/raid1/www/Hosts/bankrupt/TCRLA_Public/210216.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

          Tuesday, February 16, 2021, Vol. 22, No. 28

                           Headlines



A R G E N T I N A

ARGENTINA: Extends Anti-Covid Measures Amid Slow Vaccine Rollout
YPF SA: Ad Hoc Group Creditors Won't Swap Debt Beyond 2021 Bonds


B E R M U D A

SEADRILL LTD: Reaches Settlement in Principle With Northern Ocean


B R A Z I L

BANCO FORD: Moody's Completes Review, Retains Ba2 Deposit Rating
BRAZIL: Pandemic Spending Pressure Puts Fiscal Rule at Risk
GUARA NORTE: Fitch Assigns BB+ Rating on Senior Secured Notes
MV24 CAPITAL: Fitch Upgrades Senior Sec. Notes to 'BB+'


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: 464,000 Workers Return to Jobs, Minister Says
DOMINICAN REPUBLIC: Fields Planted to Mitigate Prices, Cruz Says
DOMINICAN REPUBLIC: To Finance 18,900 Hectares of Corn, Sorghum


E C U A D O R

ECUADOR SOCIAL BOND: Fitch Affirms B- Rating on Class B Notes


P U E R T O   R I C O

DESTINATION MATERNITY: Asks for May 17 Plan Exclusivity Extension

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Extends Anti-Covid Measures Amid Slow Vaccine Rollout
----------------------------------------------------------------
EFE News reports that Argentina extended a raft of measures aimed
at combating the novel coronavirus, including the closure of its
borders to international tourism.

The move comes amid the nation's slower-than-projected Covid-19
vaccine rollout and concerns that the crisis will worsen with the
onset of autumn in March, according to EFE News.

In a decision published in the Official Bulletin, President Alberto
Fernandez's administration extended until Feb. 28 its ban on the
international entry of foreigners and non-residents, although an
exception is made for direct relatives of either Argentine citizens
or legal residents, the report notes.

The suspension of flights to and from the United Kingdom due to
concerns over a mutant coronavirus strain first detected there also
has been extended until the end of this month, the report relays.

Authorities also will continue making determinations on flight
schedules and the number of passengers allowed entry into
Argentina, particularly in cases of individuals arriving from the
regions hardest hit by the coronavirus: the United States, Mexico,
Europe and Brazil, the report discloses.

EFE News says that the government furthermore continues to
recommend that Argentines - particularly those over the age of 60
or at-risk groups - postpone all non-essential international
travel.

                       Social Distancing

A total of 157,615 coronavirus cases are listed as active in
Argentina, while the number of people known to have recovered and
the amount of deaths attributed to Covid-19 stand at just over 1.72
million and 47,974, respectively, EFE News relays.

The entire country, meanwhile, is required to heed preventative
measures that are instituted locally based on the recommendations
of national authorities, the report discloses.

They include maintaining two meters (6.5 feet) of social distance,
wearing face coverings and complying with the protocols established
for all approved commercial and cultural activities, the report
says.

On Jan. 8, amid a rapid rise in cases during the first weeks of the
Southern Hemisphere summer, when images surfaced of packed beaches
and clandestine parties, the government issued a decree calling on
provincial governors to institute a nighttime curfew if necessary,
the report relays.

A major focus of concern were the popular coastal tourist cities
and towns of Buenos Aires province and the Argentine capital, where
nightspots were not allowed to operate between 1 am and 6 am, the
report notes.

In comments to Radio La Red, Cabinet chief Santiago Cafiero
credited those restrictive measures with avoiding a full-blown
second wave of the virus, the report discloses.

The curve of new confirmed cases has flattened since mid-January
and now stands below 11,000 per day, prompting Buenos Aires Gov.
Axel Kicillof to state that nightspots could be allowed to operate
until 2 a.m. if the downward trend continues, the report says.

Even so, a lot of uncertainty surrounds the upcoming onset of fall
at the end of March and the start of cooler weather that is known
to facilitate the spread of the virus, the report relays.

An uptick in cases potentially could alter the current plan for the
resumption of in-person schooling, which in Buenos Aires is
scheduled to start on Feb. 17, the report notes.

                       Slow Vaccine Rollout

EFE News discloses that Argentina kicked off its Covid-19 vaccine
campaign just over a month ago, although to date the shots have
only been administered to front-line health-care workers over the
age of 18.

The only vaccine in use in Argentina at present is the human
adenovirus-based Sputnik V, which was developed by Russia's
state-run Gamaleya Research Institute of Epidemiology and
Microbiology, the report relays.

Only one 410,000-unit shipment of the two-dose vaccine has arrived
to date, far from the 5 million that was to have arrived in January
under the contract signed with the Russian Direct Investment Fund,
the report adds.

                        About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank.

Historically, however, its economic performance has been very
uneven, with high economic growth alternating with severe
recessions, income maldistribution and in the recent decades,
increasing poverty.

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020.

Fitch's credit rating for Argentina was last reported at CCC with
n/a outlook, a rating upgrade from CC on Sept. 11, 2020.  DBRS'
credit rating for Argentina is CCC with n/a outlook, a rating
upgrade on Sept. 11, 2020.  Moody's credit rating for Argentina was
last set at Ca, a rating downgrade from Caa2 on April 4, 2020, with
a negative outlook.

As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors.  The first
restructuring involved $65 billion in foreign-law bonds.  The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds.  DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.

DBRS further relayed that Argentina is also seeking a new agreement
with the International Monetary Fund (IMF) to replace the canceled
2018 Stand-by Agreement.  Obligations to the IMF amount to $44
billion, with major repayments coming due in 2022 and 2023.


YPF SA: Ad Hoc Group Creditors Won't Swap Debt Beyond 2021 Bonds
----------------------------------------------------------------
Karin Strohecker at Reuters reports that creditors holding
Eurobonds issued by Argentina's YPF have called on the state energy
company to cancel its proposed debt swap beyond the 2021 bond, a
source said.

