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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

          Monday, February 8, 2021, Vol. 22, No. 22

                           Headlines



A R G E N T I N A

TELECOM ARGENTINA: Fitch Puts 'B-' Foreign Curr. IDR on Watch Neg.


B R A Z I L

ACHE LABORATORIOS: Fitch Affirms 'BB' LT Foreign Currency IDR


C O L O M B I A

EL DORADO AIRPORT: Fitch Lowers US$415MM Secured Notes to BB+


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Exceeds 300 Deaths From Covid So Far This Year
DOMINICAN REPUBLIC: Meeting Seeks to Lower Staple Prices
DOMINICAN REPUBLIC: Upward Trend in Commodity Prices Worsens


M E X I C O

FRONTERA HOLDINGS: Case Summary & 30 Largest Unsecured Creditors


P U E R T O   R I C O

METRO PUERTO RICO: Court Grants 60-Day Plan Filing Extension


X X X X X X X X

[*] BOND PRICING: For the Week Feb. 1 to Feb. 5, 2021

                           - - - - -


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A R G E N T I N A
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TELECOM ARGENTINA: Fitch Puts 'B-' Foreign Curr. IDR on Watch Neg.
------------------------------------------------------------------
Fitch Ratings has placed Telecom Argentina S.A.'s 'B-' Long-Term
Foreign Currency Issuer Default Rating (IDR) on Rating Watch
Negative (RWN), and has downgraded the Long-Term Local Currency IDR
to 'B' from 'B+'. The Rating Outlook on the Local Currency Rating
is Negative. In addition, Fitch has downgraded Telecom Argentina
S.A.'s 2021, 2025, and 2026 notes to 'B-'/'RR4' from 'B'/'RR3', and
has placed the ratings on Negative Watch.

These downgrades reflect increasing government interference in the
company's operations, as well as continued risk of capital controls
in Argentina. The RWN on the Foreign Currency IDR and notes
reflects the risk that government restrictions on principal
payments for 60% of the amount due on bonds that mature in U.S.
dollars will be extended beyond March 31, 2021. The Negative
Outlook on the Local Currency IDR reflects the government's
interference in the telecom sector and potential impact to Telecom
Argentina's business profile.

KEY RATING DRIVERS

High Government Interference: The Argentine government deemed
telecommunications to be an essential service in August 2020 and
unilaterally empowered the telecom regulator, Ente Nacional de
Comunicaciones (ENACOM), to set tariffs for telecom services.

A federal judge rejected an injunction request filed by Telecom
Argentina in January 2021, that sought to overturn the government
measures. The ruling followed an attempt by the company to raise
some prices for service that exceeded ENACOM's allowed increase.
Telecom Argentina had previously been able to pass along the
effects of Argentine peso depreciation and hyperinflation to
consumers through flexible tariffs that were reset multiple times
per year.

Capital Controls Limit Flexibility: The rating downgrades factor in
an increasing likelihood that capital controls will be extended
beyond March 31, 2021, which increases repayment risk for holders
of Telecom Argentina's USD104 million bond due June 15, 2021. Under
the capital controls that have been implemented by the Central Bank
of Argentina (BCRA), Fitch understands that only 40% of the
principal can be settled in cash, accessing the official exchange
market of Argentina, and the remaining 60% will need to be
restructured with an average maturity of greater than two years.

Profitability and Leverage: Fitch expects Telecom Argentina's
margins to decline as a result of ENACOM's measures, and for net
leverage to increase to above 3.0x from below 2.0x, which is still
strong for the rating category. Deterioration in organic cash flow
generation will likely be offset to a degree by capex cuts.

DERIVATION SUMMARY

The speculative ratings of Telecom Argentina compares with those of
other Argentine issuers YPF S.A. (C) and Arcor S.A.I.C. (B/Stable)
that have solid business and capital structures but whose ratings
are restricted by the difficulties of operating in Argentina and
government imposed capital controls. Similar to YPF, Telecom
Argentina faces high levels of regulation, which has hindered its
cash flow generation. Arcor's ratings are slightly higher than YPF
and Telecom Argentina due to its operations in Brazil and the cash
it holds abroad in its foreign subsidiaries.

YPF was downgraded to 'C' in January 2021 following the BCRA's
refusal to allow it to access the local FX market to settle its
USD413 million obligation on its March 23, 2021 note. YPF had
attempted to reduce this repayment risk during July 2020, when it
offered holders of the 2021 notes with an opportunity to exchange
them for notes due in 2025 plus a partial cash payout. Holders of
USD587 million of the 2021 notes accepted this offer. Similar to
YPF, Telecom Argentina initiated an exchange offer for its 2021
notes during July 2020 with holders of USD389 million accepting the
offer, leaving the company with USD104 million of outstanding 2021
notes.

Telecom Argentina's very strong market positions and diversified
business positions are in line with investment-grade operators such
as Telefonica Moviles Chile S.A. (BBB+/Stable), Telefonica del Peru
S.A.A. (BBB/Negative) and Colombia Telecomunicaciones S.A. E.S.P.
(BBB-/Stable).

KEY ASSUMPTIONS

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

-- The company will have limited flexibility in 2021 and 2022 to
    adjust prices.

-- Fitch-adjusted EBITDA margins in the mid-20% range, average
    capex around 16% of revenues.

-- The company continues rolling over bank and international
    agency debt, with overall debt in the USD2.3 billion-USD2.5
    billion range.

-- Net debt/EBITDA increasing to over 3.0x from 1.7x in 2019.

RATING SENSITIVITIES

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

-- If the BCRA allows the company to access the formal FX market
    to service its debt.

-- If Telecom Argentina is able to raise money outside of
    Argentina to service its June 2021 principal payment in a
    timely manner.

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

-- An extension of the capital controls beyond March 31, 2021 for
    principal payment on U.S. dollar bond obligations.

-- An inability to raise money from alternative sources outside
    of Argentina by April 2021.

