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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

          Monday, March 8, 2021, Vol. 22, No. 42

                           Headlines



A R G E N T I N A

LAN ARGENTINA: Ceases Operations After 15 Years
PETROQUIMICA COMODORO: Fitch Alters Outlook on 'B-' IDRs to Stable


C A Y M A N   I S L A N D S

REVENTAZON FINANCE: Moody's Completes Review, Retains B1 Rating


C H I L E

COCHRANE SPA: Moody's Completes Review, Retains Ba1 Rating


C O S T A   R I C A

INSTITUTO COSTARRICENSE: Moody's Completes Review


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Time to Revise the Labor Code
DOMINICAN REPUBLIC: Zero Red Tape in Dominican Tourism


P E R U

FENIX POWER: Moody's Completes Review, Retains Ba1 Rating
HUNT OIL: Moody's Affirms Ba2 CFR & Alters Outlook to Stable


P U E R T O   R I C O

DESTILERIA NACIONAL: Court Denies Objection to CRIM's Claim Two


T R I N I D A D   A N D   T O B A G O

CARIBBEAN AIRLINES: Cargo and exporTT Partner to Boost Exports


X X X X X X X X

[*] BOND PRICING: For the Week March 1 to March 5, 2021

                           - - - - -


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A R G E N T I N A
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LAN ARGENTINA: Ceases Operations After 15 Years
-----------------------------------------------
Daniel Martinez Garbuno at simpleflying.com reports that LATAM is
officially closing down its Argentinian branch, LAN Argentina,
after 15 years of operations.  The carrier hasn't been flying since
June 17, 2020.  However, ongoing negotiations were taking place
with its employees regarding a voluntary scheme of early
retirement, according to simpleflying.com.  But now, that's also
over.

The unfortunate news of LAN Argentina ceasing operations is not
surprising. The airline had already stopped flying last year due to
the uncertainty of the Argentinian landscape, according to
simpleflying.com.

The Argentinian government kept one of the most rigid travel
restrictions globally, leaving the Argentinian airline industry
struggling, with a 99% decline in passengers for half of the year,
the report notes.  By December, it had recovered just 10% of its
previous passenger traffic numbers, the report relays.

In the meantime, LATAM Airlines Group filed for a Chapter 11
bankruptcy in May, the report says.  The conglomerate included
every airline branch it had in the process, except for two: LATAM
Paraguay and LAN Argentina, the report discloses.

Shortly after, LATAM announced that LAN Argentina would be put on
hold indefinitely. Now that's becoming permanent, the report
relates.  In a statement seen by Simple Flying, LAN Argentina
said,

"The impact generated by the COVID-19 pandemic on the Argentinian
branch, and the impossibility to create multiple necessary
agreements to face the current situation led to an extremely
complex scenario where it wasn't possible to create a viable and
sustainable project."

Therefore, LAN Argentina is stopping its operations after 15 years
in the country.

                  What Does LAN Leave Behind?

Before the pandemic, LAN operated 12 domestic destinations across
Argentina, the report notes.  Moreover, it connected Buenos Aires
with several cities abroad, including Sao Paulo, Santiago de Chile,
and Lima, the report relays.

In 2019, LAN Argentina transported 3.1 million passengers,
according to the airline, the report recalls.  Additionally, it
carried over 500 tons of goods each week.

Fortunately for Argentina's international connectivity, LAN's exit
doesn't mean LATAM's entire withdrawal, the report relays.  The
airline will continue connecting with four international cities
from Buenos Aires, the report notes.

Currently, it is only flying to Santiago, Sao Paulo, and Lima from
Buenos Aires.  To Brazil, it is serving five weekly flights, to
Chile, 13 weekly flights, and Lima, 14 weekly flights, the report
notes.

During the past few months, LAN Argentina negotiated exit deals
with its employees, the report discloses.  The airline signed 1,500
individual early retirement agreements and ended its relationship
with all the Unions, the report says.

Plus, LAN Argentina has also returned its airport offices and
concluded its providers' relationships.

Therefore, LAN Argentina has only one remaining task: reimburse its
customers all the domestic flights that won't be operated, the
report relays.

               What Does This Mean for Argentina?

The Argentinian aviation industry will suffer the most derived from
LAN Argentina's exit, the report discloses.  The country was
already under a semi-monopoly by Aerolineas Argentinas.  Before the
pandemic, the State carrier held more than 65% of the domestic
market share. Its only real competitor was LAN Argentina, the
report relays.

