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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

          Tuesday, March 9, 2021, Vol. 22, No. 43

                           Headlines



A R G E N T I N A

MASTELLONE HERMANOS: Fitch Cuts LongTerm IDRs to 'CC'
PROVINCE OF SALTA: Fitch Raises LongTerm IDRs to 'CC'


B R A Z I L

COSAN SA: S&P Affirms 'BB-' ICR on Corporate Overhaul


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Fitch Affirms BB- Foreign Curr IDR, Outlook Neg
DOMINICAN REPUBLIC: Government Leaves Fuel Prices Unchanged
DOMINICAN REPUBLIC: Public Uneased by Continued Hike in Food Prices


J A M A I C A

CARIBBEAN CEMENT: Sees Increase in Profit


M E X I C O

CRABI SA: A.M. Best Assigns B(Fair) Financial Strength Rating


P A R A G U A Y

PARAGUAY: Covid-19 Epidemic Halted Economy Recovery, IMF Says


P E R U

INRETAIL PHARMA: Moody's Hikes CFR to Ba1, Outlook Stable


P U E R T O   R I C O

ASCENA RETAIL: Judge Confirms Amended Joint Chapter 11 Plan


T R I N I D A D   A N D   T O B A G O

NATIONAL GAS: Incurs $316 Million Loss for 1H 2020

                           - - - - -


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A R G E N T I N A
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MASTELLONE HERMANOS: Fitch Cuts LongTerm IDRs to 'CC'
-----------------------------------------------------
Fitch Ratings downgraded Mastellone Hermanos Sociedad Anonima's
Long-Term Local and Foreign Currency Issuer Default Ratings (IDRs)
to 'CC' from 'CCC+' and its senior unsecured notes at 'CC'/'RR4'
from 'CCC+/RR4'.

The ratings downgrade reflects Mastellone's elevated refinancing
risk following the extension of existing capital controls by the
Central Bank of Argentina (BCRA). The 'CC' indicates that Fitch
expects Mastellone to implement a distressed debt exchange (DDE) to
extend the maturity of its USD200 million bond that matures in
July.

Should Mastellone launch a tender offer in line with Fitch's DDE
criteria, Mastellone ratings would be lowered to 'C' and once a
tender offer is successfully completed, the IDR will be downgraded
to Restricted Default (RD). Subsequently, Fitch would re-rate
Mastellone's IDRs to a level that is consistent with the company's
post-exchange capital structure and risk profile, which would
likely be within a low speculative rating range given the company's
exposure to Argentina.

KEY RATING DRIVERS

Argentine Capital Controls Extension: The BCRA announced on Feb.
25, 2021 the extension of capital controls (A7230) extending the
60/40 rule through the end of 2021 for hard-currency debt, which
requires that 60% of the outstanding principal must be refinanced
and extended by at least two years in order for the issuer to
access the official FX market (MULC), to repay 40% of the
outstanding principal. Fitch believes the extension of the capital
controls pressures Argentine corporates including Mastellone to
conduct exchanges, some of which Fitch has deemed DDEs.

Elevated Refinancing Risk: Mastellone faces high refinancing risk
as its USD200 million senior unsecured notes is due on July 3,
2021. The company paid its semi-annual coupon (12.625% or about
USD12.6 million) in December 2020. Fitch expects Mastellone to
enter into a DDE transaction over the coming months, as cash on
hand and local access to the bond market will not be sufficient to
repay the 40% of the bond that is allowed to be paid in USD. Fitch
expects cash on hand to be about USD20 million at the end of 2020.

Manageable Leverage: Fitch expects Mastellone's debt/EBITDA ratio
to increase to about 3.8x (3.3x in US dollar) in 2020, from 2.5x in
2019, due to a decline in EBITDA to a projected level of about
USD60 million in 2020 from USD102 million during 2019. The
operating environment in Argentina remains challenging due to
depressed economic conditions. During 9M20, Mastellone's Argentina
retail sales increased by 42% year-on-year thanks to an increase in
net average prices in ARS as the company attempted to offset
inflation. In 2021, Fitch expects EBITDA to be about USD65 million
to USD70 million as the company continues to raise prices to offset
cost inflation.

Geographic Concentration: Mastellone generates almost all of its
sales in Argentina (CCC), and is exposed to hyperinflation and
other direct and indirect sovereign-related risks, including
currency depreciation. The company generated about 8% of sales in
Brazil (BB-/Negative) and Paraguay (BB+/Stable) and 11% from
exports during the first nine months of 2020.

Exposure to Currency Risk: Mastellone's debt is U.S.
dollar-denominated, which creates currency risk, as its sales are
mainly in Argentine pesos. The company has not entered into any
agreements to hedge exposure to depreciation risk, as Mastellone
has historically been able to increase prices to offset high
inflation in Argentina. The decline in BCRA reserves to critical
levels is a major near-term policy challenge, and it is unclear how
the authorities will address this given political sensitivities and
adverse macroeconomic consequences associated with various policy
options.

Volatility of Raw Milk Production: Mastellone's business is divided
among sales to Argentine, Brazilian and Paraguayan domestic markets
and exports and excess raw milk supply is exported. A shortage of
raw milk production could interrupt the company's export and
foreign businesses or increase production costs.

Strong Business Position: Mastellone is the largest dairy company
and the leading processor of dairy products in Argentina.
Mastellone is leading provider of fluid milk with a market share of
approximately 63%. The company maintains the No. 1 or No. 2 market
position in most of its product lines. Strong market shares allow
Mastellone to benefit from economies of scale in production,
marketing and distribution. The company purchases about 13% of all
raw milk in Argentina, which provides it with a degree of
negotiating power.

Arcor and Bagley Call Option: Arcor S.A.I.C. and Bagley Argentina,
S.A. together own about 49% of Mastellone's shares. Arcor has a
call option for outstanding corporate stock of Mastellone that
started in 2020. Fitch sees Mastellone as strategic for Arcor in
the long term.

DERIVATION SUMMARY

Mastellone is Argentina's largest dairy company and leading
processor of dairy products. The company's 'CC' rating reflects
high refinancing risk and the concentration of the company's
operations in Argentina. Argentina's 'CCC' rating reflects the
country's high inflation, economic volatility and weak
international reserves.

Mastellone has a weaker position in scale, product diversification,
profitability and geographic diversification compared with
international peers such as Fonterra Co-operative Group Limited
(A/Stable), Nestle SA (A+/Stable), Sigma Alimentos, S.A. de C.V.
(BBB/Stable) and Arcor (B/Stable) in Argentina. Mastellone's gross
leverage is expected to reach toward 3.3x (in US dollar) in 2020.