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, Elevated Refinancing Risk: Telecom Argentina
held ARS49.2 billion, or USD687 million, of cash and equivalents as
of Sept. 30, 2020 to short-term debt of ARS79.0 billion. The
unsecured USD104 million notes are the company's main hard-currency
maturity in 2021. The company has USD323 million of international
agency debt, along with the USD140 million term loan in 2022. It is
uncertain whether the company will be permitted to access the
official FX market to settle its outstanding principal of USD104
million due in June 2021. Telecom Argentina has some flexibility to
reduce capex and opex and maintain neutral to FCF generation.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
Environmental, Social and Corporate Governance (ESG) Credit
Relevance is a Score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.




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B R A Z I L
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ACHE LABORATORIOS: Fitch Affirms 'BB' LT Foreign Currency IDR
-------------------------------------------------------------
Fitch Ratings has affirmed Ache Laboratorios Farmaceuticos S.A.'s
Long-Term (LT) Foreign Currency (FC) Issuer Default Rating (IDR) at
'BB', LT Local Currency (LC) IDR at 'BBB' and National Scale Rating
at 'AAA(bra)'. The Outlook is Negative for the FC and LC IDRs and
Stable for the National Scale Rating.

Ache's investment-grade LC IDR reflects the defensive nature of the
pharmaceutical industry, which translates into a low level of cash
flow volatility, and its strong business position in the Brazilian
pharmaceutical market, with leadership in the prescription
segment.

Ache has higher margins than Brazilian peers due to a portfolio mix
focused on the prescription segment, strong and established brands
with pricing premiums, and its market-leading size, which helps
dilute fixed costs. Fitch views Ache's market position as
sustainable, reinforced by a large sales team, which gives it a key
competitive advantage in reaching out to the medical community and
building brand awareness.

The ratings incorporate Fitch's expectation that Ache will remain
committed to an unleveraged capital structure, while managing its
organic growth plans or small acquisitions with its resilient FCF
generation before dividends and access to funding lines at
competitive costs. Fitch expects net leverage ratios below 0.6x in
the next four years. Ache has had a shareholder-friendly dividends
policy but Fitch believes the company has flexibility to adjust
payouts if necessary to avoid deterioration of its credit metrics,
as its ownership is concentrated in three families.

Ache's LC IDR is constrained at 'BBB' due to its lack of geographic
diversification. The company generates essentially all of its cash
flow in Brazil. Ache also has limited scale and market position
compared with its global peers rated in the 'A' category, such as
Pfizer Inc. (A/Negative), Merck & Co., Inc. (A+/Stable) and
Bristol-Myers Squibb Co. (A-/Negative). Ache's FC IDR is capped by
Brazil's Country Ceiling of 'BB', as its operations are essentially
in Brazil and it does not have substantial assets or cash held
abroad to mitigate transfer and convertibility risk.

Ache's operating performance has remained mostly robust during the
pandemic, demonstrating defensive qualities and flexible portfolio
mix. Fitch observed some demand imbalances linked to the pandemic,
with increasing demand for critical drugs at the beginning of the
lockdown, followed by weaker demand for elective treatments, which
gradually recovered as lockdown measures eased in 2H20.

KEY RATING DRIVERS

Positive Industry Fundamentals: In Fitch's view, the pharmaceutical
industry has positive long-term fundamentals, in light of the aging
world population and increasing access to health systems.
Historically, the sector has consistently outperformed the growth
of the economy. In the last five years, the Brazilian
pharmaceutical market has reported an average annual increase of
8%, above the rate of Brazilian GDP growth, indicating resilient
demand even in adverse macroeconomic conditions.

The higher incidence of chronic diseases and the need to invest in
new treatments will continue to boost consumption of medicines in
the future. Innovation in the oncology segment should contribute to
growing cash flow in the medium term. Longer term, increased
competition and the maturing of patents may generate some price
pressures, as it occurs with generic drugs. Ache's ability to
maintain a sustainable volume of product launches each year and to
increase the share of innovations in its portfolio will be key
factors in preserving its competitive position.

Solid Business Profile: Ache has a solid and recognized brand in
the Brazilian pharmaceutical industry. The company's diversified
product portfolio, leadership in the prescription drug segment and
presence in the fast-growing over-the-counter (OTC), generics and
dermo cosmetics segments support its sound business profile.

Ache is the fifth-largest pharmaceutical company in Brazil and has
one of the largest sales forces in the domestic market. This gives
the company a key competitive advantage over local and
international peers, as it allows for extensive outreach to the
medical community; a crucial demand driver for prescription drugs.

Low Product Portfolio Risk: Ache's operating cash flow is not
significantly exposed to license renewals or patent expirations.
Similar to other emerging markets pharmaceutical companies, Ache
has a narrower R&D product pipeline than those of its multinational
competitors and a weaker portfolio of patented products.

Positively, the company's exposure to licensing agreements is low,
representing less than 8% of revenue. Ache has consistently
increased efforts to innovate and renovate its product portfolio by
investing, on average, around 2.5% of revenue in R&D. Fitch expects
product launches in 2021, as a percentage of revenue, to be in line
with the 21% average between 2010 and 2019.

Limited Pandemic Effects: Ache's operating performance has remained
mainly robust during the pandemic, demonstrating defensive
qualities and flexible portfolio mix. Fitch observed some demand
imbalances linked to the pandemic, with increasing demand for
critical drugs at the beginning of the lockdown.

This was followed by weaker demand for elective treatments, which
gradually recovered as lockdown measures eased in 2H20. Ache felt
these effects mainly on its respiratory RX portfolio, which had
volumes slightly below 10% of 2019. According to Fitch's forecast
for YE 2020, a change in product mix will drive volumes down by 8%
but revenue up by 3% to 4%.

Competition Remains Tight: Competition is increasing, with local
pharmaceutical companies consolidating brands, expanding product
reach across segments or therapeutic classes, and with aggressive
commercial conditions. Fitch expects Ache's EBITDA margin to be
slightly pressured in 2021, at around 27%, from 30% expected for
2020 and an average of 29% between 2015 and 2019. This is as the
company seeks to increase its presence on generics and OTC
markets.

