/raid1/www/Hosts/bankrupt/TCRLA_Public/210225.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

          Thursday, February 25, 2021, Vol. 22, No. 35

                           Headlines



B R A Z I L

BRAZIL: Drops Aero Spat with Canada, Seeks Global Subsidy Pact
PETROLEO BRASILEIRO: Bolsonaro Ousts Company CEO


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Collections of US$827MM Beat Estimate by 14%


E L   S A L V A D O R

TITULARIZADORA DE DPRS: Fitch Affirms BB- Rating on 2 Tranches


J A M A I C A

JAMAICA: Less Than 50% of Tourism Workers Resume Jobs


M E X I C O

JAVER SAB: Fitch Affirms 'B+' LongTerm IDRs, Outlook Stable


P A N A M A

MMG BANK: Fitch Affirms 'BB+/B/ Issuer Default Ratings, Outlook Neg


P U E R T O   R I C O

ASCENA RETAIL: US Trustee Says Amended Plan Still Unconfirmable


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Gas Production Fell by 23.6%

                           - - - - -


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B R A Z I L
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BRAZIL: Drops Aero Spat with Canada, Seeks Global Subsidy Pact
--------------------------------------------------------------
Marcelo Rochabrun, Tim Hepher, and Andrea Shalal at Reuters reports
that Brazil ditched a trade complaint against Canada over aircraft
subsidies and called for wider negotiations between all aircraft
producing nations to halt a slide toward aircraft trade wars,
sidestepping the World Trade Organization.

The abrupt move by Brazil, home to the world's third largest
planemaker Embraer, comes as larger rivals Airbus and Boeing remain
locked in a 16-year-old fight at the WTO that led to tit-for-tat
transatlantic tariffs, according to Reuters.

While the two giants dominate the market for large passenger jets,
Brazil has for years fought its own battles over the regional jet
market against Canada's Bombardier, the report relays.  Their
rivalry spawned its own series of mutual trade complaints, the
report discloses.

In 2017, Brazil complained to the WTO about Canadian support for
the Bombardier CSeries jet, which it claimed had received $3
billion in unfair subsidies, the report notes.

But the dispute never progressed beyond procedural wrangling and in
2018 the loss-making CSeries was sold to Europe's Airbus and
renamed A220. Canada denies giving unfair support, the report
says.

"Brazil remains convinced of the strength of its case.
Nevertheless, it has become clear that the dispute could not
effectively remedy the impacts of such large-scale subsidies on the
commercial aircraft market," Brazil's foreign ministry said, the
report discloses.

It noted the market had changed since Brazil filed its WTO
complaint because Airbus was now assembling some A220s in the
United States, the report says.

Brazil said it would focus "with renewed impetus" on launching
negotiations to define more effective rules on government support
to commercial aviation, the report relates.

                          Financing Pact

Embraer welcomed the proposal, which the government said could be
based on a successful aircraft financing pact between aircraft
producing nations at the Organization for Economic Co-operation and
Development in 2007, and updated 4 years later, the report notes.

That resulted in caps on export agency financing even as some of
the same nations feuded over production subsidies, which have a
more visible impact on high-tech manufacturing jobs, the report
discloses.

"We believe we should look for something similar on the funding of
development and production of commercial aircraft to create a level
playing field," Embraer Commercial Aviation Chief Executive Arjan
Maijer said in an interview, the report relays.

A new U.S. administration and increased public support to help
aviation survive the COVID-19 crisis and tackle climate change
could spur a deal, he added.

"We are going to see funding come to the market due to Covid and we
see environmental challenges ahead of us as an industry, with
funding flowing for that as well," he told Reuters.

Longer term, analysts say there is growing awareness of growing
competition from China, increasing pressure for a deal.

U.S. President Joe Biden is seen as more open to multilateral
negotiations than his predecessor but for now is holding tariffs in
place until a review of Trump-era policies, the report relays.

William Reinsch, a former U.S. Commerce official and expert at the
Center for Strategic and International Studies, said Brazil's move
was "a recognition of reality" since the WTO dispute settlement
system was not functioning smoothly.

"Even if it pursued the case and won, the remedy is not likely to
be helpful to Brazil's aircraft industry."

Earlier, Airbus reiterated calls for a negotiated settlement to end
its long-running spat with Boeing, already the world's largest
corporate trade dispute, the report notes.

Chief Executive Guillaume Faury called U.S. and European tariffs
"lose-lose" and said the time had come to negotiate, the report
adds.

Other parties were not immediately available.

                         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.


PETROLEO BRASILEIRO: Bolsonaro Ousts Company CEO
------------------------------------------------
EFE News reports that chief executive officer of of Brazilian
state-run oil giant Petroleo Brasileiro S.A. (Petrobras) was fired
in the wake of President Jair Bolsonaro's repeated attacks on the
company for hiking fuel prices.