YPF, which has earmarked $6.2 billion of its debt for
restructuring, swerved default after winning support from a key
creditor group to swap a $413 million bond coming due in March,
according to Reuters.

Jonathan Gilbert at Bloomberg News reports that YPF SA looks set to
avoid a costly default next month after it won support for a debt
swap from a large creditor group.

The so-called Ad Hoc Bondholder Group, which holds 45% of YPF's
2021 notes, expressed support for the exchange after the company
increased its cash sweetener over the weekend, according to a
statement obtained by Bloomberg News.  YPF amended its debt
proposal for a fourth time, offering creditors $408 dollars in cash
for every $1,000 of 2021 bonds tendered in the exchange, Bloomberg
News. Previously, YPF was offering its creditors a $283 cash
payment.

The latest offer "represents an improvement," and "provides a
balanced solution for the 2021 notes," the group said in the
statement obtained by Bloomberg News.

However, creditors were not prepared to agree to swap out the other
six notes coming due between 2024 and 2047, a source familiar with
the thinking of the Ad Hoc creditor group said, adding this was
seen as an "opportunistic" push by YPF, Reuters notes.

"The group has told the company loud and clear they will not be
tendering any other bonds," the source told Reuters.

"Cancelling the exchange offer for all other bonds is the most
direct way to ensure future constructive engagement from
bondholders - and hence the Group will tender 2021s but none of the
other bonds included in the exchange," Reuters relays.

The major Ad Hoc creditor group said it holds about 45% of the bond
maturing in March, Reuters relays.  The source said the group also
holds "significant positions" in 2024 bonds and the March 2025
bond, though declined to give further details, Reuters notes.

Major asset managers from BlackRock to Amundi and Ashmore to Pimco
are invested in YPF.

YPF, which is spearheading development of the South American
nation's huge Vaca Muerta shale fields, has been hard hit by the
coronavirus pandemic and depressed demand, Reuters discloses.

Overhauling YPF's debt marks Argentina's latest push to tackle its
debt burden after restructuring about $100 billion in sovereign
bonds last year, Reuters relays.

"The restructuring was a risky bet but in the end President Alberto
Fernandez and Vice President Cristina Fernandez de Kirchner wanted
to avoid a default," said Daniel Kerner at Eurasia, Reuters notes.
"But the outlook for the sector remains dire, and the
administration will continue to push private companies to
restructure their debts as it tries to prevent a devaluation this
year," he added.

                     About YPF SA

YPF S.A. is a vertically integrated Argentine energy company,
engaged in oil and gas exploration and production, and the
transportation, refining, and marketing of gas and petroleum
products.

As previously reported by the Troubled Company Reporter - Latin
America, on Feb 1, 2021, S&P Global Ratings affirmed its 'CC'
issuer credit rating on Argentina-based state-owned oil and gas
company YPF S.A. S&P said, "The affirmation follows our view that
although the new offer may be more appealing to investors,
significant country risks including short-term T&C restrictions in
Argentina make the
compensation analysis highly uncertain. In addition, as we stated
in our January 11 research update, we view the offer as distressed
given the proximity of the maturity. In our view, absent the
exchange, there is a realistic probability of a conventional
default on the upcoming 2021 maturity due to current T&C
restrictions."

S&P Global Ratings, on Jan. 11, 2021, lowered its issuer rating on
YPF S.A. to 'CC' from 'CCC-'. YPF S.A. has just announced a
proposed transaction that aims at refinancing most of its
outstanding international bonds (due 2021, 2024, 2025, 2027, 2029,
and 2047) and removing certain existing covenants.




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B E R M U D A
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SEADRILL LTD: Reaches Settlement in Principle With Northern Ocean
-----------------------------------------------------------------
Northern Ocean Ltd. ("NOL") on Feb. 11, 2021, announced that it has
reached an agreement in principle with Seadrill Limited to settle
outstanding balances. Upon concluding the settlement, NOL is
expected to be well-positioned to continue operations on its two
high specification harsh environment drilling rigs in the North
Sea.

The settlement payments will be completed in two parts.  Firstly,
NOL will make certain quarterly installment payments with the final
payment due December 31, 2021. Total payments by December 2021 are
expected to be approximately USD 45 million, including management
fee and other adjustments.  Secondly, Seadrill will retain the net
earnings generated under the West Bollsta contract from
commencement October 6 2020 and up until March 1, 2021, including
payments for client rebills and modifications.

After March 1, 2021, NOL is expected to retain the net earnings
from the West Bollsta contract and an operating structure similar
to the West Mira is expected to be implemented, which includes
consolidation of the West Bollsta drilling operations in NOL group
reporting.

The settlement is subject to several conditions, including
amendments from its secured lenders which is expected to include
amortization relief and maturity extensions.  The settlement is
also conditional upon Seadrill obtaining approval by the bankruptcy
court under their Chapter 11 protection in the US.

In connection with the settlement NOL has committed to raise US$30
million of new equity.

                       About Seadrill Ltd.

Seadrill Limited (OSE:SDRL, OTCQX:SDRLF) --
http://www.seapdrill.com/-- is a deepwater drilling contractor
providing drilling services to the oil and gas industry.  As of
March 31, 2018, it had a fleet of over 35 offshore drilling units
that include 12 semi-submersible rigs, 7 drillships, and 16 jack-up
rigs.

On Sept. 12, 2017, Seadrill Limited sought Chapter 11 protection
after reaching terms of a reorganization plan that would
restructure $8 billion of funded debt.  It emerged from bankruptcy
in July 2018.

Demand for exploration and drilling has fallen further during the
COVID-19 pandemic as oil firms seek to preserve cash, idling more
rigs and leading to additional overcapacity among companies serving
the industry.

In June 2020, Seadrill wrote down the value of its rigs by $1.2
billion and said it planned to scrap 10 rigs.  Seadrill said it is
in talks with lenders on a restructuring of its $5.7 billion bank
debt.

