/raid1/www/Hosts/bankrupt/TCRLA_Public/210210.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, February 10, 2021, Vol. 22, No. 24

                           Headlines



B R A Z I L

BRAZIL: Agriculture Minister Confirm Big Grain Crop Expecations
BRAZIL: Formalizes Offer to Open Bids to Foreign Firms at WTO
SBM BALEIA: Fitch Affirms BB- Rating on Series 2012-1 Secured Notes


C A Y M A N   I S L A N D S

LUCKIN COFFEE: Chapter 15 Case Summary
LUCKIN COFFEE: March 16 Recognition Hearing of Cayman Liquidation


C H I L E

GEOPARK LIMITED: Fitch Affirms 'B+' LongTerm IDRs, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Dire Warning as World Food Prices Soar


M E X I C O

MEXICO: Turns to COVAX and Russia to Speed Up Vaccination Plan


P A N A M A

ENA NORTE TRUST: Fitch Lowers Rating on USD600MM Sec. Notes to BB-


P E R U

RUTAS DE LIMA: S&P Upgrades ICR to 'B+' on Stronger Liquidity


P U E R T O   R I C O

POPULAR INC: Moody's Completes Review, Retains B1 Debt Rating


T R I N I D A D   A N D   T O B A G O

ROCK HARD: Caribbean Court to Hear Claim vs. Caricom on Feb. 11


V E N E Z U E L A

VENEZUELA: Registered Over 11,000 Power Failures in January

                           - - - - -


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B R A Z I L
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BRAZIL: Agriculture Minister Confirm Big Grain Crop Expecations
---------------------------------------------------------------
Rio Times Online reports that Brazil's Agriculture Minister on
February 4, confirmed that the government expects to harvest bumper
soybean and corn crops in spite of planting and harvesting delays
in 2020.

A drought late last year delayed sowing of Brazil's soybeans, and
excess rainfall disrupted harvesting in January, according to Rio
Times Online.  This delayed delivery of grain to trading companies
and affected Brazil's ability to export, the report notes.

Speaking in an event to mark the beginning of the harvest in the
northeastern state of Bahia, Dias reaffirmed that farmers will reap
up to 133 million tonnes of soybeans in 2021 and potentially more,
the report adds.

                          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.


BRAZIL: Formalizes Offer to Open Bids to Foreign Firms at WTO
-------------------------------------------------------------
Rio Times Online reports that a year after its first announcement,
Brazil formalized its offer to open government bids to
international companies.  The country presented a list of bodies,
goods and services to the World Trade Organization (WTO) that may
now enter Brazil's government contract market after Brazil's
adherence to an international Government Procurement Agreement,
according to Rio Times Online.

Currently, 48 countries are part of the agreement, which levels
terms for domestic and foreign companies in public tenders, the
report relays.

In a joint note, the Ministries of Economy and Foreign Affairs
reported that the measure opens up access to a US, the report
adds.

According to the two Ministries, the agreement may result in an
increase of Brazilian exports by opening access for Brazilian
companies to participate in bids in other countries, the report
discloses.

                        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.


SBM BALEIA: Fitch Affirms BB- Rating on Series 2012-1 Secured Notes
-------------------------------------------------------------------
Fitch Ratings has affirmed SBM Baleia Azul, S.a.r.l.'s series
2012-1 senior secured notes due 2027 at 'BB-'/Outlook Negative. The
Negative Outlook reflects the Negative Outlook on Petroleo
Brasileiro S.A.'s (Petrobras) Issuer Default Rating (IDR). The
rating of the transaction is capped by Fitch's view on the strength
of the offtaker's payment obligation, which in this case is
equalized to Petrobras' IDR.

      DEBT                 RATING        PRIOR
      ----                 ------        -----
SBM Baleia Azul, SII/ S.a.r.l.

Senior L8038*AA4     LT  BB-  Affirmed    BB-

TRANSACTION SUMMARY

The notes are backed by the flows related to the charter agreement
signed with Petrobras for the use of the floating production
storage and offloading unit (FPSO) Cidade de Anchieta for a term of
18 years. SBM do Brasil Ltda. (SBM Brasil), the Brazilian
subsidiary of SBM Holding Inc. S.A. (SBM Holding), is the operator
of the FPSO. SBM Holding is the sponsor of the transaction. The
FPSO Cidade de Anchieta began operating at the Baleia Azul oil
field (now considered part of the New Jubarte field) in September
2012.

KEY RATING DRIVERS

Linkage to Petrobras' Credit Quality: Fitch uses the offtaker's IDR
as the starting point to determine the appropriate strength of the
offtaker's payment obligation. On May 7, 2020, Fitch affirmed
Petrobras' Long-Term IDR at 'BB-' and revised the Outlook to
Negative from Stable, reflecting the Negative Outlook on the
sovereign IDR. Petrobras' ratings continue to reflect its close
linkage with the sovereign rating of Brazil due to the government's
control of the company and its strategic importance to Brazil as
its near-monopoly supplier of liquid fuels.

Strength of Off-taker's Payment Obligation: Fitch's view on the
strength of the off-taker's payment obligation acts as the ultimate
rating cap to the transaction. Given Fitch's qualitative assessment
of asset/contract/operator characteristics and the
off-taker's/industry's characteristics related to this transaction
the strength of such payment obligation has been equalized to
Petrobras' Long-Term IDR.

