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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 16, 2021, Vol. 22, No. 48

                           Headlines



A R G E N T I N A

AEROPUERTOS ARGENTINA: Moody's Completes Review, Keeps Caa3 Rating


B E L I Z E

BELIZE: IDB OKs $2.8MM Loan to Support Health Sector


B R A Z I L

CENTRAIS ELETRICAS: S&P Affirms 'BB-' ICR, Outlook Stable
PRUMO PARTICIP: Moody's Completes Review, Retains Ba2 Rating


C H I L E

LATAM AIRLINES: Reports $963 Million Loss in Fourth Quarter
VTR COMMUNICACIONES: Moody's Rates New USD410MM Notes Ba3


C O S T A   R I C A

AERIS HOLDING: Moody's Completes Review, Retains B3 Rating


D O M I N I C A N   R E P U B L I C

AEROPUERTOS DOMINICANOS: Moody's Completes Review, Keeps B1 Rating
DOMINICAN REPUBLIC: Fuel Subsidy to Reach US$275.9MM This Year
DOMINICAN REPUBLIC: Reveals Variations in Food, Oil and Fuel Prices
DOMINICAN REPUBLIC: Will Continue to Absorb Oil Price Increases


E C U A D O R

INTERNATIONAL AIRPORT: Moody's Completes Review, Keeps Caa2 Rating


J A M A I C A

DIGICEL GROUP: Launches Measures to Boost Recovery for SMEs


P A N A M A

PANAMA CANAL: Moody's Completes Review, Retains Ba2 Rating


P A R A G U A Y

BIOCEANICO SOVEREIGN: Moody's Completes Review, Retains Ba1 Rating
RUTAS 2 AND 7: Moody's Completes Review, Retains Ba1 Rating


P U E R T O   R I C O

AEROSTAR AIRPORT: Moody's Completes Review, Retains Ba2 Rating
ASCENA RETAIL: Untimely Opt Out of Third-Party Releases Denied
DESTILERIA NACIONAL: Consignment Motion, Objection to POC 6 Denied
METROPISTAS: Moody's Completes Review, Retains Ba2 Rating


X X X X X X X X

LATAM: IMF Warns Central Banks of Sudden Spike in Interest Rates

                           - - - - -


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A R G E N T I N A
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AEROPUERTOS ARGENTINA: Moody's Completes Review, Keeps Caa3 Rating
------------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Aeropuertos Argentina 2000 S.A. and other ratings that
are associated with the same analytical unit. The review was
conducted through a portfolio review discussion held on March 4,
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.

Aeropuertos Argentina 2000 S.A. Caa3 rating acknowledges that air
traffic was hardly hit in 2020 because of the coronavirus outbreak.
Total traffic growth dropped 77% year-over-year as of December
2020. Moody's recognize that positive traffic trends can take
longer to recover and go back to pre-pandemic levels, especially
for international traffic. Nevertheless, AA2000 will continue to
benefit from its dominant market position that captures more than
90% of air traffic in the country.

The principal methodology used for this review was Privately
Managed Airports and Related Issuers published in September 2017.



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B E L I Z E
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BELIZE: IDB OKs $2.8MM Loan to Support Health Sector
----------------------------------------------------
The Inter-American Development Bank (IDB) approved the first hybrid
sovereign guarantee operation, with an investment loan and a
guarantee for Belize.

The $2.1 million guarantee will provide support for interventions
to contain the transmission of the virus by increasing and
facilitating access to COVID-19 vaccines. Specifically, it will
consist of the issuance of a sovereign guarantee to cover the
purchase of the committed doses of COVID-19 vaccines (channeled
through 'Gavi' Alliance's COVAX Facility).  

In addition, the investment portion which consists of a $2.8
million will facilitate vaccine accessibility. This component will
finance investments for the National COVID-19 Vaccine Introduction
Plan involving activities to strengthen logistics of conservation
(storage and cold chain management), distribution and deployment of
vaccines (transportation and application), and it will support
facility readiness, stock tracking, and vaccination registry.
Besides, it will include the development and execution of a public
information campaign regarding the vaccine and its benefits in
order to encourage demand among the population.

This project will help reduce the morbidity and mortality caused by
COVID-19 and to mitigate other indirect impacts of the pandemic on
health. The main outcomes will be an increase in the percentage of
health personnel and people in prioritized groups (such as, persons
60 years and over and persons with special conditions and
comorbidities) who have been vaccinated against COVID-19.

The direct beneficiaries will be the members of the priority
population groups to be immunized with the vaccines made available
under the COVAX Facility. Also, indirect beneficiaries will be
other residents and visitors to Belize who may experience lower
chances of infection from the virus due to lower transmission.

The IDB's $2.8 million loan and the $2.1 million guarantee are for
up to 25-year term, and in the case of the investment loan with up
to 5.5-year grace period and an interest rate based on LIBOR.



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B R A Z I L
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CENTRAIS ELETRICAS: S&P Affirms 'BB-' ICR, Outlook Stable
---------------------------------------------------------
On March 12, 2021, S&P Global Ratings affirmed its 'BB-' global
scale issuer credit and issue-level ratings on Centrais Eletricas
Brasileiras S.A. - Eletrobras. S&P also affirmed its 'brAAA/brA-1+'
national scale ratings.

On Feb. 23, 2021, Brazil's President Jair Bolsonaro issued a
provisory measure, MP 1031, aiming to accelerate the privatization
of Centrais Eletricas Brasileiras S.A. - Eletrobras.

S&P revised its view of the likelihood of Eletrobras receiving
extraordinary government support to extremely high from almost
certain, which has no effect on the issuer rating considering the
company's stand-alone credit profile (SACP) of 'bb-'.

S&P views the issuance of MP 1031 as a sign that the government
views Eletrobras's privatization as one of priorities for 2021.
Despite legislative initiatives to privatize the company introduced
since the previous administration's term (2017), we viewed
prospects for privatization as remote. This reflected the complex
and lengthy process to make the required changes in the law that
created the entity, along with the lack of broad congressional
consensus about a path to privatization.

Under MP 1031, however, the current government has attempted to
address some of the concerns and issues stemming from the 2019
privatization bill. S&P said, "Although the administration expects
the provisional measure to be approved, we believe political
obstacles remain high, as seen in more than 500 amendments Congress
has proposed to MP 1031. This may slow down approval within the 120
days before provisional measures expire. If the latter happens, the
discussion over the 2019 privatization bill might be resumed.
Therefore, we continue to believe that obtaining the legislative
approval for the proposed privatization remains challenging in the
short term, given the government's crowded agenda in 2021 amid
significant political pressures related to the pandemic, while
national elections are set to take place in 2022."