Seadrill Partners LLC, a limited liability company formed by
deep-water drilling contractor Seadrill Ltd. to own, operate and
acquire offshore drilling rigs, along with its affiliates, sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35740) on
Dec. 1, 2020, after its parent company swept one of its bank
accounts to pay disputed management fees.  Mohsin Y. Meghji,
authorized signatory, signed the petitions.

On Feb. 7, 2021, Seadrill GCC Operations Ltd., Asia Offshore
Drilling Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2
Limited, and Asia Offshore Rig 3 Limited sought Chapter 11
protection.  Seadrill GCC estimated $100 million to $500 million in
assets and liabilities as of the bankruptcy filing.

Additionally, on Feb. 10, 2021, Seadrill Limited and 114 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code with the Court.  The lead case
is In re Seadrill Limited (Bankr. S.D. Tex. Case No. 21-30427).

Seadrill Limited disclosed $7.291 billion in assets against $7.193
billion in liabilities as of the bankruptcy filing.

In the new Chapter 11 cases, Kirkland & Ellis LLP is counsel for
the Debtors. HoulihanLokey, Inc., is the financial advisor.
Alvarez & Marsal North America, LLC, is the restructuring advisor.
The law firm of Jackson Walker L.L.P. is co-bankruptcy counsel.
The law firm of Slaughter and May is co-corporate counsel.
Advokatfirmaet Thommessen AS is serving as Norwegian counsel.
Conyers Dill & Pearman is serving as Bermuda counsel.  Prime Clerk
LLC is the claims agent.




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BANCO FORD: Moody's Completes Review, Retains Ba2 Deposit Rating
----------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Banco Ford S.A. and other ratings that are associated
with the same analytical unit. The review was conducted through a
portfolio review discussion held on February 10, 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

Banco Ford S.A.'s (Banco Ford) Ba2 long-term local currency deposit
rating reflects the bank's baseline credit assessment (BCA) of ba3
and incorporates one-notch uplift from the BCA to reflect Moody's
assessment of very high likelihood of affiliate support from Ford
Motor Credit Company LLC (FMCC).

Banco Ford's ba3 BCA reflects its monoline business operation and
the high reliance on the performance of auto sales, resulting into
poor earnings diversification. At the same time, the BCA is
supported by the bank's solid asset quality, driven by its focus on
collateralized floor plan financing, and by strong capital
adequacy. The high reliance of market funds and modest liquidity
cushion are mitigated by adequate asset-liability management.
However, the bank's financial performance may be exposed to
volatility following Ford Motor Company's (Ba2) announcement that
it will cease its manufacturing operations in Brazil, a move that
could lead to material reduction in business volume and
profitability.

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


BRAZIL: Pandemic Spending Pressure Puts Fiscal Rule at Risk
-----------------------------------------------------------
Martha Viotti Beck, Rachel Gamarski, Simone Preissler Iglesias, and
Samy Adghirni at Bloomberg News report that Brazil looks set to
break a key fiscal rule to provide another round of financial aid
to the poor as lawmakers pile pressure on President Jair Bolsonaro
to act fast during a second wave of Covid-19.

Economy Minister Paulo Guedes has tried to protect the so-called
spending cap rule by proposing an emergency constitutional
amendment that would allow the government to reduce mandatory
spending in other areas -- a process that would require lengthy
negotiations with congress, according to Bloomberg News.
Legislators, meanwhile, are pushing to quickly resume the payments,
which ran out in December, as the pandemic roars back, Bloomberg
News notes.

The pressure has made it likely the new aid will breach the rule
investors see as a sign of the country's commitment to fiscal
austerity, according to three members of the economic team, who
asked not to be named because the discussions are not public,
Bloomberg News relays.

There's near consensus in congress about the need for a new round
of financial aid to poor Brazilians during the pandemic, Senator
Alessandro Vieira, a party leader and a lobbyist for more spending
to mitigate the virus' economic impact, said in an interview,
Bloomberg News discloses. He expects talks will speed up in coming
days and the program will be approved in both houses by the end of
March, with payments beginning in April, Bloomberg News says.

"There's no doubt the new emergency aid will break the spending
ceiling," Vieira said in a reference to the constitutional
amendment that limits public expenditures, Bloomberg News notes.
"The economic team's demands on amount, deadlines and other
conditions are impossible to meet and only makes things more
difficult. It's almost like they are in denial," Bloomberg News
relays.

  Bolsonaro Newfound Appetite for Spending Has Markets on Edge

The economic team, grappling with high public debt and a record
deficit, has little room to maneuver the budget. Without the
constitutional amendment -- known as emergency bill -- the
government could invoke a calamity clause that in effect suspends
fiscal rules, Bloomberg News notes.  That tool was used in 2020 to
allow Brazil to spend over 600 billion reais ($112 billion) against
the pandemic, including the payment of monthly stipends to informal
workers affected by lockdown measures, Bloomberg News relates.

                         Slowdown Ahead

The aid, dubbed coronavoucher, is widely credited with ensuring the
Brazilian economy fared better than other Latin American nations
last year, even lowering poverty rates despite the enormous toll of
the virus, which has killed over 233,000 people in the country,
Bloomberg News relates.  It also helped push Bolsonaro's popularity
to the highest level since he took office in 2019, Bloomberg News
recalls.

But economic data have begun to reflect the phasing out of the
payments, Bloomberg News notes.  Retail sales recorded the biggest
plunge on record for the month of December amid declines in all
major product categories, pointing to a sharp slowdown in the
recovery of Latin America's largest economy, Bloomberg News says.

Despite the worsening of the pandemic, Guedes has shunned
short-term extra spending, focusing instead on building a new
social program, Bloomberg News relays.  The minister says Brazil's
economy shows a V-shaped recovery and measures such as cash
handouts wouldn't be needed again because lockdowns that cut the
source of income of many informal workers in 2020 are no longer in
place, Bloomberg News notes.

