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

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

          Wednesday, February 17, 2021, Vol. 22, No. 29

                           Headlines



B R A Z I L

BANCO BMG: Moody's Completes Review, Retains B1 Deposit Ratings
BANCO DAYCOVAL: Moody's Completes Review, Retains Ba2 Rating
BANCO DO BRASIL: 2020 Adjusted Profit Down 22% to R$13B From 2019
BANCO DO NORDESTE: Moody's Completes Review, Retains Ba2 Rating
BANCO INDUSTRIAL: Moody's Completes Review, Retains Ba3 Ratings

BANCO MODAL: Moody's Completes Review, Retains B1 Deposit Ratings
BANCO PSA: Moody's Completes Review, Retains Ba2 Deposit Rating
BANCO RCI: Moody's Completes Review, Retains Ba2 Deposit Ratings
BANCO SAFRA: Moody's Completes Review, Retains Ba2 Deposit Rating
BANCO YAMAHA: Moody's Completes Review, Retains Ba1 Deposit Rating

BANRISUL: Moody's Affirms B1 Rating on Subordinate Debt
BRAZIL: 2021 Inflation Outlook Rises to Highest in Almost a Year
CAIXA ECONOMICA: Moody's Completes Review, Retains Ba2 Rating
ELDORADO BRASIL: Moody's Puts B2 CFR Under Review for Downgrade


C O L O M B I A

EMPRESA DE TELECOMUNICACIONES: Fitch Affirms 'BB+' LongTerm IDRs


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Reinforces Measures to Banana Pest Entry
DOMINICAN REPUBLIC: Utilities' Debt With Power Firms Fell by $106MM


J A M A I C A

ACCESS FINANCIAL: Net Profit Down to $128MM in 2020
JAMAICA: BOJ Suspends Teller Services Due to COVID-19 Spike


P A N A M A

BICSA: Moody's Completes Review, Retains B1 Rating
GLOBAL BANK: Moody's Completes Review, Retains Ba1 Deposit Rating


P A R A G U A Y

BANCO BASA: Moody's Completes Review, Retains Ba2 Deposit Rating
BANCO BILBAO: Moody's Completes Review, Retains Ba1 Deposit Rating
BANCO CONTINENTAL: Moody's Completes Review, Retains Ba1 Rating


P U E R T O   R I C O

ALBERTO DEL RIO SOTO: Seeks Extension of Sale Objection to March 1

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B R A Z I L
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BANCO BMG: Moody's Completes Review, Retains B1 Deposit Ratings
---------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Banco BMG 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 BMG's (BMG) B1 long-term local and foreign currency deposit
ratings reflect the bank's baseline credit assessment (BCA) of b1.
BMG's ratings do not incorporate any uplift from affiliate or
government support.

BMG's b1 BCA reflects the bank's leading market share in the
payroll-linked credit card business, which results in adequate
profitability supporting capital replenishment and stable asset
quality. At the same time, the BCA incorporates BMG's efforts to
build a more granular funding base, with increasing share of
consumer deposits. BMG's business model could be challenged by a
potential regulatory change in the payroll lending business, which
could affect its profitability and capitalization. In addition, new
entrants to its niche market could squeeze BMG's market share and
margins. The bank's plans to grow its unsecured consumer loan
business with existing borrowers could also pressure future asset
quality.

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


BANCO DAYCOVAL: Moody's Completes Review, Retains Ba2 Rating
------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Banco Daycoval 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 Daycoval's (Daycoval) Ba2 long-term local currency deposit
rating and (P)Ba2 foreign currency senior unsecured MTN rating
reflect the bank's baseline credit assessment of ba2. Daycoval's
Ba2 deposit rating is currently at the same level of Brazil's Ba2
sovereign bond rating.

Daycoval's ba2 BCA reflects the bank's sound financial metrics, in
particular its asset risk, profitability and capital. The bank's
conservative loan underwriting standards, its diversified and
secured lending operation to small and medium-sized companies and
highly granular portfolio of low-risk payroll loans provide strong
earnings recurrence and strong asset quality, which has been
consistently below the system's average. The BCA also reflects the
bank's conservative capitalization ratio, which remains above
levels reported by similar sized peers. Daycoval's BCA is
constrained by a predominantly institutional funding structure,
despite its diversified mix and adequate funding tenor.

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


BANCO DO BRASIL: 2020 Adjusted Profit Down 22% to R$13B From 2019
-----------------------------------------------------------------
Banco do Brasil recorded adjusted net income of R$3.7 billion in
4Q20, an increase of 6.1% compared to 3Q20. RSPL in the quarter
reached 12.1%. In the annual comparison, adjusted net income
totaled R$13.9 billion, an annual reduction of 22%, impacted by the
prudential anticipation of R $ 8.1 billion in provisions made over
the quarters.

The generation of business remained solid. The structural result,
which does not suffer from the effects of provisions, increased by
5.9% when compared to the previous year, ending at R $ 42.4
billion. This performance influenced the 5.1% growth in the gross
financial margin, the control of administrative expenses and the
reduction in the legal risk line.

The expanded credit portfolio grew by 9% in the last 12 months and
reached R $ 742 billion, with emphasis on the performances of the
Individuals, MPME and Rural segments, which grew 6.7%, 25.6% and
6.8% respectively.

Profit was impacted by the 47.6% growth in the expanded allowance
for loan losses, which includes credit provisions, credit recovery,
impairment losses and discounts granted. When comparing 4Q20 with
the previous quarter, the expanded allowance for loan losses
decreased 6.4%.

The default rate, operations overdue for more than 90 days,
decreased and ended December at 1.9%.

Revenue from services rendered grew by 1.5% compared to 3Q20,
driven by the fund management lines (+ 3.8%) and current account (+
2.3%). In the year, there was a reduction of 1.7%. Even in this
scenario, the insurance, pension plan and capitalization revenue
lines grew 4.8%, consortia 14.5% and fund management 7.2%.

Annual administrative expenses remained under control and ended the
year stable. Compared to 4Q19, the decrease was 5.6%.

The Basel Ratio reached 21.14% in December, with 13.62% being main
capital.