Credit Quality of the Operator/Sponsor: SBM Offshore N.V. is the
ultimate parent to SBM Holding Inc. S.A., main sponsor of the
transaction. The transaction benefits from SBM Offshore N.V.'s
solid business position, global leadership in leasing FPSOs and
overall strong operational performance of its fleet, aligning SBM's
credit quality with investment-grade metrics. The rating of the
transaction is ultimately capped by Fitch's view of the credit
quality of the sponsor.

Stable Asset Performance: Asset performance is in line with
expectations, tied to characteristics of the contract including
fixed rates, which provide for cash flow stability. Average
operational uptime levels have been stable, averaging 99.88% during
2020. In this analysis, Fitch considered an uptime of 97.5% as the
base case assumption and stressed it in accordance with its
criteria.

Leverage/Credit Enhancement: The key leverage metric for fully
amortizing FPSO transactions is debt service coverage ratio (DSCR).
This transaction has maintained quarterly DSCRs above trigger
levels and above Fitch's initial expectations. The rolling 12-month
pre-opex DSCR for the period ending December 2020 is 1.84x. This
has allowed the transaction the ability to withstand potential
one-off events that may negatively affect cash flows. Fitch expects
the transaction's DSCRs maintain sufficient coverage in line with
the rating level. As a result, the transaction's rating is not
constrained by leverage and coverage ratios.

Available Liquidity: The transaction benefits from a $26 million
(LoCs provided by ABN Amro Bank N.V., rated A/Negative) debt
service reserve account (DSRA) equivalent to the following two
quarterly payments of principal and interest. As of December 2020,
net debt balance (i.e. net of the DSRA and $11.14 million cash
balance in the revenue collection account) closed at approximately
$238.81 million.

RATING SENSITIVITIES

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

-- Fitch does not anticipate developments with a high likelihood
    of triggering an upgrade. However, the main constraint to the
    transaction rating is currently the offtaker's credit quality.
    If upgraded, Fitch may upgrade the notes.

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

-- The rating may be sensitive to changes in the credit quality
    of Petrobras as charter offtaker. Although not immediate caps,
    any deterioration in the credit quality of SBM as operator and
    sponsor or in the operating performance of the FPSO Cidade de
    Anchieta may ultimately affect the ratings.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

ESG CONSIDERATIONS

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




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C A Y M A N   I S L A N D S
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LUCKIN COFFEE: Chapter 15 Case Summary
--------------------------------------
Chapter 15 Debtor:        Luckin Coffee Inc.
                          Conyers Trust Company (Cayman) Ltd
                          P.O. Box 2681, Cricket Square
                          Hutchins Drive
                          George Town, Grand Cayman
                          Cayman Islands

Business Description:     Luckin Coffee Inc. --
                          https://www.luckincoffee.com --
                          China-based coffee chain founded in
                          2017.

Foreign
Proceeding:               In the Matter of Luckin Coffee Inc.,
                          Grand Court of the Cayman Islands, Cause
                          No. FSD 157 of 2020

Chapter 15 Petition Date: February 5, 2021

Court:                    United States Bankruptcy Court
                          Southern District of New York

Case No.:                 21-10228

Judge:                    Hon. Martin Glenn

Foreign Representatives:  Alexander Lawson and
                          Wing Sze Tiffany Wong
                          P.O. Box 2507, 2nd Floor
                          70 Harbour Drive
                          George Town, Grand Cayman
                          Cayman Islands

Foreign
Representatives'
Counsel:                  Thomas R. Califano, Esq.
                          R. Craig Martin, Esq.
                          Erik F. Stier, Esq.
                          DLA PIPER LLP (US)
                          1251 Avenue of the Americas
                          27th Floor New York, New York 10020
                          Tel: (212) 335-4500
                          Fax: (212) 335-4501
                          Email: craig.martin@us.dlapiper.com
                                 thomas.califano@dlapiper.com
                                 erik.stier@dlapiper.com

Estimated Assets:         Unknown

Estimated Debts:          Unknown

A copy of the Involuntary Petition is available for free at
PacerMonitor.com at https://bit.ly/3p6QPgX


LUCKIN COFFEE: March 16 Recognition Hearing of Cayman Liquidation
-----------------------------------------------------------------
The joint provisional liquidators of Luckin Coffee Inc. filed with
the U.S. Bankruptcy Court for the Southern District of New York a
verified petition for U.S. recognition of the proceedings in the
Cayman Islands as foreign main proceedings.

A recognition hearing on the recognition of the Cayman Proceeding
as a foreign main proceeding and for related relief is scheduled
for March 16, 2021, at 10 a.m. (ET), before U.S. Bankruptcy Judge
Martin Glenn.

Alexander Lawson of Alvarez & Marsal Cayman Islands Limited and
Wing Sze Tiffany Wong of Alvarez & Marsal Asia Limited are the
joint provisional liquidators appointed under Part V of the Cayman
Islands Companies Act in a provisional liquidation proceeding
pending before the Grand Court of the Cayman Islands, Financial
Services Division Cause No. 157 of 2020 (ASCJ).

Luckin Coffee is a Cayman Islands-based holding company that
indirectly owns subsidiaries in the People's Republic of China
through which it operates a coffee business through a network of
3,898 self-operated stores and 894 partnership stores.