Now, LAN is gone, and the Argentinian government is pouring money
into Aerolineas to keep it afloat, the report notes.  Meanwhile,
the low-cost carriers operating in the country, Flybondi and
JetSmart, are years away from being real competitors, the report
says.

The Argentinian newspaper, La Nacion, summarized the issues that
now the industry is facing: "We are seeing the disastrous effects
of a government that is judge and party in the air market, creating
abuses and risks on private investors," the report adds.


PETROQUIMICA COMODORO: Fitch Alters Outlook on 'B-' IDRs to Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Petroquimica Comodoro Rivadavia S.A.'s
(PCR) Long-Term Foreign and Local Currency Issuer Default Ratings
(IDRs) at 'B-'. The Rating Outlook has been revised to Stable from
Negative.

PCR's 'B-' Long-Term Foreign Currency IDR is rated at the country
ceiling of Ecuador (B-) as cash flow from its Colombian and
Ecuadorian operations cover its hard-currency consolidated interest
expense. The Outlook revision reflects that of Ecuador, which is
Stable. Fitch expects PCR's ex-Argentine EBITDA to cover
hard-currency consolidated interest expense over the rated
horizon.

PCR's Local Currency IDR reflects the issuer's small oil and gas
production size and reserve concentration, small cement business
concentrated in the Patagonia region of Argentina and exposure to
the Argentine electricity industry's regulatory risk. Fitch
considers the company and its industry peers as having heightened
counterparty risk with Compania Administradora del Mercado
Mayorista Electrico (CAMMESA) as the main off-takers, given CAMMESA
is highly dependent on the Argentine government subsidies in order
to fulfil its obligations, but this risk is slightly mitigated
under the RenovAR program with the presence of the FODER trust
fund, which is prefunded, and is designed to be a payment guarantee
to cover, ongoing power purchase agreement (PPA) payments and
termination payment obligation arising from the rights of IPP to
sell their project to the FODER in specific macroeconomic or sector
risk occur.

KEY RATING DRIVERS

Applicable Country-Ceiling: PCR's FC IDR is rated at the
country-ceiling of Ecuador (B-) as cash flow from its Colombian and
Ecuadorian operations cover its hard-currency consolidated interest
expense. Fitch estimates PCR's hard-currency consolidated interest
expense is $35 million per annum, and its Colombia EBITDA is $11
million and Ecuadorian EBITDA is $25 million. Collectively, they
cover hard-currency interest expense. In the event that cash flow
from both operations does not cover hard-currency interest expense,
the applicable country ceiling will be that of Argentina, and the
company's FC IDR will be revised in the event it is below its
current level of 'B-'.

Leverage Profile: Fitch estimates PCR's leverage increased to 2.9x
in 2020 from 2.4x in 2019, explained by the decrease in oil
production and lower Brent prices. Fitch expects the company will
maintain stable gross leverage, defined as total debt to EBITDA, of
an average of below 2.0x over the rated horizon. The decrease in
leverage is due to improved EBITDA generated supported by higher
Brent prices and predictable renewable energy EBITDA coupled with a
manageable amortization schedule. Fitch assumes PCR's consolidated
debt will be $395 million per annum through the rated horizon.
Fitch estimates PCR's total debt to proved (1P) reserves will
average $10.14 boe.

Small Production Profile: PCR's ratings reflect its small and
concentrated production profile, which is consistent the 'B' rating
category. Although the company has exploration and production
interest in 10 blocks in Argentina (five), Ecuador (four) and
Colombia (one), its asset base as well as all of the company's 1P
reserves and production is concentrated in Argentina (70%), Ecuador
(25%) and Colombia (5%). This limited diversification exposes the
company to operational and macroeconomic risks associated with
small-scale oil and gas production. Fitch expects the company's
working interest production to be on average 17,000 boe per day
(boed) from 2021-2024, a downward adjustment from previous years in
response to a declining and volatile pricing environment.

Hydrocarbon Reserves: The company reported a 25% decrease in 1P
reserves to 38.4mmboe from 51.5mmboe in 2019. Fitch expects the
company will maintain its 6.1 years 1P reserve life by maintaining
production at 17,000 boe/d. Further, the company's total debt to 1P
increased by 11% to USD10.14/bbl in 2020 from USD9.13/bbl in 2019.
The company has strong concession life with the earliest material
concession expiring in 2026. This concession, El Medanito,
currently accounts for approximately 60% of production. Other
concessions have longer expiration dates.