Margins will remain adequate compared with the industry average and
revert back to between 29% and 30% from 2022 onward. The base case
scenario considers an EBITDA of BRL1.04 billion in 2020 and BRL1.05
billion in 2021. Higher EBITDA margin in 2020 results from a
different portfolio mix and lower sale expenses, as online doctor
visits increased due to the pandemic.

Pre-Dividend FCF to Remain Sound: Ache should continue to present
robust pre-dividend FCF in the future. Fitch forecasts cash flow
from operations (CFFO) of BRL567 million in 2020, increasing to
BRL705 million in 2021 and with a growing trend in the following
years, sufficient to cover expected capex.

Fitch forecasts total capex at BRL773 million in 2020-2022, mostly
related to the new plant in Pernambuco, which will lead to around
50% expansion in the company's production capacity. The base case
scenario estimates negative FCFs of BRL101 million and BRL153
million in 2020 and 2021, respectively, with positive FCF from 2022
on. Fitch estimates average annual dividends of BRL530 million from
2020 to 2022, corresponding to, approximately, 70% of net income.

Unleveraged Capital Structure: Ache has maintained low leverage
ratios and strong credit metrics. Fitch's base case scenario
projects net debt/EBITDA below 0.6x and FFO leverage between 0.5x
and 1.0x in the next four years. This scenario already considers
investments for the new facility and high dividend payouts. In the
past four years, the company's average FFO leverage was 0.5x and
the net debt/EBITDA ratio was 0.2x

DERIVATION SUMMARY

Ache's LC IDR and National Scale Rating reflect the defensive
nature of the pharmaceutical industry, the company's leading
position in the prescription drug segment and its low product
portfolio risk, with no exposure to patents or licenses. Ache's
lack of geographic diversification, smaller scale, relatively
narrow research portfolio and credit access/financial flexibility
compared with top pharmaceutical companies constrain its 'BBB' LC
IDR. Ache is well-positioned in terms of leverage compared with
most of the top global pharmaceutical issuers that are rated 'A' or
'AA' by Fitch, with average net leverage of 1.5x.

Ache's National Scale Rating is positioned two notches higher than
Blau Farmaceutica (AA[bra]/Stable). Compared with Ache, Blau has
limited operational scale; revenue concentration in a few products,
with a focus on the nonretail segment; and high exposure to the
public sector. Both companies have a deleveraged capital structure,
with similar operating margins.

Ache's business resilience to economic cycles, strong CFFO
generation, financial flexibility and unleveraged capital structure
stand out among peers. Ache's capital structure has consistently
been stronger than Fitch's 'BBB' portfolio. Ache's operations are
concentrated in Brazil and the lack of operating and financial
assets abroad cap its FC IDR at the Brazilian Country Ceiling of
'BB'.

KEY ASSUMPTIONS

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

-- Average revenue growth of 9.0% from 2020 to 2023.

-- Innovation to continue to represent around 18% of net revenue,
    with R&D expenses ranging around 2.5% of net revenue.

-- Capex of BRL773 million in 2020-2022, which includes
    investments in the new plant in Pernambuco.

-- Dividend payouts of between 75% and 80% of net income, on
    average.

RATING SENSITIVITIES

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

-- For the FC and LC IDRs, positive rating actions are limited by
    Brazil's Country Ceiling of 'BB' and Sovereign Rating of 'BB'.

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

-- Ache's credit ratios are very strong at the current rating
    level but unexpected events that move net debt/EBITDA beyond
    2.0x or FFO-adjusted leverage beyond 3.0x could result in
    negative rating action for the LC IDR.

-- Significant market share or brand deterioration.

-- Further negative rating action on Brazil's Sovereign Rating
    and Country Ceiling could result in negative rating action on
    Ache's FC and LC IDRs.

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

Manageable Liquidity: Ache has historically maintained a robust
liquidity position. Ache reported cash and marketable securities of
BRL272 million and short-term debt of BRL507 million, due to a
short-term working capital facility, as of Sept. 30, 2020. Fitch
views this reduction of cash balance coverage of short-term debt as
temporary and expects a return to more than 1.0x in the next three
years.

Positively, the company also has a revolving credit facility
undrawn balance of BRL300 million and a flexible dividend payment
to manage cash needs. Ache's total debt of BRL876 million was
comprised of Banco Nacional de Desenvolvimento Economico e Social
(BNDES) lines (46%), working capital (47%), and others (7%).

SOURCES OF INFORMATION

Ache Laboratorios Farmaceuticos S.A.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
Environmental, Social and Corporate Governance (ESG) Credit
Relevance is a Score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.



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C O L O M B I A
===============

EL DORADO AIRPORT: Fitch Lowers US$415MM Secured Notes to BB+
-------------------------------------------------------------
Fitch Ratings has downgraded to 'BB+' from 'BBB-' the rating of
Sociedad Concesionaria Operadora Aeroportuaria Internacional,
S.A.'s (OPAIN) USD415 million senior secured notes (the notes).
Fitch also maintained the rating on Rating Watch Negative (RWN).
OPAIN is the concessionaire of El Dorado International Airport in
Bogota, Colombia.

RATING RATIONALE

The downgrade to 'BB+' from 'BBB-' reflects the expectation of a
lengthier traffic recovery, which resulted in projected financial
metrics to levels that are no longer commensurate with an
investment-grade rating. This also reflects the delays in grantor
actions to compensate the concessionaire for the coronavirus
pandemic's ongoing and long-term effects on airport traffic and
revenues.

The RWN reflects Fitch's expectation that the project will be
reliant on a concession extension by the grantor the Colombian
National Infrastructure Agency (ANI) in order to restore the
financial equilibrium of the concession, which could provide room
for debt reprofiling. Fitch acknowledges that the concessionaire
has received a memorandum of understanding by ANI for such
extension, and will likely sign the corresponding concession
amendment in the upcoming months. Should the issuer fail to secure
a concession extension and debt reprofiling that contributes to
strengthening the credit quality of the transaction, Fitch may take
further negative rating actions.