Credit portfolio   

The loan portfolio grew in the Bank's main business segments. The
PF portfolio grew 6.7%, compared to December 2019. Highlight for
the positive performance in payroll loans, with growth of 15.2% in
12 months.

The expanded PJ loan portfolio grew 14.6% in the annual comparison
and totaled R $ 283.1 billion. Highlight for the growth of 25.6% in
the MPME portfolio in 12 months.

The rural portfolio increased 6.8%, totaling R $ 176 billion. There
was an increase in the lines of agricultural costing (17%) and
agricultural investment (35.4%).

Customer experience, efficiency and accelerating digital
transformation

BB remains focused on the continuous improvement of the customer
experience. To this end, it has promoted structural changes at all
levels of the organization to make the culture increasingly
customer-centered. In addition, using data, analytics, big data and
Artificial Intelligence, it is possible to know the customer and
anticipate their needs, bringing greater effectiveness to the
relationship that becomes increasingly specialized, contextualized
and personalized.

Always focused on the customer, Banco do Brasil implemented a
series of relevant efficiency measures that involve: review of the
organizational and network structures, announced in January; the
Performa program, which recognizes employee performance; the new
Positions and Salaries Plan; the optimization of corporate spaces
and the sale of own properties; in addition to energy
eco-efficiency actions.

To serve with excellence, service points in the country were
optimized, including the opening of offices with a focus on highly
mature digital customers and in the agribusiness segment. In
addition, the capacity of managed advisory services to clients has
been expanded to an additional 1.3 million clients, reaching 100%
of our high-retail clients.

In the last year, BB consolidated its presence beyond the physical
service network, offering new solutions and convenience. The BB app
gained over 4.7 million users in 2020 alone. More than 17 million
calls were made via WhatsApp. In December, there were more than 21
million active customers on digital channels.

Sustainability

Banco do Brasil has a solid track record in sustainability,
recognized by national and international indexes, ratings and
rankings. In January 2021, BB was considered the most sustainable
financial institution in the world and placed third in the overall
ranking by the Global Knights Global Ranking 100. To reinforce its
commitment, the Bank has established ten long-term sustainability
commitments that can be knownhere .

In 2021, BB continues with the commitment to increase profitability
and build sustainable results, expanding the generation of value in
an increasingly digital bank.

Message from President Andre Brandao

"Banco do Brasil ended 2020 better prepared to continue growing in
its business this year. Despite the difficulties of the pandemic,
we went through this period with a 9% growth in the credit
portfolio. We were with our individual customers and companies at
times when they most needed our support. We had a strong role in
releasing emergency resources, such as Pronampe and Peac
Maquininhas, which contributed to maintaining the activities of
customers and will be important for the resumption of the economy.
"

"Other highlights of the result were the increase in financial
margin and the efficient management of administrative expenses. In
addition, our capital ratios are even more solid, which allows us
to continue expanding loans and financing, always based on
appropriate analyzes. We currently have one of the highest quality
portfolios on the market, distributed in transactions with clients
with long-standing relationships with BB and who operate in sectors
of the economy that are more resilient to economic fluctuations,
such as agribusiness. allowed our delinquency to close the year at
1.9%, a level lower than the average of our main competitors. "

"We maintained a firm control of expenses, which grew below annual
inflation, and will remain under strict control this year,
certainly behaving below inflation, but with BB pursuing the
nominal reduction in expenses."

"Now, it is up to us to advance and improve the customer
experience. The financial sector is experiencing a level of
competitiveness that requires banks to focus entirely on
consumers."

"We aim to ensure that all the numbers of the result are directed
to improve the customer experience, with increasingly innovative
digital solutions. We are working strongly in this direction. Proof
of this are the 4.7 million users that our app won in 2020. More
than 17 million calls were made via WhatsApp. In December, there
were more than 21 million active customers on digital channels."

"Digital allows us to further specialize service, with a higher
level of productivity. Thus, we will include 1.3 million customers
in our specialized service model, making us reach 100% of high
retail in this relationship model."

"I want to call attention to two innovative things that we are
announcing. One of them is the manifesto regarding our ESG
(Environmental, Social and Governance). Banco do Brasil is already
the best bank on this agenda, but we are going beyond that. We are
creating clear, specific and economic commitments so that we can,
even more, serve society in a sustainable way. "

"2020 was a year of digital transformation and Banco do Brasil
followed this line. But we want to take it a step further. We want
to add digital inclusion. It will be good for us at Banco do Brasil
and good for society. We are launching a program, together with the
Ministry of Communications, to increase digital maturity in cities
and the countryside. We will support our customers, attract new
ones, help society and gain efficiency.

As reported in the Troubled Company Reporter-Latin American,
Moody's Investors Service affirmed all of Banco do Brasil S.A.'s
ratings, following the affirmation of the bank's ba2 baseline
credit assessment. BB is rated Ba2 and Not Prime for long-and
short-term local currency deposits and Ba3 and Not Prime
for long- and short-term foreign currency deposits. Banco Do Brasil
S.A. (Cayman)'s long-term senior unsecured foreign currency debt
rating is Ba2. All ratings have a stable outlook.


BANCO DO NORDESTE: Moody's Completes Review, Retains Ba2 Rating
---------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Banco do Nordeste do Brasil 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 do Nordeste do Brasil 's (BNB) Ba2 long-term local currency
deposit rating reflects the bank's baseline credit assessment of b1
and Moody's assessment of very high probability of support from the
Brazilian government, rated Ba2. The bank's ratings benefit from
two notches of uplift from government support to reflect the full
federal government ownership of BNB.

BNB's b1 BCA reflects the bank's important role as a development
bank and financial agent to foster the development of the Northeast
region of Brazil, which results in geographic concentration of its
loans. In its role as agent of disbursing constitutional funds for
the region, BNB acts as guarantor of a portion of the credit risk
in loans made under these funds. At the same time, the BCA
incorporates BNB's weak capital position. The bank counts on a
granular funding base with low dependence on market funds and
comfortable liquidity, which are key positives for its credit
profile.

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


BANCO INDUSTRIAL: Moody's Completes Review, Retains Ba3 Ratings
---------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Banco Industrial do Brasil 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 Industrial do Brasil's (BIB) Ba3 long-term local and foreign
currency deposit ratings reflect the bank's baseline credit
assessment of ba3.