However, given persistent discussion and the government's resolve
to advance privatization, S&P has revised its view of the
likelihood of Eletrobras receiving extraordinary government support
to extremely high, from almost certain. This assessment still
reflects a high degree of influence of the company's controlling
shareholder, the sovereign and its incentives, capacity, and tools
to support the company if needed. S&P bases this assumption on the
following factors:

-- S&P Said, "No change in our view of Eletrobras's critical role
as the government's vehicle to develop the electricity sector.
Eletrobras is the largest integrated utility in Brazil's
electricity sector, accounting for about 30% of total generation
capacity and 44% of transmission lines in the country. Given the
company's size and time to replace and/or build new assets, we
believe that these services could not be undertaken by another
entity in the medium term."

-- A very strong link to the government. S&P said, "We are
downwardly revising this link because we view the provisional
measure as evidence of a potential acceleration of the company's
privatization process. At the same time, the government still
guarantees a portion of Eletrobras's debt, and has a track record
of providing cash injections in financial distress scenarios. We
might further weaken this link if Congress approves the dilution of
the company's control, with no single shareholder entitled to have
more than 10% of the board's composition and depending on the
limitation of the provisions of its proposed golden share."

-- S&P will keep monitoring the development of the government's
initiative in order to reassess the link with government and
consequently the likelihood of receiving extraordinary support, if
appropriate.


PRUMO PARTICIP: Moody's Completes Review, Retains Ba2 Rating
------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Prumo Particip. e Invest. S.A. - (Prumo Par) and other
ratings that are associated with the same analytical unit. The
review was conducted through a portfolio review discussion held on
March 4, 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.

Moody's credit view of Prumo Particip. e Invest. S.A. (PrumoPar)'s
senior secured notes rated Ba2, considers the overall stable
profile of cash sources for debt service deriving from the
amortization of an intercompany loan agreement (ICL) with Ferroport
Logistica Comercial Exportadora S.A. (Ferroport or the Project),
which is backed by a long-term take-or-pay (ToP) contract between
Ferroport and Anglo American Minerio de Ferro do Brasil S.A. (Anglo
Brazil), a subsidiary of Anglo American plc (Anglo American, Baa2
negative), for the shipping of iron ore from the open-pit mines in
Minas Gerais to the Acu port terminal Rio de Janeiro. Moody's
credit view acknowledges the strategic importance of the Project's
sponsors (50% Anglo Brazil and 50% PrumoPar) because the ore
produced is of high quality, with strong competitive advantage
given its low cash costs, and the Ferroport's slurry pipeline is
the only access to the Açu port terminal. Additionally, the
underlying Project revenues are in dollars mitigating the foreign
currency mismatch risk.

The Ba2 rating on the senior secured notes considers Anglo Brazil's
relative weaker credit profile compared to that of its parent, as
the Project's direct off taker. Constraining the credit quality is
the relatively weak project finance features that lack tangible
assets in the issuer's security package. It also considers
PrumoPar's nature as a sub-holding company and potential risks
arising from the voting structure of the shareholders' agreement
that rules the ICL. As per the shareholders' agreement schedule,
Ferroport will repay the ICL to PrumoPar and to Anglo Brazil
through mandatory payments (50%) and payments that will be made
based on a cash sweep mechanism (50%).

The principal methodology used for this review was Generic Project
Finance Methodology published in November 2019.



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C H I L E
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LATAM AIRLINES: Reports $963 Million Loss in Fourth Quarter
-----------------------------------------------------------
Fabian Cambero and Marcelo Rochabrun at Reuters report that LATAM
Airlines Group, the region's largest airline, reported a loss of
$962.5 million in the fourth quarter, hurt by a second wave of the
pandemic which has hit Latin America particularly hard.

LATAM filed for bankruptcy protection last May and is still going
through a court-supervised reorganization in the United States,
according to Reuters.

Overall in 2020, the airline lost $4.6 billion, compared with a
pre-pandemic profit of $196 million in 2019, the report notes.

The airline had $1.7 billion in cash and cash equivalents at the
end of the year, it said, buffered by significant new debt brought
on during the bankruptcy process, the report relays.

                     About LATAM Airlines

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise.   

LATAM Airlines Group S.A. is the largest passenger airline in South
America.  Before the onset of the COVID-19 pandemic, LATAM offered
passenger transport services to 145 different destinations in 26
countries, including domestic flights in Argentina, Brazil, Chile,
Colombia, Ecuador and Peru, and international services within Latin
America as well as to Europe, the United States, the Caribbean,
Oceania, Asia and Africa.

LATAM Airlines Group S.A. and its 28 affiliates sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11254) on May 25,
2020. Affiliates in Chile, Peru, Colombia, Ecuador and the United
States are part of the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as general
bankruptcy counsel; FTI Consulting as restructuring advisor; and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel.  Lee Brock Camargo Advogados, is the Debtors' local
Brazilian litigation counsel to the Debtors.  Prime Clerk LLC is
the claims agent.

The Official Committee of Unsecured Creditors formed in the case
tapped Dechert LLP as its lead counsel, UBS Securities LLC, as
investment banker, and Conway MacKenzie, LLC.  Klestadt Winters
Jureller Southard & Stevens, LLP is the conflicts counsel.  Ferro
Castro Neves Daltro & Gomide Advogados, is the Committee's
Brazilian counsel.

The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as
counsel.

VTR COMMUNICACIONES: Moody's Rates New USD410MM Notes Ba3
----------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to VTR
Comunicaciones SpA's, an indirect subsidiary of VTR Finance N.V.,
proposed USD410 million (CLP292 billion) in senior secured notes
due 2029 and guaranteed by VTR.Com SpA. VTR's existing ratings and
its Ba3 corporate family rating remain unchanged. The ratings
outlook is stable.

The issuance is part of VTR's liability management with the
objective of extending the company's debt maturity profile while
reducing its cost of debt. The new issuance will not materially
affect the company's leverage metrics since most of the net
proceeds will be used to repay in full existing VTR Comunicaciones
SpA's CLP 174 billion (USD244 million) term loan due 2023,
partially redeem its 5.125% secured notes due 2028 and some other
general corporate purposes.

The rating of the notes assumes that the final transaction
documents will not be materially different from draft legal
documentation reviewed by Moody's to date and that these agreements
are legally valid, binding and enforceable. The new notes will rank
pari passu with all other senior secured and unsubordinated debt
obligations of VTR.