Fitch revised its assumptions to reflect a more prolonged air
travel recovery until 2024 instead of 2022. Based on issuer
information, Fitch also made a rough estimation regarding the
likely extension period and the potential uplift in the credit
profile, which shows credit metrics would remain inconsistent with
investment-grade thresholds. The airport successfully secured
additional liquidity sources in 2020, a long-term deferral of the
concession fee payment due in September 2020 and has progressed in
the negotiation of a concession extension.

The RWN will be resolved once Fitch forms a view on the effects of
these actions in the project's credit profile, once the extension
is approved, and the actions taken by OPAIN's management to
reprofile the debt. The rating could be affirmed with a Stable
Outlook, should the uplift to the credit profile result in coverage
metrics consistent with the current rating.

The rating reflects El Dorado airport as a strategic asset for
Colombia, being the main gateway to the country and the
third-largest airport in Latin America in terms of traffic volume.
The airport has a robust traffic base, comprising mostly origin and
destination (O&D) passengers and has a demonstrated history of
strong traffic performance with relatively low volatility.

The rating also reflects a dual-till rate-setting framework, with
an adjustment mechanism for regulated revenues that tracks local
and U.S. consumer prices indices. The debt is fixed-interest rate
and fully-amortizing with a six-month debt service reserve account
(DSRA) and standard provisions for dividend distribution and the
incurrence of additional leverage, among others.

Minimum and average debt service coverage ratios (DSCRs) under
Fitch's rating case are 0.4x (in 2022) and 1.0x (2021-2026),
respectively. The cash flow available for debt service shortfall in
2022 is expected to be covered with funds of the liquidity
available. Metrics continue to be inconsistent with the assigned
rating, according to applicable criteria for airports with a mix of
stronger and midrange characteristics. Metrics are lower than in
the prior review, given Fitch's expectation of a slower traffic
recovery coupled with the agency's updated view on macroeconomic
variables for Colombia and the U.S.

Fitch also ran a severe downside scenario, which assumes traffic
recovery back to 2019 levels does not occur until 2025. Credit
metrics deteriorate further, indicating an increased possibility of
negative rating action.

The outbreak of the coronavirus and related government containment
measures worldwide create an uncertain global environment for the
transportation sector. While related issuer performance data
through most recently available data may not have indicated
impairment, material changes in revenue and cost profile are
occurring across the transportation sector and will continue to
evolve as economic activity and government restrictions respond to
the ongoing situation.

Our ratings are forward-looking in nature, and Fitch will monitor
developments in the sector as a result of the virus outbreak as it
relates to severity and duration and incorporate revised base and
rating case qualitative and quantitative inputs based on
expectations for future performance and assessment of key risks.

KEY RATING DRIVERS

Essential Infrastructure Asset in Colombia [Revenue Risk: Volume -
Stronger]: Located in Bogota's metropolitan area, El Dorado airport
is a critical facility that serves as the country's largest
commercial airport and its international gateway.

The airport benefits from a large O&D base, with traffic volume
showing strong positive growth for the last decade and no
meaningful competition from other airports or forms of
transportation. Although Avianca Holdings S.A. constitutes over 60%
of total traffic, counterparty risk is relatively mitigated by the
airport's strategic and competitive position within the country and
the region.

Dual-Till Rate Setting [Revenue Risk: Price - Midrange]: The
concession contract establishes that regulated revenues, which
comprise the majority of OPAIN's revenues, are adjusted yearly to
track 95% of Colombian or the U.S. Consumer Price Index (CPI),
depending on the currency denomination of the tariff. Extraordinary
increases in tariffs may occur in case either CPI varies by more
than 10%, since the last tariff update. Commercial revenues are not
subject to a tariff adjustment mechanism and are negotiated in
private agreements with each tenant.

Construction Phase Recently Completed [Infrastructure
Development/Renewal - Stronger]: El Dorado is a modern and
well-maintained airport with well-defined maintenance needs, as the
concession expires in six years. The airport ended the construction
phase in January 2019, and no major works are pending, aside from
potential Complementary and Voluntary Works. According to the
independent engineer, capex related to refitting the airport
(replacement capex, or repex) is adequate to cope with the expected
expenses associated to the concession's expiration.

Midrange Structural Features [Debt Structure - Midrange]: Debt
structure comprises the U.S. dollar-denominated senior secured
notes issuance and two non-rated Colombian peso-denominated loans.
The notes are fully amortizing and with a 4.09% fixed-interest
rate. The structure benefits from six-months DSRAs with one
offshore account for the rated debt and one onshore account for the
non-rated facilities. The offshore account shall increase over the
debt term to 12-months debt service if the historical DSCR ended on
or after June 30, 2024 is less than 1.20x.

Other structure features include adequate debt incurrence and
dividend distribution test at 1.20x, which provides adequate
mitigation for the absence of a cash waterfall. Exposure to foreign
exchange risk is seen as limited as approximately 75% of revenues
are U.S. dollar-denominated, providing a natural hedge against
Colombian peso/U.S. dollar exchange rate variations.

PEER GROUP

El Dorado's closest peers are Aeropuerto Internacional de Tocumen,
S.A. (Tocumen) and Mexico City's Grupo Aeroportuario de la Ciudad
de Mexico (GACM), both rated 'BBB-' with a Negative Outlook.
Tocumen and El Dorado are essential assets for their respective
countries, have growing traffic bases that show strong historical
performance and have an important carrier concentration.

El Dorado airport benefits from a higher enplanement base with a
higher proportion of O&D traffic than Tocumen, which leads to a
'Stronger' assessment in Volume Risk. Still, Tocumen has greater
flexibility to set tariffs. El Dorado has an average DSCR of 1.0x,
which is similar than Tocumen. However, Tocumen's notes are rated
according to Fitch's "Government-Related Entities Rating Criteria".
The 'BBB-' rating is one notch below that of Panama (BBB/Negative)
with a Standalone Credit Profile (SCP) at 'bb+'.

GACM and El Dorado are international gateways with a sizable O&D
market. They share a mix of 'Stronger' and 'Midrange' risk
assessments on volume and price, but GACM's average quarterly DSCRs
in 2021 is 1.1x and around 1.8x in the long term, while El Dorado
shows DSCRs below 1.0x due to current liquidity constraints.
Although GACM's current leverage at 14.7x is high for the rating
category, it is expected to return to within the indicative
criteria range for the rating category by 2023, at 10.6x.

