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

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

          Wednesday, March 3, 2021, Vol. 22, No. 39

                           Headlines



A R G E N T I N A

YPF SA: Announces Final Settlement Exchange Offer on 2021 Notes
YPF SA: S&P Hikes ICR to 'CCC+' on Debt Overhaul, Outlook Stable


B R A Z I L

BRAZIL: To Suspend Diesel Tax; Sources Say Bank Tax to be Hiked
METROVIARIA DO RIO: Moody's Withdraws Caa1/Caa1.br CFRs


C A Y M A N   I S L A N D S

CAYMAN ISLANDS: Added to FATF Grey List


E L   S A L V A D O R

AES EL SALVADOR II: Moody's Completes Review, Retains B2 Rating


J A M A I C A

DIGICEL GROUP: Denis O'Brien Sells Media Business in Ireland


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Signs Loan Deal With IDB to Access US$24MM


U R U G U A Y

NARANJAL/LITORAL URUGUAY: Moody's Completes Review


X X X X X X X X

LATAM: IDB Backs $3.5 Billion Multi-Year Program

                           - - - - -


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A R G E N T I N A
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YPF SA: Announces Final Settlement Exchange Offer on 2021 Notes
---------------------------------------------------------------
YPF S.A. ("YPF" or the "Company") disclosed the final settlement of
the Exchange Offer for its 2021 Old Notes made pursuant to exchange
offer and consent solicitation memorandum dated January 7, 2021, as
most recently amended on February 7, 2021 (the "Exchange Offer and
Consent Solicitation Memorandum"). Capitalized terms not defined
herein shall have the meaning ascribed to them in the Exchange
Offer and Consent Solicitation Memorandum.

The 2021 Old Notes Late Participation Deadline was 11:59 p.m., New
York City time, on February 25, 2021.  Pursuant to the Exchange
Offer and Consent Solicitation Memorandum, Eligible Holders of 2021
Old Notes were required to validly tender and not validly withdraw
their 2021 Old Notes prior to or at such time and date to be
eligible to receive the 2021 Old Notes Late Exchange
Consideration.

Based on information provided by D.F. King & Co., Inc. ("D.F.
King"), the exchange agent and information agent for the Exchange
Offer, tender instructions relating to the 2021 Old Notes for an
aggregate principal amount of U.S.$ 570,000 were validly delivered
after February 10, 2021 and not validly withdrawn prior to or at
11:59 p.m., New York City time, on February 25, 2021. YPF has
accepted such tender instructions delivered pursuant to the
Exchange Offers and Consent Solicitation.

Subject to the satisfaction or waiver of the conditions set forth
in the Exchange Offer and Consent Solicitation Memorandum, as
consideration for the 2021 Old Notes accepted by the Company on the
date hereof, the Company intends to on the 2021 Old Notes Late
Settlement Date, (a) issue U.S.$ 469,680 aggregate principal amount
of New Secured 2026 Notes and (b) pay U.S.$ 161,310 in cash, to
Eligible Holders who validly tendered their 2021 Old Notes after
February 10, 2021 and prior to the 2021 Old Notes Late
Participation Deadline.

The 2021 Old Notes Late Settlement Date for the 2021 Old Notes
validly tendered after February 10, 2021 and not validly withdrawn
prior to or at the 2021 Old Notes Early Expiration Date will be
March 1, 2021.

After giving effect to the issuance of the New Secured 2026 Notes
on the 2021 Old Notes Late Settlement Date, the total amount of New
Secured 2026 Notes will be US$ 775,782,279.

As reported in the Troubled Company Reporter-Latin America on Feb.
22, 2021, Fitch Ratings has downgraded YPF S.A.'s Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) to 'RD' from 'C',
due to the conclusion of its announced exchange offer. Fitch has
simultaneously upgraded YPF's Long-Term Local and Foreign Currency
IDRs to 'CCC' from 'RD', and upgraded the company's senior
unsecured notes to 'CCC'/'RR4' from 'C'/'RR4'. The stand-alone
credit profile was revised to 'b' from 'c'.


YPF SA: S&P Hikes ICR to 'CCC+' on Debt Overhaul, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings, on March 1, 2021, raised its issuer credit
ratings on Argentine oil and gas company YPF S.A. to 'CCC+' from
'SD' and the issue-level ratings to 'CCC+' from 'CCC-'.

