/raid1/www/Hosts/bankrupt/TCRLA_Public/210301.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

          Monday, March 1, 2021, Vol. 22, No. 37

                           Headlines



A R G E N T I N A

ARGENTINA: Considers Using New IMF Reserves for Loan Payment


B E L I Z E

BELIZE: S&P Cuts Sovereign Credit Ratings to CC on Missed Payment


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Financial Sector Boasts US$21.7BB in Loans
DOMINICAN REPUBLIC: Recent Rise in Oil Prices Worry Retailers
[*] DOMINICAN REPUBLIC: Central American Bank Donates US$1 Million


E C U A D O R

INTERNATIONAL AIRPORT FINANCE: Fitch Rates USD400MM Sec. Notes B-


M E X I C O

TRUST 2400 - CMBS GICSA: Fitch Affirms BB+ Rating on A-2 Notes


P U E R T O   R I C O

PUERTO RICO: Says New Debt Deal Opens Path for Bankruptcy Exit


X X X X X X X X

[*] BOND PRICING: For the Week Feb. 22 to Feb. 28, 2021

                           - - - - -


=================
A R G E N T I N A
=================

ARGENTINA: Considers Using New IMF Reserves for Loan Payment
------------------------------------------------------------
Jorgelina Do Rosario and Eric Martin at Bloomberg News report that

Argentina is considering using new reserves to be issued by the
International Monetary Fund to make a payment due to the lender in
September, according to a person with direct knowledge, a move that
would allow more time to overhaul an outstanding $45 billion loan.

The new IMF reserve assets, called special drawing rights, or SDRs,
would give cash-strapped Argentina fresh funding to pay the $1.9
billion principal maturity, avoiding a default with the Washington
organization if the country can't reach a deal on the program by
September, said the person, according to Bloomberg News.  The
decision to use the reserves for that payment is still being
discussed within the government's leftist coalition, the person
added, asking not to be named because discussions are private,
Bloomberg News relays.

Spokespersons for the Argentine Economy Ministry and the IMF
declined to comment.

The South American nation has been in talks with IMF officials on a
revamped program since last September after the $45 billion loan
agreed in 2018 collapsed, failing to lift the crisis-prone economy,
Bloomberg News discloses.  While both parties said a deal could be
reached by May, little progress beyond technical talks has been
made so far and key midterm elections in October complicate the
outlook for the government agreeing to fiscal austerity, Bloomberg
News relays.

"A new IMF allocation of SDRs would boost reserves further and so
could encourage the government to delay an IMF program," said Pilar
Tavella, economist at Barclays Capital Inc, Bloomberg News  notes.
"It would make a delay scenario less harsh on reserves and the
macro environment in general," he added.

The government has already indicated that it will prioritize the
content of the deal over the speed of a resolution, Bloomberg News
relays.

"We want to find a deal, but it has to be a deal that's convenient
for Argentina," President Alberto Fernandez said at a press
conference, Bloomberg News notes. "I want a deal that doesn't cost
the Argentines more than what they have tolerated already," he
added.

                       Boosting Reserves

The Group of 20 largest economies, which includes Argentina, moved
closer to a separate deal on boosting the IMF's reserves to help
nations devastated by the global pandemic, according to other
officials familiar with the discussions, Bloomberg News relays.

Talks focused on a proposal for a $500 billion allocation of the
SDRs, but the final decision likely will come closer to the
lender's spring meetings in April, the officials said, asking not
to be identified before a public statement obtained by the news
agency.  Argentina would receive about $3.35 billion from such a
move.

Bloomberg News notes that Fernandez's administration has previously
used existing SDRs for a $305 million interest payment due with the
Fund this month.  The SDRs are units of account used by the IMF and
act as reserves for member countries. They are awarded to all the
Fund's members in proportion to their quota at the organization,
Bloomberg News relays.

                     Upcoming Payments

Argentina faces its first principal payment to the multilateral in
September, Bloomberg News discloses.

On top of September's obligation, the country faces this year
another $1.9 billion principal payment with the IMF in December and
three interest maturities in May, August and November for a total
of about $1 billion, according to the Economy Ministry, Bloomberg
News notes.  The nation currently has 940 million SDR, equivalent
to $1.36 billion, as part of its international reserves, Bloomberg
News says.

Argentina "fully supports" an allocation of SDRs as they are
"urgently needed" for low- and middle-income countries, Economy
Minister Martin Guzman said during a G-20 finance ministers and
central bank governors meeting, Bloomberg News notes.  "If we don't
take the necessary measures at the global level, the recovery will
certainly be asymmetric," he added.

                      About Argentina

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

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank.
Historically, however, its economic performance has been very
uneven, with high economic growth alternating with severe
recessions, income maldistribution and in the recent decades,
increasing poverty.