RATING SENSITIVITIES

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

-- A positive rating action is unlikely in the short term, given
    that the transaction has a RWN.

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

-- Failure to secure a concession extension as a compensation by
    the grantor to restore the financial equilibrium of the
    concession agreement in the next six months.

-- Lack of visibility of overall grantor actions to address
    pandemic's long-term effects on the project's financial
    performance.

-- A slower than expected recovery in 2021 and/or significant
    disruptions in operations from anchor carrier Avianca.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.

CREDIT UPDATE

As of October 2020, traffic showed a sharp decline of -70.7%,
reflecting the strict travel restrictions imposed by the Colombian
government to contain the coronavirus pandemic from March to
September 2020, which included a national lockdown and the
suspension of inter-municipal and aeronautical transportation
across the country. However, at the end of December 2020, departing
passengers reached 725,569, which represents a milder decline
compared with the traffic level registered in 2019. This also
compares favorably with the lowest traffic level of the year
registered in April, with 5,048 passengers.

During 2020, total revenues were USD115.4 million (COP426.2
billion), representing a decline of 67% from 2019. Regulated
revenues declined 70.4% to reach USD70.3 million (COP259.7
billion), while non-regulated revenues declined 59.6% reaching
USD45.1 million (COP166.4 billion). The decline in non-regulated
revenues is explained by an increase of cargo fees, since these
flights were not cancelled. On the other hand, duty free revenues,
whose rentals have a traffic component, have declined the most due
to a mix of deferred payments and discounts.

In December 2020, the issuer properly complied with the debt
service obligation for the COP315 billion loan and the USD415
million notes. The U.S. dollar-denominated and the Colombian
peso-denominated DSRAs currently maintain a balance of USD32
million and COP30.5 billion, respectively.

As a compensation for the effects of the pandemic in the
concession, OPAIN has negotiated with ANI a contract extension
which will consider the lost revenues covering the period of March
through September 2020. The extension could provide room for debt
reprofiling but that is yet to be defined by OPAIN management and
subject to bondholders' approval.

OPAIN also agreed with ANI, through the concession amendment 34
(Otrosi 34), a deferral of the concession fee payment due in
September 2020. The payment will be made through four installments
between January and July 2022. The issuer has also received a
deferral of the concession fee payment due on Jan. 31, 2021 but
this has not been approved yet. The issuer has also secured a
commercial bank loan with Bancolombia, S.A. for COP100 billion
(USD28 million), with a variable rate and a five-year term, as
additional liquidity for working capital purposes.

FITCH CASES

At present, Fitch is not differentiating between its base and
rating case assumptions, given the level of uncertainty about
future traffic performance.

Fitch has revised its rating case assumptions to reflect Fitch’s
current expectations of a slower recovery. Traffic is expected to
close 2020 at 32% of 2019 levels. For 2021, Fitch assumes a
recovery of 65% relative to 2019 levels based on the following
average assumptions of quarterly traffic: 1Q21 (50%); 2Q21 (65%);
3Q21 (70%) and 4Q21 (75%). For 2022 and 2023, Fitch assumes average
recoveries of 80% and 90%, relative to 2019 levels. In 2024, Fitch
assumes traffic recovers to 2019 levels, followed by traffic growth
of 3.5% and 3.2% in 2025 and 2026.

The budgets of administrative and operating expenses were stressed
by 5%. U.S. CPI reflects Fitch's forecast of 0.6% in 2021, 1.0% in
2022 and 2.0% from 2023 onward, while Colombia's CPI forecast is
2.8% in 2021, 3.1% in 2022 and 3.0% from 2023 onward. The Colombian
peso to U.S. dollar exchange rate was assumed at 3,638.00/1.00 in
2021 and 2022 with an average depreciation of 1.5% starting in
2023.

Under this scenario, minimum DSCR is 0.4x in 2022 and average
(2021-2026) is 1.0x. Fitch expects debt service in 2021 and 2022 to
be met with held cash balances and additional liquidity resources.
Fitch also ran a severe downside case that assumes a slower traffic
recovery to 2019 levels at 44% in 2021, 60% in 2022, 75% in 2023,
90% in 2024 and 100% in 2025. Under this scenario, minimum and
average DSCR is -0.1x and 0.8x.

FINANCIAL ANALYSIS

DSCR is viewed as the relevant metric for the transaction, given
its short maturity and absence of a concession tail, on top of its
fully-amortizing nature. Minimum and average DSCRs under Fitch's
rating case are 0.4x in 2022 and 1.0x from 2021-2026, respectively.
This metric continues to be inconsistent with the assigned rating,
according to applicable criteria for airports with a mix of
'Stronger' and 'Midrange' characteristics.

SECURITY

The ANI granted OPAIN a 20-year concession to operate and expand El
Dorado International Airport on Sept. 12, 2006. Located in Bogota,
the capital city of Colombia, El Dorado is the third-busiest
airport in Latin America in terms of traffic and the most active in
the region in terms of cargo. It has an estimated catchment area of
10.7 million people and serves all major Colombian cities at 41
domestic routes and major international destinations at 50
international+ routes across the Americas and Europe.

The concession agreement excludes the runways and air traffic
control, taxiways, administrative buildings, and designated
military, police, and government facilities. The airport airfield
consists of two parallel independent runways. In January 2019,
OPAIN ended the construction phase. All the mandatory works have
been carried out including the construction of a new passenger
terminal, new cargo facilities, new office buildings and new
apron.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
Environmental, Social and Corporate Governance (ESG) Credit
Relevance is a Score of '3'. ESG issuers are credit-neutral of have
only a minimal credit impact on the entity, either due to their
nature or to the way they are being managed by the entity.




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

DOMINICAN REPUBLIC: Exceeds 300 Deaths From Covid So Far This Year
------------------------------------------------------------------
Dominican Today reports that in the first two days of February, the
Dominican Republic reported 31 deaths due to Covid-19, of which 15
were reported, surpassing the 300 deaths recorded by the
surveillance system so far this year.

