that BSU's
financial profile will remain consistent with a ba1 BCA over the
next 12-18 months, despite the still weak economic environment in
Uruguay.

BSU's Baa3 global deposit ratings reflect the bank's fundamental
credit strength, as evidenced by its ba1 BCA, and incorporates a
one-notch uplift to reflect our assessment of moderate affiliate
support from its parent Banco Santander S.A. (Spain) -- (A2 stable,
baa1).

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

The stable outlook on BSU's ratings is in line with the stable
outlook on Uruguay's sovereign rating. BSU's ratings could face
upward pressure if there is consistent and significant improvement
in profitability metrics. Ratings could also be affected positively
if the bank's asset quality metrics remain under control in the
next twelve months despite the still weak economic environment and
the phase out of support measures in Uruguay.

Ratings could move down if asset quality deteriorates materially as
deferrals expire deferrals in 2021. Should loan delinquency rise
and the recent resilience of capital prove unsustainable, ratings
would face downward pressure. A consistent deterioration in
profitability could also drive ratings down. Deposit ratings could
also move down if Santander Spain's standalone BCA is downgraded to
the same level of BSU's BCA.

METHODOLOGY USED

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

Banco Santander, S.A. (Uruguay) is headquartered in Montevideo,
Uruguay, with assets of UYU 259.7 billion and shareholders' equity
of UYU 19.5 billion as of September 30, 2021.

LIST OF AFFECTED RATINGS AND ASSESSMENTS

The following ratings and assessments of Banco Santander, S.A.
(Uruguay) were affirmed:

Long-term global local currency deposit rating of Baa3, stable
outlook

Short-term global local currency deposit rating of Prime-3

Long-term global foreign currency deposit rating of Baa3, stable
outlook

Short-term global foreign currency deposit rating of Prime-3

Baseline credit assessment of ba1

Adjusted baseline credit assessment of baa3

Long-term counterparty risk assessment of Baa2(cr)

Short-term counterparty risk assessment of Prime-2(cr)

Outlook Actions:

Outlook, Stable




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

VENEZUELA: Crude Stocks Drop as Exports Pick Up
-----------------------------------------------
Venezuelan state oil company PDVSA's inventories of its main export
crude grade dipped to their lowest levels since late November,
internal company documents seen by Reuters showed.

Marianna Parraga at Reuters reports that Merey 16 stocks at the
country's main oil terminal, the Jose port, fell to 4.85 million
barrels as of Jan. 25, down from 9 million barrels on Dec. 21.  The
drop came as exports by Petroleos de Venezuela (PDVSA) and its
joint ventures rise despite U.S. sanctions on the company, as
little-known firms have replaced traditional buyers, according to
Reuters.

High inventories at Jose have consistently been a constraint on
PDVSA's crude output since the sanctions were imposed in January
2019, often forcing the company to shut blending and upgrading
activities at plants near the terminal as well as crude extraction
further upstream, the report notes.

The decline in stocks this month has allowed PDVSA to boost oil
blending and upgrading -- necessary to convert extra-heavy crude
from the Orinoco belt into exportable grades -- to 247,000 barrels
per day (bpd) on Jan. 25 and 276,000 bpd on Jan. 21, the documents
showed, the report notes.

Those were the highest levels since October, with both the
Petrosinovensa blending facility, part of a joint venture with
China National Petroleum Corp, and the Petropiar upgrader, part of
a joint venture with Chevron Corp operating normally.

PDVSA did not reply to a request for comment.

The cash-strapped company increased crude output in the Orinoco
belt, one of the world's largest oilfields by crude reserves, to
286,000 barrels on Jan. 21, up from 219,000 bpd in early September,
separate documents showed, the report notes.

Still, PDVSA -- which had seen crude output collapse well before
sanctions after years of underinvestment -- has struggled to
sustain its operations this month, the report notes.  Over the
weekend, it halted output at the 310,00-bpd Cardon refinery, and
contained a gas leak near Jose, the report relays.