   Brazil Begins Discussing More Financial Aid Amid Virus Surge

Privately, the minister also argues that a new round of aid would
be smaller -- discussions have hovered around 200 reais monthly, a
third of the amount seen last year -- and not enough to keep people
at home, Bloomberg News notes.  That would cost public coffers 6
billion reais a month, and initial talks are for the new round to
last three months, Bloomberg News says.

                            300 Reais

Senators are still debating details of the new aid, but most are
pushing for a new cash transfer of monthly handouts of 300 reais
for three months and it must come through new public calamity
decree, Vieira said, Bloomberg News notes.

The economic team, however, is concerned the country's Audit Court
could disagree with the use of the calamity clause again, the
people said, asking not to be named because the discussions are not
public, Bloomberg News discloses.  A new round of financial aid
will require changing Brazil's fiscal target for 2021, they said,
adding that there's also worry that acting now would leave Brazil
out of options to do more if the pandemic worsens again, Bloomberg
News 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.


GUARA NORTE: Fitch Assigns BB+ Rating on Senior Secured Notes
-------------------------------------------------------------
Fitch Ratings has assigned a 'BB+'/Negative Outlook rating to the
senior secured notes to be issued by Guara Norte S.a r.l., in line
with the expected rating previously assigned. The notes are
collateralized by a charter agreement and the related proceeds from
the operations of the Cidade de Ilhabela (CdI) floating-production
storage and offloading (FPSO) vessel.

The rating covers the timely payment of both interest and principal
components to the notes, including the principal amortization
schedule, in line with the transaction documentation.

       DEBT                    RATING  
       ----                    ------  
Guara Norte S.a r.l.

Senior Secured Notes   LT  BB+  New Rating BB+(EXP)

TRANSACTION SUMMARY

Proceeds of this transaction are expected, within 120 days of
issuance, to refinance the original funding of the CdI FPSO, which
operates in the BM-S-9 block within the Sapinhoa Field in the
pre-salt layer of the Santos Basin, off the coast of Brazil. The
key transaction parties are the two sides of a charter ending in
2034: the sponsor, Guara Norte S.a r.l., and the offtaker, Petroleo
Brasileiro S.A. (Petrobras; as leader and operator of the BM-S-9
Consortium).

The transaction closed on February 11. Since Fitch assigned
expected ratings on Feb. 1, the senior notes have priced with a
fixed coupon of 5.198%. This value is within the coupon originally
modelled, so the cash flow results have strengthened. In addition,
the source of the debt service protection as been confirmed and
will rely on letters of credit from eligible banks.

KEY RATING DRIVERS

Consortium Obligation Strength Exceeds Petrobras': The offtaking
consortium is backed by Petrobras (45% share), the Shell subsidiary
Shell Brasil Petroleo Ltda (30%) and the Repsol/Sinopec joint
venture (25%); all the pro rata obligations are guaranteed by
affiliate companies (for the Petrobras group, Petrobras
International Braspetro B.V.).

The offtakers' obligations related to the 20-year charter and joint
operating agreements are several, but not joint, as each party
guarantees that it will make its portion of the payment. However,
these payments can be seen as joint and several, as the underlying
concession states that each party must support all the obligations
related to ongoing production. Fitch expects the payments will
continue, given the high economic incentives to maintain the
concession. Therefore, the rating of the lowest-rated member,
Petrobras (BB-/Negative), does not strictly limit the notes'
rating.

Sovereign Event Risk; T&C Mitigated: The transaction's reserve of
six months of debt service (through letters of credit provided by
Mizuho Bank Ltd. and MUFG Bank Ltd., both rated A-/Stable/F1) and
the offshore payment obligations offer sufficient protection to
mitigate potential transfer and convertibility (T&C) restrictions,
and exceed Brazil's Country Ceiling of 'BB' by one notch. However,
the event risk linked to the operating environment, with Petrobras
a state-owned enterprise, potentially subject to political
interference, limits the uplift over Brazil's Issuer Default Rating
(IDR) of 'BB-'/Negative to two notches and, therefore, to
'BB+'/Negative.

Experienced Operator Mitigates Risk: The operator's group, SBM
Offshore, is a global player in building and managing FPSOs, a
concentrated industry. Fitch views SBM's experience as the operator
as a strength, given the past performance of rated transactions.
CdI's record shows an excellent historical uptime, at 98.7%. Due to
the complexities of replacing SBM as the operator, the credit
quality remains a potential risk to the transaction, but Fitch
believes SBM's credit quality is in line with investment grade
ratings, and the standalone strength of the underlying operator is
well supported by the transaction's financials.

Strong Financial Metrics: Fitch's cash flow analysis has assessed
the repayment of the fully amortizing debt, assuming timely
interest and principal payments according to a nondeferrable
sculpted amortization schedule and a cash trapping condition should
the debt service coverage ratio (DSCR) fall below 1.15x. In Fitch's
base case, the DSCR remains at 1.65x-1.90x through the life of the
transaction, and stress case DSCRs remain well above the trigger
levels.

The key rating drivers listed in the applicable sector criteria,
but not mentioned above, are not material to this rating action.

RATING SENSITIVITIES

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

-- As described in Key Rating Drivers, the rating of the
    transaction is linked to Brazil's IDR, with an uplift of two
    notches. Therefore, a sovereign downgrade would trigger a
    downgrade of the notes. The Rating Outlook for both ratings is
    Negative.

-- Fitch could assign the offtakers a rating two notches above
    Petrobras', but only as long as the other offtakers remain
    rated above the notes. Given the offtakers' current ratings,
    Fitch does not believe this risk is significant at the moment.

-- The SBM group operator, the other key counterparty, could
    constrain the rating too. Fitch believes the operator has
    better credit quality than the senior notes, so this is not an
    immediate concern.

-- Finally, the cash flow analysis results in very robust output,
    consistent with ratings in the 'BBB' category. Although the
    DSCR and ultimate debt repayment depend on uptime, maintenance
    days, opex and CPI, none of these variables could drive
    ratings down under the stresses Fitch applied (and considering
    a cap for opex).