The right-wing head of state said that reserve army Gen. Joaquim
Silva e Luna, a former defense minister, will take charge of
Petrobras, whose shares trade on the Sao Paulo, New York and Madrid
stock exchanges, according to EFE News.

Silva e Luna, whose appointment is subject to the approval of the
Petrobras board of directors, has been serving as the top Brazilian
executive of the Itaipu hydroelectric complex, a binational
enterprise with Paraguay, the report notes.

Economist Roberto Castello Branco was appointed to run Petrobras at
the start of Bolsonaro's administration in January 2019.

"The government decided to designate Mr. Joaquim Silva e Luna to
fulfill a new mission as chairman and CEO of Petrobras, after the
end of the cycle, greater than two years, of the current CEO, Mr.
Roberto Castello Branco," the Ministry of Mines and Energy said in
a statement released by Bolsonaro, the report relays.

The president has intensified his complaints about continuing
increases in the price of fuel that have led Brazil's truckers to
threaten a strike like the one that virtually shut down the country
in May 2018, the report recalls.

Gasoline prices have risen nearly 35 percent, while the cost of
diesel for freight trucks is up by around 30 percent, the report
notes.

Bolsonaro said in online video message to supporters that the
government would temporarily suspend federal taxes on diesel and he
dropped hints about imminent changes at Petrobras, the report
notes.

"I tell you we will certainly have changes in Petrobras," the
president said during the inauguration of a public works project,
the report discloses.

The official announcement of Castello Branco's dismissal came after
the close of trading in Sao Paulo, the report relays.

If his appointment is approved by the board, Silva e Luna will
become the first military officer to lead Petrobras since the
restoration of democracy in 1985 after 21 years of rule by the
armed forces, the report notes.

Though his own military career ended with his forced transfer from
the active-duty army to the reserves, Bolsonaro is an outspoken
admirer of the former military regime, EFE News adds.

As reported in the Troubled Company Reporter-Latin America on
Feb. 18, 2021, Fitch Ratings has affirmed Petroleo Brasileiro
S.A.'s (Petrobras) Local and Foreign Currency Long-Term Issuer
Default Ratings (IDRs) and outstanding debt ratings at 'BB-'. The
Rating Outlook is Negative. The National Scale rating has been
affirmed at 'AA(bra)'. The Rating Outlook for the National Scale
Rating is Stable.




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Collections of US$827MM Beat Estimate by 14%
----------------------------------------------------------------
Dominican Today reports that the collections of the Taxes
Directorate's (DGII) main taxes in January posted a level of
compliance higher than the Dominican Republic Government estimate
for that month, or 14% more than projected.

In January, the DGII achieved revenues of RD$48.0 billion (US$827.6
million), or RD$5.9 billion higher compared to the RD$42.1 billion
it sought to collect during that month, according to Dominican
Today.

The tourism and passenger departure card was the tax that achieved
the highest effective collection last month, in relation to the
estimate, reaching RD$519.8 million, for a compliance of 180.1% in
relation to the RD$288.6 million that the Government projected, 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).



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E L   S A L V A D O R
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TITULARIZADORA DE DPRS: Fitch Affirms BB- Rating on 2 Tranches
--------------------------------------------------------------
Fitch Ratings has affirmed the outstanding series of the
Titularizadora de DPRs Limited program. The Rating Outlook is
Negative.

         DEBT                              RATING        PRIOR
         ----                              ------        -----
Titularizadora de DPRs Limited

Series 2016-1 Bank Loan               LT  BB-  Affirmed   BB-
Series 2019-1 Variable Funding Loan   LT  BB-  Affirmed   BB-

TRANSACTION SUMMARY

The future flow program is backed by existing and future U.S.
dollar-denominated diversified payment rights (DPRs) originated by
Banco Cuscatlan de El Salvador, S.A. (BC). The majority of DPRs are
processed by designated depository banks (DDBs) that have signed
acknowledgement agreements (AAs).

Fitch's ratings address timely payment of interest and principal on
a quarterly basis.

KEY RATING DRIVERS

Future Flow Rating Driven by Originator's Credit Quality: The
rating of the transaction is tied to the credit quality of the
originator, Banco Cuscatlan de El Salvador, S.A. (BC). The
Long-Term (LT) Issuer Default Rating (IDR) is limited by El
Salvador's Country Ceiling of 'B' and is driven by the potential
support that Fitch believes BC would receive from its shareholder,
Imperia Intercontinental, an affiliate of Grupo Terra, if needed.
Fitch's assessment of the group's financial ability is strongly
linked to that of Petroholding, S.A. de C.V.

Going Concern Assessment (GCA): Fitch uses a GCA score to gauge the
likelihood that the originator of a future flow transaction will
stay in operation throughout the transaction's life. Fitch assigned
BC a GCA score of 'GC2' based on the bank's moderate systemic
importance and potential support from Petroholdings, allowing for a
maximum uplift of four notches. However, Fitch tempers notching
uplift for this transaction considering the constraints mentioned
below.