KEY ASSUMPTIONS

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

-- Revenues grow, driven by domestic high double-digit price
    increases;

-- EBITDA of about USD65 million to USD70 million in 2021;

-- Debt/EBITDA of 3.6x by 2021 (about 3x in US dollar).

Recovery Analysis Worksheet

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Mastellone would be reorganized
as a going-concern in bankruptcy rather than liquidated. Fitch has
assumed a 10% administrative claim. Mastellone's GC EBITDA would
reach ARS2.9 billion. This figure is at 40% below the company's LTM
EBITDA of ARS4.8 billion, and takes into consideration factors such
as climatic events, changes in raw material costs, sourcing and
logistic issues, potential strikes or a shutdown of exports
markets. Fitch uses a multiple of 6x to estimate a value for
Mastellone because of its to strong brands and dominant position
the Argentina dairy business.

The recovery performed under this scenario resulted in a Recovery
Rating of 'RR1', consistent with securities historically recovering
91%-100% of current principal and related interest. Because of
Fitch's 'RR4' soft cap for Argentina, which is outlined in Fitch's
criteria, Mastellone's Recovery Rating has been capped at 'RR4',
reflecting average recovery prospects.

RATING SENSITIVITIES

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

-- Refinancing of the international senior unsecured bond;

-- Increased ownership above 50% by Arcor and Bagley could result
    in positive actions.

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

-- Signs of imminent default on commercial debt obligations; for
    example, a formal launch of a debt exchange proposal involving
    a material reduction in terms and taken to avoid a traditional
    payment default.

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

Liquidity: Mastellone has been able to generate cash and reported
cash and equivalents of approximately ARS3.3 billion, which enabled
the group to amortize its 2021 coupon in late December of 2020.
However, the company has not enough cash to fully amortize its
short-term debt of ARS15.9 billion as of Sept. 30, 2020. Debt is
mainly comprised of the 12.625% senior unsecured notes (USD200
million) due July 3, 2021.

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.


PROVINCE OF SALTA: Fitch Raises LongTerm IDRs to 'CC'
-----------------------------------------------------
Fitch Ratings has upgraded the Province of Salta's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) to 'CC'
from 'RD'. Additionally, Fitch raised Salta's Standalone Credit
Profile (SCP) to 'cc' from 'rd'. Fitch relied on its rating
definitions to position the province's ratings and SCP. In
addition, Fitch has upgraded the province's 9.5% USD185 million
senior secured notes due 2022, on which interest and principal
payment is current, to 'CC' from 'C'. This bond is rated at the
level of Salta's IDRs.

Additionally, Fitch has withdrawn the 'D' rating on Salta's 9.125%
senior unsecured notes due 2024 following the recent conclusion of
its debt restructuring process.

KEY RATING DRIVERS

The Province of Salta completed its DDE on Feb. 24, 2021. The
province received and accepted a total of USD334.2 million of its
USD350 million 9.125% senior unsecured notes due 2024 or 95.51% of
acceptance, above the threshold set in the collective action
clauses (CACs). The rating actions reflect Salta's recent external
debt restructuring process.

The debt restructuring provides some external debt service relief
for the province until YE 2023. However, despite this relief, the
'CC' Long-Term Foreign and Local Currency IDR reflect deep
liquidity and tight budgetary flexibility, driven by fiscal
challenges at the national and local level that continue to hinder
its budgetary capacity, including an economic downturn greatly
exacerbated by the coronavirus pandemic and reduced external market
participation, which has kept refinancing risks at high levels.
Additionally, the ratings reflect the province's tight liquidity
and debt service coverage ratios (below 1.0x), which are expected
to continue over the next three years in Fitch's rating case. The
entity's operating balance is expected to remain positive but at
low levels averaging around 2.4% of operating revenues during
2019-2022

The main amendments to the notes included an extension to the
bond's maturity (from July 2024 to December 2027), and a
modification of the amortization profile to 10 capital installments
from three (smooth out principal repayments throughout the life of
the amended notes, with payments in December and June), and easing
of the interest rate conditions (step-up at 4% for the period from
and including the Settlement Date to but excluding June 1, 2021, 5%
for the period from and including June 1, 2021 to but excluding
June 1, 2022, and 8.5% thereafter). The province did not include in
the restructuring debt process 9.5% senior secured notes for USD185
million due March 16, 2022.

Risk Profile: 'Vulnerable'

Salta's Vulnerable Risk Profile reflects a 'Weaker' evaluation on
the six key risk factors (KRFs), considering the country's
structural weaknesses, in which Argentine local and regional
governments (LRGs) operate. Argentine LRGs operate in a context of
a weak institutional revenue framework and sustainability, high
expenditure structures, and tight liquidity and FX debt risks,
further worsened by macroeconomic recession, high inflation, sharp
currency depreciation and market uncertainty. The risk profile for
Argentine LRGs is assessed as 'Vulnerable', meaning there is a very
high risk of operating cash flow not covering debt repayment coming
due.

Debt Sustainability: 'b' category

Fitch classifies Province of Salta as a type B LRG, as it covers
debt service from cash flow on an annual basis.

Under Fitch's rating case scenario (2020-2022) the primary metric
of payback burden (net adjusted debt to operating balance) will be
around 25x with a score of 'b', reflecting the province's weak
operating balances. The actual debt service coverage ratio
(operating balance-to-debt service, ADSCR) will continue to be
below 1.0x; pointing to a 'b' score, resulting in a final 'b' debt
sustainability assessment.

The Province of Salta is located in the northwest region of
Argentina with a small and weak local economy concentrated in the
tertiary sector with an important weight from social services and
the public sector. The primary sector is also important and
includes hydrocarbon extraction. The province is the eighth most
populated out of 24 jurisdictions, with its GDP contributing to an
estimated 2% of the country's GDP. Salta has a low GDP per capita
and a higher than average percentage of the population with
unsatisfied basic needs, which in turn translates into structurally
high infrastructure needs.

Salta has an ESG Relevance Score of '5' for Creditor Rights. The
province's recent DDE and breach of a formal agreement, which
impeded the payment of debt service to bondholders, and Fitch's
view that access to the external market will remain curtail weigh
on the province's ability to repay its debt obligations. This
expectation has resulted in an implicitly lower rating assignment
as creditor rights remains a key rating driver.