RATINGS RATIONALE

VTR's Ba3 CFR reflects its solid track record in operating
performance, with regular revenue and EBITDA growth and maintenance
of a stable EBITDA margin, its resilient free cash flow generation
and solid liquidity. The CFR also reflects a sustained growth in
its subscriber base, which is mainly driven by demand for
broadband; its leading market share in broadband and pay TV,
supported by VTR's strategy of offering services with the highest
speed. Constraints to the rating are VTR's small scale and
still-high concentration on one main market, Chile, and high
capital intensity, which limits free cash flow generation. The
rating also takes into consideration a financial policy with
regular cash distributions to Liberty Latin America Ltd (LLA),
VTR's parent company, and risks related to LLA's acquisition
strategy.

The Ba3 takes account of LLA's intention to contribute its 80%
stake in Cabletica, a fixed line operator in Costa Rica, into the
VTR credit pool, which will be completed in 2021. Once contributed
into VTR, Cabletica will represent around 10% of group revenue, add
geographic diversification and reduce leverage by around
0.2x-0.3x.

Chile, VTR's main market, had a 6% GDP contraction during 2020 due
to the spread of the coronavirus pandemic. As a consequence, VTR
operating performance was hit, particularly during the second half
of the year when the company had net subscriber losses due to
service challenges related to higher data consumption, increasing
costs due to the Chilean peso depreciation and customer service
initiatives, which drove Moody's-adjusted EBITDA margin to 35.7% as
of December 2020 from 39.8% in 2019. Moody's expects a 5.8% GDP
growth in Chile on improving economic outlook, and the country's
fast-paced vaccine roll-out. Although social demands, in addition
to the process of drafting a new constitution beginning June 2021
and presidential elections scheduled for November 2021, create
uncertainty. Nonetheless, Moody's expects VTR's business to remain
resilient in 2021 improving its revenue and EBITDA, and continue
generating positive FCF while maintaining a stable financial
profile.

The new senior secured notes at VTR Comunicaciones SpA will rank
pari passu with VTR's existing USD600 million secured notes due
2028 and share the same collateral, including pledges over the
shares of VTR Comunicaciones SpA and VTR.com SpA. The senior
secured notes will represent the largest portion of VTR's debt and
the notes rating is aligned with that of the CFR at Ba3.

Proforma for the proposed notes, notes redemption and loan
repayment, VTR's liquidity will be solid, supported by about CLP111
billion (about USD156 million) cash balance and annual FCF
generation of about CLP40 billion (about USD56 million). VTR
maintains two committed facilities denominated in US dollars
(USD200 million) and Chilean pesos (CLP45 billion) both of them due
in 2026. VTR's maturity profile is comfortable, with CLP71 billion
(USD100 million) vendor financing as of December 2020 and the rest
of the debt coming due in 2028 and thereafter. Although there is no
formal policy to sweep excess cash flow to its parent company,
Moody's expects VTR to regularly distribute excess cash to LLA. VTR
has hedging in place to mitigate the effects of the depreciation of
the Chilean peso on its costs, capital spending and debt (fully
hedged).

The stable outlook reflects Moody's expectation that VTR will
continue to record growth in its subscriber and revenue base, and
that its credit metrics will remain within our parameters for the
Ba3 on a sustained basis, along with at least an adequate
liquidity. The company's ongoing focus on cost efficiencies and
some hedging will also enable it to maintain its strong
profitability despite the large depreciation in the Chilean peso
recently.

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

Moody's would consider a positive rating action if leverage
(Moody's-adjusted debt/EBITDA) is below 3.25x on a sustained basis,
and interest coverage (Moody's-adjusted EBITDA - capital
spending/interest) is above 3.0x on a sustained basis. A positive
rating action would also be conditional on maintenance of adequate
or better liquidity, sustained EBITDA growth and low probability of
near-term event risks or material unfavorable changes in
regulation, competition, financial policy and capital structure.

Moody's would consider a negative rating action if leverage
(Moody's-adjusted debt/EBITDA) is sustained above 4.25x. A
downgrade would also be considered if liquidity or key performance
measures (such as subscriber trends or market share) deteriorate
considerably. Moody's would view negatively material unfavorable
changes in regulations, competition, financial policies, capital
structure or the operating model, which lead to a significant rise
in credit risk.

The principal methodology used in this rating was Pay TV published
in December 2018.

VTR provides broadband and wireless communications services in
Chile and is a wholly owned subsidiary of LLA. As of December 2020,
VTR's network passed 3.85 million homes and served about 2.85
million fixed revenue generating units. The company also served
around 280,300 mobile subscribers as a mobile virtual network
operator. VTR reported revenue of CLP640 billion (around USD800
million). Cabletica is a leading fixed-line operator in Costa Rica,
offering broadband, Pay TV and fixed telephony services, with about
633 thousand homes passed and 443 thousand RGUs as of December
2020.



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C O S T A   R I C A
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AERIS HOLDING: Moody's Completes Review, Retains B3 Rating
----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Aeris Holding Costa Rica S.A. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on March 4, 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.

Aeris' B3 rating is supported by the airport's strategic importance
to Costa Rica, where its market share is approximately 80% of total
air travel. Moody's rating is also supported by the project finance
features under the Notes, including a trust managed cash waterfall
and a 6- month (one semiannual payment) debt service reserve
account among others. The pandemic will continue to strain air
traffic in 2021, weakening Aeris' credit metrics. As of December
2020, traffic decreased 74% against 2019. Moody's expect traffic to
be below 60%-70% of 2019 in 2021, although more difficult scenarios
could emerge. As of the 12 months that ended September 30, 2020,
Aeris' cash interest coverage ratio was around 0.63x and funds from
operations (FFO)/debt was negative 2.6%. Aeris will continue to use
its cash to sustain operations and meet service payments.

The principal methodology used for this review was Privately
Managed Airports and Related Issuers published in September 2017.



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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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AEROPUERTOS DOMINICANOS: Moody's Completes Review, Keeps B1 Rating
------------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Aeropuertos Dominicanos Siglo XXI, S.A. and other
ratings that are associated with the same analytical unit. The
review was conducted through a portfolio review discussion held on
March 4, 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.

Aeropuertos Dominicanos Siglo XXI, S.A. ("Aerodom", B1) rating is
underpinned by the project finance features embedded in their
payment structure. These include a security collateral of 100% of
the shares of Aerodom, which effectively grants lenders
step-in-rights; limitations on additional indebtedness, dividend
distribution test, additional liquidity through a debt service
reserve fund equivalent to 6 months of principal and interest
payments and a capital expenditure fund. Moody's recognizes that
the improving operational and financial performance along with the
long-term, amortizing profile of the debt will strengthen credit
metrics over time. Aerodom operates six airports in the Dominican
Republic, including one of the largest (Las Americas International
Airport in Santo Domingo), through a long-term concession granted
by the Government of Dominican Republic (Ba3), which expires in
2030.