                       About PDVSA

Founded in 1976, Petroleos de Venezuela, S.A. (PDVSA) is the
Venezuelan state-owned oil and natural gas company, which engages
in exploration, production, refining and exporting oil as well as
exploration and production of natural gas.  It employs around
70,000 people and reported $48 billion in revenues in 2016.

In May 2019, Moody's Investors Service withdrew all the ratings of
Petroleos de Venezuela, S.A. including the senior unsecured and
senior secured ratings due to insufficient information. At the time
of withdrawal, the ratings were C and the outlook was stable.

Citgo Petroleum Corporation (CITGO) is Venezuela's main foreign
asset.  CITGO is majority-owned by PDVSA.  CITGO is a United
States-based refiner, transporter and marketer of transportation
fuels, lubricants, petrochemicals and other industrial products.

However, CITGO formally cut ties with PDVSA at about February 2019
after U.S. sanctions were imposed on PDVSA.  The sanctions are
designed to curb oil revenues to the administration of President
Nicolas Maduro and support for the Juan Guaido-headed party.


VENEZUELA: Food Production at High Risk Due to Shortages of Diesel
------------------------------------------------------------------
The Latin American Herald reports that the soaring prices of food
will certainly become less of a headache for the Venezuelan
population should essential products for living disappear for good
from shelves at grocery stores and supermarkets nationwide as a
result of acute shortages of diesel due to the lack of imports and
national production of the fuel.

As a matter of fact, both local transport companies and food
producers have been reporting supply disruptions that have
"awakened the ghost of an economic standstill" as reported by
TalCual, according to The Latin American Herald.

The Caracas-based daily said that three months after the
administration of former US President Donald Trump announced the
suspension of the exemption of sanctions over state-owned oil
company Petroleos de Venezuela, S.A. (PDVSA), the oil-rich nation
is going through severe disruptions of diesel supplies with
industry experts warning about the serious consequences this will
bring to the economy, the report relays.

The report notes that the weak demand for diesel comes less than a
year after the shortages of gasoline became worse, which has
heavily affected the shipments of some types of merchandise and,
mainly, the own transport companies.

Armando Chacin, head of the Venezuelan Livestock Federation
(Fedenaga), told TalCual that some states across the country -
mostly Apure in the Llanos (plains) – have been facing shortages
of diesel for up to four long months, the report relays.

For his part, Roger Figueroa, president of the Venezuelan Chamber
of Dairy Industry (Cavilac), underscored that the sector has
reduced its already precarious production by 15% since December due
to the lack of diesel, essential for the transportation units,
plants, and generation of electricity, the report notes.

Meanwhile, Venezuelan oil union leader Ivan Freites said that the
national output of diesel has been insufficient to make ends meet,
the report discloses.  From 170,000 barrels per day (bpd) produced
at the Paraguana Refining Complex (CRP) in Falcon state, only 20%
of that amount (34,000 bpd) is diesel, while the Puerto La Cruz
refinery has recorded a production of 12,000 bpd of diesel out of
the total fuel production of 60,000 bpd, the report relays.

"All this gives us a daily production average of 46,000 barrels of
diesel. National production is in the neighborhood of 140,000
barrels due to the power plants and transport, a reason for which
we have a deficit of 94,000 barrels," Freites was quoted as saying,
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.




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

LATAM: IMF Needs More Resources to Help Heavily Indebted Countries
------------------------------------------------------------------
RJR News reports that the International Monetary Fund (IMF) has
admitted that it needs more resources to help heavily indebted
countries.

Reuters reported that the Fund is highly uncertain about the global
economic outlook, citing a growing divergence between rich and poor
countries, according to RJR News.

IMF Managing Director Kristalina Georgieva says a new allocation of
the IMF's own currency, Special Drawing Rights (SDRs), would give
more funds to address the health and economic crisis, and
accelerate moves to a digital and green economy, the report notes.



                           *********


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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re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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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 * * *