Argentina's 'CCC+' transfer and convertibility assessment (T&C)
limits the ratings, although we now assess YPF's stand-alone credit
profile (SACP) as 'b-'.

The outlook is stable, reflecting more balanced cash flow and
normalizing business conditions.

S&P said, "Although we expect volumes to grow gradually, we think
it will take YPF at least three years to return to pre-pandemic oil
and gas production levels. Assuming international oil prices are
hovering near US$50 per barrel (bbl) and prices for natural gas are
below $3.5 per million British thermal units (MMBTUs), we think the
company will struggle to generate free cash flow, even assuming
domestic prices are fully pegged to import parity.

"The company's capex guidance for 2021 is about $2.7 billion, and
we expect it to stay between $2.3 billion and $2.5 billion
afterward. However, we believe those levels are ambitious and could
be sustained only if oil and gas prices are significantly higher
than what we currently assume, with record export levels and/or
asset sales.

"In that context, YPF's leverage is likely to remain at or slightly
above 3x for the next two years and its financial flexibility will
be pressured while the company adapts its investments or seeks
additional capital resources.

"In our opinion, upside potential to our base case could come from
better international prices that the company could take advantage
of by increasing exports or from a faster pick-up of the Argentine
economy and overall fuel demand, and less so from lower operating
costs because YPF already achieved significant cost reductions in
2020. Although we assume lower capital expenditures (capex) for
2021 than the company's guidance, we believe the company would need
to bridge a cash flow deficit, likely using domestic bond issuances
or asset sales."




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B R A Z I L
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BRAZIL: To Suspend Diesel Tax; Sources Say Bank Tax to be Hiked
---------------------------------------------------------------
Ricardo Brito and Rodrigo Viga Gaier at Reuters report that
Brazilian President Jair Bolsonaro said he would issue a decree
suspending a tax on diesel fuel, a move aimed at placating truckers
who threatened to strike, while sources told Reuters the government
would hike taxes on banks to offset lost revenue.

In a video posted to social media, Bolsonaro said the decree would
suspend both the so-called PIS/Cofins tax on diesel and taxes on
cooking gas for two months, according to Reuters.

"The decrees should be published early tomorrow to zero cooking gas
federal taxes and PIS/COFINS for diesel for 2 months," he said, the
report notes.

The president acknowledged the government would need to compensate
for the lost revenue in another way, without specifying how, the
report relays.

"We'll have to take it out of somewhere."

Two people with knowledge of the matter, who spoke on condition of
anonymity, said the government planned to raise a tax on banks' net
income to about 23% from 20% to make up for the lost revenue, the
report discloses.

Shares in Brazilian banks fell after the newspaper O Globo first
reported the shift in tax policy, the report relays.  The
government is also planning to end some tax exemptions for vehicles
and petrochemical products, the newspaper said, the report
discloses.

Bolsonaro had promised a reduction in diesel prices by cutting
federal taxes on the fuel, following threats that truckers would go
on strike, the report relays.  That would cost 3.6 billion reais
($640 million) this year, the report notes.

Bolsonaro's office directed questions on the possible banking tax
hike to the Economy Ministry, which did not reply to a request for
comment.

                           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.


METROVIARIA DO RIO: Moody's Withdraws Caa1/Caa1.br CFRs
-------------------------------------------------------
Moody's America Latina Ltda. has withdrawn the Caa1/Caa1.br
corporate family ratings of Concessao Metroviaria do Rio de Janeiro
S/A (MetroRio). Prior to the withdrawal, the outlook on the rating
was negative.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

The last rating action on MetroRio was taken on June 22, 2020 when
Moody's confirmed the company's Caa1 global scale rating and
downgraded the Caa1.br national scale rating, outlook negative.

MetroRio is an urban railway passenger transportation company,
which has the concession rights to operate Lines 1 and 2 of the
subway system in the City of Rio de Janeiro comprising an extension
of 42 km and 36 stations through January 2038. Since September
2016, MetroRio also operates and maintains Rio de Janeiro's subway
system's Line 4, which added 12.7 kilometers and 5 stations to its
operations. In the last twelve months ended September 30, 2020,
MetroRio reported net revenues (excluding construction revenues) of
BRL521 million and net loss of BRL171 million, as per Moody's
standard adjustments.