BIB's ba3 BCA reflects the bank's consistent business strategy that
focus on commercial lending, supporting adequate profitability
metrics, adequate capital position and relatively low loan
delinquency, although nonperforming loans have increased in recent
quarters compared to historical levels. BIB's main challenges
include a modest liquidity cushion and a concentrated funding base,
comprised of highly confidence-sensitive wholesale depositors. In
addition, a strong pace of credit growth has put some pressure on
the bank's asset risk.

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

BANCO MODAL: Moody's Completes Review, Retains B1 Deposit Ratings
-----------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Banco Modal 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 Modal's (Modal) B1 long-term local and foreign currency
deposit ratings reflect the bank's baseline credit assessment of
b1. Modal's b1 BCA incorporates the bank's improving, but still
modest, profitability metrics. Through its digital platform
ModalMais, the bank has increased the origination of non-interest
income by offering clients a larger integration of brokerage
services and traditional banking products. The successful rollout
of this strategy will strengthen earnings recurrence as Modal is
able to offer new products and diversify its deposit base.

The b1 BCA is also constrained by a modest capital base that still
reflected losses reported in 2018. However, Modal's capitalization
is supported by recent capital injections from third party
investors and will also benefit from earnings retention as its
profitability strengthens. The bank's loan portfolio is now with
ModalMais retail customers following the runoff of its legacy
corporate loans. and represents a mere 4% of its total assets.
Modal's low reliance on market funds is positive for the bank's BCA
as well as the large volume of liquid assets it holds in its
balance sheet.

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


BANCO PSA: Moody's Completes Review, Retains Ba2 Deposit Rating
---------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Banco Psa Finance Brasil 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 PSA Finance Brasil's (Banco PSA) Ba2 long-term local and
foreign currency deposit ratings reflect the bank's baseline credit
assessment of ba3 and Moody's assessment of a high likelihood of
support from Banco Santander Brasil.

Banco PSA's ba3 BCA incorporates its monoline business operations,
with heavy dependence on the performance of auto sales of Peugeot
and Citroen, resulting in low earnings diversification. Banco PSA
finances about 70% of the automakers' car sales. The BCA is
supported by sound asset risk and adequate capitalization. The
bank's concentrated wholesale funding and modest liquidity cushion
are mitigated by strong funding support from Banco Santander
Brasil. Banco PSA faces the challenge of generating sustainable
earnings and growing its loans amid a modest performance of sales
of Peugeot and Citroen's vehicles in Brazil.

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


BANCO RCI: Moody's Completes Review, Retains Ba2 Deposit Ratings
----------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Banco RCI Brasil 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 RCI Brasil's (RCI Brasil) Ba2 long-term local and foreign
currency deposit ratings reflect the bank's baseline credit
assessment of ba3 and Moody's assessment of a very high probability
of support from its parent RCI Banque (Baa2, ba1). The bank's ba2
adjusted baseline credit assessment and Ba2 deposit ratings benefit
from one-notch of uplift from its BCA to reflect affiliate support.
RCI Banque owns 60% of the bank, while Banco Santander Brasil S.A.
owns the remaining 40% of RCI Brasil.

RCI Brasil's ba3 BCA reflects its monoline operations and reliance
on the auto sales performance of Renault and Nissan, which result
in low earnings diversification. At the same time, the BCA is
supported by low asset risk, inherent from its secured auto finance
portfolio and by its adequate capitalization. The bank's dependence
on market funds and modest liquidity cushion are offset by the high
funding support provided by its shareholders.

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


BANCO SAFRA: Moody's Completes Review, Retains Ba2 Deposit Rating
-----------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Banco Safra 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 Safra's (Safra) Ba2 long-term global local currency deposit
rating incorporates the bank's baseline credit assessment of ba2.
The bank's ba2 BCA is at the same level of Brazil's sovereign debt
rating of Ba2.

Safra's ba2 BCA reflects the bank's solid franchise in Brazil, with
focus on corporate and commercial banking. Safra focus on a
well-defined target market of small and medium-sized companies,
lending primarily on a short-term and collateralized basis. The
bank's strong risk discipline supports historically superior asset
quality metrics compared to peers due to its traditional focus on
secured lending products and conservative underwriting policies.
The BCA incorporates Safra's recurring earnings generation and
conservative reserves to cover unexpected losses. Liquidity is
high, reflecting long-term relationship with its customers,
resulting in stability of access to local and international
resources as well as in a sticky deposit base. Capital levels are
adequate, with a long history of conservative management of capital
to support growth.

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

BANCO YAMAHA: Moody's Completes Review, Retains Ba1 Deposit Rating
------------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Banco Yamaha Motor Do Brasil 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 Yamaha Motor do Brasil's (Banco Yamaha) Ba1 long-term local
currency deposit rating reflects the bank's baseline credit
assessment of ba3 and Moody's assessment of a very high probability
of support from its parent Yamaha Motor Company Limited (Baa1). The
bank's deposit rating benefits from two notches of uplift from its
BCA. Banco Yamaha is a full subsidiary of Yamaha Motor do Brasil
Ltda (Yamaha Brasil), which, in turn, is wholly owned by Yamaha
Motor Company Limited.

Banco Yamaha's ba3 BCA reflects its monoline operations and high
reliance on motorcycle sales by Yamaha Brasil, which results in low
earnings diversification. At the same time, the BCA is supported by
a robust capital buffer and a strong profitability that helps to
mitigate high loan delinquencies, which are inherent to its
exclusive focus on motorcycle financing, an activity that is more
sensitive to economic downturns and to labor market conditions. The
bank's high reliance on market funds and modest liquidity cushion
are offset by prudent asset-liability management.

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


BANRISUL: Moody's Affirms B1 Rating on Subordinate Debt
-------------------------------------------------------
Moody's Investors Service downgraded Banco do Estado do Rio Grande
do Sul S.A.'s (Banrisul) long -term national scale deposit ratings
to A3.br from A1.br, long-term national scale counterparty risk
rating to Aa3.br from Aa1.br, and short-term national scale deposit
rating to BR-2 from BR-1. The rating agency also affirmed
Banrisul’s long and short-term global local and foreign- currency
deposit ratings of Ba3 and Not Prime, as well the bank's foreign
currency subordinate debt rating of B1 and contractual non
viability debt rating of B2(hyb). Banrisul's global scale
counterparty risk ratings of Ba2 and Not Prime and national scale
shot-term counterparty risk ratings of BR-1, and its long and
short-term counterparty risk assessment of Ba2(cr) and Not
Prime(cr), baseline credit assessment and adjusted BCA of ba3 were
also affirmed. The outlook on all ratings was changed to negative
from stable.