Expansion into Renewables: Fitch believes PCR has successfully
constructed and completed 329MW of wind capacity ahead of schedule.
The company operates its 125MW Bicentenario (PEBSA I & II) project
ahead of the commercial operations date (COD) of 1Q19, for an
estimated USD147 million, or USD1.2 million per MW, which is
slightly below the industry average range of USD1.2 million-USD1.5
million per MW. PCR financed the expansion with a USD108 million,
project finance loan (70% of the cost). PCR completed its expansion
with the construction of an additional 200MW of wind farm projects
(El Mataco and San Jorge) for an estimated USD250 million. The
company has closed USD185 million of the USD250 million medium-term
loans and local bonds.

Heightened Counterparty Exposure: PCR depends on payments from
CAMMESA, which acts as an agent on behalf of an association
representing agents of electricity generators, transmission,
distribution and large consumers or the wholesale market
participants (Mercado Electrico Mayorista; MEM).

CAMMESA's payment delays to the electricity sector have risen from
50 days at the beginning of 2019 to over 70 days currently. This
risk is slightly mitigated in the RenovAR program with the presence
of the FODER trust fund, which is prefunded with one year of
revenue. Payment days for the FODER are 42 days, resulting in a
consolidated payment lag for PCR of approximately 54 days. The
company estimates $21 million of its EBITDA from renewables is
backed by a World Bank guarantee.

DERIVATION SUMMARY

PCR is a small oil and gas producer with operation in Argentina,
Ecuador and Colombia. Argentina represents 63% of 2020 production
while Ecuador contributed 33% and Colombia 4%. Production is
expected to remain flat to an average of 17,000 boe/d through 2024,
which is comparable with its 'B' rated peers, GeoPark Ltd
(B+/Stable), Frontera Energy (B/Stable), Gran Tierra Energy (CCC)
and Compania General de Combustibles (CGC; CCC). Over the rated
horizon, PCR will have the smallest production profile amongst
rated peers in Latin America. Fitch estimates, Geopark will reach
nearly 45,000 boed by 2020-21, Gran Tierra around 32,000boed, CGC
with below 40,000boed, and Frontera Energy 45,000 boed. Further,
PCR's reported 38.4 million boe of 1P reserves at the end of 2019
equating to a reserve life of 6.1 years is lower than line GeoPark
at 7.6 years and Frontera Energy's 7.0 years, but higher than Gran
Tierra's 5.0 years and CGC's 5.0 years.

PCR's cement segment is small and geographically focused and does
not compare well to some of its peers in the region. PCR has a
capacity of producing 750,000 tons per year compared with Cementos
Pacasmayo (BBB-/Negative) with capacity: 4.9 million metric tons a
year, Cementos Progreso (WD) with 5.0 million metric tons, and
Cementos de Chihuahua (BBB-/Stable) with 5.1 million metric tons.
PCR's cement business is focused in the Patagonia region and has a
strong market share due to its geographic location and production
efficiencies caused by the lower freight and energy costs. PCR's
cement margins historically have averaged 14% from 2014 through
2019, which is less than its peer's median of approximately 30%.

PCR's gross leverage is expected to increase to 2.9x in 2020,
explained by lower EBITDA in its upstream business due to brent
prices and the increase indebtedness to finance its wind farm
projects. PCR's gross leverage compares favorably with oil and gas
peer CGC (2.2x), Geopark (3.3x) and Frontera (2.3x), but it is
lower than Gran Tierra (7.8x). Unlike its oil and gas peers, PCR
does have a more diversified business model with its cement segment
and the entry into renewable energy sector, so once its wind farms
are fully in operation, the company's power business compares to
Pampa Energia (CCC), MSU Energy (CCC), Capex S.A. (CCC) and Genneia
(CCC). Similar to PCR, Pampa Energia and Capex both have oil and
gas and energy business segments, taking into consideration that
Capex is a closer peer by scale compared with the much larger Pampa
Energia.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:

-- Fitch's EOP and Average FX Rate for Colombian pesos and
    Argentine pesos to U.S. dollars;

-- Average working interest production to be 17,000 boed in from
    2020 until 2024;

-- Fitch's revised price deck for Brent per barrel (bbl) flat for
    2020 through 2023;

-- Cement sales growth linked to Fitch's real GDP growth of
    Argentina;

-- Capex between 2021-2024 of USD120 million with an average
    annual capex of USD30 million;

-- Average dividends of USD6 million paid each year from 2020
    through 2023;

-- Installed Capacity of 329 MW in operations at 98% availability
    and 55% capacity factor at a monomic price of $44MWh;

-- CAMMESA/FODER pay on time.