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8, 2020.
Moody's credit rating for Argentina was last set at Ca on Sept.
28, 2020.  Fitch's credit rating for Argentina was last reported on
Sept. 11, 2020 at CCC, which was a rating upgrade from CC.  DBRS'
credit rating for Argentina is CCC, given on Sept. 11, 2020.  

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

DBRS further relayed that Argentina is also seeking a new agreement
with the International Monetary Fund (IMF) to replace the canceled
2018 Stand-by Agreement.  Formal negotiations on the new financing
began in November 2020.  Obligations to the IMF amount to $44
billion, with major repayments coming due in 2022 and 2023.




===========
B E L I Z E
===========

BELIZE: S&P Cuts Sovereign Credit Ratings to CC on Missed Payment
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term foreign and local currency
sovereign credit ratings on Belize to 'CC' from 'CCC+'. The outlook
on the long-term ratings is negative. At the same time, S&P
affirmed the 'C' short-term foreign and local currency sovereign
credit ratings. S&P also revised its transfer and convertibility
assessment to 'CC' from 'CCC+'.

Outlook

S&P said, "The negative outlook indicates the possibility that we
could lower the ratings to 'SD' (selective default) over the next
12 months if the government undertakes a distressed exchange offer
or if it is not able or willing to service the upcoming quarterly
coupon payments on its 2034 bonds, the next one coming due May 20,
2021.

"On the other hand, we could take a positive rating action over the
next 12 months if we think the likelihood of a distressed exchange
has decreased and the government honors its next coupon payments
before the 30-day grace period expires."

Rationale

The downgrade reflects heightened risk of a distressed debt
exchange or missed coupon payments on the U.S. dollar bonds due
2034. The next coupon payment is due May 20, 2021. S&P said,
"Despite short-term relief provided by recent amendments to the
terms of the bonds, wherein quarterly interest payments due from
Aug. 20, 2020, through Feb. 20, 2021, were capitalized, Belize
faces a tough fiscal position and pressured external liquidity,
which, in our opinion, could hamper its capacity and willingness to
meet its coming financial obligations. We think it is increasingly
unlikely that the next coupon payment due May 20 will be honored.
However, even if were honored, we would still view a distressed
debt exchange or missed upcoming coupon payments as virtually
certain in the following months."

Social and financial pressures caused by the pandemic, given
Belize's precarious economy and health system, have shifted policy
priorities and weakened the country's capacity to honor its debt
service. We estimate Belize's economy will contract by 17% in 2020
and grow by 7.5% in 2021. Due to the deterioration of economic
conditions and social distancing measures to contain the outbreak,
tourism activities collapsed by 70% in 2020. The sector is not
expected to fully recover before 2022, given elevated uncertainty
regarding travel restrictions and the results of the inoculation
programs in the U.S. and Canada, Belize's main source countries for
tourism.

S&P said, "We estimate the general government fiscal deficit has
widened to 10.7% of GDP in 2020, pushing net general government
debt to 123% of GDP, from 93% in the previous year. We expect the
government to implement corrective measures to control operating
spending, while the room for revenue increases seems limited. As a
result, we project a modest reduction of the government deficit to
9% of GDP in 2021."

The People's United Party won the general election in November 2020
with an ample majority, following 12 years of United Democratic
Party administrations. The new government, led by Prime Minister
John Briceño, intends to press ahead with measures to stimulate
private investment, reduce bureaucratic red tape, and control wage
pressures.

The ratings on Belize reflect our appraisal of the country's large
fiscal and external imbalances, as well as the fragility of its
economy, which COVID-19 has exacerbated. The country's
vulnerability to external shocks and natural disasters constrains
the ratings. The ratings also incorporate our assessment of
Belize's weak institutions and the absence of monetary and
exchange-rate flexibility.

Environmental, social, and governance (ESG) credit factors for
this credit rating change:

-- Health and safety

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Downgraded  
                       To        From
  Belize

  Transfer & Convertibility Assessment  
   Local Currency     CC         CCC+

  Belize

  Senior Unsecured    CC         CCC+

  Downgraded; CreditWatch/Outlook Action; Ratings Affirmed  
                                   To           From
  Belize

  Sovereign Credit Rating    CC/Negative/C   CCC+/Stable/C

  Ratings Affirmed  

  Belize

   Short-Term Debt      C




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

DOMINICAN REPUBLIC: Financial Sector Boasts US$21.7BB in Loans
--------------------------------------------------------------
Dominican Republic reports that Dominican Republic's financial
sector has been resilient to the effects of the pandemic, as
evidenced by the health of the loan portfolio and the
capitalization, liquidity and solvency indicators.

The trend is reflected in the quarterly financial system
performance report as of December 31, 2020, released by the Banks
Superintendence (SB), according to Dominican Republic.

The document highlights that the system's credit portfolio ended
the year with a 3.9% year-on-year growth, reaching RD$1.26 trillion
(US$21.7 billion), or 28% of GDP, the report notes.