Aerodom's rating considers a slow traffic recovery that will
continue to impact its financial metrics. Notwithstanding, Aerodom
benefits from a strong cash balance of approximately $71.6 million
in cash. Aerodom amended its $190.6 million (approximate amount
outstanding) loan due March 2024 and waived certain financial
covenants. The loan ranks pari passu with the $317 million
(approximate issuance amount) Senior Secured Notes.

The principal methodology used for this review was Privately
Managed Airports and Related Issuers published in September 2017.

DOMINICAN REPUBLIC: Fuel Subsidy to Reach US$275.9MM This Year
--------------------------------------------------------------
Dominican Today reports that the subsidies granted by the State for
fuels will total RD$16.0 billion (US$275.9 million) this year, or
equivalent to 0.33% of the GDP.

Nonetheless, the Government seeks to ease that burden through
revisions to the method of aid granted to the sector through the
tax exemptions, as announced by President Luis Abinader, according
to Dominican Today.

Although the president did not offer details on the scope of the
dismantling of the fuel subsidy program, Abinader referred to
beneficiary companies that don't qualify for the aid, because they
do not meet the criteria, the report notes.

                     About Dominican Republic

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

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

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

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

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

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

DOMINICAN REPUBLIC: Reveals Variations in Food, Oil and Fuel Prices
-------------------------------------------------------------------
Dominican Today reports that in a meeting with media directors, the
Minister of Industry and Commerce and Mipymes (Victor-Ito-Bisono)
presented a report of prices compiled in various commercial
establishments, where a vast difference in prices of primary
products is observed between supermarkets themselves and between
these and the markets.

To give an example of this disbandment, the price of a pound of
onions in supermarkets shows a dispersion of RD$51, with prices
ranging from RD$32.4 per pound to RD$79 in the 12 largest
supermarkets in the country, according to Dominican Today.

This is regardless of the increase in oil, fuel, and maritime
freight price, worldwide, the report notes.

In the case of the price of chili peppers, the difference detected
is RD$15 between supermarkets and RD$11.7 in the markets, while for
bananas, it is RD$9 per pound in the markets RD$6.5 in the
supermarkets, the report relates.  There is a 19% dispersion in
supermarkets prices with the potato pound varied from RD$26 to
RD$45 per pound during the first week of March, the report
discloses.

An egg was sold from RD$4.7 to RD$7.4, and in the first week of
March, it was trading between RD$7 and RD$8 per unit, showing a
dispersion of RD$2.7 in supermarkets and RD$1.00 in markets.

In the case of rice, a staple food on the table of Dominicans, the
discrepancy detected was RD$5 per pound between supermarkets; and
RD$2.4 between markets, the report relays.  A pound of cereal was
sold between RD$27 and 32 in supermarkets and between RD$23.3 and
RD$25.7 in grocery stores, the report notes.  

Regarding the variations of oil and fuel prices, it was explained
that the Government assumed the accumulated deficit of RD$1,270
million, the report relays. The prices of the primary commodities
(soybean oil, corn, wheat, fresh chicken, cornflour, pork, wheat
flour, and bread) were shown, the report discloses.  The impact on
freight rates, whose Global Container Freight Index indicates an
increase of 118.8% between February 19 and August 28, 2020, the
report notes.

                              In Points Report

The meeting also included a summary of the variations in oil, fuel,
and hardware prices, the report discloses.

                                 Directors

The meeting was attended by the directors of Listín Diario, Miguel
Franjul; of El Día, Jose Monegro; Diario Libre; Inés Aizpun and
of El Nuevo Diario, Persio Maldonado, who is the president of the
Dominican Society of Newspapers, the report relays.

                              Executives

Also, Alberto Caminero, Telemicro; Roberto Cavada, Telenoticias 11;
Albanelly Familia, CDN 37; Nuria Piera, NDigital; Fausto Rosario,
Acento; Adalberto Grullón, Teleantillas 2; Héctor Minaya, El
Nacional; Rosa Encarnación, Grupo SIN, 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: Will Continue to Absorb Oil Price Increases
---------------------------------------------------------------
Dominican Today reports that President Luis Abinader said that his
government would accelerate the change of the energy matrix from
fossil fuels to natural gas to reduce the burden of the state
subsidy on gasoline, which in his short administration exceeds $2.5
billion.

In conjunction with this transformation, the Government intends to
improve the infrastructure for the supply of fuels and food
products and, consequently, lower the rates of local freight
carriers, according to Dominican Today.

The President said that these are part of the Government's
responses to the impacts suffered by the country, as an open
economy, to the price variations of raw materials and freight,
aggravated during the Covid-19 pandemic, the report notes.

In explaining how freight prices and oil price variations affect
local fuel prices, the President said that "Ito is not to blame,"
referring to his Minister of Industry and Commerce, Victor Bisono,
who was present with other ministers in a conversation between the
President and media directors, the report relays.

At the meeting, it was explained that every week to reduce the
volatility and uncertainty of oil prices and its derivatives, the
Government assumes deficits that from August 2020 to March this
year reached RD$372 million, the report discloses.  They indicated
that the oil price and its derivatives do not always rise in equal
proportion, so the Government is trying to make up for the
accumulated deficit, the report relays.

                          Prepares Plan

The Government is preparing a plan to facilitate the distribution
of propane gas in the stations that sell fuels and ensure that the
reform to the hydrocarbons law does not affect the government's
income ad-valorem formula used today to fix prices, 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).



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

INTERNATIONAL AIRPORT: Moody's Completes Review, Keeps Caa2 Rating
------------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of International Airport Finance, S.A. and other ratings
that are associated with the same analytical unit. The review was
conducted through a portfolio review discussion held on March 4,
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 Caa2 rating assigned to the senior secured notes due 2033
("Notes") issued by International Airport Finance S.A. ("Issuer"),
which is one notch above that of the Government of Ecuador (Caa3),
recognizes the links between the Quito airport ("Quiport") and the
Ecuadorean government. The rating also reflects certain
characteristics that limit the airport's exposure to the Ecuadorian
government, such as its international revenue and access to
international financing, as well as its strong standalone credit
quality.

The principal methodology used for this review was Privately
Managed Airports and Related Issuers published in September 2017.  



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

DIGICEL GROUP: Launches Measures to Boost Recovery for SMEs
-----------------------------------------------------------
Jamaica Observer reports that in an effort to improve Jamaica's
small and medium-sized enterprises (SMEs) prospects, Digicel has
launched a package of measures to boost business recovery and help
them take full advantage of fresh opportunities in e-commerce.