RATING SENSITIVITIES

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

-- Diversification of operations outside of Argentina and Ecuador
    with cash flows from Colombia covering 12 months of hard
    currency debt service;

-- Net production rising consistently to 30,000 boed on a
    sustained basis while maintaining a total debt to 1P reserves
    of $8bbl or below;

-- Reserve life is unaffected as a result of production increase
    at approximately seven years;

-- Sustained conservative capital structure and investment
    discipline.

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

-- Downgrade of the country ceiling of Ecuador and/or Argentina;

-- Sustainable production size decreased to below 15,000 boed;

-- Reserve life decreased to below six years on a sustained
    basis;

-- Material delay in CAMMESA/FODER payments that materially
    affect working capital;

-- A significant deterioration of credit metrics to total
    debt/EBITDA of 5.5x or more.

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: As of 3Q20, PCR reported a cash balance of
USD70 million, which covers two years of interest expense. Fitch
believes with a strong cash balance and cash flow from operations,
the company will adequately cover its interest expense and upcoming
maturities. PCR successfully completed the friendly exchange of its
hard-currency local notes in compliance with the Central Bank of
Argentina's capital controls. Fitch believes the company maturity
profile is manageable and the company has roughly $46 million of
committed credit lines with local banks in the event it needs
additional liquidity.

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.




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C A Y M A N   I S L A N D S
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REVENTAZON FINANCE: Moody's Completes Review, Retains B1 Rating
---------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Reventazon Finance Trust 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

The creditworthiness of Reventazon Finance Trust ("Reventazon", B1)
reflects the credit profile of Instituto Costarricense de
Electricidad ("ICE", B1), as the project is highly dependent on
ICE's financial performance given the obligations that it has
assumed under the contractual arrangements. In addition, ICE is
required to pay any shortfall of funds to service the debt,
including any accelerated debt service following a termination
event of the key contractual arrangements.

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




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C H I L E
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COCHRANE SPA: Moody's Completes Review, Retains Ba1 Rating
----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Empresa Electrica Cochrane SpA 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

Empresa Electrica Cochrane Spa's (Cochrane) Ba1 rating reflects the
coal-fired facility satisfactory operating performance, its fully
contracted operations under availability-based power purchase
agreements (PPAs). Cochrane´s senior secured notes are fully
amortizing well before the scheduled expiration of any of its PPAs.
The rating also considers the expectation that Cochrane will
further report a debt service coverage ratio of 1.4x.

The rating is tempered by our mixed views regarding the credit
quality of Cochrane's mining off-takers. Its counterparties are:
SQM (Baa1; 110MW) as well as Sierra Gorda SCM (SG; unrated; 251MW)
and Quebrada Blanca S.A. expansion (QB2; unrated, 122MW). The
shareholders of SG and QB2 guarantee their contractual obligations
until the mines achieve certain financial and operational
performance levels. The release could occur in 2021-2023, that is
well before the notes maturity in 2027. KGHM International Ltd
(unrated, a wholly-owned subsidiary of the Polish state-owned
company LGHM Polska Miedz S.A. (unrated) and Teck Resources Limited
(Baa3) hold majority interest in SG and QB2, respectively, while
Sumitomo Metal Mining (SMM; unrated) and its parent company
Sumitomo Corporation (Baa1) hold minority interest in SG (45%) and
QB2 (34%). We acknowledge the strategic importance of these mining
projects but the uncertainty around the credit quality of their
payments upon release of their shareholders' guarantees tempers the
rating.