Uplift from LT IDR: The GCA score of 'GC2' allows for a maximum
uplift of four notches from the originator's IDR; however, uplift
is tempered to two notches due to factors mentioned below,
including the fact that BC's IDR is support-driven, the program
size as a percentage of non-deposit funding, the potential exposure
to diversion risk and El Salvador's lack of a last resort lender.

Future Flow debt Size: Considering the outstanding balance of
USD88.8 million as of the February 2021 payment, BC's total
outstanding FF debt is estimated to represent approximately 5.7% of
the bank's consolidated liabilities and 43.7% of non-deposit
funding considering September 2020 financials. While Fitch
considers these ratios adequate enough to differentiate the credit
quality of the transaction from the originator's LT IDR, the future
flow debt size is a constraint on the DPR rating.

Strong Program Performance: The reported quarterly maximum debt
service coverage ratio (DSCR) has been close to 70x on average
since the 2016 disbursement. BC's DPR business line is supported by
the bank's well-regarded franchise, branch network and longstanding
relationships with key corporate clients.

Potential Redirection/Diversion Risk: The structure mitigates
certain sovereign risks by collecting cash flows offshore until the
collection of the periodic debt service amount. In Fitch's view,
diversion risk is partially mitigated by the acknowledgments signed
by two DDBs. The largest DDB, Citibank N.A., has been processing
more than 75% of DPR flows this past year. While the trend is
decreasing, the agency believes the DDB concentration still exposes
the transaction to a higher degree of diversion risk than other
Fitch-rated Central American DPR programs. The future flow rating
reflects this exposure.

RATING SENSITIVITIES

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

-- Fitch does not anticipate developments with a high likelihood
    of triggering an Upgrade. However, the main constraint to the
    program rating is the originator's rating and bank's operating
    environment. If upgraded, Fitch will consider whether the same
    uplift could be maintained or if it should be further tempered
    in accordance with criteria.

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

-- The transaction ratings are sensitive to changes in the credit
    quality of the originating bank. A deterioration of the credit
    quality of the sovereign and/or respective bank by one notch
    is likely to pose a constraint to the rating of the
    transaction from its current level.

-- The transaction ratings are sensitive to the ability of the
    DPR business line to continue operating, as reflected by the
    GCA score, and a change in Fitch's view on the bank's GCA
    score can lead to a change in the transaction's rating. The
    quarterly DSCRs are expected to be more than sufficient to
    cover debt service obligations and should therefore be able to
    withstand a significant decline in cash flows in the absence
    of other issues.

However, significant further declines in flows could lead to a
Negative rating action. Any changes in these variables will be
analyzed in a rating committee to assess the possible impact on the
transaction ratings.

No company is immune to the economic and political conditions of
its home country. Political risks and the potential for sovereign
interference may increase as a sovereign's rating is Downgraded.
However, the underlying structure and transaction enhancements
mitigate these risks to a level consistent with the assigned
rating.

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.




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J A M A I C A
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JAMAICA: Less Than 50% of Tourism Workers Resume Jobs
-----------------------------------------------------
Jamaica Observer reports that less than one-third of the 170,000
Jamaican tourism workers who were left jobless by the onslaught of
the novel coronavirus pandemic have been able to resume full-time
work since the first quarter of 2020.

According to the Jamaica Hotel and Tourist Association (JHTA), with
the reopening of the country's borders to international travel in
June 2020, as of December 2020, only 30 per cent of the tourism
workers had been able to return to work full time, the report
notes.

"Another 20 per cent are now working part-time at reduced hours and
reduced wages, as there is still not sufficient demand to have
workers back at work full time," according to information made
available by the JHTA and released by the Ministry of Tourism,
according to Jamaica Observer.

The ministry pointed out that the sector employed approximately
170,000 workers when the pandemic broke in the first quarter of the
calendar year 2020, the report relays.  This figure represents 12.6
per cent of the total Jamaican labor force, and was instrumental in
increasing unemployment from the record low of 7.2 per cent, which
was based on the October 2019 Labour Force Survey to 12.6 per cent
by the third quarter of 2020, the report discloses.

The ministry said that, between April and May last year,
approximately 90 per cent of the total tourism staff were laid off,
the report relays.

In the transportation sector of the ministry, the lay-offs were as
high as 97 per cent, the report notes.

However, since then, the ministry has been working with other
ministries, departments and agencies of government to implement
several initiatives aimed at accelerating the industry's return to
normality, which has resulted in the increasing numbers of
re-employed hospitality personnel which stood at 30 per cent at the
end of December, the report relays.

                         About Jamaica

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.