                    About Dominican Republic

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

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

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

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

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

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


DOMINICAN REPUBLIC: Recent Rise in Oil Prices Worry Retailers
-------------------------------------------------------------
Dominican Today reports that the members of the Fuel and
Derivatives Companies Society (SEC) expressed concern about the
recent rises in international oil prices, due to their great impact
on the costs of fuels distributed in the Dominican Republic.

In a statement, the SEC said increases registered in crude oil in
recent weeks are due to different external situations, such as: the
impact of the winter storm on the refineries in Texas, whose
operations are still paralyzed; the OPEC cuts, the unilateral
reduction of Saudi Arabia's production to one million barrels a
day, among others, according to Dominican Today.

They add that this increase not only affects the final consumer,
but also the companies that intervene in the fuel marketing chain
in the countries that depend on these markets for their supplies,
"both in access to working capital and financing, import volumes
and sales volumes to the public," the report notes.

                    About Dominican Republic

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

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

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

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

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

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


[*] DOMINICAN REPUBLIC: Central American Bank Donates US$1 Million
------------------------------------------------------------------
Dominican Today reports that the Central American Bank for Economic
Integration (CABEI) approved US$1 million in non-reimbursable
cooperation for the Dominican Republic.

The financial organization indicated that US$500,000 would be
destined to support the Dominican Government's efforts to assist
the affected population after the passage of tropical storm Laura
in August 2020, according to Dominican Today.

"With this cooperation, the Government will continue to execute
actions to attend to the affected communities, as part of the
reconstruction and rehabilitation program of the @MDefensaRD and
the @PresidenciaRD," states a communication published by CABEI, the
report notes.

The Central American Bank for Economic Integration (CABEI) detailed
that they approved an additional US$500,000 to continue supporting
the Government with the strategy to contain and prevent COVID-19
while continuing with the vaccination plan for front-line
personnel, as determined by the authorities, the report adds.

                           Commitment

CABEI highlighted its commitment as a financial institution to
continue supporting the countries' efforts in 2021 to confront the
crisis generated by the COVID-19 pandemic.

                     Contribution of Resources

Between 2015 and 2019, CABEI approved US$503.6 million for the
Dominican Republic. These resources were allocated US$349.6 million
for the public sector and US$154 million for the private sector.

In December 2020, CABEI opened a representative office in the
country. Currently, in terms of credit, CABEI stands out for the
financing of US$249.6 million for the Monte Grande dam, phase III.

                   About Dominican Republic

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

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

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

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

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

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




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

INTERNATIONAL AIRPORT FINANCE: Fitch Rates USD400MM Sec. Notes B-
-----------------------------------------------------------------
Fitch Ratings has affirmed the long-term rating assigned to
International Airport Finance S.A.'s USD400 million senior secured
notes at 'B-' with a Stable Rating Outlook. The issuance was made
in connection with Corporacion Quiport S.A. (Quiport), the
concessionaire of Quito's Mariscal Sucre International Airport.

RATING RATIONALE

The rating reflects Quiport's strategic but somewhat modest traffic
base, comprising mostly origin and destination (O&D) and
leisure-oriented passenger traffic, a history of moderate
volatility, and some competition from Guayaquil's Jose Joaquin de
Olmedo International Airport, the country's second largest airport.
It also reflects a tariff setting mechanism that allows for
indexation according to increases in U.S. and Ecuadorian consumer
prices. The rated debt is fixed-rate, fully amortizing and includes
additional liquidity in the form of an offshore Debt Service
Reserve Account (DSRA) and a Stand-by Letter of Credit (SBLC),
enough to cover 12 months of debt service.

The coronavirus outbreak and travel restrictions caused a harsh
drop in traffic in 2020, which may take several years to recover to
its 2019 level, causing lower revenues than originally anticipated
and exposing the project to increased liquidity needs.

Fitch's Rating Case average debt service coverage ratio (DSCR) is
1.2x, while minimum DSCR is 0.5x in year 2021 as traffic is
projected to be 55% of its 2019 level. Rating case maximum
leverage, measured as net debt to cash flow available for debt
service (CFADS) is elevated at 15.0x in 2021. However, it is
expected to decrease steadily as traffic recovers, reaching levels
below 9x in 2022. Projected DSCRs and liquidity expectations under
Fitch´s rating case are consistent with Quiport´s current rating.
Under Fitch´s rating case, DSCRs return to levels commensurate
with a higher rating according to Fitch's applicable criteria over
the longer-term; however, such return is contingent on traffic
recovery. Metrics are lower than in the previous review given the
current expectation of a slower traffic recovery across the airport
sector.

Fitch's Severe Downside Case assumes full traffic recovery until
2026 and results in DSCRs at 1x on average and in DSRA depletion by
2025, leading to a possible default if measures such as postponing
capex or obtaining additional liquidity are not implemented. This
indicates an increased possibility of a downgrade if this scenario
materializes.