-- Coronavirus Downside Scenario Sensitivity: Fitch has developed
    a common baseline and downside scenario, in which demand
    collapse would depress oil prices and constrain spending in
    oil economies, as described in "Fitch Ratings Coronavirus
    Scenarios: Baseline and Downside Cases - Update," dated 7
    December 2020. Neither scenario is expected to affect the
    transaction directly, but the effects on the offtakers,
    country of the asset and operator could indirectly do so.

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

-- The rating is constrained by the operating environment and
    counterparty issues. An upgrade of Brazil (which would likely
    result in an upgrade of Petrobras) may result in an upgrade.
    However, as the Rating Outlook is currently Negative, such a
    scenario is not anticipated.

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.

CRITERIA VARIATION

Fitch's "Oil Vessel-Backed Financing Rating Criteria" set a maximum
uplift at one notch above the lowest rated member of an offtaking
consortium if each member's obligations are not joint and several,
while it does not pose constraints if the obligations are joint and
several (as described above, the rating is limited by the rating
environment). In this case the offtakers' obligations are joint and
several under the concession agreement, but only several under the
joint operating agreement. Considering the rights under each
agreement and the incentives for the parties, Fitch considers these
obligations in effect joint and several. However, as they are not
fully joint and several from a legal standpoint, Fitch considers
this a criteria variation. As a result, the rating of the notes is
one notch above the level it would without such variation. See more
information in the presale report.

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.

DATA ADEQUACY

Fitch reviewed the results of a third party assessment conducted on
the asset information, and concluded that there were no findings
that affected the rating analysis.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The rating of the senior secured notes is currently driven by the
sovereign Local-Currency IDR of Brazil, with a two-notch uplift. As
a result, they bear the same Outlook.

ESG CONSIDERATIONS

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


MV24 CAPITAL: Fitch Upgrades Senior Sec. Notes to 'BB+'
-------------------------------------------------------
Fitch Ratings has upgraded the rating on senior secured notes
issued under the MV24 Capital B.V. transaction to 'BB+' from 'BB'.
The Rating Outlook remains aligned with the sovereign's and
therefore Negative.

Fitch has upgraded the notes by one notch based on Fitch's credit
view that the partners have a high incentive to meet their
obligations under the concession even though the joint operating
agreement defines these obligations as several. Fitch obtained
further legal clarity that the concession agreement outlines the
partners obligations to be joint and several and Fitch believes
there are material incentives for any nondefaulting partner to step
in and meet any defaulted obligation by another partner. As a
result, Fitch is no longer limiting the rating of the notes to one
notch above the lowest rated offtaker, Petroleo Brasileiro S.A.
(Petrobras). The operating environment in Brazil continues to limit
the uplift over Brazil's Issuer Default Rating (IDR) of
'BB-'/Negative by two notches. According to Fitch's SF country risk
criteria, this limit for Brazil can be up to three notches above
the IDR; however, Fitch has tempered this to two notches due to
Petrobras's status of being a state-owned enterprise and the
potentially higher exposure to political interference and,
therefore, to 'BB+'/Negative.

           DEBT                       RATING         PRIOR
           ----                       ------         -----
MV24 Capital B.V.

Senior Secured Notes 55388RAA4   LT  BB+  Upgrade     BB

TRANSACTION SUMMARY

The senior secured notes issued by MV24 Capital B.V. are backed by
the flows related to the charter agreement initially signed with
Tupi B.V. for the use of the FPSO Cidade de Mangaratiba MV24 for a
20-year term. The charter agreement was assigned to Petrobras last
year as leader and operator of the BM-S-11 consortium to benefit
from the REPETRO-SPED tax regime for the Brazilian oil industry.
The BM-S-11 consortium is comprised of Petrobras, with a 65% share,
and Shell Brasil (wholly owned subsidiary of Royal Dutch Shell plc)
with a 25% share, and Galp Energia (a JV between Galp and Sinopec)
with 10% share.

The vessel is operated by Modec do Brasil Ltda., the Brazilian
subsidiary of Modec, Inc., through a services agreement. Modec is
one of four Japanese sponsors of the project, together with Mitsui
& Co., Mitsui OSK Lines and Marubeni.

The MV24 FPSO began operating at the Lula/Tupi oil field in October
2014. Fitch's rating, initially assigned in 3Q19, addresses the
timely payment of interest and principal on a semiannual basis
until the legal final maturity in June 2034.

KEY RATING DRIVERS

CONSORTIUM OBLIGATION STRENGTH EXCEEDS PETROBRAS'

The offtaking consortium is backed by Petrobras (65% share), the
Shell subsidiary Shell Brasil PetrĂ³leo Ltda (25%) and the
Galp/Sinopec joint venture (10%); all the pro rata obligations are
guaranteed by affiliate companies (for the Petrobras group,
Petrobras International Braspetro B.V.).

The offtakers' obligations related to the 20-year charter and joint
operating agreements are several but not joint as each party
guarantees that it will make its portion of the payment. However,
these payments can be seen as joint and several as the underlying
concession states that each party must support all the obligations
related to ongoing production. Fitch expects the payments to
continue given the high economic incentives to maintain the
concession. Therefore, the rating of the lowest rated member,
Petrobras (BB-/Negative), does not strictly limit the notes'
rating.

SOVEREIGN EVENT AND T&C RISK

The transaction's reserve account of six months of debt service,
three months of opex and the offshore payment obligations offer
sufficient protection to mitigate potential transfer and
convertibility (T&C) restrictions and exceed Brazil's Country
Ceiling of 'BB' by one notch. Additionally, the event risk linked
to the operating environment, with Petrobras being a state-owned
enterprise, potentially subject to political interference, limits
the uplift over Brazil's IDR of 'BB-'/Negative to two notches and,
therefore, to 'BB+'/Negative.