Salta has an ESG Relevance Score of '4' for Rule of Law,
Institutional and Regulatory Quality and Control of Corruption
reflecting the negative impact the weak regulatory framework and
national policies of the sovereign have over the province's rating
in conjunction with other factors.

DERIVATION SUMMARY

Salta has a Vulnerable Risk Profile and a 'b' debt sustainability
score. However, Fitch has relied on its rating definitions to
position the province's ratings and its SCP.

KEY ASSUMPTIONS

Fitch's rating case scenario is a "through-the-cycle" scenario,
which incorporates a combination of revenue, cost and financial
risk stresses. It is based on 2015-2019 figures and 2020-2022
projected ratios. The key assumptions for Fitch's rating case
scenario include:

-- 32.4% yoy increase in operating revenue, in 2020; then an
    average increase of 45% for 2021-2022 in line with expected
    average inflation rate;

-- 37.2% yoy increase in operating expenditure in 2020; then an
    average increase of 45.4% from 2021-2022, reflecting the
    expected average inflation rate;

-- Average net capital balance of around minus ARS3.4 billion for
    2020-2022;

-- Cost and stock of debt considers non-cash debt movements due
    to currency depreciation with an annual average exchange rate
    of ARS74.9 per U.S. dollar for 2020, ARS110.3 for 2021, and
    ARS155.0 for 2022.

RATING SENSITIVITIES

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

-- An improved operating balance that strengthens the actual debt
    service coverage ratio above 1.0x on a sustained basis, fueled
    by better economic prospects along with a containment in the
    operating expenditure front;

-- A structural improvement in cash flow generation over the
    rating case horizon that mitigates refinancing risks;

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

-- Signs of worsening liquidity stress that could compromise debt
    repayment capacity in the coming years, including evidence of
    increased refinancing risk in its local and foreign currency
    debt.

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.

ESG CONSIDERATIONS

Salta has an ESG Relevance Score of '5' for Creditor Rights. The
province's recent DDE and breach of a formal agreement, which
impeded the payment of debt service to bondholders, and Fitch's
view that access to the external market will remain curtail weigh
on the province's ability to repay its debt obligations. This
expectation has resulted in an implicitly lower rating assignment
as creditor rights remains a key rating driver.

The Province has an ESG Relevance Score of '4' for Rule of Law,
Institutional and Regulatory Quality and Control of Corruption
reflecting the negative impact the weak regulatory framework and
national policies of the sovereign have over the province's rating
in conjunction with other factors.

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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B R A Z I L
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COSAN SA: S&P Affirms 'BB-' ICR on Corporate Overhaul
-----------------------------------------------------
S&P Global Ratings, on March 4, 2021, revised downward Brazil-based
conglomerate Cosan S.A.'s (Cosan) stand-alone credit profile (SACP)
to 'bb' from 'bb+' and affirmed the 'BB-' issuer credit rating.

S&P said, "We also affirmed the 'BB-' issue-level rating on the
debt issued by its financial arms, Cosan Overseas Ltd. and Cosan
Luxembourg S.A. and kept the recovery rating of '3' (65%)
unchanged. In addition, we affirmed the 'BB-' issue-level rating on
the 2029 notes, and revised upward the recovery rating to '3' (65%)
from '4' (45%), given that Cosan has incorporated CZZ, lowering
structural subordination of this debt.

"Moreover, we affirmed the 'BB-' issuer credit rating on Cosan
Lubrificantes e Especialidades S.A. (Moove). Finally, we withdrew
the ratings on CZZ, given its incorporation into Cosan.

"Our stable outlook on Cosan still mirrors that on Brazil. Despite
the group's SACP that's higher than the 'BB-' sovereign rating, we
currently view that there are significant uncertainties about the
group's ability to service its financial obligations on a timely
basis in a hypothetical sovereign default scenario. Therefore, we
cap the final rating at the sovereign level."

The group completed its corporate reorganization in which Cosan has
incorporated the holding companies, CZZ and Cosan Logistica,
(controller of Rumo S.A.). Cosan now has the direct ownership of
its subsidiaries:

-- Raizen (Raizen Combustiveis S.A. and Raizen Energia S.A.; both
rated BBB-/Stable/--);

-- Compass Gas e Energia (controller of Companhia de Gas de Sao
Paulo - Comgas; brAAA/Stable/--);

-- Moove (BB-/Stable/--); and

-- Rumo S.A. (BB-/Stable/--; brAAA/Stable/--).

Cosan has also assumed all debt obligations from CZZ and Cosan
Logistica. Therefore, Cosan's corporate credit profile mirrors that
previously of CZZ, prompting S&P to revise downward the group's
SACP to 'bb' from 'bb+' due to higher consolidated leverage.

Nonetheless, the final ratings remain capped at the sovereign
level, given that most of the group's subsidiaries operate in the
country and the correlation of their businesses to domestic economy
is high, which may be impaired in a hypothetical stress situation.
Also, Cosan's credit profile is largely influenced by Comgas that
generates about 30% of the group's EBITDA, and which S&P believes
could be subject to government intervention in a sovereign stress
scenario, given the entity's status as a regulated utility.

S&P said, "Our base-case scenario assumes that Rumo's annual capex
will be more than R$3 billion, reflecting its regulatory commitment
under the recently extended concession of Malha Paulista until
2058, and all mandatory capex for it. This, coupled with likely
robust agricultural export volumes, supports our expectation of the
company's annual volume growth of about 10% over the next few
years.

"We currently forecast Compass's annual capex of about R$1.5
billion, including Comgás's higher investments, not only in the
current network, but also its expansion to new cities within its
concession area. The total capex also includes Compass's
regasification plant in Santos, which should start to operate in
2022.

"Our base-case scenario excludes the potential acquisition of the
stake in Gaspetro from Petrobras due to uncertainty over timing and
the transaction's final structure, along with Raizen's interest in
acquiring Petrobras' refineries. Likewise, our assumptions exclude
the potential IPO of Raizen and/or Compass. In an IPO event, we
expect the group to maintain a controlling stake in Compass and
Raizen (along with Royal Dutch Shell PLC), reduce or eliminate the
equity support agreement for Raizen, while for dividend flows to
remain robust."

Cosan and Shell have demonstrated a strong commitment to Raizen's
maintenance of an investment-grade rating over the years. Along
with Raizen's planned acquisition of Biosev S.A., Cosan and Shell
agreed to help Raizen maintain its leverage profile amid a more
stressful scenario. Under the agreement, Raizen can ask for an
equity contribution of up to $700 million (or about R$3.8 billion),
50% of which to be disbursed by each shareholder if certain
leverage thresholds are met, which S&P includes in Cosan's adjusted
debt.