Currently, the SBLC plus the DSRA totals USD51 million and its
possible drawdown limits the rating at the Ecuador's country
ceiling of 'B-', as this reserve would be no longer available in
full to mitigate transfer and convertibility risk.

KEY RATING DRIVERS

O&D, Leisure-Oriented Airport [Revenue Risk: Volume - Midrange]:
The airport is located in Quito's metropolitan region, which
accounts for 16% of the country's population (2.7 million people),
and had a smaller enplanement base of 2.5 million departing
passengers (pax) in 2019. The airport's traffic base is mostly O&D
(approximately 99% of total), with leisure-oriented traffic
exceeding business traffic.

International traffic represents 46% of total enplanements in 2019,
which Fitch believes makes the airport relatively more vulnerable
to a slower recovery versus other airports with less international
traffic. Total traffic volatility is moderate with the largest
historic peak-to-trough of 12.9% occurring between 2014 and 2016.
Carrier concentration in terms of revenue is low. There is some
competition from Ecuador's second largest airport, Guayaquil's Jose
Joaquin de Olmedo International Airport.

Dual Till Regulation [Revenue Risk: Price - Midrange]: Regulated
revenue tariffs are indexed according to inflation in Ecuador and
the U.S., and commercial revenues have no tariff-setting
restrictions.

Modern Infrastructure [Infrastructure Development & Renewal:
Stronger]: The airport is modern and well-maintained and has
relatively detailed short- and long-term expansion plans. Future
expansions are to be funded with internal cash flow generation,
while the associated expenditures are smoothed through a rolling
capex reserve. Any requested changes to the airport's Master Capex
Plan as a result of material deviations to traffic projections must
be approved by the grantor. The Master Capex Plan defines the works
and milestones to be reached, but not specific investment amounts,
which must be estimated by the airport. The debt structure also
includes an offshore capex reserve account or SBLC covering
staggered percentages of the next 18 months of capex needs.

Fully Amortizing Debt Structure with Strong Liquidity [Debt
Structure: Stronger]: The senior secured debt is composed of a
single fixed-rate U.S. dollar-denominated tranche with a fully
amortizing repayment profile. Structural features include offshore
12-month DSRA which limits transfer and convertibility risk and a
capex reserve account. The structure has robust debt incurrence and
dividend distribution tests.

Financial Summary: International Airport Finance S.A. has
sufficient liquidity to withstand a slower traffic recovery of
traffic under Fitch's Rating Case, which presents DSCR below 1.0x
between 2021 and 2022 and will only present DSCR commensurate with
higher ratings in the long term. Considering the period between
2022 and 2032, average DSCR is 1.2x and 0.9x in Fitch's rating and
severe downside scenarios, respectively. The airport's liquidity
may not be sufficient to withstand a slower recovery of traffic as
posed in the severe downside scenario.

PEER GROUP

Quiport's closest peer is ACI Airports SudAmerica, S.A. (ACI;
BB+/Negative), the indirect sponsor of Puerta del Sur S.A., who
holds the concession for Montevideo's Carrasco International
Airport in Uruguay. Both airports are smaller, main international
gateways to their countries. ACI has a higher rating as it presents
an average DSCR of 1.3x than Quiport's at 1.2x, but low minimums at
0.7x in 2022 and 1.1x in 2023, which constrains the rating to
non-investment grade. Moreover, Quiport's rating is constrained by
Ecuador's country ceiling (B-).

RATING SENSITIVITIES

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

-- Clear signals of sustained traffic recovery above Fitch's
    rating case expectations;

-- Observed DSCRs close to 1.2x on a sustained basis;

-- A positive rating action on Ecuador's sovereign rating.

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

-- Slower than expected traffic recovery below Fitch's rating
    case projections;

-- The imposition of capital controls by the Ecuadorian
    sovereign;

-- A negative rating action on Ecuador's sovereign rating.

BEST/WORST CASE RATING SCENARIO

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

CREDIT UPDATE

2020 total enplanements were 69.3% below 2019; however, it was 3%
above Fitch's rating case traffic estimate, which expected a 72%
fall in passenger traffic. The decline in 2020 traffic was due to
the airport´s near complete closure from April until June 1, 2020.
As it reopened, traffic started recovering throughout the rest of
the year. 2020 domestic and international traffic was 52% and 48%
of total enplanements, respectively.

Operating revenues for nine months through September 2020 reached
USD54 million and represented a decline of 57% compared with the
same period in 2019, as a result of the strong reduction in traffic
due to the pandemic.

2020 operational expenditures and capital expenditures (capex) as
of September reached USD38 million and were 33% lower than as of
September 2019 because of the reduction of expenses linked to
passenger traffic such as O&M fees and supplies. Another relevant
factor for this decrease is that in 2020, due to the net loss
reported, there was no employee profit-sharing expense, which had
been relevant in previous years (16% of total operational
expenditures in 2019).