Up to the start of this month, Digicel Business had invested over
US$18 million in network improvements in order to double Internet
capacity, enhance superfast LTE mobile data penetration to reach 98
per cent population coverage, and expand its fibre footprint to
deliver high-speed connectivity to customers in the northern and
western sections of the country, according to Jamaica Observer.

The company said these improvements are now supporting remote
working for public and private sector employees, opening up
e-commerce opportunities for businesses, and bringing more
traditional businesses into the Digital Age, the report notes.

The other side of the initiative sees Digicel Business reaching
hundreds of entrepreneurs, young professionals and aspiring
business leaders who have benefited from a business mentorship
program with the Jamaica Manufacturers and Exporters Association,
the report discloses.

Up-and-coming entrepreneurs were mentored by some of Jamaica's
brightest and most successful business leaders in a series of
one-on-one sessions, the report relays.  These sessions were a
spin-off of the highly-acclaimed Digicel Business Masterclass
online series which drew a weekly audience of more than 5,000
viewers, with more now using the PlayGo app to catch up on missed
episodes, the report relays.

"We are in the business of providing tangible solutions to our
customers, no matter what confronts them. Instead of presuming to
know what the challenges are, we believe in doing the research to
find out first hand, so that we can address problems directly, and
turn these challenges into opportunities for our customers. The
result of this is our COVID-19 Business Impact Report and Recovery
Guide," said Darragh Fitzgerald Selby, general manager of Digicel
Business, the report discloses.

According to Fitzgerald Selby, the guide found that disruption from
the pandemic has tested system resilience at an unprecedented level
and highlighted key shortcomings and vulnerabilities, the report
says.

He said despite efforts to improve systems, almost a third of
businesses are still not satisfied with their existing
technologies, and are looking to make improvements primarily in
areas concerned with remote working and process automation, the
report relays.

The guide also revealed that 53 per cent of Jamaican businesses are
looking to boost their resilience to the pandemic, while 55 per
cent are looking to continue remote working options after the
pandemic has passed.

"To meet these needs, Digicel Business introduced its competitively
priced Business Hub product - an all-in-one IT package with
high-speed Internet, mobile service, smart desk phones, on-call IT
experts, Microsoft 365 and Teams and advanced security features,
the report notes.

"We believe in listening to our customers and providing them with
solutions that meet their needs, this is why we introduced the
Digicel Business Hub.  Whether serving SMEs, large corporate
entities or regional Governments, we partner with the industry-best
(Cisco, HP, Microsoft, Fortinet, Dell and IBM) to provide
end-to-end fully managed business solutions to improve business
efficiencies," declared Fitzgerald Selby, the report adds.

                       About Digicel Group

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

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

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



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

PANAMA CANAL: Moody's Completes Review, Retains Ba2 Rating
----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Panama Canal Railway Company and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on March 4, 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.

Panama Canal Railway Company's (PCRC) Ba2 credit profile reflects
the decline in its key financial metrics due to further erosion in
container volumes as a result of the damage to the Gamboa Bridge.
Moody's project debt service coverage ratio (DSCR) and funds from
operations (FFO)/debt ratio to be 1.4x and 36%, respectively, as of
year-end 2020.

While the company's liquidity position deteriorated in 2020, it is
expected to improve as operations recover and with collections from
its business interruption insurance. PCRC's rating also
incorporates a very high customer concentration, exposure to the
competitive and volatile shipping industry and decreasing container
volumes in recent years. For 2021, Moody's expect PCRC's container
volumes to remain below the 2019 levels and a DSCR to be below
2.0x.

The principal methodology used for this review was Generic Project
Finance Methodology published in November 2019.



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

BIOCEANICO SOVEREIGN: Moody's Completes Review, Retains Ba1 Rating
------------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Bioceanico Sovereign Certificate Limited and other
ratings that are associated with the same analytical unit. The
review was conducted through a portfolio review discussion held on
March 4, 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 Ba1 rating for the $732 million senior secured notes (Series
2019-1 notes) of Bioceanico Sovereign Certificate Limited reflects
the financing structure and the rating of the Government of
Paraguay ("GoP", Ba1). The project involves the construction of the
Corredor Vial Bioceanico, which is part of an ongoing road
integration plan between Chile, Argentina, Paraguay and Brazil.
Ultimate source of repayment of the notes is a contractual
obligation of the GoP to pay construction completion certificates
("CROPs") when earned by the concessionaire in the construction
phase. The credit profile is also supported by a strong financing
structure, which includes enhancements in the form of funds in
escrow accounts and letters of credit (LCs) which would prepay
bondholders upon any delay or termination under the project (a
Commitment Termination Event or CTE).

The principal methodology used for this review was Generic Project
Finance Methodology published in November 2019.

RUTAS 2 AND 7: Moody's Completes Review, Retains Ba1 Rating
-----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Rutas 2 and 7 Finance Limited and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on March 4, 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 Ba1 rating for the $458 million senior secured notes (Series
2019-1 notes) of Rutas 2 and 7 Finance Limited reflects the
financing structure and the rating of the Government of Paraguay
("GoP", Ba1). The project involves the design, financing and
construction of Routes 2 and 7 in Paraguay, a strategic
transportation asset connecting the country's two largest cities,
Asuncion and Ciudad del Este. The ultimate source of repayment of
the notes is a contractual obligation of the GoP to pay
construction completion certificates ("Pago Diferido por Inversion"
or "PDIs") when earned by the concessionaire in the construction
phase after completion of each milestone. The credit profile is
also supported by a strong financing structure, which includes
enhancements in the form of funds in escrow accounts and letters of
credit (LCs) which would prepay bondholders upon any delay or
termination under the project (a Commitment Termination Event or
CTE).

The principal methodology used for this review was Generic Project
Finance Methodology published in November 2019.



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

AEROSTAR AIRPORT: Moody's Completes Review, Retains Ba2 Rating
--------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Aerostar Airport Holdings, LLC. and other ratings that
are associated with the same analytical unit. The review was
conducted through a portfolio review discussion held on March 4,
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.

Aerostar's Ba2 rating reflects the company's strengths that
partially mitigate the economic prospects of the Commonwealth of
Puerto Rico (Ca). The rating incorporates the airport's dominant
market position as the largest and closest airport to San Juan and
lack of competing transportation options. In addition, the rating
incorporates a high percentage of origin and destination traffic;
the predictability of aeronautical revenue established in the
Airport Use Agreement (AUA), which sets a revenue floor for the
airport regardless of actual enplanements.