OPERATOR CREDIT QUALITY

Modec Brasil's credit quality is in line with investment-grade
metrics, and this is relevant due to the underlying support offered
by Modec to the transaction. In addition to the complexities
involved with replacing the operator, the services agreement and
overall operating costs are supported by Modec. The average
availability since commercial operation is about 96%, in line with
Modec's fleet average. Finally, operational expenses have remained
relatively stable and will be capped for the life of the
transaction. Opex in excess of the cap is guaranteed by Modec, with
the exception of insurance.

STRONG FINANCIAL METRICS

The key leverage metric for fully amortizing FPSO transactions is
the debt service coverage ratio (DSCR). The transaction is not
currently constrained by leverage at the 'BB' rating level. Fitch
expects base case DSCRs to be in the range of 1.23x-1.29x, which
would constrain the rating to the 'BBB' category. The charter rates
are fixed with escalators for inflation, and operating expenses are
capped with any overage guaranteed by Modec; therefore, DSCR levels
indicate sufficient buffer to mitigate any downtime risks
associated with operations.

The key rating drivers listed in the applicable sector criteria,
but not mentioned above, are not material to this rating action.

RATING SENSITIVITIES

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

-- As described in Key Rating Drivers, the transaction's rating
    is linked to Brazil's IDR, with an uplift of two notches.
    Therefore, a sovereign downgrade would trigger a downgrade of
    the notes. Both ratings are on a Negative Rating Outlook.

-- For offtakers, Fitch could assign a rating in excess of
    Petrobras's by two notches, which remains possible as long as
    the other offtakers remain rated above the notes. Given the
    current ratings of the other offtakers, Fitch deems this risk
    particularly remote.

-- The other counterparty that could constrain the rating is the
    operator, MODEC, which Fitch considers to be of better credit
    quality than the senior notes.

-- The cash flow analysis results in very robust output,
    consistent with ratings in the 'BB' category. Although the
    DSCR and ultimate debt repayment depend on uptime, maintenance
    days, opex and CPI, none of these variables are expected to
    drive ratings down under the stresses Fitch applied (and
    considering a cap for opex).

Coronavirus Downside Scenario Sensitivity: Fitch has developed a
common baseline and downside scenario, in which demand collapse
would depress oil prices and constrain spending in oil economies,
as described in "Fitch Ratings Coronavirus Scenarios: Baseline and
Downside Cases - Update," dated Dec. 7, 2020. Neither scenario is
expected to affect the transaction directly, but the effects on the
offtakers, country of the asset and operator could indirectly do
so.

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

-- The rating is constrained by leverage, the operating
    environment and counterparty issues. An upgrade of Brazil
    (which would likely also result in an upgrade of Petrobras)
    may result in an upgrade on the notes. However, as the rating
    Outlook is currently Negative, such a scenario is not
    anticipated.

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.

CRITERIA VARIATION

Our "Oil Vessel-Backed Financing Rating Criteria" set a maximum
uplift at one notch above the lowest rated member of an offtaking
consortium if each member's obligations are not joint and several
while it does not pose constraints if the obligations are joint and
several (as described above, the rating is limited by the rating
environment). In this case, the offtakers' obligations are joint
and several under the concession agreement, but only several under
the joint operating agreement. Considering the rights under each
agreement and the incentives for the parties, Fitch considers these
obligations in effect joint and several. However, as they are not
fully joint and several from a legal standpoint, Fitch considers
this a criteria variation. As a result, the rating of the notes is
one notch above the level it would without such variation.

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.




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

DOMINICAN REPUBLIC: 464,000 Workers Return to Jobs, Minister Says
-----------------------------------------------------------------
Dominican Today reports that Dominican Republic's Ministry of Labor
said a total of 464,412 workers returned to their jobs after
ceasing their suspension due to the pandemic.  In contrast, 247,705
people who were suspended since the crisis generated by COVID-19
began were still unemployed, according to Dominican Today.

This means that 65% of the suspended workers returned to their
normal jobs, while the remaining 35% were laid off, the report
notes.

The data that Labor office published in a press release indicate
that from the moment the pandemic was declared -- in March 2020 --
until January of this year, a total of 829,824 employees were
suspended, 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: Fields Planted to Mitigate Prices, Cruz Says
----------------------------------------------------------------
Dominican Today reports that the Dominican Republic's Minister of
Agriculture Limber Cruz assured that due to the agreements signed
with producers and the financial facilities that have been given to
them, the country is full of products, which will help to lower the
prices of goods, which he reiterated, have risen due to the
increase in costs of raw materials in the international market.

"We are reaching the field with realities, with financing, with
fertilizers, with water and seeds. We are effectively reaching the
field to mitigate prices. The country is seeded, and here there
will be a lot of production," he said, according to Dominican
Today.

He indicated that the Government had made timely agreements with
producers so that the consumer does not suffer from the rise in
some products' prices, the report notes.

Referring to the increases, mainly in industrialized products, the
Minister of Agriculture recalled that all commodities have risen in
the international market, the report relays.  In addition to the
fact that China has a large consumption of raw materials, it has
increased these, the report says.

"There are things that we do not control. China has gone out to the
market to buy a lot of raw materials, so that has made commodities
more expensive, and that affects us, especially in raising chickens
and pigs," he added.

Given the criticism for the rise in prices, Cruz pointed out that
there is a significant difference in the prices of many products
now compared to how they were sold before the Ministry of
Agriculture's new administration, 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: To Finance 18,900 Hectares of Corn, Sorghum
---------------------------------------------------------------
Dominican Today reports that the Dominican Republic's Agriculture
Minister Limber Cruz said that after the current harvest of
tomatoes, beans and other crops is finished, some 18,900 hectares
will be replaced with corn and sorghum.

The crop substitution program is in the phase of locating the land
in the provinces of Azua, Peravia, San Juan and Pedernales, to
alleviate the effects of the high prices of international raw
materials used in raising chickens and hogs, according to Dominican
Today.

He said the Government will also grant the necessary funds through
financing at a zero interest rate in favor of producers and will
guarantee 100 percent of the sale of crops through the pork and
poultry industry, 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).