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Fitch Affirms BB- Foreign Curr IDR, Outlook Neg
-------------------------------------------------------------------
Fitch Ratings has affirmed Dominican Republic's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a
Negative Outlook.

KEY RATING DRIVERS

The Negative Outlook reflects pressure on Dominican Republic's
public finances that has been aggravated by the pandemic. The
government (non-financial public sector) interest and debt burdens
(27.9% of revenues, forecasted for 2021 and 58% of GDP, 2020,
respectively) are rising as a result of the coronavirus response,
and compare with 'BB' peer medians of 8.2% of revenues and 59.9% of
GDP. Other public finance weaknesses include the quasi-fiscal
losses from the Central Bank of the Dominican Republic's (BCRD)
large stock of market securities (15.3% of GDP, 2020), which has
crowded the domestic market and elevated interest rates, a low
revenue base (14.4% of GDP in 2019 versus 30.5% of GDP for the 'BB'
median), and the sovereign's large foreign-currency debt share
(73.9%). Fiscal policy credibility - including implementation of
the planned tax and electricity sector reforms - will be critical
to stabilizing the government debt/GDP ratio and for the rating
trajectory.

The government's deficit widened to 7.75% of GDP in 2020 (less than
the 8.2% of GDP current 'BB' median), incorporating a final central
government deficit of 7.48% of GDP plus an estimated other
non-financial public-sector deficit of 0.27% of GDP, but this was
below the 9.4% of GDP budget target. A new government, inaugurated
in August 2020, cut and reallocated spending, and started
electricity reforms to lower public utility losses and lower
government financing needs. Fitch expects the 2021 deficit to
narrow to 4.7% of GDP, supported by one-time, advance tax payments
from financial institutions and a gold mining firm and a economic
recovery. Fitch excludes potential capital revenues from
energy-asset sales and concessions that are incorporated in the
government's 3% deficit projection. Health spending will drop in
2H21, and Fitch expects ongoing cost management.

Electricity reforms (including the reduction of financing and staff
costs) trimmed some operational losses starting in 2020.
Uncertainty over the government's capacity to divest energy assets
influences the pace at which it can reduce large domestic
amortizations for public electricity utilities, which meaningfully
increase annual financing needs. Fitch projects a wider
post-pandemic deficit of 4.2% of GDP in 2022 primarily due to the
higher interest burden (3.9% of GDP, although at lower average
foreign and domestic interest rates) and a slight drop in tax
revenues (total revenues of 14.2% of GDP) as financial and gold
firms use of tax credits over two to three years. By 2022 the
government still expects a revenue gap relative to its sustainable
fiscal policy goals, including a balanced budget and a credible,
new recapitalization plan for the BCRD, highlighting the importance
of tax reform.

The increase of government (non-financial public sector) debt/GDP
in 2020, by 15.4pp, reflects budgetary needs (including 3.3pp
interest excluding BCRD transfers), partial pre-financing for 2021
(about 1.6pp), peso depreciation (2.9pp), real GDP contraction
(2.9pp), and public electric utility amortizations (0.9pp),
short-term municipal debt and supplier arrears rolled into MLT
government debt. Fitch projects debt to rise to 59.8% of GDP by
2022. Fitch estimates that the government's USD2.5 billion issuance
in January covers nearly half of the government's 6.5% of GDP gross
financing needs for 2021. The government has also refinanced USD427
million debt service that was due this year, in its first purely
liability management market operation in December 2020.

The external liquidity concerns Fitch raised in May 2020 were
addressed by timely capital market and multilateral funding and the
containment of current account pressures. External liquidity
improvements, including higher international reserves (USD12
billion in February) and liability management for a smooth external
amortization schedule, have increased the international liquidity
ratio above 160%. Net external debt/GDP, at 19.5% in 2020, remains
comparable to the current 'BB' median, 23.2%.

Dominican Republic's relatively diversified mix of current external
receipts and lower commodity export dependence than the 'BB' median
helped limit the current account deficit to 1.8% of GDP in 2020;
Fitch expects it to remain less than 2% of GDP and to continue to
be fully funded by net foreign direct investment in 2021. Despite
the 58% yoy fall in tourism FX receipts during 1Q20-3Q20,
remittance growth (up 15% yoy in 2020), higher manufactured
exports, robust gold export prices, and compressed import demand
(-16% yoy in 2020) aided by low oil prices contained the current
account deterioration.

Fitch expects economic growth of 4.9% in 2021-2022 driven by
tourism, remittances and manufacturing exports, after a 6.7%
contraction in 2020. Labor market softness persists (unemployment
is high at 7%) with business closures and job losses most
pronounced among small, informal firms. However, coordinated,
timely policy actions --fiscal transfers, wage subsidies, credit
guarantees and early monetary credit facilities, rate cuts, and
financial regulatory flexibility-- have kept much of the economy
afloat with the economic activity index nearing pre-crisis levels.
The authorities deployed 164,000 vaccine doses to residents from
the launch of their campaign in Feb. 16 to March 2, of the 21
million vaccine doses it has contracted from at least five
suppliers, and aims to cover 100% of residents this year.

Inflation increased above the BCRD's target (4%+/-1pp) during 2H20
and reached 6.2% yoy in January, driven by transitory factors (peso
depreciation pass-through, increased freight costs, and higher fuel
costs). Fitch expects BCRD to maintain the policy rate at 3% while
coronavirus pressures persist. The BCRD expects inflation to return
within target during mid-2021 aided by FX interventions in 1Q21,
and local economists' expectations are within target at 12 and 24
months. While the BCRD is mid-transition to an inflation-targeting
regime adopted in 2012, several factors constrain the effectiveness
of monetary policy. These include the prominence of the DOP-USD
exchange rate in public inflation expectations, the large share of
FX-denominated government debt amid a partially dollarized economy
(one-quarter of deposits are foreign currency-denominated) and the
central bank's large negative equity position.

Financial institutions have weathered the crisis so far, buttressed
by the stimulus measures and regulatory forbearance, but asset
quality risks remain as support programs unwind during 2021. Bank
capital buffers (10% tangible common equity, 2020) and provisions
(4.4% of loans) remain prudent (against NPLs which rose to 1.9% in
2020 from 1.5% in 2019, although they are partially supported by
forbearance measures that are scheduled to be phased out starting
in March) and their Fitch ratio of comprehensive income/average
total equity was 14.5%. BCRD facilities aided 6.9% average real
private credit growth last year.