DSCR for nine months through September 2020 was 0.3x, above Fitch's
rating case expectation of 0.02x, due to better-than-expected
revenues and lower expenses. Even though DSCR was below 1.0x as of
September 2020, a strong cash balance, including the escrow account
balance of USD16 million at the close of 2019, helped meet debt
service without the need of using the DSRA.

FINANCIAL ANALYSIS

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

Fitch has revised its rating case assumptions to reflect current
expectations of a slower traffic recovery. For 2021, Fitch assumes
a recovery of 55% relative to 2019 levels based on the following
average assumptions of quarterly traffic: 1Q21 (30%); 2Q21 (55%);
3Q21 (65%) and 4Q21 (70%). For 2022 and 2023, Fitch assumes average
recoveries of 70% and 88%, relative to 2019 levels. In 2024, Fitch
assumes traffic recovers to 2019 levels, followed by a compounded
annual growth rate of 3.4% in the long term. Fitch acknowledges
that there are increased concerns on traffic recovery due to the
implementation of stricter international travelling rules.

The budgets of operating and capex were stressed by 5.0%.
Additional management costs of USD100 million in litigation
settlements were considered, amortized over 10 yearly payments of
USD10 million from 2020 onwards, and also stressed at 5%. U.S.
inflation was assumed at 0.7% in 2021, and 2.0% from 2023 onwards,
while Ecuador inflation was forecast at 0% in 2021, 0.8% in 2022
and 2.0% from 2023 onwards.

Under Fitch's rating case, DSCR is below 1.0x between 2021- 2022
and 2024-2025, while the average is 1.2x. Considering the period
between 2022 and 2032, average DSCR is 1.2x. Leverage measured as
Net Debt to CFADS reaches its highest point in 2021 at 15.0x.
However, the airport shows progressive deleveraging as traffic
recovers, as leverage reaches levels below 9x in 2022. Also,
present liquidity and reserves are sufficient to continue complying
with debt service obligations. The DSRA is currently fully funded
and has a balance of USD51 million (USD48 million in SBLC and
USD3.6 million in cash).

Fitch also ran a severe downside scenario, which assumes traffic
recovery back to 2019 levels does not occur until 2026. For 2021,
Fitch assumes a recovery of 38% relative to 2019 levels based on
the following average assumptions of quarterly traffic: 1Q21 (20%);
2Q21 (40%); 3Q21 (45%) and 4Q21 (45%). For 2022, 2023, 2024 and
2025 Fitch assumes average recoveries of 55%, 75%, 90% and 95%,
respectively, relative to 2019 levels. In 2026, Fitch assumes
traffic recovers to 2019 levels, followed by a compounded annual
growth rate of 3.5% in the long-term.

Under this scenario, metrics further deteriorate with DSCRs below
1.0x until 2025, while the average is 0.9x. Considering the period
between 2022 and 2032, average DSCR is 1.0x. Should the airport
show traffic performance more consistent with this case over the
coming years, and begin to utilize available liquidity to make debt
service payments, a downgrade may be warranted.

The airport would have to take other actions to avoid payment
default in the medium-term, such as postponing expansion capex or
obtaining additional liquidity. The DSRA is projected to be
consistently used to cover liquidity shortfalls and would be
depleted by 2025 absent postponements or reductions in capex or
obtention of additional liquidity. Fitch understands that under the
debt documents the airport could issue up to USD35 million of
additional pari passu debt without having to pass its debt
incurrence tests. Should the airport be able to obtain this
financing, it would be sufficient to prevent a payment default in
2025 under this scenario, but could have an impact on credit
metrics after this year depending on how the debt is ultimately
structured. Such liquidity gap under Fitch´s Severe Downside case
was not previously forecast during Fitch´s September credit
review.

SECURITY

Aeropuerto Mariscal Sucre is Ecuador's main airport, with 48% of
the country's offer (6.2 million seats), and acts as its main
international gateway both for passengers and cargo. The airport is
currently operated by Quiport under a 35-year concession agreement;
the airport will be handed back to the Municipality of Quito at the
end of the concession in 2041.

The concession included the administration and maintenance of the
old airport until cease of operations. It also included
development, design, financing and construction of the new airport,
as well as its operation, administration, and maintenance once
completed and until January 2041. Quiport transitioned to the new
airport in 2013, with operations in the old airport ceasing that
same year. The new airport allows more efficient and safer
operations (larger runaway and capacity for larger planes to
operate), adaptable facilities (land available for expansions), and
compliance with all international regulations.

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.




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

TRUST 2400 - CMBS GICSA: Fitch Affirms BB+ Rating on A-2 Notes
--------------------------------------------------------------
Fitch Ratings has affirmed the international and national scale
ratings assigned to the notes issued by Fideicomiso Irrevocable y
Traslativo de Dominio Numero 2400 (Trust 2400 -- CMBS GICSA). The
Rating Watch Negative (RWN) has been removed and all existing
ratings now have a Negative Rating Outlook.