=============
E C U A D O R
=============

ECUADOR SOCIAL BOND: Fitch Affirms B- Rating on Class B Notes
-------------------------------------------------------------
Fitch Ratings has affirmed Ecuador Social Bond S.a.r.l.'s (ESB)
class A and B 144A/Reg S notes (together, the Repack Notes) at
'AAAsf' and 'B-sf', respectively. The Rating Outlook on the Repack
Notes remains Stable.

The affirmation considers a proposed amendment on the notes which
is expected to be executed in February 2021. This amendment looks
to reduce the existing coupon rate on the class A notes down from
2.6% (fixed) pursuant to a Consent Solicitation Statement from the
Holders of the class A notes.

Additionally, a new class of notes (class A2) will be created and
issued on an interest-only basis to receive the difference between
the original rate and the amended rate. These newly issued class A2
notes will not be rated as they are expected to be interest-only
notes with no outstanding balance.

As part of its analysis, Fitch has determined that the proposed
amendment will not affect the outstanding note ratings, nor the IDB
guarantee on the class A notes.

           DEBT                        RATING          PRIOR
           ----                        ------          -----
Ecuador IDB Repack

Class A (secured) XS2106052827   LT  AAAsf  Affirmed   AAAsf
Class B (secured) XS2106053635   LT  B-sf   Affirmed   B-sf

TRANSACTION SUMMARY

The Social Bond, issued by the Republic of Ecuador and partially
guaranteed by the Inter-American Development Bank (IDB;
AAA/Stable), is the asset backing the Repack Notes.

The assigned ratings address timely payment of interest and
principal on a semi-annual basis.

KEY RATING DRIVERS

Social Bond Backed by Full Faith and Credit of Ecuador: The Social
Bond issued by the Republic of Ecuador is the asset backing the
Repack Notes issued by ESB. The Social Bond shares all
characteristics of other external indebtedness of the sovereign and
is backed by the full faith and credit of Ecuador. The only
difference is that its proceeds are for specific investment in
Ecuador's social housing program, and its debt service benefits
from a partial credit guarantee by the IDB.

IDB's Partial Credit Guarantee Comprehensive in Scope: The partial
credit guarantee between the IDB and ESB, as initial purchaser of
the Social Bond, partially covers Ecuador's failure to meet its
obligations on the Social Bond. After Ecuador's default on the
Social Bond, all draws from the IDB guarantee will be exclusively
applied by the Trustee to cover 100% of class A's debt service,
covering a percentage of the underlying Social Bond.

The IDB guarantee is comprehensive in scope and effectively covers
100% of the class A notes to be issued by ESB within the 23-day
cure period. IDB's obligations under the partial guarantee
constitute direct, unsecured obligations of IDB.

IDB's Credit Quality Remains Strong: The rating assigned to the
class A notes is commensurate with the Issuer Default Rating (IDR)
of the guarantee provider. On Nov. 24, 2020, Fitch affirmed IDB's
IDR at 'AAA'/Outlook Stable.

Class B Notes Ratings Commensurate with Sovereign: Given that all
flows from the IDB guarantee will be applied to the class A notes
to meet debt service according to the guarantee's schedule, a
default by Ecuador under its obligations of the Social Bond would
lead to a default of ESB's obligations under the class B notes. On
Sept. 3, 2020, Fitch upgraded Ecuador's IDR to 'B-'/Outlook Stable
from 'RD' following the completion of a distressed debt exchange
(DDE) that the agency deemed to have cured a prior default event
initiated in April 2020.

The KRDs listed in the applicable sector criteria, but not
mentioned above, are not material to this rating action.

RATING SENSITIVITIES

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

-- The class A notes' ratings are linked to the IDB's Long-Term
    Foreign Currency IDR (rated AAA/Stable), which is the highest
    rating assigned by Fitch.

-- The ratings on the class B notes could be upgraded if
    Ecuador's IDR, currently rated 'B-'/Outlook Stable, is
    upgraded.

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

-- The class A notes' ratings are linked to the IDB's Long-Term
    Foreign Currency IDR; hence, a downgrade of the IDB's IDR
    would trigger a downgrade of class A notes in the same
    proportion. Additionally, changes in Fitch's view regarding
    the strength of the IDB guarantee may impact the class A
    notes' ratings.

-- The class B notes' credit quality reflects Ecuador's rating
    and, therefore, is sensitive to changes in Ecuador's Long-Term
    IDR. Hence, a downgrade to Ecuador's IDR would trigger a
    decrease in the class B note ratings in the same proportion.

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.



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

DESTINATION MATERNITY: Asks for May 17 Plan Exclusivity Extension
-----------------------------------------------------------------
Destination Maternity Corporation and its affiliated debtors ask
the U.S. Bankrupty Court for the District of Delaware to extend
their exclusive periods to file a Chapter 11 Plan and solicit
acceptances to the Plan to May 17, 2021 and July 19, 2021,
respectively.

The Debtors' current exclusive period for filing a Chapter 11 Plan
is set to expire February 15, 2021.  Their exclusive period to
solicit acceptances to the Plan will expire on April 19, 2021.

On December 13, 2019, the Court entered the Order (I) Approving the
Agreements, (II) Authorizing the Sale of Assets Outside the
Ordinary Course of Business through the Winning Bid, (III)
Authorizing the Sale of Substantially All of the Debtors' Assets
Free and Clear of Liens, Claims, Encumbrances, and Interests, (IV)
Authorizing the Assumption and Assignment of Certain Executory
Contracts and Unexpired Leases, and (V) Granting Related Relief
approving the asset purchase agreement between the Debtors,
Purchaser Marquee Brands, and a contractual joint venture between
Hilco Merchant Resources, LLC and Gordon Brothers Retail Partners,
LLC as Agent. On December 20, 2019, the Debtors closed the sale
transaction approved in the APA.

Pursuant to the terms of the APA, the Agent conducted going out of
business sales through March 2020.  Due to the current pandemic,
the Agent had to cease the GOB Sales abruptly.  The Debtors say
that together with the Agent and Purchaser, they continue to
reconcile certain amounts outstanding among the parties under the
APA, including the reconciliation of an escrow related to inventory
and strategic partnership royalties.