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M E X I C O
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JAVER SAB: Fitch Affirms 'B+' LongTerm IDRs, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Servicios Corporativos Javer, S.A.B. de
C.V.'s (Javer) Long-Term Local- and Foreign-Currency Issuer Default
Ratings (IDRs) at 'B+'. The Rating Outlook is Stable. Javer's
ratings are supported by its solid business position as one of the
largest homebuilding companies in Mexico, ability to adjust its
sale strategy to market dynamics, manageable debt amortization
schedule and FX exposure.

The ratings consider the company's amortizing debt structure, which
Fitch views as manageable in 2021, given the liquidity position at
Dec. 31 2020 of MXN634 million and scheduled principal amortization
of MXN411 million. Fitch believes that Javer's cash flow generation
will be pressured due to land replenishment investments and
increasing debt amortizations.

The Stable Rating Outlook reflects Fitch's expectation that, in
2021, Javer will maintain stable EBITDA and EBITDA margins, free
cash flow (FCF) neutral to slightly negative, and net leverage (net
debt to EBITDA pre-IFRS 16) at 2.6x.

The company specializes in the construction of affordable
entry-level, middle-income and residential housing. Operations are
concentrated in the states of Nuevo Leon, Estado de Mexico and
Jalisco. Javer's geographic footprint includes some of the Mexican
states with the highest income per capita and positive economic and
population growth trends. These factors have a positive correlation
with the number of available mortgages through the Infonavit
system. Lockdowns and government-mandated social distancing
measures during the 2020 health contingency temporarily slowed
sales and resulted in decreases of 9% in units sold year over year.
However, a slight increase in average prices as sales mix shifted
toward middle-income and residential housing helped mitigate some
of the adverse effect. Javer was able to maintain its market share
as the leading national provider of new homes sold through the
Infonavit mortgage system, as it sold 7% of total new homes
financed by this entity.

KEY RATING DRIVERS

Business Continuity During 2020: Lockdowns and social distancing
measures temporarily limited operations; however, Javer was able to
continue selling houses through the year. Javer increased its
digital sales process and was able to sell finished inventory
through digital channels; this channel contributed around 55% of
total units sold. The global health crisis limited construction
during the months of April and May, but construction was declared
an essential business as of June 1, 2020. Notaries and public
registries implemented limited working hours due to social
distancing measures that temporarily delayed sales and increased
the time necessary to obtain permits and licenses to carry out
construction. Once construction activity resumed during the second
half of the year, the company replenished finished inventory levels
back to 1,300 units, similar to the 1,252 units registered in
December 2019 and up from the 629 units in June 2020. These levels
of inventory could help mitigate the risk of further social
distancing measures.

Stable Revenues Despite Total Units Contraction: The change in
sales mix toward middle-income housing partially mitigated the
slight decrease in sales volume. Units sold decreased 9.0% from
2019 to 2020 while higher average sale prices resulted in only a
1.1% revenue decrease. Javer has shown the flexibility to change
its sales mix in response to changes in regulation and housing
demand. The ability to adjust to changing market conditions in a
profitable manner is key to maintain its business profile. During
2020, 87.2% of the units sold corresponded to the middle-income
segment, 10.0% were residential houses and the remaining 2.7% were
affordable entry-level housing, compared with 2019 when 79.0% of
units sold corresponded to the middle-income segment, 9.1% were
residential and 11.9% were affordable entry-level housing. Average
sale prices increased to MXN508,965 up from MXN467,739 during 2019.
Fitch estimates that the sales mix will continue moving toward
middle-income and residential housing with average prices
strengthening above MXN550,000 in the mid-term.

Leading Market Position: Javer is the leading homebuilding company
in Mexico based on the number of units sold through the Infonavit
system. The company sold 14,302 units during 2020, 89.0% of which
were through Infonavit mortgages to final clients, 2.7% sold
through Cofinavit and 2.7% through Fovissste. The company holds a
leading position in its main markets (states of Nuevo Leon,
Jalisco, Estado de Mexico and Aguascalientes). Javer has a presence
in some of the states with the highest income per capita in the
country (Nuevo Leon, Jalisco and Queretaro) and positive economic
and population growth trends (Queretaro and Estado de Mexico);
these variables have a positive relationship with the number of
available mortgages through the Infonavit system. Javer remains the
leader of new homes sold through the Infonavit system, providing
around 7% of the new housing units sold through this institution in
Mexico during 2020.

Housing demand did not decline despite the global health crisis.
Infonavit and Fovissste launched several programs and initiatives
that facilitated access to their products and helped maintain the
number of mortgage loans originated in 2020 with only a 1.8%
reduction in the number of mortgages originated in 2020 versus
those originated in 2019 in Infonavit, and only a 2.0% reduction in
Fovissste.