The principal methodology used for this review was Privately
Managed Airports and Related Issuers published in September 2017.

ASCENA RETAIL: Untimely Opt Out of Third-Party Releases Denied
--------------------------------------------------------------
Judge Kevin R. Huennekens of the U.S. Bankruptcy Court for the
Eastern District of Virginia, Richmond Division, denied the
Securities Lead Plaintiffs' Motion for Entry of an Order (I)
Authorizing Lead Plaintiffs to Opt Out of Third-Party Releases on
Behalf of the Class or, in the Alternative, (II) Certifying the
Class for a Limited Purpose Pursuant to Fed. R. Bankr. P. 7023 and
9014 and Fed. R. Civ. P. 23, filed by Movants Joel Patterson and
Michaella Corporation.

The Motion asked the Court to authorize the Movants to untimely opt
out of third-party releases provided in the confirmed Amended Joint
Chapter 11 Plan of Mahwah Bergen Retail Group, Inc. (F/K/A Ascena
Retail Group, Inc.) and its Debtor Affiliates, on behalf of all
members of a putative class in connection with a class action
lawsuit brought by Movants or, in the alternative, to certify a
class for the limited purpose of allowing the Movants to untimely
effect an opt out of the Third-Party Releases on behalf of all
class members.

In June 2019, the Movants, on behalf of themselves and a proposed
class of persons who purchased or otherwise acquired Ascena common
stock between December 1, 2015 and May 17, 2017, filed a class
action lawsuit alleging violations of federal securities law
against Ascena and two of its former officers and directors in the
United States District Court for the District of New Jersey.  The
District Court appointed the Movants as the lead plaintiffs in the
Securities Litigation but has not certified a class for any
purpose.

More than a year following the commencement of the Securities
Litigation, on July 23, 2020, the Debtors each filed voluntary
petitions under Chapter 11 of Title 11 of the Bankruptcy Code,
thereby commencing the Bankruptcy Cases.  As a result of the
commencement of the Bankruptcy Cases, the Securities Litigation was
stayed as to Ascena pursuant to section 362 of the Bankruptcy
Code.

Prior the Petition Date, the Debtors entered into a Restructuring
Support Agreement supported by 68% of their prepetition secured
term lenders, which initially contemplated a balance sheet
restructuring.  However, in exercising flexibility afforded by the
RSA, after the Petition Date, the Debtors engaged in a marketing
process to determine whether a sale transaction of all or a portion
of the Debtors' business would result in a higher and better value
for the benefit of the bankruptcy estate.  To that end, the
Debtors, with the Court's approval, consummated three sale
transactions pursuant to section 363 of the Bankruptcy Code.  By
the time that the Debtors closed on the third and final transaction
on December 23, 2020, the Debtors had effectively sold
substantially all of their assets.  These sale transactions were
supported by nearly all Term Lenders and the Creditors' Committee.

The Debtors executed an amended and restated RSA with approximately
97.25% of the Term Lenders, all of whom strongly supported
confirmation of the proposed revised Plan designed to effect
distribution of the sales proceeds.  In addition, the Debtors were
able to negotiate a global settlement with the Creditors'
Committee, the terms of which are reflected in the Plan.  As a
result, the Creditors' Committee also endorsed confirmation of the
Plan.

The Plan includes, among other provisions, the voluntary
Third-Party Releases, described as a "Release by holders of Claims
or Interests": "[E]ach Releasing Party... is deemed to have
released and discharged each Debtor, Reorganized Debtor, and each
other Released Party from any and all Causes of Action, whether
known or unknown, including any derivative claims, asserted or
assertable on behalf of any of the Debtors... based on or relating
to, or in any manner arising from, in whole or in part the Debtors
(including the management, ownership or operation thereof), the
purchase, sale, or rescission of any Security of the Debtors or the
Reorganized Debtors, the subject matter of, or the transactions or
events giving rise to, any Claim or Interest that is treated in the
Plan... or upon any other act, omission, transaction, agreement,
event, or other occurrence (in each case, related to any of the
foregoing) taking place on or before the Effective Date."

Pursuant to the Plan, "Releasing Party" includes, but is not
limited to, all holders of interests who do not timely opt out of
or object to the Third-Party Releases. It includes, but is not
limited to, Ascena and the current and former officers and
directors of Ascena, such that it would include the Non-Debtor
Defendants.  In the absence of an objection or timely affirmative
opt-out, the Third-Party Releases would apply to any claims of
equity holders against Ascena and the Non-Debtor Defendants.

Prior to the Debtors' solicitation of votes on the Plan, the Court
entered an Order on September 11, 2020, approving the Disclosure
Statement for the Amended Joint Chapter 11 Plan of Reorganization
of Ascena Retail Group, Inc. and Its Debtor Affiliates in
accordance with section 1125 of the Bankruptcy Code.  Holders of
equity interests in Ascena were deemed to reject the Plan and, as
such, were not entitled to vote on the Plan.  Nevertheless, in
order to ensure that the Disclosure Statement provided adequate
information as far as reasonably practicable to enable the Debtors'
equity holders to make an informed judgment about the process for
opting out of the Third-Party Releases, the Court required that a
Notice of Non-Voting Status to Holders of Interests Deemed to
Reject the Plan and of Third-Party Release under the Plan be sent
to both current and former shareholders of Ascena, accompanied by
an opt-out form.

As stated in the Notice of Non-Voting Status, recipients could
elect to opt out of the Third-Party Releases by timely returning
the enclosed Release Opt-Out Form by mail.  The notice also
included a pre-addressed envelope, with pre-paid postage, for
recipients to use to return the Release Opt-Out Form.

Ascena's equity holders hold their interests either (i) as a
registered holder directly on the books and records of Ascena's
transfer agent, American Stock Transfer & Trust Company, LLC, or
(ii) as a beneficial holder through a bank, broker, or other
financial institution holding the equity "in street name" at The
Depository Trust Company.  Prime Clerk LLC, the Debtors'
Court-approved claims and noticing agent, took a comprehensive,
two-pronged approach to ensure that equity holders of each type
received notice of the Release Opt-Out Form and the opt-out
procedures approved in the Disclosure Statement.  First, Prime
Clerk worked with AST to identify current registered equity holders
and registered equity holders who purchased or otherwise acquired
Ascena stock during the Putative Class Period.  Prime Clerk then
served the Notice of Non-Voting Status, the Opt-Out Form, and the
stamped return envelope on all current and former registered
holders identified by AST.  Next, Prime Clerk worked with
Broadridge Financial Solutions, Inc. and various Nominees' mailing
agents to identify current and former beneficial equity holders,
including those who held Ascena stock as a Nominee during the
Putative Class Period.  Nominees were given the option to either
(i) request additional copies of the Notice of Non-Voting Status
and Opt- Out Forms from Prime Clerk for the purpose of forwarding
such materials to their underlying beneficial holder clients, or
instead (ii) provide a list of their clients directly to Prime
Clerk.  Based on the representations made to the Court at the
Hearing, the Debtors provided notice of the Third-Party Releases
and the opt-out procedure to hundreds of thousands of parties
through this process.