The Debtors and the Purchaser continued to operate under the Term
Sheet for Transition Services dated December 2, 2019, through June
30, 2020.  Among other things, the TSA provides for the Purchaser
to pre-fund certain obligations of the Debtors subject to a weekly
reconciliation of amounts pre-funded during the transition period.
The Debtors contend that the parties are currently in the process
of winding down the TSA.

Following the Sale, the Debtors began the process of marketing the
sale of their remaining miscellaneous assets that they believe are
valuable.  The Debtors tell the Court that they continue to seek to
monetize the Remaining Assets to maximize value for creditors.

The size and complexities of these Chapter 11 Cases warrant
extension of the Exclusive Periods, the Debtors assert. The Debtors
operated hundreds of retail stores throughout the United States and
via an e-commerce platform.  Although the retail locations closed,
the Debtors continued to operate pursuant to the terms of the TSA,
which remained in effect until June 30, 2020 and are currently in
the process of winding down the TSA.  The Debtors also continue to
negotiate with the Purchase and Agent regarding the Royalty Escrow,
which could result in additional funds to the Debtors' estates.

The Debtors are seeking to monetize the Remaining Assets to
maximize value to creditors.  Given the many moving parts --
particularly in the current pandemic environment -- the complexity
of these Chapter 11 Cases is apparent," the Debtors explain.

The Debtors contend that since the Petition Date, they have
expended considerable time and effort by:

  a. handling countless operational issues, including responding
     to creditor, commercial counterparty, financial institution,
     and land owner concerns and questions;

  b. preparing, filing, and amending the Debtors' schedules and
     statements of financial affairs and the amended versions
     thereof;

  c. preparing for and attending the formation meeting of the
     Committee and the section 341 meeting of creditors;

  d. preparing and filing the motion to establish the Bar Dates;

  e. marketing, negotiating and preparing for the sale of the
     Debtors' businesses;

  f. finalizing the sale of certain of the Debtors' assets to
     the Purchaser in accordance with the APA;

  g. conducting going out of business sales in the United States
     and Canada;

  h. negotiating with parties-in-interest, resolving 503(b)(9)
     claims, and memorializing the settlements and distributions
     through the 503(b)(9) Motion; and

i. analyzing strategic options for the orderly wind- down of
    the Debtors' estates.

"The complexity of concurrently coordinating with the Purchaser
with respect to the TSA, undertaking a marketing process for a sale
for the Debtors' Remaining Assets and planning an orderly wind-down
for the Debtors' estates that would maximize value for creditors
has required a significant amount of time and energy from the
Debtors and their advisors.  Further, largely due to the current
pandemic, these processes are not yet complete.  As a result, the
Debtors require additional time for the Exclusive Periods to allow
those processes to complete.  The Debtors believe that it is
reasonable to request an extension of the Exclusive Periods to a
date beyond when the Debtors expect the Remaining Assets can be
monetized.  Granting the requested extensions will afford the
Debtors a full and fair opportunity to devote their efforts to the
winding down of the Debtors' business pursuant to a plan process or
otherwise without the distraction, cost and delay of a competing
plan process," the Debtors explain.

The Debtors' Motion is scheduled for hearing on March 3, 2021 at
11:30 a.m. (ET).  The deadline for the filing of objections to the
Motion is set at February 24, 2021, at 4 p.m.

                    About Destination Maternity

Destination Maternity is a designer and omnichannel retailer of
maternity apparel in the United States, with the only nationwide
chain of maternity apparel specialty stores, as well as a deep and
expansive assortment available through multiple online
distribution
points, including our three brand-specific websites.  As of August
3, 2019, Destination Maternity operated 937 retail locations,
including 446 stores in the United States, Canada, and Puerto
Rico,
and 491 leased departments located within department stores and
baby specialty stores throughout the United States and Canada.  It
also sells merchandise on the Internet, primarily through
Motherhood.com, APeaInThePod.com, and DestinationMaternity.com
websites. Destination Maternity sells merchandise through its
Canadian website, MotherhoodCanada.ca, through Amazon.com in the
United States, and through websites of certain of our retail
partners, including Macys.com.  Destination Maternity's 446 stores
operate under three retail nameplates: Motherhood Maternity(R), A
Pea in the Pod(R), and Destination Maternity(R). It also operates
491 leased departments within leading retailers such as Macy's(R),
buybuy BABY(R), and Boscov's(R). Generally, the company is the
exclusive maternity apparel provider in its leased department
locations.

Destination Maternity and its two subsidiaries sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 19-12256) on Oct. 21,
2019.  As of Oct. 5, 2019, Destination Maternity disclosed assets
of $260,198,448 and liabilities of $244,035,457.

The Honorable Brendan Linehan Shannon is the case judge. The
Debtors tapped Kirkland & Ellis LLP as legal counsel; Greenhill &
Co., LLC as investment banker; Landis Rath & Cobb LLP as local
bankruptcy counsel; Hilco Streambank LLC as intellectual property
advisor; Prime Clerk LLC as claims agent; and Berkeley Research
Group, LLC as restructuring advisor.  BRG's Robert J. Duffy has
been appointed as a chief restructuring officer.

Andrew Vara, acting U.S. trustee for Region 3, on Nov. 1, 2019,
appointed five creditors to serve on the official committee of
unsecured creditors in the Chapter 11 cases of Destination
Maternity Corporation and its affiliates.  The Committee hired
Cooley LLP as lead counsel; Cole Schotz P.C., as Delaware and
conflict counsel; and Province, Inc., as a financial advisor.

In 2019, the Court approved the asset purchase agreement among the
Debtors, the Marquee Brands, LLC as Purchaser, and a contractual
joint venture between Hilco Merchant Resources, LLC and Gordon
Brothers Retail Partners, LLC as Agent.  On December 20, 2019, the
Debtors closed the transaction approved in the APA.



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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
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