FCF Adaptability in 2020; Neutral to Negative in 2021: Lower
working capital requirements, postponed investments and cost
efficiencies allowed Javer to generate a positive FCF during 2020.
To preserve liquidity, Management implemented a series of cost
reductions that decreased fixed costs by 7% year over year. Javer
also rationalized capex and delayed investments in land reserves
and new project development. During 2020, Javer started eight new
projects mostly in the residential segment including projects in
the states of Aguascalientes, Estado de Mexico and Queretaro. By
YE20, Javer generated MXN348 million (as calculated by Fitch pre
IFRS 16)in FCF compared to the negative to neutral cash flow
generation from high working capital requirements in 2018 and 2019.
Fitch estimates that Javer will resume land purchases in 2021 to
ensure enough land reserves for 2022 and 2023, this could result in
neutral to slightly negative FCF during 2021. Javer's working
capital management will continue to be key for business and
financial strengthening in the coming years. FCF may also include
dividend payments according to the credit facility documentation;
Fitch will continue to monitor FCF generation compared to
contractual debt obligations.

Stable Leverage Metrics: Fitch estimates that the net debt to
EBITDA ratio will remain trending toward 2.5x in 2021-2022, as a
result of improved EBITDA margins and scheduled debt amortizations.
Javer's year-end net leverage ratio for 2020 was 2.6x, down from
3.3x in 2019 and 2.8x in 2018, as a result of a higher cash balance
and EBITDA margins above 13%. Javer's margin improvements were
fueled by both a sales mix shifting toward higher-margin segments
and cost reductions mentioned above. Fitch estimates that Javer
will maintain some of these savings and reach an EBITDA generation
of around MXN1,000 million by 2023.

Javer's debt is mainly composed of its syndicated loan. Quarterly
principal amortizations on this credit facility are scheduled to
begin during the second quarter of 2021. In the mid term, the
company's expected cash flow generation may not be completely
aligned with scheduled debt amortizations. This evidences the need
to enter into refinancing activities toward the second half of
2021. Javer will need to secure different financing alternatives
prior to the execution of the latter. Scheduled debt payments
include MXN410.7 million in 2021 and MXN625.0 million in 2022.
Fitch's projections assume some refinancing, resulting in a total
debt balance of MXN2,500 million during the rating horizon.

DERIVATION SUMMARY

Javer's rating is supported by its market leadership and product
diversification in Mexico. The company continues to be a leader of
new homes sold through the Infonavit system in Mexico, representing
about 7% of the new homes sold nationwide as of Dec. 31, 2020.
Javer's operations are concentrated in seven states where the
company holds one of the largest market shares. The Mexican housing
market was able to continue with construction and sales despite
government-mandated social distancing measures. Land investments
postponed during 2020 could pressure the number of units available
for sale during 2022.

Homebuilding companies in the U.S., such as M/I Homes, Inc.
(BB-/Stable), Meritage Homes Corporation (BB+/Stable) and Lennar
Corporation (BBB-/Stable), are larger in scale in terms of revenues
and market diversification. Compared with Javer, U.S. peers have
weaker EBITDA margins and net leverage metrics, similar interest
coverage and stronger FCF margins. Also, U.S. peers have access to
a broader range of sources of financing. In the U.S., the global
health crisis resulted in a meaningful interruption in housing
activity. Fitch estimates that issuers will be able to continue
generating strong cash flows from operations and maintain adequate
liquidity during the period of lower revenues and profitability.

KEY ASSUMPTIONS

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

-- Units sold continue decreasing during 2021 and 2022 as a
    result in slowdown in land purchases during 2020; going
    forward, average volume growth of around 10%.

-- Average prices increase toward MXN550,000 as sales mix moves
    away from affordable entry-level houses.

-- EBITDA margin remains at about 13% as a result of improved
    sales mix and continued savings from fixed cost reductions
    implemented in 2020.

-- Increased land inventory purchases during 2021 to make up for
    slowdown in purchases during 2020.

-- Neutral to slightly negative FCF generation and no dividend
    payments help the company maintain a minimum cash balance of
    around MXN370 million.

-- Javer refinances a portion of scheduled debt amortizations due
    in 2021 and 2022.

-- Net debt/EBITDA close to 2.5x by 2022 as the company's debt
    balance reaches MXN2,500 million.

RATING SENSITIVITIES

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

-- Strong operational results, reaching revenue targets in the
    near future, while improving EBITDA margin.

-- Continued positive FCF generation across the cycle and net
    adjusted leverage (net debt/EBITDA) at or below 2.0x.

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

-- Sustained EBITDA margin reductions below current level of 12%.

-- Land investment levels substantially above current
    expectations of investing to replace land reserves used.

-- Negative FCF for consecutive years driven by increasing
    working capital needs.

-- Net debt/EBITDA above 3.0x.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Javer's efforts to preserve liquidity resulted
in positive FCF generation and strengthened its liquidity position;
cash balance at YE20 reached MXN634 million and short-term debt
amounted to MXN411 million. Javer obtained a four-month grace
period on interest payments for the syndicated loan between May and
August 2020. Originally, these interest payments were to be paid
back by February 2021, but Javer was able to prepay during 4Q20.
Javer's liquidity is strengthened by its available credit lines
amounting to MXN306.1 million. The issuer has low FX exposure as
87% of its debt is denominated in Mexican pesos and all of its
revenues are denominated in this currency; the USD-denominated debt
is hedged.