Luckin Coffee's headquarters are in Beijing, PRC, where it also
holds its board of director meetings and Extraordinary General
Meetings of its shareholders.  Its primary assets are shares in a
British Virgin Islands entity, and the location of its creditors,
specifically (i) the Bondholders under the Indenture, and (ii) the
putative plaintiffs and those on whose behalf they seek class
certification in various securities law class actions and
derivative suits, are likely global in scope.  The Foreign
Debtor's
value derives from its operations of retail coffee stores in PRC.

                          Cayman Case

On July 10, 2020, Mr. Chong Wai Yuen submitted a winding up
petition to the Cayman Court in which he alleged that $13,186.81
was due and owing to him on account of fees relating to his prior
role as an independent, non-executive director of the Foreign
Debtor.  The Foreign Debtor responded by filing a summons on July
10, 2020, seeking the appointment of joint provisional
liquidators.
In the Appointment Summons, the Foreign Debtor acknowledged it was
unable to pay its debts as they came due on account of "a specific
legal issue arising out of the stringent wide ranging and
extra-territorial nature of the Cayman Islands anti-money
laundering legislation."

In other words, as a result of the events leading to the Special
Committee investigation, the Foreign Debtor's cash could be
considered, as a matter of Cayman Islands law, to have been be
indistinguishably mixed with the proceeds of crime.  Accordingly,
the Foreign Debtor could not use its cash to pay its debts as they
fell due without giving rise to potential offences of money
laundering under Cayman law.  The Foreign Debtor thus sought a
provisional liquidation order to explore restructuring solutions
with the assistance of a court-appointed officer while maintaining
control of the company.

The Cayman Court conducted a hearing on the Appointment Summons on
July 14 and 15, 2020, and entered an order appointing the Joint
Provisional Liquidators on July 15, 2020.

Recognition of the Cayman Proceeding is imperative to its success
and the restructuring of the Foreign Debtor.  Recognition of the
Cayman Proceeding under chapter 15 of the Bankruptcy Code will
protect the Foreign Debtor within the territorial jurisdiction of
the United States by staying those actions already commenced
against the Foreign Debtor and preventing a further race to the
courthouse and resulting piecemeal litigation.

                    About Luckin Coffee

Luckin Coffee Inc. is a Xiamen, Fujian-based coffee chain.

In July 2020, Luckin Coffee called in liquidators in the Cayman
Islands to oversee a corporate restructuring and negotiate with
creditors to salvage its business, less than four months after
shocking the market with a US$300 million accounting fraud.

The Company hired Houlihan Lokey as financial advisers to implement
a workout with creditors. The start-up company also named Alexander
Lawson of Alvarez & Marsal Cayman Islands and Tiffany Wong Wing Sze
of Alvarez & Marsal Asia to act as "light-touch" joint provisional
liquidators (JPLs) under a Cayman Islands court order.

The Joint Provisional Liquidators of Luckin Coffee, Alexander
Lawson of Alvarez & Marsal Cayman Islands Limited and Wing Sze
Tiffany Wong of Alvarez & Marsal Asia Limited, on Feb. 5, 2021,
filed a verified petition under chapter 15 of the United States
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-10228).  The Chapter
15 Petition seeks, among other things, recognition in the United
States of the Company's provisional liquidation pending before the
Grand Court of the Cayman Islands.

DLA Piper LLP (US), led by Thomas R. Califano and Robert Craig
Martin, is the U.S. counsel.




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C H I L E
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GEOPARK LIMITED: Fitch Affirms 'B+' LongTerm IDRs, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed GeoPark Limited's Long-Term Foreign and
Local Currency Issuer Default Ratings IDRs at 'B+'/Rating Outlook
Stable. Fitch has also affirmed GeoPark's USD425 million senior
notes due 2024 and $350 million note due 2027 at 'B+'/'RR4'.

GeoPark's ratings reflect the company's track record of increasing
production, improving reserve life, and ability to implement an
effective cost-reduction plan. Fitch's base case scenario expects
that GeoPark will reach production of nearly 45,000 barrels of oil
equivalent per day (boed) by 2023, and will have average pro-forma
total debt/operating EBITDA of below 3.0x over the rate horizon.

Despite strong operating metrics, the ratings remain constrained by
the company's relatively small size and the low diversification of
its oil fields. Increasing production levels while maintaining its
reserve life and capital structure at existing levels bodes well
for GeoPark's credit quality. The rating also reflects Fitch's
expectations that GeoPark will continue to strengthen its capital
structure following a deleveraging process that could result in
gross leverage of at least 2.0x by 2023, but Fitch expects the
company will likely repay debt over the rated horizon.

KEY RATING DRIVERS

Small Production Profile: GeoPark's ratings remain constrained by
its relatively small size of operations and the low diversification
of its oilfields, despite its growing production profile. Fitch
expects GeoPark's daily production to increase yoy, reaching close
to 45,000 boed by 2023. During 2020, the company reported flat
production compared to 2019 due to the coronavirus pandemic and a
challenging price environment. Fitch expects that Geopark will
increase production by 7% in 2021 and grow through the rating
horizon as Brent prices are expected to recover.