Fitch has removed the RWN on all ratings, as collections have
recovered at a faster pace than the agency's estimations and
liquidity reserves are replenished to historic high levels,
reflecting a better position to withstand short-term liquidity
pressures. Fitch has also gained wider and more frequent visibility
on cash flows reporting as well as maintaining close contact with
counterparties ultimately reducing Fitch's operational risk
assessment.

The ratings affirmation reflects Fitch's expectation that net cash
flows will continue recovering to the agency's long-term baseline
scenario, which results in debt service coverage ratios (DSCR) and
loan-to-value (LTV) metrics commensurate with existing ratings. The
Negative Outlook reflects Fitch's perception that collections on
securitized properties could continue volatile during 2021. A
gradual deviation from recovery expectations on collections may
signal lingering changes to the existing property portfolio, which
could result in lower Fitch's net cash flows estimations, a factor
that is captured in the agency's rating sensitivities. The ratings
assigned to the A-2 notes consider its structural subordination to
A-1 notes.

         DEBT                    RATING                 PRIOR
         ----                    ------                 -----
Trust 2400 (Sponsored by GICSA)

A-1 MXN XS2094574584    LT   BBB-sf          Affirmed  BBB-sf
A-1 MXN XS2094574584    Natl LT AAA(mex)vra  Affirmed  AAA(mex)vra

A-1 USD 89835RAA2       LT   BBB-sf          Affirmed  BBB-sf
A-1 USD 89835RAA2       Natl LT AAA(mex)vra  Affirmed  AAA(mex)vra

A-2 MXN XS2094576282    LT   BB+sf           Affirmed  BB+sf
A-2 MXN XS2094576282    Natl LT AA(mex)vra   Affirmed  AA(mex)vra

KEY RATING DRIVERS

Transaction's Negative Impact due to Coronavirus: According to the
last Global Economic Outlook published on Dec. 7 2020, the Mexican
economy is assumed to recover in 2021 with a 4.2% GDP growth. Due
to the social distancing measures taken in Mexico, securitized
properties are gradually recovering from property closures during
2020 and beginning of 2021 as well as reduction in affluence;
however, Fitch expects a sudden reduction in affluence not to be of
the magnitude of that was seen in 2020. Net cashflows of
securitized properties are expected to fully recover in 2022 to
Fitch's pre-pandemic scenario, which was 15% lower than sponsors'.

Volatile Property Cash Flow: Fitch's stabilized annual net cash
flow (NCF) remains at MXN1,422 million backed by high-quality
properties, strategic location, geographic dispersion and
experienced property management. However, Fitch does not discard
cash flows volatility during 2021 as payment holidays and/or
discounts granted (a key initiative implemented during 2020 to
retain tenants) expire and tenants resume normalized payments.
Also, while lockdown measures have somewhat eased recently, they
remain intermittent and could increase the ramp-up period for some
properties (29.6% of total GLA), creating pressure in office space,
which exhibits higher tenant concentration levels than retail
space, and/or promoting tenant fatigue causing tenants to leave
properties (this latter effect has been manageable).

Occupancy Rate Affected by the Pandemic: As of 4Q 2020, reported
occupancy rate by GLA has decreased to 88.8% from 90.2% on 1Q 2020,
but it is at 90.7%, calculated as proportion of the expected fixed
rents, which remains above Fitch's long-term expectations of 87%.
Larger reductions on occupancy rates have been observed in the
office segment, which represents around 20% of the total
securitized portfolio (calculated as a proportion of fixed rents).
Still, those properties have adequate location to sustain demand.
Regarding the retail segment, diversification by tenants, location
and sector have been the principal factors backing recoveries.
While diversified by tenant, concentrations are slightly higher
than comparable rated transactions and the exposure to
entertainment may create occupancy rates to remain volatile in
2021.

Solid Transaction Structure: The rated notes benefit from strong
structural elements, which protect bond holders in case of early
performance deterioration (eg. occupancy rates, remaining lease
term and DSCR). Senior A-1 tranches also benefit from principal
subordination of the A-2 tranche. The transaction continues in an
interest period only until year 2023, liquidity reserves equivalent
with a target level of 3 coupon payments has reached 2.9x as of
December 2020. The transaction is rated as timely interest and
ultimate principal until legal final maturity date in year 2034.
The U.S. dollar-denominated notes benefit from a natural hedge as
office space is leased in U.S. dollars and also established DSCR
threshold is higher than that for MXN notes to reflect FX risk.