RATINGS RATIONALE

The affirmation of Banrisul's ba3 baseline credit assessment and
supported ratings reflects pressures to its asset risk along with
its weak profitability and modest capitalization, offset by its
funding structure predominantly made up of low-cost core deposits,
high levels of liquidity and reserve coverage. The BCA also
incorporates Banrisul's strong regional franchise whereby a
relevant share of its deposits and operations are based within the
state of Rio Grande do Sul (unrated) which is the bank's owner and
controller and continues to be under significant fiscal distress.
The downgrade of Banrisul's national scale ratings and negative
outlook reflects the heightened risk on the bank's capitalization
and profitability following its February 5 announcement that its
state owner wants to renegotiate the terms of Banrisul's contract
to provide payroll services to the state civil servants , or to
negotiate a new contract to provide these services.

Banrisul first acquired the right to provide payroll services in
its home state in May 2016, for BRL 1.251 million. Moody's notes
Banrisul previously held the rights to provide payroll services to
state's employees as well as using public buildings and space to
offer its banking services at no cost. The right to provide these
services is an intangible asset and, therefore, Moody's deducts it
from its tangible common equity (TCE) measure of capitalization to
assess loss absorption capacity. In 2016, the decline in the bank's
ratio of TCE to risk weighted assets (RWA) as a result of its
acquisition was over 200 basis points. Because Banrisul was
effectively exchanging interest bearing assets for an intangible
asset that generated no return and is still being amortized over a
ten-year period, profitability has also suffered.

Banrisul now faces heightened risk that the upcoming renegotiation
with the state could lead to another steep decline in the bank's
capitalization and profitability. Banrisul's Moody's capitalization
ratio, measured as tangible common equity relative to risk weighted
assets, is still well below the levels it was before the bank
acquired the right to provide payroll services and was 8.6% as of
December 2020, in line with 2019 levels. Moody's considers that the
bank's leading deposit market share in Rio Grande Do Sul and the
share of its total payroll lending operations to state civil
servants are dependent on the banks maintaining the right to
provide payroll services. Banrisul's loan book is predominantly
focused on low-risk payroll loans to state and federal employees,
which accounted for 46% of total loans as of December 2020. Another
30% are loans to small and mid-sized enterprises and unsecured
consumer loans concentrated in its home state.

The challenges Banrisul' faces in recovering its profitability in
2021 to historical levels are also reflected in its BCA. Banrisul's
net income to tangible assets was 0.8% as of December 2020, down
from 1.3% in 2019, driven by lower business volumes, lower net
interest margin as well as rising provisioning costs and legacy
amortization of intangibles. As a state-owned bank, Banrisul has
limited flexibility in reducing operating costs to mitigate margin
pressures or to invest in products and technology, in line with
that of its private bank peers.

Asset risk could also come under pressure from rising restructured
loan exposures, which made up approximately 13% of its interest
income from lending in 2020, as a result of the coronavirus
pandemic, with more than half of these to corporates and small to
mid-sized enterprises, which have historically caused asset risk to
rise at the bank. The bank’s problem loan ratio in 2020 was 2.8%,
up slightly from 2.7% in 2019 and loan loss reserves estimated at
300% provide a buffer against asset risk.

However, with over 50% of the bank's tangible assets currently
invested in sovereign government bonds, Banrisul has a strong
liquidity buffer, in addition to limited reliance on market
funding, at a modest 12% of its tangible assets. However, these
investments are now yielding a lot less in Brazil's low rate
environment, also negative for the bank's profitability.

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

At this time, the negative outlook on the bank's ratings precludes
any upward pressure. That said, the outlook on the rating could be
stabilized if the renegotiation or new contract results in only
modest capital and profitability impact and asset risk shows strong
signs of improvement. The bank's ratings could be downgraded if the
completion of its contract renegotiation, along with increased
amortization costs, lead to a significant decline in its
capitalization ratio as calculated by Moody's. Further actions by
its state owner that could lead to a weakening in the bank`s
fundamentals could evidence governance issues that could also lead
to a downgrade in the bank`s ratings.

PRINCIPAL METHODOLOGY

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

Banco do Estado do Rio Grande Do Sul S.A. is located in Porto
Alegre, Brazil and had total assets of BRL 92 billion (USD 17
billion) and equity of BRL 8.4 billion as of December 31, 2020.

The following ratings and assessments of Banco do Estado do Rio
Grande do Sul S.A. were downgraded:

Long-term Brazilian national scale deposit rating to A3.br from
A1.br

Long-term Brazilian national scale counterparty risk rating to
Aa3.br from Aa1.br

Short-term Brazilian national scale deposit rating to BR-2 from
BR-1

The following ratings and assessments of Banco do Estado do Rio
Grande do Sul S.A. were affirmed:

Long-term global local currency deposit rating of Ba3, negative
outlook from stable

Short-term global local currency deposit rating of Not Prime

Long-term foreign currency deposit rating of Ba3, negative outlook
from stable

Short-term foreign currency deposit rating of Not Prime

Short-term Brazilian national scale counterparty risk rating of
BR-1

Baseline credit assessment of ba3

Adjusted baseline credit assessment of ba3

Long-term counterparty risk assessment of Ba2(cr)

Short-term counterparty risk assessment of Not Prime(cr)

Long-term global local currency counterparty risk rating of Ba2

Short-term global local currency counterparty risk rating of Not
Prime

Long-term global foreign currency counterparty risk rating of Ba2

Short-term global foreign currency counterparty risk rating of Not
Prime

Subordinate debt rating of B1

Tier 2 contractual non viability subordinate debt rating of
B2(hyb)

Outlook Actions:

Outlook, Negative from stable


BRAZIL: 2021 Inflation Outlook Rises to Highest in Almost a Year
----------------------------------------------------------------
Reuters reports that the outlook for Brazilian inflation rose for a
fifth consecutive week, a central bank survey of economists showed,
closer to the bank's central target for the year.