ESG CONSIDERATIONS

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




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

MMG BANK: Fitch Affirms 'BB+/B/ Issuer Default Ratings, Outlook Neg
-------------------------------------------------------------------
Fitch Ratings has affirmed MMG Bank Corporation's (MMG) Long- and
Short-Term Issuer Default Ratings (IDRs) at 'BB+' and 'B',
respectively. In addition, MMG's Viability Rating (VR) has been
affirmed at 'bb+'. The Rating Outlook on the Long-Term IDR is
Negative. Fitch also affirmed the bank's Long-Term National Rating
at 'AA(pan)' with a Stable Rating Outlook, as well as the
Short-Term National Rating at 'F1+(pan)'.

KEY RATING DRIVERS

IDRS, VR, NATIONAL RATINGS AND SENIOR UNSECURED DEBT

MMG's IDRs, national and senior unsecured debt ratings are driven
by its intrinsic creditworthiness, reflected in its VR. The VR is
highly influenced by the bank's operating environment, company
profile and risk appetite. MMG´s VR also considers the pressures
on its asset quality, profitability and capitalization metrics. The
IDR's Negative Rating Outlook reflects the deterioration of the
Panamanian operating environment, currently at 'bb+' with a
negative trend. The Stable Rating Outlook on the National Rating
reflects Fitch's view that MMG would maintain its financial
strength relative to other issuers rated in Panama.

The challenges posed by the operating environment, mainly
characterized by the severe economic contraction in 2020 and the
persistent uncertainty for 2021, are affecting the bank's financial
performance.

MMG is a niche bank, serving a segment composed of high-net-worth
individuals, as well as institutional clients. MMG has a limited
franchise within the Panamanian banking system in terms of market
share; however, Fitch believes that its franchise related to
non-traditional banking is relevant. As of September 2020, MMG was
one of the most important asset managers in Panama in terms of
assets under management (AUM), managing USD3,220 million. In 2020,
MMG was the fifth largest participant on the Panama Stock Exchange
primary market by business volume. In Fitch's opinion, MMG is
subject to volatile financial performance given a risk appetite
biased toward a non-traditional banking business.

MMG´s financial profile analysis also incorporates the approach of
the non-bank financial institutions (NBFI) criteria for traditional
investment managers since this business line is one of the main
income and risk generators. As of September 2020, the business
lines related to asset management, brokerage services and
investment banking represented 30% of the bank´s total gross
revenues, while the interest income on the credit business
represented 41%.

MMG's asset quality deteriorated markedly during fiscal 2020 when
NPLs increased to 12.9% from historical levels of 0%. However, the
loan deterioration risk is partially mitigated by the fact that
MMG's balance structure has historically revealed a lower
proportion of loans to total assets compared to peers, with good
exposure to high-quality, liquid securities. As of September 2020,
the loan and securities portfolios represented 40% and 32% of total
assets, respectively. Fitch expects loan quality to moderately
improve, although deterioration will remain a challenge due to both
a worsened operating environment and relatively high borrower
concentrations in the modified loans. As of September 2020, MMG's
modified loans represented 14.4% of gross loans, which is low
compared to the banking system's modified loans of 36% as of
November 2020. MMG's modified loans amount decreased 30% from
October 2020 to January 2021 due to improvements on its clients'
capacity and ability to repay debt.

Despite a decreasing trend, the bank's profitability remains above
that of its peers, benefited by the low loan impairment charges and
a better operational efficiency relative to peers. This partially
counterbalances lower revenue levels from fees and pressures in its
net interest income due to a low interest rate environment. On the
asset management business side, MMG's AUM increased by about 8%
annually on average during the fiscal years 2016 to 2020 period,
reflecting its long trajectory serving this business line, also
supporting profitability. As of September 2020, the Fitch core
metric, operating profit to risk weighted assets (RWA), was 3.8%
(fiscal years 2016 to 2019 average of 4.6%), while its EBITDA to
fee revenue ratio (NBFI core metric) remains high, well above 50%
(average in the fiscal years 2016 to 2020 period: 206%).

Although the bank's capitalization level was pressured in fiscal
2020, it remained ample compared to peers' and provides it with a
good cushion to absorb unexpected credit losses. The bank core
metric, Common Equity Tier 1 Capital Ratio (CET1), was 20.7% as of
September 2020 (September 2019: 24.1%), which is commensurate with
its rating level. The MMG's capital adequacy incorporates for the
first time the market and operational risks quantitative exposure;
this metric stood at 21.6% (fiscal 2019: 25.1%), while its gross
debt to EBITDA (NBFI core metric) was low at 0.5x, reinforcing
Fitch's opinion about the robust capitalization.