Adequate Leverage: Fitch's stabilized NCF calculation is based on
an 87% occupancy rate assumption and a cap rate of 9.9%, therefore,
Fitch's property value of MXN14,370.8 million remain unchanged as
of this date. Based on current outstanding balance of the
transaction, LTV for senior tranches is 64.1% and 68.3% for junior
tranche. Proprietary coverage calculations considering Fitch's
stabilized NCF is 1.40x for senior tranches and 1.28x for junior
tranche, which are aligned with commensurate hurdles as per the
existing ratings. Observed DSCR reported by GICSA during 4Q 20 for
senior and junior tranches is 1.52x, above triggers level of 1.4x.

Counterparty Risks Adequately Mitigated: Transaction is a trust
account structure according to Mexican laws, thus there is no
exposure to direct counterparties. Commingling risk is mitigated
since collection must be transferred in no more than two days to
the issuing trust. Liquidity reserve is held in an account in the
name of the issuing trust.

RATING SENSITIVITIES

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

-- A rating upgrade on international rating scale seems remote in
    the near future due to the current pandemic and Mexico's
    Issuer Default Rating of 'BBB-'. The national scale ratings A
    1 notes are at its maximum level while A-2 notes consider its
    structural subordination to A-1 notes. However, cash flow
    resilience in both retail and office buildings resulting from
    higher-than estimated occupancy rates and/or increases in rent
    income that offsets vacancy rates may point towards a Stable
    Outlook on all ratings.

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

-- Ratings could be downgraded if occupancy rates as well as
    collections decrease in a suddenly, increasing unanticipated
    pressure on debt service coverage, or a decrease in remaining
    terms due to contract terminations that, despite triggering an
    early amortization event, result in severe collection
    reductions. Any additional measure related to social
    distancing that lead to partial or total, voluntary or
    mandatory closure on the securitized properties or any cease
    in payments from the tenants could also add pressure on
    existing ratings. A consistent use of reserves that is
    accompanied with increased stresses on collections that affect
    the transactions ability to replenish liquidity reserves to
    its target amount is also factored in as a rating sensitivity.

Fitch evaluated the following sensitivity analysis and found that
ratings are resilient to a decline of 10% in the Fitch NCF while a
decrease of 20% could reflect a downgrade of at least one notch
from current ratings assigned for A-1 notes and A-2 notes.
Meanwhile, a 30% decline in Fitch's NCF, could translate to up to
four notches downgraded from current ratings assigned for A-1 notes
and A-2 notes. Additionally, a downgrade of the sovereign could
result in a rating action on the notes.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

The data used for the development of the rating included the
following information from the following sources:

-- Email communication and Management calls via conference calls
    with the Primary Servicer/sponsor/property manager at the end
    of 2020 and beginning of 2021;

-- Email communication with the Master Servicer;

-- Officers Certificate from the Manager 4Q20;

-- Certificate from the Issuer Trust 4Q20;

-- Master servicer report 3Q20;

-- Additional Information provided by GICSA as NOI, Interest
    Payments and Rent-rolls as of December 2020.

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
=====================

PUERTO RICO: Says New Debt Deal Opens Path for Bankruptcy Exit
--------------------------------------------------------------
The Financial Oversight and Management Board for Puerto Rico
announced Feb. 23, 2021, the terms of a debt restructuring
agreement with certain bondholders, a major step towards an amended
Plan of Adjustment for the Commonwealth of Puerto Rico to resolve
$35 billion of debt and non-debt claims.

The terms of the agreement reflect negotiations with creditors who
were parties to the restructuring agreement the Oversight Board
reached last year, and follow months of court-supervised mediations
after the Oversight Board's assessment of the cumulative effect of
the COVID-19 pandemic, the ongoing recession, and a series of
natural disasters over the last several years on Puerto Rico and
its economy.

The new agreement with general obligation (GO) bondholders and
Public Building Authority (PBA) bondholders:

  * reduces $18.8 billion of Commonwealth debt held by GO and PBA
    bondholders by 61%, to $7.4 billion.

  * reduces total debt service payments by 62%, from $90.4 billion
    under the original contractual debt agreements before PROMESA
    to $34.1 billion under the new debt restructuring agreement
    (including principal and interest from the COFINA bonds).

  * provides GO and PBA bondholders with $7.4 billion in bonds and
    $7 billion in cash, lifting the weight of unsustainable debt
    from future generations.

  * includes a contingent value instrument (CVI) that gives GO and
    PBA bondholders incremental value only if the Puerto Rico
    economy grows more than projected in the 2020 Certified Fiscal
    Plan for Puerto Rico.

"We achieved a fair, sustainable, and consensual agreement that
puts Puerto Rico on a path to recovery and is an important tool to
lift the weight of bankruptcy from the people and businesses of
Puerto Rico," said Oversight Board Chairman David Skeel.  "I firmly
believe this is the best outcome we could achieve in today's
economic uncertainty, not only for the people of Puerto Rico but
also for creditors who have an interest in Puerto Rico's long-term
viability and creditworthiness."