The average forecast for IPCA consumer price inflation at the end
of the year rose to 3.60% from 3.50% the week before, according to
the latest weekly 'FOCUS' survey of around 100 economists, the
report notes.

That's the highest since last March, and close to the central
bank's end-year goal of 3.75%, with a margin of error of 1.5
percentage point on either side, according to Reuters.

Inflation in Brazil, led by a spike in food prices, has proved to
be less "transitory" than the central bank had thought, the report
notes.  It ended last year at 4.5%, well above the central bank's
central target of 4.00%, the report discloses.

With inflation expectations converging towards target over the next
two years, the bank in January ditched its forward guidance after
only five months, the report relates.  Markets then brought forward
forecasts for the first interest rate hike since 2015, the report
discloses.

For the second week in a row, however, the FOCUS survey showed that
economists' average end-2021 and end-2022 rate forecasts were
unchanged at 3.50% and 5.00%, respectively, the report relates.

The central bank's benchmark Selic rate has been at a record low of
2.00% since last August, 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.


CAIXA ECONOMICA: Moody's Completes Review, Retains Ba2 Rating
-------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Caixa Economica Federal 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

Caixa Economica Federal's (Caixa) Ba2 long-term global local
currency deposit rating incorporates the bank's baseline credit
assessment of ba3 and Moody's assessment of Caixa as a
government-backed institution, because of its ownership control by
the Government of Brazil (Ba2) and its high systemic importance. As
a result, Caixa's deposit rating incorporates one notch of uplift
from its BCA.

Caixa's ba3 BCA reflects credit fundamentals that have improved
over the past two years, with adequate capitalization and earnings
profile, and access to low cost deposits that will help the bank to
support its operations. With a policy role of providing social
housing financing in Brazil, Caixa is exposed to high risk
borrowers, but it maintains adequate loans loss reserves. Caixa has
strengthened its governance structure, which has reduced political
influence and risks related to future government changes; enhanced
risk-management practices, focused on capital preservation and
profitability; and increased earnings retention, in agreement with
its shareholder, the Government of Brazil.

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


ELDORADO BRASIL: Moody's Puts B2 CFR Under Review for Downgrade
---------------------------------------------------------------
Moody's Investors Service placed the B2 Corporate Family Rating of
Eldorado Brasil Celulose S.A. on review for downgrade.

Moody's have placed Eldorado's ratings on review for downgrade
because of the high refinancing risk - as of September 2020,
Eldorado had about BRL6.3 billion, or over 70% of its total debt,
due until the end of 2021, including its $350 million senior
unsecured notes due in June 2021. Moreover, while the conclusion of
the arbitration process in favor of Paper Excellence in early
February is positive as it has resolved the shareholders dispute,
it also brings uncertainties related to the strategy that will be
pursued, which exacerbates the refinancing risk.

Ratings placed on review for downgrade:

Issuer: Eldorado Brasil Celulose S.A.

Corporate Family Rating, Placed on Review for Downgrade, currently
B2

Outlook Actions:

Issuer: Eldorado Brasil Celulose S.A.

Outlook, Changed to Rating Under Review from Stable

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

The rating review process will focus on: (i) Eldorado's ability to
refinance its short-term debt in the coming months, in particular
the bond due in June 2021; (ii) transition to the new control, as
the arbitration process between the shareholders J&F Investimentos
S.A. (J&F), with 50.59% and CA Investment (Paper Excellence), with
49.42%, was concluded in favor of Paper Excellence, which will now
be able to acquire J&F's stake in the company and will have 100%
ownership; iii) potential changes in strategy, management and
capital structure as a result of the new control.

Eldorado credit profile continues to incorporate the company's
strong operating performance and low-cost profile, which better
positions the company to withstand the volatility in pulp prices.
Eldorado has the lowest-cost operation in the global pulp industry
and has been able to maintain average EBITDA margins of around 55%
since 2015.

Governance factors are important elements of Eldorado's credit
quality, and the rating reflects the aggressive financial strategy
and the unbalanced capital structure with a high concentration of
debt in the short-term, which is a major constraint for the rating.
The dispute between the company's shareholders (J&F and Paper
Excellence) weighed on the rating, to the extent that it has
affected some strategies, including the inability to conclude a
cross-border bond issuance in January 2019 because Paper Excellence
disagreed with certain terms of the transaction.

The rating is also constrained by Eldorado's susceptibility to
event risk driven by its single-plant nature and limited
operational diversity. Moody's believe that Eldorado's ability to
control input costs through its vertically integrated production
process partially compensates for the risk of operating primarily
in a single commodity product and in a single location.

The rating is currently on review for downgrade. Inability to
refinance 2021-2022 debt maturities, in particular the 2021 senior
unsecured notes, with further deterioration of its liquidity
profile, could result in a multiple-notch downgrade. A significant
deterioration in the company's operating performance, with negative
free cash flow generation, and an increase in debt levels, with
leverage, measured as total adjusted debt to EBITDA, trending
towards 5.0x or above, and interest coverage, measured as adjusted
EBITDA to interest expenses, remaining below 3.5x for a prolonged
period, would exert negative pressure on the rating or outlook.

Prior to the rating review process, Moody's said that an upgrade
would be considered in case Eldorado was able to improve its
liquidity profile and capital structure. In addition, an upgrade
would be dependent on the maintenance of strong operating
performance and current credit metrics.

The principal methodology used in this rating was Paper and Forest
Products Industry published in October 2018.

Headquartered in Sao Paulo, Brasil and with operations in Tres
Lagoas, Mato Grosso do Sul, Eldorado Brasil is a key player in the
global pulp markets, with a nominal capacity of 1.5 million tons of
hardwood pulp and very competitive cash cost, supported by an
extensive forest base of more than 230,000 hectares in the state of
Mato Grosso do Sul. Eldorado started operations in December 2012
and reported revenues of BRL 4.2 billion in last twelve months
ended September 2020.