In total, as of October 15, 2020, at least 200 current and former
shareholders of Ascena opted out of the Third-Party Releases.  A
month later, by November 18, 2020, approximately 596 Release
Opt-Out Forms had been received, the majority of which were
submitted by purported current and former equity holders.

The Movants alleged that they have the "inherent authority" to opt
out of the Third-Party Releases on behalf of the putative class
members, based upon their appointment as lead plaintiffs by the
District Court and the Movants' fiduciary obligations to the
putative class members arising from such appointment.  They further
alleged that in their role as lead plaintiffs, the Movants have
been given the authority in the District Court to "amend the
[a]mended [c]omplaint, defend against dispositive motions, take and
defend discovery, and engage in numerous other litigation-related
activities without the [c]lass ever being certified."  In other
words, the Movants argue that their status in the District Court
authorizes them to represent the putative class members before the
Court.

"The Movants' appointment as lead plaintiffs by the District Court
in the Securities Litigation is not determinative of whether the
Movants may represent the interests of the putative class before
this Court...  the order appointing the Movants as lead plaintiffs
in the Securities Litigation does not provide any authorization for
the Movants in connection with these Bankruptcy Cases, and the
Movants' fiduciary duties to the putative class members in the
Securities Litigation do not confer upon the Movants any status for
these Bankruptcy Cases.  For these reasons, the Court finds that
the Movants have no inherent authority to opt out of the
Third-Party Releases on behalf of the putative class," held Judge
Huennekens.

The Movants then argued that the Court should certify a class under
Rule 23 of the Federal Rules of Civil Procedure for the "limited
purpose" of opting out of the Third-Party Releases on behalf of the
putative class.  The Movants contended that both that Civil Rule 23
applies to the proceeding and that its requirements are satisfied.

"Class certification is governed by Civil Rule 23, made applicable
to bankruptcy proceedings by Bankruptcy Rule 7023... By its terms,
Bankruptcy Rule 7023 only makes Civil Rule 23 applicable to
adversary proceedings.  However, Bankruptcy Rule 9014 authorizes
the bankruptcy court to 'direct' that one or more of the adversary
rules, including [Bankruptcy] Rule 7023, 'shall apply' to a
contested matter... The Court declines to apply Bankruptcy Rule
7023 to certify a class.  The Movants have presented no evidence to
the Court that class certification would be superior to the process
that has already been approved and implemented in these Bankruptcy
Cases for notifying and allowing the putative class members to opt
out of the Third-Party Releases on their own behalf.  Although the
Movants assert that 'a class may be certified' in this
circumstance, they give no explanation for why the Court should
apply Bankruptcy Rule 7023 in the first place... Instead, the
Movants rely solely upon conclusory assertions with no evidentiary
support that the requirements for certifying a class under Civil
Rule 23 are satisfied... The requirements for class certification
under Civil Rule 23 do not become an issue until the Court
determines that Bankruptcy Rule 7023 should apply to the matter at
bar," Judge Huennekens said.

"The Debtors' evidence demonstrates that hundreds of current and
former equity holders had elected to opt out of the Third-Party
Releases using these procedures... Based on this evidence, the
Court finds that the Third-Party Releases were consensual... As
such, they allowed each individual putative class member to choose,
on his, her, or its own behalf, whether to release, and to receive
a release of, any claims... The Movants have failed to present any
evidence that any putative class member who had not opted out of
the Third-Party Releases wished to do so.  The Debtors have
presented evidence that established that all known current and
former equity holders in the Putative Class Period were provided
with the Court-approved form of notice and a sixty-day opportunity
to respond.  Further, the Debtors' evidence established that
current and former equity holders effectively did exercise their
ability to opt out of the Third-Party Releases.  As such, not only
have the Movants failed to adduce 'any evidence that [the putative
class members] may be incapable of asserting their own rights'...
the evidence before the Court clearly establishes that the putative
class members have been able to represent their own interests at
will.  To now grant the Movants the authority to represent those
interests would threaten to undo the choice that individual equity
holders have made up to this point and cause confusion with which
neither the bankruptcy estates nor the putative class members
should be saddled," Judge Huennekens reasoned.

The case is In re: RETAIL GROUP, INC., et al., Chapter 11, Debtors,
Case No. 20-33113-KRH, Jointly Administered (Bankr. E.D. Va.).  A
full-text copy of the Memorandum Opinion, dated March 5, 2021, is
available at https://tinyurl.com/3atm5cr4 from Leagle.com.

                    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.

DESTILERIA NACIONAL: Consignment Motion, Objection to POC 6 Denied
------------------------------------------------------------------
Judge Enrique S. Lamoutte of the United States Bankruptcy Court for
the District of Puerto Rico denied the Motion for Consignment filed
by Dr. William Cruz, of the amounts owed by Destileria Nacional,
Inc. to Marimar Brewing LLC, in the amount of $3,278.

Judge Lamoutte also denied the Debtor's objection to Marimar's
Proof of Claim Number 6.

Dr. Cruz is the president and sole shareholder of the Debtor.  He
claims standing as a party in interest for being a shareholder
whose equity interest is affected in the case.  Miramar became a
creditor of the Debtor upon the transfer of the claim held by Cidra
Excavation, LLC on December 31, 2020.  Miramar filed a Chapter 11
Small Business Plan on December 31, 2020 as a creditor and party in
interest for the Debtor after the exclusivity period for the small
business Debtor to file a plan lapsed. Miramar refused to accept
the payment from Dr. Cruz.

On February 1, 2021 Dr. Cruz served upon Miramar Brewing, LLC a
payment in the amount of $3,278 intended to be in full satisfaction
of the amount Miramar claims to be owed by the Debtor pursuant to
Article 1120 of the Puerto Rico Civil Code.  Dr. Cruz alleged that
the tendering of the payment operates as a satisfaction of the debt
owed pursuant to article 1125 of the Puerto Rico Civil Code.  He
alleged further that Miramar's refusal to accept payment without
reason discharges the debt pursuant to Article 1131 of the Puerto
Rico Civil Code.  According to Dr. Cruz, the satisfaction of the
debt upon the tendered consignment deprives Miramar of its standing
as it is no longer a party in interest with a pecuniary interest in
the case.  Due to Miramar's refusal to accept payment, Cruz opted
to move for the consignment of the funds on February 2, 2021.