Effective Cost Producer: Fitch expects that the company will
continue to maintain its cost-efficient production profile in the
low oil price environment. GeoPark's competitive advantages are
derived from its operations in onshore and growing oilfields, which
results in lower exploration costs, partially driven by its low
transportation costs by selling at the wellhead, than big players
in the region. In 2020, Fitch estimates GeoPark reduced its half
cycle cost by nearly 7% yoy to $14.3/boe and full-cycle costs to
USD18.9/boe. Since 2015, the company has focused on lower risk
projects and concentrated production in Colombia, specifically in
the Tigana and Jacana oil fields in the Llanos 34 block. In 2020,
the company continued its focus on preserving a solid cash position
by reducing capex, drilling costs and operating expenses.

Adequate Reserve Life: GeoPark maintains an adequate reserve life,
and Fitch does not currently consider it a constraining factor for
the company's ratings. As of Dec. 31, 2019, GeoPark had proved,
developed and producing (PDP) oil and gas reserves of 52.4 million
barrels of equivalent (mmboe), while its proved reserves (1P)
totaled 130 mmboe; this translates into a 1P reserve life of 9.0
years when applying 2019 average production. Fitch estimates the
company's reserve pro-forma reserve life will decrease modestly to
7.5 years in 2020, which incorporates Amerisur's reported 15
million of 1P reserves in 2019 and assumes less 19mmboe of reserves
due to the company exiting its Morona project in Peru.

Strong Capital Structure: Fitch estimates GeoPark's leverage
increased to 3.5x in 2020 from 1.3x in 2019 explained by the $350
million issuance to finance its acquisition of Amerisur and a lower
price environment. Over the rated horizon, Fitch expects the
company will maintain an average gross leverage, defined as total
debt to EBITDA ratio of 3.0x through 2023. Fitch expects the
company will maintain an EBITDA to interest expense ratio of 6.0x
in 2020 and will increase to 7.1x by 2023. Geopark's total debt to
1P increased to $6.00 in 2020 from $3.35boe 2019, but Fitch expects
this will decrease to $4.55boe in 2023, which assumes a reserve
replacement ratio annual average of 116%.

Diversifying Away from Main Asset: Fitch believes GeoPark is
diversifying away from its principal asset (Llanos 34), which
represented 85% of total production with the acquisition of
Amerisur Resources, new blocks in the Llanos basin and its
expansion into Ecuador and Argentina. In 2019, GeoPark was awarded
1 million acres by the Agencia Nacional de Hidrocarburos (ANH) bid
rounds in Colombia, which surround its core Llanos 34 block. Fitch
expects the company will develop this asset in the next 1-2 years.
Also in 2019, the company announced its entry into Ecuador through
the acquisition of the Espejo and Perico blocks 50/50 with Frontera
Energy (B/Stable). The Oriente basin is one of the most prolific
petroleum systems in Latin America, currently producing more than
500,000 boepd. In 2018, GeoPark acquired Aguada Baguales, El
Porvenir and Puesto Touquet Blocks in Argentina, which are located
in the Neuquen Basin for USD52 million. Lastly, in 2020, Geopark
announced the sale of its 10% working interest in the Manati gas
field, which Fitch assumes will result in a cash inflow of $27
million by year-end 2021.

DERIVATION SUMMARY

GeoPark's credit profile is comparable with other small independent
oil and gas companies in the region. The ratings of Gran Tierra
Energy International Holdings Ltd. (CCC), Frontera Energy
Corporation (B/Stable) and Compania General de Combustibles S.A.
(CGC; CCC) are constrained to the 'B' category or below, given the
inherent operational risks associated with small scale and low
diversification of their oil and gas production profiles.

GeoPark's production size compares favorably with other 'B' rated
oil and gas exploration and production companies. Over the rated
horizon, Fitch expects GeoPark will average 45,000 boed of
production, in line with Frontera at 45,000 boed and higher than
Gran Tierra at 35,000 boed and GCC at below 40,000 boed. GeoPark's
1P reserve life is highest among peers at 7.6 years, compared with
Gran Tierra's at 5.0 years over the rated horizon and Frontera at
7.0 years, and in line with CGC at 5.0 years.

GeoPark has a strong capital structure. Fitch expects gross
leverage to decline to approximately 3.3x in 2021 as a result of
higher Brent prices. GeoPark's leverage is strong and compares
favorably to CGC at 2.2x, Gran Tierra at 7.8x and Frontera at 2.3x.
The company's total debt to 1P of reserves is USD6.03 boe, higher
than Frontera's USD3.00 boe, but lower than Gran Tierra at USD10.00
boe and CGC at USD7.00 boe.

KEY ASSUMPTIONS

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

-- Fitch's revised price deck for Brent per barrel (bbl) flat for
    2020 through 2023;

-- Production average of 44,000 bbld from 2021 through 2023;

-- Effective tax rate of 25% from 2020-2023;

-- Average annual dividends of $6 million from 2020-2023;

-- Annual capex of $120 million when Brent is below $60bbl;

-- Royalties per boe of $4.0 over between 2021-2023;

-- Production cost per boe of $7.00 between 2021-2023;

-- Exploration cost per boe of $1.25 between 2021-2023;

-- SG&A cost per boe of $4.00 between 2021-2023;

-- $26 million received from divestment of Manati in 2021;

-- Reserve replenishment ratio annual average of 1P of 116%.

RATING SENSITIVITIES

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

-- Net production rising consistently to 75,000 boed on a
    sustained basis while maintaining a total debt to 1P reserves
    of USD8.00 barrel or below;

-- Reserve life is unaffected as a result of production
    increases, at approximately 10 years;

-- The company's is able to maintain a conservative financial
    profile, with gross leverage of 2.5x or below;

-- Cash flow generated from take-or-pay contracts from high
    quality off-takers covering interest expense by 1.0x;

-- Diversification of operations and improvements in realized oil
    and gas differentials.