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

EMPRESA DE TELECOMUNICACIONES: Fitch Affirms 'BB+' LongTerm IDRs
----------------------------------------------------------------
Fitch Ratings has affirmed Empresa de Telecomunicaciones de Bogota,
S.A., E.S.P.'s (ETB) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDR) at 'BB+'. The Rating Outlook is Stable.

ETB's credit profile reflects a strong asset based fixed operation
concentrated in the city of Bogota, with a revenue structure
concentrated mainly in its business-to-business (B2B) and
government segment (49% of revenues), and home and
small-medium-enterprise segment (45% of revenues), with the
remaining 6% coming from its relatively smaller mobile operation.
The affirmation reflects ETB's continued network deployment that
has resulted in roughly 1.2 million homes passed in
fiber-to-the-home (FTTH) and 486,000 in fiber-to-the-cabinet
(FTTC). Fitch expects future growth potential to come from ETB's
FTTH businesses as the company now focuses on increasing network
penetration.

ETB's ratings are constrained by its limited geographic
diversification in its home business and an estimated 30% up take
on its FTTH network penetration that could limit the company's
ability to achieve meaningful revenue and EBITDA growth in the
short term; especially as its copper legacy service revenue
continues to contract following shifting consumer preferences for
data consumption, connectivity, speed and convergence. ETB's recent
partnership announcement with UFINET could benefit ETB in the form
of additional revenues in the medium to long term. Together, ETB
and UFINET will offer fiber coverage to an estimated 2.4 million
homes within in a period of three years. UFINET operates a network
of telecommunications infrastructure across in Latin America, with
more than 75,000km of optical fiber deployed across Mexico, Peru,
Brazil, Colombia, Argentina, Chile and other countries across the
region.

KEY RATING DRIVERS

Conservative Capital Structure and Low Leverage: Fitch expects
ETB's total gross and net EBITDA leverage to be 0.8x and -0.2x
respectively, as of Dec. 30, 2020. Gross leverage has come down
over the year as ETB successfully tendered COP176,106 million worth
of its international notes in 2019. EBITDA improvement, along with
relatively low capex execution, reduced financing needs and allowed
the company to bring net leverage down. Fitch's calculated EBITDA
leverage metric is expected to remain around 1.0x during 2021-2023,
below the company's negative leverage rating trigger of 2.0x for
its 'BB+' rating. Fitch's expects the company to hold a net cash
position over the rating horizon. ETB was able to control costs
during 2020 and Fitch expects the company to post a slightly
improved EBITDA margin of around 32%.

Continued Revenue Diversification: ETB's commercial strategy seeks
to reduce the percentage of revenues coming from its copper network
(53% in 2016, down to 39% as of September 2020) and increase
revenues coming from non-traditional services to support
operational profitability as its FTTH and FTTC networks are
deployed and penetrated. This restructuring of the company's
revenue structure is key for ETB and will help improve EBITDA
margin and obtain payback on its major network investments. Fitch
estimates nearly 42% of total revenues comes from more stable B2B
services, while 49% comes from the Home business. ETB has recently
announced a partnership with UFINET to build and commercialize a
FTTH wholesale serving Bogota and surrounding area, which is
expected to further diversify the company's revenues over the
rating horizon.

Cost Efficiencies Benefit EBITDA: Fitch expects EBITDA margins to
stabilize to around 31% over the rating horizon. EBITDA was
supported by a decline in operational expenses during LTM Sept. 30,
2020, which led to margin expansion to 32%. Although the company's
recent profitability improvement is positive, it was driven
primarily by the realization of cost efficiencies. In Fitch's
opinion, this will be difficult to sustain, especially as the
company resumes commercial capex execution and associated operating
expenditure to support revenue growth.

Negative to Neutral FCF: Fitch expects FCF margin to be negative in
2020 and 2021, but turn positive in 2022 as the company scales down
capex. Fitch expects capital intensity to average 30% in 2020 and
2021 as ETB continues to improve the quality and maintenance of its
FTTH network and focuses on increasing fiber penetration. Capex
outlay is expected to decrease toward 22% of revenues by 2023.

Intense Competition: Fitch expects the company's competitive
position to remain under pressure as local integrated telecom
operators push their commercial strategies to retain and/or grow
their subscriber base in Bogota, while ETB continues to implement
its strategy of replacing legacy copper subscribers with FTTH
clients. Claro Americas S.A. surpassed ETB as the leading fixed
voice and internet provider in Bogota in 2018, and continues to
hold a leadership position in the city. ETB is the second leading
fixed operator in Bogota, based on subscriber market share, with
estimated market shares of 36% in fixed telephony, 29.6% in
broadband, and 14% in pay TV. Claro is the market leader within the
city of Bogota with estimated subscriber market shares of 51%, 55%
and 60% in the same fixed businesses.

Pandemic's Impact on Telecoms: Fitch does not expect the same level
of disruption to telecom as other sectors from the coronavirus
pandemic. Increased screen and voice time, across both fixed and
mobile platforms, will likely be offset by declining disposable
income, pressuring revenues and EBITDA generation. A prolonged
recession or significant government intervention into telecom
operators' price-setting, would be negative. The Colombian mobile
market is mostly prepaid, with approximately 80% of subscribers
opting for this plan. Prepaid customers are more price-sensitive
than those that opt for post-paid plans. Positively, low broadband
penetration presents a growth opportunity; an area that ETB holds a
strong market position in within the city of Bogota, with roughly
30% market share, second behind Claro Colombia's estimated 55%%
broadband market share.

DERIVATION SUMMARY

ETB is rated one notch lower than Colombia Telecomunicaciones S.A.
E.S.P. (CoTel; BBB-/Stable), a more diversified telecom, with a
growing fixed operation and a strong mobile foot print in Colombia.
CoTel exhibits a more levered capital structure at 2.6x than ETB at
1.6x. ETB is rated at the same level as Telefonica Celular del
Paraguay (BB+/Stable), the leading mobile operator in Paraguay
(BB/Stable), which exhibits a strong competitive position and low
leverage of 2.5x. ETB is rated two notches above TalkTalk Telecom
Group PLC (BB-/Stable), a UK-based broadband service provider with
a less profitable business model with 15% EBITDA margin. TalkTalk
has a weaker technology portfolio, which led to deterioration in
the company's leverage structure. ETB is rated on a standalone
basis, as any recurring support from the District of Bogota
(BBB-/Negative), the controlling shareholder, is unlikely.