There was a smooth transfer of power in mid-2020 following the
first opposition election victory in 16 years after poll delays and
voting equipment issues that threatened to delegitimize the mandate
of the new government. President Abinader has maintained macro
policy continuity, appointed an independent attorney general to
investigate a handful of high-profile corruption allegations, and
pledged to strengthen federal transparency. The Congress has
supported early fiscal and electricity reform policies, although
substantive measures are likely to elicit counter-pressure from
interest groups.

ESG - Governance: Dominican Republic has an ESG Relevance Score
(RS) of '5' for both Political Stability and Rights, and for the
Rule of Law, Institutional and Regulatory Quality and Control of
Corruption, as is the case for all sovereigns. Theses scores
reflect the high weight that the World Bank Governance Indicators
(WBGI) have in Fitch's proprietary Sovereign Rating Model. The
Dominican Republic has a medium WBGI ranking at the 43rd
percentile, reflecting a recent track record of peaceful political
transitions, a moderate level of rights for participation in the
political process, and moderate institutional capacity, although it
has historically trailed 'BB' category peers in governance
indicators of rule of law, corruption perceptions, and government
effectiveness.

RATING SENSITIVITIES

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

-- Public finances: Failure to arrest the deterioration of
    government debt/GDP, for example, as a result of the absence
    of sufficient fiscal measures, weaker market access terms,
    weaker growth or crystallization of contingent liabilities.

-- External finances: Sustained fall in international reserves,
    for example, through the emergence of tougher external
    financing conditions or private capital outflows.

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

-- Public finances: Implementation of fiscal consolidation
    measures consistent with stabilizing government debt/GDP and
    interest/revenues.

-- Macro: Greater confidence that medium-term growth prospects
    will return to pre-pandemic levels.

-- Macro: Entrenchment of the central bank's inflation-targeting
    regime resulting in greater monetary policy credibility and
    effectiveness.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Dominican Republic a score
equivalent to a rating of 'BB-' on the Long-Term Foreign-Currency
(LT FC) IDR scale, one notch lower than the 'BB' SRM score at
Fitch's previous review.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR of 'BB-' by applying its QO,
relative to SRM data and output, as follows:

-- Macroeconomic performance, policies and prospects: Fitch has
    introduced a +1 notch adjustment to offset the deterioration
    in the SRM output driven by volatility from the pandemic
    shock, including on GDP growth. The deterioration of the GDP
    growth and volatility variables reflects a very substantial
    and unprecedented exogenous shock, and Fitch believes that
    Dominican Republic so far has demonstrated the capacity to
    absorb it without lasting effects on its long-term
    macroeconomic stability. Fitch's assumptions on fiscal policy
    credibility over the medium term contribute to this macro
    policy notch.

-- Public finances: -1 notch, to reflect weaknesses in the fiscal
    structure owing to low revenues and material quasi-fiscal
    losses from the large market debt of the central bank and the
    debt-generating losses of public electricity utilities.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centered
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within
Fitch's criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

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.

KEY ASSUMPTIONS

Fitch expects global economic trends and commodity prices to
develop as outlined in Fitch's Global Economic Outlook - December
2020

ESG CONSIDERATIONS

The Dominican Republic has an ESG Relevance Score of '5' for
Political Stability and Rights, as World Bank Governance Indicators
have the highest weight in Fitch's SRM and are highly relevant to
the rating and a key rating driver with a high weight.

The Dominican Republic has an ESG Relevance Score of '5' for Rule
of Law, Institutional & Regulatory Quality and Control of
Corruption, as World Bank Governance Indicators have the highest
weight in Fitch's SRM and are therefore highly relevant to the
rating and are a key rating driver with a high weight.

The Dominican Republic has an ESG Relevance Score of '4' for Human
Rights and Political Freedoms, as social stability, voice and
accountability are reflected in the World Bank Governance
Indicators that have the highest weight in the SRM. They are
relevant to the rating and a rating driver.

The Dominican Republic has an ESG Relevance Score of '4' for
Creditor Rights, as willingness to service and repay debt is
relevant to the rating and is a rating driver for Dominican
Republic as for all sovereigns.

The Dominican Republic has an ESG Relevance Score of '4' for Energy
Management, as the inefficiency of the fossil-fuel-intensive
national electricity system is a rating driver affecting Dominican
Republic's public financial performance.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of '3'. This means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity(ies), either due to their nature or to the way in which
they are being managed by the entity(ies).


DOMINICAN REPUBLIC: Government Leaves Fuel Prices Unchanged
-----------------------------------------------------------
Dominican Today reports that the Ministry of Industry, Commerce,
and Mipymes (MICM) froze all fuel prices for the week of March
6-12.

According to the new MICM resolution, premium gasoline will be sold
at RD$242.10 per gallon and regular gasoline at RD$228.50 per
gallon, maintaining their prices, the report notes.

Meanwhile, regular diesel will be sold to the public at RD$181.60
per gallon and optimum diesel at RD$197.50 per gallon, with the
cost to the consumer remaining unchanged, according to Dominican
Today.

The Ministry informed that liquefied petroleum gas (LPG) would be
sold at RD$128.10 per gallon, the same price as the previous week,
the report adds.

                   About Dominican Republic

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

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

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

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

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

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


DOMINICAN REPUBLIC: Public Uneased by Continued Hike in Food Prices
-------------------------------------------------------------------
Dominican Today reports that the upward escalation of essential
products continued in markets, grocery stores, and plazas in the
Dominican Republic.  Both merchants and housewives warn that
incomes are not enough to supply homes, and sales are reduced.

In the Nuevo markets on Duarte Avenue and the Villa Consuelo
sector, in the capital, bananas from Barahona oscillate at prices
between RD$10 and RD$14.  According to the merchants, they have
dropped in price since they were sold at RD$22, according to
Dominican Today.

While green bananas are priced between RD$3 and RD$3.50, cabbage is
sold at up to RD$70 per unit and RD$190 per carton of eggs, the
report notes.

                          Other Prices

Cassava is offered at RD$10 and sweet potato at RD$15 per pound,
meanwhile white yucca at RD$40 and the so-called coconut at RD$35,
the report discloses.

Yams are sold at RD$45; potatoes range between RD$20 and RD$30,
garlic from RD$80 to RD$90 per pound. Onions are RD$20 and RD$25,
red beans at RD$65 and RD$70, Gira RD$45, and white beans at RD$50
and RD$60 a pound, the report says.