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




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C O S T A   R I C A
===================

INSTITUTO COSTARRICENSE: Moody's Completes Review
-------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Instituto Costarricense de Electricidad (ICE) 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

The B1 rating assigned to Instituto Costarricense de Electricidad
(ICE) reflects the application of our joint default analysis (JDA)
for government related issuers (GRI). The Baseline Credit
Assessment of b1, a representation of the group's intrinsic
creditworthiness, captures its key role as an autonomous government
entity established to develop infrastructure and provide
electricity and telecommunication services in Costa Rica. ICE holds
a dominant position as the largest vertically integrated utility in
the country, although its BCA is tempered by the modest size of the
ICE's operations and service territory compared to its global
peers. The B1 rating considers a "high" default dependence with the
Government of Costa Rica and Moody's opinion of a "high-level"
probability of extraordinary support from the government in the
case of financial distress.

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




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

DOMINICAN REPUBLIC: Time to Revise the Labor Code
-------------------------------------------------
Dominican Today reports that the Ministry of Labor will convene in
the coming days labor sector and management to a formal meeting to
establish an agreed agenda leading to a revision of the Dominican
Labor Code.

Labor Minister Luis Miguel de Camps said the Labor Code has been
successful, but that it requires a review, according to Dominican
Today.

"In January of this year, the Ministry of Labor convened the labor
sector and the employers to jointly build a work agenda, where we
asked them what are the main challenges they want to address and in
those meetings they expressed their positions to us," the report
relays.

                      About Dominican Republic

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

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

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

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

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

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


DOMINICAN REPUBLIC: Zero Red Tape in Dominican Tourism
------------------------------------------------------
Dominican Today reports that President Luis Abinader presented
together with Tourism Minister David Collado the institution's new
digital platform with which the services it offers will be made
more efficient for citizens.

OneMITUR, as the platform is called, will be focused on simplifying
the processes of processing permits, licenses, hotel occupancy
reports, among other services, guaranteeing transparency in the
actions carried out by the ministry in all sectors, according to
Dominican Today.

"Those who know me know that this has been a vision for a long
time, whose purpose is to promote the efficiency of the public
administration through clear, transparent regulatory frameworks
that allow the simplification of procedures and services and the
improvement of the quality of the regulations," Abinader said at
the launch ceremony, the report notes.

                            Red tape

Collado announced that he has issued resolutions to eliminate
documents in the license application processes, as part of the
"Zero Bureaucracy" strategy, the report adds.

                      About Dominican Republic

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

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

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

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

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

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




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P E R U
=======

FENIX POWER: Moody's Completes Review, Retains Ba1 Rating
---------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Fenix Power Peru S.A. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on February 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

Fenix Power Peru S.A.'s Ba1 rating reflects a combination of its
standalone credit profile and credit uplift from potential parental
support by its controlling shareholder, Colbun S.A. (Baa2). It
standalone credit profile considers a moderately contracted
capacity with creditworthy counterparties and a good liquidity
position, which mitigates low debt service coverage ratios in the
next three years. The standalone view also considers the company's
performance deterioration since 2018 as a reflection of lower
energy demand and depressed spot power prices in Peru.

The Ba1 rating factors in a two-notch uplift from its standalone
credit profile to reflect the support provided by Colbun S.A.
(Baa2), which relies on structural linkages due to nonautomatic
early amortization clauses embedded in Colbun's notes, the
strategic importance of the asset to the parent company and a cash
support agreement added to Fenix's debt structure in April 2019.

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


HUNT OIL: Moody's Affirms Ba2 CFR & Alters Outlook to Stable
------------------------------------------------------------
Moody's Investors Service affirmed Hunt Oil Co. of Peru L.L.C.,
Suc. Del Peru's ("Hunt Peru") Ba2 corporate family rating and
senior unsecured rating and changed the ratings outlook to stable
from negative.

Affirmations:

Issuer: Hunt Oil Co. of Peru L.L.C., Suc. Del Peru

Corporate Family Rating, Affirmed Ba2

Senior Unsecured Regular Bond/Debenture, Affirmed Ba2

Outlook Actions:

Issuer: Hunt Oil Co. of Peru L.L.C., Suc. Del Peru

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

The change in Hunt Peru's outlook to stable from negative reflects
the solid revenue and cash flow recovery from the impact of the
COVID-19 outbreak in 2020. Moody's expects that the company's
operational and financial metrics will correspond to those of a
Ba2-rated Exploration and Production company over the next 12-18
months.