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

-- Sustainable production falls below 30,000 boed;

-- Reserve life declines to below 7.0 years on a sustained basis;

-- A significant deterioration of total debt/EBITDA to 3.0x or
    more.

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: GeoPark had cash on hand of USD201 million as
reported in year-end 2020. The company has additional funding
available through a USD75 million oil prepayment facility, with
USD50 million committed, which has not been drawn, and a USD140
million of uncommitted credit lines.

ESG CONSIDERATIONS

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




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Dire Warning as World Food Prices Soar
----------------------------------------------------------
Dominican Today reports that the National Business Council (Conep)
warned of fluctuations in world prices of raw materials and food,
which have soared, and the effects they could have on inflation and
shortages of some products.

The main business union warned of changes in the values of products
such as oil and natural gas, as well as corn, soybeans and other
grains, according to Dominican Today.

In a statement, Conep president Pedro Brache, pointed out that this
situation is generated both by the prolonged effects of the
pandemic, as well as by weather phenomena, and variations in demand
and supply in developed countries, the report notes.  In addition,
disruptions in the shipping industry and the cost of freight, the
report relays.

"The moment requires the sum of wills to face current and future
challenges," 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
===========

MEXICO: Turns to COVAX and Russia to Speed Up Vaccination Plan
--------------------------------------------------------------
Pedro Pablo Cortes at EFE News reports that the Mexican government
announced that more than three million doses of Covid-19 vaccine
from Russia and the World Health Organization's COVAX platform will
arrive in February to speed up the country's ambitious but delayed
immunization program.

"We're going to have the vaccines, we're going to have them. Mexico
has the complete portfolio as almost no other country, that is also
a fact," said Marcelo Ebrard, Mexico's foreign secretary, at the
government's daily press conference at the National Palace,
according to Pedro Pablo Cortes.

Mexico was one of the first countries to start vaccinating its
population against Covid-19 on Dec. 24 with the promise that it
would obtain 1.4 million doses from Pfizer and BioNTech to immunize
all front-line healthcare personnel in January, the report relays.

But so far Mexico has only administered 675,200 doses of the
vaccine because the US pharmaceutical firm suspended deliveries in
mid-January so that it could revamp its plant in Belgium, the
report discloses.

Ebrard said that Pfizer should resume its deliveries by
mid-February and "replenish" what Mexico has not received "during
these three weeks," the report relates.

EFE News discloses that Ebrard also announced that Mexico in
February will obtain between 1.6 million and 2.7 million doses of
the AstraZeneca vaccine via the Covax platform, thus making between
6.4 million and 10.9 million doses available to Mexicans during the
first half of this year.

These vaccines are part of the package of 51.5 million doses
promised under the WHO initiative and in addition to the 77.4
million doses Mexico negotiated to acquire directly from
AstraZeneca, the report relays.

In addition, Mexico has concluded other agreements to acquire 34.4
million more doses from Pfizer, 35 million doses from China's
CanSino and 24 million doses of Russia's Sputnik V vaccine, the
report notes.

The total number of doses is around 174 million for Mexico's 104.6
million adults, according to Hugo Lopez-Gatell, the assistant
secretary of Health Prevention and Promotion and the official
tasked with managing Mexico's pandemic response, the report
relates.

"Practically the entire population is already guaranteed the
vaccine," he added.

Although the vaccine doses have not yet arrived, the government set
up a Web page where people over age 60 may register to receive
their injections, a program which the government has promised will
be completed by March, the report notes.

President Andres Manuel Lopez Obrador has pushed for early access
to the vaccine to control the pandemic in Mexico, the No. 3 country
in terms of Covid-19 deaths with 159,100 and with almost 1.87
million confirmed cases to date, the report relays.

Despite being sick with Covid-19 since Jan. 24, Lopez Obrador spoke
by telephone with Russian President Vladimir Putin to obtain access
to 24 million doses of Sputnik V, the report notes.

Although the president is in isolation at present and his health
status has not been specified by the government, he released a
video in which he said that Mexico will be getting six million
doses of various vaccines in February and "double that amount in
March," the report discloses.

He promised that in February 870,000 doses of AstraZeneca will
arrive from India, 870,000 doses of Sputnik V, 1.5 million doses of
Pfizer, about 1.8 million doses of Covax and the rest from
CanSino.

"We've been (obtaining) the supply . . . . because in the end
that's the most important thing and what's going to be able to
provide us with the security that this terrible pandemic is not
going to continue doing damage. So, I have devoted myself to that,"
he added.

Lopez-Gatell announced the signing of a contract with Russia and
the imminent authorization of Sputnik V's use by Mexico's Federal
Commission for Protection against Health Risks (Cofepris), the
report notes.

"The emergency use authorization for Russia's Sputnik V vaccine
will be issued (and) we hope that everyone will be put at ease," he
added.

But the Russian vaccine has aroused criticism from opposition
politicians, in particular senators from the rightist National
Action Party (PAN), who have accused the government of "going for
the cheap vaccine," the report relays.