On February 4, 2021 Miramar filed its opposition to the motion for
consignment.  Miramar summarized the events leading to the filing
of the voluntary petition and highlights the Debtor's selected
actions of paying certain pre-petition creditors and interfering
with the procurement of ballots in favor of Miramar's proposed
plan.  Miramar questioned the interference by Dr. Cruz in
purchasing prepetition claims in order to influence the voting
process.  Miramar also alleged that Dr. Cruz was attempting to
eliminate Miramar's standing to propose a plan for his personal
benefit and to the detriment of other creditors of the estate.

Marimar contended that Dr. Cruz is an insider, and that it may not
accept payment from Dr. Cruz pursuant to Article 1124 of the Puerto
Rico Civil Code as such article provides that a payment made to a
creditor is not effective if done after the "Debtor" has been
judicially ordered the suspension of payments.  "In this case the
automatic stay provisions of 11 U.S.C. Section 362(a) become
operative from the filing date, that is, March 6, 2020.
Furthermore, the allegations by Dr. Cruz that article 1125 causes
the satisfaction of the debt upon tendering the consignment are
incorrect as the legal provision relates to payment to third
parties and not to payments by third parties.  Therefore, the
consignment does not extinguish the debt," Marimar explained.

The Debtor alleged that Miramar lacks a claim against the estate
after "a third party" (Dr. Cruz), tendered payments of the claim,
and, thus, lacks standing to appear in the case.  The Debtor joined
the motion for consignment filed by Dr. Cruz.

The Debtor told the Court that "Miramar was not a prepetition
creditor and did not exist until after the instant bankruptcy
petition was filed.  Miramar became a creditor 'as the alleged
assignee of the holder of Claim No. 6, Cidra Excavating LLC.'"  The
Debtor alleged that "the assignment agreement in which Claim No. 6
was transferred to Miramar is unenforceable to the Debtor pursuant
to Articles 281, 283, and 1210 of the Civil Code."  The Debtor
further told the Court that "the legal basis for Debtor's
allegation is that Article 1120 of the Civil Code provides that the
assignment of a right or action does not affect third parties until
after its date is certain.  The Civil Code, in Article 283,
establishes that a 'certain date' is the date that establishes that
an instrument was not signed on a future date.  This article
further provides how 'certain date' established in any of the
following three ways: (1) the incorporation or inscription in a
public registry; (2) its transcription in a public instrument; or
(3) by the death of any of its signors.  The assignment agreement
between Cidra and Miramar does not meet any of these requirements
to have 'certain date'."

"The filing of the bankruptcy petition triggers the applicability
of the automatic stay provisions of section 362(a) of the
Bankruptcy Code and operates as a statutory injunction providing
interim protection from debt collection.  The automatic stay allows
the orderly administration of the bankruptcy estate and the
equitable payment of creditors according to the statutory
provisions of the Bankruptcy Code.  Generally, payment to creditors
holding a claim in a Chapter 11 case is done in accordance of the
provisions of a confirmed plan and the priorities set forth in the
Bankruptcy Code.  Debtors may not selectively pay prepetition
creditors unless so authorized by the court.  The automatic stay
provisions of section 362 and the payment authorization of
creditors in a chapter 11 bankruptcy case are consonant with the
provision in Article 1124 of the Puerto Rico Civil Code which
invalidates payment to a creditor after a judicial order to suspend
payment," Judge Lamoutte explained.  

Judge Lamoutte held that "for consignment purposes a third party
that realizes a payment for a debtor must not be related to the
debtor... Since it is uncontested that Dr. Cruz is the president
and sole shareholder of the Debtor Destileria, he does not qualify
as a third party that may through a consignment extinguish a debt
of the Debtor."

"The record of the case shows that the transfer of the Cidra claim
to Miramar was done using the appropriate official form, the
corresponding filing fee was paid, and notice was given.  Clearly,
the applicable bankruptcy provisions governing the transfer of
claims were followed.  The provisions regulating the assignment of
a right or action under the Puerto Rico Civil Code are inapposite
to the transfer of a claim under the facts of this case.  The court
may not, and will not, intervene in the validity of such
transfer... Debtor's objection to Miramar's proof of claim number 6
is hereby denied as the consignment allegations do not apply to the
facts of this case, nor do the provisions regarding the assignment
rights under the laws of Puerto Rico apply to the facts before the
court regarding the transfer of the claim by Cidra to Miramar,"
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
Opinions, both dated March 3, 2021, are available at
https://tinyurl.com/k65rx8am and https://tinyurl.com/2t8zudd6 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.  Then
Debtor hired Isabel Fullana-Fraticelli & Asoc. PSC as its legal
counsel.

METROPISTAS: Moody's Completes Review, Retains Ba2 Rating
---------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Metropistas and other ratings that are associated with
the same analytical unit. The review was conducted through a
portfolio review discussion held on March 4, 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 Ba2 credit profile of Metropistas' senior secured notes due
2035 ($435 million original issuance amount) reflects the
deterioration in its financial indicators, driven by low traffic
performance because of the coronavirus pandemic in 2020 that are
expected to recover in 2021. Despite the difficult economic
prospects in Puerto Rico (Ca), liquidity levels remain strong,
which include a 12-month debt service reserve account and a
12-month major maintenance account.

The underlying credit quality of Metropistas also takes into
consideration the long term of the concession, which matures in
2061 following a 2016 amendment to extend the concession by 10
years. The regulatory environment has been supportive to date. The
concession allows annual toll increases based on the US Consumer
Price Index +1.5% that does not require any further approval from
the government and that has been implemented without disruption.

The principal methodology used for this review was Privately
Managed Toll Roads Methodology published in December 2020.



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

LATAM: IMF Warns Central Banks of Sudden Spike in Interest Rates
----------------------------------------------------------------
RJR News reports that the International Monetary Fund (IMF) has
warned central banks to be vigilant against a sudden spike in
interest rates that could spill over into emerging markets, even as
a $1.9 trillion U.S. stimulus package benefits most countries and
aids recovery.

IMF spokesman Gerry Rice told a regular news briefing that the
Fund's preliminary forecasts show the American Rescue Plan Act
would boost U.S. GDP output by five per cent to six per cent over
three years, but more analysis is needed to reach a final estimate,
according to RJR News.

Mr. Rice added that exceptionally low dollar funding costs mean
there is a risk of a sudden tightening of financial conditions, and
this should be carefully managed, the report notes.


                           *********


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

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