The Ba2 corporate family rating on Hunt Peru considers the
company's small production size; asset concentration in only two
gas blocks; operating dependence on only two pipelines, owned by
Transportadora de Gas del Peru (TGP) (Baa1 stable); no operating
control over the gas blocks; vulnerability to commodities prices;
high dividend payout rate and Moody' expectation of continued
volatile natural gas and natural gas liquids prices.

On the other hand, Hunt Peru's ratings are supported by the
company's large proved gas reserves, equivalent to about 18 years
of life based on 2020 production; a solid asset base in the
world-class, prolific Camisea gas fields; low volume risk given
solid demand both in the local and international markets; the
strategic importance of the Camisea fields to the Government of
Peru (A3 stable); and the company's experienced management team.

Moody's considers the debt agreement's provisions in Hunt Peru's
unsecured notes, that help ring-fence Hunt Peru from its parent, to
be beneficial to its credit profile since the notes represent 100%
of the company's debt.

Hunt Peru has good liquidity. Cash in the amount of about $57
million in December 2020 plus around $260 million in cash from
operations through mid-2022, as expected by Moody's, will fund $75
million in debt amortization, $40 million in capital spending, plus
$200 million in shareholders distributions in the period. Hunt Peru
also counts on a $30 million three-year committed revolving credit
facility that matures in May 2021 and Moody's believes the company
will renew shortly. Hunt Peru will start to amortize its senior
unsecured notes in late 2021 (about $50 million annually).

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

Hunt Peru's Ba2 ratings are constrained by the high dividend payout
to its parent company. A significant debt reduction on a sustained
basis, without affecting its operating performance, could trigger a
positive rating action on Hunt Peru's ratings. The credit profile
of Hunt Peru's parent company, Hunt Oil Company, would be relevant
information for Moody's to consider a positive action on Hunt
Peru's rating.

Hunt Peru's Ba2 ratings could be downgraded if it faces extended
operational disruptions or if its production declines
significantly. An interest coverage ratio, as measured by
EBITDA/interest expense, below 5 times could also trigger a
negative rating action.

The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.

Hunt Peru is a wholly-owned, indirect subsidiary of Hunt Oil
Company, a large privately-owned hydrocarbon company in the United
States. Hunt Peru is one of the leading exploration and production
companies in Peru, with a focus on the exploitation of hydrocarbons
and related activities, such as the purchase, sale, processing and
fractionation of hydrocarbons, mostly natural gas. In 2020 it
posted $490 million in revenues and $769 million in total assets.



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

DESTILERIA NACIONAL: Court Denies Objection to CRIM's Claim Two
---------------------------------------------------------------
Judge Enrique S. Lamoutte of the United States Bankruptcy Court for
the District of Puerto Rico denied Destileria Nacional Inc.'s
Objection to Amended Claim Two filed by the Municipal Revenue
Collection Center and for Allowance of Such as Administrative
Expense.

The Debtor filed its Objection to Amended Claim Two filed by the
Municipal Revenue Collection Center and for Allowance of Such as
Administrative Expense on February 5, 2021.  The Debtor alleged
that CRIM amended its claim to include the amount of $29,960.78, of
which $22,371.82 was claimed as a priority under 11 U.S.C. Section
507(a)(8), and $7,588.96 was claimed as general unsecured for
penalties and surcharges.  The Debtor argued that pursuant to the
Account Statement filed in support of the Amended Claim No. 2,
"such claim is for a tax due post-petition, on August 7, 2020."
The Debtor alleged that the taxes claimed by CRIM were incurred by
the debtor-in-possession and are an administrative expense of the
Debtor. The Debtor argued further that such claim was not a right
of payment against the Debtor that arose before the order for
relief, and thus, is not a claim as defined by Section 101(5) and
CRIM is not a "creditor" as defined by section 101(10).

CRIM argued that the taxes included in Amended Claim 2 are personal
property taxes pursuant to a tax return filed by the Debtor on
December 2020, for the taxes corresponding to year 2019. CRIM said
that although it might seem that claim 2-2 is administrative due to
the Debtor's late filing of its personal property tax returns, it
is not, considering that personal property taxes accumulate during
the calendar year. CRIM added that the claim is split in two
portions: $22,371.82 classified as priority under 11 U.S.C. Section
507(8)(B) and $7,588.96 classified as general unsecured.