"This new agreement puts Puerto Rico in a significantly better
fiscal position, both compared to the terms we were able to
negotiate before the severe pandemic and compared to U.S. states
with high levels of debt," Mr. Skeel said.  "The Plan of Adjustment
we expect to present next month is based in part on this agreement
with creditors, together with the agreements already achieved with
the Official Committed of Retirees (COR) and certain unions, as
well as the outcome of further ongoing mediation with other
creditor groups.  The Plan will ensure that Puerto Rico resolves
its insolvency once and for all. That is the goal the Oversight
Board set: once and done. We intend to achieve it."

"We reached the agreement filed through good-faith efforts on all
sides and the leadership of our mediator.  I would like to thank
Judge Barbara Houser, as well as Judge Roberta Colton and their
mediation team for their important role in this process," Mr. Skeel
said.

The agreement reduces the maximum annual debt service payments to
$1.15 billion for current interest bonds, compared to payments as
high as $4.2 billion without restructuring.  The annual debt
service in the restructuring agreement reached before the pandemic
was $1.5 billion, and the new agreement would free up more than
$300 million per year for government services. The annual payments
add up to a total of $34.1 billion over the life of the debt under
the new agreement, a 62% reduction from the $90.4 billion Puerto
Rico would have to pay under the original contractual debt
agreements before PROMESA.

Without PROMESA, 30 cents of every dollar in taxes and fees the
government collects from the people of Puerto Rico would go to
creditors. This new agreement reduces the annual payments to less
than 8 cents of every dollar the government collects.

"The reduction in annual debt service payments is a significant
milestone on Puerto Rico's road to recovery," said the Oversight
Board's Executive Director Natalie Jaresko. "Taken together with
the debt policy legislated by the government last year that
restricts incremental debt issuance to avoid the mistakes of the
past, this agreement establishes sustainable debt levels, allows
Puerto Rico to focus on structural reforms and growth, and provides
the government the budgetary ability to provide the services people
need and deserve. All of this puts Puerto Rico on a path to renewed
market access."

The new agreement's cash and debt consideration to bondholders
provides a 27% average reduction for GO bondholders and a 21%
average reduction for PBA bondholders, in addition to reducing
their claims by many years' worth of interest payments.

Given the considerable uncertainty about Puerto Rico's long-term
economic growth after the hurricanes, earthquakes, and now the
pandemic, the new agreement includes a CVI that shares a portion of
outperformance with creditors if Puerto Rico's economy is growing
more than the projections in the 2020 Certified Fiscal Plan for
Puerto Rico. The CVI utilizes the 5.5% of Puerto Rico's Sales and
Use Tax (SUT) pledged to COFINA as the measure for outperformance.

Should the Puerto Rico Government collect more of the 5.5% SUT than
projected, the creditors who are parties to this agreement would
receive 45% of the increment above the amount projected, subject to
both annual and lifetime caps. If the economy performs as projected
or falls below expectations, creditors receive no incremental
compensation from the CVI.

"Adding the CVI to the agreement allowed us to lower Puerto Rico's
debt even further in this uncertain time," Jaresko said. "The
substantial reduction of debt and the increased upfront cash now
rather than higher debt service payments later provides stability
for Puerto Rico and lifts the burden of excessive debt payments off
the shoulders of future generations."

"Bankruptcy has been holding Puerto Rico back and this is an
important step towards resolution," Jaresko said.

The new agreement was unanimously approved by the members of the
Oversight Board. Holders of more than $11.7 billion of bonds
support the agreement, including traditional municipal investors
and monoline bond insurers Assured Guaranty Corp., Syncora
Guarantee Inc., and National Public Finance Guarantee Corp.

Mediation continues with holders of Employee Retirement System
bonds, general unsecured claims, monoline bond insurers with
clawback claims, and creditors holding other claims against the
government of Puerto Rico.

Additional information about the agreement is available at
https://oversightboard.pr.gov/documents/

                       About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70 billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of the
last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets Inc.
is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and chair of a committee to review professionals' fees.




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

[*] BOND PRICING: For the Week Feb. 22 to Feb. 28, 2021
-------------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Esval SA                   3.5    49.9    2/15/2026    CL     CLP
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Cia Energetica de Pern     6.2     1.1    1/15/2022    BR     BRL
Enel Americas SA           5.8    32.7    6/15/2022    CL     CLP
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Corp Universidad de Co     5.9    64.2   11/10/2021    CL     CLP
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
KrisEnergy Ltd             4.0    40.4     6/9/2022    SG     SGD
Empresa Electrica de l     2.5    63.8    5/15/2021    CL     CLP
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Banco Security SA          3.0    27.4     6/1/2021    CL     CLP
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
China Huiyuan Juice Gr     6.5    46.6    8/16/2020    CN     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Empresa de Transporte      4.3    30.9    7/15/2020    CL     CLP
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
Yida China Holdings Lt     7.0    74.3    4/19/2020    CN     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD



                           *********


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

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

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

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

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

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


                  * * * End of Transmission * * *