According to a study carried out in the National District and Santo
Domingo by the health authorities, whose advance was given by Dr.
Eddy Perez Then, Covid's advisor on Covid matters, the highest
number of deaths was recorded among those over 65 years of age,
male and with morbidities, among them obesity and overweight, the
report notes.

The report on virus number 321, released, also includes the report
of 1,357 new positive cases in addition to the 834 reported the day
before, for a total of 2,191 new cases in the first two days of
February, according to Dominican Today.

The report discloses that the country has registered a total of
2,719 deaths due to Covid and maintains a lethality rate of 1.25%
and a mortality rate of 260.23 per million inhabitants, the report
discloses.

Although the daily positivity percentage of the samples processed
has been fluctuating, the last four weeks' positivity shows a
slight and systematic reduction, reaching 19.30%, the report notes.
The daily positivity rate was 22.30%.

The country has a cumulative total of 217,277 cases confirmed
positive for the virus by PCR tests, of which 54,194 had the active
virus. the report relays.

To date, 1,068,693 laboratory samples have been processed, the
report adds.

                        ICU and Ventilation

The country had 294 patients in the Intensive Care Unit (ICU),
occupying 54% of the bed availability for this specialized care,
while 165 patients were using assisted ventilation for an occupancy
of 41% of the existing ventilators, the discloses.

In regular Covid beds, there were 933 patients admitted for an
occupancy of 34% of the beds, the report relays.  This indicator
has registered a reduction compared to previous days, the report
notes.

The first case registered by the Dominican health system was an
Italian tourist at a resort in La Romana on March 1, 2020, and then
a Creole immigrant from Italy, the report adds.

                     About Dominican Republic

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

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

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

Fitch Ratings on Jan. 18, assigned a 'BB-' rating to Dominican
Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.

Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings. The negative
outlook reflects S&P's view that it could lower the ratings on the
Dominican Republic over the next six to 18 months, given the severe
impact of the COVID-19 pandemic on the sovereign's already
vulnerable fiscal and external profiles, as well as the potential
for a weaker-than-expected economic recovery.

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


DOMINICAN REPUBLIC: Meeting Seeks to Lower Staple Prices
--------------------------------------------------------
Dominican Today reports that representatives of several supermarket
chains in the Dominican Republic and producers of El Valle de
Constanza (central) agreed with the Agriculture Ministry to
"harmonize" the prices of staple products so they reach consumers
at a fair cost.

In a meeting headed by Agriculture Minister Limber Cruz and the
head of the Agriculture Cabinet, Freddy Fernandez, the business
leaders pledged support for farmers represented by the National
Agricultural Producers Union (Unaproda), by purchasing carrots to
supply the market, according to Dominican Today.

"The parties agreed to establish collaboration channels to maintain
the stability of the prices of basic consumer items,"the report
notes.

                 About Dominican Republic

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

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

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

Fitch Ratings on Jan. 18, assigned a 'BB-' rating to Dominican
Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.

Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings. The negative
outlook reflects S&P's view that it could lower the ratings on the
Dominican Republic over the next six to 18 months, given the severe
impact of the COVID-19 pandemic on the sovereign's already
vulnerable fiscal and external profiles, as well as the potential
for a weaker-than-expected economic recovery.

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


DOMINICAN REPUBLIC: Upward Trend in Commodity Prices Worsens
------------------------------------------------------------
Dominican Today reports that while different business associations
announce that the prices of various products, both locally produced
and imported, will increase, consumers and workers say their
purchasing power is increasingly minimal.

The Dominican Association of Purified Water Processors announced
that the price of bottled water would increase this month, in
addition to the increases in the basic grocery basket of products,
according to Dominican Today.

The association explained that the readjustment is five pesos to
the current cost of the water bottle, but this will vary depending
on the establishment of sale, the report relays.  This increase is
applied together with other products, such as soybean oil of 128
ounces, which increased 86.6 pesos from July of last year, the
report discloses.

This product was sold in the market at an average price of
RD$386.39, the report relates.  At the end of January, it was at
472.99 pesos, according to the survey corresponding to January 29
of this year by the National Institute for the Protection of
Consumer Rights (Instituto Nacional de Protección de los Derechos
del Consumidor), the report notes.

This was the case with rice, which went from RD$309 a 10-pound bag
to RD$314.35; beef n.7 went from RD$111.16 RD$144.54, the report
says.

                           Other Products

The same happened with the 30-unit carton of eggs, in the economic
category, which went from RD$133.99 to RD$179.40; 5-pound sugar was
at RD$144.74 and RD$150.9, and cod from RD$125.86 to RD$133.57, the
report relates.  However, this may increase depending on the
establishment and brand, the report notes.

In the particular case of fresh chicken, the average price per
pound in July last year was at 60.95; by January, it was sold at
67.19, the report discloses.  Until it was at between 68 and 72
pesos in supermarkets and between 58 and 65 in markets, the report
adds.

                          Wage Versus Price

This scenario occurs at the same time that workers in the formal
sector have experienced a loss in income from work of 7.5%,
impacted by the effects of the Covid-19 pandemic, going from
RD$111.6 per hour in the third quarter 2019 to RD$103.2 per hour
between July - September 2020, the report relays.

Informal sector workers received the most significant blow in the
reduction of income, the report notes.  The average hourly pay of
those employed in the informal sector was RD$86.3 per hour,
exhibiting a 9.1% drop from the RD$95.0 per hour reached in
July-September 2019, according to the latest statistics updated in
the quarterly labor market bulletin prepared by the Central Bank,
the report says.

In this regard, Rafael Pepe Abreu argued that with these
readjustments, the most affected are the working class, which he
assured are being transferred the investment in biosecurity and
increased production cost through price increases, the report
notes.

He pointed out that this scenario is taking place precisely when a
review of salaries should be carried out and has been criticized by
the business sector, which says that the pandemic is spreading, the
report adds.

                 About Dominican Republic

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

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

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

Fitch Ratings on Jan. 18, assigned a 'BB-' rating to Dominican
Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.

Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings. The negative
outlook reflects S&P's view that it could lower the ratings on the
Dominican Republic over the next six to 18 months, given the severe
impact of the COVID-19 pandemic on the sovereign's already
vulnerable fiscal and external profiles, as well as the potential
for a weaker-than-expected economic recovery.

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




===========
M E X I C O
===========

FRONTERA HOLDINGS: Case Summary & 30 Largest Unsecured Creditors
----------------------------------------------------------------
Lead Debtor: Frontera Holdings LLC
             500 Alexander Park
             Suite 300
             Princeton, New Jersey 08540

Business Description: Frontera Holdings LLC, together with its
                      Debtor and non-Debtor subsidiaries,
                      operates a natural gas fueled power
                      generation facility and sells energy through
                      the Mexican wholesale energy market and
                      capacity through long-term supply contracts.
                      Located approximately 1.8 miles from the
                      U.S.-Mexico border in Mission, Texas,
                      Frontera is the only U.S.-based power plant
                      to sell all of its power to Mexico.

Chapter 11 Petition Date: February 3, 2021

Court:                    United States Bankruptcy Court
                          Southern District of Texas

Six affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

    Debtor                                        Case No.
    ------                                        --------
    Frontera Holdings LLC (Lead Case)             21-30354
    Frontera Generation Limited Partnership       21-30353
    Frontera Generation GP, LLC                   21-30355
    Frontera Generation Holdings LLC              21-30356
    Frontera Intermediate Holding LLC             21-30357
    Lonestar Pipeline Company, LLC                21-30358

Judge:                    Hon. David R. Jones

Debtors'
General
Bankruptcy
Counsel:                  Joshua A. Sussberg, P.C.
                          Matthew C. Fagen, Esq.
                          KIRKLAND & ELLIS LLP
                          KIRKLAND & ELLIS INTERNATIONAL LLP
                          601 Lexington Avenue
                          New York, New York 10022
                          Tel: (212) 446-4800
                          Fax: (212) 446-4900
                          Email: joshua.sussberg@kirkland.com
                                 matthew.fagen@kirkland.com

Debtors'
Local
Bankruptcy
Counsel:                  Matthew D. Cavenaugh, Esq.
                          Genevieve M. Graham, Esq.
                          Vienna F. Anaya, Esq.
                          Victoria Argeroplos, Esq.
                          JACKSON WALKER L.L.P.
                          1401 McKinney Street, Suite 1900
                          Houston, Texas 77010
                          Tel: (713) 752-4200
                          Fax: (713) 752-4221
                          Email: mcavenaugh@jw.com
                                 ggraham@jw.com
                                 vanaya@jw.com
                                 vargeroplos@jw.com

Debtors'
Financial
Advisor or
Investment
Banker:                   PJT PARTNERS LP

Debtors'
Restructuring
Advisor:                  ALVAREZ & MARSAL NORTH AMERICA, LLC

Debtors'
Notice,
Claims &
Solicitation
Agent:                    PRIME CLERK LLC
         https://cases.primeclerk.com/Frontera/Home-DocketInfo

Estimated Assets: $100 million to $500 million

Estimated Liabilities: $1 billion to $10 billion

The petitions were signed by Brant Meleski, vice president.

A full-text copy of Frontera Holdings LLC's petition is available
for free at PacerMonitor.com at:

               https://bit.ly/3jueiHK

List of Debtors' 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. General Electric                   Trade Debt        $9,067,307
Attn: Kevin J. Lagasse
Managing Director - GE Power
Generation Services
Attn: GE International Inc.
4200 Wildwood Parkway
Atlanta, GA 30339
United States
Tel: 404-709-1305
Fax: 678-844-5187
Email: klagasse@ge.com

2. Kinder Morgan Tejas Pipeline LLC   Trade Debt          $399,300
Attn: David Michels
Vice President and Chief Financial
Officer
1001 Louisiana St.
Suite 1000
Houston, TX 77002
United States
Tel: 713-420-4200
Email: david_michels@kindermorgan.com

3. NM Contracting LLC                 Trade Debt           $64,128
Attn: Marcie Solano, Manager
2022 Orchid Ave
McAllen, TX 78504
United States
Tel: 956-499-8719
Email: msolano@nmcontracting.us

4. Nooter/Eriksen, Inc.               Trade Debt           $35,200
Attn: Michael Filla
Executive Vice President
1509 Ocello Drive
Fenton, MO 63026
United States
Tel: 636-651-1155
Email: mfilla@ne.com

5. Reladyne Reliability               Trade Debt            $8,000
Services Inc.
Attn: Larry Stoddard
President and Chief Executive Officer
8280 Montgomery Road, Suite 101
Cincinnati, OH 45236
United States
Tel: 513-489-6000
Email: larry.stoddard@reladyne.com

6. Industrial Site Services, LLC      Trade Debt            $7,027
Attn: Killie Randall
11510 Highway 188 East
Sinton, TX 78387
United States
Tel: 361-364-3022
Fax: 361-364-1382
Email: kellie@isstex.com

7. Skyhawk Chemicals Inc.             Trade Debt            $6,038
Attn: Jill Knickerbocker,
President
701 N Post Oak Rd Ste 540
Houston, TX 77024
United States
Tel: 713-957-2200
Fax: 713-957-0345
Email: jillk@skyhawkchemicals.com

8. Shrieve Chemical Company           Trade Debt            $5,557
Attn: Ted Threadgill
Vice President
1755 Woodstead Court
The Woodlands, TX 77380
United States
Tel: 281-367-4226
Email: tthreadgill@shrieve.com

9. Airgas USA, LLC                    Trade Debt            $4,940
Attn: Pascal Vinet
Chief Executive Officer
259 North Radnor-Chester Road
Suite 100
Rndor, PA 19087
United States
Tel: 713-896-2718
Email: pascal.vinet@airgas.com

10. Abb Inc.                          Trade Debt            $3,750
Attn: David Onuscheck
Senior VP & General Counsel
305 Gregson Drive
Cary, NC 27511
United States
Tel: 919-856-2360
Email: david.onuscheck@abb.com