Customer deposits have been decreasing (fiscal 2020: 3.3%) and
continue to be the main source of funding. As of September 2020,
these deposits represented 89% of total funding. MMG's liquidity is
adequate as its liquid assets (cash and equivalents plus
available-for-sale investments) represented 35% of customer
deposits. Historically, the customer deposits structure has been
moderately concentrated. The loans over customer deposits ratio
remained on a slightly increasing trend. As of September 2020, this
metric was 53.1%, and the EBITDA to interest expense ratio was
2.9x.

MMG´s local short-term debt issuances are rated at the same level
as the bank's rating of 'F1+(pan)' as the likelihood of default of
the debt issuances is the same as that of the bank.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating (SR) of '5' and the Support Rating Floor of 'NF'
reflect that, however possible, external support for MMG cannot be
relied upon given Panama's longstanding dollarized economy and lack
of a lender of last resort.

RATING SENSITIVITIES

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

-- MMG's IDRs, VR and National Ratings are sensitive to any
    further changes in Panama's operating environment. Negative
    changes in the bank's ratings would mirror any movement in
    Fitch assessment of the operating environment.

-- Any unfavorable change in the bank's asset quality, or
    substantial losses derived from its AUM that lead to a
    materialization of reputational risk such that the different
    business lines are negatively affected, could lead to a
    downgrade of the ratings. Material and sustained deterioration
    in earnings generation capacity or capitalization to levels in
    Fitch core metrics below 3% (operating profit to RWA) and 17%
    (CET1) could trigger a downgrade of the ratings.

-- Because the SR and SRF are at the lowest levels in the
    respective scale, there is no downside potential for these
    ratings.

-- The senior unsecured debt National Short-Term rating would
    move in tandem with MMG's National Short-Term rating.

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

-- Given MMG's current ratings, there is limited upside
    potential.

-- The Negative Rating Outlooks for MMG's ratings would be
    revised to Stable if the operating environment outlook is
    changed to stable, while credit metrics recover to a level
    close to pre-crisis levels.

-- MMG's ratings could be upgraded in the medium term if there is
    a relevant strengthening of its franchise and business model
    while its financial profile is maintained at solid levels.

-- As Panama is a dollarized country with no lender of last
    resort, an upgrade in SR and SRF for MMG is unlikely.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

ESG CONSIDERATIONS

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




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

ASCENA RETAIL: US Trustee Says Amended Plan Still Unconfirmable
---------------------------------------------------------------
John P. Fitzgerald, III, Acting United States Trustee for Region
Four, objects to the Amended Joint Chapter 11 Plan of
Reorganization of Ascena Retail Group, Inc. and its debtor
affiliates filed on Dec. 30, 2020.

The United States Trustee's objection with respect to the
third-party release provisions and exculpation provisions remain
while some of the objections that the United States Trustee
previously raised in the UST Disclosure Statement Objection and/or
the Confirmation Objection were resolved through the filing of the
amendments to the plan.

The United States Trustee also believes that crucial information
that was supposed to be filed with the Plan Supplement remains
outstanding. Accordingly, the United States Trustee objects to
confirmation of the Amended Plan in its current form.  

Moreover, the United States Trustee incorporates and adopts the
confirmation objections raised in the UST Disclosure Statement
Objection as well as in the Confirmation Objection with respect to
the third-party releases and exculpation provisions.

Finally, the Plan cannot be confirmed as it fails to comply with
the applicable provisions of Section 1129. Accordingly,
confirmation should be denied. The United States Trustee reserves
his rights to object to other deficiencies at the hearing on the
confirmation of the Amended Plan.

                     About Ascena Retail

Ascena Retail Group, Inc. (Nasdaq: ASNA) is a national specialty
retailer offering apparel, shoes, and accessories for women under
the Premium Fashion (Ann Taylor, LOFT, and Lou & Grey), Plus
Fashion (Lane Bryant, Catherines and Cacique), and Value Fashion
(Dressbarn) segments, and for tween girls under the Kids Fashion
segment (Justice). Ascena, through its retail brands, operates
ecommerce websites and approximately 2,800 stores throughout the
United States, Canada, and Puerto Rico. Visit
http://www.ascenaretail.com/for more information.

Ascena Retail reported a net loss of $661.4 million for the fiscal
year ended Aug. 3, 2019, a net loss of $39.7 million for the year
ended Aug. 4, 2018, and a net loss of $1.06 billion for the year
ended July 29, 2017.

On July 23, 2020, Ascena Retail Group and its affiliates sought
Chapter 11 protection (Bankr. E.D. Va. Case No. 20-33113).  As of
Feb. 1, 2020, Ascena Retail had $13,690,710,379 in assets and
$12,516,261,149 in total liabilities.

The Hon. Kevin R. Huennekens is the case judge.

The Debtors tapped Kirkland & Ellis LLP and Cooley LLP as
bankruptcy counsel, Guggenheim Securities, LLC, as financial
Advisor, and Alvarez and Marsal North America, LLC as
restructuring
advisor.  Prime Clerk, LLC is the claims agent.