Dried pigeon peas, cubanela chili at RD$25 and peppers at RD$40,
while Barcelo tomatoes at RD$20 and salad tomatoes at RD$25, the
report relays.  Rice, depending on the quality, has prices from
RD$20 to RD$35, according to several merchants consulted by Listin
Diario, who like consumers are screaming, because they allege that
the instability in the prices of their suppliers is a matter of
concern because they buy at one cost and tomorrow at another, the
report notes.

"The variation of prices in the merchandise we buy is an issue that
fills us with uncertainty since we do not know how to maintain
sales control with customers, said Juan de Dios Martinez, a
merchant at the Mercado Nuevo de la Duarte, the report adds.

                              Pressures

Martinez explained that the situation for those who, like him, are
engaged in commerce is problematic because, in addition to the
imbalance of prices, they have to deal with the pressure of
consumers who understand that they are to blame for the increase
and even brand them as thieves, the report discloses.

Fausto Beras, also a merchant, considers that if prices continue to
rise, the sector will go bankrupt because customers do not want to
pay what they are worth, the report says.

"People want to buy, but they don't have cash because there is no
money on the street," he said. Some grocery store owners lament
that the prices of various articles of mass consumption have
skyrocketed and that no one is doing anything to stop these
increases, the report relays.

They called on President Luis Abinader to take adequate measures
because they will have to abandon their businesses if this
continues, the report notes.

Socorro Abreu joins this complaint, who says that she can no longer
resist the family basket's high prices, that everything is
expensive, and nobody gives an answer, the report discloses.

                      In Grocery Stores

In the colmados, the panorama is not very encouraging; an egg is
worth between RD$7 and RD$8 and plantains between 18 to 25 pesos,
depending on the size, the report relays.  Yucca at RD$15 and beans
between RD$65 and RD$70, the report notes. Rice, depending on the
brand, costs from RD$25 to RD$35.  In supermarkets, potatoes cost
between RD$26 and RD$30, plantains at RD$19, yucca at RD$16 and
green bananas at RD$12 per pound, sweet potatoes at RD$38, onions
at RD$53 and garlic at RD$140 and rice from RD$29 to RD$37 per
pound. Egg cartons of 30 units from RD$175 to RD$224 in some
supermarkets consulted, 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).




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

CARIBBEAN CEMENT: Sees Increase in Profit
-----------------------------------------
RJR News reports that Caribbean Cement's profit for 2020 rose by
more than one billion dollars as the local construction sector
remained buoyant amid the covid-19 pandemic.

During the twelve months, Caribbean Cement recorded 3-point-1
billion dollars consolidated net income up from $1.8 billion in
2019, according to RJR News.

Revenue was $2.3 billion  higher at $20.1 billion.

Caribbean Cement says the increase in revenue was related to
stronger domestic demand and the company's capacity to supply the
local market, the report notes.

The Planning Institute of Jamaica recently reported that the
construction sector grew 6.2 per cent during the October to
December period, the report relays.

Meanwhile, revenue and profit at Fosrich Company also rose during
its 2020 financial year, the report discloses.

The company's turnover was $283 million dollars higher at $1.89,
the report relays.

Total comprehensive income was up nearly $19 million at $125
million, the report adds.  

                     About Caribbean Cement

Caribbean Cement Company Limited, together with its subsidiaries,
manufactures and sells cement and clinker in Jamaica and other
Caribbean countries. The company was incorporated in 1947 and is
based in Kingston, Jamaica.  

As reported in the Troubled Company Reporter-Latin America on Oct.
30, 2017, RJR News said that Caribbean Cement Limited is reporting
improved profits for the three months ending September. For the
quarter, the company earned J$747.8 million compared with a loss of
J$81 million for the corresponding period last year, according to
RJR News.




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

CRABI SA: A.M. Best Assigns B(Fair) Financial Strength Rating
-------------------------------------------------------------
AM Best has assigned a Financial Strength Rating of B (Fair), a
Long-Term Issuer Credit Rating of "bb+", and a Mexico National
Scale Rating of "a+.MX" to CRABI, S.A. de C.V. (Crabi) (Mexico
City, Mexico). The outlook assigned to these Credit Ratings
(ratings) is stable.

The ratings reflect Crabi's balance sheet strength, which AM Best
assesses as strong, as well as its adequate operating performance,
limited business profile, and appropriate enterprise risk
management.

Limiting these ratings is the inherent risk of a start-up company
implementing its business plan, and operating in an industry with
high competition between large and specialized participants.
Additionally, the fact that Crabi is dependent on external
investors to increase its capital places stress on its balance
sheet strength assessment.

Crabi is an insurtech startup company in Mexico that was authorized
to underwrite property/casualty insurance in the auto line of
business, beginning operations in May 2019. It is 99.9% owned by
CRABI, Inc. (which exists with the only purpose to be an investment
vehicle for Crabi), with the rest owned by Javier Orozco, the CEO.

Crabi's business plan incorporates the use of big data to analyze
individual driving behavior in order to offer personalized premiums
specific to each driver's risk profile, as well as algorithms that
are used to set a policy's risk by assessing personal driving
behaviors and vehicle information. The company plans to develop its
presence in Mexico by focusing on having a direct relationship with
users, in contrast with the larger participants of the market.
Geographically, as of year-end 2019, premiums are concentrated in
Jalisco (47%), with the remaining distributed over three other
states, including Mexico City.

The strong balance sheet strength assessment is underpinned by
Crabi's risk-adjusted capitalization standing at the strongest
level, as measured by Best's Capital Adequacy Ratio (BCAR). To
achieve its business targets, Crabi has been funded through capital
rounds. Currently, it has raised the expected amounts each time;
however, the uncertainty of future capital contributions to support
the company's operation puts pressure on its prospective BCAR
scores.

The company's balance sheet strength is reinforced by its
reinsurance program placed with Swiss Reinsurance America
Corporation, which adequately protects the company's risk
retention. Although the level of security provided by its
reinsurance counterparty is excellent, AM Best considers the
concentration in one reinsurer as a weakness.

The limited assessment of Crabi's business profile reflects the
current challenging economic environment, which could hamper the
company's growth targets, and put pressure on the business volume
required to adequately cover underwriting and administrative
expenses. Crabi will remain susceptible to deviations in
underwriting quality and its business strategy as it makes its way
to achieve its objective premium volume.