ETB is rated on a standalone basis, as any recurring support from
the District of Bogota (BBB-/Negative), its controlling
shareholder, is unlikely. Fitch views the district's 2017 decision
to restructure ETB's dividend liability into a 10-year obligation
with a two-year grace period as an extraordinary support of the
company's cash position, which is not likely to reoccur in the
future. No Country Ceiling and/or operating environment constraint
were in effect for these ratings.

KEY ASSUMPTIONS

-- Total and operating revenues grow at 1.2% and 2.1%,
    respectively, in 2021-2022, backed by increased FTTH network
    penetration;

-- Gross and net debt is projected around 1.0x and -0.2x,
    respectively, during the forecast period;

-- Capital intensity of 32% in 2021 and trending down toward 22%
    over the medium term;

-- Payment of postponed extraordinary dividends beginning in
    2020;

-- No additional dividend payments over the rating horizon.

RATING SENSITIVITIES

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

-- A positive rating action would be linked to the company's
    ability to achieve meaningful growth in revenues, EBITDA and
    CFFO. Positive FCF, before dividends, on a consistent basis,
    would also be benefit the ratings.

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

-- Muted revenue growth, due to slower than expected subscriber
    growth in non-traditional services, amid continued material
    revenue erosion in copper-based services;

-- EBITDA margin deterioration without a material improvement in
    market position;

-- Consistently negative FCF generation with a low cash balance;

-- Debt/EBITDA above 2.0x on a sustained basis.

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

Solid Liquidity Position: ETB's liquidity position decreased
slightly in 2020 as available cash balances decreased to COP412
billion as of September 2020 from COP486 billion at YE 2019, with
no short-term debt. ETB does not face any material financial debt
maturity until 2023 when its COP354 billion notes become due. ETB
reported lines of credit of COP 385 billion available as of Sept.
30, 2020, 55% of which were short term, further bolstering its
liquidity position.

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: Reinforces Measures to Banana Pest Entry
------------------------------------------------------------
Dominican Today reports that the Ministry of Agriculture announced
the implementation of several phytosanitary measures in ports and
airports to prevent the entry into the country of the Fusarium T4T
fungus detected in Colombia, representing a danger to banana crops
worldwide.

The entity specified that special carpets and disinfection areas
are being installed in the different airports to prevent the
disease, approved by the International Regional Organization for
Agricultural Health (OIRSA), according to Dominican Today.

The first phytosanitary arch will be placed, which will be located
in the port of Manzanillo, in Montecristi, where ships arrive from
Colombia, the report notes.

Minister Limber Cruz assured that these works are carried out to
continue taking care of the country's banana production and thus
have higher quality products for export and local consumption, the
report relays.

"We are attentive, on alert, and we are on the right track. We are
working together with OIRSA so that the fungus does not enter the
country and affect banana planting," he added.

Fusarium R4T (Tropical Race 4) is considered a disease that causes
wilting and death of banana plantations, the report relays.  It
lives in the soil and can affect crops for more than three decades,
the report notes.

In another order, the minister, in coordination with the
Agricultural Bank, announced that he is working on a plan to
channel the payment of more than 980 million pesos owed by the
banana producers of Mao and Montecristi, the report discloses.
Their crops were affected by various atmospheric phenomena, 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: Utilities' Debt With Power Firms Fell by $106MM
-------------------------------------------------------------------
Dominican Today reports that the electricity distribution companies
(EDE) and the Dominican State Electric Utility's (CDEEE) debt with
power companies fell by US$106 million during 2020, compared to the
previous year.

The credit commitments of the four agencies with the Dominican
power companies grouped in ADIE fell 33.3% between December 2019
and the same month of 2020, from US$317.6 million to US$211.6
million, according to Dominican Today.

It is the lowest level since 2016 of the debt that EDE and CDEEE
maintain with the power companies, the report notes.  As of
December of that year, the commitments totaled US$169 million, the
report relays.

                 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).




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

ACCESS FINANCIAL: Net Profit Down to $128MM in 2020
---------------------------------------------------
RJR News reports that the COVID-19 pandemic took a toll on Access
Financial Services Group during the nine months ended December 31.

Net profit amounted to $128 million, down from $369 million during
a similar period in 2019, according to RJR News.

Access Financial says this reflected the impact of the pandemic as
loan disbursements declined year over year due to the reduction in
economic activity, the report notes.

Net operating income for the nine months amounted to $1.35 billion,
a decrease of $345 million or 20 per cent, the report relays.


JAMAICA: BOJ Suspends Teller Services Due to COVID-19 Spike
-----------------------------------------------------------
RJR News reports that due to the COVID-19 pandemic, the Bank of
Jamaica will suspend teller services effective.

A news release from the Central Bank says the public should rely on
commercial banks or deposit-taking entities for foreign currency
transactions, according to RJR News.

The bank says it will continue to monitor the situation and provide
updates, the report notes.

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

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

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




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

BICSA: Moody's Completes Review, Retains B1 Rating
--------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Banco Internacional de Costa Rica, 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 9, 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 Internacional de Costa Rica's (BICSA) B1 long-term foreign
currency deposit rating is in line with the bank's b1 BCA. The
bank’s BCA benefits from moderate asset quality and robust
capitalization levels. The rating also considers improvements in
BICSA's corporate governance practices as well as the more
synchronized relationships between its two main shareholders,
government-owned Banco de Costa Rica (BCR) and Banco Nacional de
Costa Rica (BNCR). The rating also reflects the bank's moderate
profitability that was affected during 2020 by the coronavirus
pandemic. In addition, the rating also considers BICSA's high
reliance on market funding and moderate liquidity.

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


GLOBAL BANK: Moody's Completes Review, Retains Ba1 Deposit Rating
-----------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Global Bank Corporation and Subsidiaries and other
ratings that are associated with the same analytical unit. The
review was conducted through a portfolio review discussion held on
February 9, 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

Global Bank Corporation's Ba1 long-term deposit rating reflects the
bank's baseline credit assessment of ba1. The rating does not
incorporate any government support uplift given the fact that
Panama's (Baa1) banking system is fully and legally dollarized and
no monetary authority acts as a true lender of last resort.