11. Ferguson Enterprises Inc. #1869   Trade Debt            $3,486
Attn: Jay Alls
Director of Industrial Business Group
c/o Wolseley Industrial Group
12500 Jefferson Avenue
Newport, VA 23602
United States
Tel: 703-472-7075
Fax: 757-989-2501
Email: jay.alls@ferguson.com

12. Atlas Copco Compressors LLC       Trade Debt            $3,386
Attn: Declan O'Regan
VP Corporate Development
300 Technology Center Way
Suite 550
Rock Hill, SC 29730
United States
Tel: 224-839-7696
Email: declan.oregan@atlascopco.com

13. Vertex Power Generation           Trade Debt            $3,262
Consulting, LLC
Attn: Ernie W McWilliams, Jr., Owner
15719 Pinewood Cove Dr
Houston, TX 77062
United States
Tel: 713-545-4825
Email: ernie.mcwilliams@vertexpgc.com

14. Endress+Hauser Inc.               Trade Debt            $2,747
Attn: Todd Lucey
Corporate Sales Director
2350 Endress Place
Greenwood, IN 46143
United States
Tel: 888-363-7377
Email: todd.lucey@endress.com

15. Juventus Chemicals & Equipment    Trade Debt            $2,036
Attn: Juventus Martinez
Chief Executive Officer
1003 W Kika De La Garza Loop
Mission, TX 78572
United States
Tel: 956-580-2568
Fax: 956-580-2520
Email: juventus@juventuschem.com

16. Verizon Wireless                  Trade Debt            $1,670
Attn: Joan Bowyer
Vice President, Customer Service
1095 Avenue of the Americas
New York, NY 10036
United States
Tel: 216-765-1444
Email: joan.bowyer@verizonwireless.com

17. Fastenal Company                  Trade Debt            $1,570
Attn: Daniel L. Florness
President and Chief Executive Officer
2001 Thurer Boulevard
Winona Thurer Boulevard
Winona, MN 55987
United States
Tel: 619-276-0957
Email: dflorness@fastenal.com

18. Molecule Software, Inc.           Trade Debt            $1,228
Attn: Sameer Soleja
Founder, President & CEO
3262 Westheimer Rd #887
21st Floor
Houston, TX 77098
United States
Tel: 512-656-3854
Email: sameer@molecule.io

19. Nalco Company                     Trade Debt            $1,139
Attn: Darrell Brown
EVP and President - Global
Industrial
c/o Ecolab
1601 W. Diehl Rd.
Naperville, IL 60563
United States
Tel: 877-288-3512
Fax: 877-288-3513
Email: darrell.brown@ecolab.com

20. TNT Crane & Rigging Inc.          Trade Debt              $770
Attn: Deana Haygood
Chief Financial Officer
925 South Loop West
Houston, TX 74054
United States
Tel: 713-644-6113
Email: deana@tntcrane.com

21. Republic Services Inc.            Trade Debt              $633
Attn: Jeff Hughes
EVP, Chief Administrative Officer
18500 N Allied Way
Phoenix, AZ 85054
United States
Tel: 956-423-7316
Email: jeff.hughes@republicservices.com

22. Grande Oilfield, LLC              Trade Debt              $630
Attn: Dee Keeney
Office Manager
3300 Business 35E
Pearsall, TX 78061
United States
Tel: 830-746-0001
Email: dee.k@grandeoil.com

23. W.W. Grainger, Inc.               Trade Debt              $616
Attn: Donald G. MacPherson
Chief Executive Officer
100 Grainger Parkway
Lake Forest, IL 60045-5201
Tel: 847-535-1000
Email: dmacpherson@grainger.com

24. Copy Graphics                     Trade Debt              $454
Attn: David Valdez
President
221 North 10th St.
McAllen, TX 78501
United States
Tel: 956-631-0205
Fax: 956-630-0205
Email: aescobar@copyg.com

25. Eastern Technical Associates      Trade Debt              $400
Attn: Jody Monk
General Manager
PO Box 1009
Garner, NC 27529
United States
Tel: 919-878-3188
Fax: 919-872-5199
Email: jody@smokeschool.com

26. Engineered Thermal Solutions      Trade Debt              $303
Attn: Chuck Marchetta, P.E.
Senior Process Cooling Engineer
164 Townline
Elma, NY 14059
United States
Tel: 713-906-7060
Email: chuck@engthermal.com

27. Office Depot Business Credit      Trade Debt              $281
Attn: Mark Faller
Director, Emerging Growth
6600 N Military TRL
Boca Raton, FL 33496
United States
Tel: 561-438-4800
Email: mark.faller@officedepot.com

28. AC Controls                       Trade Debt              $238
Attn: Jim Borders, President
8600 Westmoreland Dr. NW
Concord, NC 28027
United States
Tel: 704-573-7005
Fax: 704-573-7008
Email: jim.borders@accontrols.com

29. FedEx                             Trade Debt              $133
Attn: Dave Edmonds
Senior Vice President
942 South Shady Grove Rd
Memphis, TN 38120
United States
Tel: 615-641-3421
Email: dbedmonds@fedex.com

30. Biosan Laboratories Inc.          Trade Debt              $120
Attn: Randy Lauinger
Financial Controller
1950 Tobsal Court
Warren, MI 48091
United States
Tel: 586-755-8970
Fax: 586-755-8978
Email: randy@biosan.com




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

METRO PUERTO RICO: Court Grants 60-Day Plan Filing Extension
------------------------------------------------------------
Following a hearing on February 2, 2021, Judge Enrique S. Lamoutte
of the U.S. Bankruptcy Court for the District of Puerto Rico
extended Metro Puerto Rico LLC's exclusivity period for filing a
Chapter 11 Plan and Disclosure Statement for a limited period of 60
days.

Judge Lamoutte's Order came after the Court considered the joint
motion filed by the Debtor and Metro International Licensing, S.A.
de C.V. on January 25, 2021.

                   About Metro Puerto Rico

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

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




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

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



                           *********


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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                  * * * End of Transmission * * *