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C A Y M A N   I S L A N D S
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CAYMAN ISLANDS: Added to FATF Grey List
---------------------------------------
RJR News reports that the Financial Action Task Force (FATF) has
added the Cayman Islands to its grey list of countries whose
anti-money laundering (AML) practices are under increased
monitoring.

The global anti-money laundering standard setter blamed a lack of
fines and enforcement actions by Cayman's regulatory bodies for the
move, according to RJR News.

It comes two years after its regional body, the Caribbean Financial
Action Task Force, released a critical mutual evaluation report
that highlighted a range of shortcomings in Cayman's AML regime,
the report notes.




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E L   S A L V A D O R
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AES EL SALVADOR II: Moody's Completes Review, Retains B2 Rating
---------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of AES El Salvador Trust II bis and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on February 24, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

Key rating considerations

AES El Salvador Trust II bis (Trustco II) B2 rating reflects the
consolidated profile of the four electric distribution utilities
that collectively guarantee its US$310 million Notes due 2023.
These four utilities are Compania de Alumbrado Electrico de San
Salvador, S.A. de C.V. (CAESS); the 98.29%-owned subsidiary of
CAESS, Distribuidora Electrica de Usulutan, S.A. de C.V. (DEUSEM);
AES CLESA S. en C. de C.V. (CLESA); and Empresa Electrica de
Oriente, S.A. de C.V. ("EEO").

It also reflects Trustco II's dependence on the guarantors'
payments under a promissory note used to service the $310 million
Notes. The guarantors' credit quality factors in their strong
combined financials metrics for the credit category, the regulated
nature and relatively low business risk profile of their
operations, as well as Moody's opinion that the regulatory
framework is overall credit supportive. This view reflects the
credit constructive outcome of the 2018-2022 tariff review and also
considers that the guarantors face no foreign exchange risk
exposure and have a leading position in El Salvadorian electricity
distribution sector. Importantly, the credit also takes into
account the credit enhancements embedded in the Notes (limitation
to indebtedness and 6-month debt service reserve) and guarantors'
access to uncommitted bank credit facilities.

The credit also considers in the liquidity assessment that the
guarantors are entitled to receive interest income (approximately
$11 million) from two intercompany loans amounting to USD183.4
million made by CAESS, CLESA and EEO in connection with their
acquisition by AES and AES' historical track-record of reducing the
dividend pressure on its El Salvadorian subsidiaries amid the
country's financial and liquidity challenges.

The principal methodology used for this review was Regulated
Electric and Gas Utilities published in June 2017.




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J A M A I C A
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DIGICEL GROUP: Denis O'Brien Sells Media Business in Ireland
------------------------------------------------------------
RJR News reports that the Irish Times said that the Digicel owner
sold Communicorp to Bauer Media Audio representing Denis O'Brien's
exit from Irish media after 30 years.

Analysts say Mr. O'Brien may feel the time is right to exit the
business and focus on his other interests, notably his Digicel
mobile empire in the Caribbean and the Pacific Islands, according
to RJR News.

                         About Digicel Group

Digicel Group is a mobile phone network provider operating in 33
markets across the Caribbean, Central America, and Oceania regions.
The company is owned by the Irish billionaire Denis O'Brien, is
incorporated in Bermuda, and based in Jamaica.

As reported in the Troubled Company Reporter-Latin America in April
2020, Moody's Investors Service downgraded Digicel Group Limited's
probability of default rating to Caa3-PD from Caa2-PD. At the same
time, Moody's downgraded the senior secured rating of Digicel
International Finance Limited to Caa1 from B3. All other ratings
within the group remain unchanged. The outlook is negative.

On April 10, 2020, the TCR-LA reported that Fitch Ratings has
downgraded Digicel Limited to 'C' from 'CCC', and its outstanding
debt instruments, including the 2021 and 2023 notes to 'C'/'RR4'
from 'CCC'/'RR4'. Fitch has also downgraded Digicel International
Finance Limited to 'CCC+' from 'B-'/Negative, and its outstanding
debt instruments, including the 2024 notes and the 2025 credit
facility, to 'CCC+'/'RR4' from 'B-'/'RR4'. Fitch has removed the
Negative Rating Outlook from DIFL.