                          *    *    *

In September 2020, FullBeauty Brands Operations, LLC, won an
auction to acquire Ascena's Catherines intellectual property assets
for a base purchase price of $40.8 million and potential upward
adjustment for certain inventory.

In November 2020, Ascena won approval to sell the intellectual
property of its Justice Brand and other Justice brand assets to
Justice Brand Holdings LLC, an entity formed by Bluestar Alliance
LLC (a leading brand management company), for $90 million.

The Company continues to operate its Ann Taylor, LOFT, Lane Bryant,
and Lou & Grey brands as normal through a reduced number of retail
stores and online.




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

TRINIDAD & TOBAGO: Gas Production Fell by 23.6%
-----------------------------------------------
Trinidad Express reports that the Central Bank of Trinidad and
Tobago (CBTT) in its latest economic bulletin report for January
2021, identified that natural gas production declined by 23.6 per
cent over the second half of 2020, while the preliminary estimates
suggest that the construction sector increased by 12.4 per cent in
the third quarter of 2020.

The bank said energy commodity prices were significantly impacted
by the reduction in global economic activity, which was brought on
by the Covid-19 pandemic and it was evidenced by a 14.8 per cent
decline in the Central Bank Energy Commodity Price Index over the
period July 2020 to January 2021, according to Trinidad Express.

"West Texas Intermediate (WTI) crude oil prices declined 23.9per
cent year-on-year to an average of US$43.21, while natural gas
prices fell 2.9 per cent to an average of US$2.28 per million
British Thermal Units (mmbtu) over the seven-month period. More
recently energy prices have rebounded, with WTI reaching over US$60
per barrel in early February 2021," the report read, Trinidad
Express discloses.

It noted that the pandemic continued to have broad-based negative
impacts on the performance of the domestic economy, particularly
the energy sector, Trinidad Express says.

As preliminary estimates showed that the Central Bank's Quarterly
Index of Real Economic Activity (2012=100) contracted by 8.7 per
cent (year-on-year) during the third quarter of 2020, based on a
relatively large drop in energy output, Trinidad Express relays.

On the labour market front, retrenchment notices filed with the
Ministry of Labour revealed that 1,728 persons were retrenched
during July to November 2020 while job advertisements in the print
media declined by 37.8 per cent (year-on-year) during the latter
half of 2020, Trinidad Express notes.

The Central Bank Economic Report stated that headline inflation
moved from 0.4 per cent in July to 0.8 per cent in December, while
food inflation accelerated from 2.3 per cent to 4.5 per cent and
that the rise in food inflation appears to be related to
pandemic-induced supply challenges, Trinidad Express relays.

Trinidad Express notes that on the fiscal accounts side the banks
said a deficit of $1 billion was recorded for the first quarter of
FY2020/21 (October-December 2020) compared with a deficit of $386.8
million in the corresponding period of the previous fiscal year.

It noted that the higher deficit was primarily on account of lower
energy and non-energy receipts and aggregate expenditure also fell
over the period, reflecting smaller outlays on all categories of
recurrent and capital spending, Trinidad Express relays.

"At the end of December 2020, public sector debt outstanding
reached $122.2 billion, which is 82.7 per cent of GDP compared to
$121.3 billion at the end of September 2020."

According to CBTT foreign currency loans fell off by 13.1 per cent
in September 2020 compared to a growth of 2.6 per cent in December
2019 and loans by banks declined 11.9 per cent while non-bank
financial institutions' foreign currency loans fell by 16.8 per
cent, Trinidad Express notes.

Foreign currency loans to businesses declined sharply, falling off
by 13.3 per cent.

The business community has also been adversely affected by the
pandemic as the closure of businesses and led to some downsizing,
while contributing to the continued decline in business lending and
business lending declined by 4.6 per cent in September 2020
compared with a 6.1 drop in June, Trinidad Express says.  The data
suggest that businesses have been less inclined to seek new
financing for their operations and data to September 2020 showed a
decline in lending to the distribution and manufacturing sectors of
2.4 per cent and 4.6 per cent, Trinidad Express discloses.

And conversely, loans to the construction sector saw a 5.3 per cent
increase during the period, in line with the increased activity
reported in this sector in the third quarter of 2020, Trinidad
Express relates.

The bank added that the short-term outlook for T&T will be dictated
by the evolution of the pandemic and the public sector will
continue to face the balancing act of maintaining much-needed
support to the vulnerable, shoring up the health services and
keeping up priority investments, while assuring that debt remains
sustainable, Trinidad Express notes.

"This will require careful expenditure and financing choices aimed
not only at macroeconomic stability, but also at facilitating
business activity and strengthening the flexibility of the economy
in the medium to long run," the economic reported added, the report
relays.



                           *********


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
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Chapman, Editors.

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

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