The bank's ba1 BCA considers its adequate capital position and
historically good profitability. Asset quality also remains
adequate, despite recent deterioration that has been largely driven
by the economic contraction caused by the pandemic spread and
social distancing measures. Heightened asset risks also temporarily
hurt profitability through higher loan loss provisions. Global
Bank's relatively good access to customer deposits supports its
credit profile, partly mitigating refinancing and repricing risks
given the bank's reliance's on market funding. The bank's liquidity
profile is limited because a material share of liquid assets is
invested in corporate bonds that tend to be less liquid than
sovereign bonds.

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




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

BANCO BASA: Moody's Completes Review, Retains Ba2 Deposit Rating
----------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Banco Basa 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 Basa's (Basa) Ba2 global local currency deposit rating stems
from its ba3 baseline credit assessment. Basa's ratings incorporate
one notch of uplift from its BCA reflecting a moderate probability
of government support in case of stress, in light of Basa's market
share in the banking system.

The bank's BCA reflects its improving asset quality, stable
capitalization and profitability as the bank has continued its
expansion to become a universal banking operation in Paraguay,
predominantly serving corporations and small to mid-sized
enterprises. Banco Basa's BCA considers the risks associated with
its rapid growth and the unseasoned nature of its loan portfolio.
Although volatile over the last few years, Banco Basa reported
stable capitalization and profitability ratios, The BCA also
reflects Banco Basa's funding profile that has shown access to
stable and inexpensive deposit funding and the bank's liquid assets
holdings that provide an ample buffer against more costly and less
reliable market funds.

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


BANCO BILBAO: Moody's Completes Review, Retains Ba1 Deposit Rating
------------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Banco Bilbao Vizcaya Argentaria Paraguay 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 Bilbao Vizcaya Argentaria Paraguay's (BBVA Paraguay)
long-term global local currency deposit rating of Ba1 derives from
the bank's standalone baseline credit assessment (BCA) of ba2. The
bank's BCA reflects its above-peers problem loan ratio, high
capitalization levels, steady profitability metrics and lower
reliance on market funds than its peers, with deposits accounting
for almost 90% of its funding sources, which is also backed by
sufficient levels of liquid asset holdings. As a result of its
corporate and SME focused operation with concentration in the
agricultural sector, BBVA's problem loan ratio has been
consistently higher than the broader system over the last three
years despite its sound risk management practices. On January 22,
2021, BBVA Spain completed its sale of BBVA Paraguay to Banco GNB
Paraguay, a subsidiary of Banco GNB Sudameris S.A. (Ba2), which is
a unit of Gilex S.A. BBVA Paraguay will be merged with Banco GNB
Paraguay over a maximum period of six months. BBVA's long-term
deposit ratings of Ba1 incorporate one notch of uplift from the the
bank's BCA of ba2, given a high probability of government support
in case of stress, in light of BBVA Paraguay's deposit market share
in the banking system.

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


BANCO CONTINENTAL: Moody's Completes Review, Retains Ba1 Rating
---------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Banco Continental S.A.E.C.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 Continental S.A.E.C.A. (Continental)'s global local currency
deposit rating of Ba1 derives from the bank's baseline credit
assessment of ba2. The bank`s BCA reflects its above peer
capitalization levels sustained by historically strong earnings
generation as well as challenges to its asset risk and
profitability. The bank's asset risk remains challenged as shown by
rising levels of refinanced and restructured loans as well as the
accumulation of a high share of foreclosed assets on its balance
sheet. The bank's BCA also reflects Continental's high share of
deposit funding. Although the bank has a greater reliance on market
funds than peers, it holds liquid assets that give ample coverage
to market funding risk. Continental's supported ratings receive a
one-notch uplift derived from Moody's assessment of high
probability of government support that would be provided in an
event of stress.

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




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

ALBERTO DEL RIO SOTO: Seeks Extension of Sale Objection to March 1
------------------------------------------------------------------
Gladys Diana Hilerio Del Rio and the estate of Alberto Del Rio Soto
ask the U.S. Bankruptcy Court for the District of Puerto Rico to
extend the time to object to their sale of the property located at
Puerto Ward, Sector Cibao, SR. 456 Km. 3.7, in Camuy, Puerto Rico,
and described as Dairy Farm known as "Cibao," Composed of 120.7143
Cuerdas, to Luis Radai Romero Lopez for $250,000, to March 1,
2021.

The Debtors operate a dairy farm under license #3239 as authorized
by the Oficina de Reglamentacion de Industria Lechera ("ORIL") in
367.31 cuerdas in the farm known as Aibonito, located at Rd 129,
Km. 20, in Hatillo, Puerto Rico.  They have a bi-weekly milk
production quota of 280,204 liters.

On Jan. 30, 2021, the Debtors filed a Motion to Sell Property Free
and Clear of Liens.  Said Motion has an objection language of 21
days that are due Feb. 20, 2021.  

The Debtors' Motion states that certain parties, including
governmental agencies would be notified (served) of the Motion by
certified mail.  By inadvertence in the office of the Debtors'
attorney, the Motion was served to all parties by Regular Mail.
The Debtors' attorney verified and the parties to which the Motion
was to be served by certified mail were served by regular mail and
this came to the attention of the counsel.  To correct this, the
Motion was served to said parties as specified in the Motion.

In order to allow said parties to receive the Motion to Sell by
certified mail (although, they were also served by regular mail),
the Debtors ask that the objection term to object the Motion to
Sell Property Free and Clear of Liens filed on Jan. 30, 2021 be
extended up to March 1, 2021.

The extension of the deadline to object the Motion to Sell doesn't
affect any party in an adverse manner and on the contrary, it will
allow any interested party additional time to object.  At the same
time the extension complies with the due process by notifying the
interested parties by an addition mean of Certified Mail.

Alberto Del Rio Soto and Gladys Diana Hilerio Del Rio sought
Chapter 11 protection (Bankr. D.P.R. Case No. 17-03134) on May 2,
2017.  The Debtors tapped Homel Mercado Justiniano, Esq., as
counsel.



                           *********


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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Chapman, Editors.

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

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