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T R I N I D A D   A N D   T O B A G O
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TRINIDAD & TOBAGO: Signs Loan Deal With IDB to Access US$24MM
-------------------------------------------------------------
Trinidad Express reports that Trinidad and Tobago signed a loan
agreement with the Inter-American Development Bank (IDB) to access
US$24.45 million ($166 million) for people most affected by the
Covid-19 crisis in Trinidad and Tobago.

The loan agreement was signed by acting Minister of Planning and
Development, Allyson West, on behalf of Trinidad and Tobago, and
IDB president Maurico Claver-Carone, according to Trinidad Express.
The agreement was discussed during a bilateral meeting between
West and Claver-Carone, the report notes.

Both the IDB and the Ministry of Planning and Development issued
news releases outlining the agreement, the report relays.

"This agreement will support minimum income for those affected by
the coronavirus in the immediate period and during the recovery.
The agreement does not see Trinidad and Tobago taking on additional
debt but instead redirects existing uncommitted loan resources to
new and urgent high-priority public investment areas that require
financing during this critical period," said West in the ministry's
release, the report discloses.

The money from the loan will help ensure that basic quality-of-life
standards for vulnerable people are maintained in the immediate
period and during the economic recovery of Trinidad and Tobago, the
report relays.

The program will finance two components:

(1) The expansion or additional/emergency cash transfers to
beneficiaries of three existing programmes delivered by the
Ministry of Social Development and Family Services (MSDFS): Food
Support Programme; Senior Citizen Pension; and Disability
Assistance Grant and

(2) the temporary expansion of the Food Support Programme for
households where a member of the household working in the informal
sector experienced a loss in income due to the Covid-19 crisis.

The IDB said the project is anticipated to benefit 25,101 existing
beneficiary households of the Food Support Programme in which women
are expected to represent about 60 per cent of the beneficiaries.

The report notes that the loan proceeds are also anticipated to
benefit:

-- 20,500 households with school-age children who received the
School Nutrition Programme prior to the Covid-19 emergency;

-- 2,000 low-income persons aged 65 and over;

-- 500 adults 18-65 years of age who are permanently disabled from
earning a livelihood; and

-- 39,233 households with persons who have suffered involuntary
termination, suspension, or loss of income in the informal sector.

Claver-Carone pledged to continue supporting Trinidad and Tobago's
development needs by working together on digitisation, assisting
small businesses affected by Covid-19, climate finance and
especially highlighted the role of women in the economy and the
need for breaking barriers to financing for women in business, the
report discloses.

Minister West agreed with Claver-Carone's remarks and further
emphasised the critical role that women play in supporting the
family unit in Trinidad and Tobago, pledging to work with the IDB
to further empower women, the report adds.




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U R U G U A Y
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NARANJAL/LITORAL URUGUAY: Moody's Completes Review
--------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Naranjal/Litoral Uruguay Issuer 2 and other ratings that
are associated with the same analytical unit. The review was
conducted through a portfolio review discussion held on February
22, 2021 in which Moody's reassessed the appropriateness of the
ratings in the context of the relevant principal methodology(ies),
recent developments, and a comparison of the financial and
operating profile to similarly rated peers. The review did not
involve a rating committee. Since January 1, 2019, Moody's practice
has been to issue a press release following each periodic review to
announce its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

Key rating considerations

Naranjal/Litoral Uruguay Issuer 2 Ba2 rating reflects the stability
and predictability of cash flows from a long-term fixed-price power
purchase agreement (PPA) with Administracion Nacional de Usinas y
Trasmisiones Electricas (UTE), Uruguay's government owned
electricity company.

The project creditworthiness is supported by the credit positive
features of the PPA such as no minimum production requirements,
curtailment provisions and well-defined termination payment
clauses. Nevertheless, given the close linkage between the
government and the offtaker, the rating is constrained by the
Government of Uruguay (Baa2). Moody's acknowledges in the rating
the plants' improved performance against 1H19 levels but remains
slightly below budget, after the culmination of a maintenance
recovery plan to address underperformance issues.