The Debtor conceded that the "$29,960.78 portion of Claim No. 2-2
is a priority pursuant to 11.U.S.C. Section 507(a)(8)(B), 502(d)
and 502(i)."  The Court noted that the priority portion is in the
amount of $22,371.82 and not $29,960.78, which is the total amount
owed.  The Court agreed that a property tax liability is generally
"incurred on the date it accrues, not on the date of the assessment
or the date on which it is payable."  The Court held that "taxes
incurred prepetition but assessed postpetition are a priority but
not an administrative expense... Only liabilities incurred
postpetition may be allowed as an administrative expense."

The Debtor argued that the amount of $7,588.96 claimed for
penalties and surcharges is not general unsecured, but an
administrative expense pursuant to 11 U.S.C. Section
503(b)(1)(B)(ii) and (C).  The Debtor said that, as clarified by
CRIM, by August 2020 the Debtor had to file the tax form for the
pre-petition tax year 2019.  The Debtor said further that failure
to do so triggered surcharges and penalties.  The Debtor contended
that all surcharges and penalties are within the scope of Section
503(b)(1)(B).

The Court noted that Section 503(b)(1)(B)(ii) is inapplicable as
the taxes included by CRIM in Amended Claim 2-2 are not related to
"an excessive allowance of a tentative carryback adjustment".  The
Court added that the penalties referred to in section 503(b)(1)(C)
are those associated to taxes specified in subparagraph (B), which
the Debtor conceded was inapplicable.  The Court explained that
Section 507(a)(8) is also relevant to the dischargeability
provisions of section 523 but not to the determination of an
administrative expense under section 503.

"For the reasons stated herein, the court finds that the Debtor has
failed to provide any legal support to its allegation that a
portion of the CRIM's claim is administrative and, therefore,
denies its objection to Amended Claim 2-2.  Although the Debtor
appears to argue that CRIM's claim should be awarded a higher
priority of payment status as an administrative expense, the
underlying reason for such action is to remove its classification
as a partial unsecured creditor, and adversely affect the
acceptance of the competing plan submitted by Miramar Brewing LLC,"
held Judge Lamoutte.

The case is IN RE: DESTILERIA NACIONAL INC., Chapter 11, Debtor,
Case No. 20-01247 (ESL) (Bankr. D.P.R.).  A full-text copy of the
Opinion and Order, dated February 25, 2021, is available at
https://tinyurl.com/7updksru from Leagle.com.

                    About Destileria Nacional

Destileria Nacional, Inc., a beer manufacturer headquartered in
Guaynabo, P.R., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 20-01247) on March 6,
2020.

At the time of the filing, the Debtor estimated assets of between
$100,001 and $500,000 and liabilities of between $500,001 and $1
million.  Judge Enrique S. Lamoutte Inclan oversees the case.  The
Debtor hired Isabel Fullana-Fraticelli & Asoc. PSC as its legal
counsel.




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

CARIBBEAN AIRLINES: Cargo and exporTT Partner to Boost Exports
--------------------------------------------------------------
RJR News reports that Caribbean Airlines Cargo and exporTT have
formed a strategic alliance to better connect businesses to
regional and international markets.

Caribbean Airlines said the areas of focus for the partnership will
be information sharing, incentives and joint export promotions,
according to RJR News.

Through the alliance, first-time exporters from Trinidad and Tobago
will benefit from discounts of five to ten per cent off freight to
and from destinations served directly by Caribbean Airlines Cargo,
the report notes.

Additionally, discounts of five per cent off freight will be
offered to all exporters on the shipment of samples to these
destinations, the report adds.

                      About Caribbean Airlines

Caribbean Airlines Limited - http://www.caribbean-airlines.com/-  

provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty free
store in Trinidad.  Caribbean Airlines Limited was founded in 2006
and is based in Piarco, Trinidad and Tobago.

Caribbean Airlines is among many airlines whose business has been
greatly affected in 2020 by the slowdown of international travel
caused by the COVID-19 pandemic.  The government of Trinidad &
Tobago guaranteed a US$65 million loan for the airline, and that
funding has helped with the airlines' cash flow shortfall since May
2020.  In September 2020, the airline related it will be taking
cost-cutting measures to help keep it afloat.  The measures, which
was to affect some 1,700 employees, included salary deductions,
no-pay leaves and lay-offs.




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

[*] BOND PRICING: For the Week March 1 to March 5, 2021
-------------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
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
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
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 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
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.
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Chapman, Editors.

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

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