===========
P A N A M A
===========

ENA NORTE TRUST: Fitch Lowers Rating on USD600MM Sec. Notes to BB-
------------------------------------------------------------------
Fitch Ratings has acted on the ratings of four issuers of the
infrastructure sector in Panama as follows:

-- Autoridad del Canal de Panama (ACP): Downgraded the ratings on
    the Long-Term Issuer Default Rating (IDR) and on the USD450
    million senior unsecured notes to 'A-' from 'A'. The Outlook
    is Negative.

-- Aeropuerto Internacional de Tocumen S.A. (AITSA): Downgraded
    the ratings on 2018 USD875 million senior secured debt and on
    the 2016 USD575 million senior secured debt to 'BB+' from
    'BBB-'. The Outlook is Negative.

-- ENA Master Trust (ENA Master): Downgraded the rating on the
    USD400 million senior secured notes to 'BBB' from 'BBB+'. The
    Outlook is Negative. The Stand-alone Credit Profile (SCP) was
    also revised to 'bbb' from 'bbb+'.

-- ENA Norte Trust (ENA Norte): Downgraded the rating on the
    USD600 million senior secured notes to 'BB-' from 'BB'. The
    Outlook is Negative.

RATING RATIONALE

The rating actions follow the Downgrade of Panama's Long-Term
Issuer Default Rating (IDR) to 'BBB-' from 'BBB'. The Rating
Outlook for Panama's IDR is Negative. Fitch applies the Government
Related-Entities Rating Criteria to the credit ratings to ACP,
AITSA, ENA Master and ENA Norte. The rating dependency and notching
approach for each of these ratings in relation to that of the
Panama sovereign is a function of their SCPs, the strength of the
linkage with the government and its incentive to support the
respective government-related entities.

Panama's Downgrade reflects the severe weakening of public finances
due to the economic disruption caused by the coronavirus pandemic.
The Negative Outlook reflects risks to the government debt
trajectory and uncertainty that the fiscal consolidation path set
out in the revised Fiscal Responsibility Law can be achieved.

KEY RATING DRIVERS

ACP

ACP's IDR and issue rating are constrained at three notches above
that of the Panamanian sovereign, given the linkages between ACP
and the Panamanian government. As a result, ACP's ratings have been
downgraded to 'A-' from 'A', following the one-notch Downgrade of
the Panamanian sovereign. ACP's SCP at 'aa' reflects the Canal's
financial resilience even in light of the pandemic, exhibited by
the maintenance of very strong DSCRs of above 4x and negative
leverage under Fitch's coronavirus rating case, which assumes
pandemic-related cargo and revenue declines. ACP's SCP continues to
be higher than that of the Panamanian sovereign and the assessment
of linkages between the Canal and the Panamanian sovereign have not
changed, as the degree of separation between the two has continued
to be evidenced during the pandemic period. This has resulted in no
change in notching between Panama and ACP under applicable
criteria.

The Negative Outlook mirrors that of the Panamanian sovereign given
the aforementioned linkages. Further Downgrades to the Panamanian
sovereign would result in a Downgrade in the ratings of ACP.

AITSA

AITSA's notes Downgrade to 'BB+' from 'BBB-' reflects the one-notch
Downgrade of the Panamanian sovereign and places it at the same
level of its SCP at 'bb+'. Fitch's combination of strong and
moderate assessments for the strength of the link between the
Panamanian government and the airport, coupled with the perceived
incentive of government support when needed, support a rating one
notch below that of the Panamanian sovereign, at 'BB+', at the same
level of its SCP. The National Scale Rating of 'AA+(pan)' with a
Negative Rating Outlook continues to reflect AITSA's credit quality
relative to other rated issuers and issuances within Panama.

The Negative Outlook on the notes reflects the prevailing
uncertainty around traffic recovery and the possibility of further
deterioration of AITSA's medium-to-longer-term credit profile.

ENA Master Trust

ENA Master Trust's notes Downgrade to 'BBB' from 'BBB+' follows
equivalent rating action in the SCP. The SCP was revised to 'bbb'
from 'bbb+' due to Fitch's recent negative actions on Panama's
sovereign ratings and reflects the toll road's exposure to the
country's worsening economic prospects. However, ENA Master Trust's
robust financial profile and high resiliency to severe stresses
applied to volume and price assumptions beyond those observed under
adverse macroeconomic conditions continue to support the SCP one
notch above Panama's sovereign rating (BBB-/Negative).

Likewise, the 'BBB' international rating at one notch above the
Panama's rating is supported by the existence of robust contractual
ring-fencing provisions that limit cash flow transfers to the
Government of Panama.

The Negative Outlook reflects the links between ENA Master Trust
and the Panamanian government, where a Downgrade of the IDR of
Panama would result in a Downgrade of the rating of ENA Master
Trust.

ENA Norte

ENA Norte's SCP continues to be the primary driver of the ratings,
according to Fitch’s Government-Related Entity criteria (GRE),
which factors Fitch's moderate assessments for both the strength of
the link between the Panamanian government and the project, and the
perceived incentive of government support when needed. ENA Norte's
rating of 'BB-' reflects a one-notch uplift from its SCP of 'b+',
which now is four notches away from the sovereign. The national
scale rating of 'A+(pan)' with a Negative Rating Outlook reflects
ENA Norte's credit quality relative to other rated issuers and
issuances within Panama.

The Negative Outlook continues to reflect concerns about the
possibility of a lengthier recovery to pre-pandemic traffic levels
not only because of the pandemic but also of the increased
competition from free alternative routes and means of
transportation, which could be exacerbated by a sluggish economic
environment in the country, brought up by the coronavirus
pandemic.