At the same time, Naranjal/Litoral Uruguay financial structure
holds typical project finance protections, but the rating is
limited by a relatively high leverage that results in credit
metrics that are consistent with lower rating categories. The
notching applied between the senior and subordinated debt ratings
incorporates the existence of a distribution test that could stop
payments of the subordinated debt should the SDSCR in any year be
below 1.20 times. While the existence of a twelve-month debt
service reserve account mitigates default risk, the two-notch
difference in the ratings between the senior and the subordinated
notes reflect this potential restriction on cash flows for the
subordinated debt.

The principal methodology used for this review was Power Generation
Projects Methodology published in July 2020.




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

LATAM: IDB Backs $3.5 Billion Multi-Year Program
------------------------------------------------
The Caribbean Governors of the Inter-American Development Bank
backed Build Forward, a $3.5 billion multi-year program to help
Caribbean countries sustainably recover while making technological
leaps that will bring about a transformational future.

The initiative includes a multi-donor facility to provide targeted
grant and concessional financing for smart and resilient projects.
The facility is expected to mobilize $1.5 billion in resources for
a series of activities that include advisory services, project
preparation and catalyzing private capital for investments in
resilient infrastructure, nature and disaster-risk based
solutions.

IDB management briefed Governors about Build Forward ahead of the
Annual Meeting of IDB Group, which will take place March 17-21 in
Barranquilla, Colombia, in a virtual format. Governors are the top
decision-makers at the IDB - the Caribbean's biggest provider of
development finance.

"We are thrilled to have donors join our Build Forward initiative,
which will prepare the people and places of the Caribbean for the
future we create together," said Therese Turner-Jones, the IDB
General Manager of the Department of the Caribbean Region. "Build
forward is focused on giving citizens of the Caribbean the
opportunity to thrive in the more digital future. It will provide
better infrastructure services for all citizens, creating jobs,
reducing poverty, and bringing much-needed advanced technology into
the region."

At the meeting, IDB President Mauricio Claver-Carone presented his
strategic vision for the Bank in the 2021-2025 period. Governors
were briefed on the human and infrastructure potential of the
Caribbean, and on the importance of reforming economic institutions
to ensure a sustainable foundation for growth.

Many Caribbean economies have been devastated by a tourism collapse
caused by Covid-19, as well as a series of natural disasters. A key
part of helping countries grow in ways that benefit all citizens is
overcoming large infrastructure investment deficits, estimated at 5
percent of GDP for Latin America and the Caribbean. The multi-donor
facility and other financing mechanisms will help governments
finance key resilient investments at a time of limited fiscal
space.

                              Build Forward

Besides the multi-donor facility, Build Forward will provide
advisory services and work with countries to implement national
investment plans, project banks and project prototypes. It will
create strategic options to ensure that all investment assets are
developed to maximise opportunities and minimize risks from climate
change over their life span.

It will provide advanced digital-based solutions in areas such as
schools and hospitals, grid systems, highways and more. Build
Forward will foster partnerships that link private sector investors
to smart resilient investments that will yield returns and solve a
development challenge.

Depending on the need or specific project, Build Forward will
dispatch experts in the field, provide training, supply equipment
and provide financial assistance.

Build Forward is also aiming to coordinate financing from multiple
donors, including those participating in the announcement before
the Governors. It will leverage partnerships with organisations
such as the Caribbean Climate Smart Accelerator (CCSA) which is
already supporting initiatives to build resilience in the region.

Build Forward will provide the requisite preparation countries need
to better withstand the effects of natural disasters. It will
facilitate a smoother recovery process with reduced expenses for
repairs and rebuilding after natural disasters. Overall, this
initiative will minimize related consequences as a direct result of
investing in smart and resilient solutions.

The IDB finances operations and provides technical assistance to
its six Caribbean member countries: Jamaica, The Bahamas, Barbados,
Trinidad and Tobago, Guyana and Suriname. It also makes funding
available through alliances to other Caribbean countries. Through
an ongoing agreement with Caribbean Development Bank, funding will
also be made available for nine countries grouped in the
Organization of Eastern Caribbean States.

                           About the IDB

The Inter-American Development Bank is devoted to improving lives.
Established in 1959, the IDB is a leading source of long-term
financing for economic, social and institutional development in
Latin America and the Caribbean. The IDB also conducts cutting-edge
research and provides policy advice, technical assistance and
training to public and private sector clients throughout the
region.



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

Troubled Company Reporter-Latin America is a daily newsletter
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.

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