Positive rating actions could take place if the company is able to
achieve its commercial goals while remaining comfortably supported
by its capital base. Negative rating actions could take place if
Crabi experiences a deterioration in its risk-adjusted
capitalization, or if the company fails to meet its growth and
profitability objectives.




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

PARAGUAY: Covid-19 Epidemic Halted Economy Recovery, IMF Says
-------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
concluded the Article IV consultation with Paraguay.

In early 2020, Paraguay was rebounding strongly from the bad
weather induced downturn in 2019 and full-year growth was forecast
at over 4 percent. The Covid-19 epidemic halted the recovery. An
early lockdown, which kept the death toll among the lowest in the
region, led to a sharp economic contraction, with women, informal
sector workers and service workers particularly hard hit.

Swift and forceful government action helped contain the health,
social and economic impact of the crisis. To mitigate the health
impact, the government quickly expanded medical resources. To
alleviate the social impact the government started two new and
temporary social assistance programs and temporarily expanded a
third. And to dampen the economic impact, the government increased
investment and other spending, while the central bank lowered
interest rates, increased liquidity provision, and allowed banks to
renew, refinance and restructure loans without penalty. Emergency
spending, together with a fall in tax revenues, led to a further
increase of the deficit to 6½ percent of GDP, well above the
ceiling set by the Fiscal Responsibility Law

Real GDP is likely to have shrunk by about 1 percent in 2020 and to
rebound by 4 percent in 2021, but downside risks are significant,
with the Covid-19 epidemic posing the highest risk. Inflation hit a
historical low in mid-2020 before recovering to 2.2 percent in
December 2020 and is projected to remain below the midpoint of the
central bank's target range through 2021.

                Executive Board Assessment

Directors commended the Paraguayan authorities for their response
to the COVID-19 pandemic, which limited the number of cases and
deaths and mitigated the negative economic and social impact.
Downside risks remain substantial, however, including from a
worsening of the COVID-19 pandemic and negative weather shocks. In
this context, Directors encouraged the authorities to pursue
policies geared toward supporting macroeconomic stability,
strengthening governance and transparency, improving the business
climate to promote diversification, and developing human capital.

Directors agreed that the widening of the fiscal deficit in 2020
had been appropriate. They noted that fiscal support should not be
withdrawn prematurely, in particular if risks such as a worsening
of the COVID-19 pandemic or negative weather shocks were to
materialize. It would be important to uphold health and social
spending while protecting public investment. Directors encouraged a
gradual return to lower deficits once the pandemic abates, to
maintain fiscal sustainability. In this regard, they welcomed the
authorities' plan to return to the deficit ceiling under the fiscal
responsibility law by 2024. Directors agreed that improving
expenditure efficiency and transparency and domestic tax revenue
mobilization would be important to cover Paraguay's social and
investment spending needs.

Directors noted that monetary and financial sector policies were
appropriately accommodative. They encouraged the authorities to
closely monitor the financial sector stability while gradually
phasing out emergency measures. Exchange rate flexibility should be
allowed in line with fundamentals, and foreign exchange
interventions should be limited to prevent disorderly market
conditions.

Directors emphasized the need to press ahead with structural
reforms to improve governance, business climate, and human capital.
In this regard, they welcomed the authorities' reform agenda as
formulated in their Economic Recovery Plan.

Directors commended the authorities' efforts to safeguard the
integrity of the use of COVID-19 funds for social transfers and
emergency spending. They took note of the newly adopted
anti-corruption plan, which is partly based on recommendations from
the staff's governance assessment project. Directors also welcomed
recent progress in the AML/CFT regulatory framework and encouraged
the authorities to further strengthen their institutional capacity
for its effective implementation.




=======
P E R U
=======

INRETAIL PHARMA: Moody's Hikes CFR to Ba1, Outlook Stable
---------------------------------------------------------
Moody's Investors Service upgraded InRetail Pharma S.A.'s corporate
family and senior unsecured ratings to Ba1 from Ba2. The outlook is
stable.

Upgrades:

Issuer: InRetail Pharma S.A.

Corporate Family Rating, Upgraded to Ba1 from Ba2

Gtd Senior Unsecured Notes, Upgraded to Ba1 from Ba2

Outlook Actions:

Issuer: InRetail Pharma S.A.

Outlook, Remains Stable

"The upgrade reflects InRetail Pharma's faster-than-expected
deleveraging after Quicorp acquisition in 2018 and sustained credit
improvement amid the Covid-19 pandemic outbreak," said Moody's Vice
President Sandra Beltran. "Going forward, Moody's expects InRetail
Pharma to continue to grow without pressuring cash generation
supported by its asset light business model", added Beltran.

RATINGS RATIONALE

InRetail Pharma's Ba1 rating reflects the company's leading market
position in the Andean region, its strong market presence with
highly recognized brand names in the Peruvian pharmacy and
pharmaceutical distribution segments, and its resilience to demand
volatility. This leading market position has translated into
increased bargaining power and cost leverage that has supported a
very solid operating performance in the last several years. The
rating also considers its superior execution ability and strong
credit profile, with debt/EBITDA at 2.8 times and EBIT/interest at
3.9 times as of the end of 2020.

During the lockdowns, InRetail Pharma's operation was supported by
the good capacity of its e-commerce distribution centers. The
company has also been able to post stable margins despite the
severe lockdown restrictions in Peru. In addition to the low
volatility of its products' demand, In Retail Pharma took advantage
of its leading e-commerce platform and superior distribution
capacity to mitigate clients' reluctance to visit physical stores
and limitations to number of visitors.

On the other hand, the Ba1 rating is constrained by InRetail
Pharma's limited geographic diversification and foreign exposure.
More than 85% of sales and EBITDA come from the Peruvian market,
and around 65% of total of its total debt is US dollar denominated;
however, the company mitigates this risk partially by using hedge
instruments.

InRetail Pharma's liquidity is adequate. As of year-end 2020, the
cash position amounted to PEN541 million, which is enough to cover
1.55x debt maturities in 2021. InRetail Pharma has a comfortable
debt maturity, with PEN1.4 billion ($400 million) due in 2023 and
PEN385 million due in 2025 of its senior unsecured notes. The
company does not have committed credit facilities, but generates
strong cash from operations and maintains strong bank credit access
that allows it to finance short-term obligations and its investment
plan.