The outbreak of 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. Fitch's 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.

RATING SENSITIVITIES

ACP:

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

-- The Rating Outlook may stabilize following a stabilization of
    Panama's sovereign rating.

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

-- A negative rating action on the sovereign rating of Panama;

-- Volume reduction greater than 35% along with the expectation
    of a slow and extended recovery;

-- An observed and continual deterioration on available liquidity
    levels to face operating and financial obligations.

AITSA:

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

-- An upgrade is unlikely in the short term. The rating Outlook
    could stabilize if traffic recovers according to Fitch's
    expectations in a sustained basis.

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

-- Slower-than-expected traffic recovery in the coming years or a
    significant downsizing in operations from its anchor carrier,
    COPA Airlines;

-- Failure in AITSA's efforts to secure additional sources of
    liquidity;

-- Multi-notch Downgrade on the sovereign rating.

ENA Master Trust

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

-- The Rating Outlook may stabilize following a stabilization of
    Panama's sovereign rating.

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

-- A negative rating action on Panama's sovereign rating;

-- Although unlikely, a substantial and sustained deterioration
    of the project's performance that pressures liquidity levels.

ENA Norte:

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

-- Given the uncertain future path of traffic recovery, an
    upgrade is unlikely in the short term.

-- The Outlook may stabilize following a stabilization of the
    Panama's sovereign Outlook rating along with sustained signals
    of a traffic recovery in line with Fitch's rating case
    expectations.

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

-- Traffic performance worse than Fitch's severe downside case
    projection in a sustained basis.

-- The use of available liquidity to face operating and financial
    obligations in a continued basis.

-- Multi-notch Downgrade on Panama's sovereign rating.

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.

ESG CONSIDERATIONS

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




=======
P E R U
=======

RUTAS DE LIMA: S&P Upgrades ICR to 'B+' on Stronger Liquidity
-------------------------------------------------------------
S&P Global Ratings raised its issue-level rating on Rutas de Lima
(RdL) to 'B+' from 'CCC+'.

S&P said, "The outlook is stable and reflects our expectations of a
sluggish--but steady traffic--growth during the following 12
months, increasing debt service coverage ratios (DSCRs) from about
1.25x to about 1.35x in 2021. Moreover, although we continue to
expect weak financial metrics in the long term, in particular after
RdL's notes start amortizing in 2029, we consider that the current
cash held in the structure of more than $100 million will be
sufficient to cover the project's financial obligations until the
notes' due date."

According to the current conditions of the cash flow trust
agreement, the failure to finalize pending works at PN, PS, or RP
toll roads by the "date certain" could trigger a technical event of
default, meaning that RdL's debt payment could be accelerated. In
2020, the bondholders signed a waiver to extend the "date certain"
until Jan. 31, 2021. However, the municipality of Lima still needs
to acquire the approvals in order to transfer the land to RdL to
finalize pending works. Once this occurs, we expect the
construction to between one and two years. With the new extension
of the "date certain" up to Dec. 31, 2023 (for PN and PS) and Dec.
31, 2024 (for RP), S&P believes the project will have sufficient
time to receive the lands and finalize pending works, which
diminishes likelihood of debt payment from accelerating. This, in
S&P views, strengthens the project's credit quality given that it
won't face any debt payment acceleration in the short term.

Upon the project's approval of the amendments to the cash flow
trust agreement, RdL will be able to use first the cash held in the
"additional project reserve account", up to 25% of the cash held in
the "major maintenance reserve account", and the cash held in the
"O&M reserve account" after using the DSRA for debt service payment
in case of a shortfall. Consequently, RdL now benefits from having
about $100 million held in its reserve accounts that are fully
available to cover future debt service payments if necessary. In
contrast, in previous agreement, the project could only have used
about 60% of the total cash held in the structure (about $65
million). S&P expects the cash held in the structure will now be
sufficient to cover all projected shortfalls even under a
downside-case scenario, which it assumes will total about $100
million (from 2029, when the notes start amortizing until 2038).

Finally, based on the amendment, the "additional reserve account"
could be funded either with the project's cash flows generated, a
standby letter of credit (SBLC), or by a combination of both. In
contrast, according to the previous terms, this account could only
have been funded with cash proceeds. However, S&P considers the
above-described modification as neutral from a credit standpoint as
long as the SBLC complies with the requirements specified in the
agreement.




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

POPULAR INC: Moody's Completes Review, Retains B1 Debt Rating
-------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Popular, Inc. and other ratings that are associated with
the same analytical unit. The review was conducted through a
portfolio review discussion held on February 2, 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

Popular Inc.'s B1 long-term senior debt rating and the ratings of
several subsidiaries, including the Ba1 deposit rating of its lead
bank, Banco Popular de Puerto Rico (Popular), reflect the ba3
baseline credit assessment (BCA) of Popular and the application of
advanced loss given failure to its assumed liabilities at failure.

Popular's ba3 BCA reflects the challenges to creditors from higher
problem loans and asset concentrations relative to US mainland
regional banking peers. It also reflects Moody's view that the
bank's current high capitalization and liquidity provides it with
flexibility to weather Puerto Rico's economic challenges. These
credit challenges include continued public sector austerity
measures, a sectorial and geographically-concentrated island
economy, and a long-run out-migration trend to the US mainland, and
more recently, the economic disruption caused by the global
pandemic. These concerns are mitigated by lower than expected
post-hurricane loan losses, a long-term consolidation trend of the
island's banking sector, which should lead to higher operating
margins for remaining banks, and opportunities arising from a large
underground economy becoming more formalized as part of published
economic reforms; although Moody's views the latter as coming to
fruition in the long-term.

The principal methodology used for this review was Banks
Methodology published in November 2019.




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

ROCK HARD: Caribbean Court to Hear Claim vs. Caricom on Feb. 11
---------------------------------------------------------------
Trinidad Express reports that on Feb. 11, the Caribbean Court of
Justice (CCJ) will hear a judicial review claim brought against
Trinidad and Tobago and Caricom by St Lucia-based Rock Hard
Distribution Ltd and its local affiliate, Rock Hard Distributors of
T&T.

That claim centres around the decision of the Council for Trade and
Economic Development (COTED) to grant the request of Trinidad and
Tobago to suspend the five per cent Common External Tariff (CET) on
imports of other hydraulic cement and instead impose a rate of 50
per cent from January 1 this year, according to Trinidad Express.

In addition, Rock Hard also applied for an expedited hearing of the
claim as an interim measure that this country be restrained from
imposing the new rate, the report notes.

A case management conference was held before Justices Jacob Wit,
Winston Anderson and Maureen Rajnauth-Lee in which both Trinidad
and Tobago and Caricom indicated they had no objection to special
leave being granted, the report relates.

Attorneys for both defendants also stated they were not objecting
to an expedited hearing taking place, the report discloses.

During the hearing, senior counsel Ian Benjamin, who leads the case
for Rock Hard, made submissions based on a supplemental affidavit
his clients had filed, the report relates.

But as he was doing so, Deborah Peake, SC, lead attorney for the
State, interjected and pointed out to the justices she had not yet
had sight of the affidavit, and therefore, Benjamin should not be
allowed, at that time, to delve into details of the affidavit, the
report notes.

In response, Justice Wit reminded Benjamin his clients have already
been granted an expedited hearing and questioned whether it was
necessary for him to go into the details of the supplemental
affidavit at that point, the report discloses.

Benjamin stated: "The supplemental affidavit confirms that the next
shipment (of cement) is due this month. On Feb. 2, there are 28
days in this month and assuming that the shipment comes at the very
end of the month, there is a certain degree of urgency about it in
that respect," the report relays.

                        Timing Concern

Further to that, Benjamin stated even though an expedited hearing
was granted, the court did not give an indication as to the exact
date when the substantive hearing would be taking place, the report
discloses.

The attorney said he was doubtful, based on all the written
submissions that were yet to be filed by the defence that the
hearing will be taking place before the shipment of cement arrives,
the report relays.

At that point, Justice Wit suggested that Peake file her response
to what is stated in the supplemental affidavit within the next
week that would enable the court to give a decision on that
affidavit within a relatively short space of time, the relates.

In response, Peake said, based on Benjamin's submissions, the
shipment was coming into the country at a point when Rock Hard was
fully aware the CET had been increased to 50 per cent, the report
notes.

"So whatever the position is, they take the risk that the
Government of Trinidad and Tobago can suspend the CET and impose a
higher rate of taxation as it did in 2019," the report relays.

Nonetheless, Peake agreed to file her client's written
submissions.

The matter will again come up for hearing.

Appearing alongside Peake for the State of Trinidad and Tobago was
attorney Tamara Toolsie, while Jagdeo Singh, Justin Phelps and
Karina Singh appeared with Benjamin for Rock Hard, the report
notes.

Dr. Corlita Babb-Schaefer appeared on behalf of Caricom, the report
adds.




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

VENEZUELA: Registered Over 11,000 Power Failures in January
-----------------------------------------------------------
The Latin American Herald reports that Venezuela's moribund power
grid (aka National Electric System or SEN) is threatening to leave
the oil-rich country pitch black for good as 11,055 power failures
have been registered in January of this year alone, an increase of
1,000% from 2019 and 2020, Aixa Lopez, head of the NGO Comite de
Afectados por Los Apagones (people affected by power cuts
committee), told local daily TalCual in an interview.

Lopez said that states with most power cuts were Zulia, Merida and
Trujillo with 1,883, 1,345 and 1,233, respectively, followed by
Barinas (956), Miranda (876), Tachira (765), Guarico (458),
Portuguesa (423), Lara (365), Falcón (324), Cojedes (259), Monagas
(256), Bolivar (245), Delta Amacuro (237), Apure (233), Nueva
Esparta (198), Anzoategui (188), Aragua (178), Yaracuy (116), Sucre
(112), Carabobo (106), Vargas (78) and the Capital District (76),
according to The Latin American Herald.

The Capital District was the area registering more power peaks with
reports of service interruptions taking place in key parishes of
Western Caracas such as El Recreo, El Valle, Coche, and San Pedro,
the report notes.

According to data by Comite de Afectados por Los Apagones, some
157,719 outages were registered last year with Zulia being the most
affected with over 32,000 power cuts, the report relays.

In addition, western states such as Tachira and Merida had 18,519
and 13,218 power failures during the same period, the report adds.

                         Venezuela

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

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

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

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

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



                           *********


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

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

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

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

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

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


                  * * * End of Transmission * * *