As of December 2020, InRetail Pharma's total reported debt was
PEN2,832 million (around $763 million). The company faces foreign
currency risk, given that about 65% of its indebtedness is
denominated in US dollars, while revenue is generated in local
currency. However, the company has entered foreign-currency hedge
instruments that prevent future currency volatilities.

The stable outlook reflects our expectation that the company will
be able to maintain strong credit metrics and sound liquidity due
to its leading market position in the Peruvian market combined with
its superior execution capabilities.

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

An upgrade would require the maintenance of above average operating
performance, credit metrics and financial discipline.
Quantitatively, the rating could be upgraded if InRetail Pharma's
Moody's-adjusted debt/EBITDA remains below 3.0x on a sustained
basis and if Moody's adjusted EBIT/interest expense improves
towards 5.0x.

InRetail Pharma's ratings could be downgraded if the company's
performance or credit profile deteriorates such that leverage
increases towards 4.0x with no expectations of a rapid improvement.
A downgrade would also be triggered by a deterioration in
liquidity.

The principal methodology used in these ratings was Retail Industry
published in May 2018.




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

ASCENA RETAIL: Judge Confirms Amended Joint Chapter 11 Plan
-----------------------------------------------------------
Judge Kevin R. Huennekens has entered an order confirming the
Amended Joint Chapter 11 Plan of Mahwah Bergen Retail, Inc. (f/k/a
Ascena Retail Group, Inc.) and its debtor affiliates.

The Plan incorporates an integrated compromise and global
settlement of numerous Claims, issues and disputes, including
creation of a GUC Trust, implemented to achieve a beneficial and
efficient resolution of the Chapter 11 Cases for all parties in
interest.

The Global Settlement is fair, equitable and reasonable, and in the
best interests of the Debtors, their Estates, the Reorganized
Debtors, their respective Estates and property, creditors, and
other parties in interest, and will maximize the value of the
Estates by preserving and protecting the ability of the Reorganized
Debtors to continue operating outside of bankruptcy in the ordinary
course of business and is further essential to the successful
implementation of the Plan.

The Plan is the product of good faith, arm's-length negotiations by
and among the Debtors, the Debtors' directors, officers and
managers, and the other constituencies involved in the Chapter 11
Cases.

Co-Counsel to the Debtors:

           Kirkland & Ellis LLP
           601 Lexington Avenue
           New York, NY 10022
           Attn.: Steven N. Serajeddini

                 - and -

           Kirkland & Ellis LLP
           300 North LaSalle
           Chicago, Illinois 60654
           Attn.: John R. Luze, Jeff Michalik

                 - and -

           Cooley LLP
           1299 Pennsylvania Avenue, NW, Suite 700
           Washington, DC 20004-2400
           Attn.: Cullen D. Speckhart, Olya Antle

                      About Ascena Retail

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

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

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

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

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

                           *    *    *

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

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

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




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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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NATIONAL GAS: Incurs $316 Million Loss for 1H 2020
--------------------------------------------------
Trinidad Express reports that after recording a $316 million loss
for the first half of 2020, the National Gas Company (NGC) is
assuring that in the next 12 to 24 months, the company's revenue
streams will improve significantly.

"On the basis of what we've seen in 2020 and on the basis of what
we've seen in 2021, we believe that in the very short term, the NGC
will continue to get back its former state, where it will
contribute positively to the Trinidad and Tobago revenue as we see
it," NGC chairman Conrad Enill said, according to Trinidad
Express.

"What we are asking, at this point in time, is that simply all the
players just hold on for a little bit longer as we go through this
intervening period, which has gotten a little bit worse as a result
of Covid and a number of other things taking place - the
introduction of shale gas in the United States, the change in the
structure.  Suffice it to say, the NGC has a plan . . . ," he
added, the report notes.

Enill was addressing a Public Accounts (Enterprises) Committee
meeting of Parliament. The committee examined the audited financial
statements of the NGC for the years 2015 to 2018, the report
relays.

Enill noted that the company was putting strategies in place to
ensure sustainability, the report notes.

To help with the process, he said, the company will need the
support of the Government in terms of putting legislation in place,
the report discloses.

"The other thing we are looking at is an examination of what is
taking place in every segment of the gas business and we are trying
to ensure that the people of Trinidad and Tobago get the best
possible benefit on what has been invested. And in order to do
that, we are learning the business and we are making investments in
the business for the long term . . . .," Enill added.

He said the Covid-19 pandemic tested the NGC's ability to respond
in a crisis, the report discloses.

"And during that particular period, all of our systems, our
electricity and everything else, worked," he emphasized.

Enill said had it not been for some issues that were not under NGC
management's control, the company would have made a profit in 2020,
the report relays.

"There are issues that are under the management's control and there
are issues that are not under the management's control. The issue
of subsidising the cost of gas to the people of Trinidad and Tobago
and the issue of the non-payment by T&TEC are not under
management's control," he stressed.

"So the fear that the organisation is somehow or the other not
doing well is not true.  The fact of the matter is that the
organisation is doing well, but there are some issues that the
organisation has inherited that it facilitated when the price was
higher, and as a result of the reduction in price, we are seeing a
different result," Enill went on, the report relays.

                   T&TEC's $5.6 Billion Debt to NGC

NGC's vice president of finance Narinejit Pariag told the PAEC
meeting that the company's business had been impacted by the
decline in commodity prices, which had a knock-on effect on margins
and the NGC's ability to pay its operating and capital expenses
over the last four to five years, the report notes.  He said the
situation had been further exacerbated by the non-payment of money
owed by Petrotrin and T&TEC, the report says.

Earlier in the session, PAEC chairman Wade Mark noted that
Petrotrin owed the NGC $284 million at the time of its closure in
2018, the report relays.

Pariag said at the end of 2020, T&TEC owed the NGC $5.6 billion, of
which $3.7 billion represented a loan and $1.9 billion represented
receivables for the years 2019 and 2020, the report notes.

He said despite the outstanding sums owed, the NGC has done a great
job at managing its cash balances, the report says.

"Beyond that as well, when you look at our dividend distributions
over the last two to three years you will see a significant
curtailment in dividend distributions to our shareholders. So our
shareholders were adversely impacted by the cash flow situation and
not getting the revenues from the NGC to support the Government's
fiscal agenda," he added.

Going forward in 2021, Pariag said the NGC is working with the
Ministries of Finance and Energy to address the non-payment by
T&TEC as it is a "cash leakage that the business can't sustain,"
the report relays.

"What we also plan to do in 2021 is that we will be going to the
market to raise some financing to address some of our capital
needs," he added.



                           *********


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